Grupo Financiero Banorte (GFNORTEO) investor relations material

Executive summary

• Net income reached MXN 15.5 billion (Ps 15.46 billion), up 1% year-over-year, with ROE at 23.9% and ROA at 2.4%, demonstrating strong profitability and resilience despite macro volatility and geopolitical risks.

• Consumer lending was the main growth driver, increasing 11–11.2% year-over-year, with double-digit growth in auto, credit card, and payroll segments.

• Asset quality remained stable, with NPLs at 1.4–1.43% and disciplined risk management, though cost of risk increased due to model recalibration and isolated commercial events.

• Business diversification and strong performance in insurance and annuities contributed to profitability, though insurance net income declined 20% year-over-year.

• Capitalization and liquidity remained robust, with CAR at 19.7–19.74%, CET1 at 12.7–12.74%, and LCR at 162.63–163%.

Financial highlights

• Net interest income grew 10% year-over-year, supported by lower funding costs and strong fixed-rate portfolio performance.

• Net income for the bank subsidiary was MXN 11.7 billion (Ps 11.91 billion), up 6% year-over-year; NIM at 6.6% for the bank and 6.5% for the group.

• Fees grew 15% year-over-year, driven by strong volumes in consumer and wholesale banking.

• Non-interest expense increased 10% year-over-year; efficiency ratio at 34.2%.

• Total loans net reached Ps 1.26 trillion, up 6% year-over-year; total deposits at Ps 1.24 trillion, up 6%.

Outlook and guidance

• Reaffirmed full-year guidance for loan growth: consumer 10–14%, commercial/corporate 8–10%, government 0–4%; 2026 guidance unchanged with NIM 6.2–6.8% and cost of risk 1.8–2.1%.

• ROE expected at 27–29%, ROA at 2.2–2.4%.

• Funding cost optimization and digital transformation expected to support margins and growth.

• Capital ratios expected to normalize to 13.5% core Tier 1 by Q3 as regulatory headwinds reverse.

• Macro estimates for 2026: GDP growth 1.4–1.8%, inflation 4.2–4.6%, Banxico rate 6.5% year-end.