Thank you. Good morning, everyone.

I will make a short introduction, and then Gonzalo Fernández Covaro, our CFO, will have some words. Latest figures indicate that Argentina's economy grew by 4.4% on average during 2025, and the primary surplus stood at 1.4% of GDP, with an overall fiscal result of 0.2% of GDP.

The national consumer price index recorded a 7.9% increase during the fourth quarter of 2025. Inflation for the year stood at 31.5%, significantly decelerating from the 117.8% recorded in 2024 and reaching its lowest level in eight years.

However, monthly inflation accelerated during the second half of the year and displayed a 2.8% increase in December after having reached lows of 1.5% in May and 1.6% in June. In January 2026, monthly inflation rose to 2.9%, while the year-on-year rate accelerated to 32.4%.

On the monetary side, the Central Bank expanded the monetary base by 0.7 trillion pesos in the fourth quarter and by 13.2 trillion pesos over the year, bringing the year-on-year increase to 44.5% as of the end of 2025. In December 2025, the exchange rate averaged 1,448 pesos per dollar, reflecting a 29.5% year-on-year depreciation.

As of January 1, 2026, both the floor and the ceiling of the exchange rate band began to adjust monthly in line with the latest available monthly inflation data. In December 2025, the average rate on peso-denominated private sector time deposits for up to 59 days stood at 26.6%, 6.4 percentage points below the December 2024 average.

Private sector deposits in pesos averaged 104.1 trillion pesos in December, increasing by 10.6% during the quarter and 40.1% in the last 12 months. Time deposits rose 4.3% during the quarter and 44.8% in the year.

Peso-denominated transactional deposits increased 18.3% during the fourth quarter and 35.2% in year-over-year terms. Private sector dollar-denominated deposits amounted to $36.4 billion in December 2025, increasing 11.7% during the quarter and 14.6% in the last 12 months.

Peso-denominated loans to a private sector averaged 87.6 trillion pesos in December, showing a 10.4% quarterly increase and a 73% year-over-year rise. Private sector dollar-denominated loans amounted to $18.2 billion, recording a 0.5% quarterly decrease and an 83.6% annual increase.

Turning now to Grupo Galicia, net income for 2025 amounted to 196 billion pesos, 91% lower than in the previous year, which represented a 0.4% return on average assets and a 2.5% return on average shareholders' equity. Excluding integration expenses, the result would have been 333 billion pesos and the ROE 4.2%.

The result was mainly due to profits from Galicia Asset Management for 127 billion pesos, from Naranja X for 59 billion pesos, and from Galicia Seguros for 40 billion pesos, partially offset by a 70 billion pesos loss from Banco Galicia. Going to the fourth quarter, net loss amounted to 84 billion pesos, as the improvement of the financial margin was more than offset by the impact of asset quality deterioration.

In the quarter, Banco Galicia recorded a 104 billion pesos loss, Naranja X a 49 billion pesos loss, while Galicia Asset Management and Galicia Seguros posted profits for 36 billion pesos and 27 billion pesos, respectively. This loss represented a -0.7% annualized return on average assets and a -4.3% return on average shareholders' equity.

The net result from Banco Galicia for the fiscal year was negatively affected by the non-recurring expenses related to the merger with HSBC, without which it would have reported a 60 billion pesos profit. In addition, during the year, the financial margin was negatively affected by changes in reserve requirement regulations and by a significant increase in interest rates, which had an impact on the cost of funding.

At the same time, loan loss provisions increased significantly compared to 2024, mainly due to the increase in the retail loan portfolio delinquency rates. The most relevant factors for the deterioration of asset quality were the abrupt increase in interest rate in real terms, the loss of purchasing power of customers, and the disappearance of the dilution effect on the installments related to a lower level of inflation.

During the quarter, the bank reported a 105 billion pesos loss, decreasing 6% as compared to the loss of the third quarter. Operating income increased, reaching 164 billion pesos, up from the 6 billion pesos recorded in the previous quarter, due to higher net operating income driven by improvement of financial margin, offset by higher loan loss provisions, which still showed an upward trend.

Average interest-earning assets reached 25 trillion pesos, 3% higher than in the previous quarter, primarily due to the increase of the average volume of dollar-denominated loans, which grew 9%. In the same period, its yield increased 130 basis points, reaching 31.4%: 39.7% in the peso portfolio and 8% in the dollar portfolio.

Interest-bearing liabilities increased 4% from September 2025, amounting to 22 trillion pesos, primarily due to an increase of the dollar-denominated deposits. During this period, its cost decreased 220 basis points to 14.3%.

Net interest income increased 23% when compared to the third quarter, because of a 7% increase in interest income and of a 9% decrease of interest expenses. Net fee income increased 4% from the previous quarter, mainly stood out the fees related with bundles of products and the ones of deposit accounts.

Net income from financial instruments decreased 3%, gains from FX quotation difference were 29% higher from the previous quarter, including the results from foreign currency trading, and other operating income decreased 8% in the quarter. Provision for loan losses increased 42% in the quarter and 220% when compared to the fourth quarter of 2024, deterioration that was mainly focused in the retail portfolio in which NPLs rose to 14.3%, up from 3.2% recorded at the end of the previous year, particularly affecting personal loans and credit card financing.

Personnel expenses reached 178 billion pesos and were 50% lower than in the previous quarter, as during that period losses for 181 billion pesos were recorded due to a restructuring plan following the acquisition of HSBC business in Argentina. Administrative expenses were 12% higher than in the previous quarter, due to a 13% increase of taxes and to a 23% increase in expenses for maintenance and repairment of goods and IT.

Other operating expenses increased 10%, mainly due to a 68% higher charge for other provisions. The income tax charge was positive as the pre-tax net income was a loss.

The bank's financing to the private sector reached 21 trillion pesos at the end of the quarter, down 2% in the quarter, with peso financing decreasing 1% and dollar-denominated financing down 5%. Deposits reached 26 trillion pesos, 4% higher than a quarter before, mainly due to a 6% increase in dollar-denominated deposits.

The bank's estimated market share of loans to the private sector was 14.3%, 50 basis points lower than at the end of the previous quarter, and the market share of deposits from the private sector was 16.2%, 20 basis points lower than in the third quarter of 2025. The bank's liquid assets represented 93.2% of transactional deposits and 59.4% of total deposits, similar levels to those of the previous quarter.

As regards asset quality, the ratio of non-performing loans to total financing ended the quarter at 6.9%, recording a 110 basis points deterioration as compared to the 5.8% of the third quarter. As I mentioned before, the deterioration is mainly related to the personal loans and credit card financing portfolios.

At the same time, the coverage with allowances reached 97.4%, down from the 101.5% recorded a quarter ago. As of the end of December 2025, the bank's total regulatory capital ratio reached 25.2%, increasing 310 basis points from the end of the third quarter, while the Tier 1 ratio was 25.1%, up 330 basis points during the same period.

In summary, during the fourth quarter, financial margin partially recovered and efficiency improved, but still asset quality and the monetary loss due to inflation had a significant impact on profitability. Despite this, Grupo Financiero Galicia was able to keep liquidity and solvency metrics at healthy levels, and we expect an improvement in profitability during 2026.

Now Gonzalo Fernández Covaro will make some additional remarks. Thank you.

Thank you, Pablo. Hi, everyone.

Looking ahead, we believe Argentina is entering in a phase of stability, a more predictable policy framework, and renewed potential for credit growth. As normalization continues and structural reforms advance, the banking system is expected to play a central role in supporting investment, productive activity, and the long-term economic development.

We see positive trends for the future for the country. Talking about 2026 specifically, we see inflation a bit higher than our first estimations, now at 23%, and GDP growing at 3.7%.

We're keeping our projections of 25% loan growth for the year, but we see lower pace at the first half and accelerating in the second half. That could put some pressure in terms of revenues.

As we said in prior calls, we expect NPLs in the bank to have their peak in March '26, during March to be the peak. The cost of risk, we are seeing that we already had the peak in the fourth quarter of 2025, and we started to see credit losses charges to the P&L to decrease in the first quarter of 2026 in the bank.

In Naranja X, same trend, but with some lower pace, but also same trend. We expect to have the benefit of the restructuring made last year after the HSBC acquisition to continue to improve our efficiency ratios and to capture those positive effects during 2026.

We are keeping our ROE guidance for 2026 in the low double digits range, I would say between 10% and 11%, going from low to high during the year. Regarding dividend payments, we are proposing a payment of 190 billion pesos, which 40 billion are subject to Central Bank approval as usual.

With that, we are open for questions.

Hi, team, Gonzalo, Pablo, Etienne. Thank you for the opportunity.

Gonzalo, just a quick follow-up on the 2026 guidance. Basically, you're maintaining around 25% real year-over-year growth in deposits.

Should it be a bit lower? I think the last notion you provided was around 20%.

Just wanted to confirm if these ranges are still valid.

I would say deposits between 15% and 20%, but close. Not material changes, I would say.

Perfect. Then something that caught our attention here is that we saw a strong, maybe revision of the growth strategy, right?

Because you were growing very fast in the first three quarters, then you slowed down significantly in the last quarter. Just wanted to check if you have changed your focus on growth, if we should see maybe Galicia losing a bit of market share in 2026 as this asset quality is digested, or do you think you will defend and keep it steady during 2026?

No, our goal is to keep market share, and also increase it, try to increase it. I would say that maybe at a lower pace, as I said before, in the first half and accelerating in the second half.

The last quarter, yeah, you saw mainly a slower pace in the consumer lending. We still are in the same scenario in the first quarter.

Until we see that is the right time to accelerate again, that will be, we assume, later in the quarters. In the whole year, we expect really to defend market share and to grow market share.

In terms of commercial lending, we have been seeing some lower demand from customers, as our NPLs in the commercial portfolio, in the wholesale portfolio, are okay. We are working with our customers and trying to accelerate commercial lending, where we see also a lot of opportunities.

To summarize the answer, the idea is to continue protecting, defending market share. As we said, we see lower growth in the first half, I would say, and higher growth in the second half of the year.

Thank you, Gonzalo. If I may just a very quick follow-up: so in terms of potential catalysts, do you think the recovery could come more from the macro filtering to the micro, or do you think this is more on the regulatory side than on the economic side?

I would say that the macro should start impacting the micro, that's something that we haven't seen maybe last year a lot. I think it's a combination.

We of course expect the macro to start accelerating the micro at some point, and we believe that the government should take measures to do that because it's what country needs. From regulatory side, we don't know what will happen, we are not betting on changes on the regulatory side.

Of course, at some point, they may come, but that's something that we cannot manage. We are not betting on that one.

Thank you, team.

Thank you.

Hi, good morning. Thank you for the call and taking my question.

You mentioned already provisioning levels should begin to come down in 1Q, although this quarter was a bit higher than expected, and we're still seeing that deterioration in asset quality. I guess how quickly can it come down?

What does give you that comfort that you maintain the loan growth guidance, but that credit quality should improve sufficiently to be able to grow at a faster pace in the second half of the year? Is there anything that you need to see, or you think it's just getting through the cycle another quarter or two and things should get better, or any risks to that?

Of course that's something that we are assessing and monitoring. Anyway, still 25% is slower than the pace that we have been coming in in the last year.

It's a deceleration from what we were coming, it's not that we keeping the growth of the prior years. We think that it's part of the cycle, as you said.

We are starting of course to focus in different scores and different segments and that's where we focus in so far our growth, and that's starting to show. Of course, it's lower than what happened in the first half of last year.

We believe that two things: first, the cycle is passing. Also, as I said to Brian before, we believe that at some point, the growth in the economy should start impacting the micro, and we should start seeing activity to rebound in different sectors.

We should see, not in every sector, but we, of course, are monitoring niches of customers and groups of customers where we will focus. We believe that that should come.

Of course, that if the economy doesn't impact the micro and we don't see growth in that impacting the activity, well, of course that would be more difficult. We expect that that should happen, and that's where we are seeing the growth.

That's why we are maintaining the growth.

No, that's helpful. Thank you.

Just on the cost of risk, right, because it was a little bit elevated compared to the last quarter, and you said it should I guess begin to improve already in 1Q. How can you get back to the low double digits, high single digits maybe by the end of the year?

Just sort of what kind of magnitude of improvement should we expect from here on the cost of risk?

Cost of risk, we are seeing to end the year in 8%, I would say for the 12 months of the year of 2026. The last quarter was, talking about the bank, the last quarter was 12.5%, we are expecting that And the year was like 10%, 10.5%.

This year, sorry, 2025 full year, 12.5% the last quarter, which is the highest, and we expect to end '26 in 8%. That that would be the projection we are managing.

We started to see that in the We made some updates, of of our models, the the variables, as you need to do every every year in the fourth quarter. That contributed also in the in the growth of the of the charges.

That's done, and we don't expect we expect that the next update that we need we will need to be making by the end of this year won't won't be increasing charges. That also explains the peak on the on the last quarter.

That's great. That's very clear.

Thank you.

Hello, Gonzalo, Pablo, Etienne. Thank you for taking my question.

Wanted to ask on costs. Should we expect some restructuring or acquisition or integration costs throughout the year, or the one-offs are largely behind us?

Hello. No, the one-off are largely behind, as you said.

We'll continue of course looking for the right size of the organization and trying to make our organization more efficient. We may see some things here and there, but nothing material or that will be treated as one-off as last year.

From now on, everything we do is part of our normal operations, we won't have any big impact like the ones we had last year.

Thank you. Do you have some target on efficiency or administrative expenses growth for the year?

We expect to see a reduction of around 10% to 11% year-over-year, excluding the one-off of last year. No, if you consider the one-off of last year, the reduction will be higher, but excluding the one-off in the expense line of last year, we see a reduction of around 10-11% year-over-year, and we see efficiency a bit below 40% for the year.

Super clear. Thank you.

Thanks to all. No, very briefly on margins, if you can help us understand a little bit the trajectory, because I guess the risk-adjusted message is clear, right?

This was likely the peak and NPLs still could deteriorate a little bit in the first quarter, but the cost of risk is lower. I'd like to understand the margins, because if your cost of risk improves, maybe we could see better risk-adjusted NIMs this year.

Maybe just asking, could we see NIMs more stable or not? What is the view given the mix shifts towards commercial lending?

Then my second question is I feel like that there are two big debates in Argentina, right? One is the ROE recovery, and the second one is growth, right?

When growth will pick up, could we see more than 20% real growth or not? How confident you are on those shoes?

If you were to pick just one for 2026, are you more comfortable that ROEs they should recover to more normalized level, or are you more comfortable with growth? Thank you.

Let's go. I think the first question was NIMs.

The last fourth quarter, we saw in December NIMs recuperating. Remember that October, November, we're still recopying from the spike in interest rates of the elections period.

For the year, we see around 16.5% the margins for the bank. Total margin for the bank, 16.4%, maybe starting a bit higher, around 17-18%, and ending in 16% during the year.

On average for the year, with the mix we are expecting, we see margins around 16.4% for the year. Talking about growth and ROEs, I would say that we are determined to protect our share in the market.

It's difficult to answer whether the ones are more sure in an economy that is still recapping and that we still depend on the economy evolution for the growth. Of course, we need the economy to grow as expected, and that the macro impacts the micro, as we were saying before, and that salaries in real terms starts to recap, which we expect that to happen.

It's something that we depend. It cannot be guaranteed.

I would say that our guidance is we maintain the guidance because we believe we can achieve both, but of course we depend on how the economy evolves and not having any surprise like we have, for example, last year in the third quarter with the interest rate spike or stuff like that. I would say that still, it depends on inflation.

Remember that inflation accounting for Argentine banks is a big thing. The lower the inflation comes and the interest rates goes down, I would say that in relative terms, the higher the impact is when we compare with other banks in the region, for example.

No? Because at some point, we may end with an inflation of 15% or 12% and still booking inflation accounting, where other country with 8% inflation are not booking it.

If you see, it's a big portion of our P&L. At some point, when that disappear, I would say that, hopefully in 2028, that will help the Argentine financial system to improve ROE significantly.

On top of that, I would say that we can get to ROE levels above 15% next year. Low double digits this year, but including inflation accounting, we can achieve above 15% next year.

After 2028, without inflation accounting, I would say that the consolidation of the high years ROEs will be easier and more stable for the banks in Argentina, because you won't have that drag on inflation accounting, that it's a big burden for us. In summary, I would say that we think that we can maintain both.

Of course, in both cases, we depend on how the economy continues, also in the growth in the top line, but also in the NPLs on the cost of risk, that of course we are counting this to continue to improve because we see an economy growing and the families with enough disposable income, etc., etc.

No, super clear. If I may just on the growth, just to touch on deposits, I think the guidance is 15% to 20%, right?

Can you break down dollar and pesos on this? I don't know, we have another tax kind of flexibilization, right, like the dollar under the mattress kind of debate.

Can this be helpful for deposits to grow this year? Just checking if funding could be another point of execution for growth.

Thank you.

Regarding the deposit growth, we may see something with this change in legislation. We don't expect to be as high as the prior effect that we had with the tax amnesty that we have between last year and the year before, but some effect it may have.

Remember that today our dollar deposits are almost half of our deposits. Our goal of course is to get more profits out of the dollar, we're seeing how to get more margins on those, trying to increase the dollar lending, but as we have some restrictions in terms of who we can lend.

That's something that we are focusing a lot, because it's increased. I don't know, Pablo, if you remember the growth divided by dollar deposits and peso deposits?

Basically we concentrated in the peso one, around 20%. Dollars is more sensitive to political environment, this type of legislation, as you said.

As we are not really making a good profit on dollar deposits, we really don't pay that much attention in a way, no? We forecast more the peso financing and funding more than the dollar one, or we cannot manage it as much as the peso funding.

The peso was 20%, the dollar, I think it was something like 15%, but take it as a bulk number.

No, super clear. Thank you very much for the clarifications.

Mhm.

hi, thank you for taking the question. I guess you already answered with the evolution for the next quarters, I believe, well, the next quarter is going to be relatively better than 2025, going from lower ROEs to higher as we move towards the end of the year, right?

I understood that the drivers for that, of course, is going to be less pressure on the cost of risk side. The full quarter results, in terms of NII, I believe actually they were not that bad, I would say.

My question is, with the inflation trend that we're seeing, the first quarter was higher than expected, what are the downside risks that you see for your guidance if inflation keeps surprising in the upward, right? Taking into account that monetary correction loss that the fourth quarter was actually higher than the third one, right?

That kind of shows you that the potential downside risk that we can see for more inflation, right?

The downside of course, as you just mentioned, is more inflation, that of course affects our balance sheet. That could be if inflation is higher than expected, that could be a downside.

I would say that we are focusing all our efforts in improving the cost of risk. It's as you can see easily from our results, margins are okay, costs are okay, efficiency.

Of course that the thing that is putting some sticks in the wheel for profitability is the cost of risk. That's main focus we have.

That's of course is for the good and for the bad. We have a lot of room for improvement there.

We will see an improvement, but we cannot guarantee anything. My point is we are seeing the improvement.

I would say that the risk could be that the improvement is at a lower pace than expected, and that could impact results, not getting the improvements as fast as we expect during the year. I would say that that could be a downward risk that we're facing.

Far, January, we came where we're expecting, but of course the year is long and we depend in a lot of things on how economy evolves, etc., etc., that I mentioned before. On the other hand, top line is important.

Even though margins are still healthy, we depend of course in growth and in growing the top line. Of course that if we don't see the demand of lending because the economy has any deceleration or whatever, well, I would say that both those two could be downwards risks.

It's not our base case. We are expecting that the economy should help on that.

Of course, those two are downwards risk. In the cost side, I think we are okay.

We have done a good job in restructuring, as last year, more than 2,000 people from the HSBC acquisition. Of course, and we continue to look for more alternative to continue to improve efficiency, we continue in that way to always find and adjust the right sizing of the organization.

I think those are more predictable or manageable by us. The other two top line and NPLs, of risks in our base case, those should come as expected.

Of course, if we have different evolution of the economy and also, as we were discussing before, how the macro impacts in the micro, we need to start seeing that the economic activity in more sectors moves faster, well, that could be a downwards risk, of course.

That's very helpful. Thank you.

I understood that the ROE evolution for this year would be something around high single digits and for 2027 something around 15%, right? Based on the improvement in asset quality, right?

Is that right?

Yeah. This year we're saying low double digits, or as you say, high single, it's close.

You are not wrong. The idea is between 10% and 11% this year, and next year around 15% or above, and to stabilize those in 2028 without inflation accounting.

On the spot what you just described, yeah.

Okay. Thank you.

Thank you so much, guys.

Can you hear me?

Yep.

Thank you. Hi, guys, for the presentation.

Can you help us understand in which segments are you expecting to grow this year, this 20-25%? Is it commercial, consumer, and within commercial, which sectors do you see that you can lend to?

I would say that we are growing today the mix is more 45% consumer, 55% companies, total in the bank, our mix. I would say the first half we are focusing a bit more in commercial, maybe by the end of the year, we will maybe 60-40.

This year we may see more growth in the commercial than the consumer, but of course we are going to grow both portfolios, but more towards the commercial portfolio, mainly because in the first half is why we are lending at a higher pace than in the consumer side, as I said before. In the commercial portfolio, of course we are picking segments that are less affected or not affected by the change in the economics or the imports opening and everything we know that is suffering.

We are strong and we are focusing a lot in the agribusiness. As we are one of the main banks in that sector, and we continue to do that.

Our expectations is this year to continue strongly there. We are also lending in the oil and gas sector, not just the big loans, but because that's local bank doesn't have the balance sheet, but also all the supply chain and all the value chain in the oil and gas.

In mining, we are also making deals with supply chain in that sector. We also see the automotive industry doing okay, we are also focusing on that and part of the value chain.

We divided our wholesale operations in verticals. Of course, we have oil and gas, we have automotive, we have agribusiness, and we are going through all the value chains.

We see retail commerce, that at some point some sectors not doing that good, we are not growing in those ones. We are doing a very good and deep analysis in which sectors we believe that are going to be the winners in these changes that the economy is doing, or at least in this transition.

The sectors I mentioned are ones that we see growth, and there are others like technologicals and a lot of SMEs that provide services that we see them strong, that we are also helping them in the growth path. We see room for growth in the commercial portfolio.

Of course that, as there are sectors that are not doing good, and we have them very clear and we are not growing in those ones.

Excellent, thanks. A follow-up if I may: there are some conversations or I don't know how to name it, about the possibility of banks expanding their U.S.

dollar lending to non-U.S. dollar revenue-generating entities.

Is it something that you see with good eyes? Are you comfortable with this change in regulation?

Two things: regulation could could change, then we will see if we apply or we use it or not. I would say that for us, that would be on a very cautious way.

We we we don't we don't believe that going massive in lending dollars to non-dollar producer will be something safe. Of course that that would be more focused in the commercial side, the wholesale side, and if we have big local companies that are very strong, or or international, but but but big companies that that even though they are not dollar not dollar producer, we see that they could bear a devaluation or whatever, well, that would be on a case-by-case basis.

Not we are not seeing anything massive that we will start lending massively if the regulation changed, massively to non-dollar producer. My answer would be we will evaluate it cautiously and and and and and and and do it on a case-by-case basis, but nothing massive.

At least it's what we are seeing now with the this year, with the how the economy is evolving in the future, if Argentina starts being more, dollarized, or how how the dollar starts being more important in the daily trading, well, we may change our mind. Far, our first reaction is that if this happened, we will do it on a on a on a selective basis and cautiously basis.

That's fair. Thanks.

I turn it back.

Thank you, everybody, for attending this call. As always, we are available if you have any further questions.

Good morning, and good afternoon. Bye-bye.

Bye-bye.