This section contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, without limitation, those set forth in “Cautionary statement concerning forward- looking statements,” “Risk Factors,” and the matters set forth in this annual report in general. The following discussion is based on, and should be read in conjunction with, our audited consolidated financial statements and related notes contained elsewhere in this annual report and the other financial information appearing elsewhere in this annual report. A. Operating results Financial Presentation Our accompanying consolidated financial statements as of December 31, 2025 and 2024 have been prepared in accordance with the IFRS Accounting Standards as issued by the IASB. Additionally, our audited consolidated financial statements as of December 31, 2025 and 2024 and the corresponding figures for previous fiscal years and the financial information included in this annual report for all periods reported have been restated for the changes in the general purchasing power of our functional currency as established by IAS 29. As a result, those consolidated financial statements and selected financial information are stated in terms of the measuring unit current at the end of the reporting period (December 31, 2025). Due to the high inflationary level that has prevailed in Argentina in the recent past, our management has analyzed the conditions established by IAS 29 paragraph 3 for an economy to be considered as hyperinflationary. Based on such analysis, our management considers that there is evidence to determinate Argentina’s economy as ”hyperinflationary” under IAS 29 for accounting periods ending after July 1, 2018. See “—Risk factors—Risks Related to Argentina—High inflation levels could have adverse long-term consequences for the Argentine economy” and note 3 “Basis for the preparation of these consolidated Financial Statements and applicable accounting standards” to our audited consolidated financial statements as of December 31, 2025 and 2024. In this regard, according to the official data published by INDEC, the annual consumer price inflation rate was 31.5% in 2025, 117.8% in 2024, and 211.4% in 2023. 152 Table of Contents The table below presents a comparison of inflation rates published by INDEC, measured by the Wholesale Price Index (Índice de Precios Mayoristas) (“WPI”) and the CPI, for the fiscal years 2025, 2024, 2023, 2022, and 2021. For the Year Ended December 31, 2025 2024 2023 2022 2021 (in percentages or amounts as applicable) Price Indices (1) WPI 26.2 67.1 276.4 94.8 51.3 CPI 31.5 117.8 211.4 94.8 50.9 Adjustment Indices (2) CER 676.80 515.51 184.93 73.49 38.64 UVA(3) 1,707.79 1,300.85 463.40 185.32 97.51 (1) Data for December of each year as compared to December of the immediately preceding year. (2) Data for December 31 of each year. (3) UVA or Unidad de Valor Adquisitivo (Acquisition Value Unit). See “Introductory Note and Presentation of Financial and Other Information—Certain Defined Terms.” Macroeconomic Environment Year 2025 According to the IMF’s estimates, the global economy grew by 3.3% in 2025, a rate similar to the 3.3% recorded in 2024. Global inflation continued to moderate, decreasing from an annual average of 5.8% to 4.1%, moving further away from the peak of 8.6% observed in 2022. The United States recorded growth of 2.1%, while emerging countries expanded at an annual rate of 4.4% over the same period. The Eurozone grew by 1.4%, recovering from the initial impact of the war in Ukraine. Latin America grew by 2.4% in 2025. Brazil decelerated compared to 2024, recording growth of 2.5% for the year. The Mexican economy registered a weak performance, growing only 0.6% in a context of high uncertainty due to the back-and-forth on tariff policy with the United States, while Uruguay, Chile, and Colombia grew in line with the regional average. Inflationary pressures continued to decline. According to the IMF, this decrease in inflation is attributable to a weakening of global demand and low energy prices. The latter is explained by a 14.2% decline in oil prices in 2025. Meanwhile, interest rates in the United States continued to decrease in line with the Federal Reserve’s cuts to its policy rate from 4.50% in January 2025 to 3.75% by year-end. In 2026, there will be a renewal of U.S. authorities, and the interest rate is expected to continue declining toward the 3% annual range. Investment in artificial intelligence contributed strongly to global economic growth during 2025, especially in the United States and Asia. This was reflected in a strong performance of the technology sector, with the S&P tech index reaching a new high of 6,064 points, growing 20% compared to 2024. Nevertheless, doubts persist in the markets as to whether this behavior of financial assets is a bubble driven by AI advances or is justified by the positive impact it will have on productivity improvements. 153 Table of Contents In turn, 2025 was marked by extreme uncertainty caused in global trade by the aggressive tariff policy of the new Trump administration. During the first half of the year, the relationship with China escalated into an unprecedented tariff war, in which U.S. tariffs reached peaks of 125% before giving way to a tactical truce negotiated in May and ratified at the APEC (Asia-Pacific Economic Cooperation) summit in October. This dynamic not only affected the major powers but also accelerated the regionalization of supply chains (nearshoring) and forced emerging economies to recalibrate their export strategies in a world with higher trade barriers and constantly changing rules. Other countries sought bilateral agreements with the United States, negotiations for which continue to this day. Unemployment in developed countries remains at very low levels: the rate closed at 4.4% in the United States and 6.4% in the Eurozone. The IMF and other multilateral organizations forecast stable growth for 2026, similar to that of 2025, across most countries. The main risk is that geopolitical instability may end up affecting the global economy, in the form of a new shock to commodity prices or a reversal of capital flows. On the geopolitical front, 2025 was characterized by the persistence of conflicts that continue to strain global stability and markets, especially commodity markets. In Ukraine, the front entered a phase of stalemate, in a war of attrition heading into its fourth year. In parallel, instability in the Middle East kept the geopolitical risk premium elevated, adding volatility to oil prices. The 2025 electoral cycle produced results that reshaped the regional and global political map. In Latin America, presidential elections in Chile, Bolivia, Ecuador, and Honduras were decisive and evidenced a shift of electorates toward the center-right. The Chilean case stands out with the victory of candidate Kast. Globally, the early election in Germany following the collapse of the governing coalition and the elections in Canada reflected widespread social discontent over inflation and economic stagnation in developed countries. The Argentine Economy Following the significant fiscal and exchange rate adjustment of 2024, the economy entered a recovery path that was sustained in the first months of 2025. However, a combination of decisions and circumstances in both the political sphere and monetary and exchange rate policy introduced a degree of uncertainty that ultimately affected the pace of economic recovery during the second and third quarters of the year. Meanwhile, inflation stagnated at around 2% monthly despite the maintenance of the program’s inflationary anchors, namely the fiscal surplus and exchange rate policy. The official dollar exchange rate had closed 2024 at Ps.1,033. Starting in February, the Central Bank reduced the crawling peg rate from 2% monthly to 1%, a level closer to U.S. dollar inflation. At the same time, bank credit was growing rapidly, boosting aggregate demand in a context where the supply of goods and services remained insufficient. The summer brought the second-largest real appreciation since the exit from Convertibility, surpassed only by that of late 2015. Between December and March, the current account deficit of the Balance of Payments averaged U.S.$1.3 billion per month. Two-thirds of this was explained by outbound tourism. By mid-April, the Central Bank’s net reserves were negative by U.S.$11 billion. In April, the Central Bank eliminated most of the existing foreign exchange restrictions without major difficulties. However, facing a scenario of growing market distrust regarding whether the reserves target agreed with the IMF would be met, the Government signed a new agreement with the Fund under which it obtained an immediate disbursement of U.S.$12 billion and a commitment to disburse an additional U.S.$3 billion during the year. In exchange, the Central Bank replaced the rigid exchange rate scheme with a divergent band system with a floor of Ps.1,000 and a ceiling of Ps.1,400, adjustable by 1% per month. Within this range, the dollar would float freely, although the Central Bank reserved the right to intervene during periods of high volatility. In the first days of the band system, the dollar reached Ps.1,230, but with interest rates still high at around 33% annual nominal rate for the private Badlar, it subsequently tended to trade closer to the lower bound. The new scheme served to calm market sentiment. Country risk had reached a peak of 1,000 basis points and quickly returned to 750. Inflation, which had accelerated from 2.2% in January to 3.7% in March (also affected by rising beef prices), fell rapidly to 1.5% monthly in May, one of the lowest readings since 2017. The economy contracted 1.7% month-over-month in March, amid significant uncertainty ahead of the agreement, but rebounded 1.1% in April. 154 Table of Contents In early July, the market began to grow impatient given that neither the Treasury nor the Central Bank had managed to purchase dollars in the foreign exchange market, despite the harvest months having passed. This was compounded by increased interest rate volatility due to the decision to unwind the LEFIs, the fiscal letters that the Treasury had created to absorb Central Bank liabilities in July 2024. All of this caused the exchange rate to move again toward the ceiling of the bands, reaching Ps.1,351 by late July. The depreciation halted the disinflation process: according to INDEC’s CPI, prices accelerated from 1.6% monthly in July to 1.9% in August. Economic activity stagnated, with an average variation of -0.1% monthly between May and July. In early September, the ruling party lost the legislative elections in the Province of Buenos Aires by a margin of nearly 14 points, much larger than expected. The market interpreted the result as a preview of what could occur in the national elections in October. Country risk surged to nearly 1,500 basis points and Argentine equities fell 16%, measured at the “contado con liquidación” exchange rate. Expectations of a larger devaluation after October increased pressure on the Central Bank’s reserves. Faced with this scenario, the government tightened certain foreign exchange restrictions, causing the spread between the official exchange rate and the “contado con liquidación” rate to increase from 0.8% in July to 12.5% in September. At the end of that month, it temporarily eliminated export duties on agricultural products, with a cap of U.S.$7 billion in liquidations that was reached within a few days. The temporary reduction in export duties was not sufficient, and the Argentine government had to turn to its U.S. counterpart, obtaining a commitment from the United States for a financial rescue package that includes a swap line of U.S.$20 billion. Additionally, in the weeks leading up to the October legislative elections, the U.S. Treasury intervened directly in the Argentine market with the explicit objective of maintaining exchange rate stability and ensuring an adequate context for the legislative elections. The ruling party won decisively, obtaining 41% of the national vote compared to 34% for its main opposition. The remaining votes were distributed among provincial and moderate forces, which under certain reasonable conditions may support the reform agenda in Congress. The market reacted with euphoria: the Merval index gained 45% in a few days and country risk fell to 600 basis points. The economy suffered less from the volatility surrounding the October elections than from the IMF agreement in April. INDEC’s GDP estimator grew 1.4% between July and September, with a significant portion of the variation explained by financial intermediation. Inflation continued to accelerate to 2.5% monthly in November, again affected by rising beef prices. Revitalized by the electoral victory, in December the government submitted several bills to the new Congress. The most significant is the labor reform, which relaxes conditions for overtime and vacations, creates a new regime for delivery app workers, and establishes the Labor Assistance Fund (FAL), a mandatory capitalizable fund with monthly contributions of 3% of remuneration, intended for the payment of severance indemnities. To avoid increasing labor costs, it reduces contributions to SIPA (Integrated Argentine Pension System) by the same amount. With the aim of promoting formal employment, it also reduces employer contributions from 18% to 5% for employees without formal experience, among other measures, and cuts corporate income tax rates. The government maintained fiscal discipline during 2025. It accumulated a primary surplus of 1.4% of GDP and an overall fiscal surplus of 0.2%. The elimination of the PAIS tax and temporary reductions in export duties were offset by higher collection from social security contributions and the fuel tax, among other sources. The labor reform entails a fiscal cost of 0.8% of GDP, while the 2026 budget does not contemplate an expenditure adjustment to compensate for it. The Central Bank also eased exchange rate policy in December, announcing that the bands would be adjusted according to the CPI. It also published a base scenario in which it would purchase U.S.$10 billion in reserves during 2026, in line with the growth of the monetary base. The market received the announcements positively and country risk fell below 600 basis points, helping the government issue a dollar-denominated bond at rates of 9%. With maturities of U.S.$20 billion throughout 2026, regaining access to international markets is one of the priorities of the economic program. 155 Table of Contents The economy closed 2025 with annual inflation of 31.5%, the lowest since 2017. GDP grew by approximately 4.4%, but with 4.2 percentage points of statistical carryover from 2024 and a preponderance of the financial sector, agriculture, and extractive industries such as oil and gas or mining, while construction and manufacturing did not recover to the same extent. This heterogeneous growth was reflected in a sluggish labor market. According to SIPA, in the first nine months of 2025, 87,000 formal private sector wage-earning jobs were lost. The unemployment rate fell from 6.9% in the third quarter of 2024 to 6.6% in the same period of 2025, apparently due to the creation of 200,000 informal jobs. Recovering formal employment is another challenge for 2026. Year 2024 According to the IMF’s estimates, the global economy grew by 3.2% in 2024, a rate similar to the 3.3% recorded in 2023. Global inflation continued to moderate, decreasing from an annual average of 6.7% to 5.8%, moving away from the peak of 8.6% observed in 2022. The United States surprised with a 2.8% growth in 2024, while the Eurozone grew only 0.8%, still impacted by the weight of the war in Ukraine. Emerging countries expanded at an annual rate of 4.2%, a slightly lower pace than in 2023. Latin America grew by 2.4% in 2024, with better-than-expected performance from the Brazilian economy, which expanded by 3.5%. On the other hand, Mexico’s growth slowed from 3.2% to 1.5%, following a strong depreciation of the Peso after the June elections. Uruguay grew around 3.2%, recovering from the 2022/23 drought. The Chilean economy expanded by 2.5%, while Colombia experienced weak growth at 1.6%. Inflationary pressures that emerged during the Covid-19 pandemic began to dissipate between 2023 and 2024. Between mid- and late 2024, central banks began to ease the stringent monetary policies they had adopted to contain rising prices, without affecting stable growth rates in most cases. The United States Federal Reserve cut its monetary policy rate from a range of 5.25–5.50% in September to 4.25–4.50% in December 2024, signaling further cuts toward 3.75–4% by the end of 2025. The European Central Bank, concerned about further cooling of economic activity, began reducing its interest rate in June, lowering it from 4% in that month to 3% by the end of 2024. This relative economic stability contrasted with increasing geopolitical tension and highly polarized elections in some of the world’s most important countries. The war between Russia and Ukraine entered its third year, the conflict between Israel and Hamas escalated, involving Lebanon and Iran directly, and the Syrian government fell to a jihadist offensive, bringing even more uncertainty to the Middle East. China intensified its military exercises near Taiwan, raising fears of a potential invasion of the island. In November 2024, Donald Trump was elected president of the United States for the 2025–29 term, his second term after 2016–20. Trump won an election marked by discontent with the U.S. economy. Frustration with the new post-pandemic price levels is a phenomenon observed in many countries, despite similar or higher wage increases. During his campaign, Trump promised to implement an expansionary fiscal policy and a strongly protectionist trade policy, particularly regarding Chinese imports. This led to interest rate hikes, depreciation of currencies such as the Euro, the Mexican Peso, and the Brazilian real, and conditioned expectations of further monetary policy loosening in the United States. However, he appointed a fiscally-minded fund manager to the Treasury, which generated a positive reaction in the markets. The S&P 500 index rose 23.3% in 2024, reaching a new high of 5,881 points. The Nasdaq 100 index advanced 24.9%, reaching 21,012 points. For more information, see “Risks related to Argentina—The Argentine economy could be adversely affected by economic, political and geopolitical developments in other countries.” The Chinese economy is estimated to have grown by 4.8% in 2024, below the 5.2% growth rate of 2023. Furthermore, projections for the coming years indicate a continued deceleration. The inflation rate was 0.2% annually, unchanged from the previous year. In 2024, China recorded a fiscal deficit of 5.2% of GDP, while the current account posted a surplus of 1.6 percentage points of GDP. The Shanghai Composite stock index rose by 12.7% throughout the year. Other significant elections in 2024 included those in the United Kingdom, where the Labour Party returned to power after 14 years; in Mexico, where the MORENA coalition maintained control; and in India, where Narendra Modi was re-elected. The European Parliament elections showed a strong rise in parties critical of the Union, while liberal and social-democratic center proposals saw a decline. In Uruguay, the Frente Amplio returned to power after five years, although a referendum rejected the reform of the social security system. 156 Table of Contents Unemployment in developed countries remains very low: the rate stands at 4.1% in the United States and 6.3% in the Eurozone. The IMF and other multilateral organizations forecast stable growth for 2025, similar to that of 2024, across most countries, while inflation takes a secondary role. However, there are risks that geopolitical instability may adversely impact the global economy, potentially resulting in a new shock to commodity prices or escalating trade tensions and protectionism in the United States, Europe, and China. The Argentine Economy The Argentine economy contracted by approximately 2.4% in 2024, marking the second consecutive year of recession following a 1.6% contraction in 2023. This period was characterized by the significant exchange rate and fiscal adjustments initiated by the government of Javier Milei upon taking office in December 2023, leading to a sharp contraction of economic activity in the first quarter of the year and a slow recovery in subsequent quarters, facilitated by exchange rate stability and gradual inflation reduction. A 34% rebound in agricultural activity, following the 2022-23 drought, helped mitigate the decline in GDP. The “urban” recession was nearly 6%. On December 10, 2023, Javier Milei assumed the presidency amid an inflationary surge, with monthly double-digit inflation rates and a gap between the official exchange rate of the U.S. dollar and other exchange rates nearing 180%, a result of fiscal and monetary policies implemented by the previous government and the high electoral uncertainty. The economy finished the year with significant imbalances across all sectors. In fiscal terms, the primary and overall deficits reached 2.7% and 6% of GDP, respectively, due to a sharp increase in spending during the electoral campaign between August and November and the weakening of tax revenues stemming from declines in exports and economic activity. In monetary and exchange terms, negative international reserves and the Central Bank’s substantial indebtedness with the Financial System also reflected the severe deterioration of the economy, whose magnitude and solution became a central issue in the electoral proposals of the candidates and the uncertainty associated with the elections. Javier Milei assumed office with the mandate to stabilize the Argentine economy by eliminating inflation, reducing the role of the state, and deregulating the economy to integrate it into the global market. This initiative was reflected in several laws enacted throughout the year, primarily the Ley de Bases, the Fiscal Reform (Law No. 27,743), which accompanied it, and, given the government’s minority status in both Chambers of Congress, also in numerous Decrees of Necessity and Urgency, the most important of which was DNU 70/2023, issued in December 2023. Upon taking office, Milei’s economic team devalued the official exchange rate from Ps.366 to Ps.800 per U.S. dollar, bringing it closer to parallel exchange rates that exceeded Ps.1,000 per U.S. dollar. This narrowed the exchange rate gap from 180% to 25%, although the continued existence of exchange controls did not eliminate the gap. The Central Bank announced a 2% monthly devaluation target, with no specified end date, which remained in place throughout 2024. It also reduced the monetary policy interest rate from 133% to 100% nominal annual rate. From the Ministry of Economy, numerous price agreements on food, medications, and regulated services such as healthcare were deregulated. The result was an inflationary spike, with the monthly rate rising from 12.8% in November 2023 to 25.5% in December and 20.6% in January 2024. The annual inflation rate for 2023 closed at 211.4%, the highest figure since the end of hyperinflation in the early 1990s. By not immediately indexing pensions or public sector salaries, the inflationary acceleration allowed for a 35% real year-on-year reduction in primary expenditure during the first quarter of 2024. Initially, the largest savings came from reductions in pensions, social security benefits, and other social programs (-27%), as well as from public sector salaries (-20%). The government also froze public works (-87%) and drastically cut transfers to the provinces (-76%). Starting in April, pensions were indexed, but the full loss from the first quarter was not compensated. The focus of the adjustment remained on public works, provinces, and national universities, and the government began moving toward the elimination of energy and transportation subsidies, reducing spending in this area by 34% over the year. As a result, the primary deficit of 2023 was transformed into a primary surplus of 1.9% of GDP in 2024. With interest payments at 1.6% of GDP, the fiscal result was a surplus of 0.3% of GDP, the first positive balance since 2008. The gross public debt of the Federal Government reached U.S.$. 466,686 million by the end of 2024, compared to U.S.$. 370,673 million in December 2023. The majority of the increase was due to valuation adjustments caused by the appreciation of the exchange rate, which led to an increase in local currency debt expressed in U.S. dollars. A smaller portion of the increase was due to net operations. It is worth noting that there was a transfer of remunerated liabilities from the Central Bank to the Treasury, which contributed to improving the former’s balance and the latter’s cash position. We estimate that the gross debt at the end of the year represented 71.5% of GDP, while the net debt (excluding the public sector) was 39.5%. 157 Table of Contents The government also reduced the national public sector workforce by 37,000 employees and, as part of a broad state adjustment plan, promoted the privatization of several public companies, including Intercargo, Aguas y Saneamiento Argentinos (AySA), Energía Argentina (ENARSA), and Belgrano Cargas. However, the only privatization successfully completed was that of IMPSA S.A. The scheduled 2% monthly devaluation of the official exchange rate was maintained throughout 2024: the exchange rate rose from Ps.808 to Ps.1,032 per U.S. dollar, representing a variation of 27.7%. According to the authorities, the unification of the exchange markets was intended to occur through the gradual convergence of unofficial exchange rates with the official rate, without the need for another discrete devaluation of the latter, driven by a scarcity of Pesos in the market. After increasing to 50% in January, the gap decreased to 24.5% in April and rose again to 50.6% in June due to what was understood to be an overly aggressive reduction in the interest rate and some doubts regarding the program’s viability. The Central Bank did not change the devaluation pace of the official rate and announced that it would sterilize the Pesos issued from the purchase of the official exchange surplus by selling foreign currency in the unofficial exchange markets. This announcement, along with the influx of U.S. dollars generated by the tax amnesty in the second half of the year, helped control parallel exchange rates. The gap with the official rate fell to below 10% in some months and ultimately closed around 16% in December 2024. There were partial advances in the lifting of restrictions on foreign exchange trading for foreign trade, but the 20% liquidation requirement on export earnings through the “dollar blend” (contado con liquidación) was maintained, as were cross-restrictions on purchasing U.S. dollars in the official market and through the trading of bonds (dólar mep) and other controls. After the initial inflation spike, the monthly inflation rate dropped from 20.6% in January to 13.2% in February, 11% in March, and 8.8% in April. The severe recession and the exchange rate anchor, along with the change in expectations resulting from several months of fiscal surpluses, contributed to this initial decrease in inflation. However, between May and August, the monthly inflation rate remained around 4%, due to the difficulty in breaking inflationary inertia. In September, the reduction of the so-called PAIS tax on imported goods, along with other tariff and non-tariff barrier reductions, and the coordination of wage negotiations, allowed the inflation rate to break below 4%, reaching 3.5% in that month and 2.7% in October. Monthly inflation was 2.4% in November and 2.7% in December, closing the year with a total variation of 117.8%, lower than most private sector forecasts made at the beginning of 2024. The Central Bank consistently reduced its monetary policy interest rate throughout the year. Initially, the goal was to improve its balance by reducing its real remunerated liabilities, which fell from 8.9% of GDP in December 2023 to 6.5% in June, before being transferred to the National Treasury. In the same context, it substantially reduced its exposure to the sale options of Treasury bonds that were sold to the Financial System during the previous administration, both through the partial execution of these options and by an exchange agreement with financial institutions holding them. Within the framework of a policy aimed at improving the Central Bank’s financial situation, it reduced the policy interest rate from 133% to 100% nominal annual rate (TNA) in December 2023, and then from 100% to 40% between January and May 2024, with no impact on the foreign exchange markets. However, this last reduction left the effective monthly rate at 3.3%, below the monthly inflation rate of around 4%, which impacted the unofficial exchange rates. Since then, the objective of monetary policy shifted from reducing remunerated liabilities to maintaining a neutral rate relative to monthly inflation. As a result, the Central Bank kept the rate at 40% until November, when, due to the decrease in inflation, it reduced it to 35% TNA, and then to 32% in December, with an effective monthly rate of 2.7%, in line with inflation. The rate cuts also aimed to stimulate credit to the private sector as a means of reactivating the economy and consumption, considering the sharp decline in real wages. 158 Table of Contents According to the INDEC index, formal private sector wages fell by 14% in real terms during the first quarter of 2024, the largest drop in such a short period since the 2001-02 crisis. The decline was even greater—24% in real terms—when considering the RIPTE index from the Ministry of Labor, which does not account for bonuses and other non-wage components. From that low point, wages began to recover slowly. By the third quarter, the INDEC index was 16% above the summer months, but still 11% below the same period in 2023. The recovery was primarily observed in the formal private sector. By the third quarter of 2024, public sector wages were still 22% below their real level from a year earlier, a decline twice as large as that of the private sector. GDP contracted by 5.2% year-on-year in the first quarter and 1.7% in the second. However, the decline between April and June was tempered by an 81.2% growth in agricultural activity. The high growth rates in the agricultural sector were due to the comparison with 2023, when activity was very low due to the drought. The rest of the economy contracted by 7.2% in the second quarter. The recession was particularly felt in the construction (-18.8%), manufacturing (-11.3%), and commerce and transport (-9.6%) sectors, which are also the main employers. The unemployment rate rose from 5.7% in the third quarter of 2023 to 6.9% in the same period of 2024. According to the statistics from the social security system (SIPA), 122,600 formal private sector jobs were lost in the first half of the year. In the third quarter of 2024, the economy grew by 3.9% compared to the second, although it was still 2.1% below the same period in 2023. Besides exchange rate stability and the slow recovery of real wages, some sectors like extractive industries, primarily oil and gas but also mining, showed accelerated growth rates (+7.4%). In mass consumption, the outlook remained negative, with year-on-year declines in supermarket sales (-17.8%) and shopping malls (-7.8%). It is estimated that the economy as a whole contracted by 2.4% in 2024, with much larger declines in urban centers, where the drop approached 6%. By the end of the year, the outlook appears more favorable as the most acute phase of fiscal and exchange rate adjustment has already passed. Disinflation and the prospects of emerging from the crisis allowed the government of Javier Milei to maintain very high approval ratings during its first year, despite the sharp fall in real incomes during the first quarter. According to the government confidence index from the Universidad Di Tella, in December, 53.2% of respondents had a favorable view, a figure higher than any other president at this point in their term since the survey began in 2002. The consumer confidence index also stood at 46%, recovering from the low of 35.6% in January 2024. Year 2023 According to IMF estimates, the world economy grew 3 % in 2023, following a 3.5 % expansion in 2022. Headline inflation moderated from 8.7% to 6.9% and is expected to fall further to 5.8% in 2024. In the United States and the Euro zone, the inflation was around 3% (2.9% in Europe and 3.4% in the United States), moving closer to the central banks’ target after two years of above-normal records. This disinflation without recession was the result of the normalization of international trade after the Covid-19 pandemic, greater stability in commodity prices, and the continuity of the contractionary monetary policy that most central banks undertook in 2022. The sharp rise in interest rates had less impact on activity than expected, but contributed to the failure of four United States banks between March and July, an episode that brought echoes of the 2008 financial crisis, although it was contained through the intervention of the Federal Reserve and the deposit guarantee scheme (FDIC). 2023 was also marked by increasing geopolitical tension. The Russia-Ukraine war entered its second year; the Hamas terrorist attack on Israel in October escalated the conflict in the Middle East; and China raised its militaristic rhetoric regarding Taiwan. Many United States companies are relocating from China to countries such as Mexico, which share low labor costs but are politically aligned with the West, a phenomenon that has been given the name “nearshoring.” These tensions threaten to spill over into the global economy in the form of new disruptions to value chains and inflationary shocks to commodity prices, especially oil. As a consequence of the ongoing conflict between Israel and Hamas, which already involved several jurisdictions (given that Israel has received attacks from Hezbollah cells spread across the region -which in many cases it responded to-), on, April 13, 2024, Iran launched an unprecedented attack on Israel in a new escalation of the violent situation in the Middle East. Iran’s offensive is in retaliation for an Israeli attack on its consulate in Damascus, Syria, which resulted in the death of an Iranian military commander. This attack signals the beginning of an open conflict between two nations, and it cannot be assured that there will be no other countries involved. As of the date of this annual report, the conflict is ongoing, and the potential consequences of a broader regional escalation remain uncertain. 159 Table of Contents According to NASA, 2023 was the hottest year on record, influenced by the “El Niño” phenomenon. Climate change continues to gain place in the public, political and also business agenda, with the issuance of ESG bonds, or sustainability-related bonds, in the order of U.S.$800 billion per year in 2023 and 2022. Within the developed countries, the United States led in terms of growth with GDP expansion estimated at 2.6% for 2023. The Euro zone grew 0.7%, well below the 3.3% of the previous year, with the impact of the war in Ukraine. Emerging countries grew at a stable rate of 4%. Growth in China accelerated from 3% to 5%, thanks to the elimination of the strict sanitary controls applied during the pandemic, although the real estate sector is still in crisis and many developers went bankrupt. The Chinese boom was offset by the slowdown in India, which went from growing 7.2% in 2022 to 6.3% in 2023, and in Latin America, which failed to sustain the 4.1% pace of the previous year and grew 2.3% according to International Monetary Fund estimates. After raising the Fed Funds rate from 0-0.25% to 4.25-4.5% in 2022, the Federal Reserve raised it another 100 basis points between January and July 2023 to the 5.25-5.50% range, maintaining it at that level thereafter. The European Central Bank, which had raised the rate from 0% to 2.5% the previous year, raised it to 4% in September 2023. With inflation falling, policy rate cuts of between 50 and 150 basis points are expected in 2024, although without returning to the near 0% rates of the previous decade. International stock markets recovered from the sharp declines of the previous year. The S&P 500 index, which had fallen 19% in 2022, rebounded 24 % in 2023. The Euro Stoxx index was down 12% and is now up 19%. The yield on 10-year US Treasury bonds showed a lot of volatility, climbing from 3.9% in January to a peak of almost 5% in October, but closed the year at 3.8%. The cryptocurrency Bitcoin, which had lost 64 % of its value in 2022, rebounded 157 % in 2023, ending the year at U.S.$42,505. Unemployment is at historic lows in developed countries: the rate is 3.7% for the United States and 6.4% in the Eurozone. Most forecasts agree that economic growth in 2024 will be similar or slightly lower than in 2023. The battle against inflation is entering its final stage. However, the risk of a new geopolitical shock in 2024, stemming from the aforementioned conflicts in Europe, the Middle East and Asia or from the US presidential elections in November, cannot be minimized. The Argentine Economy After growing by almost 5% in 2022, the Argentine economy contracted by 1.6% in 2023, hit hard by the drought in the core region during the first half of the year and the instability associated with the presidential elections in the second half of the year. Agricultural activity plunged by more than 20%, which illustrates the severity of the drought, comparable to those of 2009 or 2018. It also shows the resilience of the other sectors, which grew 0.4% as a whole despite high inflation, exchange rate volatility and the lack of inputs in many items as a result of import restrictions. The three-stage presidential election, with primaries on August 13, a first round on October 22 and a second round on November 19, had a profound impact on the economy. The candidate of the ruling party was the former Minister of Economy Sergio Massa. In the second half of the year, the minister and candidate decided to delay the scheduled adjustments in utility tariffs and the official exchange rate, a decision that deepened the fiscal, external and relative price imbalances of the Argentine economy. In turn, the opposition candidate Javier Milei, winner of the primaries and elected president in the second round, made as a campaign proposal the dollarization of the economy and the closing of the central bank, a discourse that exacerbated the exchange rate volatility, although he moderated these proposals in view of the second round. The Central Bank’s strategy regarding the official exchange rate varied throughout the year. Until the August primaries, the Central Bank increased the official exchange rate at an average rate of 6.6% per month, taking it from $177.13 at the end of 2022 to $287.29 on August 11, 2023. This devaluation, lower than the accumulated inflation in the period, led to a loss of exchange competitiveness, aggravated by the shortage of foreign currency due to the drought. After the primaries, the Central Bank allowed a discreet 22% jump in the official exchange rate to $ 350 per U.S. dollar, fixing this value for three months as an anti-inflationary strategy. However, the devaluation proved insufficient to balance the exchange market and in the last quarter the Central Bank had to strongly restrict foreign trade, so that import payments fell to the lowest levels since the 2020 quarantine. As of November 15, the Central Bank began to raise the official exchange rate at a rate of 4.6% per month. After the change of government, on December 13, the incoming administration raised official exchange rate from $366.50 to $800.00, a discrete jump of 118%, and announced that from then on it would run at a rate of 2% per month. This decision allowed compressing the gap with the blue chip rate to 20% at the end of December, the lowest level in four years, after having hovered around 113% throughout the year and reached peaks of 181% after the second round. 160 Table of Contents Year-on-year inflation doubled from 94.8% in 2022 to 211.4% in 2023, with successive accelerations in line with jumps in the official or parallel exchange rates. The monthly rate first climbed from 5.1% in December 2022 to 8.4% in April 2023, driven by a jump in the blue chip rate from $ 368.12 to $ 472.64 in a few weeks and expectations of a further devaluation of the official exchange rate from the drought. However, in June and July the monthly rate moderated to 6% and 6.3%, respectively. The exchange rate jump that followed the defeat of the ruling party in the August primaries accelerated monthly inflation to 12.4%, surpassing the April 2002 record and marking a new maximum since 1991. In September a similar inflation was measured, but the fixing of the official dollar and the freezing of utility and fuel rates managed to lower the monthly record to 8.3% in October. In November it rose again to 12.8% and after the 118% devaluation and the liberalization of several regulated prices, monthly inflation climbed to 25.5% in December 2023. The variation of the core index was even higher, 28.3% monthly, and the price of food and beverages increased 29.7% in the last month of the year. Despite these difficulties, the Argentine economy grew at an annual rate of 1.4% in the first quarter of 2023. In the second quarter it fell 5% as a result of the drought: the agricultural component of GDP was 40.1% below the same period of 2022, while the rest of the economy fell 0.7%. In the third quarter, GDP contracted by 0.8% and in the last quarter it grew by about 1.3%, due to the low base of comparison with the end of 2022, when the drought was already affecting the wheat harvest. The impact of the drought, caused by the “La Niña” weather phenomenon, reduced the soybean harvest from 43.3 M tons in 2022 to 21 M tons in 2023, corn from 52 M tons to 34 M tons, and wheat from 22.4 M tons in the 2021/22 season to 12.2 M tons in the 2022/23 season. The loss of exports is estimated at U.S.$20 MM. The collection of export duties by the national government dropped from 1.8% to 0.6% of GDP, aggravating the fiscal crisis. This drought, among the most severe of the 21st Century, also had ramifications on the transportation and food industries and the regional economies of the core zone. As a result, exports fell 24.7% in U.S. dollar terms and totaled U.S.$66.6 billion during the year. At the same time, imports fell 8.9%, totaling U.S.$74.2 million. The SIRA system implemented in October 2022, which made import approvals more discretionary, was in place for practically all of 2023. Thanks to the drop in international prices and the completion of the Néstor Kirchner Gas Pipeline, the energy deficit was reduced from U.S.$4.4 billion in 2022 to U.S.$0.5 billion in 2023. The Central Bank lost practically half of its gross reserves, from U.S.$44.6 billion in December 2022 to U.S.$23.1 billion at the end of 2023. Although it agreed with the International Monetary Fund an advance of funds for U.S.$7.3 billion in August, net payments to the organization amounted to U.S.$0.9 billion. The drought and the government’s policies led to a breach of the fiscal and exchange rate targets agreed in 2022 and, at the end of December, the agreement with the IMF was virtually collapsed while awaiting a negotiation with the new government. Until December, the Central Bank had to sell U.S.$1.6 billion in the foreign exchange market and intervened with U.S.$9.6 billion in the bond and futures market. Extractive industries, which include mining and hydrocarbon exploitation, grew around 7.4% in 2023, standing out as the best performing sector based on favorable international prices and both public and private investment. They were followed by hotels and restaurants (+5.8%), which continued to enjoy the post-pandemic boom, and construction (+1.6%). Retail trade managed to grow 1 % for the year despite the deterioration of real wages, while manufacturing industry contracted 0.8 %. Transportation and communications (-1.2%) and financial intermediation (-2.3%) were other sectors that lost weight in the economy in 2023. The drop in the level of activity did not translate into higher unemployment. The unemployment rate fell from 6.3% in the fourth quarter of 2022 to 7.1% in the third quarter of 2023, although it will probably have returned to the 5.7% zone in the last quarter of 2023. Registered private employment grew in monthly terms through September. However, the informality rate rose to 37%, reaching the highest levels since 2007. Growing informalization was one of the main problems in the labor market, together with the fall in real wages. Although the purchasing power of informal workers’ wages fell the most, the purchasing power of dependent workers fell by around 2% according to the SIPA (Sistema Integrado Previsional Argentino) index of the Ministry of Labor. 161 Table of Contents As regards the fiscal accounts, in the first half of the year the government showed a willingness to reduce public spending by adjusting public service tariffs and reducing spending in real terms on pensions and social programs. Tax policy was erratic: in July the tax base of the PAÍS tax on the purchase of foreign currency was broadened, raising 0.4% of GDP in a few months by charging on freight, imports of services and non-essential goods. But in September a VAT refund program was implemented which lasted until the end of the year and in October Congress raised the minimum non-taxable income tax for individuals from 6 to 15 minimum salaries. The fiscal cost of both measures was 0.3% of GDP for the national government, in addition to taking resources away from the provinces as these are co-participable taxes. In short, and notwithstanding the reduction in inflation-adjusted spending, the 2023 primary deficit closed at around 2.6% of GDP, similar to that of 2022 but with the help of the revenues from the 5G frequencies bidding and the advance payment of taxes to be collected in 2024. After interest payments, the fiscal deficit amounted to 4.7% of GDP. Money market and Argentine financial system Information presented in this section has been prepared in accordance with economic indicators and historical information of the financial system, as published by the Central Bank of Argentina or INDEC and therefore has not been adjusted for inflation. Year 2025 In 2025, the Monetary Base grew 44.5% from peak to peak, or 13.6% in real terms, accompanying the recovery in money demand that began in 2024. The base increased from Ps.29.7 trillion to Ps.42.9 trillion. This Ps.13.2 trillion increase was largely driven by the reduction of remunerated liabilities of approximately Ps.6.5 trillion and the transfer of Central Bank profits to the Treasury of approximately Ps.12 trillion, which were partially offset by foreign currency sales and other operations with the National Treasury. The monetary aggregate M2 grew 34.3% during 2025, rising from Ps.63 trillion to Ps.84.6 trillion. In April, the Central Bank proceeded with the elimination of most foreign exchange restrictions for individuals and implemented a new floating band regime within the framework of a new agreement with the IMF. Later, in July, the Central Bank decided to unwind the LEFI scheme, which had been the instrument used to replace the former LELIQs and other remunerated liabilities of the monetary authority that served to control monetary expansion and daily bank liquidity. Banks were required to replace their holdings of these instruments with short-term Treasury securities such as LECAPS, secured loans (cauciones), and repos, which complicated daily liquidity management and caused significant volatility in interest rates. At the same time, the Central Bank stopped setting a monetary policy rate. Interest rates became largely endogenous and dependent on money market dynamics. A significant portion of monetary policy shifted to the Treasury, as it influenced rates and the money supply through its biweekly debt auctions. Finally, the Central Bank began operating in the simultaneous repo market, which established a floor for interest rates and marked the reappearance of remunerated liabilities. On the other hand, due to uncertainty during the pre-electoral period, when the exchange rate remained under strong pressure and the Central Bank and Treasury were forced to sell foreign currency to keep the exchange rate within the floating band, the Central Bank implemented a tightening of monetary policy as a strategy to avoid depreciation. As a result, reserve requirements were raised and the calculation of minimum cash reserve integration in Pesos was modified to make it more stringent. This caused periods of stress in interest rates, which rose to very high levels and exhibited marked volatility. Once the electoral period had passed, the Peso market began to normalize, and interest rates returned to levels more aligned with inflation. The average TAMAR rate in December was 31.4%, compared to 35.2% a year earlier and more than 50% recorded during the pre-electoral period. The Argentine financial system began 2025 continuing the strong remonetization process that had started in 2024, driven by the reactivation of economic activity. This process of growth in money demand and credit was reflected in year-over-year increases in total deposits that were above 20% in real terms on average during the period from February to July. From that point on, the remonetization process was interrupted by the electoral process and increased uncertainty. Real deposit balances fell between July and November and only recovered in December, once the elections had passed. 162 Table of Contents In real terms, private sector deposits in Pesos grew 7% between December 2024 and the same month of 2025. However, on an annual average basis, they remained 18.7% below 2023, suggesting that there is still room for remonetization. Total Peso deposits ended the year at Ps.133 trillion, with Ps.104 trillion in private sector hands. This represented 13.4% and 10.2% of GDP in the last quarter of 2025, respectively. At the end of 2024, these figures were 12.8% and 9.7% of GDP, respectively. The U.S. dollar segment also performed well. After the strong increase in 2024, driven by the asset regularization regime, U.S. dollar deposits declined but recovered again starting in April, once restrictions on foreign currency purchases for individuals were eliminated. Private U.S. dollar deposits increased 17.5% between December 2024 and December 2025, reaching U.S.$37 billion, the highest nominal level in the last 20 years. Disinflation and fiscal balance, which reduced public sector financing needs, led to strong growth in private credit. Peso loans grew 31.5% in real terms between December 2024 and December 2025, reaching Ps.90 trillion, despite the slowdown experienced in the second half of the year caused by rising interest rates and electoral uncertainty. Over the same period, U.S. dollar loans grew 88.9%, reaching U.S.$18.7 billion, the highest level since the exit from Convertibility, driven by increased bank liquidity in foreign currency. In the fourth quarter, total credit to the private sector reached 11.5% of GDP, the highest level since 2019. Secured loans had the highest growth at 95% in real terms, followed by consumer loans with 31%. In this context of private credit expansion and fiscal adjustment in the public sector, banks managed to reduce their exposure to the public sector. The share of Treasury bonds and Central Bank instruments in bank assets decreased from 36% in December 2024 to 27.8% in October. The deceleration of inflation, together with wage stagnation and rising interest rates, caused delinquency to increase during 2025. In October, portfolio irregularity reached 7.8% for household loans, compared to 2.5% a year earlier, while for corporate loans it remains at low levels, reaching 1.9%, compared to 0.7% in October 2024. Following the ruling party’s decisive victory in the 2025 midterm elections, Argentina’s political and economic landscape is poised to undergo a drastic paradigm shift. The electoral result has been interpreted as not only consolidating the rejection of populist policies but also granting the Government a mandate for governance and reforms, together with the largest minority bloc in Congress to carry it forward. This new political configuration allows the economic team to transition from a defensive stabilization phase to an offensive phase of structural reforms, with a focus on the definitive normalization of macroeconomic conditions. Unlike 2025, when the absolute priority was rapid disinflation, in 2026 the Government has begun to weigh objectives of reserve accumulation and recovery of economic activity levels. In this regard, a transition toward a more flexible exchange rate regime is expected. While the band system is projected to be maintained, the recent recalibration that adjusts the pace of depreciation to past inflation seeks to provide the Central Bank with greater capacity to purchase foreign currency at the cost of weakening the exchange rate anchor in an economy that still retains a strong propensity to use the dollar as a unit of account and store of value, which requires fiscal and monetary policies to play an even more important anti-inflationary role than before. The ambitious program to purchase U.S.$10 billion annually initiated in January 2026 will be the key variable to monitor, as net reserves remain under stress. Another milestone expected in 2026 is the return to international debt markets, in a context where country risk compressed below 600 basis points following the October 2025 legislative mid-term elections and is expected to reach the 450 basis point range if the reserve purchase plan is consolidated. Additionally, the complete removal of foreign exchange controls remains a major pending issue. The disinflation process is expected to continue, although at a more gradual pace given the prioritization of reserve accumulation and the absence of a nominal anchor as clear as exchange rate policy has been in the previous period. Regarding economic activity, after months of stagnation in 2025, we expect the Argentine economy to begin a more solid recovery in early 2026. Projected growth is 3.5% for this year and will be led by strategic sectors such as agriculture, mining, hydrocarbons, and the financial sector, together with a rebound in construction thanks to a more competitive exchange rate and the return of public works. Credit is expected to serve as a major driver of growth. 163 Table of Contents The commitment to “zero deficit” will remain unchanged. After achieving financial surplus in 2025 and 2024, we estimate that 2026 will again close with balanced accounts. The fiscal strategy for this year contemplates the challenge of continuing to reduce taxes despite increases in social spending and public works. To achieve this, higher tax collection linked to economic activity and labor formalization will be necessary. If there is fiscal room, we expect progress on the reduction of distortionary taxes, such as export duties and the financial transactions tax. On the legislative front, the Government will leverage its new parliamentary weight to accelerate labor and tax reforms. These changes are considered essential to boost formal job creation and attract foreign investment. Year 2024 In 2024, the Monetary Base grew by 209% from peak to peak, nearly double the annual inflation rate, signaling a strong recovery in money demand following the collapse of 2023. The base increased from $9.6 trillion to $29.7 trillion. This $20.1 trillion increase was largely driven by interest payments of $11 trillion concentrated in the first half of the year, the purchase of foreign currency amounting to $1.9 trillion, and other factors totaling $7.2 trillion. In turn, the Central Bank contracted the base through operations with the National Treasury amounting to $12 trillion and the issuance of Fiscal Bills (LEFIS) worth $8.9 trillion. This contraction was part of a strategy to transfer the Central Bank’s remunerated liabilities—first, LELIQs and later, repos—onto the National Treasury. The Central Bank stopped renewing these instruments upon maturity and allowed the Treasury to absorb them via the issuance of Capitalizable Bills (LECAPS) and the mentioned LEFIS. Through this operation, the government sought to eliminate a source of monetary issuance. However, in the second half of the year, as private credit reactivated, banks started unwinding their LEFIS positions to obtain liquidity for loans, another source of monetary expansion. Monetary aggregates like M2 grew by 121% in 2024, rising from $28.8 trillion to $63.6 trillion. In July, the Central Bank also announced that it would intervene in unofficial exchange rates, using U.S. dollars it had purchased in the official market to sterilize the monetary emission from this route. Initially, this announcement was seen as a way to intervene and reduce the exchange rate gap, which had reached 50%. Despite the announcement, the government never clarified the intervention criteria, and it remained a discretionary and occasional tool to reduce the gap. Another form of intervention in unofficial currency markets was the “blend dollar,” through which exporters must liquidate 20% of their foreign currency in the so-called “contado con liquidación” market, increasing supply in this market. In March, the Central Bank eliminated minimum rates for fixed-term deposits in anticipation of reduced inflation and in line with increased private sector credit supply derived from a lower public debt holding. The private BADLAR rate in Pesos started the year at 110% TNA and ended at 32%, following successive interest rate cuts by the monetary policy. The Argentine financial system began the year with a significant decline in its activity relative to GDP due to the severe erosion of deposits in the first quarter, but by December 2024, it had recovered the levels from late 2023. The tax amnesty in the third and fourth quarters, with highly favorable conditions for depositors, contributed to the growth of U.S. dollar deposits. Total deposits ended the year at $131 trillion Pesos, with $107 trillion in private hands, representing 19% and 15% of GDP, respectively, in the last quarter of 2024. At the end of 2023, these figures were 16% and 13% of GDP. In real terms, private sector deposits in Pesos grew by 4.4% from December 2023 to December 2024. However, on an annual average basis, they remained 28.9% below 2023. It was not until October that the effective monthly rates on private fixed-term deposits aligned with or exceeded inflation. Private U.S. dollar deposits increased by 120% from December 2023 to December 2024, and 45% on average throughout the year, reaching a monthly average of U.S.$32 billion by December. The asset regularization regime, within the framework of law 27,743 on fiscal and relief measures, allowed the legalization of up to U.S.$100,000 without cost, with a 5% rate on amounts above that threshold until the end of October 2024, conditions more attractive than the 2017 amnesty. Disinflation and fiscal balance, which reduced public sector financing needs, led to strong growth in private credit. Loans grew by 59% in real terms between December 2023 and December 2024, reaching $61 trillion Pesos. In the fourth quarter, private credit reached 8.5% of GDP, the highest level since 2021. Credit in Pesos increased by 51%, while credit in U.S. dollars expanded by 111%. By category, personal loans had the highest growth at 130%, followed by car loans with 48%. 164 Table of Contents In this context of private credit expansion and fiscal adjustment in the state, banks managed to reduce their exposure to the public sector. The share of Treasury bonds and Central Bank instruments in bank assets decreased from 51% in April 2024 to 38% in November. Despite the severe recession in the first quarter, delinquency did not increase significantly, reaching around 1.4% for Peso and U.S. dollar loans in private banks by November, compared to 1.5% at the end of 2023. This behavior can be explained by the presence of negative real interest rates and the low level of private sector debt at the beginning of the year. Year 2023 The monetary base grew by 85% in 2023 measured end-to-end, i.e. less than half that of prices. This reveals that there was a notable drop in the demand for money. The monetary base went from 5.2 trillion to 9.6 trillion Pesos. Of the 4.4 trillion increase, the main factors were interest payments on Central Bank debt of 16 trillion Pesos and purchases of government securities and exchange rate-adjusted bills issued by the Treasury in both the primary and secondary markets for more than 5 trillion Pesos. This was offset by the issuance of debt instruments placed in the banking system for more than 16 trillion Pesos. Net purchases of foreign exchange totaled only U.S.$480 billion, while the Central Bank assisted the Treasury with $1.7 billion in profit sharing and temporary advances. On the other hand, the National Government deposits at the Central Bank during the year amounted to more than 3 trillion, basically as a result of the securities auctions in December. The monetary policy rate defined as the yield on LELIQS (28-day bonds) started the year at 75 % (TNA) and gradually increased to 133 %, implying an effective yield of 254 %. With the new government, the definition of the monetary policy rate was changed to the TNA of the 1-day passive bonds. The central bank stopped issuing LELIQS and all the liquidity of the banks was concentrated in passive liabilities. The new rate for deposits became 100% per annum. At the same time, the Central Bank set a minimum rate for retail fixed term deposits of 110%. This was a big change with respect to the past since the BADLAR rate (sample of fixed term deposits of more than one million Pesos) was always below the policy rate. This reduces the incentive for banks to take fixed term deposits and, at the same time, since the interest rate is lower than projected inflation by a wide margin, depositors shifted their deposits to inflation-adjustable fixed term deposits that banks are obliged to take. Simultaneously, the Central Bank extended the minimum term of adjustable deposits to six months and limited them to $ 5 million per customer. The Central Bank’s liabilities ended the year at 2.4 trillion Pesos, an increase of 179 % with respect to the end of 2022. If we take all interest-bearing liabilities including the remainder of LELIQS and exchange rate adjusted instruments, total interest-bearing liabilities reached 2.8 trillion Pesos. Taking the last quarter of the year, Central Bank instruments represented 9% of GDP, exactly the same as at the end of 2022. Their relative importance will most likely decline during 2024. At the end of 2023, the Central Bank’s interest-bearing liabilities were equivalent to three monetary bases. The Argentine financial system had a new fall in terms of GDP as a result of interest rates that at almost no time during the year compensated the loss due to inflation. Total deposits reached 46 trillion Pesos at the end of 2023, of which more than 38 trillion Pesos corresponded to the private sector. This represented 16 and 14% of GDP in the last quarter of the year. At the end of 2022 those numbers were 18.4 and 15.4 % of GDP. In real terms, average private deposits in December 2023 were 30% lower than in December 2022. A good part of this drop occurred in December when the Central Bank decided to reduce interest rates at the same time that the adjustment of some relative prices caused inflation to rise. In the previous months, when it was clear that devaluation was inevitable, the Central Bank authorized exchange rate-adjusted deposits for companies with pending import payments. At the same time, it allowed banks to buy Central Bank securities with the same qualities. Once the devaluation materialized, the market began to get rid of these instruments. In terms of loans, a similar trend was verified. Loans to the private sector fell from 6.6 % of GDP in the last quarter of 2022 to 5.7 % of GDP in the last quarter of 2023, marking a new decline. In real terms, the private sector reduced its debt with the financial system by 25%, as a consequence of the fall in economic activity, a certain tendency towards self-financing and the acceleration of inflation, which reduced medium and long-term loans in the consumer and corporate segment. 165 Table of Contents On the other hand, and in view of the minimum interest rates established by the Central Bank for time deposits and the fall in the demand for credit, especially from private sector companies, banks sought to channel their surpluses to debt instruments issued by the Central Bank and/or the Treasury. The former because of the liquidity they provide, as is the case of the Pases and LELIQS, and the latter because it allows them to maintain their purchasing power by adjusting for inflation or the exchange rate, gives them the possibility of acquiring put options on these securities and, thirdly, because part of them could be used to constitute part of the legal reserve. In fact, the banks kept in the Central Bank’s current account about 5% of the deposits. Thus, more than half of the banks’ lending capacity ended up invested in highly liquid public sector instruments. Selected Financial Data The following tables present summary consolidated financial data for each of the periods indicated. You should read this information in conjunction with our audited consolidated financial statements and related notes included in this annual report. Statement of Financial Position Data As of December 31, 2025 2024(1) 2023(1)(2) (in thousands of Pesos) ASSETS Cash and Deposits in Banks 4,344,460,177 3,539,501,670 3,446,479,254 Investments in Debt Securities and Equity Instruments 5,437,140,039 5,232,461,518 6,262,883,642 Derivative Financial Instruments 7,946,097 25,367,561 37,650,915 Repo Transactions 181,151,259 1,763,430,242 Loans and other financing 10,708,315,023 7,632,012,907 5,252,794,426 Other Financial Assets 1,063,707,873 1,046,126,894 957,574,815 Current Income Tax Assets 110,903,357 2,514,507 Investment in associates and joint ventures 6,167,545 6,053,636 4,827,258 Property, Plant and Equipment 1,043,087,188 1,036,989,693 1,022,072,255 Intangible Assets 182,853,977 194,002,732 215,337,800 Deferred Income Tax Assets 23,098,217 2,962,378 2,851,892 Other Non-financial Assets 147,380,528 138,471,625 156,933,120 Non-current assets held for sale 94,116,084 99,751,258 119,997,006 TOTAL ASSETS 23,239,424,007 19,064,605,229 19,245,347,132 Average Assets 20,502,581,307 17,792,873,982 19,415,336,300 LIABILITIES Deposits 13,690,637,774 11,079,965,200 9,654,571,652 Liabilities at fair value through profit or loss 14,716,259 9,449,740 39,605,196 Derivative Financial Instruments 498,729 1,738,552 8,129,541 Repo Transactions 24,937,296 67,609,627 Other Financial Liabilities 1,788,639,060 1,357,419,552 1,072,789,671 Financing received from the BCRA and other financial institutions 153,243,154 57,187,788 56,717,302 Corporate Bonds 1,345,616,741 568,902,621 1,108,883,907 Current Income Tax Liabilities 304,656,436 24,971,864 612,703,429 Provisions 71,760,117 22,511,020 25,246,009 Deferred Income Tax Liabilities 1,176,539 105,429,920 130,100,790 Other Non-financial Liabilities 633,932,844 483,429,463 628,721,141 TOTAL LIABILITIES 18,004,877,653 13,735,943,016 13,405,078,265 166 Table of Contents As of December 31, 2025 2024(1) 2023(1)(2) SHAREHOLDERS’ EQUITY Net Shareholders’ Equity attributable to controlling interests 5,231,519,979 5,326,518,604 5,838,934,264 Net Shareholders’ Equity attributable to non-controlling interests 3,026,375 2,143,609 1,334,603 TOTAL SHAREHOLDERS’ EQUITY 5,234,546,354 5,328,662,213 5,840,268,867 Average Shareholders’ Equity 5,220,133,149 5,334,906,673 5,109,508,815 Notes:- (1) Figures adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures modified due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. Statement of Income Data For the year ended December 31, 2025 2024(1) 2023(1)(2) (in thousands of Pesos, except for number of shares, net income per share and dividends per share) Interest Income 5,005,505,482 4,637,402,945 7,007,895,737 Interest Expense (1,930,459,257 ) (2,508,660,787 ) (4,644,460,355 ) Net Interest Income 3,075,046,225 2,128,742,158 2,363,435,382 Commissions income 878,277,036 743,383,247 703,881,320 Commissions expense (110,895,565 ) (104,167,627 ) (71,455,585 ) Net Commissions income 767,381,471 639,215,620 632,425,735 Subtotal (Net Interests income plus Net Commissions income) 3,842,427,696 2,767,957,778 2,995,861,117 Net gain from measurement of financial instruments at fair value through profit or loss 457,488,716 2,922,000,124 2,791,075,672 Profit from sold or derecognized assets at amortized cost 386,382 1,305,214 980,661 Difference in quoted prices of gold and foreign currency 25,097,623 214,709,835 2,286,617,981 Other operating income 282,134,823 281,474,220 208,797,445 Credit loss expense on financial assets (538,422,387 ) (142,213,553 ) (131,684,527 ) Net Operating Income before expenses, depreciation and amortization 4,069,112,853 6,045,233,618 8,151,648,349 Total Operating Expenses(3) (2,504,517,882 ) (2,470,026,632 ) (2,355,045,148 ) Operating income after expenses, depreciation and amortization 1,564,594,971 3,575,206,986 5,796,603,201 Income/(Loss) from associates and joint ventures (257,025 ) 2,083,651 430,021,909 Loss on net monetary position (1,053,216,612 ) (3,103,695,875 ) (3,749,542,092 ) Income before tax on continuing operations 511,121,334 473,594,762 2,477,083,018 Income tax on continuing operations (220,415,500 ) (44,099,600 ) (808,752,038 ) Net Income from continuing operations 290,705,834 429,495,162 1,668,330,980 Net Income for the fiscal year 290,705,834 429,495,162 1,668,330,980 Net Income for the fiscal year attributable to controlling interests 289,494,680 428,193,992 1,667,326,227 Net Income for the fiscal year attributable to non-controlling interests 1,211,154 1,301,170 1,004,753 Other Comprehensive Income 12,212,175 (128,790,074 ) 115,650,018 167 Table of Contents For the year ended December 31, 2025 2024(1) 2023(1)(2) (in thousands of Pesos, except for number of shares, net income per share and dividends per share) Foreign currency translation differences in financial statements conversion 4,740,681 (37,198,745 ) 27,955,738 On hedging instruments Profit or losses for financial instruments measured at fair value through other comprehensive income 7,471,494 (91,591,329 ) 87,694,280 Share of other comprehensive income of associates and joint ventures Other Comprehensive Income Total Comprehensive Income for the fiscal year 302,918,009 300,705,088 1,783,980,998 Total Comprehensive Income attributable to controlling interests 301,706,855 299,403,918 1,782,976,245 Total Comprehensive Income attributable to non-controlling interests 1,211,154 1,301,170 1,004,753 Basic earnings per share(4) 452.75 669.67 2,607.59 Dividends per share approved by the shareholders’ meeting(5) 217.33 469.18 460.00 Dividends per share in U.S.$ approved by the shareholders’ meeting(6) 0.15 0.45 0.57 Weighted average number of outstanding shares (in thousands) 639,409 639,413 639,413 Notes:- (1) Figures adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures modified due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. (3) Includes employee benefits, administrative expenses, depreciation and amortization of fixed assets and other operating expenses. (4) Net income for the fiscal year attributable to controlling interest divided by weighted average number of outstanding shares. (5) Not adjusted for inflation. (6) Dividends per share approved by the shareholders’ meeting divided by the exchange rate as of December 31 of each year. As of and for the year ended December 31, 2025 2024 2023 Selected consolidated ratios: Profitability and performance Net interest margin(1) 21.45 % 23.68 % 20.55 % Fee income ratio(2) 22.22 % 25.88 % 22.95 % Efficiency ratio(3) 38.96 % 27.97 % 18.58 % Fee income as a percentage of administrative expense 38.50 % 32.75 % 24.51 % Return on average equity 5.55 % 8.03 % 32.63 % Return on average assets 1.41 % 2.41 % 8.59 % Liquidity Loans and other financings as a percentage of total deposits 78.22 % 68.88 % 54.41 % Liquid assets as a percentage of total deposits(4) 73.00 % 79.00 % 118.00 % 168 Table of Contents As of and for the year ended December 31, 2025 2024 2023 Capital Total equity as a percentage of total assets 22.51 % 27.94 % 30.34 % Regulatory capital as a percentage of risk-weighted assets 30.64 % 32.37 % 35.39 % Asset Quality Non-performing loans and other financings included in Stage 3 as a percentage of total loans and other financings(5) 2.93 % 1.12 % 1.06 % Allowances for credit losses as a percentage of total loans and other financings (4.53 %) (2.08 %) (2.84 %) Allowances for credit losses as a percentage of non-performing loans and other financings included in Stage 3(5) (154.69 %) (185.15 %) (268.33 %) Operations Number of branches 444 519 519 (6) Number of employees 8,490 9,004 9,192 (7) Notes:- (1) Net interest income divided by average interest earning assets. (2) Commissions income divided by the sum of net interest income plus commissions income. (3) The efficiency ratio is equal to operating expenses over operating income. Operating expense includes employee benefits, administrative expenses, depreciation and amortization of fixed assets and other operating expenses. Operating income includes net interest income, net commissions income, net gain from measurement of financial instruments at fair value through profit or loss, differences in quoted prices of gold and foreign currency and other operating income. (4) Liquid assets include cash, cash collateral, reverse repos, instruments issued by Central Bank, other government securities and interbank loans. (5) As of December 31, 2025, 2024 and 2023, non-performing loans and other financings are calculated according to our internal credit rating grades disclosed in note 52.1 to our consolidated financial statements. (6) Includes 58 branches of Banco BMA. (7) Includes 1,411 employees of Banco BMA and its subsidiaries. Results of Operations The following discussion of our results of operations is for the Bank as a whole and without reference to any operating segments. We do not manage the Bank by segments or divisions, by customers, by products and services, by regions, or by any other segmentation for the purposes of allocating accounting resources or assessing profitability. Year Ended December 31, 2025, Compared to Year Ended December 31, 2024 During 2025, our loans and other financings portfolio recorded a 40% year-on-year increase. In line with market trends, our loans-to-deposits ratio increased to 78.2% at the end of 2025 from 68.9% in 2024. Additionally, non-performing loans and other financings as a percentage of total loans and other financings increased to 2.9% at the end of 2025, compared to 1.1% recorded at the end of the previous year. Despite this increase, as of the end of 2025, we continued to maintain a non-performing ratio below the average of private banks in Argentina. During 2025, the most notable growth in terms of volume was observed in overdraft facilities, personal loans, and other loans (including foreign currency financing), which increased by 119%, 55%, and 53%, respectively. In this regard, we remained among the leading private banks, holding, for example, an 11.8% share of total personal loans within the Argentine financial system. 169 Table of Contents During 2025, total deposits increased by 24%, with a markedly different performance in the first half of the year compared to the second half, in line with developments across the Argentine financial system and the broader economy. Time deposits from the private sector recorded an increase of 149%, while demand deposits from the private sector decreased by 6%. We closed 2025 with a 7.9% share of total private sector deposits, above the percentage reached at the end of 2024, with a 6.5% share in private sector demand deposits (non-financial) and 10% in private sector time deposits. As a result of the recovery in lending to the private sector that began in 2024 and the strong demand experienced during 2025, together with our conservative approach to funding due to its direct impact on results, our liquidity ratio (liquid assets as percentage of total deposits) decreased to 73% of total deposits at the end of 2025, from 79% at the end of the previous year, a level that remains well aligned with market conditions. The following table sets forth certain components of our statement of income for the years ended December 31, 2025 and 2024: Year Ended December 31, Variation December 31, 2025 2024(1) 2025 - 2024 (in thousands of Pesos, except for number of shares, net income per share and dividends per share) Interest income 5,005,505,482 4,637,402,945 368,102,537 8 % Interest expense (1,930,459,257 ) (2,508,660,787 ) 578,201,530 (23 %) Net interest income 3,075,046,225 2,128,742,158 946,304,067 44 % Commissions income 878,277,036 743,383,247 134,893,789 18 % Commissions expense (110,895,565 ) (104,167,627 ) (6,727,938 ) 6 % Net commissions income 767,381,471 639,215,620 128,165,851 20 % Subtotal (Net interest income + Net commissions income) 3,842,427,696 2,767,957,778 1,074,469,918 39 % Net gain from measurement of financial instruments at fair value through profit or loss 457,488,716 2,922,000,124 (2,464,511,408 ) (84 %) Profit from sold or derecognized assets at amortized cost 386,382 1,305,214 (918,832 ) (70 %) Differences in quoted prices of gold and foreign currency 25,097,623 214,709,835 (189,612,212 ) (88 %) Other operating income 282,134,823 281,474,220 660,603 0 % Credit loss expense on financial assets (538,422,387 ) (142,213,553 ) (396,208,834 ) 279 % Net operating income before expenses, depreciation and amortization 4,069,112,853 6,045,233,618 (1,976,120,765 ) (33 %) Employee benefits (954,275,901 ) (925,393,014 ) (28,882,887 ) 3 % Administrative expenses (446,678,069 ) (481,929,116 ) 35,251,047 (7 %) Depreciation and amortization of fixed assets (178,815,285 ) (181,722,120 ) 2,906,835 (2 %) Other operating expenses (924,748,627 ) (880,982,382 ) (43,766,245 ) 5 % Operating income after expenses, depreciation and amortization 1,564,594,971 3,575,206,986 (2,010,612,015 ) (56 %) Income / (loss) from associates and joint ventures (257,025 ) 2,083,651 (2,340,676 ) (112 %) 170 Table of Contents Year Ended December 31, Variation December 31, 2025 2024(1) 2025 - 2024 (in thousands of Pesos, except for number of shares, net income per share and dividends per share) Loss on net monetary position (1,053,216,612 ) (3,103,695,875 ) (2,050,479,263 ) (66 %) Income before tax on continuing operations 511,121,334 473,594,762 37,526,572 (8 %) Income tax on continuing operations (220,415,500 ) (44,099,600 ) (176,315,900 ) (400 %) Net income from continuing operations 290,705,834 429,495,162 (138,789,328 ) (32 %) Net income for the fiscal year attributable to controlling interests 289,494,680 428,193,992 (138,699,312 ) (32 %) Net income for the fiscal year attributable to non-controlling interests 1,211,154 1,301,170 (90,016 ) (7 %) Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” Net income Our consolidated net income from continuing operations for the fiscal year ended December 31, 2025, was Ps. 290,705.8 million, a decrease of 32%, or Ps. 138,789.3 million, compared to our net income for the previous fiscal year. This decrease was mainly due to: (i) a decrease of 84%, or Ps. 2,464.5 billion, in the net gain from measurement of financial instruments at fair value through profit or loss; (ii) an increase of 279%, or Ps. 396,208.8 million, in credit loss expense on financial assets; (iii) a decrease of 88%, or Ps. 189,612.2 million, in gain from exchange rate differences; (iv) an increase of 400%, or Ps. 176,315.9 million, in income tax charge; and (v) an increase of 5%, or Ps. 43,766.2 million, in other operating expenses. This decrease was partially offset by: (i) an increase of 44%, or Ps. 946,304.1 million, in net interest income; (ii) an increase of 20%, or Ps. 128,165.8 million, in net commission income; and (iii) a decrease of 66%, or Ps. 2,050.5 billion, in the loss on net monetary position. Net Interest Income For the fiscal year ended December 31, 2025, net interest income totaled Ps. 3,075.0 billion, an increase of 44%, or Ps. 946,304.1 million, compared to the net interest income for the previous year. This increase in net interest income was driven by an increase in interest income of 8%, or Ps. 368,102.5 million, and a decrease in interest expenses of 23%, or Ps. 578,201.5 million. Interest Income The components of our interest income for the years ended December 31, 2025 and 2024 were as follows: Year Ended December 31, 2025 2024(1) (in thousands of Pesos) Interest on Cash and bank deposits 17,042,902 21,225,033 Interest from government securities 1,362,628,770 1,452,797,566 Interest from private securities 2,240,484 3,318,240 Interest on loans and other financing 171 Table of Contents Year Ended December 31, 2025 2024(1) (in thousands of Pesos) To the financial sector 28,847,788 10,302,773 To the non-financial public sector 52,261,142 17,572,206 To the non-financial private sector Interest on overdrafts 552,547,781 399,995,086 Interest on documents 341,019,804 291,378,905 Interest on mortgages loans 247,701,224 470,358,084 Interest on pledged loans 33,635,729 21,447,393 Interest on personal loans 1,423,451,847 713,354,617 Interest on credit cards 410,691,790 381,595,727 Interest on financial leases 12,343,743 18,841,592 Interest on other 508,311,209 443,615,899 Interest on repos — — From the Central Bank 471,265 387,384,314 Other financial institutions 12,310,004 4,215,510 Total Interest income 5,005,505,482 4,637,402,945 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” For the fiscal year ended December 31, 2025, interest income increased by 8%, or Ps. 368,102.5 million, compared to the previous year, primarily due to a 30% increase in interest on loans and other financing, which was partially offset by a 97% decrease in interest on repo transactions and a 6% decrease in interest from public and private securities. Interest from public and private securities for the fiscal year ended December 31, 2025 decreased by 6%, or Ps. 91,246.5 million, compared to the previous year. This decrease was mainly driven by the results from the Argentine government securities known as Bono del Gobierno Nacional Ajustado por Coeficiente de Estabilización de Referencia (“BONCER”) and Bono del Tesoro Nacional en Pesos Ajustado por CER (“BONTE”) (results from valuation adjustments of CER-indexed bonds; the CER index is a retail inflation index published by the Central Bank to adjust values, including the principal of contracts and debts, to maintain their purchasing power). For the fiscal year ended December 31, 2025, interest from loans and other financing increased by 30%, or Ps. 842,349.8 million, compared to the previous year. This increase was primarily driven by an increase in the average volume of total loans, which increased approximately 76% in 2025 compared to 2024, which was partially offset by a 13.2 percentage point decrease in the average interest rate on such loans (from 50.8% in 2024 to 37.6% in 2025). Interest from loans and other financing represented 72% of total interest income, compared to 60% in the previous fiscal year. For the fiscal year ended December 31, 2025, income from repo transactions decreased by 97%, or Ps. 378,818.5 million, compared to the previous year, primarily due to a decrease in the volume of these transactions. 172 Table of Contents Interest expense The components of our interest expense for the years ended December 31, 2025 and 2024 were as follows: Year Ended December 31, 2025 2024(1) (in thousands of Pesos) From deposits Interest on checking accounts 67,002,078 216,412,826 Interest on saving accounts 21,775,758 55,396,809 Interest on time deposits and investments accounts 1,738,978,347 2,142,078,045 Interest on financing received from Central Bank of Argentina and Other financial institutions 2,947,469 6,657,883 For repo transactions Other financial institutions 8,091,163 10,876,608 Interest on corporate bonds 37,055,310 21,453,027 Interest on subordinated corporate bonds 36,261,152 38,713,239 Interest on other financial liabilities 18,347,980 17,072,350 Total interest expense 1,930,459,257 2,508,660,787 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” For the fiscal year ended December 31, 2025, interest expense decreased by 23%, or Ps. 578,201.5 million, compared to the previous year. Interest on deposits represented 95% of total interest expense and decreased by 24%, or Ps. 586,131.5 million, compared to the previous fiscal year. This decrease was due to an approximately 14 percentage point decrease in the average interest rate on deposits (from 33.4% in 2024 to 19.4% in 2025), while the average portfolio of deposits increased by 30% in 2025. The aforementioned decrease in interest on deposits was partially offset by a 73% increase in interest on corporate bonds (senior notes), or Ps. 15,602.3 million, driven by the issuance of Class G and Additional Class G notes for a total amount of U.S.$ 530,000,000 at a fixed annual nominal rate of 8.000%. Net gain from measurement of financial instruments at fair value through profit or loss For the fiscal year ended December 31, 2025, the net gain from measurement of financial instruments at fair value through profit or loss decreased by 84%, or Ps. 2,464.5 billion, compared to the previous fiscal year. The main decrease was observed in public securities, which decreased by 87%, or Ps. 2,516.4 billion, mainly due to a reduction in National Treasury Bonds adjusted by CER (BONCER) and in Argentine National Treasury Dual Bonds. This decrease was partially offset by a 99%, or Ps. 56,051.6 million, reduction in negative results from options. 173 Table of Contents Net commissions income The following table provides a breakdown of our commission income by category for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024(1) (in thousands of Pesos) ARCA & Collection services 1,307,424 1,081,496 Fees charged on deposit accounts 315,470,399 261,217,777 Mutual funds & securities fees 28,775,633 27,778,984 ATM transactions fees 35,267,550 51,200,729 ANSES fees 58,925 94,779 Insurance fees 59,303,665 42,188,385 Corporate services fees 110,473,795 107,000,282 Financial agent fees (Provinces) 30,251,190 30,161,492 Debit card fees 49,020,143 48,259,357 Credit card fees 206,396,685 134,544,178 Credit related fees 41,951,627 39,855,788 Total commissions income 878,277,036 743,383,247 Total commissions expense (110,895,565 ) (104,167,627 ) Net commissions income 767,381,471 639,215,620 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” For the fiscal year ended December 31, 2025, net commission income increased by 20%, or Ps. 128,165.8 million, compared to the 2024 fiscal year. Total commissions income increased by 18%, or Ps. 134,893.8 million, in the 2025 fiscal year compared to the previous year, primarily due to: (i) an increase in credit card-related fees of 53%, or Ps. 71,852.5 million; (ii) an increase in deposit account-related fees of 21%, or Ps. 54,252.6 million; and (iii) an increase in insurance-related fees of 41%, or Ps. 17,115.3 million. This increase was partially offset by a decrease in ATM transaction interchange fees of 31%, or Ps. 15,933.2 million. Total commissions expense increased by 6%, or Ps. 6,727.9 million, in the 2025 fiscal year compared to the previous year, primarily due to: (i) an increase in checkbook and clearinghouse expenses of 46%, or Ps. 8,177.7 million; and (ii) an increase in ATM interchange commissions paid of 1%, or Ps. 1,027.1 million. These increases were partially offset by a decrease in foreign trade and exchange commissions of 37%, or Ps. 2,790.2 million. 174 Table of Contents Other operating income The components of our other operating income for the years ended December 31, 2025 and 2024 were as follows: Year ended December 31, 2025 2024(1) (in thousands of Pesos) Credit and debit cards 10,232,005 41,575,060 Lease of safe deposit boxes 26,364,519 22,790,415 Other service related fees 141,637,091 108,836,852 Other adjustments and interest from other receivables 40,926,816 59,415,566 Initial recognition of loans 10,208,214 — Sale of property, plant and equipment 25,216 30,757 Others 52,740,962 48,825,570 Other Operating Income 282,134,823 281,474,220 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” Other operating income increased by 0.2%, or Ps. 660.6 million, for the fiscal year ended December 31, 2025, compared to the previous fiscal year. Notable increases include: (i) higher income from other commissions and services of 30%, or Ps. 32,800.2 million; and (ii) higher income from initial recognition of loans of Ps. 10,208.2 million. These increases were offset by: (i) a decrease in credit and debit card income of 75%, or Ps. 31,343.0 million; and (ii) a decrease in other adjustments and interest on from other receivables of 31%, or Ps. 18,488.7 million. Differences in quoted prices of gold and foreign currency The components of our difference in quoted prices of gold and foreign currency for the years ended December 31, 2025 and 2024 were as follows: Year ended December 31, 2025 2024(1) (in thousands of Pesos) Translation of foreign exchange assets and liabilities to Pesos (26,382,089 ) 197,275,672 Income from foreign currency exchange 51,479,712 17,434,163 Differences in quoted prices of gold and foreign currency 25,097,623 214,709,835 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” The results generated by exchange rate differences for the fiscal year ended December 31, 2025, decreased by 88%, or Ps. 189,612.2 million, compared to those recorded in the previous year. This decrease was mainly due to the result from our net foreign currency position, which decreased by 113%, or Ps. 223,657.8 million. In 2024, the difference in quoted prices for Argentine National Treasury Dual Bonds was in included in this result, whereas no such difference in quoted prices was recorded in 2025. This decrease was partially offset by the income from foreign currency exchange, which increased by 195%, or Ps. 34,045.5 million. Additionally, the depreciation of the Peso against the dollar in 2025 was 41.3%, whereas in 2024 it was 27.7%. Credit loss expense on financial assets The credit loss expense for the fiscal year ended December 31, 2025 includes Ps. 279 million related to debt securities and Ps. 538,143 million related to loans and other financing. The credit loss expense related to loans and other financing comprises (i) movements of ECL that impact credit loss expense (i.e., credit loss expense related to assets originated or purchased, assets derecognized or repaid, and assets held during the fiscal year) and (ii) other charges to credit loss expense (including IAS 29 restatement for results and charged-off loans). A detailed breakdown of these components, and their reconciliation to the line items in the ECL roll forward, is presented in the table on pages 145 and 146. For the fiscal year ended December 31, 2025, credit loss expense increased by 279% or Ps. 396,208.8 million compared to the previous year. This increase was primarily driven by the growth of the loan portfolio and other financing recorded during the 2025 fiscal year, as well as the deterioration in portfolio quality – particularly in the consumer loan portfolio – observed during the same period. 175 Table of Contents Employee benefits and administrative expenses The components of our employee benefits and administrative expenses for the years ended December 31, 2025 and 2024 were as follows: Year ended December 31, 2025 2024(1) (in thousands of Pesos) Employee benefits 954,275,901 925,393,014 Remunerations 572,104,236 627,279,186 Payroll taxes 146,295,200 156,048,593 Compensation and bonuses to employees 200,840,123 110,537,549 Employee services 35,036,342 31,527,686 Administrative Expenses 446,678,069 481,929,116 Taxes 70,674,729 95,451,572 Maintenance, conservation, and repair expenses 60,320,764 73,211,226 Fees to directors and syndics 15,070,303 24,253,873 Security services 47,589,913 40,049,584 Electricity and communications 36,787,542 38,975,191 Other fees 50,956,569 51,484,085 Leases 1,638,642 1,869,846 Advertising and publicity 37,040,349 29,146,923 Representation, travel, and transportation 9,004,540 8,499,310 Stationery and office supplies 1,664,827 2,575,461 Insurance 6,006,075 5,199,136 Hired administrative services 9,031,896 12,608,136 Other 100,891,920 98,604,773 Total Employee benefits and Administrative Expenses 1,400,953,970 1,407,322,130 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” For the fiscal year ended December 31, 2025, administrative expenses, including employee benefits, decreased by 0.5%, or Ps. 6,368.2 million, compared to the 2024 fiscal year. This was mainly due to a 7% decrease in administrative expenses, partially offset by a 3% increase in employee benefits. Employee benefits increased by 3%, or Ps. 28,882.9 million, primarily driven by an 82% increase in compensation and bonuses to employees, or Ps. 90,302.6 million, related to early retirement and severance payments under the restructuring plan that we have implemented in order to achieve operational efficiency and agility to respond to the ongoing challenges posed by local and international markets. This increase was partially offset by a 9% decrease in salaries, or Ps. 55,174.9 million (reflecting headcount reductions also linked to the aforementioned restructuring). As part of this restructuring, headcount decreased by 6%, and the branch network was reduced by 75 branches in the 2025 fiscal year compared to the 2024 fiscal year. 176 Table of Contents Administrative expenses decreased by 7%, or Ps. 35,251.0 million, with decreases in: (i) taxes of 26%, or Ps. 24,776.8 million; (ii) maintenance, conservation, and repair expenses of 18%, or Ps. 12,890.5 million; and (iii) fees paid to directors and syndics of 38%, or Ps. 9,183.6 million. These decreases were partially offset by a 27% increase in advertising and publicity expenses, or Ps. 7,893.4 million. Other operating expenses The components of our other operating expenses for the years ended December 31, 2025 and 2024 were as follows: Year ended December 31, 2025 2024(1) (in thousands of Pesos) Turnover tax 531,993,133 488,709,670 Charges for other provisions 31,234,287 21,033,486 Deposit guarantee fund contributions 20,191,376 15,772,067 Donations 3,275,007 2,434,724 Insurance claims 14,053,942 9,944,857 Initial loan recognition — 3,334,671 Punitive interest and other Central Bank’s penalties 9,231 47,955 Other 323,991,651 339,704,952 Total Other Operating Expenses 924,748,627 880,982,382 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” For the fiscal year ended December 31, 2025, other operating expenses increased by 5%, or Ps. 43,766.2 million, compared to those recorded in the 2024 fiscal year. The main increases were observed in: (i) turnover tax, with an increase of 9%, or Ps. 43,283.5 million; and (ii) charges for other provisions, with an increase of 48%, or Ps. 10,200.8 million. These increases were partially offset by a decrease in other expenses of 5%, or Ps. 15,713.3 million. Loss on net monetary position For the fiscal year ended December 31, 2025, a decrease in the loss on net monetary position of 66%, or Ps. 2,050.5 billion, was observed, compared to the loss recorded in the 2024 fiscal year. This decrease was mainly due to a lower level of inflation of 86.3 percentage points (decrease in the general consumer price index), which went from 117.8% in the 2024 fiscal year to 31.5% in the 2025 fiscal year. Income tax For the fiscal year ended December 31, 2025, the income tax expense increased by 400% or Ps. 176,315.9 million compared to the previous fiscal year. This increase was mainly due to the impact of inflation adjustments to the income tax, as detailed in Note 29 of our financial statements. The effective tax rate was 43.1% for the period ended December 31, 2025, compared to 9.3% recorded in the 2024 fiscal year. 177 Table of Contents The following table shows the reconciliation between income tax and the amounts obtained by applying the current tax rate in Argentina to the income carrying amount. Year ended December 31, 2025 2024(1) (in thousands of Pesos) Income carrying amount before income tax 511,121,334 473,594,762 Applicable income tax rate 35 % 35 % Income tax on income carrying amount 178,892,467 165,758,167 Net permanent differences and other tax effects including the fiscal inflation adjustment 41,523,033 (121,658,567 ) Total income tax 220,415,500 44,099,600 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” For more information and a reconciliation between the tax expense and the accounting profit multiplied by Argentina domestic tax rate for see note 29 “Income Tax” to our audited consolidated financial statements as of December 31, 2025 and 2024. Year Ended December 31, 2024, Compared to Year Ended December 31, 2023 Our loan and other financing portfolio to the private sector increased by 45% in real terms, compared to 2023, reaching 8.3% of the total financial system. The growth of the personal loan portfolio stands out, reaching 122% compared to the end of 2023. During the year 2024, we maintained a leadership position in personal loans with 11% of market share, slightly lower than the previous year. Regarding its credit card products, in 2024 we maintained its market share, closing the year with 8.8% of the total financial system. Delinquency levels remained historically low during the year, with a slight increase in December 2024. The delinquency rate was 1.12% of the total portfolio as of December 31, 2024, remaining at similar levels to the previous year, in accordance with the internal rating grade. The coverage ratio, which corresponds to the ratio of allowances for credit losses as a percentage of non-performing loan and other financing portfolio, at the end of 2024 was 185.15%, lower than at the end of the previous year but remaining at high levels. Total deposits increased by 15% in 2024 in real terms compared to 2023. Regarding the composition of deposits, in the 2024 fiscal year, within private deposits, term deposits decreased by 10% and demand deposits increased by 18%. We ranked fourth among private entities with the highest volume of deposits and a market share of 6.3% of the entire financial system, higher than the level reached the previous year. As of December 31, 2024, we achieved a liquidity ratio of 79%, higher than that of the entire financial system. 178 Table of Contents The following table sets forth certain components of our statement of income for the years ended December 31, 2024 and 2023: Year Ended December 31, Variation December 31, 2024(1) 2023(1)(2) 2024 - 2023 (in thousands of Pesos, except for number of shares, net income per share and dividends per share) Interest income 4,637,402,945 7,007,895,737 (2,370,492,792 ) (34 %) Interest expense (2,508,660,787 ) (4,644,460,355 ) 2,135,799,568 (46 %) Net interest income 2,128,742,158 2,363,435,382 (234,693,224 ) (10 %) Commissions income 743,383,247 703,881,320 39,501,927 6 % Commissions expense (104,167,627 ) (71,455,585 ) (32,712,042 ) 46 % Net commissions income 639,215,620 632,425,735 6,789,885 1 % Subtotal (Net interest income + Net commissions income) 2,767,957,778 2,995,861,117 (227,903,339 ) (8 %) Net gain from measurement of financial instruments at fair value through profit or loss 2,922,000,124 2,791,075,672 130,924,452 5 % Profit from sold or derecognized assets at amortized cost 1,305,214 980,661 324,553 33 % Differences in quoted prices of gold and foreign currency 214,709,835 2,286,617,981 (2,071,908,146 ) (91 %) Other operating income 281,474,220 208,797,445 72,676,775 35 % Credit loss expense on financial assets (142,213,553 ) (131,684,527 ) (10,529,026 ) 8 % Net operating income before expenses, depreciation and amortization 6,045,233,618 8,151,648,349 (2,106,414,731 ) (26 %) Employee benefits (925,393,014 ) (797,832,185 ) (127,560,829 ) 16 % Administrative expenses (481,929,116 ) (470,450,558 ) (11,478,558 ) 2 % Depreciation and amortization of fixed assets (181,722,120 ) (166,432,836 ) (15,289,284 ) 9 % Other operating expenses (880,982,382 ) (920,329,569 ) 39,347,187 (4 %) Operating income after expenses, depreciation and amortization 3,575,206,986 5,796,603,201 (2,221,396,215 ) (38 %) Income / (loss) from associates and joint ventures 2,083,651 430,021,909 (427,938,258 ) (100 %) Loss on net monetary position (3,103,695,875 ) (3,749,542,092 ) 645,846,217 (17 %) Income before tax on continuing operations 473,594,762 2,477,083,018 (2,003,488,256 ) (81 %) Income tax on continuing operations (44,099,600 ) (808,752,038 ) 764,652,438 (95 %) Net income from continuing operations 429,495,162 1,668,330,980 (1,238,835,818 ) (74 %) Net income from continuing operations 429,495,162 1,668,330,980 (1,238,835,818 ) (74 %) Net income for the fiscal year attributable to controlling interests 428,193,992 1,667,326,227 (1,239,132,235 ) (74 %) Net income for the fiscal year attributable to non-controlling interests 1,301,170 1,004,753 296,417 30 % Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. 179 Table of Contents Net income Our consolidated net income from continuing operations for the fiscal year ended December 31, 2024, was Ps. 429,495.2 million, a decrease of 74% or Ps. 1,238,835.8 million compared to our net result income for the previous fiscal year. This decline was mainly due to: (i) a lower gain exchange rate differences of 91% or Ps. 2,071.9 billion; (ii) a lower net interest income 10% or Ps. 234,693.2 million; (iii) a lower positive result generated by our Associates and joint ventures of Ps. 427,938.3 million, as the previous fiscal year recorded results from the acquisition of Banco BMA SAU; (iv) an increase in our administrative expenses and employee benefits of 11% or Ps. 139,039.4 million. The decline in consolidated net income was partially offset by: (i) a lower loss on net monetary position of 17% or Ps. 645,846.2 million; (ii) a lower income tax charge of 95% or Ps. 764,652.4 million; and (iii) an increased net gain from the measurement of financial instruments at fair value through profit or loss) of 5% or Ps. 130,924.4 million. Net Interest Income For the fiscal year ended December 31, 2024, the net interest results totaled Ps. 2,128.7 billion, registering a decrease of 10% or Ps. 234,693.2 million. This decline in the net interest results was due to the decrease in interest income and interest expenses, which fell by 34% and 46% respectively. Interest Income The components of our interest income for the years ended December 31, 2024 and 2023 were as follows: Year Ended December 31, 2024(1) 2023(1)(2) (in thousands of Pesos) Interest on Cash and bank deposits 21,225,033 19,615,682 Interest from government securities 1,452,797,566 3,170,831,464 Interest from private securities 3,318,240 3,967,808 Interest on loans and other financing — — To the financial sector 10,302,773 9,401,598 To the non-financial public sector 17,572,206 54,802,878 To the non-financial private sector — — Interest on overdrafts 399,995,086 500,539,724 Interest on documents 291,378,905 449,305,487 Interest on mortgages loans 470,358,084 417,685,876 Interest on pledged loans 21,447,393 28,382,317 Interest on personal loans 713,354,617 699,842,024 Interest on credit cards 381,595,727 570,241,523 Interest on financial leases 18,841,592 9,868,053 Interest on other 443,615,899 509,308,178 Interest in Repos — — From the Central Bank 387,384,314 562,056,208 Other financial institutions 4,215,510 2,046,917 Total Interest income 4,637,402,945 7,007,895,737 Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. 180 Table of Contents For the fiscal year ended December 31, 2024, interest income decreased by 34% or Ps. 2,370.5 billion compared to the previous year, primarily due to a decline in interest from public and private securities by 54%, followed by a decrease in interest from loans and other financing, which fell by 15%, and to a lesser extent, a decrease in repo operations by 31%. This decline was mainly due to results from public securities at amortized cost, specifically BCRA LELIQS. For the fiscal year ended December 31, 2024, interest from loans and other financing decreased by 15% or Ps. 480,915.4 million compared to the 2023 fiscal year. This was a result of a decrease in the average interest rate on loans to the private sector and a reduction in the average volume of these loans by approximately 6% in the 2024 fiscal year compared to the 2023 fiscal year. The average interest rate on loans to the private sector decreased by approximately 4.8 percentage points (from 55.9% in 2023 to 51.1% in 2024). The decline in the interest rate was due to the reduction in the monetary policy rate, in a context of deregulated rates in effect since March 2024. Interest expense The components of our interest expense for the years ended December 31, 2024 and 2023 were as follows: Year Ended December 31, 2024(1) 2023(1)(2) (in thousands of Pesos) From deposits Interest on checking accounts 216,412,826 318,520,369 Interest on saving accounts 55,396,809 51,906,430 Interest on time deposits and investments accounts 2,142,078,045 4,162,439,918 Interest other — 39 Interest on financing received from Central Bank of Argentina and Other financial institutions 6,657,883 6,099,083 For repo transactions — — Other financial institutions 10,876,608 39,743,187 Interest on corporate bonds 21,453,027 4,732,913 Interest on subordinated corporate bonds 38,713,239 40,622,398 Interest on other financial liabilities 17,072,350 20,396,018 Total interest expense 2,508,660,787 4,644,460,355 Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. For the fiscal year ended December 31, 2024, interest expense decreased by 46% or Ps. 2,135.8 billion compared to the previous year. Interest on deposits represented 96% of total interest expense and decreased by 47% or Ps. 2,119.0 billion compared to the previous fiscal year. This decline was due to a 20% decrease in the average portfolio of deposits to the private sector in the 2024 fiscal year and a reduction in the average interest rate on private deposits by approximately 18 percentage points (from 50% in the 2023 fiscal year to 32.1% in the 2024 fiscal year). The decrease in the interest rate occurred within the framework of deregulated rates, in effect since March 2024. 181 Table of Contents Net gain from measurement of financial instruments at fair value through profit or loss For the fiscal year ended December 31, 2024, the Net gain from measurement of financial instruments at fair value through profit or loss increased by 5% or Ps. 130,924.5 million compared to the fiscal year 2023. The main increase is observed in: Public securities with a 17% or Ps.420,530 million rise (mainly in National Treasury Bonds adjusted by CER—BONCER). Additionally, this increase is partially offset by: a) a decrease in the result from private securities of 76% or Ps.151,955 million and b) a decline in the result from the sale or derecognition of financial assets at fair value of 108% or Ps.74,735 million. Net commissions income The following table provides a breakdown of our commission income by category for the years ended December 31, 2024 and 2023: Year Ended December 31, 2024(1) 2023(1)(2) (in thousands of Pesos) ARCA & Collection services 1,081,496 1,399,360 Fees charged on deposit accounts 261,217,777 255,309,997 Mutual funds & securities fees 27,778,984 23,036,778 ATM transactions fees 51,200,729 42,279,659 ANSES fees 94,779 340,661 Insurance fees 42,188,385 34,980,239 Corporate services fees 107,000,282 103,725,279 Financial agent fees (Provinces) 30,161,492 36,604,274 Debit card fees 48,259,357 39,114,160 Credit card fees 134,544,178 147,401,963 Credit related fees 39,855,788 19,688,950 Total commissions income 743,383,247 703,881,320 Total commissions expense (104,167,627 ) (71,455,585 ) Net commissions income 639,215,620 632,425,735 Note:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. For the fiscal year ended December 31, 2024, net fee income increased by 1%, or Ps. 6,789.9 million compared to the 2023 fiscal year. Additionally, fee income rose by 6% or Ps. 39,501.9 million in the 2024 fiscal year compared to the previous year, primarily due to the increase in fees related to loans by 102% or Ps. 20,166.8 million, the rise in fees related to debit cards by 23% or Ps.9,145.2 million and the increase in ATM transaction interchange fees by 21% or Ps. 8,921.1 million. This increase was offset by a decrease in credit card fees by 9% or Ps. 12,857.8 million. Meanwhile, fee expenses increased by 46% or Ps. 32,712.0 million (higher ATM interchange fees paid) in the 2024 fiscal year compared to the previous year. 182 Table of Contents Other operating income The components of our other operating income for the years ended December 31, 2024 and 2023 were as follows: Year ended December 31, 2024(1) 2023(1)(2) (in thousands of Pesos) Credit and debit cards 41,575,060 25,831,005 Lease of safe deposit boxes 22,790,415 19,842,218 Other service related fees 108,836,852 67,051,264 Other adjustments and interest from other receivables 59,415,566 52,709,171 Sale of property, plant and equipment 30,757 473,726 Others 48,825,570 42,890,061 Other Operating Income 281,474,220 208,797,445 Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. Other operating income increased by 35% or Ps. 72,676.8 million in the fiscal year ended December 31, 2024, compared to the previous fiscal year. Notable increases include: the rise in income from other service related fees by 62% or Ps.41,785.6 million, followed by other income from debit and credit cards with a 61% or Ps.15,744.0 million increase. Differences in quoted prices of gold and foreign currency The components of our difference in quoted prices of gold and foreign currency for the years ended December 31, 2024 and 2023 were as follows: Year ended December 31, 2024(1) 2023(1)(2) (in thousands of Pesos) Translation of foreign exchange assets and liabilities to Pesos 197,275,672 2,278,210,942 Income from foreign currency exchange 17,434,163 8,407,039 Differences in quoted prices of gold and foreign currency 214,709,835 2,286,617,981 Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. The results generated by exchange rate differences for the year ended December 31, 2024, decreased by 91% or Ps. 2,071.9 billion compared to those recorded in the previous year. The decline is mainly observed in the result from position with a 91% or Ps.2,080.9 billion decrease, considering the reduction in our positive net foreign currency position (primarily the decline in dual bonds and those linked to the evolution of the official exchange rate). Additionally, the depreciation of the Peso against the dollar in the fiscal year 2024 was 27.7%, whereas in the fiscal year 2023 it had been 356.4%. Credit loss expense on financial assets For the fiscal year ended December 31, 2024, charges for loan losses increased by 8%, or Ps. 10,529.0 million, compared to the prior year. This increase was primarily driven by the expansion of the loan portfolio and other credit facilities recorded during fiscal year 2024. 183 Table of Contents Employee benefits and administrative expenses The components of our employee benefits and administrative expenses for the years ended December 31, 2024 and 2023 were as follows: Year ended December 31, 2024(1) 2023(1)(2) (in thousands of Pesos) Employee benefits 925,393,014 797,832,185 Remunerations 627,279,186 541,002,464 Payroll taxes 156,048,593 136,445,213 Compensation and bonuses to employees 110,537,549 95,544,797 Employee services 31,527,686 24,839,711 Administrative Expenses 481,929,116 470,450,558 Taxes 95,451,572 77,177,672 Maintenance, conservation, and repair expenses 73,211,226 61,422,878 Fees to directors and syndics 24,253,873 77,131,489 Security services 40,049,584 34,087,862 Electricity and communications 38,975,191 29,779,590 Other fees 51,484,085 47,475,537 Leases 1,869,846 1,349,001 Advertising and publicity 29,146,923 26,618,673 Representation, travel, and transportation 8,499,310 8,105,025 Stationery and office supplies 2,575,461 3,063,966 Insurance 5,199,136 3,372,822 Hired administrative services 12,608,136 8,667,808 Other 98,604,773 92,198,235 Total Employee benefits and Administrative Expenses 1,407,322,130 1,268,282,743 Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. For the fiscal year ended December 31, 2024, administrative expenses including employee benefits increased by 11% or Ps. 139,039.4 million compared to those recorded in the fiscal year 2023, mainly due to higher employee benefits which registered an increase of 16% or Ps. 127,560.8 million (notably, in salaries and social security contributions with 16% and 14% rise respectively). Additionally, administrative expenses also recorded a rise of 2% or Ps. 11,478.6 million as a result of an average 24% increase in general administrative expenses, which was almost entirely offset by a 69% decrease in fees paid to directors and statutory auditors compared to the prior year. 184 Table of Contents Other operating expenses The components of our other operating expenses for the years ended December 31, 2024 and 2023 were as follows: Year ended December 31, 2024(1) 2023(1) (2) (in thousands of Pesos) Turnover tax 488,709,670 544,712,030 Charges for other provisions 21,033,486 25,180,604 Deposit guarantee fund contributions 15,772,067 16,351,076 Donations 2,434,724 3,616,581 Insurance claims 9,944,857 7,362,269 Initial loan recognition 3,334,671 42,508,478 Punitive interests and charges in favor of the BCRA 47,955 33,138 Other 339,704,952 280,565,393 Total Other Operating Expenses 880,982,382 920,329,569 Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. For the fiscal year ended December 31, 2024, other operating expenses decreased by 4% or Ps. 39,347.2 million compared to those recorded in the fiscal year 2023. The main decreases are observed in: (i) gross income tax with a 10% or Ps. 56,002.4 million reduction and (ii) initial loan recognition with a 92% or Ps. 39,173.8 million decrease. This decline is offset by an increase in other expenses of 21% or Ps. 59,139.5 million. Income / (loss) from associates and joint ventures For the fiscal year ending December 31, 2024, income from associates and joint ventures decreased by 99%, or Ps. 427,938.3 million. This decrease is due to the absence of significant income recorded in 2023 from the acquisition of Banco Itaú Argentina S.A. and its subsidiaries. During 2023, the net assets acquired in the purchase of Banco Itaú Argentina and its subsidiaries significantly exceeded the purchase price, resulting in a recognized gain of Ps. 433,931.6 million. Loss on net monetary position For the fiscal year ended December 31, 2024, a decrease in the monetary position loss of 17% or Ps.645,846.2 million was observed, compared to the loss recorded in the fiscal year 2023. This decline was mainly due to: (i) a lower level of inflation of approximately 94 percentage points (decrease in the general consumer price index), which went from 211.4% in the fiscal year 2023 to 117.8% in the fiscal year 2024, and (ii) an increase in monetary assets and liabilities. Income tax For the fiscal year ended December 31, 2024, the income tax expense decreased by 95% or Ps. 764,652.4 million compared to the previous fiscal year. The effective tax rate was 9.3% for the period ended December 31, 2024, compared to 32.6% recorded in the fiscal year 2023. 185 Table of Contents This table shows the reconciliation between income tax and the amounts obtained by applying the current tax rate in Argentina to the income carrying amount: Year ended December 31, 2024(1) 2023(1) (2) (in thousands of Pesos) Income carrying amount before income tax 473,594,762 2,477,083,018 Applicable income tax rate 35 % 35 % Income tax on income carrying amount 165,758,167 866,979,056 Net permanent differences and other tax effects including the fiscal inflation adjustment (121,658,567 ) (58,227,018 ) Total income tax 44,099,600 808,752,038 Notes:- (1) Figures stated in thousands of Pesos adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Figures recast due to the recognition of a prior period adjustment related to the business combination. See note 14.2. to our audited consolidated financial statements as of December 31, 2025 and 2024. For more information and a reconciliation between the tax expense and the accounting profit multiplied by Argentina domestic tax rate for see note 29 “Income Tax” to our audited consolidated financial statements as of December 31, 2025 and 2024. B. Liquidity and Capital Resources Our main source of liquidity consists of deposits, which totaled Ps.13,690,637.8 million as of December 31, 2025, Ps.11,079,965.2 million as of December 31, 2024, and Ps.9,654.571.7 million as of December 31, 2023.These deposits include deposits generated by our branch network, from institutional, very large corporate clients and from provincial governments for whom we act as financial agent. We consider the deposits generated by our branch network and the provincial deposits to be stable. Approximately 5% of our total deposits as of December 31, 2025, were derived from the non-financial public sector, in particular as a consequence of our role as financial agent of four provinces. This is an important source of low-cost funding. Total deposits, which increased in real values 24% in 2025 compared to 2024, represented 76% of our total liabilities as of December 31, 2025. Deposits were used primarily to finance the growth in credit made available to the private sector and the balance was invested in liquid assets. This approach has enabled us to maintain a high liquidity to deposits ratio while we await a return to stronger demand for private sector loans. As of December 31, 2025, we had liquid assets up to Ps.9,979,097 million, primarily comprised of cash and due from banks (Ps.4,344,460 million) and other public securities (Ps.5,372,715 million). Our liquidity ratio reached a level of 73% as of December 31, 2025 and it exceeds the aggregate liquidity ratio of the Argentine financial system as a whole, which it reached 41% at the end of 2025. With respect to the marketable debt securities issued, during the last three years we placed the following notes: (a) Class F Notes, issued on October 31, 2023, with a nominal value of U.S.$53,000,000 at a fixed annual nominal rate of 5.00%, maturing on October 31, 2024; (b) Class G Notes, issued on June 23, 2025 in an aggregate principal amount of U.S.$400,000,000 at a fixed annual nominal rate of 8.000% maturing on June 23, 2029; (c) Additional Class G Notes, issued on August 4, 2025, in an aggregate principal amount of U.S.$130,000,000 at a fixed annual nominal rate of 8.000% maturing on June 23, 2029; (d) Class H Notes, issued on January 28, 2026, in an aggregate principal amount of U.S.$400,000,000 at a fixed annual nominal rate of 8.000% maturing on January 28, 2031. 186 Table of Contents On August 18, 2025, all of the Series XXXII Negotiable Obligations were redeemed. Additionally, upon the terms and subject to the conditions set forth in the offer to purchase dated January 12, 2026, on January 28, 2026 and on February 11, 2026, we purchased a total amount of U.S.$275,345,000 and U.S.$3,200,600, respectively, of our outstanding 6.750% Subordinated Resettable Notes due 2026. Additionally, we currently have access to uncommitted lines of credit with foreign banks and to letters of credit. We manage the excess liquidity by analyzing interest rates from a limited number of liquid and short-term assets including Central Bank bills, deposits with the Central Bank and overnight loans to highly rated companies. The amount allocated to overnight loans is determined by the amount of deposits received from institutional investors, and as such, there is a high degree of volatility in our overnight allocations. We believe that we have adequate working capital to meet our current and reasonably foreseeable needs. As of December 31, 2025, we had excess regulatory capital of Ps.3,614,321.3 million. Our excess capital is aimed at supporting growth, and consequently, a higher leverage of our balance sheet. The following table represents our contractual obligations and commercial commitments, excluding undrawn commitments of credit cards and checking accounts, as of December 31, 2025: Maturing Total Less than 1 year 1-3 years 3-5 years After 5 years (In thousands of Pesos) Contractual Obligations Financing received from the BCRA and other financial institutions 153,243,154 152,996,678 246,476 — — Issued Corporate Bonds 757,584,577 1,360,618 — 756,223,959 — Subordinates Corporate Bonds 588,032,164 588,032,164 — — — Other Financial Liabilities 1,769,495,302 1,740,924,334 17,011,491 11,559,475 2 Operating Leases 19,143,758 9,474,138 6,360,687 1,451,474 1,857,459 Total Contractual Obligations 3,287,498,955 2,492,787,932 23,618,654 769,234,908 1,857,461 Commercial Commitments Lines of Credit 52,436,515 52,436,515 — — — Guarantees 187,605,900 80,507,657 55,734,442 51,363,801 — Standby Letters of Credit 32,127,574 32,127,574 — — — Total Commercial Commitments 272,169,989 165,071,746 55,734,442 51,363,801 — For additional information, please see the tables with the maturity of the contractual future cash flows of the financial liabilities, including interest and charges to be accrued until maturity of the contracts, in note 52.4 to our audited consolidated financial statements as of December 31, 2025, and 2024. For further information regarding liquidity and capital resources please see note 48 “Corporate Bonds Issuance.” Regarding management and administration guidelines in relation to liquidity risk please see note 52.4 “Capital Management, Corporate Governance Transparency Policy and Risk Management.” Regarding our restricted assets and trust agreements please see notes 44 “Restricted assets” and 45 “Trust activities” to our audited consolidated financial statements as of December 31, 2025, and 2024. 187 Table of Contents Minimum capital requirements Our excess capital (representing the amount in excess of minimum reserve requirements of the Central Bank) is as set forth in nominal value in the following table: As of December 31, 2025(1) 2024(1) 2023(1) (in thousands of Pesos, except ratios and percentages) Calculation of excess capital: Allocated to assets at risk 1,005,403,966 575,362,395 250,774,061 Market risk 30,106,106 22,474,791 38,334,772 Operational risk 281,128,064 338,401,878 114,387,855 Required minimum capital under Central Bank Rules 1,316,638,136 936,239,064 403,496,688 Ordinary capital Level 1 (COn1) 5,389,636,314 3,949,822,677 1,745,360,317 Deductible concepts (COn1) (458,676,872 ) (312,177,634 ) (121,538,185 ) Additional capital Level 1 (CAn1) — — 14,565 Capital Level 2 (COn2) — 82,259,254 128,995,282 Total capital under Central Bank Rules 4,930,959,442 3,719,904,297 1,752,831,979 Excess capital 3,614,321,306 2,783,665,233 1,349,335,291 Note:- (1) These amounts are not adjusted for inflation. As of December 31, 2025, we had no material commitments for capital expenditures. We believe that our capital resources are sufficient for our present capital requirements on an individual and a consolidated basis. Funding Our principal source of funding is mainly deposits from individuals and corporate clients located in Argentina. Deposits include checking accounts, savings accounts and time deposits. The following table sets forth our sources of funding as of December 31, 2025, 2024 and 2023: As of December 31, 2025 2024(1) 2023(1) (in thousands of Pesos) Deposits From the non-financial government sector 638,862,157 846,779,800 535,978,597 From the financial sector 18,619,134 15,815,880 57,824,265 From the non-financial private sector and foreign residents Checking accounts 1,404,032,659 1,355,933,682 1,459,892,383 Savings accounts 4,761,733,882 5,207,769,962 4,096,537,989 Time deposits 6,716,971,910 2,696,246,480 3,002,836,200 Investment accounts(2) 494,477 819,592,104 358,697,669 Other(3) 149,923,555 137,827,292 142,804,549 Financing received from the BCRA and other financial institutions Central Bank 555,224 225,135 246,928 Banks and international institutions 75,522,120 56,830,523 44,040,052 Financing received from Argentine financial entities 77,165,810 132,130 12,430,322 Other Financial Liabilities 1,788,639,060 1,357,419,552 1,072,789,671 Issued Corporate Bonds 757,584,577 19,455,743 168,625,005 Subordinated Corporate Bonds 588,032,164 549,446,878 940,258,902 Shareholders’ equity 5,234,546,354 5,328,662,213 5,840,268,867 Total funding 22,212,683,083 18,392,137,374 17,733,231,399 Notes:- (1) Figures adjusted for inflation as of December 31, 2025. See “Presentation of certain financial and other information.” (2) Time deposit payable at the option of the depositor. (3) Includes, among others, expired time deposits and judicial deposits. 188 Table of Contents Critical accounting policies Our audited consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the IASB. The preparation of our consolidated financial statements requires management to make, in certain cases, estimates and assumptions to determine the book value of assets and liabilities, income, expenses and contingencies. Our financial position and results of operations are based on the best estimate regarding the probability of occurrence of different future events and, thereof, the final amount may differ from such estimates, which may have a positive or negative impact on future years. Critical accounting policies are those accounting policies that require management to make estimates based on assumptions about matters that are highly uncertain at the time the estimate is made and such estimates reasonably could have a material effect on the financial condition. Several factors are considered in determining whether or not a policy is critical in the preparation of our financial statements. These factors include, among others, whether the estimates are material to our financial statements, the nature of the estimates, the ability to readily validate the estimates with other information including information from third parties or available prices, and sensitivity of the estimates to changes in economic conditions and whether alternative accounting methods may be utilized. Note 3 to our audited consolidated financial statements contain a summary of our significant accounting policies. See also section “Accounting judgement, estimates and assumptions” of note 3 for a discussion of our critical accounting estimates. Income tax In estimating accrued taxes, we assess the relative merits and risks of the appropriate tax treatment considering statutory, judicial and regulatory guidance in the context of the tax position. On June 16, 2021, through Decree 387/2021, was issued the Law 27630 which established, for fiscal years beginning on January 1, 2021,included, a progressive tax rates scheme of 25%, 30% and 35% which will be applied, on a progressively basis, to the taxable accumulated net profit at the end of each the fiscal year. Significant matters related to the tax reform are discussed in notes 3.14 and 29 to our audited consolidated financial statements as of December 31, 2025 and 2024. Because of the complexity of tax laws and regulations, interpretation can be difficult and subject to legal judgment. It is possible that others, given the same information, may reach different reasonable conclusions regarding the estimated amounts of accrued taxes. Changes in the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of the status of examinations being conducted by various taxing authorities, and newly enacted statutory and regulatory guidance that impact the relative merits and risks of tax positions. These changes, when they affect accrued taxes, can be material to our operating results. There were no unrecognized tax benefits as of December 31, 2025, and 2024. Fair Value of financial instruments As described in note 3 section “Statement of financial position—Disclosure” to our audited consolidated financial statements, a portion of our financial assets and liabilities are measured at fair value. The fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms and conditions between participants of the principal market (or most advantageous market) duly informed and willing to transact in an orderly and current transaction. The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation models make use of unobservable inputs. To measure fair value, IFRS has established a three-level hierarchy to prioritize the valuation input among (1) quoted prices (unadjusted) for identical assets or liabilities in an active market that we have the ability to access, (2) other than quoted prices that are observable for the asset or liability, either directly or indirectly and (3) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. 189 Table of Contents When observable quoted prices are not available, fair value is based upon internally developed valuation techniques that use quoted prices for similar assets or liabilities in active markets. For instruments classified in Levels 1 and 2, where inputs are principally based on observable market data, there is less judgment applied in arriving at the fair value measurement. For assets and liabilities that do not have similar or identical instruments traded in the market we used an internally developed model to measure significant instruments. Those instruments would be classified as Level 3 of the fair value hierarchy, which requires significant management judgment or estimation. In arriving at an estimate valuation policies and procedures for Level 3 instruments are under the direction of the accounting and financial management. At level 3, we mainly hold Equity instruments at fair value through profit or loss and provisional debt securities of financial trusts (see note 13 to our audited consolidated financial statements). Management is in charge of developing, reviewing, approving and monitoring the key model inputs, critical valuation assumptions and proposed discount rates utilized for the valuation of Level 3 instruments. In addition, the management is also in charge of monitoring the changes in fair values of Level 3 instruments from period to period. Our management believes its valuation approach and techniques are appropriate and consistent with other market participants, however, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate or fair value at different reporting dates. For further details, see also note 13 to our audited consolidated financial statements. Impairment of financial assets The expected credit losses (ECL) allowance is a forward-looking approach which is based on the credit losses expected to arise over the life of the financial asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss. We are required to record an allowance for ECL for all loans and other financing, other debt financial assets not held at Fair Value through Profit or Loss (FVPL) and other financial assets, together with loan commitments and financial guarantee contracts. Inherent in any ECL model is the estimate of the probability that a financial asset will default (probability of default, or PD), the estimate of the loss we expect to experience upon a default, expressed as a percentage of financial asset amount (loss given default, or LGD) and the drawn exposure at the time of default (EAD). When our management considers that it is needed, we use an expert credit judgment (ECJ) overlay to reflect factors not captured in the results produced by the ECL models, such as market or economic disruptive events. Considering that the measurement of ECL is based not only on relevant information about past events, including historical experience, and current conditions, but also on reasonable and supportable forecasts that affect the collectability of the reported amount, our management developed assumptions and estimations for its calculation. For further detail regarding our impairment method and its quantitative impact, see also note 3.2.4. and note 52.1 to our audited consolidated financial statements for the years ended December 31, 2025 and 2024. Business combinations Business combinations are accounted for using the acquisition method when we take effective control of the acquired company. We recognize in our financial statements the acquired identifiable assets, the assumed liabilities, any non-controlling interest and goodwill according to IFRS 3, if any. The acquisition cost is measured as the aggregate of the transferred consideration, measured at fair value on that date, and the amount of any non-controlling interest in the acquiree. Goodwill is measured at cost, as excess of the transferred consideration regarding our acquired identifiable assets and net assumed liabilities. If the fair value of the net assets acquired is higher than the consideration paid, we reassess whether we have properly identified all the assets acquired and all the liabilities assumed and review the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of the net assets acquired in comparison to the consideration paid, then the gain is recognized in the consolidated statement of income. 190 Table of Contents As described in note 14.2 of our consolidated financial statements as of December 31, 2025 and 2024, we completed the acquisition of Banco BMA SAU (formerly known as Banco Itaú Argentina SA), BMA Asset Management SA (formerly known Itaú Asset Management SA) and BMA Valores SA (formerly known as Itaú Valores SA) during the year ended December 31, 2023 for a total aggregated purchase consideration of U.S.$50,000 thousand plus an additional amount resulting from the adjustment of the result obtained by acquired entities between April 1, 2023 and the closing date established in the purchase contract, which was agreed between the parties in the month of May 2024 for an amount of U.S.$7,564,706. Therefore, in accordance with IFRS 3, retrospective adjustments amounted to Ps.15,154.7 million were made in the Statement of financial position as of December 31, 2023 and Statement of financial income for the year then ended, increasing “other non-financial liabilities” and decreasing “income / (loss) from associates and joint ventures.” The business combination was accounted for using the “acquisition method” set forth in IFRS 3. As a result of the application of such method, we consider that the consideration transferred is lower than the fair value of the assets acquired, and liabilities assumed at the acquisition date. We reassessed whether it has properly identified all the assets acquired and all the liabilities assumed and reviewed the procedures used to measure the amounts to be recognized at the acquisition date. After the reassessment there was still an excess of the fair value of the net assets acquired in comparison to the consideration paid. Therefore, we recognized a gain from bargain purchase amounting to Ps. 433,931.7 million in the consolidated statement of income for the year ended December 31, 2023. C. Research and Development We incur research and development expenses in connection with information technology projects. The amount spent during each of the last three years was not material. We plan infrastructure development (processing, telecommunications, Internet, information security) based upon present and projected future demand of such services. See “Item 4. Information on the Bank—Business Overview—Technology.” D. Trend Information We believe that the macroeconomic environment and the following trends in the Argentine financial system and in our business have affected and will, for the foreseeable future, continue to affect our results of operations and profitability. Our continued success and ability to provide value to our shareholders will depend, among other factors, upon the economic growth of the Argentine economy and the related growth of the private sector lending. For information regarding the macroeconomic environment see “Item 5.A. Operating Results.” Principal Trends Related to Argentina Unlike 2025, when the absolute priority was rapid disinflation, in 2026 the Argentine government has begun to place greater weight on reserve accumulation objectives and the recovery of economic activity. In this context, a transition toward a more flexible exchange rate regime is expected. While the band system is expected to remain in place, the recent recalibration—adjusting the pace of depreciation to past inflation—aims to provide the Central Bank with greater capacity to purchase foreign currency, at the cost of weakening the exchange rate anchor in an economy that still shows a strong propensity to use the U.S. dollar as a unit of account and store of value. This, in turn, requires fiscal and monetary policies to play an even more significant anti-inflationary role than to date. Another milestone expected in 2026 is a return to international debt markets, in a context where sovereign risk compressed below 600 basis points following the October 2025 legislative mid-term elections and is expected to move toward the 450 basis point range if the reserve accumulation plan is successfully implemented. In 2026, we expect economic variables to continue to normalize, along with some pickup in the level of activity. There will likely continue to be adjustments in transportation, electricity, gas, prepaid medicine, and other regulated prices that had been lagging behind those of non-regulated goods and services. Market expectations surveyed by the Central Bank indicate that inflation in 2026 would be lower than in 2025, with a downward trend in the second half of the year. According to the Central Bank’s survey, it is expected that during 2026 the level of activity will grow by 3.4%. This increase would be driven by agricultural activity, which, at least in terms of gross harvest, is expected to remain very robust, as well as by other strategic sectors such as mining, hydrocarbons and the financial sector, together with a rebound in construction supported by a more competitive exchange rate and the resumption of public works. Credit is also expected to act as a key driver of growth. 191 Table of Contents In addition, the government signed an agreement with the International Monetary Fund to recover the previously agreed program with new targets adjusted to the current economic conditions and the economic policy of the new administration. The economic agents’ and the general population’s expectations will generally be focused on the performance of the stabilization plan. Its success will be reflected in the recovery of international reserves and the fulfillment of the fiscal plan, which by the end of 2026 is expected to result in a primary surplus of at least one percentage point of GDP. The fiscal strategy for 2026 contemplates the challenge of continuing to reduce taxes despite an increase in social spending and public works. To achieve this, higher revenues linked to economic activity and labor formalization will be necessary. If fiscal space allows, further progress is expected in reducing distortionary taxes, such as export duties and the tax on bank debits and credits. Moreover, the Government will continue to push for a list of public companies that may be privatized, a series of deregulation and debureaucratization measures, and other structural reforms aimed at reducing production costs, especially tax and labor costs for companies, thereby improving formal employment and workers’ purchasing power, and lowering transaction costs for consumers. So far, the Government has been successful in passing a labor reform, and we expect a tax reform bill to be sent to Congress in the coming months. Not all stakeholders support these initiatives, so that the management of consensus to approve and implement them implies that the economic and political situation during 2026 will continue to be very dynamic and challenging for the government. Principal Trends Related to the Argentine Financial System When assessing the vulnerabilities and strengths of the financial system, we observed significant changes in 2025 compared to 2024, notably a sharp increase in non-performing loans and a decline in coverage levels. If conditions were to deteriorate further, it is expected that the systemic response would remain robust and that the financial system would continue to demonstrate a high degree of resilience; however, there can be no assurance that such resilience would be sustained. During 2025 the financial system delinquency levels increased to 5.3% from 1.6% in December 2024, while the coverage ratio of the aggregate financial system (measured as allowances over total non-performing loans under Central Bank rules) decreased 70 percentage points to 94% in December 2025 from 159% in December 2024. The potential materialization of certain risk factors mentioned in this annual report could impact the payment capacity of debtors, generating a certain degree of stress on the aggregate balance sheet of the financial system. However, in general terms, financial institutions maintain comfortable levels of provisions and capital to face possible stress situations. The performance of financial intermediation activity continues to be a potential source of vulnerability for financial institutions. Looking ahead to 2026, there is room for intermediation activity with the private sector to continue to gain momentum, based on higher levels of economic activity, lower interest rates as monthly inflation declines, certain stability in foreign exchange matters and higher levels of savings in local currency, especially due to the dynamism of traditional time deposits and the elimination of certain regulations (minimum rate for time deposits) by the Central Bank. Following the October 2025 midterm elections, political risk has significantly decreased, allowing for a recovery of key economic and financial variables. For 2026 the economy is projected to return to a growth path, driven by lower country risk, reduced interest rates, increased credit demand, and the normalization of delinquency rates. We estimate that deposits, in both local and foreign currency, will grow towards the end of the first quarter after overcoming early-year seasonality. Likewise, we expect intermediation margins to benefit from lower rate volatility and an increase in financial intermediation volumes. A possible scenario of greater volatility in the financial markets or an economic performance below expectations could generate changes in the level or composition of deposits and present challenges for the financial system. To mitigate these possible effects, the group of entities maintains ample liquidity coverage and have ramped up loan losses provision given the deterioration in asset quality. 192 Table of Contents At the end of 2025, the aggregate financial system continued to show high liquidity levels, although lower than the previous year as a consequence of new credit dynamics and increased loan demand. The sector’s broad liquid assets accounted for 40.8% of deposits in December, 1.4% lower than the previous month’s figure and 4.4% lower in the year-on-year comparison. The Argentine financial system continues to show a significant degree of soundness, backed by high levels of solvency, liquidity and coverage margins, which would allow it to act resiliently in the event of a possible stress situation that may arise from the materialization of the identified risk factors. During 2025, the sector’s aggregate solvency indicators remained high, though lower than the previous year, in a context of increasing loan origination and lower exposure to government securities (which have a 0% risk weighting). The financial entities collectively integrated capital for the equivalent of 28.6% of risk-weighted assets at the end of 2025, a 2.1% decrease from 2024. As of December 31, 2025, the capital position of the financial system totaled 253% of the requirement. The financial system closed 2025 with comprehensive net income in homogeneous currency equivalent to 1.0% of assets (ROA) and 4.4% of equity (ROE), lower than the previous year. For 2026, the central objective of the monetary program is to continue to run a surplus, no fiscal deficit and avoidance of monetary issuance for its financing while at the same time accumulating foreign reserves through purchases in the official foreign exchange market. Other key objectives continue to be the elimination of regulations and restrictions and the correction of relative prices, and the removal of all foreign exchange controls. The aim is to restore the level of international reserves through the normalization of foreign trade flows. For more information on risks, see “Risk Factors—Risks related to the Argentine financial system.” Principal Trends Related to Our Business For 2026, we estimate that loans will grow above inflation levels, while deposits will grow below the pace of inflation and margins are expected to decrease slightly, as a result of the Central Bank’s rate reductions and increased competition for time deposits. In addition, efficiency defined as expenses over net financial income and commissions is expected to remain stable in the first half of the year and improve marginally during the second half. From a portfolio quality perspective, the current political and economic climate, suggests that a sharp devaluation of the currency would lead to an acceleration of the monthly inflation, which so far has been on a upward trend since bottoming at 1.5% in May of 2025, and would have an unfavorable impact on people’s ability to pay, cause a loss of purchasing power and possibly a decrease in economic activity for SMEs. As a result, a deterioration in the credit quality of the portfolio would deteriorate, leading to an increase in delinquency levels. In this context, a rise in loan loss provisions would be expected, along with a corresponding increase in the recognition of ECL. The Argentine Financial System The Argentine financial system has maintained a consistent positive trend in the last years with our performance improving accordingly, as evidenced by the following indicators: As of December 31, 2025 2024(1) 2023(1) (in millions of Pesos) Financial System (Central Bank Rules) Total loans 138,713,977 76,189,708 22,688,612 Total deposits 197,940,237 136,738,957 62,785,946 Banco Macro (Central Bank Rules) Total loans 11,182,529 5,896,262 1,868,548 Total deposits 13,690,638 8,422,706 3,370,241 Note:- (1) Figures detailed in the table above have not been adjusted for inflation nor restated for the changes in the general purchasing power of the Peso as established by IAS 29. Source: Central Bank for Financial System. 193 Table of Contents Total loans in the financial system increased in nominal values by 82% in 2025, and amounted to Ps.138,713,977 million as of December 31, 2025, driven by private sector loans. Our portfolio shows the same trend in nominal value that the financial system as a whole, increasing 90% year-over-year. Total deposits in the financial system increased in nominal values by 45% in 2025. Private sector deposits increased by 49% in 2025, amounting to Ps.165,704,377 million as of December 31, 2025 and public sector deposits increased by 30% in 2025, amounting to Ps.30,528,157 million. Our portfolio shows the same trend as the financial system as a whole but at a higher growth rate, achieving a 63% growth year-over-year in nominal values. Private sector loans In 2025, loans to the private sector grew 80% in nominal values for the financial system as a whole. This trend was also reflected in the evolution of our portfolio. Our private sector loan portfolio increased also 88% in nominal value compared to the balance as of December 31, 2024, as shown in the following table: As of December 31, 2025 2024(1) 2023(1) (in millions of Pesos) Financial System (Central Bank Rules) Private sector loans 132,276,710 73,503,807 21,888,711 Banco Macro (Central Bank Rules) Private sector loans 10,840,504 5,766,322 1,855,370 Note:- (1) Figures detailed in the table above have not been adjusted for inflation nor restated for the changes in the general purchasing power of the Peso as established by IAS 29. Source: Central Bank for Financial System. Asset Quality Throughout 2025, the non-performing lending ratio for the financial system increased month by month, reaching a level of 5.3% as of December 31, 2025. In December, credit irregularity to the private sector reached a level of 5.5% at the systemic level. When analyzed by type of debtor, the delinquency ratio of loans to households reached 9.3%, a performance mainly explained by personal loans and pledge-backed lines. In the case of corporate sector financing, it increased to 2.5%, a variation explained by companies linked to commerce and primary production. Regarding the coverage ratio, the provisioning levels of the financial system continue to be high closing the year with a coverage ratio of 94%. In our case, we observed an increase in the level of non-performing lending portfolio compared to the previous year, lower than that of the financial system, and a decrease in the coverage ratio reaching a level of 120%, higher than the level of the system as a whole. 194 Table of Contents The table below reflects our asset quality and that of the financial system as of December 31, 2025, 2024 and 2023: As of December 31, 2025 2024 2023 Financial System (Central Bank Rules) Non-performing lending ratio(1) 5.3 % 1.6 % 3.5 % Coverage ratio(2) 94 % 159 % 140 % Banco Macro (Central Bank Rules) Non-performing lending ratio(1) 3.9 % 1.3 % 1.3 % Coverage ratio(2) 120 % 159 % 201 % Notes:- (1) Non-performing lending includes all lending to borrowers classified as “3—troubled/medium risk,” “4—with high risk of insolvency/high risk,” “5—irrecoverable” and “6—irrecoverable according to Central Bank Rules” under the Central Bank loan classification system. (2) Allowances for un-collectability risk as a percentage of non-performing credit portfolio. Source: Central Bank for Financial System. Profitability In 2025 the profitability of the financial system decreased approximately by 78% in nominal values, achieving a total of Ps.2,285,294 million as of December 31, 2025 representing a 1.0% return on average assets and 4.4% on average equity. The year-on-year decrease in nominal value was driven by lower income from adjustments related to CER and CVS clauses, linked to a decline in the inflation rate compared to the prior year, lower results from repo transactions, and higher credit loss expense. The table below reflects our profitability and that of the financial system as of December 31, 2025, 2024 and 2023: As of December 31, 2025 2024(1) 2023(1) Financial System (Central Bank Rules) Total income (in millions of Pesos) 2,285,294 10,489,098 4,401,771 Return on average equity 4.4 % 15.8 % 27.6 % Return on average assets 1.0 % 4.1 % 5.4 % Banco Macro (Central Bank Rules) Total income (in millions of Pesos) 290,704 325,132 587,655 Return on average equity 6.6 % 7.5 % 33.2 % Return on average assets 1.8 % 2.4 % 8.7 % Note:- (1) Figures detailed in the table above have not been adjusted for inflation nor restated for the changes in the general purchasing power of the Peso as established by IAS 29. Source: Central Bank for Financial System. Commercial and balance sheet strategies We have the most extensive branch network among private-sector banks in Argentina, with 90% of our branches located outside of the City of Buenos Aires. Our extended presence in Argentine regional economies and sectors that have benefited from Argentina’s economic recovery grant us a key advantage with respect to other banks in terms of competing in the credit expansion service in Argentina. In addition, our strong network of branches and our role as the financial agent of various provinces provide us with a source of growth and low cost in our deposit base. We will continue our diversification strategy regarding the credit portfolio, thus enabling to obtain satisfactory efficiency, growth, security and profitability in commercial management. We will continue to focus our assistance to SMEs, emphasizing the election of dynamic economic sectors and growth potential in industrial, commercial and service areas for the purpose of contributing to companies’ expansion and ensuring an acceptable return of the funds assigned. At the same time, we will also offer these enterprises a complete range of corporate financial services, including exports and imports financing, letters of credit confirmation and opening, and granting guarantees to third parties on behalf of our customers. 195 Table of Contents We maintain a strong position with respect to excess capital, the liquidity ratio and the level of our provisions for loan losses. To prevent a run on deposits, one of our main priorities is to give depositors confidence that we would be able to absorb losses and fulfill our obligations to them. Our practice of maintaining high liquidity levels throughout the business cycles has allowed us to withstand the economic crisis by serving two key purposes. First, we have funds available in the face of adverse systemic events. Second, we give our depositors confidence that they would be able to have access to their deposits at any time, even during the depth of a crisis. We also minimize excess cash deposited in the Central Bank, without harming our overall liquidity position. In this way, we maximize the return on our liquidity stock by keeping funds in more profitable assets, such as instruments issued by the Central Bank. E. Critical Accounting Estimates Not Applicable.