Banco Macro (NYSE:BMA) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBrian Flores - VP of Equity ResearchCarlos Gomez-Lopez - Head of EM and LatAm FinancialsErnesto Gabilondo - Director of LatAm FinancialsJorge Scarinci - CFOJuan Parma - CEOLindsey Shema - Equity Research AssociateNicolás Torres - Director of Investor RelationsYuri Fernandes - Executive DirectorConference Call ParticipantsKaio Prato - Stock AnalystMarcos Seru - Equity Research AnalystMatías Cattaruzzi - Senior Equi ...

Banco Macro (NYSE:BMA) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBrian Flores - VP of Equity ResearchCarlos Gomez-Lopez - Head of EM and LatAm FinancialsErnesto Gabilondo - Director of LatAm FinancialsJorge Scarinci - CFOJuan Parma - CEOLindsey Shema - Equity Research AssociateNicolás Torres - Director of Investor RelationsYuri Fernandes - Executive DirectorConference Call ParticipantsKaio Prato - Stock AnalystMarcos Seru - Equity Research AnalystMatías Cattaruzzi - Senior Equi ...

Banco Macro (NYSE:BMA) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Speaker9Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's fourth quarter 2025 earnings conference call. We would like to inform you that the 4Q 2025 press release is available to download at Investor Relations website of Banco Macro at www.macro.com.ar/relaciones-inversores. Also, this event is being recorded and all participants will be in listen-only mode ...

Core Viewpoint - Banco Macro reported its financial results for the fourth quarter of 2025, highlighting significant growth in deposits and operating income, while also addressing the impact of inflation adjustments on its financial statements [1]. Group 1: Financial Performance - As of 4Q25, Banco Macro serves 6.36 million retail customers and over 224,969 corporate customers across Argentina [1]. - The bank's non-performing to total financing ratio was 3.87%, with a coverage ratio of 119.86% [1]. - Total deposits increased by 8% quarter-over-quarter (QoQ) to Ps.13.69 trillion, and by 24% year-over-year (YoY) [1]. - Total financing decreased by 2% QoQ to Ps.10.71 trillion, but increased by 40% YoY [1]. - Operating income after general and administrative expenses totaled Ps.453.2 billion, a 156% increase QoQ [1]. - Net income for 4Q25 was Ps.100.1 billion, recovering from a loss in the previous quarter, but 26% lower than 4Q24 [1]. Group 2: Capital and Liquidity - Banco Macro maintained a strong solvency ratio with excess capital of Ps.3.61 trillion and a capital adequacy ratio of 30.6% [1]. - Liquid assets accounted for 73% of total deposits in 4Q25 [1]. - The bank's Tier 1 ratio also stood at 30.6% [1]. Group 3: Adjustments and Returns - Excluding non-recurring expenses, net income for 4Q25 would have been Ps.183 billion, with an accumulated return on average equity (ROAE) of 6.6% [1]. - The accumulated annualized return on average assets (ROAA) was 1.8% [1].

Core Insights - Investors are comparing Banco Santander-Brazil (BSBR) and Banco Macro (BMA) to determine which stock offers better value for investment [1] Valuation Metrics - BSBR has a forward P/E ratio of 7.95, while BMA has a forward P/E of 11.97 [5] - BSBR's PEG ratio is 0.77, indicating a favorable valuation compared to BMA's PEG ratio of 1.39 [5] - BSBR's P/B ratio stands at 1.12, compared to BMA's P/B of 1.57, suggesting BSBR is more undervalued [6] Earnings Outlook - BSBR holds a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while BMA has a Zacks Rank of 5 (Strong Sell) [3] - The solid earnings outlook for BSBR positions it as a superior value option compared to BMA [7] Value Grades - BSBR has been assigned a Value grade of A, while BMA has a Value grade of C, reflecting BSBR's stronger valuation metrics [6]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 December 17, 2025 Commission File Number: 001-32827 MACRO BANK INC. (Translation of registrant's name into English) Avenida Eduardo Madero 1182 Ciudad Autónoma de Buenos Aires C1106 ACY Tel: 54 11 5222 6500 (Address of registrant's principal executive of ices) Indicate by check mark whether the registrant files or will file annual rep ...

Core Insights - Banco Macro S.A. is highlighted as a high growth stock with a Buy recommendation from BofA analyst Ernesto Gabilondo, who set a target price of $117 [1][2]. Financial Performance - The bank's net income for the first nine months of 2025 (9M25) was Ps.176.7 billion, representing a 35% decrease (Ps.95.2 billion) compared to the same period in 2024 [2]. - Operating income, excluding general, administrative, and personnel expenses, was reported at Ps.1.03 trillion in 9M25, down by Ps.1.84 trillion from the previous year [2]. - Banco Macro's deposits increased by 5% quarter-over-quarter and 11% year-over-year in Q3 2025, accounting for approximately 75% of total liabilities [2]. Company Overview - Banco Macro S.A. is an Argentine bank that provides a range of financial services including bank accounts, credit and debit cards, loans, mortgages, car financing, insurance, bill payments, and money transfers [3].

Financial Data and Key Metrics Changes - In Q3 2025, Banco Macro reported a net income loss of ARS 33.1 billion, a decrease of ARS 191.5 billion compared to the previous quarter, primarily due to higher loan loss provisions and administrative expenses [3][4] - Total comprehensive income for the quarter was an ARS 28.4 billion loss, with net income for the first nine months of 2025 totaling ARS 176.7 billion, down 35% year-on-year [3][4] - The annualized ROE and ROA as of Q3 2025 were 4.5% and 1.5%, respectively [3] Business Line Data and Key Metrics Changes - Net operating income before general and administrative expenses was ARS 779.6 billion, down 23% from Q2 2025 [4] - Provision for loan losses increased to ARS 156.8 billion, up 45% from the previous quarter and 424% year-on-year [4] - Net interest income totaled ARS 686.2 billion, a decrease of 7% from Q2 2025 and 8% year-on-year [4][5] - Net fee income was ARS 177.3 billion, down 7% from Q2 2025, with credit card fees decreasing by 22% [9] Market Data and Key Metrics Changes - Private sector loans increased by 3% quarter-on-quarter and 67% year-on-year, with commercial loans showing significant growth [14][15] - Total deposits increased by 5% quarter-on-quarter, totaling ARS 11.8 trillion, with private sector deposits increasing by 6% [15] - Banco Macro's market share in private sector loans reached 9% as of September 2025 [15] Company Strategy and Development Direction - The bank aims to grow loans by 35% in real terms and deposits by 25% in real terms for 2026, with a focus on both commercial and consumer sectors [22][38] - The bank is exploring M&A opportunities due to its excess capital of ARS 3.3 trillion, with potential developments expected in the next 12-18 months [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the increase in provisions was due to a peak in non-performing loans (NPLs) and unexpected additional expenses [21] - The bank expects the peak of NPLs to occur between October and November, with a cost of risk forecasted to be around 5% in 2026 [29][30] - Management remains optimistic about the bond portfolio performance improving in Q4 2025 [57] Other Important Information - The efficiency ratio deteriorated to 39.1% from 35.9% in Q2 2025, indicating increased operational costs [11] - The non-performing total finance ratio reached 3.02%, with a coverage ratio of 120.87% [16] Q&A Session Summary Question: Was the result worse than anticipated? - Management acknowledged that the results were impacted by higher provisions for NPLs and unexpected expenses, along with margin compression due to interest rate fluctuations [21][22] Question: What are the expectations for loan growth next year? - The bank forecasts a 35% growth in loans and a 25% growth in deposits for 2026, with an expected ROE in the low 10s [22][30] Question: Can you provide details on the extra expenses? - The additional expenses were primarily related to early retirement plans that were not anticipated [24] Question: When do you expect the peak of NPLs? - Management expects the peak to occur between October and November, with a cost of risk around 6.5% for Q4 [29][30] Question: What factors will drive deposit growth in 2026? - Positive real interest rates are expected to drive deposit growth, with a forecast of 25% growth in real terms [61] Question: What is the plan for the $400 million bond maturing in 2026? - Management is considering various options, including rolling over the bond or issuing a new senior bond, with a decision expected by mid-2026 [72][74]

Financial Data and Key Metrics Changes - In Q3 2025, Banco Macro reported a net income loss of ARS 33.1 billion, a decrease of ARS 191.5 billion compared to the previous quarter, primarily due to higher loan loss provisions and administrative expenses [3][4] - Total comprehensive income for the quarter was an ARS 28.4 billion loss, with net income for the first nine months of 2025 totaling ARS 176.7 billion, down 35% year-on-year [3][4] - The annualized ROE and ROA as of Q3 2025 were 4.5% and 1.5%, respectively [3] Business Line Data and Key Metrics Changes - Net operating income before general and administrative expenses was ARS 779.6 billion, a decrease of 23% quarter-on-quarter and 29% year-on-year [4] - Provision for loan losses totaled ARS 156.8 billion, up 45% from the previous quarter and 424% year-on-year [4] - Net interest income was ARS 686.2 billion, down 7% from Q2 2025 and 8% year-on-year [4][5] - Net fee income decreased by 7% quarter-on-quarter but increased by 14% year-on-year [9][10] Market Data and Key Metrics Changes - Total financials reached ARS 10.1 trillion, increasing 3% quarter-on-quarter and 69% year-on-year [13] - Private sector loans increased by 3% quarter-on-quarter and 67% year-on-year, with notable increases in personal and mortgage loans [14][15] - Total deposits increased by 5% quarter-on-quarter and 11% year-on-year, with demand deposits leading the growth [15] Company Strategy and Development Direction - The company aims for loan growth of 35% in real terms for 2026, with deposits expected to grow by 25% in real terms [22][23] - The bank's market share in private sector loans reached 9% as of September 2025, with a focus on maintaining a well-optimized deposit base [15][16] - The bank plans to utilize its excess capital of ARS 3.3 trillion for potential M&A opportunities in the next 12-18 months [31] Management Comments on Operating Environment and Future Outlook - Management noted that the increase in provisions was due to a peak in non-performing loans (NPLs) and unexpected additional expenses [22] - The bank expects the peak of NPLs to occur between October and November, with a cost of risk forecasted to be around 5% in 2026 [30] - Management remains optimistic about the stability of new vintages and expects improvements in asset quality [66] Other Important Information - The efficiency ratio deteriorated to 39.1% from 35.9% in the previous quarter, indicating increased operational costs [11] - The bank's liquidity ratios remain strong, with a liquid assets to total deposits ratio of 67% [16] Q&A Session Summary Question: Was the result worse than anticipated? - Management acknowledged that the results were impacted by higher provisions and unexpected expenses, particularly due to an increase in NPLs [22] Question: What are the expectations for loan growth next year? - The bank forecasts a 35% growth in loans and a 25% growth in deposits in real terms for 2026 [23] Question: Can you provide details on the extra expenses? - The additional expenses were primarily related to early retirement plans that were not anticipated [25] Question: When do you expect the peak of NPLs? - Management expects the peak to occur between October and November, with a cost of risk around 6.5% for Q3 [30] Question: What is the plan for the $400 million bond maturing in 2026? - The bank is considering various options, including rolling over the bond or issuing a new senior bond [74] Question: Will there be additional expenses related to early retirement plans? - There could be additional expenses, but it is too early to comment definitively [57]

Financial Data and Key Metrics Changes - In Q3 2025, Banco Macro reported a net income loss of ARS 33.1 billion, a decrease of ARS 191.5 billion from the previous quarter, primarily due to higher loan loss provisions and administrative expenses [3] - Total comprehensive income for the quarter was an ARS 28.4 billion loss, with net income for the first nine months of 2025 totaling ARS 176.7 billion, down 35% year-on-year [3] - The annualized ROE and ROA as of Q3 2025 were 4.5% and 1.5%, respectively [3] Business Line Data and Key Metrics Changes - Net operating income before general and administrative expenses was ARS 779.6 billion, down 23% from Q2 2025 and down 29% year-on-year [4] - Provision for loan losses increased to ARS 156.8 billion, up 45% from Q2 2025 and up 424% year-on-year [4] - Net interest income totaled ARS 686.2 billion, a decrease of 7% from Q2 2025 and 8% year-on-year [4] - Net fee income was ARS 177.3 billion, down 7% from Q2 2025 but up 14% year-on-year [10] Market Data and Key Metrics Changes - Total financials reached ARS 10.1 trillion, increasing 3% quarter-on-quarter and 69% year-on-year [13] - Private sector loans increased 3% quarter-on-quarter and 67% year-on-year, with commercial loans showing significant growth [14] - Total deposits increased 5% quarter-on-quarter and 11% year-on-year, with demand deposits leading the growth [16] Company Strategy and Development Direction - The bank aims to utilize its excess capital of ARS 3.3 trillion for potential M&A opportunities, with a capital adequacy ratio of 29.9% [17] - The strategy includes a focus on both commercial and consumer loan growth, with expectations of a 35% real growth in loans for 2026 [25] - The bank's market share in private sector loans reached 9% as of September 2025, with a focus on maintaining a well-optimized deposit base [16] Management's Comments on Operating Environment and Future Outlook - Management indicated that the delinquency rate was higher than expected, leading to increased provisions [20] - For 2026, the bank forecasts loan growth of 35% in real terms and deposits to grow around 25% in real terms, with an expected ROE in the low 10s [21] - The peak in non-performing loans (NPLs) is anticipated to occur between October and November 2025, with a cost of risk expected to decrease to around 5% in 2026 [23] Other Important Information - The bank's non-performing total finance ratio reached 3.02%, with a coverage ratio of 120.87% [17] - Employee benefits increased by 20% due to provisions for early retirement plans, impacting administrative expenses [12] - The bank's liquidity ratios remain strong, with a liquid assets to total deposit ratio of 67% [17] Q&A Session Summary Question: Was the result worse than anticipated? - Management acknowledged that the results were impacted by higher provisions and unexpected expenses, along with bond price performance [20] Question: What are the expectations for loan growth and returns next year? - The bank forecasts a 35% real growth in loans and a low 10s ROE for 2026 [21] Question: What additional expenses were incurred? - The unexpected expenses were primarily related to early retirement plans [22] Question: When is the peak of NPLs expected? - The peak is anticipated to occur between October and November, with a cost of risk of 6.5% in Q3 [23] Question: What is the plan for the $400 million bond maturing in 2026? - Management stated that various options are being considered, including potential bond issuance or cancellation [39]