Thank you. Good morning, and welcome to Banco Macro third quarter 2025 conference call.

Any comment we may make today may include forward-looking statements, which are subject to various conditions and these are outlined in our 20-F, which was filed to the SEC, and it's available at our website. Third quarter 2025 press release was distributed last Wednesday, and it's available at our website.

All figures are in Argentine pesos and have been restated in terms of the measuring unit current at the end of the reporting period. As of 2020, the bank began reporting results applying hyperinflation accounting in accordance with IFRS IAS 29, as established by the Central Bank.

For ease of comparison, figures of previous quarters have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30th, 2025. I will now briefly comment on the bank's third quarter 2025 financial results.

In the third quarter of 2025, Banco Macro's net income totaled a 33.1 billion pesos loss, which was 191.5 billion pesos lower than the previous quarter. This result was mainly due to higher loan loss provisions, higher administrative expenses, lower income from government and private securities, and lower net fee income, that were partially offset by higher other operating income and a lower loss related to the net monetary position.

Total comprehensive income for the quarter totaled 28.4 billion pesos loss, and in the first 9 months of 2025, Banco Macro's net income totaled 176.7 billion pesos, 35% below than the same period of last year. While total comprehensive income totaled 196.9 billion pesos in the same period.

As of the third quarter of 2025, the accumulated annualized ROE and ROA were 4.5% and 1.5%, respectively. Net operating income before general and administrative and personnel expenses was 779.6 billion pesos in the third quarter of 2025, 23% or 233.7 billion pesos lower compared to the second quarter of 2025, due to lower income from government securities.

On a yearly basis, net operating income before general and administrative and personnel expenses decreased 29% or 312.9 billion pesos. Provision for loan losses totaled 156.8 billion pesos, 45% or 49.4 billion pesos higher than the second quarter of 2025.

On a yearly basis, provision for loan losses increased 424% or 128.4 billion pesos. In the quarter, net interest income totaled 686.2 billion pesos, 7% or 52.2 billion pesos lower than in the second quarter of 2025, and 8% or 63.6 billion pesos lower year-on-year.

This result was due to a 113.9 billion pesos increase in interest expense, while interest income increased 61.6 billion pesos. In the third quarter of 2025, interest income totaled 1.22 trillion pesos, 5% or 61.6 billion pesos higher than the second quarter of 2025, and 7% or 84.7 billion pesos higher than in the third quarter of 2024.

Income from interest on loans and other financing totaled 930.3 billion pesos, 18% or 139.7 billion pesos higher compared with the previous quarter, mainly due to an 11% increase in the average volume of private sector loans, and by a 111 basis points increase in the average lending rate. On a yearly basis, income from interest on loans increased 74% or 396.2 billion pesos.

In the third quarter of 2025, interest on loans represented 77% of total interest income. In the third quarter of 2025, income from government and private securities decreased 24% or 85.4 billion pesos quarter-on-quarter, mainly due to inflation-adjusted bonds.

Decreased 52% or 292.8 billion pesos compared with the same period of last year. This result is explained 97% by income from government and private securities at amortized cost, and the remaining 3% is explained by income from government securities valued at fair value through other comprehensive income.

In the third quarter of 2025, income from repos totaled 6.3 billion pesos, 493% or 5.3 billion pesos higher than the previous quarter, and 74% or 18.1 billion pesos lower than a year ago. It is worth noting that as of July 22, 2024, the Central Bank decided to terminate repos and replace them with LEFIs, which were issued by the Treasury, which then were eventually terminated on July 10th, 2025.

In the third quarter of 2025, FX income [unclear] a 13.8 billion pesos loss, 37.5 billion pesos lower than in the second quarter of 2025, mainly due to the loss from foreign currency exchange, given the bank's short dollar position. It should be noted that the bank posted a 23.2 billion pesos gain related to investment in derivative financing instruments, which is basically the long futures position that the bank has.

Therefore, when considering income from foreign currency exchange plus income from investment in derivative financing instruments, the bank posted a 9.4 billion pesos gain. On a yearly basis, FX income decreased 164% or 35.2 billion pesos.

In the quarter, the Argentine peso depreciated 14.4% against the US dollar after the Central Bank of Argentina replaced the 1% crawling peg, allowing the Argentine peso to float [unclear]. In the third quarter of 2025, interest expense totaled 528.4 billion pesos, increasing 27% or 113.9 billion pesos compared to the previous quarter, and increased 39% or 148.4 billion pesos compared to the third quarter of 2024.

Within interest expenses, interest on deposits represented 94% of the bank's total interest expense, increasing 24% or 96.6 billion pesos quarter-on-quarter, due to a 248 basis points increase in the average rate paid on deposits, while the average volume of private sector deposits increased 10%. On a yearly basis, interest on deposits increased 36% or 131.3 billion pesos.

In the third quarter of 2025, the bank's net interest margin including FX was 18.7%, lower than the 23.5% posted in the second quarter of 2025, and the 31.5% posted in the third quarter of 2024. In the third quarter of 2025, Banco Macro's net fee income totaled 177.3 billion pesos, 7% or 13.9 billion pesos lower than in the second quarter of 2025.

In the quarter, credit card fees stand out with a 22% or 14.2 billion pesos decrease, followed by credit-related fees, which decreased 27% or 3.1 billion pesos, and were partially offset by a 7% or 1.8 billion pesos increase in corporate services fees. On a yearly basis, net fee income increased 14% or 22.1 billion pesos.

In the third quarter of 2025, net income from financial assets and liabilities at fair value through profit or loss totaled a 19.5 billion pesos gain, decreasing 84% or 101 billion pesos compared to the second quarter of 2025. This result is mainly due to lower income from government securities.

On a yearly basis, net income from financial assets and liabilities at fair value through profit or loss decreased 86% or 117 billion pesos. In the quarter, other operating income totaled 69 billion pesos, 42% or 20.5 billion pesos higher than the second quarter of 2025, due to higher credit and debit cards income, 14.7 billion pesos, and on a yearly basis, other operating income increased 16% or 9.7 billion pesos.

In the third quarter of 2025, Banco Macro's administrative expenses plus employee benefits totaled 331.5 billion pesos, 4% or 35.1 billion pesos higher than the previous quarter, due to a 20% increase in employee benefits, while administrative expenses decreased 3%. On a yearly basis, administrative expenses plus employee benefits decreased 431 million pesos.

In the third quarter of 2025, employee benefits increased 20% or 38.7 billion pesos, mainly due to a 139% or 23.6 billion pesos increase in compensation and bonuses, as the bank builds up provisions for early retirement plans and severance payments. On a yearly basis, employee benefits increased 8% or 16.9 billion pesos.

In the third quarter of 2025, the accumulated efficiency ratio reached 39.1%, deteriorating from the 35.9% posted in the second quarter of 2025, and from the 25.5% posted a year ago. In the third quarter of 2025, expenses, which includes employee benefits, general and administrative expenses, depreciation, and impairment of assets, increased 10%, while income, basically net interest income, net fee income, difference in quoted prices of gold and foreign currency, plus other operating income, as well as net income from financial assets at fair value through profit and loss, decreased 19% compared to the second quarter of 2025.

In the third quarter of 2025, the result from the net monetary position totaled a 203.1 billion pesos loss, 6% or 13 billion pesos lower than the loss posted in the second quarter of 2025, and 46% or 171 billion pesos lower than the loss posted a year ago. Lower inflation was observed during the quarter, basically 4 basis points below the second quarter '25.

Inflation reached 5.97% in the third quarter of 2025, compared to 6.01% in the second quarter of 2025. In the third quarter of 2025, given Macro's negative net income, no income tax charge was recorded.

Further information is provided in note 21 of our financial statements. In terms of loan growth, the bank's total financing reached 10.1 trillion pesos, increasing 3% or 332.4 billion pesos quarter-on-quarter, and increasing 69% or 4.1 trillion pesos year-on-year.

In the third quarter of 2025, private sector loans increased 3% or 278.2 billion pesos, and on a yearly basis, private sector loans increased 67% or 3.94 trillion pesos. Within commercial loans, documents and others stand out with a 4% or 60.4 billion pesos and a 27% or 453.9 billion pesos increase, respectively.

Meanwhile, overdrafts decreased 21% or 364.9 billion pesos. Within consumer lending, almost all product lines increased during the third quarter of 2025, except for credit card loans, which decreased 1% or 21.3 billion pesos.

Personal loans, mortgage loans, and pledge loans stand out with an 8% or 156.8 billion pesos, 4% or 92.8 billion pesos, and 6% or 13.1 billion pesos increase, respectively. In the third quarter of 2025, peso financing decreased 2% or 192.1 billion pesos, while US dollar financing increased 10% or $170 million.

It is important to mention that Banco Macro's market share over private sector loans as of September 2025 reached 9%. On the funding side, total deposits increased 5% or 556.4 billion pesos quarter-on-quarter, totaling 11.8 trillion pesos, and increased 11% or 1.2 trillion pesos year-on-year.

Private sector deposits increased 6% or 604.9 billion pesos quarter-on-quarter, while public sector deposits decreased 5% or 49.6 billion pesos quarter-on-quarter. The increase in private sector deposits was led by demand deposits, which increased 10% or 475.2 billion pesos, while time deposits increased 4% or 202.2 billion pesos quarter-on-quarter.

Peso deposits decreased 1% or 48 billion pesos, while US dollar deposits increased 3% or $95 million. As of September 2025, Banco Macro's transactional accounts represented approximately 49% of total private deposits.

Banco Macro's market share over private deposits as of September 2025 totaled 7.4%. In terms of asset quality, Banco Macro's non-performing to total financing ratio reached 3.2%.

The coverage ratio, measured as total allowances under expected credit losses over non-performing loans under Central Bank rules, reached 120.87%. Consumer portfolio non-performing loans deteriorated 149 basis points up to 4.3% from 2.81% the previous quarter, while commercial portfolio non-performing loans deteriorated 33 basis points in the third quarter of 2025 up to 0.85% from 0.52% in the previous quarter.

In terms of capitalization, Banco Macro accounted an excess capital of 3.3 trillion pesos, which represented a capital adequacy ratio of 29.9% and a Tier 1 ratio of 29.2%. The bank's aim is to make the best use of this excess capital.

The bank's liquidity remained more than appropriate. Liquid assets to total deposit ratio reached 67%.

Overall, we have accounted for another positive quarter. We continue showing a solid financial position.

We keep a well-atomized deposit base. Asset quality remained under control and closely monitored, and we keep on working to improve more our efficiency standards.

At this time, we would like to take the questions you may have.

Thank you for having the call and taking my question. I guess two questions.

The first one is, one has a sense that your result is worse than you had anticipated. You did not, I think, expect to have a loss.

Was there anything special that we could point to, or let's say, did you take the opportunity to take any charges to expenses that we haven't discussed? Could you identify anything which was special that perhaps was not forecast a little bit before?

Second, what do you expect for next year in terms of loan growth and achievable returns, understanding that there is a lot of uncertainty?

Thank you. Carlos, hello, how are you?

Good morning, and thanks for your questions. In relation to your first question, well, I think that is quite clear on the press release that there was a combination of different factors and some of them were a bit more or deeper than what we expected at the beginning.

First in terms of the delinquency rate, we were expecting not that amount of provisions that finally we had to post. That's a consequence, as you also saw in the other banks that also released results on the past week, that was a kind of increase, or almost peak, in terms of NPLs.

That is one of the reasons for that. Second reason, there were some additional expenses that we also accounted in the quarter that were not expected before.

Also the compression on the margins due to the big increase or roller coaster interest rate behavior during the first third quarter. Also, I would say that, last but not least, is the performance on the bond prices and the impact on the bond portfolio performance.

That is in relation to your first question. According to your second question in terms of forecast, for next year we are forecasting loans to grow 35% in real terms, deposits to grow in the area of 25% in real terms, and we continue to expect ROE for 2026 to be in the low teens.

Thank you. Could you give some more detail about your extra expenses?

Is that related to adjustment to the footprint or any consultant or any systems that you have purchased? Anything we could know more about expenses and whether they are recurring or non-recurring?

Thank you.

No, basically, Carlos, those that we posted there that are related to the early retirement plans that were not expected to happen and they finally happened. That were described on the press release, basically.

Very clear. Thank you.

You're welcome.

Thank you. Hi, good morning, Jorge and Nicolás.

Thanks for the opportunity to ask questions. My first question will be on asset quality, I just want to double check when you expect the peak on NPLs, and if you can provide us a potential range.

Where you see the peak in cost of risk, and how should we think it for next year? My second question is a follow-up on your ROE.

As you said, you're expecting low teens in 2026, but how should we think about the ROE for 2025? Then my last question is on your capital ratio and potential M&A opportunities.

You continue to have an important excess in capital. You already have passed the midterm elections, when do you expect to start to have M&A activity?

You think it's something that could come next year? Any color on that will be very helpful.

Thank you.

Hi, Ernesto. How are you?

On your first question in terms of asset quality, we believe that the peak on NPLs should happen or should have happened between October, November. That is what we are seeing in terms of the delinquency ratio, also in terms of cost of risk.

We posted a 6.5% in the third quarter. We expect this number to be maintained approx in the fourth quarter, and we are forecasting to be more close to 5% in 2026.

Again, the peak should be between the third and the fourth quarter in terms of delinquency. In terms of ROE for 2025, we continue to maintain the 8% area for 2025 in terms of ROE.

On your question about capital ratio, It is true that we continue to have this high level of capitalization or excess capital. Of course, we are alert and trying to find out if there is an opportunity to make the use of this excess capital in terms of M&A.

Of course, you know that any player trying to leave the game is pretty sure that is going to knock our door, and of course we are going to analyze the target or the assets, and if it is good we're going to go for it. If not, we are going to wait for another one.

That's the idea going forward. We expect to have some news about that in the next maybe 12 to 18 months, basically, but it's not only depending on us.

No, perfect. Super helpful, Jorge.

Thank you very much.

You're welcome, Ernesto.

You can open your microphone. Hi, Nicolás, Jorge.

Thank you very much for the opportunity. I have a question on growth, right, because probably this is the first option in terms of capital allocation given the wide base of capital.

Could you elaborate a bit on where will you focus this growth, if you're going to give priority to corporates, or do you think maybe it is time to gain share, be more aggressive on the consumer side? Just if you could maybe expand this guidance that you provided for 2026 by segment, I think that would be great.

Then, Jorge, I think we spoke very recently. We had an event where you participated.

I think we discussed sustainable ROE. Just wanted to check if maybe 2026 is part of this transition from, let's say, 15% to 20% of levels of sustainable ROE.

Thank you.

Hi, Brian. Good morning.

In terms of the first question about loan growth going forward, we expect to grow across the board, both commercial and consumer. The consequence of this is because there is a very low penetration in the Argentine banking sector, it is below 10% of loan to GDP.

We're expecting, according to the consensus of the economists, a real GDP growth of around 3% in 2026, with inflation also estimated by the consensus of economists in the area of 20%. We expect demand to come from both companies and also consumers.

The idea is to grow. If you want to put in kind of percentages of our loan book, as of today we are approx 65% consumer, 35% commercial.

That could be at the end of 2026 maybe 60/40, but there's not going to be a big change in our loan book composition because we're expecting loan demand to come from every sector in Argentina. In terms of ROE going forward, second question, yes, 2026 is going to continue to be another transition year towards the area of 20% ROE that we are supposed to be delivering in 2027 onwards.

No, super clear. Jorge, and maybe just if I can, a quick follow-up on these questions on capital allocation.

Would you consider the current stock levels as attractive in terms to continue the buyback activity you showed during the third quarter?

Brian, that is something that the board might consider. For the moment, the program that was set, it is not more going on basically because of the price that skyrocketed since then.

As a consequence of the election of the midterm election that happened here in Argentina, and of course the mood that turned into positive for Argentina. For another buyback program, the board has to consider many issues going forward.

For the moment, it's not going to be in place anymore.

No, very clear. Thank you, Nicolás and Jorge.

Welcome, Brian.

Hello, everyone. Thank you so much for the call and taking our question.

Two, please. First, on NIMs.

Now, of course, this quarter we have this very adverse environment for funding costs, liquidity, reserves, etc., but we also saw a lot of repricing in local portfolios. Now that funding is normalized, can we expect, for example, 4Q NIMs to be back to, let's say, at least 2Q levels?

If we look at on an aggregate basis for 2026, there's a lot of moving pieces for NIMs in 2025 as well, this is harder, but on an aggregate basis, should we see NII grow above this 35% real loan book growth in your view, and if you can go over the driving forces there? Then last, that's just a follow-up on NPLs.

Of course, it's been the trends there, yours took a little bit longer, and it seems like you're more comfortable in seeing the peak already in 4Q. Some players might be seeing slipping over to 1Q, 2Q.

If you can share with us what you have done there to control this, and maybe be out of the peak also already in the fourth quarter in terms of NPLs. Thank you.

Hi, Pedro. How are you?

Good morning. In relation to the question about NIMs, yes, basically what happened with the cost of funding and also other interest rates that were ups and downs in the third quarter.

We saw, similar to other banks, in this third quarter, our NIMs being affected. We posted at the 18.7% NIM compared to the 23.5% that we posted in the second quarter.

Yes, we hope and we believe that the NIM for the fourth quarter is going to be more similar than the one that we posted in the second quarter. Going forward, we expect in 2026 NIMs to be in the area of 20, should be slightly below the average that we are having up to now, that is 21.6% for the first 9 months of 2025.

We believe that the net interest income should be growing slightly above the 35% that we are going to grow in terms of real loan growth that I commented before. In terms of the NPLs, as I mentioned, yes, we could see some of more peak on the 4Q, and that is going to bring additional provisionings.

For the moment, we expect that these levels to be similar than the one that we posted in the third quarter. Going forward, as I mentioned, the cost of risk should be more in the area of 5% in 2026.

Basically we had been taking measures since the last part of the first quarter, beginning of the second quarter of 2025, where we became more restrictive in terms of the credit lines basically on consumers. Basically as we saw, the main consequence of the deterioration of the delinquency rate across the board in the Argentine banking sector was basically the increase in the real interest rates that we saw in the second and third quarter.

Now that we are seeing real interest rate more slightly positive and going forward, we believe that this trend will be maintained. We think that the behavior of the portfolio is going to became a bit more normal, but of course you have to take into consideration that we grew our loan book 69% in real terms as of the third quarter of '25.

We expect to grow another 35% real terms in 2026. Maybe we should accustom to see the past due loans ratio in other levels, I would say between 2%, 2.5%, or maybe more than that, compared to the ratio that we were accustomed to see in the Argentine banks when banks didn't grow their loan book as happened in the last maybe 3, 4 years.

Now we have to move and to have to see these ratios more in the area of mid-2s with the level of real growth in loans that we are forecasting going forward. Is okay, Pedro?

Hi, good morning, Jorge and Nicolás. Thank you for the call and taking my questions.

I guess a couple follow-ups. Jorge, are you able to quantify how much additional expenses were related to those early retirement plans you mentioned, just to think about how much of that should go away in 4Q?

Then, second question, I guess on the market-related income, which you mentioned was negatively impacted by the bonds and the government losses on the government bond, do you expect that to sort of reverse in 4Q as things kind of normalize, just to get a sense of the magnitude that can maybe improve in 4Q as well? Thank you.

Hi, Tito. How are you?

In terms of the expenses that we commented there are the 23.5 million that we posted in the expenses line that we explained in the press release. Approximately 18.5% were maybe non-recurrent in the third quarter.

Honestly, it's a bit early to say what we are going to do in the fourth quarter, but might happen that some of this could appear here, but again, it's a bit early to comment on that on the fourth quarter. In terms of second question, yes, the bond portfolio, take into consideration that approximately we have a 23% to 25% of our bond portfolio tied to market prices, market-related.

Going forward, we expect this to reverse in at least for the moment the fourth quarter. We are going to have much better performance in the bond portfolio compared to the one that we had in the third quarter where we saw prices going down a lot.

Now that's very clear, Jorge. Just could there be additional expenses related to the early retirement plans, or is that it from last quarter?

Could be, but again, honestly Tito, this is a bit early to comment on that, but could be.

Okay. Gotcha.

Great. Thank you very much, Jorge.

You're welcome.

Hi, Pedro. How are you?

We're expecting real interest rates to be positive in 2026, similar levels than the one that we are seeing right now. That's why we are forecasting our deposit growth to be in the area of 25% in real terms.

This is in relative terms lower than the rate that we're expecting for loans, but in the case of we need additional funding here, of course, we have a bond portfolio where we can take liquidity. We can issue domestic corporate bonds or bonds on the foreign market.

This is not going to be a problem for the liquidity for Banco Macro. In addition to that, when you look at liquidity ratios as of today, we have extremely good liquidity ratios in both dollars and pesos.

Going forward, we expect to maintain this performance. Okay.

Thank you. Welcome.

Yes, hi. Good morning, Jorge, Nicolás.

Thank you for the call. Just wanted to follow up a little bit on asset quality.

You mentioned that NPLs should peak October, November. Maybe you can comment on what you're seeing in new vintages.

You saw some deterioration in commercial, some a little bit more in consumer. What are you seeing lately that gives you this confidence that the peak is now?

When you talk about margins maybe a little bit longer term, right, you mentioned 20% ROE 2027 onwards, what sort of margins, what sort of NIMs do you see then, right? You mentioned 20 for next year.

Is that in the mid-teens? Where do you see them?

Thank you.

Hi, Alonso. Yes, in terms of NPLs, what we're seeing in our vintages is that there is a stop in the deterioration trend, and we're seeing some stability, and we expect this to become better or improve in the next month or so.

That's why we are expecting to see this kind of a peak maybe early in the fourth quarter. Honestly, at the end of the fourth quarter, we really for the moment don't know which is the level of provisioning that we are going to post.

That's why we are supposing that should be in the area of the one that we post in the third quarter. We are positive on the trend on the vintages in the next couple of months, and this is going to help, and that's why we commented that the peak should be between October and November.

In terms of NIMs going forward, for sure, little by little, we are going to see a decline in the NIMs. Honestly, for 2027 should be in the area of mid-teens, and of course 2028 onwards we should be approaching to the low teens.

That is maybe the movie that we are seeing going forward for the Argentine banking sector, and we expect the volume growth to outpace the decline in margins.

Great. Very clear.

Thank you.

You're welcome.

Thanks very much, Jorge and Nicolás, for the chance to ask questions. Jorge, I have a question regarding next year the the maturity of your 2026 bond, the $400 million million.

I understand it counts very little for capital treatment, I think only 20% maybe, but I wanted to ask if the plan, given that it's a large size in dollars, $400 million, if the plan would be to replace those dollars and probably do like a senior bond issuance of a similar size, or what would be the plan regarding those $400 million? Thanks.

Hey, Nicolás. How are you?

This bond is maturing at the end of November 2026, we still have almost 12 months to figure out what to do. Honestly, we have many options on the table.

We understand that markets are pretty positive on Argentina. We have to figure out our plan for future growth in US dollar loans, and depending on these assumptions and what happened by mid-2026, we are going to make a decision whether to cancel it, to roll it, to maybe issue another senior bond instead of subordinated.

Again, many options on the table. Still, we do not have decided what to do.

Thanks very much, Jorge.

Welcome.

Hi, team. Thank you very much for the opportunity to make a quick follow-up.

Jorge, was just running here some back-of-the-envelope math on your comments on ROE. Just wanted to check if what I am seeing here makes sense.

You mentioned the 8% level of ROE, real ROE for 2025 is achievable, right? You're not changing the guidance.

Just looking at the run rate, it seems like the fourth quarter would need to be higher than the complete run rate of the first 9 months of the year. Just wanted to check if, I don't know, there is a one-off that could really help results, or if just it's a big spike in volume.

Just wanted to understand if this is making sense or I'm missing something here in terms of what could really help the fourth quarter results to achieve the mentioned guidance. Thank you.

Hi, Brian. The forecast is area 8%.

Second, if you assume that we are going to post in the fourth quarter a result similar than the one that we posted in the second quarter, we are going to be very close to the 8%. For the moment, we are maintaining that.

We expect, again, recovery in the bond portfolio, increase in loan volumes, and improvement on the NIMs. These are the main reasons why we're expecting a much better fourth quarter.

We should be very close to the 8%. That's the idea why we are maintaining the forecast for 2025 ROE.

No, understood. Very, very clear.

Thank you.

You're welcome.

Hi. Honestly, I have to check that.

It's not an easy question, or I have to check the data from Human Resources. The first time I received this question, but let me check it, and if you don't mind, I can get back to George later, please.

The 28 billion loss, when you look at the complete income on trade on FX, we got a positive result of almost 9.5 billion. This is a result on a combination of the bank was sold in spot FX, and the increase in the FX impacted on a loss in that position.

However, also the bank was long in futures, and that resulted in a positive result because also futures increased in the third quarter. The net-net was a positive income of 9.5 billion pesos in the quarter.

Thank you all for your interest in Banco Macro. We appreciate your time and look forward to speaking with you again.

Have a good day.