A. Operating Results The following discussion and analysis are intended to help you understand and assess the significant changes and trends in our historical results of operations and the factors affecting our resources. You should read this section in conjunction with our audited consolidated financial statements and their related notes included elsewhere in this report. A.1 Overview In recent years, we have strengthened our position as a leading domestic private-sector financial institution, increasing our market share of loans and deposits and strengthening Banco Galicia’s, our principal subsidiary, regulatory capital reserves through the issuance of subordinated bonds and follow-on equity offerings and internal profit origination. Despite the volatility of the Argentine economy, in 2025 we were able to maintain solvency and liquidity metrics at healthy levels, although profitability was negatively affected by a deterioration of asset quality. Uncertainty and volatility in the Argentine economy were higher than expected, particularly after the outcome of mid-term elections in the Province of Buenos Aires, which took place at the beginning of September. Conditions began to normalize towards the end of October, following the national elections, when the ruling coalition managed to overturn the results of the provincial contests. This outcome secured a more favorable legislative balance for the government, strengthening its ability to advance structural reforms requiring congressional approval. In addition, the normalization of global economic activity poses several challenges, including the disinflation process in many advanced economies and ongoing shifts in monetary policy, with implications for international prices and interest rates. Further, the wars between Russia and Ukraine, and between Israel and United States of America against the Islamic Republic of Iran, add economic uncertainty, including its impact on global trade and commodity prices, which could also have an impact on the Argentine economy and on Grupo Financiero Galicia’s business. In Argentina, beyond the challenges outlined above—such as inflation, fiscal conditions, debt management, weak economic growth, and high poverty—the authorities still face the task of stabilizing macroeconomic fundamentals. Key challenges include constraints on monetary financing, tariff normalization, the accumulation of international reserves, 121 Table of Contents access to the foreign exchange market, prudent public debt management, the consolidation of a fiscal surplus, further disinflation, and the deregulation and recovery of economic activity. Considering all the above, and the recent acquisition of HSBC's businesses in Argentina, fiscal year 2026 is expected to be challenging. Nevertheless, we believe the institution is well positioned to maintain adequate liquidity and solvency levels, recover profitability, and continue improving asset quality. A.2 The Argentine Economy International Factors During 2025, global markets recorded a broad-based rally despite displaying volatility in the first half of the year. The first six months were characterized by uncertainty surrounding the sharp increase in U.S. tariffs, which triggered an abrupt sell-off in equities in April. However, the continued slowdown in inflation allowed the Federal Reserve (Fed) to implement rate cuts toward the third quarter in response to a cooling labor market. Consequently, following three 25-basis-point (bps) reductions, the Federal Reserve concluded the year with the benchmark rate within the 3.50% to 3.75% range. This environment signaled a shift away from the dominance of U.S. assets; while the S&P 500 yielded a 17.9% return, emerging markets led performance with a 34.4% increase, driven by a 9.4% depreciation in the value of the dollar. In 2026, we believe that the potential persistence of dollar weakness, geopolitical conflicts, and global growth levels could have a material adverse effect on our business or results of operations. Domestic Factors Economic activity rebounded strongly in 2025, with real GDP expanding by 4.4% year‑over‑year following the contraction recorded in 2024. Growth was led by a sharp recovery in gross fixed capital formation (+16.4%), alongside solid gains in private consumption (+7.9%) and exports (+7.6%), while public consumption rose marginally (+0.2%). Imports increased markedly (+27.0%), reflecting the strength of domestic demand. Momentum carried into early 2026: according to the Monthly Economic Activity Estimator (EMAE), activity rose 1.9% year‑over‑year in January. Labor market conditions softened despite the recovery in activity. The unemployment rate reached 7.5% of the economically active population in 4Q25, up from 6.4% a year earlier. Over the same period, the activity rate stood at 48.6%, while the employment rate reached 45.0%. According to INDEC, urban poverty declined to 31.6% in the first half of 2025, down from 52.9% in the same period of 2024. Extreme poverty also fell sharply, with the share of the population below the indigence line decreasing from 18.1% to 6.9%. The monetary base expanded by Ps.13,228,390 million during 2025, driven by the unwinding of LEFIs (Letras Fiscales de Liquidez, short-term Treasury instruments held by banks) and the transfer of profits from the BCRA to the Treasury. This expansion was partially absorbed through foreign currency sales to the Treasury and the “other” factor, which captures various BCRA market operations. Additional interactions with the Treasury, foreign currency sales to the private sector, repo operations, and interest payments also influenced monetary dynamics. Year‑to‑date in 2026, the monetary base has contracted, mainly due to foreign currency sales to the Treasury and other Treasury-related operations, as well as the “other” factor. This contraction was partially offset by foreign currency purchases from the private sector in the context of the remonetization phase (a BCRA program to increase peso liquidity through unsterilized foreign currency purchases) announced by the BCRA at the beginning of 2026. During the first half of 2025, the policy interest rate was set by the BCRA. In July 2025, the BCRA changed its monetary policy framework, eliminating the reference interest rate. This has led to higher volatility in peso-denominated interest rates, particularly during the second half of the year, amid the midterm election process. The Argentine Wholesale Rate (TAMAR), a key interbank lending rate, peaked above 65% between September and October 2025, before declining to an average of 28% in December. As of the latest data, TAMAR stands at 26.4%. Annual inflation decelerated in 2025, reaching 31.5%—down from 117.8% in 2024 and the lowest since 2017. However, disinflation stalled in the second half of the year: monthly inflation rose to 2.8% in December, after bottoming at 1.5% in May and 1.6% in June. In February 2026, monthly inflation reached 2.9%, with year‑over‑year inflation at 33.1%. 122 Table of Contents At the beginning of 2025, the exchange rate was adjusted at a monthly pace of 2%, which was later moderated to a 1% monthly rate as of February 2025. This exchange rate regime remained in place until April 11, 2025, when the Central Bank implemented an exchange rate band system. This framework established a free‑floating exchange rate range, with the lower bound initially set at Ps./US$ 1,000, adjusted on a daily basis at an implied monthly rate of −1%. At the same time, the initial upper bound was set at Ps./US$ 1,400, with daily adjustments equivalent to a monthly rate of +1%. Volatility intensified during the third quarter of 2025, pushing the exchange rate to the upper bound and prompting foreign currency sales by the Central Bank. The exchange rate closed 2025 at Ps./US$ 1,459.4. As of January 1, 2026, both bounds began adjusting monthly in line with lagged inflation (t‑2). As of March 30, 2026, the latest reading, the exchange rate stood at Ps./US$ 1,394.9. During 2025, the current account of the foreign exchange balance recorded a deficit of US$ 2.2 billion, while the capital and financial accounts posted a combined surplus of US$9.4 billion. International reserves closed 2025 at US$41.2 billion, an increase of US$ 11.5 billion compared to year‑end 2024. Year‑to‑date in 2026, the BCRA has purchased foreign currency purchases from the private sector totaling US$4.0 billion as of the date of this annual report. These purchases are part of the remonetization phase initiated by the BCRA at the beginning of 2026. In April 2025, a new Extended Fund Facility (EFF) agreement was signed with the International Monetary Fund (IMF) for an amount of US$ 20.0 billion, of which US$ 12.0 billion were disbursed in April 2025. The first review of the program, approved by the IMF Executive Board on July 31, 2025, enabled a second disbursement of US$ 2.0 billion. The second review of the arrangement is currently underway. Fiscal performance remained strong. For the second consecutive year, fiscal accounts closed 2025 with a surplus. The cumulative primary balance reached Ps.11,769,218 million (1.4% of GDP), while the overall balance totaled Ps.1,453,819 million (0.2% of GDP). The 2026 Budget targets a primary surplus of 1.5% of GDP. As of February 2026, the primary balance—measured under IMF methodology and excluding extraordinary revenues—stood at Ps.3,496,474 million (approximately 0.3% of GDP), while the overall balance posted a surplus of Ps.209,677 million. A.3 The Argentine Financial System As of December 30, 2025, total loans of the financial system to the private sector amounted to Ps.118,037,557 million, representing an 81.1% year‑over‑year increase. Local‑currency consumer loans, consisting of credit card loans and personal loans, increased 65.7% year‑over‑year, totaling Ps.42,738,324 million. Local‑currency commercial loans, consisting of checking account overdrafts and drafts/bills (single and purchased/discounted loans), amounted to Ps.30,144,613 million, reflecting a 45.7% year‑over‑year increase. Total deposits in the financial system reached Ps.195,208,841 million as of December 30, 2025, representing a 45.3% increase compared to the prior year. Deposits from the non‑financial private sector increased 48.6% year‑over‑year, totaling Ps.164,901,175 million, while public sector deposits amounted to Ps.30,307,666 million, growing 29.6% year‑over‑year. Within local‑currency private sector deposits, transactional deposits totaled Ps.53,488,223 million, representing a 31.9% year‑over‑year increase, while time deposits amounted to Ps.55,851,982 million, increasing 51.8% year‑over‑year. As of December 31 2025, deposits and loans of the local financial system to the private sector were equivalent to 18.5% and 13.5% of GDP, respectively. These levels that remain below those observed in other countries in the region. In December 2025, the Argentine Wholesale Rate (TAMAR) in pesos for private banks stood at 27.8%. As of March 27, 2026, the latest available data, TAMAR stood at 26.1%. During 2025, financial institutions slightly reduced their liquidity levels—measured as the ratio of current account deposits at the BCRA, cash holdings, interest‑bearing liabilities issued by the BCRA, LEFIs (as defined in A.2 above), and securities eligible for reserve requirements, relative to total peso‑denominated deposits—compared to the same month of the previous year. This ratio stood at 42.7% as of December 31, 2025, representing a decline of 1.7 percentage points compared to December 31, 2024. 123 Table of Contents In terms of solvency, the equity of the financial system showed an interannual increase of 30%, finally totaling Ps.66,287,236 million. The profitability of the system accumulating 12 months as of December 2024 (Comprehensive Income adjusted by inflation) was equivalent to 1.02% of assets, while the return on Shareholders’ Equity was 4.44%. The nonperforming portfolio of loans to the non-financial private sector amounted to 5.37% in December 2025, higher than the 1.48% of the previous year. As for the composition of the financial system, as of December 31, 2025, there were 73 financial institutions: 60 banks, of which 46 were private (34 of domestic capital and 12 foreigners) and 14 were public, and 13 non-banking financial institutions. With data as of September 2025, the latest information available, the financial system employed 91,173 people, which represented a 5% drop since December, 2024. A.4 The Argentine Insurance Industry As of December 31, 2025, growth in the Argentine insurance industry accelerated. Total production amounted to Ps.23,084,890 million, 9% higher than the level recorded in the previous period. Of total insurance production, 89% was related to property insurance, 9.6% to life and personal insurance, and 1.4% to retirement insurance. Within the property insurance segment, automobile insurance continued to be the most significant category, representing 41.6% of property insurance production, followed by workers’ compensation insurance at 23.4%. Within the life insurance segment, group life insurance was the most significant category, representing 47% of life insurance production, followed by individual life insurance at 33% and personal accident insurance at 20%. A.5 Inflation Historically, inflation in Argentina has played a significant role in influencing, often negatively, the economic conditions and, in turn, the operations and financial results of companies operating in Argentina, such as Grupo Financiero Galicia. The chart below presents a comparison of inflation rates published by INDEC, measured by the Whole Price Index and the CPI, for the fiscal years 2025, 2024, 2023, 2022 and 2021. In addition, the chart below presents the evolution of the CER and UVA indexes, published by the BCRA and used to adjust the principal of certain of our assets and liabilities for the specified periods. For the Year Ended December 31, 2025 2024 2023 2022 2021 (in percentages) Price Indices (1) WPI 26.21 67.10 276.35 94.78 51.34 CPI 31.55 117.76 211.41 94.79 50.94 Adjustment Indices (2) CER 676.81 515.52 184.93 73.50 38.64 UVA(2) 1,707.79 1300.85 463.40 185.32 97.51 ____________________ (1)Data for December of each year as compared to December of the immediately preceding year. (2)Unidad de Valor Adquisitivo (Acquisition Value Unit). In 2025, the CPI published by INDEC reflected a 31.55% increase while the CER and UVA indexes remained at 676.81 and 1,707.79 by year-end, respectively. A.6 Currency Composition of Our Balance Sheet 124 Table of Contents The following table sets forth our assets and liabilities denominated in foreign currency, in Pesos and adjustable by the CER/UVA, as of the dates indicated. As of December 31, 2025 2024 2023 (In millions of Pesos) Assets In Pesos, Unadjusted 27,800,275 26,172,343 16,699,143 In Pesos, Adjusted by the CER/UVA 2,761,525 3,909,057 4,077,115 In Foreign Currency (1) 15,210,138 12,695,599 8,489,209 Total Assets 45,771,938 42,776,999 29,265,467 Liabilities and Shareholders’ Equity In Pesos, Unadjusted, Including Shareholders’ Equity 30,443,796 29,870,534 20,594,221 In Pesos, Adjusted by the CER/UVA 118,004 210,866 182,037 In Foreign Currency (1) 15,210,138 12,695,599 8,489,209 Total Liabilities and Shareholders’ Equity 45,771,938 42,776,999 29,265,467 ____________________ (1)As of December 31, 2025, Grupo Financiero Galicia had a net liability foreign currency position of Ps.326,299 million (US$ 223.6 million) after adjusting its on-balance sheet net liability position of Ps.310,625 million (US$ 212.8 million) by net forward purchases of foreign currency without delivery of the underlying liability, for Ps.15,674 million (US$10.7 million), recorded off-balance sheet. Funding of Banco Galicia’s long position in CER/UVA-adjusted assets through Peso-denominated liabilities bearing a market interest rate (and no principal adjustment linked to inflation) exposes Banco Galicia to differential fluctuations in the inflation rate and in market interest rates, with a significant increase in market interest rates vis-à-vis the inflation rate (which is reflected in the CER/UVA variation), which in turn has a negative impact on our gross brokerage margin. Two other currencies have been defined apart from the Argentine Peso: assets and liabilities adjusted by CER/UVA and foreign currency. Banco Galicia’s policy in effect establishes limits in terms of maximum “net asset positions” (assets denominated in a currency which are higher than the liabilities denominated in such currency) and “net liability positions” (assets denominated in a currency which are lower than the liabilities denominated in such currency) for mismatches in foreign currency, as a proportion of Banco Galicia’s RPC, on a consolidated basis. An adequate balance between assets and liabilities denominated in foreign currency characterizes the management strategy for this risk factor, seeking to achieve full coverage of long-term asset-liability mismatches and allowing a short-term mismatch management margin that contributes to the possibility of improving certain market situations. Short- and long-term goals are attained by appropriately managing assets and liabilities and by using the financial products available in our market, particularly “dollar futures” both in institutionalized markets (A3 Mercados) and in forward transactions performed with customers. Transactions in foreign currency futures (specifically, dollar futures) are subject to limits that take into consideration the particular characteristics of each trading environment. A.7 Results of Operations for the Fiscal Years Ended December 31, 2025, December 31, 2024 and December 31, 2023. We discuss below (i) our results of operations for the fiscal year ended December 31, 2025, as compared with our results of operations for the fiscal year ended December 31, 2024, and (ii) our results of operations for the fiscal year ended December 31, 2024, as compared with our results of operations for the fiscal year ended December 31, 2023. i) Consolidated Income Statement 125 Table of Contents For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except otherwise noted) Consolidated Income Statement Net Income from Interest 5,595,352 6,774,515 4,949,221 (17) 37 Interest Income 9,472,848 10,845,196 13,619,402 (13) (20) Interest Expenses (3,877,496) (4,070,681) (8,670,181) (5) (53) Net Fee Income 1,732,150 1,436,334 1,350,486 21 6 Fee Income 2,005,783 1,672,335 1,566,220 20 7 Fee Related Expenses (273,633) (236,001) (215,734) 16 9 Net Income from Financial Instruments 787,913 1,140,476 784,622 (31) 45 Income from Derecognition of Assets Measured at Amortized Cost 12,137 270,115 120,622 (96) 124 Exchange Rate Differences on Foreign Currency 250,597 203,693 1,754,810 23 (88) Other Operating Income 882,586 642,510 1,093,613 37 (41) Income from Insurance Business 60,818 21,086 104,110 188 (80) Impairment Charge (2,947,227) (1,135,002) (546,240) 160 108 Net Operating Income 6,374,326 9,353,727 9,611,244 (32) (3) Personnel expenses (1,233,244) (1,356,898) (1,006,810) (9) 35 Administrative Expenses (1,210,425) (991,912) (845,716) 22 17 Depreciation Expenses (304,585) (247,400) (241,429) 23 2 Other Operating Expenses (1,815,477) (1,657,524) (1,620,152) 10 2 Loss on Net Monetary Position (1,511,508) (3,137,295) (4,349,995) (52) (28) Operating Income 299,087 1,962,698 1,547,142 (85) 27 Share of Profit from Associates and Joint Ventures 4,764 924,265 8,393 (99) 10912 Income before Taxes 303,851 2,886,963 1,555,535 (89) 86 Income Tax from Continuing Operations (91,239) (771,683) (589,661) (88) 31 Net Income (Loss) for the Year 212,612 2,115,280 965,874 (90) 119 Net Income (Loss) for the Year Attributable to Parent Company’s Owner 212,524 2,115,458 965,881 (90) 119 Net Income (Loss) for the Year Attributable to Non-controlling Interests 88 (178) (7) (149) 2443 Other Comprehensive Income (Loss) (32,669) 19,261 4,419 (270) 336 Total Comprehensive Income (Loss) 179,943 2,134,541 970,293 (92) 120 Total Comprehensive Income (Loss) Attributable to Parent Company’s Owners 179,855 2,134,720 970,301 (92) 120 Total Comprehensive Income (Loss) Loss Attributable to Non-controlling Interests 88 (179) (8) (149) 2138 Ratios (%) Change (pbs) Return on Assets 0.47 5.87 3.30 (540) 257 Return on Shareholders’ Equity 2.70 30.81 16.72 (2,810) 1,409 Change (%) Basic Earnings per Share (in Pesos) 132.48 1,426.39 654.97 (91) 118 Fiscal Year 2025 compared to Fiscal Year 2024 126 Fiscal year 2025 was marked by a context of high volatility in interest rates, which increased the cost of funding, mainly during the second half of the year. After the national midterm elections of October 26, 2025, rates began to normalize gradually, as reflected in the fourth quarter of 2025. Regulatory changes also impacted reserve requirements. Both factors contributed to a decrease in the net interest margin in 2025 compared to 2024. At the same time, the slowdown in inflation and the process of economic readjustment impacted the repayment capacity of certain customer segments. As a result, a deterioration in the loan portfolio's credit performance was recorded, reflected in an increase in loan loss provisions during the year. Operating results for 2025 were also affected by costs associated with the completion of the integration of the Galicia Más businesses (formerly HSBC Argentina) into Grupo Financiero Galicia’s operating structure. These non‑recurring expenses were primarily related to restructuring activities and other integration‑related costs. As a consequence of the factors described above,, net income for the fiscal year ended December 31, 2025 was equal to Ps.212,612 million, as compared to net income equal to Ps.2,115,280 million for the fiscal year ended December 31, 2024, a Ps.1,902,668 million or 90% decrease. Results for 2025 were negatively impacted by the non‑recurring integration expenses described above, while fiscal year 2024 included a non‑recurring gain of Ps.953,103 million related to the acquisition of the Galicia Más businesses. This gain, net of transaction‑related adjustments and provisions, amounted to Ps.701,658 million. The results for the fiscal year ended December 31, 2024 include the consolidation of the Galicia Más businesses for one month, following the completion of the acquisition in December 2024. In contrast, the results for the fiscal year ended December 31, 2025 reflect the full-year integration of the Galicia Más operations into the Company’s consolidated financial statements. Accordingly, certain line‑by‑line comparisons in the statements of income between 2025 and 2024 may not be fully comparable, as 2024 includes a partial period of consolidation, while 2025 reflects a full year of integrated operations. Net earnings per share for the fiscal year ended December 31, 2025, was equal to a Ps.132.48 per share, as compared to a Ps.1,426.39 per share for the fiscal year ended December 31, 2024. The return on assets and the return on shareholders’ equity for the fiscal year ended December 31, 2025, was equal to 0.47% and 2.70%, respectively, as compared to 5.87% and 30.81%, respectively, for the fiscal year ended December 31, 2024. Fiscal Year 2024 compared to Fiscal Year 2023 Net income for the fiscal year ended December 31, 2024 was equal to Ps.2,115,280 million, as compared to net income equal to Ps.965,874 million for the fiscal year ended December 31, 2023, a Ps.1,149,406 million or 119% increase. This result was mainly due to net income from: (i) banking activities (Banco Galicia) for Ps.1,669,016 million, (ii) Naranja X for Ps.299,346 million, offset by a loss of (iii) insurance services (Sudamericana Holding) for Ps.33,885 million. Net earnings per share for the fiscal year ended December 31, 2024, was equal to a Ps.1,426.39 per share, as compared to a Ps.654.97 per share for the fiscal year ended December 31, 2023. The return on assets and the return on shareholders’ equity for the fiscal year ended December 31, 2024, was equal to 5.87% and 30.81%, respectively, as compared to 3.30% and 16.72%, respectively, for the fiscal year ended December 31, 2023. The increase in net income for the year ended December 31, 2024 was primarily attributable to a higher share of profit from associates and joint ventures due to the acquisition of HSBC’s businesses in Argentina, increasing from Ps.8,393 million for the year ended December 31, 2023 to Ps.924,265 million for the year ended December 31, 2024. ii) Interest-Earning Assets 127 Table of Contents The following table shows our yields on interest-earning assets: As of December 31, 2025 2024 2023 Average Balance Average Yield / Rate Average Balance Average Yield / Rate Average Balance Average Yield / Rate (in millions of Pesos, except rates) Interest-Earning Assets Debt Securities at fair value through profit or loss Government Securities 1,237,878 43.15 1,088,160 104.88 5,024,370 2.34 Others Debt Securities 209,802 88.48 30,665 22.80 97,069 164.22 Total Debt Securities at fair value through profit or loss 1,447,680 49.72 1,118,825 102.63 5,121,439 5.41 Repurchase Transactions 188,030 63.26 1,617,196 73.41 1,538,350 89.31 Loans and Other Financing Loans 21,186,170 34.24 9,337,615 37.91 9,447,582 49.76 Financial Leases 45,513 45.85 16,949 66.80 27,618 67.24 Other Loans and Other Financing 280,093 15.18 12,276 31.44 18,122 13.03 Total Loans and Other Financing 21,511,776 34.02 9,366,840 37.95 9,493,322 49.74 Other Interest-Earning Assets 6,852,308 30.70 4,277,821 85.70 1,671,818 387.72 Total Interest-Earning Assets 29,999,794 34.20 16,380,682 58.34 17,824,929 72.12 Spread and Net Yield Interest Spread, Nominal Basis (1) 17.16 28.78 13.80 Cost of Funds Supporting Interest-Earning Assets 12.93 20.65 43.73 Net Yield on Interest-Earning Assets (2) 21.28 37.69 28.39 (1)Reflects the difference between the average nominal interest rate on interest-earning assets and the average nominal interest rate on interest-bearing liabilities. Interest rates include the CER/UVA adjustment. (2)Net interest earned divided by average interest-earning assets. Interest rates include the CER/UVA adjustment. Fiscal Year 2025 compared to Fiscal Year 2024 The average balance of interest-earning asset increased Ps.13,619,112 million, from Ps.16,380,682 million for the fiscal year ended December 31, 2024, to Ps.29,999,794 million for the fiscal year ended December 31, 2025, representing an increase of 83% as compared to 2024. Of this increase, Ps.11,848,555 million were due to an increase in the average size of loans and an increase of Ps.2,574,487 in the volume of other interest-earning assets. The average yield on interest-earning assets was 34.20% in 2025, as compared to 58.34% in 2024, a 2,414 bps decrease, mainly attributable to a decrease in the average interest rate earned on government securities (decreasing 6,173 bps as compared to 2024). Fiscal Year 2024 compared to Fiscal Year 2023 The average balance of interest-earning asset decreased Ps.1,444,247 million, from Ps.17,824,929 million for the fiscal year ended December 31, 2023, to Ps. 16,380,682 million for the fiscal year ended December 31, 2024, representing a decrease of 8% as compared to 2023. Of this decrease, Ps.3,936,211 million were due to a decrease in the average size of government securities, offset by an increase of Ps.2,606,003 in the volume of other interest-earning assets. The average yield on interest-earning assets was 58.34% in 2024, as compared to 72.12% in 2023, a 1,377 bps decrease, mainly attributable to a decrease in the average interest rate earned on other interest-earnings assets (decreasing 30,202 bps as compared to 2023). iii) Interest-Bearing Liabilities 128 Table of Contents The following table shows our yields on cost of funds: As of December 31, 2025 2024 2023 Average Balance Average Yield / Rate Average Balance Average Yield / Rate Average Balance Average Yield / Rate (in millions of Pesos, except rates) Interest-Bearing Liabilities Deposits Savings Accounts 7,781,477 6.37 6,058,606 16.83 5,416,435 33.66 Time Deposits 9,068,676 30.06 3,788,431 54.14 6,748,167 84.60 Total Interest-Bearing Deposits 16,850,153 19.12 9,847,037 31.19 12,164,602 61.92 Financing Received from the Argentine Central Bank and Other Financial Institutions 711,373 29.92 508,953 3.02 100,486 17.04 Debt Securities and Subordinated Debt Securities 1,952,075 11.30 630,521 12.27 781,065 5.39 Other Interest-Bearing Liabilities 3,240,813 6.85 458,215 47.86 318,518 63.58 Total Interest-Bearing Liabilities 22,754,414 17.04 11,444,726 29.56 13,364,671 58.32 Fiscal Year 2025 compared to Fiscal Year 2024 The average balance of interest-bearing liabilities for the fiscal year ended December 31, 2025, were equal to Ps.22,754,414 million, as compared to Ps.11,444,726 million for the fiscal year ended December 31, 2024, an increase of 99% as compared to 2024. Such increase was primarily attributable to a Ps.5,280,245 million decrease in the average balance of time deposits and higher other interest-bearing liabilities for Ps.2,782,598 million. In addition, the average yield on interest-bearing liabilities was 17.04% in 2025, as compared to 29.56% in 2024, a 1,252 bps decrease, mainly attributable to a decrease in the average interest rate on other interest-bearing liabilities (decreasing 4,101 bps as compared to 2024). Fiscal Year 2024 compared to Fiscal Year 2023 The average balance of interest-bearing liabilities for the fiscal year ended December 31, 2024, were equal to Ps.11,444,726 million, as compared to Ps.13,364,671 million for the fiscal year ended December 31, 2023, a decrease of 14% as compared to 2023. Such decrease was primarily attributable to a Ps.2,959,736 million decrease in the average balance of time deposits, which decreased to Ps.2,051,106 as of the fiscal year ended December 31, 2024 from Ps.6,748,167 million as of the fiscal year ended December 31, 2023. In addition, the average yield on interest-bearing liabilities was 29.56% in 2024, as compared to 58.32% in 2023, a 2,876 bps decrease, mainly attributable to a decrease in the average interest rate on time deposits (decreasing 3,046 bps as compared to 2023). iv) Interest Income 129 Table of Contents Consolidated interest income was composed of the following: For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) Cash and due from banks 1,753 951 739 84 % 29 % Corporate debt securities 9,542 12,641 (11,420) (25) % (211) % Government debt securities 2,024,107 4,494,420 6,295,018 (55) % (29) % On Loans and Other Financing Activities 7,318,498 5,062,415 5,784,462 45 % (12) % Financial Sector 338 29 0 1066 % N/A Non-financial Public Sector 118,623 40,017 47,202 196 % (15) % Non-financial Private Sector 7,199,537 5,022,369 5,737,260 43 % (12) % Advances 542,932 340,298 444,827 60 % (23) % Mortgage loans 445,707 495,520 463,823 (10) % 7 % Pledge loans 190,215 69,864 82,817 172 % (16) % Personal Loans 1,897,613 1,048,600 569,075 81 % 84 % Credit Card Loans 2,519,702 1,844,297 1,976,399 37 % (7) % Financial Leases 20,869 10,313 18,148 102 % (43) % Notes 1,466,455 1,145,279 2,010,856 28 % (43) % Pre-financing and export financing 73,515 12,583 6,202 484 % 103 % Others 42,529 55,615 165,113 (24) % (66) % On Repurchase Transactions 118,948 1,274,768 1,550,603 (91) % (18) % Total Income from Interest 9,472,848 10,845,195 13,619,402 (13) % (20) % Fiscal Year 2025 compared to Fiscal Year 2024 Interest income for the fiscal year ended December 31, 2025, was equal to Ps.9,472,848 million, as compared to Ps.10,845,195 million for the fiscal year ended December 31, 2024, a 13% decrease. Such decrease was the result of a Ps.2,470,313 million or 55% decrease in government securities and a Ps.1,155,820 million decrease in repurchase transactions, offset by an increase of Ps.2,256,083 million in loans and other financing. The Ps.2,470,313 million decrease in interest earned from government debt securities was primarily driven by a reduction in the volume of Peso-denominated government securities measured at amortized cost compared to 2024. The decrease of Ps.1,155,820 million in interest from repurchase transactions was due to a lower volume from Argentina Central Bank and other Financial Institutions, which decreased from Ps.1,249,235 million in December, 2024 to Ps.6,743 million in December, 2025. On the other hand, the increase of Ps.2,256,083 million in the interest earned from loans and other financing was due to a higher volume of personal, credit card and advances. The average amount of loans granted for the fiscal year ended December 31, 2025 was equal to Ps.21,186,170 million, a 127% increase as compared to the Ps.9,337,615 million for the fiscal year ended December 31, 2024. The average interest rate on total loans was 34.24% for the fiscal year ended December 31, 2025, as compared to 37.91% for the fiscal year ended December 31, 2024, representing a 367 bps decrease year-over-year. The increase in interest earnings from loans and other financing in 2025 was primarily a consequence of a Ps.849,013 million increase in personal loans, Ps.675,405 million increase in credit cards loans and a Ps.202,634 million increase in advances. Interest income from banking activity amounted to Ps.7,163,641 million in 2025, a 19% decrease as compared to the Ps.8,823,674 million recorded in the fiscal year ended December 31, 2024. 130 Table of Contents According to BCRA information, as of December 31, 2025, Banco Galicia’s estimated market share of loans to the private sector was 15.73%, as compared to 10.93% as of December 31, 2024. Interest income related to Naranja X amounted to Ps.2,286,167 million for the year ended December 31, 2025, a 14% increase as compared to the Ps.2,013,093 million recorded for the fiscal year ended December 31, 2024. Interest income related to insurance activity amounted to Ps.78,651 million for the year ended December 31, 2025, a 24% increase as compared to the Ps.63,678 million recorded for the fiscal year ended December 31, 2024. Fiscal Year 2024 compared to Fiscal Year 2023 Interest income for the fiscal year ended December 31, 2024, was equal to Ps.10,845,195 million, as compared to Ps.13,619,402 million for the fiscal year ended December 31, 2023, a 20% decrease. Such decrease was the result of a Ps.1,800,598 million or 29% decrease in government securities and a Ps.722,047 million or 12% decrease in loans and other financing. The Ps.1,800,598 million decrease in interest earned from government debt securities was primarily driven by a reduction in the volume of Peso-denominated government securities measured at amortized cost compared to 2023. Additionally, last year's interest income from government debt securities was largely attributable to interest accrued on the portfolio of the instruments issued by the BCRA (LELIQ), which were acquired starting January 1, 2023 but were not part of the portfolio in 2024. The decrease of Ps.722,047 million in the interest earned from loans and other financing was due to a decrease in the volume of notes loans and credit card loans. The average amount of loans granted for the fiscal year ended December 31, 2024 was equal to Ps.9,337,615 million, a 1% decrease as compared to the Ps.9,447,582 million for the fiscal year ended December 31, 2023. The average interest rate on total loans was 37.91% for the fiscal year ended December 31, 2024, as compared to 49.76% for the fiscal year ended December 31, 2023, representing a 1,184 bps decrease year-over-year. The decrease in interest earnings from loans and other financing in 2024 was primarily a consequence of a Ps.865,577 million decrease in notes, Ps.132,102 million decrease in credit cards loans and a Ps.109,498 million decrease in others. Interest income from banking activity amounted to Ps.8,823,674 million in 2025, a 26% decrease as compared to the Ps.11,981,898 million recorded in the fiscal year ended December 31, 2024. According to BCRA information, as of December 31, 2024, Banco Galicia’s estimated market share of loans to the private sector was 10.93%, as compared to 11.76% as of December 31, 2023. Interest income related to Naranja X amounted to Ps.2,013,093 million for the year ended December 31, 2024, a 14% increase as compared to the Ps.1,769,090 million recorded for the fiscal year ended December 31, 2023. Interest income related to insurance activity amounted to Ps.63,678 million for the year ended December 31, 2024, a 174% increase as compared to the Ps.23,207 million recorded for the fiscal year ended December 31, 2023. The following table indicates Banco Galicia market share in the segments listed below: For the Year Ended December 31, 2025 2024 2023 (in percentages) Total Loans 15.80 10.75 11.82 Private-Sector Loans 15.73 10.93 11.76 ___________________ (*) Exclusively Banco Galicia within the Argentine market, according to the daily information on loans published by the BCRA. Balances as of the last day of each year. 131 Table of Contents v) Interest Expenses Consolidated interest expenses were comprised of the following: For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) On Deposits 3,222,043 3,431,619 7,781,193 (6) (56) Non-financial Private Sector 3,222,043 3,431,619 7,781,193 (6) (56) Checking Accounts 36,085 14,163 3,466 155 309 Savings Accounts 495,996 297,145 187,197 67 59 Time Deposit and Term Investments 1,931,033 1,769,212 5,492,175 9 (68) Others 758,929 1,351,099 2,098,355 (44) (36) On Financing Received from the Argentine Central Bank and Other Financial Institutions 212,815 175,340 237,827 21 (26) On Repurchase Transactions 103,470 24,623 22,672 320 9 Argentine Central Bank and Other Financial Institutions — 206 — (100) — Other Financial Institutions 103,470 24,417 22,672 324 8 On Other Financial Liabilities 118,605 276,193 390,614 (57) (29) On Debt Securities 187,399 132,084 205,192 42 (36) On Subordinated Debt Securities 33,164 30,822 32,683 8 (6) Total Interest Expenses 3,877,496 4,070,681 8,670,181 (5) (53) Fiscal Year 2025 compared to Fiscal Year 2024 Interest expenses for the fiscal year ended December 31, 2025, were equal to Ps.3,877,496 million, as compared to Ps.4,070,681 million for the fiscal year ended December 31, 2024, representing a 5% decrease. Such decrease was primarily attributable to a decrease in interest paid on deposits for Ps.209,576 million. Interest expenses from deposits amounted to Ps.3,222,043 million for the fiscal year ended December 31, 2025, as compared to Ps.3,431,619 million for the fiscal year ended December 31, 2024, a Ps.209,576 million decrease. This is explained by lower expenses from other deposits, offset by an increase in expenses from saving accounts. Expenses from other deposits decrease by Ps.592,170 million, while expenses from saving accounts increase by Ps.198,851 million. The decrease in lower interest paid to time deposits and term investments was as a consequence of a decrease in the nominal annual rate. The total average interest-bearing deposits for the fiscal year ended December 31, 2025, amounted to Ps.16,850,153 million, reflecting an increase of 71%. This increase was due to higher time deposits for Ps.5,280,245 million. Out of total interest-bearing deposits (savings accounts and time deposits) for the fiscal year ended December 31, 2025, the average interest rate of time deposits was 19.12%, as compared to 31.19% for the fiscal year ended December 31, 2024; a 1,207 bps decrease. Savings accounts deposits for the fiscal year ended December 31, 2025 accrued interest at an average rate of 6.37%, as compared to an average rate of 16.83% for the fiscal year ended December 31, 2024, a 1,046 bps decrease. The rate of time deposits for the fiscal year ended December 31, 2025, was 30.06%, as compared to 54.14% for the fiscal year ended December 31, 2023; a 2,408 bps decrease. Interest expenses related to banking activity amounted to Ps.3,029,758 million for the fiscal year ended December 31, 2025, as compared to Ps.3,432,351 million for the fiscal year ended December 31, 2024, representing a 12% decrease. 132 Table of Contents According to BCRA information and considering only deposits from the private-sector deposits in checking and savings accounts and time deposits, Banco Galicia’s estimated Argentine deposit market share increased from 9.96% as of December 31, 2024, to 11.17% as of December 31, 2025. Interest expenses related to Naranja X amounted to Ps.912,461 million for the fiscal year ended December 31, 2025, as compared to Ps.722,963 million for the fiscal year ended December 31, 2024, representing a 26% increase. Fiscal Year 2024 compared to Fiscal Year 2023 Interest expenses for the fiscal year ended December 31, 2024, were equal to Ps.4,070,681 million, as compared to Ps.8,670,181 million for the fiscal year ended December 31, 2023, representing a 53% decrease. Such decrease was primarily attributable to a decrease in interest paid on deposits for Ps.4,349,574 million and on other financial liabilities for Ps.114,421 million. Interest expenses from deposits amounted to Ps.3,431,619 million for the fiscal year ended December 31, 2024, as compared to Ps.7,781,193 million for the fiscal year ended December 31, 2023, a Ps.4,349,574 million decrease. This decrease was primarily due to decreased interest expenses related to time deposits and term investments, which was equal to Ps.1,931,033 million for the fiscal year ended December 31, 2024, representing a 68% decrease as compared to Ps.5,492,175 million for the fiscal year ended December 31, 2023. The decrease in lower interest paid to time deposits and term investments was as a consequence of a decrease in the nominal annual rate and the average volume of deposits. The total average interest-bearing deposits for the fiscal year ended December 31, 2024, amounted to Ps.9,847,037 million, reflecting a decrease of 19%. This decrease was due to a decrease in time deposits for Ps.12,164,602 million. Out of total interest-bearing deposits (savings accounts and time deposits) for the fiscal year ended December 31, 2024, the average interest rate of time deposits was 31.19%, as compared to 61.92% for the fiscal year ended December 31, 2023; a 3,073 bps decrease. Savings accounts deposits for the fiscal year ended December 31, 2024 accrued interest at an average rate of 16.83%, as compared to an average rate of 33.66% for the fiscal year ended December 31, 2023, a 1,683 bps decrease. The rate of time deposits for the fiscal year ended December 31, 2024, was 54.14%, as compared to 84.60% for the fiscal year ended December 31, 2023; a 3,046 bps decrease. Interest expenses related to banking activity amounted to Ps.3,432,351 million for the fiscal year ended December 31, 2024, as compared to Ps.7,793,937 million for the fiscal year ended December 31, 2023, representing a 56% decrease. According to BCRA information and considering only deposits from the private-sector deposits in checking and savings accounts and time deposits, Banco Galicia’s estimated Argentine deposit market share increased from 10.75% as of December 31, 2023, to 9.96% as of December 31, 2024. Interest expenses related to Naranja X amounted to Ps.722,963 million for the fiscal year ended December 31, 2024, as compared to Ps.1,022,536 million for the fiscal year ended December 31, 2023, representing a 29% decrease. The following table indicates Banco Galicia's market share in the segments listed below: For the Year Ended December 31, 2025 2024 2023 (in percentages) Total Deposits 13.85 8.81 9.10 Total Deposits in Checking and Savings Accounts and Time Deposits 11.17 9.96 10.75 Private-Sector Deposits 16.55 9.83 10.56 ____________________ (*)Exclusively Banco Galicia within the Argentine market, according to the daily information on deposits published by the BCRA. Balances as of the last day of each year. 133 Table of Contents vi) Net Fee Income Consolidated net fee income consisted of: For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) Income From Credit Cards 846,360 719,117 653,172 18 10 Insurance 37,112 49,390 31,210 (25) 58 Deposits and other obligations 612,552 485,713 567,086 26 (14) Credit Loans 254,109 213,300 176,751 19 21 Loan Commitments and Financial Guarantees 30,685 15,425 6,154 99 151 Securities 127,197 124,884 81,344 2 54 Collections Management 12,245 6,409 6,494 91 (1) Foreign and Exchange Transactions 85,523 58,097 44,009 47 32 Total fee income 2,005,783 1,672,335 1,566,220 20 7 Total fee expenses (273,633) (236,001) (215,734) 16 9 Net fee income 1,732,150 1,436,334 1,350,486 21 6 Fiscal Year 2025 compared to Fiscal Year 2024 Our net fee income for the fiscal year ended December 31, 2025, was equal to Ps.1,732,150 million, as compared to Ps.1,436,334 million for the fiscal year ended December 31, 2024, a 21% increase. This increase was mainly due to an 18% increase in credit cards and to a 26% increase in deposits and other obligations. Income from credit card transactions for the fiscal year ended December 31, 2025, was Ps.846,360 million, as compared to Ps.719,117 million for the fiscal year ended December 31, 2024, a Ps.127,243 million increase. The total number of credit cards managed for the fiscal year ended December 31, 2025 was 15,005,261, as compared to 15,493,853 for the fiscal year ended December 31, 2024, a 3% increase. The total fee expenses for the fiscal year ended December 31, 2025 were equal to Ps.273,633 million, as compared to Ps.236,001 million for the fiscal year ended December 31, 2024, a 16% increase. Such increase was mainly attributable to a 14% increase in expenses related to credit cards and an 11% increase in expenses related to other fees, as compared to the previous fiscal year. Net fee income related to banking activity for the fiscal year ended December 31, 2025, was equal to Ps.1,057,118 million, as compared to Ps.822,970 million for fiscal year ended December 31, 2024, a 28% increase. Net fee income related to Naranja X for the fiscal year ended December 31, 2025 amounted to Ps.703,487 million as compared to Ps.612,555 million for the fiscal year ended December 31, 2024, a 15% increase. For more information about fees, please see – Item 4. “Information on the Company” –A. “Business Overview” – “Argentine Banking Regulations” – “Limitations on Fees and Other Substantial Elements”. Fiscal Year 2024 compared to Fiscal Year 2023 Our net fee income for the fiscal year ended December 31, 2024, was equal to Ps.1,436,334 million, as compared to Ps.1,350,486 million for the fiscal year ended December 31, 2023, a 6% increase. This increase was mainly due to a 10% increase in credit cards and to a 54% increase in securities. Income from credit card transactions for the fiscal year ended December 31, 2024, was Ps.719,117 million, as compared to Ps.653,172 million for the fiscal year ended December 31, 2023, a Ps.65,945 million increase. 134 Table of Contents The total number of credit cards managed for the fiscal year ended December 31, 2024 was 15,493,853, as compared to 13,078,384 for the fiscal year ended December 31, 2023, an 18% increase. The total fee expenses for the fiscal year ended December 31, 2024 were equal to Ps.236,001 million, as compared to Ps.215,734 million for the fiscal year ended December 31, 2023, a 9% increase. Such increase was mainly attributable to a 6% increase in expenses related to credit cards and a 10% increase in expenses related to other fees, as compared to the previous fiscal year. Net fee income related to banking activity for the fiscal year ended December 31, 2024, was equal to Ps.822,970 million, as compared to Ps.834,498 million for fiscal year ended December 31, 2023, a 1% decrease. Net fee income related to Naranja X for the fiscal year ended December 31, 2024 amounted to Ps.612,555 million as compared to Ps.533,536 million for the fiscal year ended December 31, 2023, a 15% decrease. For more information about fees, please see – Item 4. “Information on the Company” –A. “Business Overview” – “Argentine Banking Regulations” – “Limitations on Fees and Other Substantial Elements”. The following table sets forth the number of credit cards outstanding as of the dates indicated: December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (number of credit cards, except otherwise noted) (percentages) Banco Galicia Visa 3,010,801 2,593,186 2,553,142 16 2 “Gold” 649,210 633,289 590,234 3 7 International 729,547 702,413 728,291 4 (4) Domestic 1,533 6,060 10,513 (75) (42) “Business” 177,797 163,634 155,187 9 5 “Platinum” 576,016 430,663 439,272 34 (2) “Signature” 876,698 657,127 629,645 33 4 American Express 632,833 642,019 661,059 (1) (3) “Gold” 139,960 146,514 153,977 (4) (5) “International” 90,829 102,224 108,967 (11) (6) “Platinum” 247,978 235,274 232,289 5 1 “Signature” 154,066 158,007 165,826 (2) (5) MasterCard 2,456,969 1,220,240 1,132,957 101 8 “Gold” 14 5 19 180 (74) MasterCard 765,097 345,396 311,403 122 11 “Platinum” 664,511 355,749 312,545 87 14 “Black” 380,427 168,878 169,840 125 (1) Others 646,920 350,212 339,150 85 3 Galicia Más — 932,934 — N/A N/A Tarjeta Naranja 8,904,658 10,105,474 8,731,226 (12) 16 Naranja 4,804,874 5,385,382 4,684,717 (11) 15 Visa 2,971,891 3,500,799 3,667,833 (15) (5) MasterCard 1,127,825 1,182,193 334,801 (5) 253 American Express 68 37,100 43,875 (100) (15) Total Credit Cards 15,005,261 15,493,853 13,078,384 (3) 18 Total Amount of Purchases (in millions of Pesos) 29,509,531 35,448,222 26,089,242 (17) 36 135 Table of Contents vii) Net Income from Financial Instruments Consolidated net income from financial instruments was comprised of: For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) From Measurement of Financial Assets at Fair Value through Profit or Loss: Income from Government Securities 534,185 951,636 434,545 (44) 119 Income from Corporate Securities 185,641 107,502 330,437 73 (67) Income from Derivative Instruments 22,514 8,684 49,942 159 (83) Repurchase Transactions 19,992 8,674 49,942 130 (83) Options 2,522 10 — 25035 — Income from Other Financial Assets 1 (22) 5 (105) (546) Income from derecognition of assets measured at fair value 48,815 96,055 — (49) — From Measurement of Financial Liabilities at Fair Value through Profit or Loss: (3,243) (23,378) (30,307) (86) 23 Total Net Results from Financial Instruments 787,913 1,140,477 784,622 (31) 45 Fiscal Year 2025 compared to Fiscal Year 2024 Net income from financial instruments for the fiscal year ended December 31, 2025 was equal to Ps.787,913 million, as compared to Ps.1,140,477 million for the fiscal year ended December 31, 2024, a Ps.352,564 decrease. This decrease was due to lower results from government securities for Ps.417,451 million. The average position in debt securities for the fiscal year ended December 31, 2025 was Ps.1,447,680 million, as compared to Ps.1,118,825 million for the fiscal year ended December 31, 2024, a 29% increase. The average yield on debt securities for the fiscal year ended December 31, 2025, was 49.72%, as compared to 102.63% for fiscal year ended December 31, 2024, a 5,291 bps decrease. These variations were mainly a result of net income from financial instruments related to Banco Galicia, which for the noted years represented 40% of our total consolidated net result from financial instruments. Banco Galicia’s net income from financial instruments for the fiscal year ended December 31, 2025 amounted to Ps.317,287 million, as compared to Ps.809,301 million for the fiscal year ended December 31, 2024, a 61% decrease. Fiscal Year 2024 compared to Fiscal Year 2023 Net income from financial instruments for the fiscal year ended December 31, 2024 was equal to Ps.1,140,477 million, as compared to Ps.784,622 million for the fiscal year ended December 31, 2023, a Ps.355,855 increase. This increase was due to higher results from government securities for Ps.517,091 million. The average position in debt securities for the fiscal year ended December 31, 2024 was Ps.1,118,825 million, as compared to Ps.5,121,439 million for the fiscal year ended December 31, 2023, a 78% decrease. The average yield on debt securities for the fiscal year ended December 31, 2024, was 102.63%, as compared to 5.41% for fiscal year ended December 31, 2023, a 9,723 bps increase. These variations were mainly a result of net income from financial instruments related to Banco Galicia, which for the noted years represented 71% of our total consolidated net result from financial instruments. Banco Galicia’s net income from financial instruments for the fiscal year ended December 31, 2024 amounted to Ps.809,301 million, as compared to Ps.334,668 million for the fiscal year ended December 31, 2023, a 142% increase. 136 Table of Contents viii) Exchange Rate Differences on Foreign Currency Fiscal Year 2025 compared to Fiscal Year 2024 Exchange rate differences on foreign currency for the fiscal year ended December 31, 2025 were equal to Ps.250,597 million, as compared to Ps.203,693 million for the fiscal year ended December 31, 2024, a 23% or Ps.46,904 million increase. The 2025 result includes a gain from trading of foreign currency of Ps.313,870 million, which represented an increase of 206% compared to 2024. This increase was primarily attributable to increased transactional activity following changes in Argentina’s foreign exchange regulatory framework implemented in April 2025 As of December 31, 2025, the exchange rate increased 41% as compared to December 31, 2024. Fiscal Year 2024 compared to Fiscal Year 2023 Exchange rate differences on foreign currency for the fiscal year ended December 31, 2024 were equal to Ps.203,693 million, as compared to Ps.1,754,810 million for the fiscal year ended December 31, 2023, a 88% or Ps.1,551,117 million decrease. The exchange rate difference from the previous year was positively affected by the devaluation, with the exchange rate increasing by 356%, while in 2024, the devaluation was smaller. As of December 31, 2024, the exchange rate increased 28% as compared to December 31, 2023. ix) Other Operating Income The following table sets forth the various components of other operating income. For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) Other financial income (1) (2) 14,742 36,789 32,281 (60) 14 Rental of safe deposit boxes (1) 60,450 43,293 35,130 40 23 Other fee income (1) 371,465 268,280 207,087 38 30 Other adjustments and interest on miscellaneous receivables 112,755 124,733 609,130 (10) (80) Recovered loans 77,690 25,664 28,416 203 (10) Reversed allowances 3,375 1,420 72,932 138 (98) Punitive interest 208,385 100,928 69,792 106 45 Other 33,723 41,402 38,845 (19) 7 Total other operating income 882,585 642,509 1,093,613 37 (41) ____________________ 1)Item included for calculating the efficiency ratio. 2)Item included for calculating the financial margin. Fiscal Year 2025 compared to Fiscal Year 2024 Other operating income for the fiscal year ended December 31, 2025 was equal to Ps.882,585 million, as compared to Ps.642,509 million for the fiscal year ended December 31, 2024, a 37% increase. This increase was mainly the result of an increase of punitive interest and other income from services. Other operating income related to banking activity was equal to Ps.377,010 million, as compared to Ps.269,527 million for the fiscal year ended December 31, 2024, a 40% increase. Other operating income related to Naranja X for the fiscal year ended December 31, 2025 was equal to Ps.217,194 million, as compared to Ps.147,252 million for the fiscal year ended December 31, 2024, a 47% increase. 137 Table of Contents Fiscal Year 2024 compared to Fiscal Year 2023 Other operating income for the fiscal year ended December 31, 2024 was equal to Ps.642,509 million, as compared to Ps.1,093,613 million for the fiscal year ended December 31, 2023, a 41% decrease. This decrease was mainly the result of a decrease in the line of other adjustments and interest on miscellaneous receivables. Other operating income related to banking activity was equal to Ps.269,527 million, as compared to Ps.798,744 million for the fiscal year ended December 31, 2023, a 66% decrease. Other operating income related to Naranja X for the fiscal year ended December 31, 2024 was equal to Ps.147,252 million, as compared to Ps.112,455 million for the fiscal year ended December 31, 2023, a 31% decrease. x) Income from Insurance Activities The following table shows the results generated by insurance activities: For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) Insurance revenue 602,365 495,238 274,383 22 80 Insurance service expense (567,450) (484,548) (168,440) 17 188 Net expenses from reinsurance contracts held 25,903 10,396 (1,833) 149 (667) Total Income from Insurance Activities 60,818 21,086 104,110 188 (80) Fiscal Year 2025 compared to Fiscal Year 2024 Income from insurance activities (excluding administrative expenses and taxes, net of eliminations related to related-party transactions) for the fiscal year ended December 31, 2025, was equal to Ps.60,818 million, as compared to Ps.21,086 million for the fiscal year ended December 31, 2024, a 188% increase. This increase was mainly due to higher insurance revenue, which for the fiscal year ended December 31, 2025, were equal to Ps.602,365 million, as compared to Ps.495,238 million for the fiscal year ended December 31, 2023, offset by a higher insurance service expense for Ps.82,902 million. Fiscal Year 2024 compared to Fiscal Year 2023 Income from insurance activities (excluding administrative expenses and taxes, net of eliminations related to related-party transactions) for the fiscal year ended December 31, 2024, was equal to Ps.21,086 million, as compared to Ps.104,110 million for the fiscal year ended December 31, 2023, a 80% decrease. This decrease was mainly due to higher insurance service expense, which for the fiscal year ended December 31, 2024, were equal to Ps.484,548 million, as compared to Ps.168,440 million for the fiscal year ended December 31, 2023, offset by a higher insurance revenue for Ps.107,127 million. xi) Impairment Charge Fiscal Year 2025 compared to Fiscal Year 2024 Impairment Charge for the fiscal year ended December 31, 2025 were equal to Ps.2,947,227 million, as compared to Ps.1,135,002 million for the fiscal year ended December 31, 2024, a 160% increase. This trend was explained by the deterioration in credit quality resulting from the increase in delinquency levels in the loan portfolio. This behavior was also reflected in other risk indicators, particularly in the non-performing loan portfolio (more than 90 days past due), which registered a growth of 485% compared to the previous year. Among the main factors that contributed to this deterioration 138 Table of Contents were the abrupt change in the sign of real interest rates and the loss of purchasing power of our customers, in a context of economic readjustment. Impairment Charge related to banking activity for the fiscal year ended December 31 2025, were equal to Ps.1,830,958 million, as compared to Ps.669,144 million for the fiscal year ended December 31, 2023, a 174% increase. Impairment Charge related to Naranja X for the fiscal year ended December 31, 2025 were equal to Ps.1,116,187 million, as compared to Ps.465,761 million for the fiscal year ended December 31, 2024, a 140% increase. Fiscal Year 2024 compared to Fiscal Year 2023 Impairment Charge for the fiscal year ended December 31, 2024 were equal to Ps.1,135,002 million, as compared to Ps.546,240 million for the fiscal year ended December 31, 2023, a 108% increase. This increase was due to a an increase in our financing portfolio and the corresponding increase in impairment charges. Impairment Charge related to banking activity for the fiscal year ended December 31 2024, were equal to Ps.669,144 million, as compared to Ps.360,231 million for the fiscal year ended December 31, 2023, a 86% increase. Impairment Charge related to Naranja X for the fiscal year ended December 31, 2024 were equal to Ps.465,761 million, as compared to Ps.186,012 million for the fiscal year ended December 31, 2023, a 150% increase. This increase was due to a larger financing portfolio. xii) Personnel Expenses Fiscal Year 2025 compared to Fiscal Year 2024 Personnel expenses for the fiscal year ended December 31, 2025, were equal to Ps.1,233,244 million, as compared to Ps.1,356,898 million for the fiscal year ended December 31, 2024, a 9% decrease. This decrease was primarily as a result of lower provisions for restructuring in 2025. Personnel expenses related to banking activity for the fiscal year ended December 31, 2025, were equal to Ps.928,210 million, as compared to Ps.1,066,714 million for the fiscal year ended December 31, 2024, a 13% increase. Personnel expenses related to Naranja X for the fiscal year ended December 31, 2025, were equal to Ps.246,865 million as compared to Ps.225,405 million for the fiscal year ended December 31, 2024, a 10% increase. Personnel expenses related to insurance activity for the fiscal year ended December 31, 2025, were equal to Ps.23,618 million as compared to Ps.24,814 million for the fiscal year ended December 31, 2024, a 33%% decrease. Fiscal Year 2024 compared to Fiscal Year 2023 Personnel expenses for the fiscal year ended December 31, 2024, were equal to Ps.1,356,898 million, as compared to Ps.1,006,810 million for the fiscal year ended December 31, 2023, a 35% increase. This increase was primarily as a result of higher provisions for restructuring. As a result of the acquisition of HSBC businesses in Argentina, certain internal corporate reorganization processes was carried out to optimize operations and resources, offering a unified service proposition to customers. The goal of this process was to enhance operational efficiency, maximize resources, and strengthen market consolidation, ultimately creating a more agile and effective structure capable of addressing the challenges of the Argentinian market. To achieve this goal, the Group plans to implement a restructuring plan and recognized a restructuring provision of Ps.391,338 million as of December 31, 2024. Personnel expenses related to banking activity for the fiscal year ended December 31, 2024, were equal to Ps.1,066,714 million, as compared to Ps.720,618 million for the fiscal year ended December 31, 2023, a 48% increase. Personnel expenses related to Naranja X for the fiscal year ended December 31, 2024, were equal to Ps.225,405 million as compared to Ps.222,513 million for the fiscal year ended December 31, 2023, a 1% decrease. Personnel expenses related to insurance activity for the fiscal year ended December 31, 2024, were equal to Ps.24,814 million as compared to Ps.36,475 million for the fiscal year ended December 31, 2023, a 32% decrease. xiii) Administrative Expenses 139 Table of Contents The following table sets forth the components of our consolidated administrative expenses: For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) Fees and Compensation for Services 96,715 88,506 59,336 9 49 Directors’ and Syndics’ Fees 4,337 12,946 10,363 (66) 25 Advertising and Marketing 61,851 49,575 40,969 25 21 Taxes 312,770 279,303 252,659 12 11 Maintenance and Repairs 248,959 159,948 121,043 56 32 Electricity and Communication 55,636 43,555 39,180 28 11 Entertainment and Transportation Expenses 2,935 3,013 2,317 (3) 30 Stationery and Office Supplies 5,283 4,775 3,984 11 20 Rentals 9,294 1,874 1,812 396 3 Administrative Services Hired 265,954 184,541 151,616 44 22 Security 31,338 23,088 20,082 36 15 Insurance 8,857 7,494 6,038 18 24 Armored Transportation Services 41,905 47,742 51,811 (12) (8) Others 64,591 85,552 84,506 (25) 1 Total Administrative Expenses 1,210,425 991,912 845,716 22 17 Fiscal Year 2025 compared to Fiscal Year 2024 Administrative expenses for the fiscal year ended December 31, 2025 were equal to Ps.1,210,425 million as compared to Ps.991,912 million for the fiscal year ended December 31, 2024, a 22% increase. This increase was primarily attributable to a (i) Ps.89,011 million in maintenance and repairs, (ii) Ps.81,413 million in administrative services hired and (iii) Ps.33,467 million in taxes. Maintenance and repairs of assets and systems for the fiscal year ended December 31, 2025 were equal to Ps.248,959 million, as compared to Ps.159,948 million for the fiscal year ended December 31, 2024, a 56% increase. Administrative services hired for the fiscal year ended December 31, 2025 were equal to Ps.265,954 million, as compared to Ps.184,541 million for the fiscal year ended December 31, 2024, a 44% increase. Taxes for services for the fiscal year ended December 31, 2025 were equal to Ps.312,770 million, as compared to Ps.279,303 million for the fiscal year ended December 31, 2024, a 12% increase. Administrative expenses related to banking activity for the fiscal year ended December 31, 2025 were equal to Ps.907,828 million, as compared to Ps.688,437 million for the fiscal year ended December 31, 2024, a 32% increase. Administrative expenses related to Naranja X for the fiscal year ended December 31, 2025 were equal to Ps.257,179 million, as compared to Ps.258,175 million for the fiscal year ended December 31, 2024. Administrative expenses related to insurance activity for the fiscal year ended December 31, 2025 were equal to Ps.16,639 million, as compared to Ps.8,422 million for the fiscal year ended December 31, 2024, a 76% decrease. Fiscal Year 2024 compared to Fiscal Year 2023 Administrative expenses for the fiscal year ended December 31, 2024 were equal to Ps.991,912 million as compared to Ps.845,716 million for the fiscal year ended December 31, 2023, a 17% increase. This increase was primarily attributable to a (i) Ps.38,905 million in maintenance and repairs of assets and systems, (ii) Ps.32,925 million in administrative services hired, (iii) Ps.29,170 million in fees and remunerations for services and (iv) Ps.26,644 million in taxes. 140 Table of Contents Maintenance and repairs of assets and systems for the fiscal year ended December 31, 2024 were equal to Ps.159,948 million, as compared to Ps.121,043 million for the fiscal year ended December 31, 2023, a 32% increase. Hired administrative services for the fiscal year ended December 31, 2024 were equal to Ps.184,541 million, as compared to Ps.151,616 million for the fiscal year ended December 31, 2023, a 22% increase. Fees and remunerations for services for the fiscal year ended December 31, 2024 were equal to Ps.88,506 million, as compared to Ps.59,336 million for the fiscal year ended December 31, 2023, a 49% increase. Taxes for services for the fiscal year ended December 31, 2024 were equal to Ps.279,303 million, as compared to Ps.252,659 million for the fiscal year ended December 31, 2023, an 11% increase. Administrative expenses related to banking activity for the fiscal year ended December 31, 2024 were equal to Ps.688,437 million, as compared to Ps.586,013 million for the fiscal year ended December 31, 2023, a 17% increase. Administrative expenses related to Naranja X for the fiscal year ended December 31, 2024 were equal to Ps.258,175 million, as compared to Ps.219,806 million for the fiscal year ended December 31, 2023, a 17% decrease. Administrative expenses related to insurance activity for the fiscal year ended December 31, 2024 were equal to Ps.8,422 million, as compared to Ps.19,630 million for the fiscal year ended December 31, 2023, a 57% decrease. xiv) Other Operating Expenses For the Year Ended December 31, Change (%) 2025 2024 2023 2025/2024 2024/2023 (in millions of Pesos, except percentages) Turnover tax 843,335 743,124 954,968 13 (22) On operating income (1) (2) 671,004 595,835 793,337 13 (25) On fees (1) 162,828 123,096 121,663 32 1 On other items 9,503 24,193 39,968 (61) (39) Contributions to the Guarantee Fund (1) (2) 41,625 22,513 25,011 85 (10) Charges for Other Provisions 46,091 136,405 39,352 (66) 247 Claims 51,068 32,095 44,537 59 (28) Other Financial Expenses (1) (2) 115,659 139,918 101,691 (17) 38 Interest on leases 3,152 7,453 9,753 (58) (24) Credit-card-relates expenses(1) 179,545 186,437 144,406 (4) 29 Other Expenses from Services(1) 423,405 303,920 272,877 39 11 Others 78,542 55,478 27,557 42 101 Adjustment for restatement to homogeneous currency 33,054 30,180 — 100 — Total other operating expenses 1,815,476 1,657,523 1,620,152 10 2 ____________________ (1)Item included for calculating the efficiency ratio. (2)Item included for calculating the financial margin. Fiscal Year 2025 compared to Fiscal Year 2024 Other operating expenses for the fiscal year ended December 31, 2025 were equal to Ps.1,815,476 million, as compared to Ps.1,657,523 million of the fiscal year ended December 31, 2024, a 10% increase. This increase was primarily attributable to an increase in (i) other expenses from services, (ii) turnover tax, offset by a decrease un charges for other provisions. Other expenses from services for the fiscal year ended December 31, 2025 was equal to Ps.423,405 million as compared to Ps.303,920 million for the fiscal year ended December 31, 2024. 141 Table of Contents Turnover tax for the fiscal year ended December 31, 2025, was equal to Ps.843,335 million as compared to Ps.743,124 million for the fiscal year ended December 31, 2024, mainly due to an increase in tax from operating income for Ps.75,169 million. On the other hand, charges for other provisions for the fiscal year ended December 31, 2025 was equal to Ps.46,091 million as compared to Ps.136,405 million for the fiscal year ended December 31, 2024, a 66% decrease. Other operating expenses related to banking activity for the fiscal year ended December 31, 2025 were equal to Ps.1,161,411 million, as compared to Ps.1,086,164 million of the fiscal year ended December 31, 2024, a 7% increase. Other operating expenses related to Naranja X for the fiscal year ended December 31, 2025 were equal to Ps.442,731 million, as compared to Ps.346,525 million for the fiscal year ended December 31, 2024, a 28% increase. Fiscal Year 2024 compared to Fiscal Year 2023 Other operating expenses for the fiscal year ended December 31, 2024 were equal to Ps.1,657,523 million, as compared to Ps.1,620,152 million of the fiscal year ended December 31, 2023, a 2% increase. This increase was primarily attributable to a Ps.97,053 million in charges for other provisions and to Ps.27,921 million in other expenses , offset by a decrease for Ps.211,844 million in turnover tax. Charges for other provisions for the fiscal year ended December 31, 2024 was equal to Ps.136,405 million as compared to Ps.39,352 million for the fiscal year ended December 31, 2023. Other expenses for the fiscal year ended December 31, 2024 was equal to Ps.55,478 million as compared to Ps.27,557 million for the fiscal year ended December 31, 2023. The turnover tax for the fiscal year ended December 31, 2024 was equal to Ps.743,124 million as compared to Ps.954,968 million for the fiscal year ended December 31, 2023. Other operating expenses related to banking activity for the fiscal year ended December 31, 2024 were equal to Ps.1,086,164 million, as compared to Ps.1,175,628 million of the fiscal year ended December 31, 2023, a 8% decrease. Other operating expenses related to Naranja X for the fiscal year ended December 31, 2024 were equal to Ps.346,525 million, as compared to Ps.300,846 million for the fiscal year ended December 31, 2023. xv) Loss on Net Monetary Position Fiscal Year 2025 compared to Fiscal Year 2024 Loss on net monetary position for the fiscal year ended December 31, 2025 was equal to Ps.1,511,508 million as compared to Ps.3,137,295 million for the fiscal year ended December 31, 2024, a 52% decrease. This decrease was due to a lower annual inflation. Inflation as of December 31, 2025 was 31.5%, 8,630 bps lower than the 117.8% inflation rate as of December 31, 2024. Loss on net monetary position related to banking activity for the fiscal year ended December 31, 2025 was equal to Ps.1,188,179 million as compared to Ps.2,595,182 million for the fiscal year ended December 31, 2024, a 54% decrease. Loss on net monetary position related to Naranja X for the fiscal year ended December 31, 2025 was equal to Ps.208,299 million as compared to Ps.479,614 million for the fiscal year ended December 31, 2024, a 57% decrease. Loss on net monetary position related to insurance activity for the fiscal year ended December 31, 2025 was equal to Ps.17,532 million as compared to Ps.25,986 million for the fiscal year ended December 31, 2024, a 167% decrease. Fiscal Year 2024 compared to Fiscal Year 2023 Loss on net monetary position for the fiscal year ended December 31, 2024 was equal to Ps.3,137,295 million as compared to Ps.4,349,995 million for the fiscal year ended December 31, 2023, a 28% decrease. This decrease was due to a lower annual inflation. Inflation as of December 31, 2024 was 117.8%, 9,360 bps lower than the 211.4% inflation rate as of December 31, 2023. 142 Table of Contents Loss on net monetary position related to banking activity for the fiscal year ended December 31, 2024 was equal to Ps.2,595,182 million as compared to Ps.3,505,888 million for the fiscal year ended December 31, 2023, a 26% decrease. Loss on net monetary position related to Naranja X for the fiscal year ended December 31, 2024 was equal to Ps.479,614 million as compared to Ps.644,768 million for the fiscal year ended December 31, 2023, a 26% decrease. Loss on net monetary position related to insurance activity for the fiscal year ended December 31, 2024 was equal to Ps.25,986 million as compared to Ps.55,742 million for the fiscal year ended December 31, 2023, a 147% decrease. xvi) Share of Profit from Associates and Joint Ventures Fiscal Year 2025 compared to Fiscal Year 2024 Share of Profit from Associates and Joint Ventures for the fiscal year ended December 31, 2025 was equal to Ps.4,764 million as compared to Ps.924,265 million for the fiscal year ended December 31, 2024, a Ps.919,501 decrease. The significant higher result recorded in 2024 is primarily attributable to the gain recognized on the acquisition of the Galicia Más businesses, as discussed in the following item below. Fiscal Year 2024 compared to Fiscal Year 2023 Share of Profit from Associates and Joint Ventures for the fiscal year ended December 31, 2024 was equal to Ps.924,265 million as compared to Ps.8,393 million for the fiscal year ended December 31, 2023, a Ps.915,872 increase. On December 6, 2024, Banco Galicia and Grupo Galicia completed the acquisition of HSBC Latin America B.V. (“HSBC”) equity stakes in its subsidiaries in Argentina, thereby acquiring HSBC’s banking, asset management, and insurance businesses in Argentina. The impact of this transaction on results amounted to Ps.724,525 million in the share of profit from associates and joint ventures, reflecting the difference between the fair value of the acquired company and the purchase price. xvii) Income Tax from Continuing Operations Fiscal Year 2025 compared to Fiscal Year 2024 Income tax from continuing operations for the fiscal year ended December 31, 2025 was equal to Ps.91,239 million as compared to Ps.771,683 million for the fiscal year ended December 31, 2024, a 88% decrease. This decrease was mainly attributable to a decrease in the operating income. Income tax from continuing operations related to banking activity for the fiscal year ended December 31, 2025 was equal to a refund of Ps.78,637 million as compared to Ps.590,754 million for the fiscal year ended December 31, 2024, a 113% decrease. Income tax from continuing operations related to Naranja X for the fiscal year ended December 31, 2025 was equal to Ps.44,532 million as compared to Ps.117,868 million for the fiscal year ended December 31, 2024, a 62% decrease. Income tax from continuing operations related to insurance activity for the fiscal year ended December 31, 2025 was equal to Ps.24,393 million as compared to Ps.232 million for the fiscal year ended December 31, 2024. Fiscal Year 2024 compared to Fiscal Year 2023 Income tax from continuing operations for the fiscal year ended December 31, 2024 was equal to Ps.771,683 million as compared to Ps.589,661 million for the fiscal year ended December 31, 2023, a 31% increase. This increase was mainly attributable to an increase in the operating income. Income tax from continuing operations related to banking activity for the fiscal year ended December 31, 2024 was equal to Ps.590,754 million as compared to Ps.444,803 million for the fiscal year ended December 31, 2023, a 33% increase. Income tax from continuing operations related to Naranja X for the fiscal year ended December 31, 2024 was equal to Ps.117,868 million as compared to Ps.35,231 million for the fiscal year ended December 31, 2023, a 235% increase. 143 Table of Contents Income tax from continuing operations related to insurance activity for the fiscal year ended December 31, 2024 was equal to Ps.232 million as compared to Ps.5,239 million for the fiscal year ended December 31, 2023, a 104% increase. A.8 Consolidated Assets The main components of our consolidated assets as of the dates indicated below were as follows: As of December 31, 2025 2024 2023 Amounts % Amounts % Amounts % (in millions of Pesos, except percentages) Cash and due from banks 9,367,223 21 8,872,754 21 5,717,518 20 Debt Securities 1,587,923 3 1,984,609 5 1,715,340 6 Loans and other financing 23,273,441 51 18,927,357 44 8,824,485 30 Other Financial Assets 8,868,501 19 10,192,069 24 10,746,239 37 Equity investments in subsidiaries, associates and joint businesses 12,815 — 5,377 — 7,592 — Property, Plant and Equipment 1,195,524 3 1,309,595 3 1,017,694 3 Intangible Assets 381,324 1 400,548 1 354,114 1 Other Assets 973,136 2 1,050,820 2 882,269 3 Assets available for sale 9,564 — 19,108 — 215 — Total Assets 45,669,451 100 42,762,237 100 29,265,466 100 Of our Ps.45,669,451 million total assets as of December 31, 2025, Ps.36,597,058 million, or 80%, corresponded to Banco Galicia and Ps.7,457,658 million, or 16%, corresponded to Naranja X (Tarjetas Regionales on a consolidated basis). The remaining were primarily attributable to Sudamericana on a consolidated basis. The composition of our assets demonstrates an increase in the amounts reflected in our main line items, as described in more detail below. As of December 31, 2025, the line item “Cash and Due from Banks” included cash for Ps.9,367,223 million, balances held at the BCRA for Ps.6,903,203 million and balances held in correspondent banks for Ps.219,469 million. The balance held at the BCRA is used for meeting the minimum cash requirements set by the BCRA. Our holdings of debt securities as of December 31, 2025 was Ps.1,587,923 million. Our holdings of government and private securities are shown in more detail in Item 4. “Information on the Company”—B. “Operating Overview” — “Selected Statistical Information”— “Debt and Equity Securities”. Our total net loans and other financing were Ps.23,273,441 million as of December 31, 2025, of which Ps.18,296,588 million corresponded to Banco Galicia’s portfolio and Ps.4,996,575 corresponded to Naranja X’ portfolios, the remaining amount to secured loans held by Sudamericana. For more information on loan and other financing activities portfolios, see Item 4. “Information on the Company”—B. “Operating Overview” — “Selected Statistical Information”— “Loan and Other Financing Portfolio”. 144 Table of Contents A.9 Exposure to the Argentine Public Sector The following table shows our total net exposure, primarily related to Banco Galicia, to the Argentine public sector as of December 31, 2025, 2024 and 2023. As of December 31, 2025 2024 2023 (in millions of Pesos) Government securities net position 6,678,401 6,152,504 7,215,162 Debt securities at fair value 907,184 1,525,932 1,207,521 Debt securities in Pesos 770,264 660,535 (15,974) Debt securities adjusted by CER 68,223 755,654 255,363 Debt securities in US$ 68,697 72,339 51,901 DUAL Bond — 37,404 916,231 Debt securities measurement at amortized cost 2,644,933 2,877,521 6,007,641 Debt securities in Pesos 618,284 321,718 1,646,831 Debt securities adjusted by CER 1,638,570 2,174,870 3,068,948 Debt securities in US$ 388,079 380,933 185,249 LELIQ — — 276,504 Lediv — — 830,109 Debt securities measured at fair value through OCI 3,126,284 1,749,051 — Debt securities in Pesos 2,135,384 1,612,240 — Deb securities adjusted by CER 970,680 136,811 — Debt securities in US$ 20,220 — — Other Financing Assets 15,501 972 3,051,248 Repurchase agreement transactions - BCRA — — 3,049,521 Loans and Others Financing 15,501 972 1,438 Certificate of Participation in Trusts — — 289 Total (1) 6,693,902 6,153,476 10,266,410 ____________________ (1)Does not include deposits with the BCRA, which constitute one of the items by which Banco Galicia complies with the BCRA’s minimum cash requirements. As of December 31, 2025, the exposure to the public sector amounted to Ps.6,693,902 million, a decrease of 9% as compared to Ps.6,153,476 million for the year ended December 31, 2024. See "Item 4. Information on the Company- B. Business overview- B4. Selected Statistical Information- iii) Debt and Equity Securities", for Grupo Galicia's public sector exposure. A.10 Funding Banco Galicia’s and Naranja X’ lending activities are our main asset-generating businesses. Accordingly, most of our borrowing and liquidity needs are associated with these activities. We also have liquidity needs at the level of our holding company, which are discussed in “Liquidity and Capital Resources”—“Liquidity-Holding Company on an Individual Basis”. Our objective is to maintain cost-effective and well diversified funding to support current and future asset growth in our businesses. For this, we rely on diverse sources of funding. The use and availability of funding sources depends on market conditions, both local and foreign, and prevailing interest rates. Market conditions in Argentina include a structurally limited availability of domestic long-term funding. Our funding activities and liquidity planning are integrated into our asset and liability management and our financial risks management and policies. The liquidity policy of Grupo Financiero Galicia is described in “Liquidity and Capital Resources”—“Liquidity Management.” Our funding sources are discussed below. 145 Table of Contents Traditionally, our primary source of funding has been Banco Galicia’s deposit taking activity. Although Banco Galicia has access to BCRA financing, management does not view this as a primary source of funding in line with our overall strategies discussed herein. Other important sources of funding have traditionally included issuing foreign currency-denominated medium and long-term debt securities issued in foreign capital markets and borrowing from international banks and multilateral credit agencies. In December 2025, Banco Galicia entered into a master loan agreement with the Inter-American Development Bank (IDB) for an aggregate amount of US$100 million. As of the date of this annual report, the outstanding debt under this agreement amounts to US$100 million (approximately Ps. 145,942 million). Such indebtedness matures in November 2032. The proceeds are intended to support lending activities to SMEs and the financing of sustainable projects. Selling government securities under repurchase agreement transactions has been a recurrent source of funding for Banco Galicia. Although not presently a key source of funding, repurchase agreement transactions are part of the liquidity policy of the Bank. Within its liquidity policy, Banco Galicia considers its unencumbered liquid government securities holdings as part of its available excess liquidity. See “Liquidity and Capital Resources”—“Liquidity Management”. Naranja X finances its operations based on its strategic placement needs and cost-of-capital optimization. Naranja X secures funding through three primary mechanisms: the issuance of debt securities in both local and international capital markets; loans and various credit facilities from local financial institutions; and payables to merchants generated in the ordinary course of business. During 2025, Naranja X issued approximately Ps.550 billion (approximately US$392 million) in negotiable obligations. Additionally, Naranja X is increasingly funded by demand and time deposits, covering both short- and medium-term horizons. This funding source has shown significant growth, with a deposit base of Ps.2.4 trillion (approximately US$ 1.7 billion) as of December 31, 2025. Below is a breakdown of our funding as of the dates indicated: As of December 31, 2025 2024 2023 Amounts % Amounts % Amounts % (in millions of Pesos, except percentages) Deposits 27,668,940 61 24,513,231 57 16,350,812 56 Checking Accounts 2,549,986 6 2,632,390 6 1,897,263 6 Savings Accounts 15,236,613 33 15,209,872 36 9,667,350 33 Time Deposits 9,553,217 21 6,125,283 14 3,324,311 11 Time Deposits - UVA 42,232 — 116,749 — 122,959 — Others 99,507 — 119,116 — 925,120 3 Interests And Adjustments 187,385 — 309,821 1 413,809 1 Credit Lines 881,746 2 581,156 1 395,691 1 Argentine Central Bank 2,378 — 462 — 553 — Correspondents 36,036 — 10,869 — 2,906 — Financing from Local Financial Institutions 623,152 1 544,336 1 292,260 1 Financing from Foreign Financial Institutions 218,793 — 23,684 — 88,990 — Financing from International Financial Institutions 1,387 — 1,805 — 10,982 — Debt Securities (Unsubordinated and Subordinated) (1) 1,998,531 4 1,678,063 4 854,608 3 Other obligations (2) 7,360,610 16 8,034,881 19 5,885,650 20 Shareholders’ Equity 7,759,624 17 7,954,906 19 5,778,705 20 Total 45,669,451 100 42,762,237 100 29,265,466 100 146 Table of Contents (1)Each item includes principal, interest accrued, exchange rate differences and premiums payable, as well as UVA adjustment, where applicable. (2)Includes debts with stores due to credit card transactions, collections on account of third parties in Pesos and foreign currency, miscellaneous obligations and allowances, among others. The main sources of funds are (i) deposits from the private sector, (ii) lines of credit extended by local banks, international banks and multilateral credit agencies, (iii) repurchase transactions mainly related to government securities, (iv) mid- and long-term debt securities placed in the local and international capital market and (v) debts with stores due to credit card transactions. As of December 31, 2025, deposits represented 61% of our funding, a decrease from the 57% of our funding that it represented as of December 31, 2024. Our deposit base increased 13% in 2025 as compared to 2024. During fiscal year 2025, the Ps.3,155,709 million increase in deposits was due to an increase in amounts on deposit in our time deposits from Ps.6,125,283 million in December 2024 to Ps.9,553,217 million in December 2025. For more information on deposits, see Item 4. “Information on the Company”—B. “Business Overview” — “Selected Statistical Information”—“Deposits”. As of December 31, 2025, credit lines from international financial institutions amounted to Ps.1,387 million, which corresponded to amounts received from the BID pursuant to a loan agreement. Also as of December 31, 2025, correspondents amounted to Ps.36,036 million and financing from local financial institutions totaled Ps.623,152 million, of this total Ps.497,019 million corresponded to agreements with banks and Ps.95,531 million corresponded to amounts received from the BICE (Argentine subsidiary of development bank called BICE “Banco de Inversion y Comercio Exterior”). Our debt securities outstanding (only principal) were Ps.1,998,531 million as of December 31, 2025, as compared to Ps.1,678,063 million as of December 31, 2024, an increase of 19%. Of the total debt securities outstanding as of December 31, 2025, Ps.312,176 million corresponded to Peso-denominated debt issued by Banco Galicia and Naranja. The remaining Ps.1,686,356 million of outstanding debt securities corresponded to foreign currency-denominated debt in respect of subordinated debt securities due in 2026 issued by Banco Galicia, Class XVI, XXVIII, XXIX, XXX and XXXI issued by Banco Galicia and Class LXIV Serie I, Class LXV Serie II and Class LXVI Serie II issued by Naranja. 147 Table of Contents As of December 31, 2025, the breakdown of our debt was as follows: December 31, 2025 Currency Expiration Annual Interest Rate Total(*) (in millions of Pesos, except for rates) Banco Galicia ON Subordinated(1) US$ 07.19.26 (2) 376,191 Class XXI Ps. 12 months Tamar + 2,75% 80,147 Class XXV Ps. 12 months Tamar + 3.50% 52,125 Class XVI US$ 48 months 7.75 % 478,086 Class XXVIII US$ 367 days 5.90 % 45,807 Class XXIX US$ 382 days 6.25 % 165,008 Class XXX US$ 381 days 6.00 % 199,453 Class XXXI US$ 373 days 5.50 % 103,383 Naranja Class LXIV Serie III Ps. 366 days Tamar + 4.50% 84,699 Class LXV Serie I Ps. 273 days Tamar + 9.00% 42,975 Class LXVI Serie I Ps. 369 days Tamar + 4.50% 52,230 Class LXIV Serie I US$ 731 days 7.90 % 48,359 Class LXV Serie II US$ 273 days 7.40 % 139,988 Class LXVI Serie II US$ 278 days 6.50 % 130,081 Total 1,998,532 ____________________ (*)Includes principal and interest. (1)Principal will be paid in full on the maturity date, on July 19, 2026, unless redeemed in full, at the issuer’s option, at a price equal to 100% of the outstanding principal plus accrued and unpaid interest. (2)Fixed 8.25% rate per annum (as from the issuance date to July 19, 2021, inclusively); and margin to be added to the nominal Benchmark Readjustment Rate of 7.156% per annum to the maturity date. Such interest shall be payable semiannually on January 19 and July 19 as from 2017. For more information see “—Contractual Obligations” below. 148 Table of Contents i) Ratings The following are our ratings as of the date of this annual report: December 31, 2025 Standard & Poor’s Fix Scr Fitch Ratings Evaluadora Latinoamericana Moody’s Local Ratings Grupo Financiero Galicia Rating of Shares 1 Banco Galicia Counterparty Rating raAAA AAA.ar Debt (Long-Term / Short Term) AAA(arg)/A1+(arg) Subordinated Debt AA- Deposits (Long Term / Short Term) raAAA/raA-1+ Deposits (Local Currency / Foreign Currency) AAA.ar / AAA.ar Naranja Medium-/Long-Term Debt A1+(arg)/ AA (arg) International Ratings Banco Galicia Issuer Credit Rating Counterparty Risk Rating (Local Currency / Foreign Currency) B- B3 / B3 Bank Deposits (Local Currency / Foreign Currency) Caa1 / Caa1 Long-Term Debt (Foreign Currency) Caa1/Caa1 Subordinated Debt Securities CCC Caa2 ____________________ (*)See “—Contractual Obligations”. ii) Debt Programs Grupo Galicia On March 9, 2009, Grupo Financiero Galicia’s shareholders, during an ordinary shareholders’ meeting, and the Board of Directors created a global short, medium and long-term notes program, for a maximum outstanding amount of US$60 million. This program was authorized by the CNV pursuant to Resolution No.16,113 of April 29, 2009. In August 2012, during an extraordinary shareholders’ meeting, it was decided to ratify the decision made at the ordinary and extraordinary shareholders’ meeting held in April 2010 with regard to the approval of the US$40 million increase in the amount of Grupo Financiero Galicia’s global notes program. Therefore, once approved by the CNV, the amount was for up to US$100 million or its equivalent in other currencies. The CNV granted successive five-year extensions of the debt program through the following resolutions: Resolution No. 17,343 on May 8, 2014; Resolution No. DI-2019-63-APN-GE#CNV on August 6, 2019; and Resolution No. DI-2024-47-APN-GE#CNV on June 18, 2024. Currently, Grupo Financiero Galicia has no outstanding debt under its notes program, which was established in 2009. Banco Galicia 149 Table of Contents Banco Galicia has a program in place for the issuance and re-issuance of non-convertible notes, subordinated or non-subordinated, floating or fixed-rate, secured or unsecured, with a term from 30 days to up to 30 years, for a maximum outstanding principal amount of up to US$483.25 million. This program was originally approved by the CNV on November 4, 2005 and was most recently extended on April 4, 2020 by the CNV until April 4, 2025. Pursuant to Resolution No.18,480, the CNV also approved an increase of the maximum outstanding principal amount under the program to US$1,100 million. Pursuant to Resolution No.19,520, dated May 17, 2018, the CNV approved an increase of the maximum outstanding principal amount under the program to US$2,100 million and the modification of the terms and conditions of the same. Banco Galicia has a program for frequent issuance of notes, approved by the CNV. This program was originally approved by the CNV on November 13, 2019; and registered under No. 11 for a maximum outstanding principal amount of US$2,100 million. On May 24, 2023, under the Resolution No.DI-2023-23-APN-GE#CNV, the CNV approved a reduction of the amount to US$500 million. Subsequently, on April 26, 2024, under the Resolution No.DI-2024-23-APN-GE#CNV, the CNV approved the increase of the maximum outstanding principal amount to US$1,000 million. Banco Galicia also has a program arising from the merger with Banco GGAL S.A. This program is structured for the issuance and re-issuance of non-convertible, subordinated or unsubordinated negotiable bonds, with common or special collateral or floating rate collateral, including third-party or unsecured collateral, for a maximum outstanding principal amount of up to US$300 million. The program was originally approved by the CNV on June 14, 2007 for a maximum amount of US$1,000 million, and extensions of the program term have been authorized by Resolution No. 16,842 dated June 29, 2012, and by Resolution No. 18,642 dated May 4, 2017. Additionally, the CNV approved a reduction of the amount to US$300 million and authorize the issuance of negotiable securities classified as social, green and/or sustainable, in accordance with the guidelines established in Annex III of Chapter I of Title VI of the CNV Rules, as well as the corresponding regulations of the markets where the Negotiable Bonds will be listed and/or traded, which were approved by the Provision N°DI-2022-29-APN-GE#CNV dated June 3, 2022. Finally, through Provision DI-2025-12-APN-GE#CNV dated January 24, 2025, the CNV approved the transfer of the authorization previously granted to HSBC Bank Argentina S.A. to publicly issue negotiable obligations in favor of Banco GGAL S.A., following the corporate name change approved by the Shareholders' Meeting on December 6, 2024. Naranja Naranja has a Global Short-Term, Medium-Term and Long-Term Note Program (the "Program") for the issuance of up to US$1,000 million (or the equivalent amount in other currencies) that was approved by the CNV through various resolutions, including Resolution No. 19,508 on May 10, 2018. Such notes may be unsecured or secured, denominated in Pesos, U.S. Dollars or, at Naranja’s option, in other currencies, with maturities of not less than 30 days after their issuance date. Also, such notes may be offered in separate classes and/or series and may be re-issued, as applicable, in the amounts, at the prices and under the conditions to be established and specified in the applicable pricing supplement. On February 19, 2020, the Board of Directors of Tarjeta Naranja S.A.U. approved the extension of the term of the Program for 5 years. Then, on March 18, 2020, the National Securities Commission authorized said extension through Provision No. DI-2020-20-APN-GE#CNV. The latest updated version of the Program was published on the CNV website on March 14, 2022. Additionally, Naranja applied to the CNV to be registered as a frequent issuer, which was granted by Provision No. DI-2022-39-APN-GE#CNV on July 22, 2022. The status of a frequent issuer must be renewed annually. The most recent renewal and ratification of the frequent issuer status was granted by Provision No. IF-2025-41114681-APN-GE#CNV on April 21, 2025, which also authorized an increase in the maximum issuance amount under this regime to US$ 600 million. The program contains certain restrictions on liens, subject to the provisions established in the applicable pricing supplement with respect to each class and/or series of notes, so long as any note issued under such program remains outstanding. Certain notes issued under Naranja’s program are subject to covenants that limit the ability of Naranja and their subsidiaries, subject to important qualifications and exceptions such as to: (i) declare or pay any dividend or make any distribution in respect of its capital stock; (ii) redeem, repurchase or retire its capital stock; (iii) make certain restricted payments; (iv) consolidate, merge or transfer assets; and (v) incur in any indebtedness, among others. 150 Table of Contents A.11 Contractual Obligations The table below identifies the total amounts (principal and interest) of our main on balance-sheet contractual obligations, their currency of denomination, remaining maturity and interest rate and the breakdown of payments due as of December 31, 2025. December 31, 2025 Maturity Annual Interest Rate Total Less than 1 Year 1 to 3 Years 3 to 5 Years Over 5 Years Banco Galicia Deposits Time Deposits (Ps./US$) Various Various 8,984,783 8,984,448 335 — — Debt Securities 2027 Subordinated (US$) Galicia Más 2027 Badlar 137,488 — 137,488 — — 2026 Subordinated (US$) (1) 2026 8.00% 364,298 364,298 — — — Class XVI (US$) 2028 7.80% 470,004 — 470,004 — — Class XXI (Ps.) 2026 TAMAR +2.75% 78,946 78,946 — — — Class XXV (Ps.) 2026 TAMAR +3.5% 53,376 53,376 — — — Class XXVIII (US$) 2026 5.90% 45,641 45,641 — — — Class XXIX (US$) 2026 6.30% 161,505 161,505 — — — Class XXX (US$) 2026 0.06 210,475 210,475 — — — Class XXXI (US$) 2026 5.50% 104,803 104,803 — — — Loans Other Financial Loans (US$) (2) Various Various 72,852 72,852 — — — BID Financial Loans (US$) 2032 7.00% 145,942 — 29,188 58,377 58,377 BICE Financial Loans (Ps.) Various Various 93,350 3,240 23,922 16,506 49,682 BICE Financial Loans (US$) Various Various — — — — — Short-term Intrebank Loans (Ps.) 2026 62.00% 8,700 8,700 — — — Short-term Intrebank Loans (u$s) 2026 3.00% 21,891 21,891 — — — Repos (Ps). 2026 64.70% 432,939 432,939 — — — Correspondents (u$s) 2026 — 36,036 36,036 — — — BCRA (Ps.) 2026 — 2,378 2,378 — — — NaranjaX Time Deposits (Ps.) 2026 — 2,592 2,592 Financial Loans with Local Banks (Ps.) 2026 Various 497,019 497,019 Debt Securities (Ps.) 2026 Various 172,601 172,601 Debt Securities (US$.) Various Various 297,900 253,336 44,564 Total 12,395,519 11,507,076 705,501 74,883 108,059 Principal and interes, includes the UVA adjustments, where applicable. (1) Interest payable in cash semi-annually, fixed rate of 7,9665%. Principal payable in full on July 19, 2026 (2) Borrowings to finance international trade operations to Bank customers. 151 Table of Contents i) Leases The following table provides information for leases where Grupo Financiero Galicia is the lessee: December 31, 2025 (In millions of Pesos) Amounts recognized in the Statement of Financial Position: Right-of-use asset (1) 45,078 Lease Liabilities (2) (44,197) ____________________ (1)Recorded in the Property, Plant and Equipment item, for right of use of real property. (2)Recorded in the item Other Financial Liabilities. December 31, 2025 (In millions of Pesos) Amounts recognized in the Statement of Income: Charge for depreciation of right-of-use assets (1)(2) (34,087) Interest Expenses (3) (3,152) Expenses related to short-term leases (4) (510) Expenses related to low-value assets leases (4) (8,785) Sublease Income (5) 553 ____________________ (1)Depreciation for right of use of Real Property. (2)Recorded in the item Depreciation Expenses.. (3)Recorded in the item Other Operating Expenses, Lease Interest. (4)Recorded in the item Administrative Expenses. (5)Recorded in the item Other Operating Income. A.12 Off-Balance Sheet Arrangements Our off-balance sheet risks mainly arise from Banco Galicia’s activities. In the normal course of its business and in order to meet customer financing needs, Grupo Galicia is a party to financial instruments with off-balance sheet risk. These instruments expose us to credit risk in addition to loans recognized on our consolidated balance sheets. These financial instruments include commitments to extend credit, standby letters of credit and guarantees. The same internal regulations and policies apply for commitments to extend credit, standby letters of credit and guarantees. Outstanding commitments and guarantees do not represent an unusually high credit risk for Grupo Galicia. i) Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer at a future date, subject to meeting certain contractual terms. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent actual future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. ii) Guarantees Guarantees are agreements and/or commitments to reimburse or make payment on account of any losses or non-payments by a borrower in an event of default scenario and include surety guarantees in connection with transactions between two parties. 152 Table of Contents iii) Stand-By Letters of Credit and Foreign Trade Transactions Standby letters of credit and guarantees granted are conditional commitments issued by Banco Galicia to guarantee the performance of a customer to a third party. Banco Galicia also provides conditional commitments for foreign trade transactions. Our exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit, standby letters of credit, guarantees granted and acceptances is represented by the contractual notional amount of those investments. Our credit exposure related to these items as of December 31, 2025 is set forth below: December 31, 2025 (in millions of Pesos) Agreed Commitments 1,491,140 Export and Import Documentary Credits 87,373 Guarantees Granted 1,531,181 Responsibilities for Foreign Trade Transactions 72,274 The credit risk of these instruments is similar as the credit risk associated with credit facilities provided to individuals and companies. To provide guarantees to our customers, we may require counter-guarantees, which are classified as follows: December 31, 2025 (in millions of Pesos) Other Preferred Guarantees Received 23,167 Other Guarantees Received — In addition, checks to be debited and credited, notes, invoices and miscellaneous items subject to collection are recorded in memorandum accounts until such instruments are approved or accepted. The risk of loss in these offsetting transactions is not significant. December 31, 2025 (in millions of Pesos) Checks and Drafts to be Debited 1,284 Checks and Drafts to be Credited 2,371 Values for Collection 6,244 Grupo Galicia acts as trustee pursuant to trust agreements to secure obligations in connection with financing transaction undertaken by its customers. The amount of funds and securities held in trust as of December 31, 2025 is as follows: December 31, 2025 (in millions of Pesos) Trust Funds 27,384 Securities Held in Custody 110,539,262 These funds and securities are not included in Grupo Galicia’s consolidated financial statements as it does not have control over the same. For additional information regarding off-balance sheet financial instruments, see Note 48 to our audited consolidated financial statements. A.13 Principal Trends i) Related to Argentina The first half of 2025 was shaped by the agreement with the International Monetary Fund and initial progress toward normalizing the foreign exchange market. During the second half of the year, the electoral calendar constrained 153 Table of Contents economic policymaking, delaying advances on several key fronts. Following the October 2025 midterm elections, the administration retained legislative support, which may facilitate the advancement of its structural reform agenda during the remainder of its term. In 2026, the government is expected to resume part of the macroeconomic and structural agenda that had been postponed during the election year. In addition, reserve accumulation, the continuity of the fiscal surplus, the resumption of the disinflation process, and the consolidation of the economic recovery will be key to reinforcing confidence and ensuring the consistency of the macroeconomic framework. Following the progress achieved on the stabilization front and the support obtained both domestically and externally, attention will increasingly turn to the BCRA's ability to accumulate international reserves on a sustained basis. The implementation of a foreign exchange purchase program aimed at increasing the money supply, together with renewed access to debt markets, would contribute toward this objective. In 2026, we expect economic activity to return to a path of sustained growth amid a more stable macroeconomic environment. Greater predictability should help improve private‑sector expectations, gradually boosting investment and job creation and supporting the recovery in activity. The magnitude of this process will ultimately depend on the private sector’s response, which could be further encouraged if the federal government succeeds in advancing structural reforms aimed at removing investment constraints and reducing incentives for informality. A first step in this direction was taken with the approval of the Labor Modernization Law in 2025, which introduced changes to employment regulations intended to increase labor market flexibility. Nevertheless, the recovery is expected to remain uneven across sectors. Over the medium term (two to five years), sustained export growth will continue to be a key pillar of development. Consolidating this process will require progress in enhancing competitiveness, including lower logistical costs, infrastructure modernization, and simplification of the regulatory framework. The foregoing discussion contains forward-looking statements. See 'Forward-Looking Statements' at the beginning of this annual report for important cautionary information regarding such statements. ii) Related to the Financial System The Argentine financial system will continue to interact mainly with the private sector, with short-term financing and impositions, while maintaining high levels of liquidity. In any case, banks are expected to continue recording positive real profits, allowing capitalization levels to be maintained above minimum requirements. The current levels of irregular coverage with accounting provisions constitute another of the strengths of the financial system. The low leverage compared regionally in companies and families demonstrates the potential of Argentine financial entities. iii) Related to Us During 2026, Grupo Financiero Galicia will continue to strengthen its leading position in the financial market, focusing on business profitability driven by expansion, attraction of new customers, and inorganic growth resulting from the acquisition of the Galicia Más businesses. This integration will allow Grupo Financiero Galicia to realize synergies, gain scale, and strengthen its value proposition in an increasingly competitive market. Building on this strategic vision at the holding level, Grupo Financiero Galicia’s outlook for 2026 reflects the differentiated roles and growth opportunities of each of its operating companies. While all subsidiaries share a common focus on value creation, operational efficiency, and sustainable growth, their perspectives are shaped by the specific dynamics of the markets in which they operate, their business models, and their strategic priorities. In this context, the following sections outline the main expectations, challenges, and initiatives for each company, highlighting how their individual performance will contribute to the Group’s overall objectives during the year. In light of the macroeconomic outlook described above, Banco Galicia anticipates the following potential impacts on its operations. Although Banco Galicia’s financial income may be adversely affected by a lower interest rate environment, management currently expects that it could improve compared to the previous year, primarily driven by higher business volumes, broadly consistent with the trend observed during 2025. Such volume growth is expected to be partially organic 154 Table of Contents and may be supported by a potential increase in Banco Galicia's market share in deposits and loans; however, these expectations remain subject to competitive conditions and overall market demand. Furthermore, a deceleration in inflation, if sustained, could mitigate the exposure associated with non‑monetary assets, which may have a favorable impact on Banco Galicia's financial income. The magnitude of this effect will depend on the evolution of inflation dynamics and other related macroeconomic variables. At the same time, despite the continued existence of regulatory measures that limit price adjustments and restrict access to the foreign exchange market, Banco Galicia expects fee income to increase during 2026, primarily as a result of efficiency initiatives implemented across various business lines. Actual results, however, may vary depending on future regulatory developments and changes in customer behavior. In parallel with these trends, and within the context of ongoing digital transformation initiatives, Banco Galicia continues to focus on improving operational efficiency. As a result, administrative expenses are expected to decrease compared to the previous year, driven by efficiency gains and cost optimization measures, although this outcome may be influenced by inflationary pressures, investment requirements, and other cost‑related factors. With respect to credit risk, Banco Galicia expects a gradual improvement in credit performance in 2026, which could result in a reduction in loan loss charges. This trend will depend on borrower performance, portfolio dynamics, and overall economic conditions. Overall, Banco Galicia believes that its performance in 2026 could improve compared to the prior year, subject to the realization of the projected macroeconomic scenario described above, including the maintenance of positive real monetary policy rates and continued progress toward macroeconomic stabilization. While a moderate decline in liquidity and solvency levels may occur as a consequence of business expansion, management expects such levels to remain within prudent thresholds and in compliance with the Bank’s risk management framework. Building on the improvement trend observed toward the end of 2025, Naranja X expects this momentum to consolidate during the first quarter of 2026, providing the basis for a gradual recovery in profitability throughout the year. By the end of the fourth quarter of 2025, a reversal trend was already evident in the 30‑day roll rate for credit card financing, which declined by 260 basis points between October and December (7.8% in December 2025 compared to 10.4% in October 2025). At the same time, Naranja X’s personal loan portfolio continued to show improvement, closing the year with its lowest 30‑day roll rate (5.8%). It remains to be seen how these dynamics will translate into the 90‑day and longer delinquency buckets in the coming months. The observed improvement reflects, in part, the progressive impact of previously implemented risk management decisions, although the business continues to operate under elevated loan loss charges. Naranja X expects these charges to gradually normalize over time. In parallel, Naranja X plans to implement an expense containment plan aimed at supporting the ongoing process of profitability recovery. Naranja X anticipates an environment characterized by lower volatility and declining interest rates compared to 2025. Under this scenario, spreads are expected to remain more stable, while the Net Interest Margin (NIM) could experience slight compression in line with lower market rates. Conversely, Adjusted Risk Margins (RAM) are expected to gradually recover as risk charges normalize. Over the medium term, Naranja X expects to continue developing its corporate strategy with a focus on consolidating its leadership in consumer credit products. This strategy is expected to be supported by ongoing investments in user experience, continued improvements in operational efficiency, active management of unit economics, and further revenue diversification, with the objective of achieving sustained and profitable growth. With respect to its insurance operations, Sudamericana expects to continue enhancing its value proposition during 2026 by offering tailored coverage designed to meet the specific needs of its customers. This strategy is expected to be supported by a balanced distribution approach, leveraging both its agent network and direct channels. During 2026, Galicia Retiro and GGAL Seguros de Retiro expect to continue offering their annuity products, maintaining their focus on serving customers seeking long‑term savings and retirement solutions. 155 Table of Contents In addition, Galicia Seguros, Seguros Galicia and GGAL Seguros expect to continue executing their respective strategic plans, with a focus on expanding their businesses through the service channels provided by Banco Galicia and Naranja X, as well as through agents, brokers, and direct channels. More broadly, the insurance subsidiaries expect to continue focusing on a set of common strategic objectives, including: promoting business growth through the offering of complementary products aligned with the core activities of Banco Galicia and its subsidiaries and tailored to the needs of each customer segment; fostering the growth of the non‑motor insurance business while expanding the agent and broker network; improving management efficiency to support higher business volumes, including the implementation of updates to administrative systems; consolidating their position in personal insurance by leveraging synergies within the financial group and further developing open market and agent channels; maintaining ongoing efforts to contain expenses while seeking to achieve projected income levels; and promoting a positive internal work environment, with the aim of being recognized by employees as an attractive place to work. Collectively, these initiatives are expected to contribute to increased sales and premium volumes while maintaining adequate levels of profitability. However, the achievement of these objectives remains subject to various factors, including competitive conditions, operational execution, and market developments. With respect to Galicia Asset Management, the company expects to continue consolidating its leading position in the Argentine mutual fund industry during 2026. Management believes that the year may present opportunities for business expansion and the development of new investment products; however, the realization of such opportunities will depend on market conditions and regulatory developments. From a client perspective, Galicia Asset Management’s strategy remains focused on continued growth in the number of investors, as well as deeper penetration among existing clients. In this regard, the company expects to further integrate and strengthen relationships with former HSBC Argentina clients, promoting greater adoption of mutual fund products and increased investment volumes through the Fondos Fima platform. From a revenue standpoint, and considering the prevailing and expected interest rate environment, management anticipates potential downward pressure on fees for certain products. This impact is expected to be partially offset by growth in assets under management (AUM), driven by higher investment volumes and increased use of the company’s funds as both investment and transactional instruments. In terms of commercial strategy, Galicia Asset Management expects to continue developing an integrated approach that combines a relationship‑based model for strategic segments, including corporate and high‑net‑worth clients, with scalable and efficient digital communication strategies for mass‑market segments. This approach is intended to enhance reach, operational efficiency, and overall client engagement. In addition, the company plans to continue adopting artificial intelligence and robotic process automation technologies to strengthen its business capabilities. These initiatives are expected to support the development of new products and functionalities, as well as improve operational efficiency through the automation of key processes. The successful implementation of these initiatives, however, remains subject to technological, operational, and regulatory risks. In line with the Group’s overall strategy for its capital markets activities, Galicia Securities’ outlook is based on management’s current expectations regarding its role and strategic priorities within Grupo Galicia. Within the macroeconomic context described in the preceding sections, Galicia Securities expects to continue strengthening its client portfolio, with a focus on institutional, corporate, agricultural, and business clients, while further diversifying its range of products and services. The company seeks to consolidate its position across the markets in which it operates by leveraging its platforms and capabilities to support client needs under varying market conditions. To support these objectives, Galicia Securities expects to continue investing in the development of agile systems and tools aimed at enhancing operational efficiency and service delivery. These initiatives are intended to enable clients to more effectively achieve their financial objectives, support the development of long‑term client relationships, and contribute to sustainable profitability. The effectiveness of these initiatives, however, will depend on market conditions, client activity levels, and the successful execution of the company’s strategy. With respect to Galicia Capital, the U.S. broker‑dealer of Grupo Financiero Galicia, management expects to continue strengthening during 2026 its strategic role in facilitating access to U.S. and international capital markets. The 156 Table of Contents company anticipates potential opportunities to expand its brokerage and trading activities, as well as to develop additional investment and capital markets solutions for high‑net‑worth individuals and corporate clients. The realization of these opportunities, however, will depend on global market conditions, client demand, and applicable regulatory developments. From a client perspective, Galicia Capital’s strategy remains focused on deepening relationships with existing clients while supporting cross‑border business generated within Grupo Financiero Galicia. In this regard, the company seeks to leverage its position as a U.S.‑regulated platform to enhance service capabilities and execution efficiency. From a revenue standpoint, management recognizes that evolving interest rate dynamics and competitive pressures may affect margins on certain activities. These effects are expected to be partially offset by higher transaction volumes, a broader range of products and services, and increased client engagement. In terms of commercial and operating strategy, Galicia Capital expects to continue pursuing a selective, relationship‑driven approach for high‑net‑worth and corporate segments, complemented by ongoing investments in technology, automation, and process optimization. These initiatives are intended to enhance operational efficiency, risk management, and scalability. Taken as a whole, the execution of the strategies described above across the Group’s operating companies is expected to be supported by the continued delivery of a differentiated customer experience. Management believes that such differentiation remains closely linked to ongoing digital transformation initiatives, the simplification of value propositions, and the customization of product and service offerings, which are considered key factors in sustaining customer preference and long‑term engagement. Within this framework, Grupo Financiero Galicia expects to continue promoting the development of various business initiatives, including the expansion of digital payment solutions such as MODO, the growth of companies such as Inviu and Nera, strategic transactions such as the integration of the Galicia Más businesses (formerly HSBC Argentina), as well as the continued expansion of its core banking activities. However, the achievement of these objectives is subject to various risks and uncertainties, and there can be no assurance that the Group will be able to execute these strategies as planned or that the expected outcomes will be fully realized. In parallel, the Board of Directors remains actively engaged in monitoring the environment in which the Group operates and in adopting the measures it deems necessary to safeguard its employees, customers, and operations, while seeking to ensure business continuity and the sound execution of the Group’s strategic objectives. The analysis of these trends should be read in conjunction with the discussion in Item 3. “Key Information”— D. “Risk Factors”, and with consideration that the Argentine economy has been historically volatile, which has negatively affected the volume and growth of the financial system. B. Liquidity and Capital Resources B.1 Liquidity - Holding Company on an Individual Basis We generate our net earnings/losses from our operating subsidiaries, specifically Banco Galicia, our main operating subsidiary. During fiscal years 2023 and 2024, Grupo Financiero Galicia received dividends from its subsidiaries in the amount of Ps.93,595 million (equivalent to Ps.531,186 million as of December 31, 2025), and Ps.514,467 million (equivalent to Ps.832,067 million as of December 2025) and US$ 10 million, respectively. During fiscal year 2025, Grupo Financiero Galicia received cash dividends from its subsidiaries for Ps.434,639 million (equivalent to Ps.473,324 million as of December 31, 2025). During January, February and March of fiscal year 2026, we received dividends from Banco Galicia in the amount of Ps.121,842. Likewise, during March 2026, we received a dividend of Ps.40,000 million from Galicia Assets Management, Ps.30,000 million from Galicia Securities and Ps.1,181 million from Galicia Warrants. During April 2026, we received Ps.7,028 million from Sudamericana Holding S.A. According to Grupo Financiero Galicia’s policy for the distribution of dividends and due to Grupo Financiero Galicia’s financial condition for the fiscal year ended December 31, 2025 and the fact that most of the profits for fiscal years 2024 and 2025 also corresponded to income from holdings (with just a fraction corresponding to the realized and liquid profits meeting the requirements to be distributed as per Section 68 of the Corporations Law) a proposal was made by the Board of Directors, to be treated at the next Shareholders’ Meeting to be held on April 28, 2026. The proposal is to 157 Table of Contents distribute a cash dividend or dividend in kind for an amount which, when inflation adjusted pursuant to Article 3, paragraph (e), of Chapter III, Title IV, “Periodic Reporting Regime of CNV Regulations,” results in Ps.190,000,000,000 (which represents 11,828.7663%) being distributed regarding 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1 each. This amount is subject to liquidity conditions, dividends received from our subsidiaries, and the financial situation to determine the payment of a cash dividend or a kind, in this case valued at market price, or in any combination of both options, in one or more opportunities. For fiscal year 2024, the shareholders´ meeting held on April 29, 2025, approved a distribution of cash dividends for an amount of Ps.88,000 million that was effectively paid in May 2025 (equivalent to Ps.102,207 million as of December 31, 2025) which represented a dividend of 5,478.5865% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. Additionally, said shareholders´ meeting, considering the company´s intention to distribute an additional cash dividend beyond the one proposed, and contingent upon the certainty of receiving dividends from our subsidiaries, as well as the company´s economic-financial situation, approved to delegate to the Board of Directors the authority to disaffect Discretionary Reserves for an amount of Ps.300,000,000,000, expressed in homogeneous currency at the time of the effective payment in accordance with the BCRA´s regulations, which was effectively paid as follows: i.In July 2025, Ps. 33,978 million (equivalent to Ps.38,110 million as of December 31, 2025) which represented a dividend of 2,115.3807% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. ii.In August 2025, Ps.34,528 million (equivalent to Ps.38,014 million as of December 31, 2025) which represented a dividend of 2,149.6271% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. iii.In September, Ps.35,185 million (equivalent to Ps. 37,949 million as of December 31, 2025) which represented a dividend of 2,190.5062% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. iv.In October, Ps.35,845 million (equivalent to Ps. 37,777 million as of December 31, 2025) which represented a dividend of 2,231.5956% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. v.In November, Ps.36,589 million (equivalent to Ps. 37,630 million as of December 31, 2025) which represented a dividend of 2,277.9226% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. vi.In December, Ps.37,446 million which represented a dividend of 2,331.2702% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. vii.In January, Ps.38,372 million, which represented a dividend of 2,388.9207% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. viii.In February, Ps.39,463 million, which represented a dividend of 2,456.8919% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. ix.In March, Ps.40,601 million, which represented a dividend of 2,527.6903% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. x.In April, Ps. 41,777 million, which represented a dividend of 2,600.9002% with respect to 1,606,253,729 class A and B ordinary shares, with a face value of Ps.1. For Fiscal year 2023, the shareholders’ meeting held on April 30, 2024, approved the distribution of cash dividends for a total amount of Ps.320,000 million, that was effectively paid as follows: (i) in May 2024, Ps.65,000 million (equivalent to Ps.108,317 million as of December 31, 2025) which represented a dividend of 4,407.6998% with respect to 1,474,692,091 class A and B ordinary shares, with a face value of Ps.1 and Ps.140,261 million (equivalent to Ps.233,733 million as of December 31, 2025) which represented a dividend of 9,511.2102% with respect to 1,474,692,091 class A and B ordinary shares, with a face value of Ps.1 (ii) in June 2024, Ps.146,119 million (equivalent to Ps.232,837 million as of December 31, 2025) which represented a dividend of 9,908.4296% with respect to 1,474,692,091 class A and B ordinary shares, with a face value of Ps.1, (iii) in July 2024, Ps.152,807 million (equivalent to Ps.234,059 million as of December 31, 2025) which represented a dividend of 10,361.9449% with respect to 1,474,692,091 class A and B ordinary shares, with a face value of Ps.1. For fiscal year 2023, 2024 and 2025, pursuant to what is set by paragraph added below Article 25 of Law 23,966, that was incorporated by Law 25.585 (and its subsequent amendments), when corresponding, Grupo Financiero Galicia withheld the amounts paid for said each fiscal year in its capacity as substitute taxpayer of the shareholders’ subject to the tax on personal assets. Similarly, for fiscal year 2023, 2024 and 2025, Grupo Financiero Galicia withheld, when 158 Table of Contents corresponding, a rate of 7% withholding tax as provided in Articles 97 and 193 of the Income Tax Law (as restated by Decree 824/2019 and its amendments —"Dividend Policy and Dividends.” For fiscal year 2023, Grupo Financiero Galicia made capital contributions for Ps.605 million (equivalent to Ps.2,995 million as of December 2025) and US$10 million to Sudamericana Seguros Galicia, Ps.975.2 million (equivalent to Ps.5,833 million as of December 2025) and US$ 0.017 million to Agri Tech Investments, US$ 5 million to IGAM LLC, US$ 0.034 million to Galicia Holdings US INC, US$1 million to Galicia Ventures LP and US$ 0.02 million to Galicia Investments LLC. For fiscal year 2024, Grupo Financiero Galicia made capital contributions for Ps.490 million (equivalent to Ps.926 million as of December 2025) and US$ 0.035 million to Agri Tech Investments, US$ 5 million to IGAM LLC, US$ 5.9 million to Galicia Holdings US INC, US$ 1.4 million to Galicia Ventures LP and US$ 0.4 million to The Yield Lab Latam. For fiscal year 2025, Grupo Financiero Galicia made capital contributions for Ps.30,9 million in favor of Agripay S.A. (equivalent to Ps.38,9 million as of December 2025), US$ 3 million in favor of Galicia Ventures LP, US$ 0.24 million to The Yield Lab Latam and US$ 0,5 million in favor of Vestly Group Corp. Additionally, during January 2026, Grupo Financiero Galicia made a capital contribution for US$ 0,1 million in favor of Galicia Ventures LP. Likewise, during March and April 2026, Grupo Financiero Galicia made capital contribution for US$ 0.7 million in favor of Galicia Ventures Corp. Likewise, during April 2026, Grupo Financiero Galicia made a capital contribution of US$ 1.5 million in favor of Vestly Group Corp. As of December 31, 2025, Grupo Financiero Galicia, on an individual basis, had cash and due from banks in an amount of Ps.98.1 million, short-term investments made up of special checking account deposits, mutual funds, and government securities in an amount of Ps.120,770.3 million and foreign currency and private negotiable obligations in an amount of US$103.2 million. As of December 31, 2024, Grupo Financiero Galicia, on an individual basis, had cash and due from banks in an amount of Ps.4 million, short-term investments made up of special checking account deposits, mutual funds, and government securities in an amount of Ps.22,623.7 million (equivalent to Ps.29,762 million as of December 2025) and foreign currency and private negotiable obligations in an amount of US$102.1 million. As of December 31, 2023, Grupo Financiero Galicia, on an individual basis, had cash and due from banks in an amount of Ps.4.1 million, short-term investments made up of special checking account deposits, mutual funds, and government securities in an amount of Ps.11,795 million (equivalent to Ps.33,788 million as of December 2025) and foreign currency in an amount of US$12.3 million. For a description of the notes issued by Grupo Financiero Galicia, see —Item 5.A. “Operating Results” —” Debt Programs”. Each of our subsidiaries is responsible for their own liquidity management. For a discussion of Banco Galicia’s liquidity management, see “Banco Galicia’s Liquidity Management-Banco Galicia Liquidity Management”. B.2 Consolidated Cash Flows Our consolidated statements of cash flows were prepared in accordance with IAS 7 (Statements of Cash Flows). See our consolidated cash flow statements as of and for the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023 included in this annual report. As of December 31, 2025, on a consolidated basis, we had Ps.10,272,444 million in available cash (defined as total cash and cash equivalents), representing a Ps.529,397 million increase as compared to the Ps.9,743,047 million in available cash as of December 31, 2024. As of December 31, 2024, on a consolidated basis, we had Ps.9,743,047 million in available cash (defined as total cash and cash equivalents), representing a Ps.383,251 million increase as compared to the Ps.9,359,796 million in available cash as of December 31, 2023. 159 Table of Contents Cash equivalents are comprised of the following: BCRA debt instruments having a remaining maturity that does not exceed 90 days, securities in connection with reverse repurchase agreement transactions with the BCRA, local interbank loans and overnight placements in correspondent banks abroad. Cash equivalents also comprise, in the case of Naranja X, time deposit certificates and mutual fund shares. The table below summarizes the information from our consolidated statements of cash flows for the fiscal years ended December 31, 2025, 2024 and 2023. December 31, 2025 2024 2023 (in millions of Pesos) Net Cash generated by Operating Activities (1,605,422) 4,607,866 4,776,239 Net Cash generated by/ (used in) Investment Activities (222,929) 1,138,132 (234,496) Net Cash generated by / (used in) Financing Activities 873,798 543,987 (658,195) Exchange income on Cash and Cash Equivalents 3,779,295 1,619,765 2,962,146 Net increase in cash and cash equivalents 2,824,742 7,909,750 6,845,694 Monetary loss related to cash and cash equivalents (2,295,346) (7,526,499) (9,321,387) Cash and cash equivalents at the beginning of the year 9,743,048 9,359,796 11,835,489 Cash and cash equivalents at end of the year 10,272,444 9,743,047 9,359,796 Our operating activities include the operating results, the origination of loans and other financing transactions with the private sector, as well as raising customer deposits and entering into sales of government securities under repurchase agreement transactions. Our investing activities primarily consist of the acquisition of equity investments and purchasing of bank premises and equipment. Our financing activities include issuing bonds in the local and foreign capital markets and borrowing from foreign and local banks and international credit agencies. Management believes that cash flows from operations and available cash and cash equivalent balances, will be sufficient to fund our financial commitments and capital expenditures for fiscal year 2025. i) Cash Flows from Operating Activities 160 Table of Contents December 31, 2025 2024 2023 (in millions of Pesos) Cash Flows from Operating Activities Income before Taxes from Continuing Operations 303,852 2,886,963 1,555,536 Adjustment to Obtain the Operating Activities Flows: Loan and other Receivables Loss Provisions 2,947,227 1,135,002 546,240 Depreciation Expenses 304,585 247,400 241,429 Loss on Net Monetary Position 1,511,508 3,137,295 4,349,995 Exchange rate differences on foreign currency (250,597) (203,693) (1,754,810) Other Operations 981,783 2,317,946 3,773,063 Net (Increases)/Decreases from Operating Assets: Debt securities measured at fair value through profit or loss 396,686 (345,307) (996,042) Derivative Financial Instruments (50,391) 95,620 (71,408) Repurchase Transactions (876,060) 732,277 43,490 Other Financial Assets 1,566,761 (1,763,802) 35,067 Net Loans and Other Financing - Non-financial Public Sector (6,090) (9,278) 8,880 - Other Financial Institutions (24,897) 255,631 (160,548) - Non-financial Private Sector and Residents Abroad (10,904,408) (11,102,197) 1,674,977 Other Debt Securities 6,366 (376,032) (2,247,265) Financial Assets Pledged as Collateral 452,982 (716,469) 120,609 Investments in Equity Instruments (69,035) (33,698) (10,542) Other Non-financial Assets (27,541) (195,732) (97,992) Non-current Assets Held for Sale 9,544 (18,894) (203) Net Increases/(Decreases) from Operating Liabilities: Deposits - Non-financial Public Sector 22,614 183,675 (182,537) - Financial Sector 43,793 (6,657) 1,700 - Non-financial Private Sector and Residents Abroad 3,089,301 7,985,401 (2,576,399) Liabilities at fair value through profit or loss 42,596 (129,911) 141,060 Derivative Financial Instruments 8,248 (24,967) 19,947 Other Financial Liabilities (359,445) 547,572 554,167 Provisions (402,346) 463,309 (33,078) Other Non-financial Liabilities 32,145 743,767 216,592 Income Tax Collections/Payments (354,603) (1,197,355) (375,689) Net Cash used in / generated by Operating Activities (1,605,422) 4,607,866 4,776,239 In fiscal year 2025, net cash used in operating activities taking into account the impact of inflation amounted to Ps.1,605,422 million, mainly due net cash used of Ps.10,904,408 million from loans and other financing from non-financial private sector and resident abroad. Such amount was offset by an increase of (i) Ps.3,089,301 million in cash generated from deposits from non-financial private sector and residents abroad, (ii) Ps.2,947,227 million increase in adjustments obtained from loan and other receivables loss provisions, (iii) Ps.981,783 million increase in adjustments obtained from other operations, and (iv) Ps.1,566,761 million cash generated in other financial assets. In fiscal year 2024, net cash generated by operating activities taking into account the impact of inflation amounted to Ps.4,607,866 million, mainly due to a Ps.7,985,401 million net increase in cash generated from deposits from the non-financial private sector and from residents abroad and Ps.547,572 million net increase in cash generated from other financial liabilities. Such amounts were offset by net cash used of Ps.11,102,197 million related to a net increase in loans and other financing from non-financial private sector and residents abroad. 161 Table of Contents In fiscal year 2023, net cash generated by operating activities taking into account the impact of inflation amounted to Ps.4,776,239 million, mainly due to a Ps.1,674,977 million net increase in cash generated from net loans and other financing to the non-financial private sector and to residents abroad and an increase from adjustments on loss on net monetary position for Ps.4,349,995 million. Such amounts were partially offset by net cash used of Ps.2,576,399 million related to deposits from non-financial private sector and residents abroad. ii) Cash Flows from Investing Activities December 31, 2025 2024 2023 (in millions of Pesos) Cash Flows from Investment Operations Payments: Purchase of PP&E and Intangible Assets (*) (245,915) (282,440) (212,037) Capital Contributions and purchase of shares in Investments in Subsidiaries, Associates, and Joint Ventures (2,738) (4,317) (7,221) Payments for business combinations — — (31,940) Collections: Sale of PP&E and Intangible Assets 22,096 8,859 13,794 Dividends earned 3,628 5,941 2,908 Purchase of HSBC Argentina Holdings S.A. and subsidiaries net of cash acquired (**) — 1,410,089 — Net Cash generated / (used in) by Investment Activities (222,929) 1,138,132 (234,496) In fiscal year 2025, net cash used in investing activities amounted to Ps.222,929 million and was mainly attributable to the acquisition of property, plant and equipment, intangible assets and other assets for Ps.245,915 million. In fiscal year 2024, net cash generated in investing activities amounted to Ps.1,138,132 million and was mainly attributable to the purchase of HSBC Argentina Holdings S.A. and subsidiaries, which net of cash acquired was Ps.1,410,089 million. Such amount was partially offset by purchase of Property, Plant and Equipment (PP&E) and intangible assets for Ps.282,440 million. In fiscal year 2023, net cash used in investing activities amounted to Ps.234,496 million and was mainly attributable to the acquisition of property, plant and equipment, intangible assets and other assets for Ps.212,037 million. Such amount was partially offset by funds received from the sale of property, plants and equipment, intangible assets and other assets for Ps.13,794 million. iii) Cash Flows from Financing Activities 162 Table of Contents December 31, 2025 2024 2023 (in millions of Pesos) Cash Flows from Financing Activities Payments: Debt Securities (941,317) (280,207) (450,290) Loans from Local Financial Institutions (2,009,392) (1,106,251) (961,743) Dividends paid (329,134) (808,951) (513,563) Leases payments (34,285) (17,120) (18,256) Transactions costs related to issuance of shares — (1,288) — Collections: Capital increase, net of issuance of shares 126,047 — — Debt Securities 1,704,506 1,413,381 214,908 Loans from Local Financial Institutions 2,357,373 1,344,423 1,070,749 Net Cash generated / (used in) by Financing Activities 873,798 543,987 (658,195) In fiscal year 2025, net cash generated in financing activities amounted to Ps.873,798 million due to: (i) Ps.2,357,373 million from loans from local financial institutions and (ii) from the issuance of debt securities for Ps.1,704,506 million. Such amount was partially offset by payments on outstanding loans from local financial institutions for Ps.2,009,392 million during 2025. In fiscal year 2024, net cash generated in financing activities amounted to Ps.543,987 million due to: (i) Ps.1,413,381 million from the issuance of debt securities and (ii) Ps.1,344,423 million received from loans from local financial institutions. Such amount was partially offset by: (i) payments on outstanding loans from local financial institutions for Ps.1,106,251 million during 2024. In fiscal year 2023, net cash used in financing activities amounted to Ps.658,195 million due to: (i) Ps.961,743 million as consequence of payments of loans obtained from local financial institutions and (ii) Ps.450,290 million paid from the issuance of debt securities. Such amount was partially offset by: (i) funds provided by loans from local financial institutions for Ps.1,070,749 million and (ii) issuances of debt securities for Ps.214,908 million during 2023. iv) Effect of Exchange Rate on Cash and Cash Equivalents In fiscal year 2025, the effect of the exchange rate on consolidated cash flow amounted to Ps.3,779,295 million, a increase of Ps.2,159,530 million as compared to fiscal year 2024. The exchange rate as of December 31, 2025 was Ps.1,459.4167 per US$1. In fiscal year 2024, the effect of the exchange rate on consolidated cash flow amounted to Ps.1,619,765 million, a decrease of Ps.1,342,381 million as compared to fiscal year 2023. The exchange rate as of December 31, 2024 was Ps.1,032.5000 per US$1. In fiscal year 2023, the effect of the exchange rate on consolidated cash flow amounted to Ps.2,962,146 million, an increase of Ps.1,358,253 million as compared to fiscal year 2022. The exchange rate as of December 31, 2023 was Ps.808.4833 per US$1. For a description of the types of financial interests we use and the maturity profile of our debt, currency and interest rate structure, see “Operating Results”. B.3 Liquidity Management i) Liquidity Gaps Liquidity risk is the risk that Grupo Financiero Galicia does not have a sufficient level of liquid assets to meet its contractual commitments and the operational needs of the business without affecting market prices. The goal of liquidity management is to maintain an adequate level of liquid assets that allows it to meet financial commitments at contractual maturity, take advantage of potential investment opportunities and meet demand for credit. To monitor and control liquidity 163 Table of Contents risk, Grupo Financiero Galicia monitors and systematically calculates gaps in liquidity through the application of an internal model that is subject to periodic review. Grupo Financiero Galicia’s liquidity policy covers three areas of liquidity risk: •Stock Liquidity: The excess amount of cash and liquid assets above the legal minimum cash requirements, taking into account the characteristics and performance of Banco Galicia’s different liabilities, as well as the nature of the assets that provide such liquidity. •Cash Flow Liquidity: Gaps between the contractual maturities of consolidated financial assets and liabilities. •Concentration of Deposits: The concentration of deposits is regulated in terms of the top leading customers and the following 50 customers. A maximum limit with respect to the share in deposits is determined on an individual basis for such customers. As of December 31, 2025, the consolidated gaps between maturities of Grupo Financiero Galicia's financial assets and liabilities based on contractual remaining maturity were as follows: December 31, 2025 Less than one Year 1 –5 Years 5 – 10 Years Over 10 Years Total (in millions of Pesos, except ratios) Assets Cash and Due from Banks 2,614,674 — — — 2,614,674 Argentine Central Bank – Escrow Accounts 9,427,729 — — — 9,427,729 Overnight Placements in Banks Abroad 894,265 — — — 894,265 Loans – Public Sector 277,452 7,245 — — 284,697 Loans – Private Sector 21,997,149 3,010,477 300,043 747,887 26,055,556 Government Securities 5,633,536 — — — 5,633,536 Notes and Securities 301,276 26,561 2,501 — 330,338 Financial Trusts — — — — — Receivables from Financial Leases 218 167 — — 385 Other Financing 149,170 16,025 — — 165,195 Government Securities Forward Purchase 319,280 — — — 319,280 Total Assets 41,614,749 3,060,475 302,544 747,887 45,725,655 Liabilities Deposits in Savings Accounts 15,225,923 — — — 15,225,923 Demand Deposits 2,660,281 — — — 2,660,281 Time Deposits 9,600,089 335 — — 9,600,424 Notes 1,830,417 480,339 — — 2,310,756 Banks and International Entities 72,852 87,565 58,377 — 218,794 Local Financial Institutions 1,018,770 90,110 — — 1,108,880 Other Financing 7,353,678 18,931 3,839 1,018 7,377,466 Total Liabilities 37,762,010 677,280 62,216 1,018 38,502,524 Asset / Liability Gap 3,852,739 2,383,195 240,328 746,869 7,223,131 Cumulative Gap 3,852,739 6,235,934 6,476,262 7,223,131 Ratio of Cumulative Gap to Cumulative Liabilities 10.2 % 16.2 % 16.8 % 18.8 % Ratio of Cumulative Gap to Total Liabilities 10.0 % 16.2 % 16.8 % 18.8 % ____________________ (*)Principal plus UVA adjustment. Does not include interest. 164 Table of Contents (1)Includes, mainly, debt with retailers due to credit card operations, liabilities in connection with repurchase transactions, debt with domestic credit agencies and collections for third parties. The table above is prepared taking into account contractual maturity. Therefore, all financial assets and liabilities with no maturity date are included in the “Less than One Year” category. Banco Galicia must comply with a maximum limit set by its board of directors for liquidity mismatches. This limit has been established at -25% (minus 25%) for the ratio of cumulative gap to total liabilities within the first year. Banco Galicia complies with the established policy, since such gap was of 18.3% as of December 2024. ii) Banco Galicia Liquidity Management The following is a discussion of Banco Galicia’s liquidity management. Banco Galicia’s policy is to maintain a level of liquid assets that allows it to meet financial commitments at contractual maturity, take advantage of potential investment opportunities, and meet customer’s credit demand. To set the appropriate level, forecasts are made based on historical experience and on an analysis of possible scenarios. This enables management to project funding needs and alternative funding sources, as well as excess liquidity and placement strategies for such funds. As of December 31, 2025, Banco Galicia’s liquidity structure was as follows: December 31, 2025 (in millions of Pesos) Legal Requirement 7,680,740 Management Liquidity 6,102,318 Total Liquidity 13,783,058 Legal requirements correspond to the minimum cash requirements for Peso- and foreign currency-denominated assets and liabilities as per the rules and regulations of the BCRA. The assets that can be taken into account for compliance with this requirement are the balances of the Peso- and foreign currency-denominated deposit accounts at the BCRA, the liquidity bills and Bote 2027, and the escrow accounts held at the BCRA in favor of clearing houses. Management liquidity, defined as a percentage over deposits and other liabilities, is made up of the following items: balances of checking accounts held by the BCRA exceeding minimum cash requirements, Letes, LELIQ and placements held by the BCRA, overnight placements in banks abroad, net short-term interbank loans (call loans), technical cash and placements at the BCRA in excess of the amounts necessary to cover minimum cash requirements. B.4 Capital Our capital management policy is designed to ensure prudent levels of capital. The following table analyzes our capital resources as of the dates indicated. As of December 31, 2025 2024 2023 (in millions of Pesos, except ratios, multiples and percentages) Shareholders’ Equity attributable to GFG 7,759,336 7,954,698 5,778,451 Shareholders’ Equity attributable to GFG as a Percentage of Total Assets 16.99 18.60 19.74 Total Liabilities as a Multiple of Shareholders’ Equity attributable to GFG 4.89 4.38 4.06 Tangible Shareholders’ Equity (1) as a Percentage of Total Assets 16.16 17.67 18.53 ____________________ 1)Tangible shareholders’ equity represents shareholders’ equity minus intangible assets. 165 Table of Contents B.5 Capital Expenditures In the ordinary course of business, our capital expenditures are mainly related to fixed assets, construction and organizational and IT system development. Generally, our capital expenditures are not significant when compared to our total assets. C. Research and Development, Patents and Licences The company is not materially dependent on Research and Development, patents, or licenses. D. Trend Information See Item 5. “Operating and Financial Review and Prospects”-A.“Operating Results” – “Principal Trends”. E. Off-Balance Sheet Arrangements See Item 5. “Operating and Financial Review and Prospects”—A. “Operating Results”—“Off-Balance Sheet Arrangements” and “Contractual Obligations”.