Group 1 - Investors in Banco Macro S.A. (BMA) should monitor the stock due to significant movements in the options market, particularly the Jul 18, 2025 $60 Call, which has high implied volatility [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in the stock price, possibly due to an upcoming event [2] - Banco Macro currently holds a Zacks Rank 1 (Strong Buy) in the Banks - Foreign industry, which is in the top 7% of the Zacks Industry Rank [3] Group 2 - The recent high implied volatility may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4]

Core Viewpoint - Investors in the Banks - Foreign sector should consider Banco Macro (BMA) and Banco Itau (ITUB) for potential undervalued stock opportunities [1] Group 1: Company Rankings and Valuation Metrics - Banco Macro has a Zacks Rank of 1 (Strong Buy), while Banco Itau has a Zacks Rank of 3 (Hold), indicating a more favorable earnings estimate revision trend for BMA [3] - BMA has a forward P/E ratio of 7.94, compared to ITUB's forward P/E of 9.36, suggesting BMA is more attractively priced [5] - The PEG ratio for BMA is 0.30, indicating strong expected earnings growth relative to its price, while ITUB's PEG ratio is 1.15 [5] - BMA's P/B ratio is 1.21, which is lower than ITUB's P/B ratio of 1.96, further supporting BMA's valuation advantage [6] Group 2: Value Grades - Based on the valuation metrics, BMA earns a Value grade of B, while ITUB receives a Value grade of D, highlighting BMA's superior value proposition [6][7]

Core Viewpoint - Banco Macro (BMA) has experienced a significant downtrend, with an 18.2% decline in stock price over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to improved earnings expectations from analysts [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to determine if a stock is oversold, with a reading below 30 typically indicating this condition [2]. - BMA's current RSI reading is 28.6, indicating that the heavy selling pressure may be exhausting, and a price reversal could be imminent [5]. Group 2: Fundamental Indicators - Analysts covering BMA have raised their earnings estimates for the current year, resulting in a 2.5% increase in the consensus EPS estimate over the last 30 days, which often correlates with price appreciation [7]. - BMA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a near-term turnaround [8].

Financial Data and Key Metrics Changes - In Q1 2025, Banco Macro's net income totaled ARS 45.7 billion, a decrease of 59% or ARS 65.3 billion compared to Q4 2024 [4] - The annualized return on average equity was 3.81% and the return on average assets was 1.2% [5] - Net operating income before general and administrative expenses was ARS 82.6 billion lower than the previous quarter, a decrease of 9% [5] - Provision for loan losses increased by 60% or ARS 25.3 billion compared to Q4 2024 [6] - Net interest income totaled ARS 579.2 billion, ARS 1 billion higher than the previous quarter [6] Business Line Data and Key Metrics Changes - Interest income from loans and other financing increased by 9% or ARS 49.6 billion compared to the previous quarter [8] - Income from government and private securities decreased by 21% or ARS 71.5 billion quarter on quarter [8] - Fee income totaled ARS 169.8 billion, a decrease of 1% compared to the previous quarter [11] - Net income from financial assets and liabilities at fair value through profit or loss decreased by 55% or ARS 80 billion compared to Q4 2024 [12] Market Data and Key Metrics Changes - Banco Macro's market share over private sector loans reached 9.5% as of March 2025 [16] - Total deposits increased by 5% or ARS 485.4 billion quarter on quarter, totaling ARS 9.6 trillion [16] - Nonperforming total financial ratio reached 1.44% [17] Company Strategy and Development Direction - The bank aims to utilize its excess capital effectively, with a capital adequacy ratio of 34.3% and a Tier one ratio of 33.6% [18] - The focus is on organic growth, with potential for future M&A opportunities as the number of banks in Argentina may decrease [27] - The bank is adjusting its bond portfolio to reduce public sector exposure and increase loan growth [46] Management's Comments on Operating Environment and Future Outlook - The bank forecasts a real loan growth of 60% for 2025 and a real deposit growth of 45% [24] - Expected inflation for 2025 is around 30%, with a declining trend in domestic interest rates anticipated [36] - Operating expenses are expected to grow close to inflation, around 30% [37] Other Important Information - The effective income tax rate was 43% higher than the previous quarter [14] - The bank's liquidity remains strong, with a liquid assets to deposit ratio of 68% [18] Q&A Session Summary Question: Update on guidance for loan growth, deposits, and ROE - Management maintains a 60% loan growth forecast for 2025, with deposits expected to grow by 45% and ROE revised to 8% to 10% [24][25] Question: Drivers behind increased deposit growth - The increase in deposit growth is attributed to better-than-expected volume growth and stronger dollar deposit growth [28] Question: Macroeconomic expectations for interest rates, inflation, and GDP growth - Forecasts include 30% inflation for 2025, with a real GDP growth of 5% [36] Question: Loan to deposit ratio and capital ratio expectations - The loan to deposit ratio is expected to increase to around 90% by the end of 2025, with a strong capital ratio allowing for potential M&A opportunities [39][40] Question: Bond portfolio positioning and preferences - The bank prefers high exposure to inflation-linked bonds to hedge equity, aiming to maintain a stable level of available-for-sale bonds [46][48]

Financial Data and Key Metrics Changes - In Q1 2025, Banco Macro's net income totaled ARS 45.7 billion, a decrease of 59% or ARS 65.3 billion compared to Q4 2024 [4] - The annualized return on average equity was 3.81% and the return on average assets was 1.2% [5] - Net operating income before general and administrative expenses was ARS 801 billion, down 9% or ARS 82.6 billion from Q4 2024 [5] - Provision for loan losses increased by 60% or ARS 25.3 billion compared to Q4 2024, totaling ARS 66 billion [6] - Net interest income was ARS 579.2 billion, ARS 1 billion higher than Q4 2024, and up 122% or ARS 318 billion year-on-year [6][10] Business Line Data and Key Metrics Changes - Interest income totaled ARS 866.7 billion, down 3% or ARS 22.6 billion from Q4 2024 [7] - Income from interest on loans increased by 9% or ARS 49.6 billion compared to the previous quarter, but decreased by 18% or ARS 132.2 billion year-on-year [7][8] - Fee income was ARS 169.8 billion, a decrease of 1% or ARS 943 million from Q4 2024, but increased by 29% year-on-year [11] - Net income from financial assets and liabilities at fair value through profit or loss was ARS 66.4 billion, down 55% from Q4 2024 [12] Market Data and Key Metrics Changes - Banco Macro's market share over private sector loans reached 9.5% as of March 2025 [16] - Total deposits increased by 5% or ARS 485.4 billion quarter-on-quarter, totaling ARS 9.6 trillion, and increased by 23% year-on-year [16] - Nonperforming loans ratio was 1.44%, with a coverage ratio of 163.34% [17] Company Strategy and Development Direction - The bank aims to utilize its excess capital of ARS 3.2 trillion, with a capital adequacy ratio of 34.3% and a Tier one ratio of 33.6% [18] - The focus is on organic growth, with potential for future M&A opportunities as the number of banks in Argentina may shrink [26][27] Management's Comments on Operating Environment and Future Outlook - Management expects real loan growth of 60% for 2025 and deposits to grow at 45% [24] - Inflation is forecasted at around 30% for 2025, with a declining trend in domestic interest rates anticipated [35] - Operating expenses are expected to grow close to inflation, around 30% [36] Other Important Information - The effective income tax rate was 43% higher than in Q4 2024 [14] - The bank's liquidity remains strong, with a liquid assets to deposits ratio of 68% [18] Q&A Session Summary Question: Update on guidance for loan growth, deposits, and ROE - Management maintains a 60% loan growth forecast for 2025, with deposits expected to grow at 45% and ROE revised to 8% to 10% [24][25] Question: Expectations on macroeconomic factors - GDP growth is forecasted at 5% for 2025, with inflation at 30% and a declining trend in interest rates [35] Question: Loan to deposit ratio and capital ratio - The loan to deposit ratio is expected to increase, with loans representing 48% of total assets in Q1 2025 [37] Question: Bond portfolio positioning - The bank prefers high exposure to inflation-linked securities to hedge equity, aiming to maintain a stable level of available-for-sale bonds [46][48]

Core Insights - Banco Macro reported a net income of Ps.45.7 billion for 1Q25, which is a decrease of 59% or Ps.65.3 billion compared to 4Q24 [3] - The annualized return on average equity (ROAE) was 3.8% and the annualized return on average assets (ROAA) was 1.2% in 1Q25 [3] Financial Performance - Operating income before general and administrative (G&A) and personnel expenses totaled Ps.801 billion, down 9% or Ps.82.6 billion from 4Q24 and down 68% or Ps.1.7 trillion from the same period last year [3] - Operating income after G&A and personnel expenses was Ps.347.8 billion, which is 11% or Ps.43 billion lower than 4Q24 and 82% or Ps.1.6 trillion lower than the same period last year [3] Financing and Deposits - Total financing increased by 22% or Ps.1.4 trillion quarter over quarter, totaling Ps.7.7 trillion, and increased by 97% or Ps.3.8 trillion year over year [3] - Total deposits rose by 5% or Ps.485.4 billion QoQ and by 23% or Ps.1.8 trillion YoY, reaching Ps.9.6 trillion, which represents 82% of the Bank's total liabilities [3] Solvency and Asset Quality - Banco Macro maintained a strong solvency ratio with excess capital of Ps.3.2 trillion, a Capital Adequacy Ratio of 34.3%, and a Tier 1 Ratio of 33.6% [3] - The non-performing to total financing ratio was 1.44%, and the coverage ratio reached 163.34% [3] Customer Base - As of 1Q25, Banco Macro served 6.23 million retail customers, including 2.6 million digital customers, through its 505 branches and 8,903 employees across 23 of the 24 provinces in Argentina [3]

Financial Position - Total assets as of December 31, 2024, amounted to ARS 14,493,051,515, a decrease of 0.95% from ARS 14,631,695,156 in 2023[13] - Total liabilities rose to ARS 10,441,904,439, reflecting an increase of 2.46% from ARS 10,190,755,268 in 2023[16] - Shareholders' equity decreased to ARS 4,051,147,076 from ARS 4,440,939,888, indicating a reduction of 8.8%[16] - The bank's cash and deposits in banks totaled ARS 2,690,638,558, a slight increase from ARS 2,619,925,301 in the previous year[13] - Total assets of Banco Macro SA as of December 31, 2024, amounted to 14,178,945,690 thousand pesos, a slight decrease from 14,184,633,216 thousand pesos in 2023[96][98] - Total liabilities increased to 10,129,428,138 thousand pesos in 2024 from 9,744,707,860 thousand pesos in 2023, reflecting a growth of approximately 3.95%[96][98] - Shareholders' equity attributable to the owners of the Bank decreased to 4,049,517,552 thousand pesos in 2024 from 4,439,925,356 thousand pesos in 2023, a decline of about 8.8%[96][98] Income and Earnings - Net income for the fiscal year was ARS 324,143,056, a significant decline of 74.5% compared to ARS 1,267,414,513 in 2023[16] - Net income for the fiscal year dropped to $325,132,181 in 2024, down from $1,268,178,306 in 2023, representing a decrease of about 74.4%[20] - Basic earnings per share fell to 506.9385 pesos in 2024 compared to 1,982.1532 pesos in 2023, a decline of approximately 74.5%[22] - Total comprehensive income for the fiscal year was $227,705,778 in 2024, significantly lower than $1,355,649,028 in 2023, reflecting a decrease of around 83.2%[25] Revenue and Expenses - Net interest income decreased to $1,618,126,381 in 2024 from $1,806,019,441 in 2023, a decline of approximately 10.4%[20] - Commissions income rose to $565,100,914 in 2024, up from $535,072,561 in 2023, marking an increase of approximately 5.6%[20] - Employee benefits expense increased to $703,460,074 in 2024 from $606,491,603 in 2023, an increase of about 16%[20] - Other operating income grew to $213,969,463 in 2024, compared to $158,728,540 in 2023, reflecting an increase of approximately 34.8%[20] - Credit loss expense on financial assets was $109,354,813 in 2024, slightly higher than $100,051,121 in 2023, indicating an increase of about 9.3%[20] Cash Flow - Total cash from operating activities increased significantly to 2,002,138,248 compared to a cash outflow of (185,597,941) in the previous year[34] - Cash flows used in investing activities totaled (133,689,800), a decrease from a positive inflow of 177,091,497 in the previous year[37] - Cash flows used in financing activities increased to (592,027,195) from (123,949), indicating a substantial rise in financing outflows[37] - The net decrease in cash and cash equivalents was (151,367,850), a significant improvement from (2,070,614,394) in the previous year[37] Acquisitions and Mergers - The acquisition of Macro Agro SAU was completed on May 18, 2023, enhancing the company's capabilities in grain brokerage[45] - The acquisition of Banco Itaú Argentina SA and its subsidiaries was authorized on November 2, 2023, expanding the company's market presence[46] - The merger with Banco BMA SAU was completed in May 2023, consolidating its financials into the Bank's statements[94] Financial Instruments and Valuation - The financial instruments are classified based on the business model, with specific conditions for measuring at amortized cost or fair value[108][110] - Financial assets at fair value through profit or loss are recognized at fair value, with changes in fair value reported as "Net gain from measurement of financial instruments at fair value through profit or loss" in the income statement[119] - The loss allowance for expected credit losses (ECL) is based on credit losses expected to arise during the life of a financial asset, with 12-month ECL applicable if there is no significant increase in credit risk[135] - The Bank categorizes financial instruments into Stage 1, Stage 2, and Stage 3 based on credit risk, with different ECL calculations for each stage[139] Regulatory and Accounting Standards - The consolidated Financial Statements are prepared in accordance with IFRS Accounting Standards and reflect the changes in purchasing power as of December 31, 2024[61] - The restatement process for financial statements is based on the general price index reflecting changes in purchasing power, as required by IAS 29[72] - The Bank's financial position is presented in order of liquidity, as mandated by BCRA Communiqué "A" 6324[65] Economic Environment - The inflation rates were reported at 117.76% for the fiscal year ended December 31, 2024, and 211.41% for the fiscal year ended December 31, 2023[73] - The Bank's management is confident in its ability to continue as a going concern without any material uncertainties affecting its operations[62]

Group 1 - Banco Macro (NYSE: BMA) is positioned as a strong investment opportunity in the recovering Argentine financial system due to its solid operations and efficient cost structure [1] - The bank boasts an enviable capital position, which enhances its attractiveness to investors [1] Group 2 - The analysis reflects a focus on value companies with solid long-term potential, indicating a strategic investment approach [1]

BUENOS AIRES, Argentina, April 21, 2025 /PRNewswire/ -- Banco Macro S.A. (NYSE: "BMA"; ByMA: "BMA") ("Banco Macro") announces today the filing of  its annual report on Form 20-F and its annual audited financial statements for the fiscal year ended December 31, 2024 (the "2024 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2024 Annual Report can be accessed by visiting either the SEC's website at www.sec.gov in the Section "Search for Company Filings" under CIK code No. 000 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...