Grupo Supervielle S.A.

Good morning and welcome to Grupo Superdiel's fourth quarter 2025 for News Call. I'm Ana Bartizaghi, treasurer and IRO. Today's conference call is being recorded. For the Q&A session, please ensure your full name appears on Zoom. You can ask questions by voice or through the Q&A box. Speaking today are Patricio Superdiel, our chairman and CEO, and Mariano Biglia, our CFO. Gustavo Paco Manriquez, Banco Superdiel CEO and the OP ZULI, CEO of InvertitOnline, will also be available during the Q&A session. Before we begin, please note this call may include forward-looking statements. Please refer to our earnings release and SEC filing for further details.

Thank you Anna, good morning everyone and thank you for joining us today. In the fourth quarter we delivered results within our guidance range and positioned the balance sheet for industry recovery. The period was marked by elevated system-wide credit stress which we were not immune to. However, in several key areas we outperformed the industry. Let me walk you through the key drivers of our quarter results. First, loan growth continued to outperform the industry. Total loans grew 8% sequentially and 37% year-over-year. Grow was led by corporates, which expanded 25% quarter-over-quarter and now represent 63% of the portfolio. Retail balances declined sequentially as we prioritized risk-adjusted returns and tightened underwriting in response to the more volatile environment. Second, asset quality reflect the peak of the stress cycle. The NPL ratio increased to 5%, consistent with indices trends. rapid loan growth since 2024, and the significantly restrictive monetary conditions early in the year. Costs of risk reached the upper end of our Gandel's range, also reflecting updated macroeconomic assumptions under IFRS 9. Third, funding remained resilient despite strategic deleveraging. Total deposits declined sequentially as we reduced wholesale institutional funding to optimize the balance sheet. In contrast, core transactional balances remained resilient. U.S. dollar deposits increased 42% year-over-year, gaining 60 basis points of market share, while remunerated accounts continued gaining traction among payroll and SME clients. Fourth, we reported an attributable net loss of Argentine's 19.5 billion, narrowing significantly from the third quarter loss. The improvement reflected margin recovery and strict cost control, despite elevated cost of risk based on updated macro assumptions and system-wide credit stress. Encouragingly, NIEM rebounded sequentially, supported by lower funding costs and better investment portfolio yields, while personnel expenses declined 6% sequentially. Importantly, CT1 strengthened to 15.4%, up 220 basis points, quarter over quarter, preserving flexibility for 2026 growth. In sum, fourth Q25 was a transition quarter marked by strong long growth, peak cost of risk, margin recovery, and solid capital. Let me now turn to the broader environment. The fourth quarter marked the peak of an exceptionally tight monetary policy, followed by early signs of normalization after the mid-term elections. Leading up to the elections, high real interest rates and elevated reserve requirements significantly constrained liquidity across the financial system. While these measures helped stabilize the exchange rate and contain inflation, they weighed on margins, credit demand, and asset quality. Following the October elections, conditions began to improve. The strengthened legislative mandate reinforced the government's reformed agenda. Since then, we have observed declining interest rates, gradually improving liquidity, and a recovery in sovereign bond prices. And while reserve requirements remain elevated, they have started to ease. Looking into 2026, the foundation for financial recovery is in place. Fiscal discipline continues, FX reserve accumulation supports stability, and inflation should allow nominal rates to decline. As monetary conditions normalize, we expect economic activity to recover gradually, creating the basis for renewed credit expansion. Policy execution will remain critical. Maintaining disinflation, normalizing monetary conditions, and advising FX liberalization in an orderly manner are essential to consolidating recovery. If that path is maintained, we believe it should translate into lower volatility more stable funding conditions, and greater predictability for businesses and households. In that environment, a disciplined and well-organized banking system will play a central role, and we believe SuperVL is well-positioned to participate in that expansion. Let me briefly close with strategy. We continue executing on the roadmap presented last year, centered on profitable growth, targeted segments, and ecosystem integration. The core is a customer-centric and technology-enabled model. At the bank, our purpose is clear, to accompany customers in their daily lives with simple and agile financial experiences. That purpose guides the evolution of the SuperVille app as a true financial hub, integrating payments, savings, investments and services into a unified experience. More than 70% of transactions are digital. reinforcing both engagement and operating efficiency. Our AI-powered WhatsApp interactions and the integration of the SuperVL store with MercadoLibre expand distribution while preserving our tech and touch model. The remunerated account in pesos and US dollars for payroll and SME accounts continue to strengthen our funding base, deepen primary relationships, and increase client balances. Adoption has been solid, reinforcing the quality and stability of our deposit mix. Integration between the bank and the oil is accelerating. Cross-selling initiatives are bringing high-value brokerage clients into the banking platform while offering our banking base seamless access to investment products. At YOL, our strategic focus is clear. As Argentina's leading retail digital broker, YOL operates a scalable, technology-driven platform that allows us to grow assets and revenues with strong operating leverage. We see a significant opportunity in the development of the Argentina's domestic capital market, which remains at an early stage relative to the size of the economy and the financial savings potential. As macro conditions normalize, we expect deeper financial intimidation and greater participation in investment products. To capture that opportunity, we are focusing more on affluent clients, corporations and IFAs, segments that allow us to accelerate growth in assets under custody while enhancing the quality and stability of our revenue mix. Our objective is not only to grow accounts, but to scale assets under custody in a disciplined and profitable way, leveraging our digital capabilities, ecosystem integration with the bank, and a differentiated product offering across local and international markets. Looking ahead, our priorities align with Argentina's normalization cycle. At the bank, we are positioned to capture the next credit expansion as monetary conditions normalize and liquidity requirements ease. Supported by a strong capital base and disciplined risk management, we will scale corporate lending across the value chains of dynamic industries and selectively expand retail credit as consumer confidence strengthens. At the same time, we will continue reinforcing the SuperVL app as the core financial hub of our ecosystem, driving engagement, efficiency and operating leverage. At YOL, the opportunity is equally structural. As inflation declines and risk appetite returns, Argentina's domestic capital market has significant room to expand. Across both platforms, AI is becoming a transversal capability, enhancing productivity, optimizing processes, and elevating the client experience. With that, I will turn the call over to Mariano to review our financial performance in greater detail.

Thank you, Patricio, and good day to everyone. Let's turn to slide 6. We reported an attributable net loss of nearly 20 billion pesos in the fourth quarter, improving materially from the 55 billion peso loss in the prior quarter. November marked a turning point, with declining rates supporting better margins toward year-end. Client-led financial income increased 21% sequentially, driven by lower funding costs combined with higher loan volumes and yields, despite a greater share of commercial loans in the mix. Market-related net financial income improved by 85 peso billion sequentially, reflecting lower funding costs and improved trading results as sovereign bond prices recovered and investment portfolio yields normalized. Inflation adjustment increased 10%. Net fee income rose modestly sequentially, supported by brokerage activity. Personal, administrative, and DNA increased 6% sequentially, partly reflecting seasonal factors and commercial initiatives. For the full year, however, expenses declined 9% in real terms, confirming structural efficiency gains. Loan loss provisions increased 75% sequentially, reflecting higher system-wide delinquency and to a lesser extent updated macroeconomic assumptions within our ECL framework. This was the primary driver of the quarterly loss. Turning to the loan portfolio. Loans increased 8% sequentially, outperforming 2% system growth and 37% year-over-year in line with the industry. Commercial lending drove expansion up 25% sequentially and 64% year-over-year, representing 63% of the portfolio. Growth was concentrated in working capital and export-related sectors where risk-adjusted returns remain attractive. Retail loans declined 4% sequentially and increased 8% year-over-year, reflecting stricter underwriting standards and delivering moderation in origination amid elevated rates and higher system-wide delinquency. Our goal remains to return to a more balanced retail-corporate mix as credit conditions stabilize. Turning to asset quality, the NPL ratio increased to 5% from 3.9% in the prior quarter, broadly in line with industry trends, reflecting higher delinquency levels amid system-wide credit stress and the seasoning of prior retail growth. Net cost of risk rose to 10.4% in the quarter. For the full year, net cost of risk was 6.2%. coverage remained sound at 112%. Importantly, trends began improving toward year-end. December and January trends reflect the outcome of our collection and refinancing initiatives at the branch level, targeting individual and SME customers, reducing migration into advanced delinquency buckets, and showing moderation in net cost of risk. While we remain cautious, current indicators suggest the fourth quarter likely marked the peak in provisioning under current assumptions. Moving to deposits, deliberate balance sheet optimization resulted in a 6% sequential decline in total deposits, particularly in higher-cost wholesale institutional funding as we actively adjusted our liability mix to improve funding quality and reduce cost volatility. By contrast, core transactional balances increased significantly with checking accounts up 39% and retail savings accounts rising 29% supported by December seasonality and the continued traction of our remunerated account strategy. Year over year, retail and commercial deposits increased 17% in real terms, reflecting stronger primary relationships and funding stability. Turning to page 10, net financial income reached 246 billion pesos in the quarter, up 82% sequentially and 1% year over year, recovering from extraordinary short-term pressures in the prior quarter. This was driven mainly by three factors. First, peso cost of funds declined approximately 400 basis points as deposits repriced following the drop in market rates, coupled with lower wholesale funding. Second, market-related NIM improved materially, rising to 26% from 11% in the prior quarter, driven by bond price recovery and a less volatile rate environment. Third, loan portfolio NIM improved 1.7 percentage points to 16.9% sequentially as we reprice the credit book. Let's now turn to the next slide to review our perspectives for the year. We expect real growth in loans between 25% and 30% led by corporate lending as financial intermediation normalizes. Retail credit is expected to progressively regain momentum alongside improvements in economic activity, employment, and disposable income. Under current regulations, peso-denominated loans are expected to grow faster than dollar loans. Deposits are projected to expand between 20% and 25%, supported by stronger client relationships. In our place case, peso deposits are expected to lead growth, while the recent implementation of the tax amnesty law provides additional upside potential for dollar balances. For asset quality, we expect the NPL ratio to range between 5% and 6% for the year, with a temporary peak in first Q26 reflecting the lacked effects of last year's volatility. underlying threats are stabilizing. Cost of risk is projected between 6 and 6.5%, consistent with normalization. NIM is expected to range between 14 and 16%. While interest rate volatility and reserve requirements remain high, improving funding dynamics and disciplined asset pricing should support margins. A temporary shift toward corporate lending may moderate margins but positions the balance sheet for sustainable growth. Turning to slide 10, we expect net fee income to expand around 5% in real terms, driven by banking and brokerage activity. Structural operating expenses are anticipated to remain broadly stable in real terms, reflecting sustained cost discipline and health count efficiencies, partially offset by depreciation and higher taxable revenues. In terms of profitability, We project full year ROE guidance of 4% to 9% range, reflecting upside opportunities from macro improvements and the relaxation of restrictive monetary policies, stronger credit growth, the increased opportunity to expand affluent clients in yield, and additional efficiency opportunities at the bank. We expect ROE to improve sequentially as margins recover and operating leverage builds. Lastly, we anticipate ending the year with a CET1 ratio of between 11 and 13%. This concludes our prepared remarks. We are now opening the floor for Q&A.