4. AHistory and development of the Company Credicorp Ltd. (New York Stock Exchange (NYSE) and Lima Stock Exchange (Bolsa de Valores de Lima or BVL by its Spanish initials) trading code: BAP) is an exempted company that was formed in Bermuda on August 17, 1995, pursuant to the Bermuda Companies Act 1981 in order to act as a holding company for, and to coordinate the policy and administration of our subsidiaries, which include BCP Stand-alone, BCP Bolivia, Mibanco, Mibanco Colombia, Grupo Pacífico, Prima AFP, Credicorp Capital and ASB Bank Corp. We currently hold, directly and indirectly, 97.74% of BCP, 100.00% of BCP Bolivia, 99.92% of Mibanco, 99.97% of Mibanco Colombia, 98.86% of Grupo Pacífico, 100.00% of Prima AFP, 100.00% of Credicorp Capital and 100.00% of ASHC (as well as 100.00% of ASB Bank Corp. through ASHC). See “ITEM 4. INFORMATION ON THE COMPANY – 4.C Organizational Structure”. In Bermuda, where it remains domiciled, Credicorp operates under the Bermuda Companies Act 1981 (as to date amended). Our principal activity is to coordinate and manage the business plans of our subsidiaries to develop our Universal Banking, Microfinance, Insurance and Pension, and Investment Management and Advisory businesses at Perú, Colombia, Chile, Bolivia, Panama and the United States. Though we primarily focus on the aforementioned countries, we also make limited investments in other countries in the same region. Many of these investments are conducted through Grupo Credito S.A., a subsidiary 99.99% owned by Credicorp, whose purpose is to engage in different types of commercial activities, investments in securities, buying and selling of stocks and securities, and business in general. Our registered address in Bermuda is at Clarendon House, 2 Church Street, Hamilton, Bermuda, the address of our website is https://www.grupocredicorp.com/ (the website, and the information on such website, are not incorporated in this Form 20-F). The management and administrative office (which is the same as the principal place of business) of our principal subsidiary, Banco de Credito del Peru, is located at Calle Centenario 156, La Molina 15026, Lima, Peru, and its phone number is +51-1-313-2000. Our agent for service of process in the United States is the chief executive officer of BCP Miami, who is located at 121 Alhambra Plaza, Suite 1200, Coral Gables, FL 33134. The SEC maintains a website that contains reports of the issuers that file electronically with the SEC. Our electronic filings with the SEC are available to the public from the SEC’s website at http://www.sec.gov. (Trading Code – BAP). As of December 31, 2023 and December 31, 2024, our total assets were S/238.8 billion and S/256.1 billion, respectively, while net equity attributable to Credicorp’s equity holders was S/32.5 billion and S/34.3 billion. As of December 31, 2025, our total assets were S/267.4 billion and equity attributable to Credicorp’s equity holders was S/38.4 billion. Net profit attributable to Credicorp’s equity holders in 2023, 2024 and 2025 was S/4,865.5 million, S/5,501.3 million and S/6,925.4 million, respectively. See “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5. A Operating Results”. On December 20, 2017, Credicorp’s Board of Directors resolved to organize Credicorp’s subsidiaries in four LoBs: Universal Banking; Microfinance; Insurance and Pensions; and Investment Management and Advisory. These changes took effect on April 1, 2018. During the same year, the Corporate Venture Capital Arm of the group was formed, developing Krealo in March 2018. Universal Banking On April 18, 2018, Credicorp Ltd., through its subsidiaries Grupo Crédito S.A. and BCP Stand-alone, acquired 3.23% and 0.06%, respectively, of the share capital of Mibanco from minority shareholders for approximately S/129.0 million and S/2.4 million, respectively. Additionally, on May 22 and 23, 2018, BCP Stand-alone acquired 1.22% and 0.05%, respectively, of the share capital of Mibanco from minority shareholders for approximately S/47.3 million and S/1.9 million, respectively. These acquisitions of non-controlling interest were recorded as equity transactions. Through these acquisitions, Credicorp Ltd. increased its interest in the share capital of Mibanco from 93.18% to 97.74%. On May 7, 2018, Credicorp Ltd. sold to its subsidiary Grupo Crédito S.A. 220,113,636 shares of BCP Stand-alone owned by Credicorp Ltd., which represented 2.77% of BCP Stand-alone’s share capital. The amount paid per share was S/6.61. On May 7, 2019, Credicorp Ltd. sold to its subsidiary Grupo Crédito S.A. 83,839,991 shares of BCP Stand-alone, which represented 0.96% of BCP Stand-alone’s share capital. Following these sales, Credicorp, in conjunction with its subsidiary Grupo Credito, continued to own 97.74% of the shares of BCP Stand-alone. 42 Table of Contents In July 2022, Grupo Crédito S.A. established Yape Market S.A.C, a company focused on the promotion and management of sales and placement of products and services through electronic means. Grupo Crédito S.A. currently owns a 99.99% stake in Yape Market S.A.C. Joinnus was acquired in March 2023. It is a subsidiary of Yape Market S.A.C, currently owns a 99.93% stake. The company is a digital platform for selling tickets to online events and shows. In December 2025, BCP entered into an agreement to acquire 100% of the issued and outstanding shares of Helm Bank USA (“Helm Bank”) for USD 180 million, subject to customary price adjustment at closing. Helm Bank is a community bank authorized to operate in the State of Florida by the Florida Office of Financial Regulation (OFR), is supervised by the OFR and is a member of the Federal Deposit Insurance Corporation (FDIC). The strategic rationale for the transaction is to enhance Credicorp’s cross-border capabilities by serving internationally active clients and bolster its ability to meet the growing needs of Latin American clients, while preserving Helm Bank’s legacy as a community-focused institution. The completion of the transaction is subject to obtaining the required regulatory approvals in the United States from the OFR and the Federal Reserve (Fed), and in Peru from the Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS), as well as the fulfillment of other customary closing conditions. Microfinance On June 28, 2019, Credicorp Ltd., through its subsidiary Credicorp Holding Colombia S.A.S., reached an agreement with the majority shareholders of Banco Compartir S.A. (Bancompartir) to acquire a majority stake in Bancompartir, which provides microfinance and SME financing solutions to micro entrepreneurs and was one of the top four microfinance banks in Colombia. On December 2, 2019, Credicorp Ltd. announced that after obtaining the necessary regulatory approvals, it completed the acquisition of 77.46% of the capital stock of Bancompartir for approximately US$76.0 million, as part of Credicorp Ltd.’s strategy of expanding its microfinance business in Latin America. On October 30, 2020, Credicorp Ltd. confirmed the merger of Bancompartir and Edyficar S.A.S. (Encumbra), to be integrated under the name Mibanco – Banco de la Microempresa de Colombia S.A. (Mibanco Colombia). The merged entity had a consolidated loan portfolio of more than US$270 million as of December 31, 2020. Its operating model focuses on achieving financial inclusion and social development serving and accompanying small and micro entrepreneurs in line with the business strategy proposed by Credicorp. Insurance and Pensions In 2015, Grupo Pacífico signed an agreement with Banmédica to participate as equal partners in the health insurance and medical services business. Grupo Pacífico transferred the majority control of the Pacífico Seguros corporate health insurance business and medical services to Banmédica. Consequently, the Pacífico Seguros corporate health insurance business and medical services were no longer consolidated with Grupo Pacífico for accounting purposes and were reported as an investment in associates. In 2018, UnitedHealth Group, one of the world's largest healthcare companies, acquired Banmédica, becoming Pacífico’s new partner in Peru. In 2025, Credicorp Ltd. completed the acquisition of the remaining 50% stake in joint venture with Empresas Banmédica. With the completion of this acquisition, Banmédica has transferred its 50% interest in the private medical insurance business in Peru to Pacifico Seguros, while its 50% interest in Pacífico S.A. Entidad Prestadora de Salud (“Pacifico EPS”), which manages the corporate health insurance for employees and medical services businesses in Peru, has been transferred to Credicorp’s subsidiary Grupo Crédito S.A. As a result, Credicorp, through its subsidiaries Pacifico Seguros and Grupo Crédito S.A. is now the sole owner of both the private medical insurance business and Pacifico EPS. Investment Management and Advisory During 2012, Credicorp initiated the creation of a regional investment banking platform. During the same year, the firm acquired a 51.0% stake in Correval S.A. Comisionista de Bolsa in Colombia and 60.6% of IM Trust & Co. Holding S.A. in Chile. In 2013, Credicorp Capital Peru was created following a spin-off from BCP, and included Credicorp Capital Bolsa, Credicorp Capital Titulizadora, Credicorp Capital Fondos and BCP Stand-alone’s investment banking activities. On September 30, 2016, Credicorp Capital Peru concluded the acquisition of the remaining stake in Correval S.A. Comisionista de Bolsa in Colombia and IM Trust S.A. Corredores de Bolsa in Chile. As a result of these acquisitions, Credicorp Capital became the owner of 100% of both companies. During these years Credicorp wanted to consolidate the brand name of Credicorp Capital on the whole region, so the group decided to name Correval S.A. Comisionista de Bolsa in Colombia as Credicorp Capital Colombia and IM Trust S.A. Corredores de Bolsa in Chile as Credicorp Capital Chile. 43 Table of Contents On February 12, 2019, Credicorp Ltd., through its subsidiary Credicorp Holding Colombia S.A.S., reached an agreement with the shareholders of Ultraserfinco S.A. Comisionista de Bolsa, a financial services company in Colombia, to acquire a 100% stake in Ultraserfinco S.A. Comisionista de Bolsa and its subsidiaries, which include 100% of Ultra Holding Group Inc., which in turn holds 100% of Ultralat Group Inc. (including 100% of Ultralat Investment Advisor and 100% of Ultralat Capital Market, LLC. (UCM)), for approximately US$43.0 million. On November 1, 2019, after obtaining the necessary regulatory approvals, the acquisition of 100% of the capital stock of Ultraserfinco S.A. Comisionista de Bolsa was completed through Credicorp Holding Colombia S.A.S. and Credicorp Capital Fiduciaria S.A. Ultraserfinco S.A. Comisionista de Bolsa had several subsidiaries including Ultralat, a company regulated by the SEC. On February 1, 2021, we finalized a merger between CCSI and UCM, which resulted in Credicorp Capital LLC. On August 2, 2021, we finalized the merger by absorption between Atlantic Security Bank (Cayman Islands) and ASB Bank Corp. (Panama), with the latter being the surviving entity. ASB Bank Corp. is a financial institution incorporated under the laws of Panama, with an International Banking License and a securities brokerage license, issued by the SBP and the Panama SMV, respectively. On March 15, 2022, Credicorp incorporated CC Asset Management Mexico S.A. de C.V., an unregulated legal entity (specifically, a variable capital corporation) in Mexico. This entity will distribute mutual funds and investment funds through private offerings. The company was constituted as a subsidiary of Credicorp Capital Ltd. In December 2024, Credicorp Capital SAF notified its clients that it had offered to purchase 100% of the value of investments in the Credicorp Capital Factoring Dólares FMIV and Credicorp Capital Factoring Soles FMIV funds. These funds, which had exposure to assets managed by Sartor Administradora General de Fondos S.A. (“Sartor”) in Chile, a third-party fund manager, were impacted by recent regulatory actions and alleged misconduct at Sartor and on December 20, 2024, the Chilean Financial Market Commission revoked Sartor’s authorization to operate and ordered the liquidation of all funds under Sartor’s management. To facilitate the purchase process, Credicorp Capital SAF will execute participation transfer agreements through its affiliate Atlantic Security Holding Corporation (ASHC). Corporate Venture Capital – Krealo Krealo, Credicorp’s initiative that evolved from an open innovation arm to a Corporate Venture Capital, identifies and invests in opportunities that complement Credicorp's business lines. Krealo operates primarily through its ventures, including Tenpo, Tyba, Culqi, among others. In January 2019, Grupo Crédito S.A. incorporated Tenpo S.P.A. (formerly Krealo S.P.A.) in Chile with the purpose of constituting investments in companies, real estate and movable capital. Tenpo S.P.A. acquired 100% of Tenpo Technologies S.P.A., a company dedicated to the commercialization of services, digital products, information technology and telecommunications, and 100% of Tenpo Prepago S.A. (formerly Multicaja Prepago S.A.), a company dedicated to the issuance and operation of prepaid cards. Tenpo S.P.A. has evolved into Credicorp’s digital wallet in Chile and, after obtaining its banking license in early 2026, became the country’s first neobank. For further information about this process, see “ITEM 4. INFORMATION ON THE COMPANY - 4. A History and development of the Company - Recent Developments” section. In January 2019, Grupo Crédito S.A. acquired 91.36% of Compañia Incubadora de Soluciones Moviles S.A. (Culqi). Currently, Grupo Crédito S.A. directly and indirectly owns 100% of Culqi. Culqi was created in December 2013 and is mainly engaged in the development and operation of an online payment technology platform for digital businesses. In March 2019, Credicorp Capital Negocios Digitales S.A.S. (Tyba) was chartered in Colombia to engage in information system development; computer consulting; and administration of information installations. Credicorp Holding Colombia S.A.S. holds 100% of the shares of this entity. Tyba has evolved into Credicorp’s digital investment platform with presence in Colombia, Chile, and Peru, which is primarily managed by Krealo. We acquired Wally POS S.A.C. in January 2022 with the purpose of facilitating the management of client businesses through electronic tools and software that allows for the control of key aspects such as electronic invoicing, inventory control, and reports. Krealo Management S.A. holds 99.99% of the shares of this entity. We acquired Sami Shop S.A.C in June 2022, which is a company that offers e-commerce platforms to small, medium and large companies. Grupo Crédito S.A. holds 99.99% of the shares of this entity. 44 Table of Contents Krealo Management S.A. was incorporated in September 2022 with the purpose of being a Peruvian holding company. Krealo Management S.A. currently owns 99.99% of Wally POS S.A.C., and 67.11% of Monokera S.A.S. In November 2022, Krealo Ltd. was created in Bermuda as a wholly owned subsidiary of Credicorp. Krealo Ltd.’s purpose is to be a holding company, which encompasses some of Krealo´s investments. In December 2022, Krealo Management S.A. acquired a 60.71% stake in Monokera S.A.S, a company that offers an insurtech platform that provides both core software and integration capabilities to insurance companies and sales channels for selling embedded insurance products through a license and commission-based business model. Monokera Agencia LTDA., a subsidiary 100% owned by Monokera S.A.S., was created in March 2023. Recent Developments Credicorp Ltd. In July 2025, Eduardo Montero was appointed as Head of Insurance and Pensions of Credicorp, and CEO of Pacífico Seguros. The appointment became effective in January 2026. Mr. Montero served as the Head of the Investment Management and Advisory business line and CEO of Credicorp Capital Ltd. from January 2019 to December 2025. See ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES” for more information on Mr. Montero's biography. In July 2025, Galantino Gallo was appointed as Head of the Investment Management and Advisory business line and CEO of Credicorp Capital Ltd. The appointment became effective in January 2026. Mr. Gallo previously served as CEO at Prima AFP for nearly three years. Before that, he was Managing Director of Asset Management and Sustainability Lead at Credicorp Capital, where he held a range of senior leadership roles, including Chief Investment Officer, Deputy Chief Investment Officer in Chile, Head of Equities in Chile and Peru, and Head of Buy Side Research. Mr. Gallo has over 20 years of experience in the financial sector. He holds a degree in Economics from Universidad del Pacífico and an MBA from The Wharton School of the University of Pennsylvania. At the Company’s 2026 Annual General Shareholders Meeting, held on March 31, 2026, Credicorp Ltd.’s shareholders voted to approve the appointment of the new Board of Directors, which will hold office for the March 2026 – March 2029 period. New board members María Inés Álvarez Arnao, Juan Paredes Manrique and Manuel Romero Valdez succeed Antonio Abruña Puyol, Alexandre Gouvêa and Patricia Lizárraga Guthertz, who decided to retire from the Board. Additionally, six existing directors were re-elected. The new members further strengthen expertise in technology and AI-related oversight, financial and regulatory governance, and strategic execution. María Inés Álvarez Arnao (Independent) Ms. Alvarez is a technology executive and board director with over 30 years of experience in artificial intelligence, cloud platforms, cybersecurity, and large-scale technology operations. She most recently served as Vice President of Experimentation, AI Platform, Cloud & AI at Microsoft, where she led global experimentation and data-driven product development across multiple business units. Prior to Microsoft, she held executive technology roles at Panda Security and Yahoo. Ms. Alvarez has previously served on boards of two private institutions: BB Imaging and Workfront. Ms. Alvarez currently serves as a Board Member and Chair of the Information Security Audit Committee at Alkami Technology, a U.S. listed digital banking technology company, where she oversees cybersecurity, fraud prevention, and information security governance. She holds a master’s degree in computer science from California State Polytechnic University and a bachelor’s degree in information technology from Universidad Tecnológica del Centro (UNITEC) in Venezuela. Her experience in technology governance, AI strategy, cybersecurity oversight, and scalable digital platforms directly supports Credicorp’s 2026 strategic priorities, particularly in digital transformation, risk management, operational resilience, and innovation across its financial services businesses. 45 Table of Contents Juan Paredes Manrique (Independent) Mr. Paredes has served as a Director of Banco de Crédito del Perú (BCP) since March 27, 2024. In addition, he serves as a Director of Solución Empresa Administradora Hipotecaria S.A., a subsidiary of Credicorp. Mr. Paredes is an independent consultant and director with more than three decades of experience in external audit, financial advisory and regulatory matters, with a particular focus on financial institutions and other regulated companies. He served as an Audit Partner at EY Peru from September 2002 to June 2021, and led the firm’s Assurance practice, which includes audit, accounting and financial consulting, and integrity risk services. He also currently serves as a director of the private institution Anddes Asociados S.A.C. Mr. Paredes holds an MBA from Universidad Adolfo Ibáñez (Chile) and degrees in Accounting and Business Administration from Universidad del Pacífico (Peru). Mr. Paredes contributes to the Board’s oversight of financial integrity, regulatory compliance and risk management, bringing a practical understanding of accounting standards (IFRS and US GAAP) and the supervisory frameworks applicable to financial institutions, including those of the Superintendencia de Banca, Seguros y AFP (Perú), the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board. Manuel Romero Valdez (Non‑Independent) Mr. Romero has served as a Director of Banco de Crédito del Perú (BCP) since March 27, 2024, and as a Director of Mibanco since January 16, 2026. As part of his role as a board member of BCP, he serves as an advisor of Yape, the digital initiative recently scaled within BCP. Mr. Romero has extensive experience in corporate finance, strategy, and transformation. He is currently Chairman of Grupo Romero and previously served as Deputy Chief Executive Officer and Chief Financial Officer of Alicorp S.A.A. He has also held executive roles at Primax Colombia, where he was responsible for finance, technology, and business development. He has served previously as Vice President and Head of M&A at GRIO (Grupo Romero Investment Office), and worked in investment banking at Credit Suisse in New York. He currently serves on the board of the publicly listed company Alicorp S.A.A. (Lima Stock Exchange). He also serves on the boards of the following private institutions: Primax Colombia S.A., InfraCorp S.A., GRAM LLC, Trabajos Marítimos S.A., Palmas del Espino S.A., Samay S.A.C., and Fundación Romero. Mr. Romero holds an MBA from Stanford Graduate School of Business and bachelor’s degrees in mechanical engineering and economics from the Massachusetts Institute of Technology (MIT). His background in strategy, capital allocation, transformation, investment decision-making, and experience across Latin America and the United States, with exposure to several sectors, supports the Board’s oversight of long-term value creation, disciplined execution, and the alignment of Credicorp’s strategic priorities with shareholder interests. The Directors of Credicorp Ltd. that will hold office for the March 2026 – March 2029 period are: •Nuria Aliño Pérez •María Inés Álvarez Arnao •María Teresa Aranzábal Harreguy •Raimundo Morales Dasso •Juan Paredes Manrique •Leslie Pierce Diez-Canseco •Luis Romero Belismelis 46 Table of Contents •Manuel Romero Valdez •Pedro Rubio Feijóo Additionally, the Board of Directors of Credicorp Ltd., in its session held on April 1, 2026, has approved the following matters in relation to the election, at the Company’s Annual General Meeting of Shareholders, of the new Board which will perform the role for the March 2026 -March 2029 period: 1. Election of Mr. Luis Romero Belismelis as the Chairman of the Board and Mr. Raimundo Morales Dasso as the Vice-Chairman of the Board of Credicorp. 2. Designation of the following directors as members of the Audit Committee: •Juan Paredes Manrique (Chair and Financial Expert) •Nuria Aliño Pérez •María Teresa Aranzabal Harreguy Mr. Raimundo Morales Dasso will act as advisor to the Audit Committee. 3. Designation of the following directors as members of the Risk Committee: •Pedro Rubio Feijóo (Chair) •María Inés Álvarez Arnao •Raimundo Morales Dasso •Juan Paredes Manrique •Luis Romero Belismelis 4. Designation of the following directors as members of the Compensation and Nominations Committee: •Nuria Aliño Pérez (Chair) •María Teresa Aranzabal Harreguy •Raimundo Morales Dasso •Luis Romero Belismelis •Pedro Rubio Feijóo 5. Designation of the following directors as members of the Sustainability Committee: •María Teresa Aranzabal Harreguy (Chair) •Nuria Aliño Pérez •Leslie Pierce Diez-Canseco •Manuel Romero Valdez •Pedro Rubio Feijóo 47 Table of Contents Effective March 18, 2026, directors and executive officers of a foreign private issuer that has issued equity securities registered under Section 12 of the Exchange Act (such as the shares of Credicorp Ltd.) will be subject to Section 16(a) reporting obligations in substantially the same manner as directors and officers of U.S. domestic reporting companies. Therefore, beginning on March 18, 2026: •Initial Reports (Form 3): All existing directors and officers of Credicorp must file a Form 3 disclosing all beneficial ownership in Credicorp shares, even if no securities are owned. •Transaction Reports (Form 4): Most changes in beneficial ownership must be reported on Form 4 within two business days of the transaction. •Annual Reports (Form 5): For certain exempt transactions, or for transactions that were not properly reported in prior filings, directors and officers may file a Form 5, which is due within 45 days after the company’s fiscal year-end. All existing directors and executive officers of Credicorp are compliant with these regulations. On April 23, 2026, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/50.00 per share for a total of S/4,719,115,85.00 in line with the Company’s Bye-Laws. The cash dividend will be paid out on June 12, 2026, without withholding tax at source, to shareholders of record on May 18, 2026. Credicorp and certain of its subsidiaries are involved in administrative and judicial proceedings in Peru arising from the disclosure of political campaign contributions made in connection with the 2011 and 2016 Peruvian presidential elections. These proceedings originated from sanctioning actions initiated by the Peruvian Superintendence of the Securities Market for alleged failures to timely disclose such contributions to the market and have progressed through the administrative and judicial stages, remaining pending final resolution before the Peruvian Judiciary as of the end of 2025. In the case of Credicorp, in January 2026 a second‑instance ruling was issued confirming the first‑instance decision, against which Credicorp filed a cassation appeal. Accordingly, as of the date of this report, both Credicorp’s case and the cases involving its three subsidiaries remain pending a final resolution by the Judiciary. With respect to the administrative proceeding before SUNAT, in January 2026, Grupo Crédito has filed the corresponding administrative appeal, and, as of the date of this report, the administrative proceeding remains pending resolution by the competent authority. For more information about this proceeding, please refer to Item 8 - 8A - (1) Government Investigations. In November 2025, the SBS issued Resolution No. 04200‑2025, which introduces clarifications to the computation of regulatory capital at the consolidated group and financial group levels. Effective with information for the first quarter of 2026, the amendments clarify the treatment of earnings and unrealized gains that may be incorporated into regulatory capital depending on the accounting framework applied by group entities: earnings from entities that apply SBS accounting standards in origin or through harmonization are included without requiring capitalization agreements, whereas earnings from entities that do not apply such framework are only included with capitalization agreements executed within the deadlines established by the SBS. In addition, the resolution sets specific criteria for recognizing net unrealized gains on debt instruments issued by the Government of Peru, by foreign governments with investment‑grade ratings, and by the Central Reserve Bank of Peru. These clarifications do not change the structure of CET1, Tier 1 and Tier 2, but modify the earnings that are eligible for purposes of the calculation of consolidated regulatory capital, as well as the composition among its tiers, depending on the degree of accounting harmonization applied within the group. BCP Stand-alone On April 24, 2026, the Federal Reserve Board approved BCP’s application to convert its existing Miami agency into a full state-licensed branch in Coral Gables, Florida (BCP’s first U.S. branch) permitting the bank to accept wholesale deposits from U.S. sources for the first time. Krealo In January 2024, Credicorp submitted an application for a banking license in Chile with the objective of scaling its digital wallet, Tenpo SPA (currently controlled by Krealo), and creating the country's first fully digital bank, becoming Credicorp's first step into Chilean retail banking through its product offering. The licensing process in Chile requires three 48 Table of Contents regulatory approvals. On January 19, 2026, Tenpo Bank Chile, a subsidiary of Tenpo SPA, successfully obtained authorization from the Chilean regulator Comisión para el Mercado Financiero (CMF), to operate as a bank in Chile. Other Matters On April 12, 2026, general elections were held in Peru for the election of the President of the Republic and members of Congress, with the new dual-chamber congress. While Keiko Fujimori is expected to advance to the second‑round presidential runoff, the official results will determine which candidate will join her. The second finalist remains uncertain: Roberto Sánchez is ahead of Rafael López Aliaga by less than 20,000 votes and some tally sheets are still under review, so confirmation may take until mid-May. 4. BBusiness Overview (1)Credicorp Overview Credicorp is a financial services holding company. Its principal subsidiary, Banco de Crédito del Perú (BCP), has more than 135 years of operating history in the financial sector. Credicorp conducts its operations through four lines of business: (i) Universal Banking; (ii) Insurance and Pensions, which primarily serves the Peruvian market; (iii) Microfinance; and (iv) Investment Management and Advisory, which operates across Latin America. In addition, Credicorp operates a corporate venture capital platform focused on external innovation to support its current and future businesses. The year 2025 marks the 30th anniversary of Credicorp’s listing on the New York Stock Exchange. This milestone reflects the Company’s disciplined execution and strategic focus over time, supported by sustained investment in talent and innovation and its transformation capabilities to enhance long‑term competitiveness. During this period, Credicorp has expanded from a primarily domestic platform into a diversified regional organization, with operations in Peru, Bolivia, Colombia, Chile, Panama, and the United States, while managing capital in a prudent and responsible manner. Credicorp’s performance extends beyond financial results and, consistent with its corporate purpose, reflects its contribution to inclusive and sustainable development for employees, customers, and the communities in which it operates. Credicorp Culture serves as the Company’s strategic framework, reinforcing a shared identity across the organization through teamwork and cross‑business collaboration, ambition, innovation, customer‑centricity, and integrity. The Company’s strategy is focused on achieving sustainable growth while decoupling from broader economic cycles, supported by customer‑centric innovation and disciplined risk management. This strategy is underpinned by three priorities: attracting, developing, and retaining top talent; advancing digital transformation and innovation; and embedding sustainability as a core component of the Company’s overall strategy. Furthermore, we are executing our strategy across four core areas that reinforce our competitive advantage and support consistent growth, scale and value creation: •Prioritizing leading market positions in an underpenetrated region with clear growth avenues •Scaling an integrated digital ecosystem •Unlocking synergies by leveraging shared capabilities across the ecosystem •Delivering strong, resilient results across economic cycles Artificial Intelligence Program At Credicorp, we have developed a playbook where we aim to centralize major AI initiatives at the corporate level, through which we consolidate an inventory of the group's initiatives, promoting the standardization and reuse of technology, as well as the efficiency and deployment of guidelines and tools for the design and implementation of AI solutions. In 2024, we launched a Generative Artificial Intelligence program with the aim of leveraging this technology to improve customer experiences and employee productivity and processes. 49 Table of Contents To increase productivity of our employees and processes, we use copilots to assist employees with specific tasks, such as database searches, image analysis, and report generation. Our more than 2,700 developers at BCP, BCP Bolivia, Pacifico and Credicorp Capital use GitHub Copilot, for example. Likewise, other use cases focus on customer experience, such as Generative AI-powered voicebots and chatbots that answer general inquiries from clients. Additionally, we personalize the customer experience by generating images and messaging in line with the customer's specific segment or profile to better communicate commercial offers. This year, we have enabled different AI tools for more than 27,000 employees, and almost 70% of them use AI on a regular basis. At Credicorp, we recognize the risks associated with implementing Generative AI solutions and the impact it could have on our operations. Therefore, we are on our way to implement a robust framework based on international standards and practices, such as the NIST AI Risk Management Framework, the ISO 23894 standard for AI risk management, and various international regulations. For further detail, see “ITEM 16K. CYBERSECURITY”. Additionally, we have an internal policy on responsible use of artificial intelligence. Sustainability Strategy During 2025, we began rolling out Credicorp’s new 2025–2030 Sustainability Strategy, approved by our Board of Directors and aligned with our purpose of improving lives by accelerating the changes that our countries need. This strategy builds on the foundations of the previous one, preserving its essence and strengthening the commitments that define us. The new strategy was developed through a rigorous and collaborative process that included an in-depth materiality analysis, the integration of our key stakeholder perspectives, a review of international benchmarks, and consultation with subject-matter experts. The strategy is implemented on three fronts: our Impact Plan, a Responsible Management, and through Accelerators. Our Impact Plan primarily reflects initiatives aimed at our clients and society. The Group contributes to this front through its core businesses and the strategic social action initiatives of its subsidiaries. To ensure effective implementation, Credicorp mobilizes a series of Responsible Management fronts that serve as strategic enablers, consolidating the operational, ethical and governance pillars that turn the sustainability vision into tangible outcomes. Additionally, the strategy is driven by cross-cutting elements that span both the Impact Plan and Responsible Management, referred to as Accelerators, which aim to accelerate the pace of sustainable transformation, build internal and external capabilities, and foster an organizational culture aligned with the Group’s sustainability objectives. The Impact Plan is structured around three strategic pillars: Inclusion, Finance for the Future, and Trust, with an overarching element of Country Vision: •Inclusion: Contribute to ensuring that all individuals, especially those who are vulnerable or underserved, have access to and make use of quality financial and healthcare services that enable their full participation in the economy and society. By focusing on financial inclusion and education, as well as access to quality healthcare, this pillar seeks to promote more equitable development that also serves as a pathway for growth. •Finance for the Future: Mobilize financial resources, education, tools, and protection mechanisms to drive social transformation, strengthen the resilience of businesses and individuals, and support an environmentally sustainable economy. This pillar focuses on empowering micro, small, and medium-sized enterprises (MSMEs), as well as large companies, by enhancing resilience, primarily through insurance and prevention strategies, and promoting sustainable finance. •Trust: Strengthen trust in Credicorp and its subsidiaries, as well as in the private sector more broadly. In the context in which we operate, where distrust limits access to and use of the financial system, building trust is essential to advancing inclusion, particularly among vulnerable or underserved populations. •Country Vision: Promote development in the regions of the countries where Credicorp operates by reducing social gaps and creating more equitable access to opportunities, resources, and infrastructure. This is an overarching element of the Impact Plan. 50 Table of Contents Inclusion: Yape, our SuperApp, has become a key driver of financial inclusion in the region, promoting access, usage, and quality of financial services through digitalization. Between 2020 and 2025, 6.6 million Peruvians were financially included through Yape and BCP’s savings accounts. Since 2022, 1.3 million individuals have accessed their first formal loan via Yape. Additionally, through Mibanco, in 2025, more than 57 thousand people in Peru and more than 19 thousand in Colombia were banked through access to loans. Access to affordable, inclusive insurance is essential for advancing inclusion. These products include health, life, accidents, and small business protection insurance. Pacífico Seguros offers these solutions through various channels, including Mibanco, BCP, Yape, and third-party partnerships. In 2025, 3 million individuals were included through inclusive insurance products. Financial, digital, and prevention education is a fundamental enabler for advancing inclusion. Through our subsidiaries, we offer programs and partnerships that empower individuals to make more informed decisions and improve their well-being. In 2025, BCP reached 405 thousand people through ABC del BCP program and BCP Bolivia reached more than 2 million people through its ABC program, which includes courses and videos on managing money, personal finances, and banking products. Additionally, BCP had an impact on 715 thousand clients during the same year, who adopted healthier financial behaviors, stemming from financial education efforts. Prima reached over 1,164 thousand people through ABC de la Cultura Previsional, fostering a culture of retirement savings in 2025. Pacífico Seguros, in turn, reached 250 thousand individuals through ABC de Pacífico, which includes digital content and in‑person activations designed to promote risk awareness, health prevention, and the use of insurance, accessible to everyone. Credicorp Capital, through Tyba, its web and in-app platform, offers information and courses on investments, personal finance, and capital markets to its users. We are committed to strengthening primary healthcare for underserved populations, especially vulnerable and lower-income groups. Our initiatives aim to expand access to primary, preventive, and digital healthcare services, integrating telemedicine and education efforts to reduce geographic and cultural barriers. This includes inclusive health insurance and Tsana, a low-cost digital platform offering 24/7 teleconsultations, AI-powered symptom checks, and wellness classes, primarily for female heads of household. Additionally, Desafío Salud (Doctor+) provides affordable outpatient medical services, laboratory, imaging, and pharmacy solutions, a model that is currently in an exploratory phase. Finance for the Future: We have implemented a range of initiatives, products, and solutions to support MSMEs. Over 880 thousand MSMEs disbursed a loan through Mibanco Perú, and over 1.4 million microbusinesses obtained microcredits via Yape. Mibanco Colombia launched the first sustainable deposit in Colombia, while BCP introduced a Sustainable Fixed-Term Deposit1 in Peru. Through the Contigo Emprendedor program, BCP provided advisory services to over 200 thousand MSMEs. The Franco MiBanco Chatbot in Colombia, which offers personalized financial advice and education 24/7, reached more than 120 thousand microbusinesses. Additionally, the Academia del Progreso program trained and advised over 537 thousand participants in Peru and Colombia through Mibanco. We promote a culture of resilience through educational programs and practical tools such as those of Protege 365 and Comunidad Segura by Pacífico Seguros, which focus on risk prevention in businesses and communities. We launched 1 Sustainable Fixed-term Deposit: The Sustainable Fixed-term Deposit is a time deposit through which the bank allocates customer funds to eligible environmental and social projects, in line with eligibility criteria. 51 Table of Contents a free online Resilience Calculator to help users assess their preparedness for unforeseen events and risks, offering insights on their strengths, improvement opportunities, and training resources for families. We also offer tailored insurance products for MSMEs, including business protection insurance through Mibanco in Colombia and Peru. In Colombia, a climate risk alert system provides clients with preventive guidance, while enabling the insurance offering towards these clients. In Sustainable Finance, through BCP Peru we mobilized USD 3,440 million in sustainable capital, including green and social financing. BCP Bolivia disbursed USD 69 million, and Mibanco Colombia COP 127,486 million, in environmental financing. Additionally, BCP launched its first Social Confirming line, an initiative that enables micro and small enterprises to access financing, promotes financial inclusion and strengthens the business ecosystem. Trust: We participate in numerous associations that help build trust with our stakeholders, expand the reach and impact of our initiatives, and reinforce our commitment to sustainability. In Peru, we are members of Peru Sostenible, the country’s largest network promoting sustainable development, and Es Hoy, a movement of business leaders committed to an inclusive, prosperous, and sustainable Peru. Internationally, we are members of PCAF2, CDP3, UNGC4, and PRI5. In 2025, Credicorp and Mibanco Colombia joined the TISFD6 Alliance, a global advisory group focused on setting standards for inequality and social impact disclosure. Pacífico Seguros became the first Peruvian insurer to join the Micro Insurance Network, a global platform promoting inclusive insurance for low-income and vulnerable populations. Additionally, we carry out complementary actions to increase our impact and stakeholder trust through Strategic Social Action, which includes impact beyond our core businesses, and refers to volunteer programs, works for taxes. social projects and other programs that help close social gaps. Responsible Management: Our Responsible Management framework is structured around seven strategic pillars: (1) corporate and sustainability governance, (2) ethics, compliance and human rights, (3) social and environmental risk management, (4) people strategy, equity and diversity, (5) environmental management (own operations and portfolio), (6) supplier management, and (7) reporting and disclosure. Through these pillars, we aim to prevent risks, promote an ethical culture, create superior value for our employees, manage our direct and indirect environmental impacts, and ensure transparent communication of our sustainability performance. Sustainability Governance Structure: Our governance model enables us to elevate the visibility of our sustainability agenda to the highest levels of the organization, ensure its integration into our management approach and alignment with the business strategy, coordinate efforts across corporate teams and subsidiaries, and strengthen accountability for results. 2 PCAF: Partnership for Carbon Accounting Financial Disclosures 3 CDP: Carbon Disclosure Project 4 UNGC: United Nations Global Compact 5 PRI: Principles for Responsible Investment 6 TISFD: Taskforce on Inequality and Social-related Financial Disclosures 52 Table of Contents Credicorp’s Innovation Strategy Our digital strategy is a fundamental element needed to execute our purpose, follow our values, and advance towards the future guided by our north star values. With an overarching group strategy, we enhance our digital and transformation processes to capture opportunities efficiently, expand our total addressable market and strengthen our operational drivers. Our journey began in 2015, when BCP Stand-alone decided to focus on customer satisfaction while pursuing greater efficiency. Soon after, Grupo Pacífico, Mibanco, Prima AFP and Credicorp Capital followed the same path. Each of our LoBs has created an innovation lab, which is crucial for our LoBs’ cultural and digital transformation. Throughout all these years, we have been seeking to innovate by constantly challenging, transforming, and disrupting ourselves. We aim to anticipate and adapt to the increasingly fast changing megatrends that could impact our customers, capture digital opportunities, and generate long-term profitability. For this, we have been seeking to strive for developing digital capabilities such as: a)Having a self-disruptive mindset, b)Strengthening an agile and user experience culture, c)Capturing digital talent, and; d)Developing solid tech capabilities. While leveraging our competitive strengths: a)Diversified and independent LoBs, b)Strong brand and extensive network of long-term client relationships, c)Sound management with resilient track record, and; d)Solid balance sheet and risk discipline. During 2022, we implemented our corporate innovation system at Credicorp Ltd. level. This system is focused on disruptive initiatives; that is, those that (i) are aimed at achieving new revenue streams through new business models, (ii) may compete with our own traditional businesses, and (iii) may require building new and critical capabilities, either operational, digital, or technological. The system is steered by the Chief Innovation Officer (CINO), with the support of the Innovation Management Office (IMO). The CINO and the IMO oversee (i) the definition of an innovation strategy at a corporate level, (ii) the management of the disruptive initiative portfolio, (iii) the development of the necessary innovation enablers; and (iv) the execution of activities and transversal projects to foster and improve innovation efforts. We periodically review potential disruptive initiatives so that we can manage them within funds, financial limits, and metrics structured as a portfolio. The CINO steers this process, which is performed alongside the Finance Department and validated by the Innovation Committee. 53 Table of Contents The system and its governance reflect an entrepreneurial and decentralized innovation model. Major decisions around strategy and portfolio management are made by a central Innovation Committee, while the sourcing and development of initiatives are executed by decentralized Innovation Units (IUs), which operate within or next to our LoBs. Thanks to this arrangement, we believe that we benefit from, on one hand, a central decision body that ensures alignment of innovation to our corporate goals and enables a fast decision process on the most complex issues; and, on the other, from being close to our customers, leveraging information already managed by our LoBs, and fostering rapid change and adoption in the overall organization. The Innovation Committee, which is the system’s central body, is composed by Credicorp’s CEO, CSO and CINO, and has as guests Credicorp's CFO and Krealo’s CEO. This committee works closely with, and makes recommendations to, the Board of Directors, which holds the power over material decisions involving innovation, and over key venture graduations (e.g., spin-offs, spin-ins, write-offs, others). The Innovation Committee interacts with other forums through a variety of coordinated approaches. For instance, the Valuation Committee, which defines the methodologies and parameters for the valuation of ventures, is chaired by the CFO. We also have an Innovation Table, chaired by the CINO, which serves as an open discussion and coordination space for the IUs’ leaders. The following picture summarizes the main participants in our innovation system: The IUs perform different roles depending on their various capabilities and on the LoBs’ needs. Some of the parties that hold these roles include: (i) innovation labs, which focus on inside-out innovation and operate mainly from ideation to the product-market-fit stage; (ii) Krealo, our corporate venture capital arm, which brings outside-in innovation, primarily through the acquisition of or minority investments in ventures with some proven market fit; (iii) a growth accelerator unit that scales ideas with potential after product market fit has been established; and (iv) some specific ventures that are key to our strategy, which we call “speedboats”. These speedboats sit close to our LoBs in order to take advantage of digital and data assets. At the same time, they hold sufficient governance independence, which allows them to take decisions faster and track performance accordingly with the nature and risk of the innovation under development. For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.A History and development of the Company – Corporate Venture Capital – Krealo”. Our innovation system covers strategic and enabling elements. The strategic elements aim to include innovation domains and ambition, allocation of resources, performance management, and governance. These are necessary to provide guidance to the IUs and add structure to the system. The enabling elements seek to include components such as talent, culture, organization, or IT functions. For instance, our Artificial Intelligence (AI) program is an example of how we promote transversal projects that enable better coordination and maximize value creation. We also work hand in hand with our ESG strategy team to seek disruptive business models that are aligned with our sustainability pillars. 54 Table of Contents The innovation domains reflect markets, verticals, and/or trends in which there might be opportunities to disrupt, given our corporate strategy and priorities, our internal capabilities, and market and digital developments. Thus, they tell the IUs where to look for new initiatives. We organize these domains in three horizons to help structure, prioritize, and make disciplined capital allocation decisions. In horizon 1, we group the domains that are closer to our core businesses and geographies and, thus, are spaces we should mainly strengthen. In horizon 2, we include adjacent markets or niches in which we have identified an opportunity to enter or to reinforce our presence. Finally, in horizon 3, we explore trends with heavy technological and/or digital components that might completely transform the way we operate. To achieve our innovation ambition, we set financial limits that track our investment in the disruptive portfolio (including the impact to Credicorp’s ROE and Cost to Income). These limits ensure that our profitability and financial health remain in line with our corporate goals. They also allow us to allocate funds to the horizons and innovation stages appropriately. The Innovation Committee provides the priorities for capital allocation, but the LoBs commit the specific funds, in accordance with our entrepreneurial and decentralized innovation system. Finally, for performance management, we have a set of metrics that help us monitor disruptive portfolio performance and make timely decisions. These metrics assess four portfolio dimensions: (i) fund activity, which measures the size and efficiency with which we use resources (time and money) and kill initiatives with little potential; (ii) strategic performance, which reflects, for instance, diversification, incremental revenues and clients, and how we extend our footprint across our domains and horizons; (iii) financial performance, which measures the actual and expected cost and return of our portfolio; and (iv) portfolio confidence, which captures the risk of our portfolio based on the completion of objectives and key results (OKRs) by innovation stage, which in turn help us fund only those initiatives with the greatest potential. Corporate Venture Capital – Krealo As part of our innovation efforts at the holding level, in 2018, Credicorp set up Krealo, an initiative that has evolved from our open innovation arm to Credicorp’s Corporate Venture Capital, bringing innovation from the outside-in. Krealo focuses on external innovation by investing in opportunities that complement current and future LoBs. Krealo works independently from other LoBs, with a similar flexibility to venture capital funds, coupled with the control, network and scalability of Credicorp. Krealo’s purpose is to identify, screen, and invest in opportunities by building and/or acquiring new features. Credicorp and Krealo currently hold controlling stakes in the following companies: Tenpo (Chile), Tyba (Colombia, Peru and Chile), and Monokera (Colombia and Peru). Additionally, Credicorp and Krealo hold minority stakes in other ventures across Latin America with a focus on Colombia, Mexico, Chile, and Peru. 55 Table of Contents Krealo seeks to create both financial and strategic value for (i) Credicorp and (ii) the ventures: (i)Regarding Credicorp, Krealo creates strategic value by: a.Boosting Credicorp’s current businesses: As an example, Tyba, through its 100% digital onboarding, expands the total addressable market in the Investment Management and Advisory business of Credicorp. b.Creating new businesses for Credicorp: Tenpo, our neobank in Chile, has become Credicorp's first step into Chilean retail banking through its product offering. Likewise, it is important to mention that in January 2024, Credicorp submitted an application for a banking license in Chile, which was obtained in early 2026. For further information see “ITEM 4. INFORMATION ON THE COMPANY - 4. A History and development of the Company - Recent Developments” section. (ii)Regarding the ventures, Krealo creates strategic value by: a.Providing independence to the ventures while still providing constant support in areas of expertise including growth, IT, data, and cybersecurity, among others. b.Acting as a long-term strategic partner, willing to support ventures with capital and expertise throughout their development. c.Offering flexible deal structures with the aim of generating financial and strategic value. d.Helping ventures grow faster by offering partnerships with LoBs, regulatory and financial expertise, relationships with industry leaders and the financial ecosystem, and the opportunity to leverage in Credicorp’s distribution channel (both by selling their products through Credicorp channels and selling Credicorp products through the ventures channels). Krealo is committed to its role in the Andean Venture Capital ecosystem, investing in fintechs and startups with a focus on financial services. Risk Rating In June 2025, Fitch Ratings affirmed Credicorp Ltd.’s and Banco de Credito del Peru risk ratings at ‘BBB’ and kept its outlook stable. As of December 2025, S&P Global Ratings continues to maintain the ratings of Credicorp Ltd., Banco de Crédito del Perú, and Mibanco at ‘BBB-’, with a stable outlook, in line with Peru’s long-term sovereign foreign currency rating. Credicorp’s LoBs’ Contributions According to IFRS, an operating segment is a component of an entity for which financial information is available and is evaluated periodically by the Chief Operating Decision Maker (CODM), who makes decisions about resources allocated for the segment and assesses its performance. 56 Table of Contents The following tables provide certain financial information about our LoBs as of and for the years ended December 31, 2025, 2024 and 2023: As of and for the year ended December 31, 2025 External income (1) Net interest, similar income and expenses Other income, net (2) Total assets (Soles in millions, except percentages) Amount % Total Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 19,528 68.4 11,137 75.7 5,240 60.8 202,206 75.6 BCP Bolivia 683 2.4 215 1.5 186 2.2 10,062 3.8 Insurance and Pension funds Grupo Pacífico 2,374 8.3 298 2.0 1,456 16.9 20,625 7.7 Prima AFP 407 1.4 1 - 403 4.6 682 0.3 Microfinance Mibanco 3,301 11.6 2,480 16.8 138 1.6 18,355 6.8 Mibanco Colombia 670 2.3 430 2.9 56 0.6 2,858 1.1 Investment Management and Advisory 1,405 4.9 54 0.4 1,010 11.7 8,226 3.1 Other segments 455 1.6 101 0.7 304 3.5 6,446 2.4 Eliminations (268) (0.9) - - (168) (1.9) (2,097) (0.8) Total consolidated 28,555 100.0 14,716 100.0 8,625 100.0 267,363 100.0 (1)Corresponds to total interest and similar income, other income, the result of the insurance and reinsurance service and medical services results. (2)Corresponds to other income (include income and expenses for commissions), result of the insurance and reinsurance service and medical services results. 57 Table of Contents As of and for the year ended December 31, 2024 External income (1) Net interest, similar income and expenses Other income, net (2) Total assets (Soles in millions, except percentages) Amount % Total Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 19,176 69.8 10,815 76.6 4,831 63.5 194,921 76.1 BCP Bolivia 924 3.4 353 2.5 254 3.3 12,996 5.1 Insurance and Pension funds Grupo Pacífico 1,769 6.4 299 2.1 935 12.3 17,777 6.9 Prima AFP 385 1.4 2 - 379 5.0 658 0.3 Microfinance Mibanco 3,195 11.6 2,243 15.9 125 1.6 16,979 6.6 Mibanco Colombia 574 2.1 326 2.3 60 0.8 2,323 0.9 Investment Management and Advisory 1,317 4.8 36 0.3 945 12.4 8,466 3.3 Other segments 388 1.4 41 0.3 174 2.4 6,341 2.5 Eliminations (256) (0.9) - - (100) (1.3) (4,372) (1.7) Total consolidated 27,472 100.0 14,115 100.0 7,603 100.0 256,089 100.0 (1)Corresponds to total interest and similar income, other income and the result of the insurance and reinsurance service. (2)Corresponds to other income (include income and expenses for commissions) and result of the insurance and reinsurance service. 58 Table of Contents As of and for the year ended December 31, 2023 External income (1) Net interest, similar income and expenses Other income, net (2) Total assets (Soles in millions, except percentages) Amount % Total Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 17,802 69.4 9,818 75.9 4,315 62.8 178,053 74.6 BCP Bolivia 820 3.2 332 2.6 110 1.6 12,631 5.3 Insurance and Pension funds Grupo Pacífico 1,730 6.7 285 2.2 952 13.9 16,586 6.9 Prima AFP 386 1.5 4 - 379 5.5 741 0.3 Microfinance Mibanco 3,236 12.6 2,165 16.7 155 2.3 16,931 7.1 Mibanco Colombia 489 1.9 255 2.0 45 0.7 2,164 0.9 Investment Management and Advisory 1,210 4.7 82 0.6 809 11.8 10,104 4.2 Other segments 278 1.1 (3) - 216 3.1 4,947 2.1 Eliminations (286) (1.1) - - (114) (1.7) (3,317) (1.4) Total consolidated 25,665 100.0 12,938 100.0 6,867 100.0 238,840 100.0 (1)Corresponds to total interest and similar income, other income and the result of the insurance and reinsurance service. (2)Corresponds to other income (include income and expenses for commissions) and result of the insurance and reinsurance service. The following table sets forth the contribution to the consolidated net profit attributable to our equity holders by each of LoBs and main subsidiaries: 2023 2024 2025 Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 4,281 88.0 4,889 88.9 5,908 85.3 BCP Bolivia 83 1.7 94 1.7 86 1.2 Insurance and Pensions Grupo Pacífico 801 16.5 761 13.8 838 12.1 Prima AFP 150 3.1 133 2.4 147 2.1 Microfinance Mibanco 199 4.1 302 5.5 445 6.4 Mibanco Colombia (64) (1.3) (7) (0.1) 47 0.7 Investment Management and Advisory (1) 173 3.6 195 3.5 225 3.3 Other segments and eliminations (2) (758) (15.6) (866) (15.7) (771) (11.1) Total 4,865 100.0 5,501 100.0 6,925 100.0 (1)Investment Management and Advisory mainly includes Credicorp Capital Ltd and subsidiaries and ASB Bank Corp. (2)Includes Grupo Crédito S.A., Inversiones Credicorp Bolivia, SEAH and others. 59 Table of Contents The following table shows our LoBs and main subsidiaries’ respective percentage contributions to our total equity attributable to Credicorp’s equity holders: 2023 2024 2025 Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 22,084 68.0 22,884 66.6 24,998 65.2 BCP Bolivia 889 2.7 1,006 2.9 870 2.3 Insurance and Pensions Grupo Pacífico 3,087 9.5 3,331 9.7 4,456 11.6 Prima AFP 500 1.5 476 1.4 453 1.2 Microfinance Mibanco 2,996 9.2 2,609 7.6 2,740 7.1 Mibanco Colombia 265 0.8 379 1.1 443 1.2 Investment Management and Advisory (1) 1,917 5.9 1,425 4.2 1,402 3.6 Other segments and eliminations (2) 722 2.4 2,236 6.5 3,005 7.8 Total 32,460 100.0 34,346 100.0 38,367 100.0 (1)Investment Management and Advisory mainly includes Credicorp Capital Ltd and subsidiaries and ASB Bank Corp. (2)Includes Grupo Crédito S.A., Inversiones Credicorp Bolivia, SEAH and others. For a description of the principal markets in which we compete, please refer to “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (2) Lines of Business (LoBs), – (5) Competition, and – (6) Supervision and Regulation” and Note 27 to Credicorp’s consolidated financial statements. For a breakdown of total income and operating income by geographic market for each of the last three fiscal years, as well as other historical information about our LoBs, please refer to Note 27 to Credicorp’s consolidated financial statements. (2)Lines of Business (LoBs) 2.1Universal Banking Our Universal Banking LoB, which focuses on lending and transactional business, is organized into (i) retail banking activities, including our Individuals, SME-Business, SME-Pyme (small and micro firm) segments, which are carried out by BCP Stand-alone’s Retail Banking Group (RBG) and Yape; (ii) wholesale banking activities, including our corporate and middle-market banking business segments, which are carried out by BCP Stand-alone’s Wholesale Banking Group (WBG); (iii) treasury activities, including asset and liabilities management (ALM); sales and trading; and foreign exchange and derivatives distribution, which are carried out by BCP Stand-alone’s Treasury function; and (iv) wholesale and retail banking activities in Bolivia, which are carried out by BCP Bolivia and Yape Bolivia. The majority of our banking business is carried out through BCP Stand-alone, the leading bank in Peru by loans and deposits with close to 29% market share in loans and 33% market share in deposits according to the SBS. We conduct banking activities in Bolivia through BCP Bolivia, a full-service commercial bank. 2.1.1BCP Stand-alone (I)BCP Stand-alone’s Overview BCP Stand-alone operates mainly in Peru and has one agency in Miami and one branch in Panama. See “ITEM 4. INFORMATION ON THE COMPANY – 4.C Organizational Structure – (1) Credicorp.” BCP Stand-alone’s operations are supervised and regulated by the SBS, SMV and the BCRP in Peru, by the Office of Financial Regulation of the State of Florida Department of Financial Services and the Federal Reserve in the United States, and by the SBP in Panama. As of and for the year ending on December 31, 2025, BCP Stand-alone represented 75.6% of our total assets, and 65.2% of our equity attributable to Credicorp’s equity holders. 60 Table of Contents BCP Stand-alone’s purpose and values BCP Stand-alone’s purpose is “Transforming plans into reality”. We aim to support our clients in transforming their dreams and plans into reality. We hope to simultaneously contribute towards building Peru’s story of development and progress and deepening our connection to communities in order to generate value for all stakeholders and ensure long-term sustainability. We believe our values are fundamental to fulfilling our purpose and shaping our culture. We refer to this as our “WOW Culture,” as it enables us to deliver an outstanding customer experience through a team committed to supporting our customers in achieving their goals and aspirations. Our values guide the actions of our stakeholders as they work toward our purpose and reflect the role we seek to play in Peruvian society. Our values are: •Customer Centricity •Test and Learn •Risk-conscious and righteous •Collaboration •Give your Best •Boost your Skills BCP Stand-alone Strategy Our strategy is geared towards delivering an extraordinary experience and operating with efficiency to remain competitive while investing in long-term sustainable growth. As such, we aim to be the number one company in Customer Experience in Peru and to be the most efficient bank in the region. Experience: We are placing a strong emphasis on digital coverage and high transactionality, ensuring our clients can meet their daily-banking needs anytime, anywhere. Additionally, we are committed to delivering a truly personalized experience for every client by harnessing advanced capabilities, transforming our digital channels, and continuously modernizing our physical network. Efficiency: We are committed to driving robust income through both margins and diversified revenue streams, while actively expanding our market share, introducing innovative products, and digitizing our services. At the same time, we prioritize operational efficiency to ensure sustainable profitability and preserve the ability to reinvest continuously in innovation empowering us to anticipate market trends, strengthen our digital capabilities, and deliver superior value to our clients. This strategy is delivered to the market through our business units, each employing a unique strategic approach while continuing to serve as the primary bank for our customers. •For Individuals, we developed a different strategy for each subsegment: from the Affluent where we have a value proposition based on personalized digital and physical comprehensive service, to a more digital cost-efficient and transactional value proposition that aim to expand the credit access through innovative digital solutions like Yape for the mass market. •For SMEs, we aim to develop a digital solution and credit capabilities to serve smaller customers in a profitable way, to further develop risk-free income and to disrupt the way we attend underserved segments. •For Wholesale, we have several objectives: Defending our leadership in these segments, expanding our services beyond banking, ensuring end-to-end digitization, and identifying ESG opportunities aligned with our Purpose. 61 Table of Contents We work to develop key internal capabilities, known as our enablers, that will help us to stay on course towards our ambitions. Our enablers are: •IT: We continue to develop competitive advantages through increased productivity, enabling us to reach the market on time and efficiently expand our operational scale. •Data and Analytics: We support our strategy by three fundamental pillars, democratize the use of data in all business areas, enhance by data-driven decision, and build a robust ecosystem that protects our clients' information. •Cybersecurity: We are focusing our efforts on the most effective strategies to reduce our exposure to cybersecurity risk. We believe that our enablers, leveraged by our talent and an agile mindset culture, will allow us to achieve our key objectives. IT To excel in Customer Experience, we need to have outstanding channel uptime and deliver new functionalities to market in record time; and to do this efficiently, we need modern technologies and a re-utilization of components. As of the December 2025, we have developed 812 reusable APIs. The results have been impressive across all 3 target dimensions: we have 62% fewer service incidents (compared to 2021) with 99.8% uptime, we released 4x the number of features (compared to 2021), development time has been reduced by 75% (compared to 2021) and we have reduced the unit transaction cost by 82% (compared to 2021). Data and Analytics During 2025, we created value through advanced analytics projects for S/ 153 million in profit before income tax. The key contributors were: commercial intelligence models for insurance products (S/ 12 million), sovereign bonds inclusion in balance sheet optimization models that enhance risk-adjusted returns (S/ 10 million), and SME RM commercial targets alignment with each portfolio sales potential (S/ 10 million). Regarding the value generated by data solutions and external data ingestion, we managed to capture S/.51 million (+28% vs 2024) where the main drivers were marginal revenues and cost savings focusing on initiatives related to customer and wholesale segments and risk management. Cybersecurity We reduced our risk ratios and cybernetic vulnerability by strengthening our technological tools and processes as well as educating our employees and clients about such risks. For further detail, see “ITEM 16K. CYBERSECURITY”. To support these capabilities, we rely on a highly skilled and talented team (one that has been recruited, trained, upskilled) that operates on a well-established agile delivery model. To continue satisfactory development of our enablers, we rely on our talent and an agile culture mindset. Therefore, we are attracting, upskilling, and retaining diverse tech talent. We recruit and hire specialized data, analytics and IT professionals from Credicorp’s international hubs in different countries on various continents. We offer our tech talent the opportunity to develop leading edge capabilities in an environment in which we aim to lead in technology. We believe BCP Stand-alone has an organization scheme which was consolidated by 1) implementing a management model to promote the alignment, prioritization, and accountability of our initiatives; 2) developing high performance teams that focus on initiatives that improve time to market, productivity and quality in our squads, which are our autonomous and multidisciplinary teams that work within our Tribes and Centers of Excellence (CoEs); and 3) strengthening our chapters, which are highly specialized people that compose our CoEs, by raising the quality level of the service they offer to our squads. Tribes and CoEs are how we refer to our agile organizations dedicated to the creation and evolution of our highly specialized and strategic capabilities. 62 Table of Contents Where we stand today… BCP Stand-alone has undergone a considerable transformation over the last five years. In our perspective, our strategy has resulted in a larger and more digital, efficient, transactional and sustainable bank in the long run. We have made significant strides in solidifying our strategy; this has resulted in maintaining our leadership in the NPS of our Consumer segment in 2025 and progress in maintaining our efficiency ratio. In general, our transformation results are leading us towards a more digitized, loyal, and profitable customer profile – with more products and more use of digital channels which results in us being more profitable. Over the past five years, we have made progress over several areas in (i) our capacity for growth, (ii) our successful digital strategy, (iii) the growing customers’ preference for our digital services and (iv) customer’s trust. This allows us to understand and manage the evolution of our two north stars (experience and efficiency). Our strategy execution is not only resulting in a better experience and more efficient value proposition for our customers. Sustainability is a key pillar of our strategic approach, focused on generating a positive impact in society aligned with our purpose and our business. Since 2021, we have grown our customer base by approximately 1.7 times, reaching a total of 19 million clients (as compared to 10.9 million in 2021). Of these, 3.2 million currently have loans, a significant increase from the 1.2 million in 2021. Simultaneously, we have strengthened the customer experience, as evidenced by the improved Net Promoter Score (NPS) for the consumer segment, which reached 53 points in 2025 (up from 37 points in 2021). As we keep on evolving, we stay committed to our purpose to transform plans into reality, with a clear and sustainable strategy, centered on maximizing customer and employee experience and improving the efficiency of our operations, within a sustainable framework. We embrace taking calculated and prudent risks, proving time and again that we can adapt and thrive in an ever-changing landscape. (II)BCP Stand-alone’s Business Units (II.I)Retail Banking Group (RBG) As of December 31, 2025, Retail Banking-related loans represented 53% of BCP Stand-alone’s average total loans, while retail banking-related deposits represented 67% of BCP Stand-alone’s average total deposits. The following table shows the client segmentation for RBG. This segmentation was a result of an analysis that addressed multiple factors such as the size and volume of activity for each client, the clients’ affiliation with other companies or groups and their credit ratings. Client Segmentation Business Segment Group Client Income/Sales/Total debt Retail Banking Group (RBG) Individuals Enalta Individual monthly net income of at least S/20,000; or more than US$200,000 in asset under management in each of the previous 6 months (not including severance indemnity deposits) Affluent Individual monthly net income ranging from S/5,000 to S/20,000; or more than S/150,000 in assets under management in each of the previous 6 months (not including severance indemnity deposits) Consumer Focus on medium- and low-income individuals (less than S/5,000 of individual monthly income) SME Business Annual sales from S/5.6 million to S/35 million; or total debt from S/1.2 million to S/10 million Pyme Annual sales up to S/5.6 million; or total debt up to S/1.2 million 63 Table of Contents Individuals’ business segments within RBG are: Enalta Enalta services include investment advisory, securities-based lending, financial planning, and day-to-day banking services such as loans and cash accounts. In addition to regular branches, Enalta clients have access to nine exclusive branches; seven of them are in Lima, one is in Arequipa and one in Trujillo. These spaces enable customers to make financial transactions in a secure, private space, as well as experience personalized advice of investment, insurance and loan experts who offer exclusive, invitation-only products. Enalta services are available not only to the client itself but also to their household, allowing for additional financial relationships. Enalta offers highly personalized services and experiences and a wide range of products and, therefore, a strong value proposition. The Enalta segment has approximately 72,000 clients. Affluent Customers in RBG’s Affluent segment receive a differentiated value proposition based on dedicated remote customer service, including specialized account managers, an exclusive call center number, and investment advisory for mutual funds. They also receive preferential services from tellers at branches and unique products, such as credit cards with exclusive benefits and preferential interest rates on loans. Almost all of these clients are serviced through specialized remote account managers responsible for improving per-client profitability and achieving long-term relationships through personalized service, cross-selling, and share-of-wallet strategies. The Affluent segment has approximately 354,000 clients, who are served by 368 relationship managers. Consumer Banking Our Consumer Banking segment is in charge of developing strategies for the retail customers who are not included in affluent banking or small business banking. Its customer base consists of approximately 13.2 million (only considers clients with at least one product) medium-to-low-income individuals. Consumer Banking focuses on customers who receive their payroll through BCP Stand-alone (which represents around 1.5 million clients). Its strategies vary from basic acquisition of new accounts for wage-earners with special terms regarding fees and interest rates, to more sophisticated, aggressive cross-sell and retention programs that may include non-banking benefits (such as access to discounts on non-banking products) and access to payroll advances. The main products offered to individuals are: Mortgage According to the SBS and the Association of Banks of Peru (Asociación de Bancos del Peru or ASBANC by its Spanish initials), as of December 31, 2025, BCP Stand-alone was the largest mortgage lender in Peru, with a market share of 32.6%. One of the product lines in BCP Stand-alone’s mortgage lending to low-income customer is loans funded by the credit program of the Peruvian Housing Development Bank (Fondo MiVivienda). The Fondo MiVivienda credit program provides government-funded loans with down payment aid for the purchase of properties valued up to S/362,100 and brings credit risk coverage for the purchase of properties valued up to S/488,800. This program seeks to cover the deficit in housing for lower-income population segments. According to the Fondo MiVivienda, during the year 2025, BCP Stand-alone made over 3,027 MiVivienda loans, representing the largest number of MiVivienda loans in the financial system. Mortgage loans are associated with low losses because of their low LTV, as they are backed by the home equity guarantee. These loans have the added benefit of generating opportunities for cross selling other banking products. Credit Card & Consumer Loans BCP Stand-alone’s credit card year-end balances increase from S/5,958 million in 2024 to S/6,478 million in 2025, representing an increase of 8.73%. This is attributable to higher sales of Cardholder Loans (Prestamo Tarjetero) and greater billing in the portfolio. 64 Table of Contents Average gross payment volume increased 15% from 2024 to 2025. As a consequence, our credit card market share in Peru increased 112 bps from 32.2% in December 31, 2024, to 33.3% in December 31, 2025, according to the SBS and ASBANC. Our focus in 2025 was on strengthen our cardholder benefits of exclusive experiences and concert ticket pre-sales, in addition to increasing the reach and offer of interest-free installment purchases and launching a new benefits program Qore. We have also encouraged the use of digital channels such as mobile wallets and e-commerce purchases. In 2025, disbursements of consumer loans increased by 19.9% compared to 2024, driven by an improvement in the risk profile of the portfolio, that was primarily attributed to the new disbursements that focused on clients with better credit profiles. We expanded our offerings of leads by 11% year-over-year. Consequently, our average disbursements amounted to S/763 million, up from S/637 million in 2024. The year-end balance of consumer loans without collateral balances increased from S/7,535 million in December 31, 2024, to S/7,946 million in December 31, 2025, representing a 5.4% increase. This was driven primarily by Affluent and Enalta (8,9% and 21.9% respectively), due to higher sales and lower-than-expected attrition, offsetting the decrease of 6.8% in Consumer. Notably, digital sales accounted for 56.4% of total unsecured consumer loans sold in 2025 from 50.8% in 2024. The SME segments within RBG are: SME-Pyme The SME-Pyme segment served approximately 2.4 million clients as of December 31, 2025. The SME-Pyme credit portfolio totaled S/19,096 million as of December 31, 2025 (compared to S/18,401 million as of December 31, 2024). Additionally, our SME-Pyme segment had a market share of 19.95% in Peru as of December 2025, according to the SBS. In 2025, we continued to serve our clients while digitizing our processes and systems. Finally, in the fourth year using NPS as a new customer satisfaction methodology, SME-Pyme showed clear advances. In the portfolio without a relationship manager, there was an improvement of 4 points year-over-year, and in the portfolio of clients assigned to a relationship manager there was an improvement of 8 points year-over-year. SME-Business The SME-Business segment served approximately 15,286 clients as of December 31, 2025. In 2025, SME-Business experienced an increase in loans and deposits, which increased 3% and 11%, respectively, from December 31, 2024, to December 31, 2025, mainly driven by new Impulso MYPERÚ Program loans which make up for Reactiva Peru Loans cancellations (See “Government Program Loans”). Excluding the effects of the Impulso MYPERÚ and Reactiva Peru Programs, SME-Business’s loans balance increased by 15% over the same period. According to the SBS and ASBANC, BCP Stand-alone closed December 2025 with 34.97% in loan market share in Peru, positioning BCP Stand-alone in first place in market share. Furthermore, according to our internal customer satisfaction survey led by Ipsos Peru, 86% of our SME-Business clients indicated that they were satisfied with BCP Stand-alone products and services in 2025. Distribution Channels Digital channels •Mobile Banking: In 2025, more than 1,160 million monetary transactions were channeled through mobile banking at BCP Stand-alone, which represented an increase of 43.3% compared to the number of such transactions in 2024. Also, the number of active customers increased by 1.2 million compared to last year, reaching 8.6 million active costumers. •Internet Banking: Transactions through Internet banking at BCP were at a total of 40.8 million monetary transactions in 2025, which represents an increase of 4.7% compared to the number of monetary transactions registered in 2024. 65 Table of Contents •Yape: Yape registered higher growth in monetary transactions than any of our other channels from 2024 to 2025, reporting an expansion of 63% in monetary transactions from 6,145.7 million in 2024 to 10,039.1 million in 2025. For additional information about Yape, please see “ – (II.II Yape).” Self-service channels •ATMs: In 2025, BCP Stand-alone’s ATM monetary transactions decreased 8.21% from 2024 levels. BCP Stand-alone decreased its ATM pool by 71 from the end of 2024 to close 2025 at 2,402 units. •Kioskos BCP: Kioskos BCP are digital self-service platforms at which customers can open savings accounts and/or pick up debit cards. Approximately 10 million transactions were conducted through Kioskos BCP in 2025, which represented a 19% decrease from 2024. Physical channels •BCP Agentes: BCP Agentes are legally separated points of contact at allied SMEs with which we contract to enable our clients to carry out certain transactions. BCP Agentes continue to constitute a highly effective channel for providing services to our clients given their wide availability in Peru. At the end of 2025, BCP Stand-alone had 10,382 BCP Agentes, less than 2024 as a consequence of the multichannel strategy and the increased digital presence. BCP Agentes conducted 392.9 million monetary transactions in 2025, which represents a decrease of 9.6% compared to 2024. •Branches: As of the end of 2025, BCP Stand-alone had 316 branches; we have continued the transformation of 300 in our branch network to continue offering a better experience to our clients, achieving the transformation of more than 81% of our offices (with 244 offices transformed by the end of 2025) as well as the change of 154 facades. (II.II)Yape Yape has established itself as the leading digital ecosystem for payments and financial services in Peru, driving financial inclusion and creating new revenue streams for Credicorp. By the end of 2025, Yape reached 15.9 million monthly active users (MAU) and 19.1 million registered users, consolidating its position as the most valued and recognized brand in the daily lives of Peruvians, with an average of over 66 transactions per active user per month (+30% compared to 2024). Additionally, the platform processed 10,039.1 million transactions and a Total Payment Volume (TPV) of S/437.7 billion. The platform is structured around three business lines aligned with our core objectives: (i) promoting financial inclusion, (ii) meeting user needs, and (iii) integrating Yape into everyday life. These lines are: •Payments: Representing Yape’s primary driver of commission-based revenue, and is supported by a broad suite of functionalities that include bill payments, QR payments, mobile top‑ups, Yape Empresas, remittances, foreign exchange services, and B2C payment solutions. Bill payments remain the most representative product within the business line, posting a significant 67% increase in transaction volume during 2025, reaching 212.6 million transactions. •Financial Services: Composed of both floating and credits,financial services generates interest income. In 2025, the credit business experienced exponential growth in loan disbursements, exceeding 1.3 million monthly disbursements between single-installment, multi-installment, and SME loans. Over 1 million users accessed their first formal credit within the financial system, of which more than 40% were women—reinforcing our commitment to gender-focused financial inclusion. Building on this momentum, we maintained a robust trend throughout 2025 of expanding multi‑installment credit options, offering higher loan amounts and slightly longer tenors. •E-commerce: Designed to deepen user engagement by expanding beyond financial services, this segment saw significant growth through Yape Promos, offering exclusive discounts and benefits. The portfolio also includes features such as Yape Tienda, Gaming, Insurance, Ticketing for events and bus travel. Yape Promos continued its consolidation trend, reaching a GMV of S/ 302.2 million in 2025, representing 33% YoY growth. 66 Table of Contents This sustained growth has been driven by our focus on delivering exceptional user experience, reflected in an NPS consistently above 76 throughout the year and app availability of 99.5%, reaffirming our commitment to customer satisfaction and trust. Yape plays a key role in our business model by promoting financial inclusion, enabling new sources of income and generating social impact from the core of our operations. It also remains one of the most valued and far-reaching brands throughout the country, thanks to its ability to connect with users and provide a simple, secure, and reliable experience. In 2025, Yape was recognized for the third consecutive year as a leader in customer experience, ranking first in the CX Index and earning awards such as Effie, ANDA, and Total Brands, reaffirming its commitment to excellence, innovation, and emotional connection with its users. Additionally, Yape’s commitment to sustainable development is reflected in its “Por un Perú Para Todos” strategy, which drives initiatives that: promote financial inclusion and education; foster partnerships to create large-scale impact; and build emotional connections that inspire and motivate Peruvians through positivity. (II.III)Wholesale Banking Group (WBG) As of December 31, 2025, wholesale banking loans represented 45% of BCP Stand-alone’s average total loans, while wholesale banking deposits represented 31% of BCP Stand-alone’s average total deposits. WBG competes with local and foreign banks in Peru. WBG’s average loan balances amounted to S/53,613 million as of December 31, 2025 (a 3.2% increase from December 31, 2024), compared to average balances of S/51,940 million as of December 31, 2024 (a 1.9% decrease from December 31, 2023). It also maintained its leadership in the Peruvian Wholesale Banking market with a 37.2% market share in loans, according to the SBS and ASBANC. It has also established longstanding client relationships with major industrial and commercial groups in Peru. The WBG provides its customers with cash management solutions, short- and medium-term loans in local and foreign currencies, foreign trade-related financing, and lease and project financing. The following table shows the client segmentation of BCP Stand-alone’s WBG segments. This segmentation was a result of an analysis, which addressed multiple factors such as the size and volume of activity for each client, the clients’ affiliation with other companies or groups and their credit ratings. Client Segmentation Business Group Client Income/Sales/Total debt WBG (1) Corporate Annual sales higher than $100 million (Approximately S/336 million) Middle-Market Annual sales from $10 million to $100 million (Approximately S/33.6 million to S/336 million) (1)Converted into Soles at the exchange rate of S/3.363 per US Dollar, December 31, 2025, as provided by the SBS. WBG is divided into the following divisions and support areas: Corporate and International Division (CID) The CID served 2,816 clients as of December 31, 2025. The CID provides financing for capital expenditures and investments, sales, international trade, and inventories. It offers medium- and long-term financing, financial leases, and project financing. The CID’s corporate banking subdivision provides loans and other credit and financial services. This subdivision focuses on serving large companies in Peru, which we consider to be those with annual sales of over US$100 million, corporate governance, audited financial statements, and dominant market positions in their particular brands or product areas. Even if clients do not meet any of these criteria, the CID may provide services to firms under this category if they belong to a large economic group of an important industry to Peru’s economy. Through the CID, BCP Stand-alone assists its corporate clients with financial services, cash management solutions, and short- and medium-term financing. BCP Stand-alone’s corporate banking loans average balance was S/31,888 million as of December 31, 2023; S/31,436 million as of December 31, 2024; and S/32,305 million as of December 31, 2025. 67 Table of Contents BCP Stand-alone has a leading position in the Peruvian banking system with 38.1% of the market share for corporate banking loans, according to the SBS and ASBANC, despite the intense competition of foreign banks that may offer lower rates to the market since they finance their operations at lower costs from their headquarters jurisdictions. International Banking International Banking and Trade Finance subdivision, which manages relationships with financial institutions (locally and abroad) and provides trade products and international operational services. BCP Stand-alone’s Correspondent Banking Unit focuses on obtaining and providing short-term funding for international trade, as well as medium-term lines of credit funded by international commercial banks and other countries’ governmental institutions. This unit also earns fees by confirming letters of credit and guarantees issued by international banks and by providing other international payment and trade finance services. The unit also provides funding to some other Latin American banks which send their international trade and guarantee flows to Peru through BCP Stand-alone. BCP Stand-alone’s Correspondent Banking Unit also promotes international trade activities with its local clients by structuring trade products and services, organizing and sponsoring conferences, and advising customers through a wide range of trade products. Middle-Market Banking Division (MMD) The MMD served 7,194 clients as of December 31, 2025. Regarding MMD, we note the following: (i)The MMD serves mid-sized companies, organizations, and institutions. MMD considers a mix of different characteristics in identifying potential clients, such as annual revenues, financial leverage, overall debt, product penetration, and complexity. The MMD clients’ annual revenues generally range between US$10 million to US$100 million and are serviced nationwide by 12 BCP Stand-alone regional managers and multiple industry-focused service teams. (ii)MMD focuses principally on serving for-profit and non-profit organizations, state-owned companies, and other significant institutions. (iii)Furthermore, the Institutional Banking Unit, which operates within the MMD, serves 1,144 clients throughout Peru. In Lima, a specialized MMD team serves governmental entities, educational institutions, religious organizations, international bodies, non-governmental organizations, civil associations, and regulated entities, such as microfinance institutions, insurance companies, pension funds, and other private funds. BCP Stand-alone has also deployed specialized MMD teams in the largest provinces in Peru. In the smaller provinces in Peru, MMD is supported by the Retail Banking Division team in attending to our customers' needs. (iv)Additionally, we also have BCP Xplore, the first exclusive banking for startups and fintech companies in Peru. It was created in 2023 to serve this segment of clients, offering them specialized advice on their needs, specific products and services and help to scale up through strategic alliances and synergies with companies of the Credicorp Group such as Krealo, Yape, among others. As of December 2025, we have 274 clients in the segment and the loan portfolio was S/107 million soles. Moreover, in 2025, BCP Xplore achieved first place in the ‘Digital Transformation’ category at the Fintech Americas Awards, recognizing the development of four APIs by the Digital Platforms for Businesses Tribe and their successful implementation by BCP Xplore. (v)The cash management and transactional services subdivision, which operates within the MMD, develops products and services to support clients’ daily cash management activities, collections payments, and investments, among others. (vi)Leasing subdivision, focuses on providing clients with financial leasing products to acquire and renew their assets, expand plants, production lines, among others, without distracting your working capital. The MMD loan portfolio (in average balances) was S/21,065 million as of December 31, 2023; S/20,504 million as of December 31, 2024; and S/21,308 million as of December 31, 2025. By December 31, 2025, BCP Stand-alone had a market share of 36.1% in the Peruvian middle-market segment, according to the SBS and ASBANC. The products offered to middle-market clients are similar to those offered to corporate banking clients. The major types of products are: (1)Revolving credit lines to finance working capital needs and international trade financing. (2)Standby letters of credit and bond guarantees. 68 Table of Contents (3)Structured long-term and medium-term financing, through loans or financial leasing; and (4)Cash management, transactional products, and electronic banking. Products and Channels Division This subdivision is responsible for the development, management and continuous evolution of transactional and credit products, digital platforms and distribution channels for Wholesale Banking clients. Operating through specialized multidisciplinary teams (“Tribes”), it focuses on enhancing customer experience, improving operational efficiency and strengthening the Bank’s digital capabilities, while supporting business profitability, preserving risk quality and addressing evolving client needs. These Tribes are: (1)Tribe of Business Credit Products: Giving their business clients efficient financial solutions through a unique experience that satisfies their main financing needs. (2)Tribe of Transactional Products for Businesses: Giving their business clients integral solutions that simplify their cash management processes and generate customer loyalty. (3)Tribe of Digital Platforms for Businesses: Giving their business clients an outstanding and unique digital experience to become their ‘top of mind’ choice. (4)Tribe of Supply Chain Finance: Responsible of developing the market potential of the invoice ecosystem. Supported by specialized talent and key enablers, the subdivision continues to develop initiatives aimed at improving customer experience through more efficient processes and services. These efforts are focused on addressing client preferences by improving business profitability, preserving risk quality and enhancing digital platforms. Key initiatives include: •Collections process enhancement: Due to greater competition in the non-lending business, we have implemented projects focused on digitalizing our clients’ collections journey, providing them with an improved customer experience and maintaining our leadership position in the Peruvian collection market. During 2025, we deployed campaigns to attract new users and worked closely with Yape to enable its application as an additional channel for our Wholesale Banking clients to collect payments from their customers. •A unique and powerful digital platform offering: Update of our online banking platform for companies named Office Banking, aiming to deliver the best digital platform in the local financial market that allows us to accompany our clients in all their journeys, offering a digital end to end solution with 24/7 accessibility to our product and services portfolio. •Operational stability improvement: We aim to ensure the security and availability of our platforms. •Financial ecosystems and Open API development: We focus on creating an interconnected services network that allows users to satisfy multiple needs through a single integrated digital experience. Profitability Management We elaborated on the pricing advisory analysis for lending and non-lending products offered to our clients, with the aim to recommend prices based on a 360-degree view of our clients. In addition, we established monthly management Pricing Committees to help sales teams to implement these pricing recommendations, and to monitor revenues resulting from these actions. Likewise, we generate a continuous analysis of rate optimization and calculation formulas for our different products; seeking to continuously align ourselves with the best practices of the national and international market. We also focused on pricing digitalization to improve customer experience and convenience. Thus, we worked together with Wholesale Tribes to implement a pricing feature on our digital platform for one of our financing products, allowing some of our clients to self-disburse loans at a predefined price, without requiring further manual intervention by relationship managers. Finally, we support our clients in their transformation process and search for sustainable impact, providing them with the necessary products at an appropriate price. 69 Table of Contents Sustainable Finance In 2025, WBG offered Sustainable Financing instruments to clients, such as green, social, and sustainability-linked loans. Most of these loans were provided through short- and medium-term facilities. Green loans were granted with a use-of-proceeds approach, according to relevant international criteria, enabling our clients to finance projects and activities aligned with categories included in BCP’s Green Taxonomy, such as renewable energy, sustainable agriculture and fisheries, green buildings, and efficient water resource management. On the other hand, social loans were structured following BCP’s Social Taxonomy, prioritizing initiatives in SME financing, women-led SMEs and education. In 2025, BCP stand-alone has granted sustainable finance transactions for more than USD 3,440 million. Open Economy The Open Economy team at BCP was created to enable, through technology and APIs, a banking model fully integrated into the digital ecosystem, aimed at delivering real operational and financial efficiencies for both corporate clients and individuals. Within this framework, the team has become the first bank in Peru to integrate with SAP Multi-Bank Connectivity, enabling companies to automate payments, transfers, and reconciliations directly from their ERPs, reducing operational friction and improving treasury efficiency. In addition, the team has deployed embedded payment solutions and the distribution of financial products within digital ecosystems, and has activated Open Finance use cases that expand access to financial products and accelerate adoption through strategic partnerships and engagement with corporate clients. (II.IV)Treasury BCP Stand-alone’s Treasury function is divided into six primary units: (1) the ALM Group, (2) the Sales and Trading Unit, (3) the Foreign Exchange and Derivatives Distribution Unit, (4) the Structuring and Client Derivative Solutions Unit, (5) the Foreign Exchange Ecosystem, and (6) the Treasury Tribe. ALM Group The ALM Group is responsible for managing BCP Stand-alone’s statement of financial position and for taking reasonable interest rate and liquidity risks under the oversight of our Asset and Liabilities Committee (ALCO). The ALM Group is also responsible for managing the investment portfolio, Liquidity Coverage Ratio (LCR) and Capital requirements. In addition, the ALM Group participates in money and debt capital markets, oversees reserve requirements, and manages BCP Stand-alone’s liquidity. The ALM Group has been active in auctions held by the BCRP for certificates of deposit as well as in financing its funding needs, interbank transactions, guaranteed negotiable notes, and other instruments. ALM Group also maintains corporate responsibilities in Credicorp, aiming to optimize liquidity from a global Credicorp perspective, use corporate capabilities to support subsidiaries in their debt management, manage Credicorp’s foreign exchange risk, as well as its exposures and credit lines with a holistic approach, and ensure optimal capital levels. Sales and Trading Unit BCP Stand-alone Sales and Trading Unit manages both foreign exchange and interest rate risk exposure and investments for market making and market timing purposes. The managed risk originates mainly from client liquidity transactions and from open market timing positions. Market risk exposures and limits are independently defined by the Market Risk Unit and closely monitored by the Treasury Risk Unit. Additionally, an Investor Sales team within the Sales and Trading Unit actively reaches out to institutional investors, providing direct access to market maker prices and liquidity. The Sales and Trading Unit includes both a Foreign Exchange Desk and an Interest Rates Desk that manages risk as follows: •Foreign Exchange: The Foreign Exchange Desk provides liquidity for spot and forward transactions for its clients and other market makers in US Dollar-Peruvian Soles (USDPEN), other Latin American currencies, and G-10 currencies. The Foreign Exchange Trading Desk also manages the foreign exchange volatility 70 Table of Contents book for USDPEN. Additionally, the desk participates in foreign exchange transactions related to different instruments designed by the BCRP to smooth out any currency volatility. •Interest Rates (IR): The Interest Rates Desk manages the investments and risk originating from both fixed-income and swap transactions from clients and market timing strategies. BCP Stand-alone’s fixed-income portfolio consists mainly of government bonds (both in local and hard currency) from Latin American countries and US Treasuries. The Interest Rates Desk is one of the main liquidity providers in the Peruvian government bond market, where it is a leading participant of the Market Maker Program of the Ministry of Economy and Finance of Peru (MEF). Foreign Exchange and Derivatives Distribution Unit BCP Stand-alone’s Foreign Exchange and Derivatives Distribution Unit helps companies with their foreign exchange needs (spot and hedging) through its Distribution Desk. The broad portfolio of foreign exchange products provided to its client base has allowed the Foreign Exchange and Derivatives Distribution Unit to position itself as a benchmark in the foreign exchange business in the Peruvian market. Structuring and Client Derivative Solutions Unit BCP’s Structuring and Client Derivative Solutions Unit is formed by two teams: The Structuring Team is in charge of developing solutions for clients, often involving derivatives, and providing insight and better understanding of these products to BCP’s commercial teams. The Client Derivative Solutions Team plays a role similar to the Foreign Exchange and Derivatives Distribution Unit but focuses more specifically on derivatives. It interacts with our customers in order to provide what they demand via a better understanding of their needs and transmitting these to the Structuring Team if the solution is not already available. Another of its aims is to increase the awareness of structured solutions and derivatives within the bank and clients. Foreign Exchange Ecosystem Unit The Foreign Exchange Ecosystem Unit is responsible for the strategy of the FX product across the different customer segments and sales channels. It is responsible for the P&L of the Product and the bank’s value proposal for customers as well as for the Innovation and disruption projects that enable the product’s growth and enablement in new channels. It is responsible for the Pricing strategy from an omnichannel perspective as well as for the advertising related to the product. Treasury Tribe The Treasury Tribe is responsible for providing technological support to the different units that make up the Treasury function through the enabling of platforms and technological tools; as well as, through the implementation of different initiatives that allow business scalability. The Tribe is made up of six squads — five for the development of initiatives related to products (Exchange, Foreign Exchange & Derivatives, Investments & Funding, Liquidity and ALM) and one for shared requirements across those products. (III)BCP Stand-alone’s lending policies and procedures BCP Stand-alone has adopted a risk appetite framework, objective metrics and thresholds to periodically monitor the Bank’s evolving risk profile. The framework was approved by the Bank’s Board of Directors and is managed and monitored by the Risk Management Division within BCP Stand-alone’s Central Risk Management Group. The adoption of a risk appetite framework reflects BCP Stand-alone’s commitment to aligning its forward-looking business strategy with the Group’s risk vision. BCP Stand-alone’s uniform credit policies and approval and review procedures are based upon conservative criteria. These policies are administered in accordance with guidelines established by the Peruvian financial sector laws and SBS regulations. For further information, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation”. 71 Table of Contents BCP Stand-alone’s credit approval process is based primarily on an evaluation of each borrower’s repayment capacity and commercial and historical credit behavior. BCP Stand-alone determines a corporate borrower’s repayment capacity by analyzing the historical and projected financial condition of the company and of the industry in which it operates. Other factors that BCP Stand-alone analyzes include the company’s current management and the quality of any collateral to be provided. In addition, BCP Stand-alone’s credit officers analyze the corporate client’s ability to repay obligations, estimate the probability of default of the client using an internal risk rating model, and define the maximum credit exposure that BCP Stand-alone wants to hold with the client. The standardization of our risk model building and monitoring practice, the inclusion of new sources of information and innovative statistical techniques including MLOPs (Machine Learning Operations), have contributed to improve the scope, accuracy and speed-to-market of our modelling capabilities to drive decision-making in the credit process, such as origination, monitoring, and recovery. In particular, more complex models with enriched data allow for the inclusion of lesser-known customers into the BCP Stand-alone portfolio and the more precise estimation of income and sales, which otherwise would have been done by traditional means. These models are continuously monitored in order to assess their accuracy and revised if necessary. BCP stand-alone evaluates admission and portfolio management processes through scoring and rating models, whose default probabilities are used for credit evaluation. These admission models, along with the guidelines (policies) for granting credit (which include, among other issues, the client's financial history, payment capacity and the degree of knowledge of the client), are defined by risk units according to the guidelines approved by the different risk committees of the Group companies. Most sophisticated decisions about loan applications are made by loan officers who use various credit tools for their evaluations. During 2025, changes in risk management have focused on 4 components: i) more granular monitoring of our risk models and generation of earlier alerts, ii) improvement of our income estimators for expanding loan origination both on SME and Consumer Finance, iii) greater understanding of the profile of vulnerable subsegments or those that may begin to show signs of deterioration and iv) expansion on loans origination with digital underwriting processes for SME. BCP’s Retail Risk Division completed its sixth year operating in an agile framework, in which tribes and squads follow an agile operating model that allows them to plan, prioritize and focus on initiatives that directly contribute to established objectives as well as providing flexibility and agility in order to create value for our clients. Under the agile framework, tribes and squads consist of diverse team members such as risk specialists, data scientists and risk policy implementation members among others that previously worked separately and more remotely in distinct units. Operating under cross-functional squads has created a better understanding and alignment of goals in a timely schedule, through increased and improved communication and collaboration. Squads achieve a faster and more effective exchange of data, information, and knowledge. Consequently, BCP’s Retail Risk Division has used this framework to enhance the bank’s abilities to more precisely and timely identify and assess the specific segments and subsegments that may require adjustments in credit policies and processes in order to be optimally managed. Our performance in the small business and personal lending areas depend largely on BCP Stand-alone’s ability to obtain reliable credit and client information about prospective borrowers. BCP Stand-alone has a large body of transactional information that is used in credit risk models. Also, the SBS has an extensive credit bureau, which has expanded its credit exposure database service to cover businesses and individuals that have borrowed any amounts from Peruvian financial institutions. BCP Stand-alone periodically reviews the payment behavior of its diverse portfolios and segments with a deep level of granularity as part of its monitoring process. These assessments allow for the early identification, evaluation, and management of changes in credit quality, which leads to a timely evaluation and calibration of the expected loss models. In order to ensure the appropriate levels of accuracy and performance of our admission and behavior models, we keep developing methodological improvements, that include the expansion of our universe of data and variables, as well as the introduction of adjustments for economic trends or volatility (e.g., inflation). BCP Stand-alone has a strictly enforced policy that limits the lending authority of its loan officers. It also has procedures to ensure that these limits are adhered to before a loan is disbursed. Under BCP Stand-alone’s credit approval process, the lending authority for WBG is centralized into a specialized credit risk analysis division. This division is operated by officers and committees that have specific lending limits set by clients and economic groups. Likewise, for RBG, there is another specialized credit risk analysis division that also operates with lending limits by product portfolio. In 72 Table of Contents addition to the controls built into the loan approval workflow systems, the credit risk management divisions and internal auditors regularly review credit approvals to ensure compliance with lending policies. For the WBG, in accordance with international standards, BCP Stand-alone has established lending authority limits based on risk rating (probability of default) and particular guarantees of the borrower. Requests for credit facilities in excess of the limits set for credit officers are reviewed by the Credits Committee, Executive Committee or, if the amount requested is sufficiently large, by BCP Stand-alone’s Board of Directors. In addition, BCP Stand-alone has concentration limits in the loan portfolio by industry, which is based on its target risk appetite and market share. BCP Stand-alone believes that an important factor to maintain the quality of its loan portfolio is the selection and training of its loan and risk officers. BCP Stand-alone requires loan officers to have degrees in economics, accounting, business administration or related fields from competitive local or foreign universities. In addition, training for new loan officers begins with a three-month program that covers all aspects of banking and finance. Subsequently, loan officers receive training in specific matters throughout their careers at BCP Stand-alone. Laterally hired officers are generally required to have prior experience as loan officers. BCP Stand-alone operates in substantial part as a secured lender. As of December 31, 2025, approximately S/54.2 billion of its loan portfolio and off-balance-sheet exposure was secured by collateral, which represents 38.3% of its total loan portfolio excluding overseas branch office BCP Panama and overseas agency BCP Miami, as compared to 42.1% in 2024 and 43.1% in 2023. The decrease since 2020 was driven in large part by the repayment of loans guaranteed under the Reactiva Peru Program (which provides coverage of between 80% and 95% of principal value). Excluding loans guaranteed under the Reactiva Peru Program, 38.3% of the portfolio was secured by collateral in 2025 as compared to 41.8% in 2024. Liquid collateral is a small portion of BCP Stand-alone’s total collateral. BCP Stand-alone requires collateral for the extension of credit depending on the risk profile and the business segment of the client, among other factors. When BCP Stand-alone requires collateral, it is usually valued at between 110% and 150% of the principal amount of the credit facility granted. The appraisal of illiquid collateral, in particular real estate assets, machinery and equipment, is performed by independent experts. BCP Stand-alone’s internal audit division conducts selected revisions and analyses on borrowers’ financial statements, consistent with the local banking regulations of the jurisdictions in which it operates. In BCP Stand-alone’s credit monitoring unit, we continue to improve the anticipation of credit deterioration for Wholesale Banking and Business Banking customers. In addition to reactive alerts, we now have proactive alerts in our process, which notify us about the possible deterioration of clients that could occur in the next six to twelve months. This model uses transactional flows (cash flows in checking accounts, both incoming and outgoing), and we are also employing sector-specific alerts. Furthermore, we have a sector taxonomy for risk management in case of unexpected events. This map is prepared by segmenting the portfolio by economic activities and identifying the risks for each sector. 2.1.2BCP Bolivia (I)BCP Bolivia Overview BCP Bolivia’s activities include wholesale banking and retail banking. As of December 31, 2025, BCP Bolivia had total assets of S/10,865.5 million, which include total loans of S/7,369.1 million, customer deposits of S/8,993.6 million, and shareholders’ equity of S/870.0 million. BCP Bolivia’s ROAE of December 31 was 13.3%. As of December 31, 2025, BCP Bolivia’s loans represented approximately 8.9% and its deposits 9.0% of total loans and total deposits in the Bolivian banking system, respectively, according to ASFI. 73 Table of Contents The following table shows the BCP Bolivia’s client segmentation. This segmentation is a result of an analysis which addresses multiple factors such as the size (by income, sales, and/or debt) and volume of activity for each client, the clients’ affiliation with other companies or groups, and their credit ratings. Client Segmentation (1) Business Group Income/Sales/Total Debt Wholesale Banking Large companies (2)Medium companies (3) Annual sales higher than approximately US$15 million Annual sales from approximately US$1 million to US$15 million Retail Banking (5) Small business (5)Micro business (5)Consumer (6)Mortgage Banking (7) Annual sales from approximately US$0.03 million to US$1 million Annual sales of at least approximately US$0.03 million Payroll workers and self-employed workers Payroll workers, independent professionals, and business owners (1)Exchange rate of Bs./8.4140 per U.S. Dollar, December 31, 2025 - ASFI. (2)Loans to Large companies account for 45% of BCP Bolivia’s total loans. This segment accounts for approximately 247 customers. (3)Loans to Medium companies account for 13% of BCP Bolivia‘s total loans. This segment accounts for approximately 386 customers. (4)As of December 31, 2025, retail banking loans accounted for 42% of total loans of BCP Bolivia, while retail banking deposits accounted for 24% of BCP Bolivia's total deposits. (5)Small and Micro business banking accounts for 8% of total loans of BCP Bolivia, small business banking serves approximately 8,013 clients while Micro Business serves approximately 11,768 business clients. (6)Consumer banking accounts for 9% of total loans of BCP. Its customer base consists of approximately 66,404 Payroll and self-employed workers. Our strategies are based on cross-selling and retention programs that expand benefits to non-banking products. (7)This segment serves 9,171 customers, representing 25% of BCP’s total loans. (II)BCP Bolivia Strategy Our purpose is “To Give Opportunities”. We aim to make our stakeholders' dreams possible, encouraging and generating opportunities that allow them to build their future, while contributing to the development and growth of the country. At BCP Bolivia, we have key objectives that guide our journey: (i) managing a profitable loan portfolio among peers, (ii) being number one in customer experience, (iii) being number one in digital solutions, (iv) being leaders in innovation, and (v) being the main payment network in Bolivia. To meet these objectives, we work with two enablers: (i) data and analytics, and (ii) talent. Distribution Channels Digital channels •Yape: As part of our commitment to increasing access to banking products and services, BCP Bolivia fosters the development of an ecosystem for digital payments with the mobile app Yape, which at the end of December 2025 had 3.9 million users. In 2025, transactions via Yape represented 78% of BCP Bolivia’s total monetary transactions (up from 66% in 2024). •Mobile banking: Monetary transactions executed through mobile banking represented 13% of BCP Bolivia’s total monetary transactions in 2025 (down from 16% in 2024). Self-service channels •ATMs: BCP Bolivia had 316 units on December 31, 2025, which accounted for 3% of its total monetary transaction volume in 2025 (down from 6% in 2024). Physical channels •BCP Agentes: BCP Bolivia increased 667 BCP Agentes in 2025, bringing the total number of BCP Agentes to 2,501 as of December 31, 2025. Monetary transactions through BCP Agentes represented 5% of BCP Bolivia’s total monetary transactions in 2025 (down from 8% in 2024). 74 Table of Contents •Branches: BCP Bolivia reported a total of 46 branches as of December 2025. Monetary transactions in BCP Bolivia’s branches continued to decline in 2025 and represented only 0.3% of BCP Bolivia’s total monetary transactions in 2025 (down from 1% in 2024). 2.2Microfinance (I)Microfinance Overview The Microfinance LoB is focused on offering commercial banking activities and specialized financial services to small and micro business clients in Peru and Colombia through Mibanco. Mibanco Colombia was created in October 2020 after a reverse merger between Edyficar S.A.S. (whose commercial name was Encumbra) and Bancompartir (the surviving entity). The Mibanco franchise has a loan portfolio of S/15,922 million and approximately 4.0 million clients, representing around 7.9% of Credicorp’s total assets and 8.3% of the equity attributable to Credicorp’s equity holders. As of December 31, 2025, Mibanco Peru represented around 85.5% of the total loans of the Microfinance LoB. For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.A History and development of the Company”. Mibanco’s Purpose Mibanco’s purpose is to transform lives and accompany our clients as they write their success stories. By doing so, we expand responsible financial inclusion in the markets in which we operate. Microfinance is a social business, and its success depends on the social development of our clients, employees, and communities. Transformation Strategy Mibanco’s transformation strategy has focused on migrating its traditional business model, which is intensive in people and offices, to a multichannel hybrid model supported by data and analytics. The hybrid model, implemented without compromising Mibanco’s differentiated focus on the customer, has resulted in increased efficiencies, allowing Mibanco to strengthen relationships with its clients, while also expanding its potential reach. Now we are evolving the hybrid model to offer a comprehensive and differential value proposition. This model is anchored by the high-touch relationship that Mibanco strives to retain with its clients and is based on three main capabilities: •Centralized intelligence for risk assessment •Alternative distribution channels •Commercial execution by our relationship managers This approach will be enabled by a combination of five key areas: •Data and analytics •Risk models •Cybersecurity •IT architecture •Strategic design We are deploying Mibanco’s transformation strategy, which has enabled us to consolidate our hybrid model. We are strengthening risk management to accelerate growth and profitability. We aim to build more diversified and resilient business models by leveraging the Credicorp ecosystem and creating synergies with the group’s companies in the medium term, with the objectives of increasing our low-cost deposit portfolio and boosting revenues from sales of products and services that are decoupled from credit. Currently, we are migrating to a more profitable credit operation by increasing the share of small ticket loans (< 20 thousand of soles) and improving the spread for loans with larger tickets (from 20 to 150 thousand of soles). These efforts are aligned with our aspiration to provide clients a comprehensive value proposition, where centralized intelligence plays a role in generating offers for loans, liability products and transactional services. Our centralized intelligence allowed us to adjust commercial guidelines and mitigate the impact of portfolio deterioration. We believe we closed the year with stronger capacities and are better prepared to implement more preventive models and conduct more granular follow-up on the portfolio’s behavior. Additionally, we believe the experience for our clients 75 Table of Contents improved, as demonstrated by increases in our client NPS (Net Promoter Score) by 7.3 percentage points to stand at 51.4 in 2025. We believe we are now better prepared to achieve growth in 2026. In Peru alone, there are almost 7.3 million unbanked entrepreneurs across the country, which we are best positioned to reach based on our countrywide and digital network. We believe there is a comparable market opportunity in Colombia, which has a microfinance sector of similar size to Mibanco Peru’s loan portfolio but an economy with approximately 1.4 times the GDP of Peru’s. We believe there is an opportunity to replicate, through the “Mibanco Way”, the improvements that we are already seeing in Peru in terms of productivity, cost of risk and efficiency. 2.2.1Mibanco Peru The following table shows how Mibanco segments its clients. This segmentation is based on an analysis that considers multiple factors, such as business size and client income, sales, and/or total debt, among others, as well as the client’s affiliation with other companies or groups and their credit ratings. Client Segmentation (1) Group Income/Sales/Total debt SME – medium (2)SME – small (3)Microbusiness (4)Consumer (5)Mortgage (6) Annual sales from S/5 million up to S/20 million Annual sales up to S/5 million and total debt higher than S/20,000 Annual sales up to S/5 million and total debt up to S/20,000 Focus on debt unrelated to business Focus on individuals for the acquisition and construction of homes and granting mortgages (1)As of December 31, 2025, Mibanco had 887,280 registered clients with a credit. All portfolio percentages and customer counts in this table and the associated notes are as of December 31, 2025, unless otherwise disclosed. (2)Mibanco’s SME – medium segment focuses on financing production, trade, or service activities for companies that have annual sales from S/5 million up to S/20 million in last year. This segment represents 0.03% of Mibanco’s total loans and 35 of its clients. (3)Mibanco’s SME – small segment focuses on financing production, trade, or service activities for companies that have annual sales up to S/5 million in last year and total debt higher than S/20,000 in the last six months (without including mortgage loans). This segment represents 80.16% of Mibanco’s total loans and 291,677 of its clients. (4)Mibanco’s microbusiness segment focuses on financing production, trade, or service activities for companies that have annual sales up to S/5 million in last year and total debt up to S/20,000 in the last six months (without including mortgage loans). Microbusiness loans represent 14.04% of Mibanco’s total loans and 479,581 of its clients. (5)Mibanco’s consumer segment focuses on financing individuals to cover payments of goods and services or expenses unrelated to business. Consumer loans represent 3.14% of Mibanco’s total loans and 115,087 of its clients. (6)Mibanco’s mortgage segment focuses on financing individuals’ acquisition, construction, renovation, remodeling, expansion, improvement, and subdivision of homes. Mortgage loans represent 2.63% of Mibanco’s total loans and 3,730 of its clients. Mibanco’s mortgage segment has a policy of limiting LTV to up to 90%. Distribution Channels Digital channels •Mibanco Mobile App: In 2025, 18.1 million transactions were processed through Mibanco’s Mobile App, which represented an increase of 4.6% compared to the 2024 total. Additionally, 300,378 loans were requested through the app in 2025 (S/985.3 million in disbursements in 2025). •Mibanco Web: Mibanco’s website processed 0.5 million transactions in 2025, which represented a decrease of 29% compared to 2024. Additionally, 18,675 loans were requested through the web in 2025, for which Mibanco had disbursed S/51.5 million in 2025. 76 Table of Contents •Yape: Since June 2020, Mibanco’s clients have been able to open a Yape account linked to their bank account. As of 2025, 120,416 clients transacted through Yape using their Mibanco bank account linked to their Yape account. Physical channels •Agentes Kasnet: As part of the services offered to its clients, Mibanco has an agreement with Agentes Kasnet, a network of Multibank correspondents in Peru. As of December of 2025, 11,768 Agentes Kasnet were available for Mibanco clients. •Branches: As of December 2025, Mibanco had 282 branches; 244 were own branches while 38 belonged to Banco de la Nacion, a Peruvian state-owned bank that offers services to Mibanco clients under a special agreement. 2.2.2Mibanco Colombia The following table shows how Mibanco Colombia segments its clients. This segmentation is based on an analysis that considers multiple factors, such as business size, client income, assets and/or total debt, among others, as well as the client’s affiliation with other companies or groups and their credit ratings. Client Segmentation Group Income/Sales/Total debt (1) Commercial (2)Micro (3)Consumer (4)Mortgage (5) Debt not categorized as micro, consumer, or mortgage. Total debt up to 120 statutory minimum wages (equivalent to S/149,980). Focus on debt unrelated to business. Focus on individuals for acquisition, construction of homeownership and granted with mortgages. (1)Converted into Soles at the exchange rate of S/. 0.000891 per Colombian Peso as of December 31, 2025. As of December 31, 2025, Mibanco had 168,427 registered clients. All portfolio percentages and customer count in the table and the associated notes are as of December 31, 2025, unless otherwise disclosed. (2)Mibanco’s commercial segment focuses on all credits other than Micro, Consumer and Mortgage. Commercial loans represent 21.7% of Mibanco’s total loans and 7,964 of its clients. (3)Mibanco’s microbusiness segment focuses on financing production, trade, or service activities for companies that have total debt up to 120 statutory minimum wages (approximately S/149,980 thousand) and workers up to 10. Microbusiness loans represent 76.8% of Mibanco’s total loans and 159,049 of its clients. (4)Mibanco’s consumer segment focuses on financing individuals to cover payments of goods and services or expenses unrelated to business. Consumer loans represent 0.1% of Mibanco’s total loans and 304 of its clients. (5)Mibanco’s mortgage segment focuses on financing individuals’ acquisition, construction, renovation, remodeling, expansion, improvement, and subdivision of homes. Mortgage loans represent 1.5% of Mibanco’s total loans and 1,110 of its clients. 2.3Insurance & Pensions 2.3.1Grupo Pacífico (I)Grupo Pacífico Overview We conduct our insurance business exclusively through Grupo Pacífico, which operates in Peru and Bolivia and was the second-largest Peruvian insurance company by written premiums in 2025, according to the SBS and Peru’s National Health Superintendence (Superintendencia Nacional de Salud or SUSALUD by its Spanish Initials). Grupo Pacífico provides a broad range of insurance products focusing on three business areas: P&C insurance business, life insurance business and corporate health insurance and medical services. Grupo Pacífico, like other major Peruvian insurance companies, sells its products both directly (through its own sales force) and through independent brokers, bancassurance and sponsors. 77 Table of Contents For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.A History and Development of the Company”. Purpose: Protect People's Happiness Grupo Pacífico’s purpose is to protect people’s happiness. Looking forward, we will sustain growth by offering new and inclusive products that meet our country's needs at different stages of people's lives, protecting more Peruvians' peace of mind and well-being. To achieve this vision, the goal is to lead the transformation of the insurance market by leveraging Credicorp's strength and building an integrated ecosystem of services. This approach will enable personalized and proactive protection in real time, ensuring that we safeguard what truly matters: the happiness and well-being of each person. To fulfill our purpose, we have defined three areas of focus, our north stars: growth, experience, and efficiency. Our North Stars: •Growth: •To boost sales and enhance customer protection, we aim to develop new products, establish additional distribution channels, and leverage our Credicorp channels. Our strategy focuses on premium growth exceeding the local market in personal insurance lines. •Customer Experience: •To achieve the highest NPS in the market by delighting our customers with an extraordinary journey and placing them at the heart of everything we do. •Efficiency: •To maintain market leadership in efficiency, allowing us to provide the best protection to our customers and deliver value to all our stakeholders. These north stars are propelled by the development of strategic enablers: Strategic Enablers: •In 2025, these enablers have driven innovation and operational efficiency: ◦Digital Architecture: Enable architecture with platforms and solutions to deliver digital products using decoupled connections, accelerating capabilities with artificial intelligence, outstanding talent, and becoming a regional benchmark in the practice of DevSecOps (a software development approach that combines security, development, and operations). ◦Data & Analytics: Enable business strategies and initiatives through advanced analytics and AI, with maximum adoption and value generation, to transform Pacífico into a world-class organization in the use of data. Regarding Data & Analytics (D&A), the profit generated by the end of 2024 was S/ 31.6 million, and by 2025, it reached S/ 74.8 million. Also 46% of issued policies have been enabled through D&A (compared to 34% in 2024). ◦Pricing: Turn price management into the most dynamic and powerful lever for growth and profitability through models and technologies that develop and deliver the optimal price to our customers and distribution channels. Regarding pricing, the profit generated by the end of 2024 was S/ 28.7 million, and by 2025, it reached S/ 52.1 million. ◦Talent: Attract, develop, and retain the best talent, leveraging purpose and agile principles to accelerate the achievement of Pacífico's business strategies. 78 Table of Contents Distribution Channels Digital channels •Mi Espacio Pacífico App: In 2025, 750 thousand clients used Grupo Pacífico’s app, compared to 620 thousand in 2024. •Pacífico Web: In 2025, over 16.1 million visits were made to Grupo Pacífico’s website, compared with the 13.9 million visits reported in 2024. Physical channels •Branches: At the end of 2025, Grupo Pacífico had 8 branches, (compared to 7 branches in 2024 and in 2023). The company has continued providing its clients with the services they need. Grupo Pacífico implemented a specialized call center with 14 executives and 2 supervisors, all working on-site, in order to continue providing its clients with the services they need. As a result of the digitalization of our distribution channels, we currently have an NPS of 53 (compared to 48 in 2024) and a claims NPS of 65 (compared to 62 in 2024), along with AI-powered claims approval for vehicle, home, and life insurance products. Corporate Health Insurance and Medical Services The Group operates one of the largest private networks of medical facilities in Peru. Its healthcare delivery platform includes a network of hospitals and outpatient medical facilities operating under two main brands, San Felipe and Sanna. The network currently comprises of seven hospitals and nine outpatient medical centers, with hospitals located in Lima, Piura, Trujillo and Arequipa. The Group’s hospitals provide a comprehensive range of healthcare services, including ambulatory care, emergency services and inpatient hospitalization, supported by operating rooms, hospital beds and diagnostic infrastructure. In addition to its hospitals and outpatient facilities, the Group operates ancillary healthcare services, including two clinical laboratories (ROE and Precisa), an oncology center (Aliada), dental care centers (COA) and a medical materials distributor (Prosemedic). These medical facilities serve patients covered by private insurance plans, as well as patients who pay directly for services. Revenue is generated primarily through fee-for-service arrangements, service agreements with private health insurers and direct out-of-pocket payments. The operation of this network involves the management of physical healthcare infrastructure that specializes in clinical personnel and regulated healthcare delivery processes, which exposes the Group to clinical operations and a regulatory framework distinct from those of financial or insurance-only activities. Credicorp, through its subsidiary Pacifico Seguros has been an active player in the health sector for more than 25 years, managing Pacifico EPS since 1999 and later on building the healthcare network. The healthcare sector is strategic to the insurance business in Peru: (i) as part of the total offering to clients and to better manage the business in terms of efficiency, claims management, and diversification; and (ii) as a strategic hedge across our business portfolio. In December 2014, Credicorp signed an agreement with Banmédica to jointly develop the health insurance and healthcare industry in Peru by merging their existing operations. Joint operations began in January 2015. Pacifico Seguros contributed its private corporate health insurance business and medical services, including the Sanna network, to this joint enterprise while Banmédica contributed Clinica San Felipe and Laboratorios ROE. After a 10-year partnership in Pacifico EPS and in the Medical Assistance business, both partners, through the joint venture, already have extensive knowledge and experience in the health insurance and healthcare sectors in Peru. In 2025, Credicorp acquired Banmédica’s 50% stake in Pacífico EPS and terminated the agreement in Medical Assistance business between Banmédica and Pacífico Seguros. 79 Table of Contents This is a natural acquisition for Credicorp, that reinforces our long-term commitment to continue to develop the insurance and health-care businesses in Peru, offering high standard products and quality service. (II)Risk Rating Grupo Pacífico managed to reaffirm the solidity and solvency of the company, maintaining its international credit ratings despite the Peruvian context. AM Best affirmed Grupo Pacífico’s long-term issuer credit rating at “A-” with a stable outlook in December 2025, Fitch affirmed Grupo Pacífico’s credit rating at “BBB+” with a stable outlook in June 2025 and Moody’s affirmed Grupo Pacífico’s credit rating at “Baa2” with a stable outlook in February 2025. 2.3.2Prima AFP (I)Prima AFP Overview Credicorp conducts its pension business through Prima AFP, the second largest player in the private pension system in Peru based on the amount of assets under management according to the SBS. Prima AFP manages individual capitalization accounts and provides its affiliates with retirement, disability, survival and burial benefits. For this purpose, Prima AFP collects mandatory and voluntary contributions from its affiliates and invests the funds in local and global markets. The funds that Prima AFP holds in custody for its affiliates are non-attachable and are autonomous assets, which are not affected by Prima AFP’s financial results. Prima AFP offers four types of funds, which differ by the level of risk. The investment and risk management policies are defined by internal committees and supervised by the SBS and the SMV. For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (5) Competition – 5.3 Insurance & Pensions – 5.3.2 Prima AFP” and “Item 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and regulation – 6.2. Subsidiaries – 6.2.1 Peru”. Prima AFP’s strategy is focused in three objectives: (i) sustainable growth, (ii) deliver exceptional customer experience and (iii) build and maintain trust among our affiliates. In 2025, Prima AFP pursued the following strategic projects: •Digital First service model. •Agile and efficient operating model. •Culture that adapts and thrives in the face of change. On September 18, 2025, Congress approved the extraordinary and optional withdrawal of private pension funds up to four tax units (UIT), equivalent to approximately S/21,400. The official schedule for submitting requests began on October 21, 2025, following a staggered calendar based on the last digit of the national ID, and later transitioned to a “free period” starting December 4, allowing all affiliates to register without restrictions until January 18, 2026. Requests were required to be submitted through the official AFP platforms, and disbursements are made in four installments of up to one UIT each, spaced 30 days apart. According to the SBS, this eighth withdrawal could mobilize more than S/18 billion over the SPP. Distribution Channels Digital channels •Prima AFP’s App: In 2025, Prima AFP’s mobile application registered approximately 684,600 sessions, reflecting continued adoption and growth compared to 458,100 sessions in 2024. •Prima AFP’s Web: Website activity reached 7.9 million sessions in 2025, representing a 49% year-over-year increase, Physical channels •Agencies: Prima has 1 office located in Lima, Peru. 80 Table of Contents 2.4Investment Management and Advisory Credicorp Capital carries out its Investment Management and Advisory operations through Credicorp Capital Peru, Credicorp Capital Colombia, Credicorp Capital Chile, Credicorp Capital US, CC Asset Management Mexico, ASB Bank Corp. and their respective subsidiaries. With operations in 6 countries, we are consolidating our leadership position through four main business units: Asset Management, Wealth Management, Capital Markets, and Trust Services. Our Purpose “We build trust-based relationships to promote well-being today, leading to a sustainable and inclusive tomorrow.” Building trust-based relationships is the essence of our contribution to our customers. Trust is the cornerstone upon which we build relationships across generations, manage investments that fulfill dreams, and provide financial solutions that enhance business and wealth strategies. We aim to foster and share our customers' deepest desire: Their well-being. We truly believe that behind a simple investment or a complex financial solution, there is always a goal, a project, or a dream aiming for the individual, family, and/or business well-being of those we have the privilege to advise. Contributing to this goal is the driving force behind everything we do. None of the above is possible without a sustainable and inclusive future. Thus, we want to contribute today, along with our customers and talented team, to the creation of that sustainable and inclusive tomorrow. We do this through our responsible and sustainable investment proposals; our contribution to accessibility, simplicity, and financial advice, and a transparent, equitable, and respectful approach to building long-term relationships. Our Principles 1.We put customers at the center: Our decisions are customer-oriented, whether they have a direct or indirect impact on our customers' experience with us and on our long-term relationship with them, regardless of the area to which we belong. 2.We move with agility and innovation: We work in an agile and flexible manner, with a sense of urgency in decision-making. We challenge ourselves to propose innovative solutions in response to the changing demands of the environment and the growing requirements of our customers in a timely and effective manner. 3.We take ownership: We promote ownership, empowerment, and accountability as the drivers of our culture. These are represented in our initiative to take on commitments, delegate effectively, and take responsibility for the results. 4.We collaborate across borders: We are a great team, working together without any country or role constraints to serve customers and create value, which are common goals for everyone in the company. 5.We make a conscious impact: All our actions are carried out with an awareness of their impact in creating value for the company, our people, society, and the planet. Our Strategy In recent years, we have faced significant shifts in market conditions and industry trends, operating in a highly challenging environment that prompted us to reflect and redefine our strategic approach. In 2023, we reorganized our business to achieve more stable, scalable revenue growth and more sustainable profitability levels. Our North Stars •Growth •Profitability •Customer Experience Our strategy is built on five pillars: i.Focus our business portfolio on less volatile and scalable businesses such as Wealth and Asset Management, complemented by transactional capabilities in Capital Markets. We will focus on those 81 Table of Contents businesses that account for over 85% of the company's contribution margin and for consistent growth in the past years, ii.Develop and strengthen management capabilities to effectively execute plans and deliver results. This includes implementing a new governance model, a rigorous performance management framework, and fostering a culture of empowerment and accountability to enable streamlined decision-making. iii.Continue investing in operational and technological capabilities as strategic enablers to consolidate our regional model and achieve efficient, scalable growth. iv.Leverage our experience and lessons learned from three integration processes to explore and capitalize on new inorganic growth opportunities, allowing us to diversify beyond current businesses into new segments and/or geographies. v.Evolve our organizational culture by redefining our identity, purpose, aspirations, and cultural principles to adapt to a new context. Our Business Units Asset Management Credicorp Capital Asset Management provides investment management, administration, advisory, and distribution services of funds, products, investment trusts, and third-party funds. Through its regional platform, it offers a broad range of investment solutions for retail, high-net-worth corporate and institutional clients, including mutual funds or collective investment funds, funds and investment trusts, portfolios or mandates, and structured products that invest in fixed income, listed equities, mixed income instruments, and alternative assets. Additionally, Credicorp Capital Asset Management acts as the exclusive distributor of traditional and alternative third-party funds in Latin America, representing global asset managers under exclusivity agreements. It also provides advisory services in the selection and monitoring of third-party funds for Wealth Management clients. Most of its clients are in Latin America -primarily in Peru, Chile and Colombia - while it also serves international customers with an interest in Latin American markets. Finally, Credicorp Capital Asset Management offers specialized advisory and outsourcing services covering the different stages and components of the investment management process. Credicorp Capital Asset Management’s business is divided into four teams: Investments, Alternative Investments, Institutional Distribution, and Investment Products. Management operates under a matrix structure, with regional team leaders and country leaders in Chile, Colombia, and Peru, where the teams are based, and it also has presence in Mexico and the United States. The local presence of these teams, combined with an extensive network of local and regional contacts, provides a deep understanding of the dynamics of the Latin American market. •Investments: This team manages mutual funds and mandates in fixed income, equity and mixed-income assets in Chile, Colombia, and Peru, as well as offshore funds domiciled in the Cayman Islands and Luxembourg for international clients. •Alternative investments: This team oversees alternative investment funds in real estate assets, private debt and infrastructure. •Institutional Distribution: This team is responsible for business development and engagement with institutional and wholesale investors in Chile, Colombia, Peru, Panama, and Mexico through global public and private market solutions. •Investment Products: This team provides services related to the selection of third-party funds, the design of structured products, and support for funds domiciled abroad. Its regional coverage includes Wealth Management clients as well as institutional and retail investors. Wealth Management Credicorp Capital Wealth Management business provides advisory and wealth management services, complemented by a broad range of investment options and financial solutions tailored to clients' objectives and specific requirements. Its approach seeks to safeguard client’s wealth and manage it effectively to ensure a seamless transfer to future generations. 82 Table of Contents The Wealth Management structure is organized under a matrix model, by business and by country, with the purpose of achieving a regional strategic vision while incorporating local perspectives to deliver solutions that best meets clients’ needs. Services are targeted at clients with more than US$1 million in investable assets. The five main services offered include: Investment Advisory, Credit Solutions, Wealth Planning, Financial Planning, and Multi-Family Office services, provided through Vicctus Multi-Family Office for clients with liquid assets exceeding US$10 million. Capital Markets Credicorp Capital’s Capital Markets business unit plays an active role in secondary markets, particularly in equity and fixed-income products, as well as in currencies and derivative instruments. It offers brokerage and custody services for securities to institutional, corporate, and individual clients in Chile, Colombia, Peru, Panama, and the United States. The unit also provides advisory and information services, equipping clients with decision-making tools such as market reports and recommendations. Credicorp Capital also participates in the placement of equity and debt instruments in primary markets for corporate issuances in local markets. Additionally, it manages arbitrage, directional, spread strategies for proprietary trading in Chile, Colombia, Peru, and Panama (through ASB). Capital Market’s services include local and international intermediation for fixed income, equities, foreign currency, ETFs, and derivatives; product distribution such as funds, structured notes; primary placement of public and private securities for entities seeking financing. In certain markets, the unit also provides cash management, fund distribution, basic custody, and leverage activities with collateralized securities. In Colombia, Credicorp Capital Corporación Financiera offers savings accounts and USD/COP forwards to local and international corporate and institutional clients. These forwards are provided for currency hedging purposes. Trust Services Through its subsidiaries in Chile, US, Colombia and Peru, Credicorp Capital offers fiduciary services and trust management solutions focused on managing and planning the cash flows of retail, corporate, and institutional clients. These services include the administration of family, corporate, and real estate trusts, supported by an expert commercial team specializing in advisory and structuring, complemented by legal professionals with specialized knowledge in fiduciary and trust-related matters. Digital channels •Credicorp Capital Digital: This digital platform, developed by our Digital Channels Tribe, aims to enhance the digital experience for our clients. It enables clients in Peru to view and operate their onshore portfolios. For the Wealth Management clients, in Peru and Chile, view all on-shore and off-shore investments in one consolidated location. In Colombia, it facilitates operations for Cash Management products for corporate clients and provides comprehensive information on trusts for fiduciary business clients. Additionally, corporate clients in Peru can access their mutual funds portfolio, download statements, and execute transactions. Currently, we have 4,992 clients actively interacting with the digital platform. •Tyba by Credicorp Capital: Our online application that operates as a digital broker in Colombia, Peru, and Chile, allowing clients to manage their personal finances, making investments according to their own risk profile and tailored to their own investment plans. It provides a simple and secure means for clients to access investment products in a digital platform, allowing investments with a minimum amount. •CC Invest: Online web and mobile app investment platform that allows our clients in Peru, Colombia and Chile to invest in globally diversified portfolios in the most simple and efficient way. By opening an investment account online, clients can start investing with a minimum amount, supported by a specialized digital advisor. •Credicorp Capital E-Trading WEB: Platform through which the client can trade stocks in a more transparent and straightforward manner than the traditional method, operating independently and directly in the Order Books of the Stock Market, capturing the best opportunities. With the E-Trading Portal, clients gain a more comprehensive view of the stock market and can identify the best available prices. 83 Table of Contents Physical channels and Telephone •Offices: Credicorp Capital’s clients can be served through its 13 regional offices, which are distributed across Peru, Colombia, US, and Chile, and have a point of contact in Mexico. Additionally, BCP clients can access some of Credicorp Capital’s investment products through its network of agencies across Peru. •Call center: Through a specialized team, we serve and advise our Capital Market clients in the intermediation of fixed-income and variable-income securities in Peru, Colombia, and Chile. (3)Corporate compliance and ethics Our Compliance and Ethics Management System is a key component of Credicorp's sustainability framework. We seek to meet the needs of both our businesses and stakeholders through: (i) ensuring the clarity of the terms and conditions of financial products and services, (ii) providing a framework and monitoring it to ensure a good work environment and equal opportunities for all employees and (iii) ensuring responsibility and integrity through all our businesses. Credicorp and all its subsidiaries, using a comprehensive approach based on international best practices and our principles and ethical values, have established 12 corporate compliance and ethics programs that cover local and international regulations and mitigate conduct risks by encouraging ethical behavior to protect the reputation of the company. These programs include the following: •Anti-money laundering and countering the financing of terrorism (AML/CFT) •Global Sanctions •Financial stability •Tax transparency (FATCA & CRS) •Regulatory compliance •Ethics and integrity •Anti-corruption •Market abuse prevention •Personal data protection •Occupational safety and health •Market conduct •Antitrust The programs listed above are overseen by the Chief Compliance and Ethics Officer who has full autonomy to carry out functions and duties independently and reports directly to our Board of Directors through the Sustainability Committee, providing regular and consolidated reports about the performance of the compliance and ethics programs at all our subsidiaries. Each subsidiary has a Compliance and Ethics Officer, who works with a specialized team and reports to the head office. Anti-money laundering and Countering the financing of terrorism (AML/CFT) Commitment to Financial Integrity Credicorp’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Program establishes robust policies and measures to prevent, detect, and report suspicious activities. These efforts are critical to safeguarding the integrity of local and international markets and ensuring global financial stability. Risk Management and Governance Our program is designed to mitigate risks associated with illicit financial flows, including those linked to drug and human trafficking, corruption, illegal mining, embezzlement, and gambling. In 2025, we strengthened cash inflow controls through a risk-based approach, updated key metrics, and enhanced collaboration with frontline defense teams via specialized training and strategic initiatives. Foundations and Continuous Improvement The AML/CFT framework is anchored in Key Risk Indicators (KRIs), emphasizing: •Strong governance and organizational culture 84 Table of Contents •Operational efficiency and automation •Advanced technology, analytics, and AI integration. We continuously innovate to overcome challenges in traditional Know Your Customer (KYC) strategies and streamline processes to meet client expectations while achieving business objectives. Driving Innovation Through Technology and Generative AI Credicorp is committed to leveraging cutting-edge technologies to strengthen AML/CFT capabilities. Generative AI, machine learning, and advanced analytics will enable: •Automated transaction monitoring and anomaly detection •Predictive risk scoring and reduction of false positives •Enhanced KYC processes and streamlined onboarding by integrating AI-driven insights and natural language processing, we will improve alert management and operational efficiency. These advancements position Credicorp as an industry leader in proactive financial crime prevention while ensuring compliance with global standards. Strategic Outlook for 2026 •Enhance controls across client/ vendor / third parties onboarding and lifecycle processes using a risk-based approach. •Implement improvement projects in KYC and alert management leveraging technology and AI. •Align with international standards and best practices to ensure compliance supports business integrity and fosters sustainable growth. Global Sanctions The Corporate Global Sanctions Program at Credicorp manages and implements robust controls over customers’ international operations to ensure strict alignment with global restrictive lists and sanctions frameworks issued by leading authorities such as the Office of Foreign Assets Control (OFAC), the United Nations, the European Union, and the United Kingdom’s Office of Financial Sanctions Implementation (OFSI). Global sanctions lists aim to impose restrictions on commercial and financial activities involving countries, individuals, or entities for economic, political, military, or social reasons within a global security framework. This program plays a critical role in mitigating the risk of exposure to illicit financial flows, including those linked to organized crime, weapons proliferation, drug trafficking, and other threats to international security. Our monitoring processes include advanced filtering and matching mechanisms to identify and block transactions involving sanctioned jurisdictions, entities, or individuals. In 2025, we reviewed and monitored around 1,500,000 international operations, applying stringent controls to prevent restricted flows identified on international lists from entering our companies. Moving forward, we will continue to adhere to international standards and best practices, ensuring compliance with global sanctions and safeguarding the integrity of our businesses across all jurisdictions where Credicorp operates. Leveraging Technology and Generative AI To strengthen our compliance framework and enhance operational efficiency, Credicorp is committed to integrating advanced technologies, including generative AI and machine learning, into our sanctions screening and monitoring processes. Industry benchmarks highlight that leading financial institutions are adopting AI-driven solutions to improve detection accuracy, reduce false positives, and accelerate decision-making. By leveraging these technologies, we can automate complex screening workflows, analyze large volumes of transactional data in real time, and proactively identify emerging risks. This approach not only ensures compliance with global regulatory standards but also positions Credicorp at the forefront of innovation in financial crime prevention. 85 Table of Contents Financial stability Our Financial Stability Program supports our compliance with the applicable regulations derived from the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the European Market Infrastructure Regulation (EMIR) and the European Bank Recovery and Resolution Directive (BRRD). The Volcker Rule (Section 619 of the Dodd Frank Act) generally restricts banking entities from engaging in proprietary trading and from owning, sponsoring, or having certain relationships with a hedge fund or private equity fund. With regard to proprietary trading, the Rule prohibits banks from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account. In 2020, U.S. regulatory authorities made significant changes to the Rule to limit its applicability to foreign banking entities as the Rule proved to have unintended consequences and extraterritorial impact. The updated Rule provides relief for foreign banking entities that were previously unduly burdened with the Rule’s restrictions in two ways: (1) tailoring compliance obligations based on the level of U.S. trading assets and liabilities, and (2) allowing exemptions on proprietary trading activities and covered funds outside the U.S. for foreign banking entities. During 2025, we dedicated our efforts to identifying the changes introduced to the Volcker Rule, assessing their impact on our Financial Stability Policy to improve the effectiveness of our existing controls. Tax Transparency Credicorp’s Corporate Tax Transparency Program ensures adherence to two critical international regulations: FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard). These frameworks establish global standards for the automatic exchange of financial information between jurisdictions, aiming to combat tax evasion and strengthen tax collection through transparent information sharing. 2025 Achievements In 2025, Credicorp’s financial institutions successfully: •Submitted over 70 FATCA and CRS returns to tax authorities across eight jurisdictions: Peru, Bolivia, Chile, Colombia, Panama, Cayman Islands, and Luxembourg. •Met all regulatory requirements by providing requested information within established deadlines, reinforcing trust with regulators and stakeholders. Strategic Outlook Through Technology and Generative AI. Our commitment extends beyond compliance. We aim to continuously improve processes, strengthen governance, and align with international best practices to ensure transparency and operational excellence. To remain aligned with industry benchmarks and enhance efficiency, Credicorp is integrating advanced technologies into its tax transparency processes through Generative AI and Machine Learning for automated data validation and reporting workflows, reducing manual errors and accelerating submission timelines. These innovations will strengthen accuracy, improve operational resilience, and position Credicorp as a leader in global tax compliance while delivering a seamless experience for clients and stakeholders. Regulatory compliance Credicorp and its subsidiaries comply with all regulatory requirements set by the Superintendency of Banking, Insurance and AFPs (SBS), government bodies, and other authorities. We use risk-based methodologies aligned with international standards to manage compliance and minimize legal and reputational risks. Our annual compliance plan ensures ongoing development and implementation of effective strategies. We foster a strong culture of compliance by providing employees with continuous training on their regulatory responsibilities. 86 Table of Contents Ethics and integrity Our Ethics and integrity program manages the Corporate Code of Ethics (“the Code”) and complementary conduct policies to provide guidelines for employees to avoid misconduct and provide tools to properly manage potential conflict of interest scenarios. The Code is approved by the Board of Directors and is the conduct reference for our directors and employees, who must comply with it. To manage potential conflict of interests, directors and employees must submit relevant information periodically, including their activities outside of our business. We also have policies to address operations between Credicorp's related parties, whereby relevant transactions are disclosed to the Sustainability Committee and to other stakeholders. We are also responsible for the management of our complaints system called Alerta GenÉTICA. We continuously foster awareness through communication campaigns, dashboards, training and encouraging stakeholders to use the hotline. In 2025, we updated our human rights policy with the goal to analyze and reduce possible risks that may be present in the main subsidiaries. We also continue training our employees about the main compliance risks associated to artificial intelligence. Anti-corruption Credicorp is committed to zero tolerance for corruption. We strictly adhere to regulations that strengthen prevention and investigation mechanisms, such as Peru’s Law 30424 and its amendments, and the U.S. Foreign Corrupt Practices Act (FCPA). Our Corporate Policy on Anti-Corruption and Anti-Bribery sets clear guidelines for all Credicorp subsidiaries to maintain transparent relationships with stakeholders, mitigate related risks, and comply with local and international standards. This policy is implemented through a prevention model focused on four key pillars: •Risk Assessment •Training and Awareness •Continuous Monitoring •Supervision As part of our Corporate Anti-Corruption Program, BCP Stand-alone, Mibanco Perú, and Pacífico Seguros have obtained ISO 37001 Anti-Bribery Management System certification. Additionally, BCP Stand-alone holds the “Empresarios por la Integridad” Anti-Bribery Certification in Peru, which relies on independent audits to verify compliance across the entire organization. At Credicorp, we continuously strengthen our practices to prevent corruption and bribery. Through ongoing improvement of our prevention models, training programs, and monitoring systems, we ensure that our subsidiaries remain aligned with global best practices. This commitment reflects our determination to evolve proactively, reinforcing a culture of integrity and transparency across all operations. Market abuse prevention Through Credicorp’s Market Abuse Prevention program, guidelines and controls are established to prevent insider trading and market manipulation. In 2025, we update our policies in accordance with regulatory changes and international standards. We implemented the “Insider Trading and Personal Investments Policy”. Furthermore, we strengthened insider information management in the mergers and acquisitions process at a corporate level through the implementation of a procedure. Personal data protection At Credicorp, we are committed to safeguarding the privacy of our users' personal information. We aim for absolute confidentiality to the extent permitted by applicable law and adhere to the highest security standards in compliance with the Personal Information Protection Law No. 29733, as well as other relevant regulations in the countries where we operate. 87 Table of Contents At Credicorp, we are committed to protecting the personal data we manage and ensuring that all processing complies with legal requirements and explicit consent where applicable. In this context, we launched a comprehensive corporate plan to transform consent into a true business enabler, guided by our core principles. This initiative encompasses end-to-end automation of consent management—covering data collection, usage, customer experience, transparency, and accessibility—supported by technology, data analytics, and detective alerts, among other measures. The plan will continue into 2026 with an even stronger focus on transparency and accessibility, reinforcing trust, and delivering added value for our clients. During 2025, we also focused our efforts on the following strategic initiatives: 1.Ensuring the processing of personal data exclusively with free, prior, informed, explicit, and unequivocal consent. 2.Safeguarding recognized rights, including the implementation of the new right to data portability, introduced this year. 3.Promoting a privacy-first culture, fostering awareness and accountability through training programs and internal communications to ensure proper handling of personal data. 4.Aligning our Corporate Policy and implementing the necessary measures to guarantee that all responsible personnel understand and apply it effectively. 5.Establishing and consolidating a Data Leakage Prevention front, in collaboration with the CSIRT, to strengthen controls and mitigate risks related to personal data breaches. 6.Creating a Personal Data Enrichment Flow, an assessment process designed to evaluate any acquisition of data from external sources, ensuring compliance and transparency. 7.Launching the “Data Processing Agents” front, a new role introduced under the updated regulation, where service providers assume and clearly disclose their responsibilities regarding the use of data entrusted to them. 8.Designating the Credicorp Data Protection Officer (DPO) as the strategic focal point for engagement with the regulator, ensuring alignment and proactive compliance. Occupational safety and health At Credicorp, Occupational Health and Safety (OHS) is a strategic pillar for protecting people and ensuring business sustainability. The OHS management of the Group’s companies remains aligned with the ISO 45001 standard, fully integrated into operations and decision-making, with a preventive approach, continuous improvement, and comprehensive care for our employees, suppliers, visitors, and customers. In 2025, BCP maintained its ISO 45001 certification, reaffirming its leadership as a benchmark within the financial sector and consolidating a management model that prioritizes safe, healthy, and resilient work environments. This achievement reflects a sustained commitment to visible leadership, with Senior Management actively involved in promoting a strong preventive culture and reinforcing organizational commitment to occupational health and safety. Credicorp’s OHS management works to uphold the Group's sustainability and human rights-focused agenda, in direct alignment with the Sustainable Development Goals, particularly SDG 3 (Good Health and Well-being) and SDG 8 (Decent Work and Economic Growth). We continue to foster a strong Occupational Health and Safety culture in the countries where we operate, convinced that investing in people’s care is essential to business continuity and to building a solid, balanced, and sustainable future. Market conduct Credicorp’s market conduct program is aimed at promoting good business practices with customers, mitigating the risk of marketing and design of products that do not meet the needs of clients, ensuring information transparency, giving clarity of the terms and conditions of financial products and services, and properly managing claims for customers. These 88 Table of Contents actions allow us to encourage ethical behavior to protect the reputation of the company and achieve sustainable relationships with our customers. During 2025, quarterly monitoring of information transparency was carried out to evaluate 75% of the bank branches and 1,944 calls made by telephone banking. This monitoring allows evaluating the knowledge of collaborators in the bank's products and services. As of the latest evaluation, 87% qualification was obtained, which corresponds to a Very Satisfied Customer, while the final assessment is still in progress. Additionally, responsible sales monitors were carried out, which aim to reduce non responsible practices in our sale force. At the end of 2025, the number of requests that do not comply with the sales guidelines was reduced by 28% compared to the same period last year. Likewise, activities have been deployed under a consequences model which seeks to correct these practices. Finally, we carry out culture and reinforcement activities with the commercial employees to raise awareness about the impacts of applying irresponsible practices. In 2025, we trained 48 teams across agencies and carried out activations for 1,893 contact center and exclusive digital banking executives. Antitrust Credicorp’s Antitrust program is aimed at promoting business relationships under the premise of respect and justice, maintaining high ethical standards in support of free competition. During 2025, BCP has focused on strengthening our practices to prevent anticompetitive behavior. Through ongoing improvement of our internal procedures and protocols, training programs, and monitoring systems, we ensure that BCP remains aligned with global best practices. This commitment reflects our determination to promote economic efficiency in the markets for the benefit of consumers. INDECOPI, as regulator of the Antitrust Law, issued Guidelines on Antitrust Compliance Programs in 2020. BCP adopted this standard to implement the program. To date, we have implemented the 8 elements considered in this model: (i) tone from the top, (ii) designation of a compliance officer, (iii) risk management, (iv) controls and protocols, (v) training, (vi) monitoring and (vii) a whistleblower system and (viii) internal auditing. (4)Internal Audit In 2025, our internal audit unit focused on creating a permanent risk-based framework to evaluate the effectiveness and efficiency of Credicorp’s risk management, control, and governance processes. The internal audit unit's objectives are to improve and protect the corporation’s value through an agile and timely independent assessment as well as data-based advising and risk analysis. For this purpose, our internal audit unit formulated the Annual Audit Plan using a risk-based audit methodology, which is aligned with the rules formulated by The Institute of Internal Auditors Global (the “IIA”) and approved by the SBS. Our work is founded on four pillars: Digital Transformation, Role Positioning, Culture and Talent, and Management Optimization. This year, our purpose, mission and vision were: •Purpose: To protect Credicorp's sustainability and strengthen its value-creation capacity by providing effective and cutting-edge audit services. •Mission: To ensure and advise continuously and dynamically on strategic issues and key risks, through the intensive use of technology, data, innovation, anticipation, and motivated talent. •Vision: To be a global leader in digital audit practices, oriented to fulfill our purpose. We will pursue our purpose, mission and vision through the development of actions and plans based on four pillars: 1.Role positioning 2.Digital transformation 3.Culture and talent 4.Management optimization 89 Table of Contents The Quality Assurance Management team, whose role is independent of the audit and consulting functions, has executed annual Internal Quality Assessments since 2011, in compliance with IIA Standard 12.1, the result of which was “Fully Achieves” the Global Internal Audit Standards (Standards). This level of achievement demonstrates a clear intent and commitment to achieving the Purpose of Internal Auditing and the 15 Principles, conforming to the 52 standards of the Global Internal Audit Standards. The Audit Satisfaction Index (ISA), which collects the opinion of our audited clients after each job, achieved a result of 4.62 out of 5.00, which shows the perceived value of the work of Internal Audit by Credicorp Ltd., its subsidiaries, and affiliates. Additionally, the Internal Audit Function (IAF) continues to apply the Ambition Model (AM) as a framework for assessing internal audit maturity. This model, developed by the Netherlands Institute of Internal Auditors, provides a comprehensive structure for identifying gaps, strengthening capabilities, and progressing towards the performance level the organization aspires to achieve. The AM integrates a set of essential activities for each dimension of the IAF and classifies them into levels, using a scoring scale from 1.00 to 5.00, which facilitates progress measurement. In 2024, Credicorp Ltd.'s Internal Audit function achieved a score of 4.16 points, at Level 4 Managed. For 2025, Credicorp Ltd.'s Internal Audit function remains at Level 4 Managed, achieving a consolidated score of 4.27 points (the aspirational goal was 4.25). The results demonstrate consistent progress across all evaluated dimensions, with notable improvements in Governance, Strategic Planning, and Professional Practices, evidencing Credicorp's ongoing effort and the establishment of enhancement mechanisms that strengthen the efficiency and effectiveness of internal audit of work. The Credicorp Corporate Auditor continues in his role as a member of the Professional Certifications Board, whose function is to govern, defend and promote the IIA Global certification programs. He was also elected as member of the Stakeholders Advisory Council (SAC) of the International Auditing and Assurance Standards Board (IAASB) and the International Code of Ethics for Professional Accountants (IESBA). Likewise, the Auditor of Grupo Pacífico is serving as vice president of Information Systems Audit and Control Association (ISACA) of Lima. Furthermore, the Auditor of Credicorp's Microfinance segment serves as a member of the Financial Services Knowledge Group at the IIA Global. Consistent with recommended industry practices, Credicorp applies the National Institute of Standards and Technology 2.0 (NIST - CSF), OWASP – Mobile & Application Security Standard, Cloud Security Alliance’s (CSA), Critical Security Controls (CIS), COBIT and MITRE ATT&CK Framework. Data analytics methodologies were deployed and integrated with assurance evaluations in the Credicorp Internal Audit units. Subsequently, the process of decentralization of these tools to specialized audit teams continued. This entails democratizing access and use of these tools, with the aim of encouraging internal audit units to have the ability to exploit and use them as long as they comply with the guidelines of the Data & Analytics area. In this context, the Data & Analytics 90 Table of Contents unit not only develops digital or analytical solutions, but also socializes them so that the different audit units can carry out simple and specific analyzes according to their ad hoc needs. This ensures that Data, Data Governance, Advanced Analytics and Artificial Intelligence standards are met in each process and in the information used by said units. During 2025, we believe we achieved important advances in five main action fronts of data analytics: (i) the development of the first AI Agent, capable of identifying risks, designing controls, creating test plans, drafting audit observations and generating complete audit reports; (ii) the improvement in the performance of cognitive solutions, using Microsoft Azure Services to interpret and automatically analyze information from physical or telephone contracts to identify suspicious transactions or transactions with a greater probability of mistake, which should be audited; (ii) the automation of audit processes, allowing us to optimize our review; (iv) the digitization of audit evidence, reducing the time spent conducting our review; and (v) the carrying out of continuous audits of our key processes. At the end of 2025, there were 181 automated metrics with the objective of timely alerting the business about deviations or new emerging risks. The results of these metrics are shared with the business units, which evaluate the risks involved and implement solutions when needed. In addition, to reinforce the skills of the audit team, 1,178 hours of training were offered during 2025 to promote the use of Data & Analytics, and the Virtual Audit Classroom, which includes Campus AI and offers courses on ad-hoc digital tools for the audit team. The Model Risk Audit Management Department now uses, in addition to the traditional methodology, a specialized approach for auditing models called “Special Model Audit”. The purpose of this change is to address the review needs arising from the increase in the number and complexity of developed models, as well as to more quickly identify deficiencies that may exist in the different processes associated with the models' life cycle. By applying this method in projects, we have achieved significant improvements in our approach to auditing models: we expanded model review coverage, adopted deeper quantitative approaches, and efficiently monitored first- and second- line controls. In 2025, we provided 20,191 hours of training to our internal auditors, with an average of 76.2 hours per auditor (above the 40 hours per auditor recommended by international practices), in topics related to new cybersecurity frameworks (such as those promulgated by the IIA, NIST or the FFIEC), artificial intelligence, data analytics, risk management, programming language, validation of models and other topics of financial and operational audit. (5)Competition 5.1Universal Banking As of December 31, 2025, there are 47 privately-owned financial institutions, and four state-owned financial institutions (Banco de la Nación, COFIDE, Banco Agropecuario (Agrobanco) and Fondo MiVivienda), in the Peruvian universal banking sector. Private Financial System as of December 31, 2025 Number of entities Assets (Soles in thousands) Deposits (Soles in thousands) Loans (Soles in thousands) Banking Sector (1) 19 570,259,747 394,549,104 370,438,646 Financial firms (2) 7 10,333,118 5,229,299 8,432,307 Municipal savings banks (3) 11 47,478,453 35,172,166 39,657,509 Rural savings banks (4) 5 1,792,906 1,225,585 1,454,081 Credit firms (5) 5 3,222,979 - 2,839,958 Total(6) 47 633,087,203 436,176,154 422,822,501 Source: SBS (1)“Banca Multiple” under SBS definition and terminology (2)“Empresas Financieras” under SBS definition and terminology (3)“Cajas Municipales” under SBS definition and terminology (4)“Cajas Rurales” under SBS definition and terminology (5)“Empresas de Crédito” under SBS definition and terminology. Until Apr-23 it denominated EDPYME. (6)The total Private Financial entities does not include savings and loans associations (COOPACS), because the information for COOPACS is not yet publicly available from the SBS. 91 Table of Contents (i)Banking Sector The Banking Sector includes universal banks, offering financial services to retail and wholesale clients, among others. The following table sets forth the percentages, by assets, deposits, and loans, represented by the major Peruvian banking institutions. As % of total Private Financial System As % of Banking Sector as of December 31, 2025 Assets Deposits Loans Assets Deposits Loans BCP Stand-alone 32.22 % 32.99 % 29.39 % 35.77 % 36.47 % 33.54 % BBVA Banco Continental 17.75 % 18.82 % 19.33 % 19.70 % 20.81 % 22.06 % Interbank 12.06 % 12.14 % 11.92 % 13.39 % 13.42 % 13.60 % Scotiabank Peru 11.33 % 10.70 % 11.51 % 12.58 % 11.83 % 13.14 % Banco Interamericano de Finanzas 3.67 % 3.62 % 3.43 % 4.07 % 4.00 % 3.92 % Mibanco 2.88 % 2.51 % 3.19 % 3.19 % 2.77 % 3.64 % Source: SBS As of December 31, 2025, BCP Stand-alone ranked first among all Peruvian multiple banks by assets, deposits, and loans, according to the SBS. As of December 31, 2025, the principal Peruvian non-state financial institutions reported total loan balances of S/273,831 million in local currency and of US$28,727 million in foreign currency (in comparison to S/254,894 million and US$25,664 million as of December 31, 2024, respectively). These figures represented an expansion in local currency loan balances of 7.4% and an expansion in foreign currency loan balances of 11.9% from December 31, 2024 (compared to contraction of 3.2% and an expansion of 0.9%, respectively, from December 31, 2023, to December 31, 2024). As a result, the dollarization of loans reached 26.1% as of December 31, 2025 (compared to 27.5% as of December 31, 2024, and 28.0 as of December 31, 2023). As of December 31, 2025, Peru’s total amount of multiple banking deposits was S/394,549 million, and the multiple banking dollarization rate for deposits was 35.28% (compared to 38.9% as of December 31, 2024, and 39.1% as of December 31, 2023). It should be noted that, as part of its plan to decrease the dollarization level of loans in the Peruvian financial system and reduce the risks of currency depreciation associated with borrowing in U.S. Dollars, the BCRP established a de-dollarization program beginning in January 2015. For further information, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru – (i) Peruvian Regulators.” Peruvian banks’ capital ratio (regulatory capital divided by RWAs) was 18.15% as of December 31, 2025, which was above the 10.0% temporal legal minimum that became effective in July 2011 and represented an increase of 74 basis points from the capital ratio reported as of December 31, 2024 (17.41%). As of 2024, the ratio increased by 94 basis points from a ratio of 16.47% as of December 31, 2023. Peru’s loan portfolio quality indicators generally improved in 2025. As of December 31, 2025, the internal overdue ratio reached 3.26%, 49 bps below the ratio reported as of December 31, 2024 (3.75%). As of 2024, the ratio had decreased 56 bps compared to December 31, 2023 (4.31%). Also, the internal overdue, refinanced, and re-structured loans over total loans ratio was 5.07% as of December 31, 2025, 65 basis points lower than the 5.72% ratio reported at year-end 2024. Similarly, the coverage ratio of Peru’s internal overdue loan portfolio was 171.03% as of December 31, 2025 (compared to 156.10% as of December 31, 2024, and 144.64% as of December 31, 2023). The liquidity of the Peruvian banking system remained at moderately high levels. As of December 31, 2025, the local currency liquidity ratio and the foreign currency liquidity ratio were 27.93% and 57.15%, respectively (compared to 29.59% and 56.09% in 2024, and to 30.54% and 44.12% in 2023, respectively. The decrease in the local currency liquidity ratio reflects changes in deposit balances and the resulting evolution of funding flows within the banking system. These liquidity ratio levels were well above the minimums required by SBS regulations, which was 8% for local currency and 20% for foreign currency as of December 31, 2025. 92 Table of Contents (ii)Other financial institutions BCP Stand-alone faces strong competition from credit providers other than banking institutions or public financial institutions, primarily with respect to consumer loans and SME-Pyme loans. SME-Pyme loan providers from non-bank financial institutions lent S/30.9 billion to borrowers in 2025, compared to S/30.6 billion in 2024 and S/26.1 billion in 2023, according to the SBS. In 2025, overall SME-Pyme loans to customers of non-bank financial institutions represented 30.9% of the total loans in the Peruvian financial system (compared to 43.0% in 2024 and 55.8%). Consumer loan providers from other financial institutions lent S/13.5 billion to borrowers in 2025, compared to S/15.5 billion in 2024 and S/16.4 billion in 2023, according to the SBS. In 2025, overall loans to consumers of other financial institutions represented 14.5% of total loans in the financial system (compared to 17.8% in 2024 and 18.2% in 2023). (iii)Recent Competitive Developments In recent years, several foreign companies have shown interest in entering the Peruvian universal banking market, while financial companies already in Peru have taken steps to expand operations and develop new businesses. In addition, non-traditional players, such as fintech and startup companies, began to operate in the financial sector in recent years. These new strong competitors may adversely affect our results, as they provide similar products and services. In particular, the following authorizations and applications from and to the SBS, as well as the following recent regulations, may be significant to our competitive environment in Peru: (1)In February 2025, the SBS formalized the authorization for Compartamos Financiera to become Compartamos Banco, which will now operate as a banking entity. (2)In May 2025, the SBS authorized the conversion of Financiera Santander Consumer into Santander Consumer Bank, officially recognizing it as a banking entity in Peru. (3)In March 2025, BiPay entered a phase of broader adoption as the BCRP’s Digital Money Pilot moved into its evaluation stage, reinforcing Bitel’s competitive position in the digital‑payments ecosystem. (4)In 2025, the SBS intervened four savings and loans cooperatives due to insolvency and the loss of their share capital and cooperative reserves (La Cumbre, Nuevo Milenio Limitada, Líderes Emprendedores Red Nacional and La Esperanza de Marcona). (5)In November 2025, the SBS issued Resolution No. 04225‑2025, establishing a regulatory framework that permits certain regulated financial institutions, including banks, to participate in the administration of private pension funds. (6)In January 2026, Revolut, which is a UK-based digital bank, applied for a full banking license in Peru with the SBS to operate as the first fully regulated digital bank in country. (7)In January 2026, the SBS authorized BTG Pactual, the Latin America’s largest investment bank, the establishment of a banking entity in Peru, subject to the completion of the remaining licensing requirements. 5.2Microfinance According to The Economist Intelligence Unit, Peru and Colombia are among the countries that have presented the best results in addressing financial inclusion in terms of factors such as regulation, infrastructure, consumer protection and financial stability. We are aware that a large portion of microbusiness owners in both countries are currently unbanked, which constitutes an opportunity to contribute to these economies while growing our businesses. 5.2.1Peruvian microfinance system As of December 31, 2025, the Peruvian microfinance system is mainly regulated by the SBS and is comprised of entities that vary in size, client segments, and ambit of geographic action: two banks, Mibanco and Compartamos Banco; seven financial firms; eleven municipal savings banks; five rural savings banks; and five development entities for small and microbusinesses (Credit Firms). The Peruvian microfinance system also includes 228 savings and loan associations 93 Table of Contents (Cooperativa de Ahorro y Créditos or COOPACS by its Spanish initials), which have small portfolios and target specific geographic areas. As of December 31, 2025, the Peruvian microfinance system (excluding COOPACS) represented around 64% of the total entities regulated by the Peruvian financial system, with microfinance loans totaling approximately S/70.5 billion (17% of Peruvian Financial System). As of December 31, 2025, according to the SBS, microfinance customers represented 55% of borrowers in the regulated Peruvian financial system. Peruvian Microfinance System as of December 2025 Number of entities Assets (Soles in thousands) Loans (Soles in thousands) Deposits (Soles in thousands) Multiple banking 2 23,766,356 18,164,014 14,045,810 Financial firms 7 10,333,118 8,432,307 5,229,299 Municipal savings banks 11 47,478,453 39,657,509 35,172,166 Rural savings banks 5 1,792,906 1,454,081 1,225,585 Credit firms 5 3,222,979 2,839,958 - Savings and loan associations (COOPACS) (1) 228 N/A N/A N/A Total 258 86,593,812 70,547,869 55,672,860 (1)In 2019, SBS began overseeing COOPACS but there is still no financial information about them available. Source: SBS According to the SBS, as of December 31, 2025, Mibanco led the Peruvian market for loans in the micro business segment and ranks second in the small business segment regulated by the SBS, with shares of 20.9% and 14.0% respectively (compared to 27.3% and 11.8%, respectively, as of December 31, 2024 and 19.0% and 20.3%, respectively, as of December 31, 2023). The changes observed in the small business segment between 2023 and 2024, and in the micro business segment between 2024 and 2025, are mainly explained by the phased implementation of SBS Resolution No. 2368‑2023. This regulation introduced updated loan classification criteria based on sales or income levels and required a gradual portfolio reclassification process, which was fully completed in 2025 and resulted in client migration across segments. Municipal savings banks are important players in the microfinance system in Peru. In 2025, 11 municipal savings banks were operating and represented 56% of the total loans at year-end. The business model used by municipal savings associations is similar to the traditional relational model used by Mibanco, which conducts an on-site cash flow assessment of the customer. Municipal savings associations are institutionally linked to local governments and operate within their administrative, regulatory, and political framework. As a result, their ability to innovate and to modify products and processes is constrained by the existence of multiple layers of approval. In 2025, the Peruvian economy continued to consolidate the recovery that began in the second half of 2024, driven by stronger private demand, improving business confidence, and favorable macroeconomic conditions. GDP grew 3.4% for the year, driven by solid growth in construction, services, and trade, in line with broader national trends reported by Central Bank. This recovery was reinforced by low and stable inflation, which remained anchored within the Central Bank’s target band, reaching 1.5% in December 2025, as well as the gradual easing of monetary conditions following the decline in inflationary pressures. In this context, Mibanco maintained its focus on responsible, risk-adjusted growth. During the first half of 2025, the Bank continued to apply a disciplined credit strategy—particularly in regions and segments still showing uneven recovery—while gradually accelerating loan origination in the second semester as macroeconomic indicators gained strength. Mibanco continued to prioritize higher‑yield, lower‑ticket lending, consistent with its core business model, while strengthening risk‑management practices to preserve portfolio quality amid uncertainty and sector‑specific volatility. As of December 31, 2025, the Bank maintained an internal overdue loan coverage ratio of 155.7% in IFRS. In Peruvian GAAP, as of December 31, 2025, Mibanco’s internal overdue loan coverage ratio was 147.2% and the average for municipal savings banks was 156%. Mibanco’s global capital ratio was 21.3% at year-end 2025, which exceeded the 15.1% global capital ratio reported by municipal savings banks at year-end 2025. Furthermore, in 2025, the ROE for Mibanco was 21.6%, which exceeded the 16.8% ROE collectively reported by the municipal savings banks system. 94 Table of Contents Recent competitive developments The most relevant news and developments in the Peruvian microfinance sector from 2023 to 2025 were: (1)In August 2023, SBS intervened in Caja Raiz due to a significant deterioration in its solvency. Rural savings associations and cooperatives were the most affected by the pandemic, subsequent recession, and adverse economic environment in 2023, given that a large tranche of their portfolio is comprised of microbusinesses and small companies. (2)In 2023, SBS dissolved more than 27 cooperatives for diverse reasons, including loss of share capital; failure to submit financial statements; work stoppage at main offices; among others. Since 2019 (when SBS took over as the supervisory entity for COOPACS or Savings and Loan Cooperatives), SBS has closed 137 cooperatives due to inactivity (84%) and total loss of share capital and reserves (22%). (3)In July 2024 and September 2024, SBS intervened in Caja Sullana and Financiera Credinka, respectively. Both institutions were included in the program to strength equity for microfinances institutions that allowed SBS to transfer assets, liabilities and customers to Caja Piura and Caja Arequipa via auction. The closure of both institutions occurred due to a significant deterioration in solvency as a result of constant financial losses in recent years due to deficiencies in risk management, both in its credit granting policy and in its internal control system, which were aggravated by the pandemic, subsequent recession, adverse economic environment and climatological phenomena in 2023. (4)In December 2025, through Ministerial Resolution No. 614‑2025‑EF/15, the Ministry of Economy and Finance (MEF) amended the operational framework of the Equity Strengthening Program for Microfinance Institutions (IEM). This modification exceptionally increased the potential support that the Deposit Insurance Fund (FSD) may provide to distressed microfinance entities up to ten times their equity value in order to safeguard depositors, prevent sudden closures, and enable orderly resolution processes for institutions facing severe solvency deterioration. 5.2.2Colombian microfinance system The Colombian microfinance system is regulated by the SFC. As of December 2025, Colombian microfinance institutions represented around 21% of the total entities regulated by the Colombian financial system, with microfinance loans totaling approximately 25.08 billion Colombian Pesos. Mibanco Colombia, which belongs to the Multiple Banking sector, ranked second among its microcredit peers in the Colombian microfinance system, holding a 16.79% share of loans in this segment according to the SFC. Microfinance institutions reported a presence in 1,104 municipalities (100% of total municipalities in the country). Colombian Financial System in December 2025 Number of entities Assets (Pesos in millions) Deposits (Pesos in millions) Loans (Pesos in millions) Microfinance Loans (Pesos in millions) Multiple banking 30 1,065,105,347 732,173,670 729,160,785 22,442,719 Financial corporations 6 35,818,054 9,398,970 3,593 0 Finance company 15 28,430,310 19,883,774 15,560,922 245,199 Financial cooperatives 4 5,422,805 3,359,985 4,761,069 373,818 Microfinance institutions 13 N/A N/A N/A N/A Total 68 1,134,776,516 764,816,399 749,486,369 23,061,736 Source: SFC and Asomicrofinanzas Recent competitive developments The most relevant new developments in the Colombian microfinance sector from 2023 to 2025 were: (1)In March 2023, via Decree 455, new lending modalities were created and interest rates on these products must now be certified by the Financial Superintendence of Colombia. The new modalities were popular loans for rural production (crédito popular productivo rural); popular loans for urban production (crédito popular productivo urbano); a rural production loan (crédito productivo rural); an urban production loan (crédito 95 Table of Contents productivo urbano); and a higher-ticket production loan (crédito productivo de mayor monto). Differentiated certifications were implemented for current interest, which led rates on Microloan disbursements to drop significantly. (2)In December 2023, via Decree 2120, the program "CREO, un crédito para conocernos" was created to benefit the agricultural and non-agriculture sector of the popular economy by offering access to low-ticket loans that require no co-signers or collateral, with loan tenures of up to 24 months. The government is betting on La Economía Popular7 to drive the country’s economy by promoting financial inclusion with the support of Bancoldex and the Fondo Nacional de Garantías. (3)In February 2024, the Financial Superintendence of Colombia (SFC) issued External Circular 004, establishing the basic legal and technological framework for the implementation of open finance in the country. This regulation calls upon financial entities -including banks, fintechs and other institutions- to enable standardized and secure access to clients’ financial data with explicit consumer consent. Despite these advancements, the regulatory framework for open finance in Colombia remains under development. However, the adoption of open finance is expected to empower consumers to control their financial information, facilitating tailored financial products and services, thereby promoting innovation and competition in the financial sector. For Mibanco Colombia and the overall microfinance sector, this regulation encourages innovation in credit scoring models, fosters more efficient customer onboarding processes and partnerships with digital platforms. (4)In May 2024, through Decree 654, the government modified the structure of the National Fund for Guarantees (FNG) to optimize operations and help the organization adapt to the needs of the market. FNG and the entities grouped together under Asomicrofinanzas agreed, under the Credit Pact, to finance around 1.9 million Colombians to support FNG’s goal to increase the lending inclusion indicator from 35.3% to 40% in 2026. (5)In August 2024, the Colombian Government reached an agreement with the banking sector known as the “Credit Pact.” Under this pact, financial entities, including Mibanco Colombia, committed to channeling 55 billion Colombian pesos to five strategic economic sectors over a period of 18 months. The prioritized sectors include housing, manufacturing, agriculture and livestock, the popular economy, and tourism. The main objective is to jump-start the economy and facilitate access to credit in traditionally unserved areas. Loan disbursements rose by 26% under the Credit Pact as of December 2024. These disbursements were concentrated in prioritized sectors to reactivate the country’s economy and boost financial inclusion. (6)In October 2024, the Fundación Grupo Social, owner of Banco Caja Social, announced that it had acquired 51% of the shares of Banco W, which specializes in microfinance. Fundación WWB Colombia retained the remaining 49%. This transaction is pending approval from the Superintendency of Finance of Colombia, so for the time being the companies have announced that they will continue to operate independently and will maintain their strategies and product portfolios. (7)In October 2025, the SFC authorized the operation of NEQUI S.A. as a Financing Company (Resolution 2002 of October 31, corrected by Resolution 2021 of November 4). This enables Nequi to function independently from Bancolombia, expanding digital financial services—including microcredits and payments—thereby increasing competition and access in the fintech-driven microfinance segment. (8)On October 15, 2025. Decree 1068 was issued, adding Part 26 to Book 2 of Decree 1068 of 2015, thereby creating the "Colombia se transforma con Bancóldex" credit program. This initiative aims to facilitate financing access for micro, small, and medium enterprises (MiPyMEs), productive organizations, cooperatives, associations, and popular/community economy entities. It offers special credit lines with differential interest rates, capital abatements, and guarantees, emphasizing green finance, productive innovation, internationalization, and closing access gaps with a Diversity, Equity, and Inclusion (DEI) approach. Bancóldex executes the program as a second-tier bank, channeling resources from the National General Budget to promote productive modernization and financial inclusion for traditionally excluded populations, in alignment with the National Development Plan 2022-2026. (9)On November 2025, the "Pacto por el Crédito" (launched August 2024) had disbursed COP 198.7 trillion (78% of the COP 254.7 trillion 18-month target ending February 2026), granting 29.9 million loans. Housing and infrastructure exceeded its sectoral goal (102.2%), while November disbursements reached COP 13 trillion (+10.5% YoY). The pact has significantly boosted credit access in priority sectors and underserved areas, contributing to meeting economic reactivation and financial inclusion targets. (10)On November 2025, Bold —a leading Colombian fintech specializing in payment solutions and financial services for micro, small, and medium enterprises (MiPyMEs)—launched its Cuenta Pro, a fully digital 7 "La Economia Popular" refers to trade and occupations carried out by very small-scale economic units—such as individuals, families, micro‑businesses, or microenterprises—across any economic sector. CREO is the financial instrument designed by the Government to integrate this segment into the formal financial system through low‑amount, entry‑level loans with an inclusive focus. 96 Table of Contents business account designed to optimize cash flow management for businesses of all sizes, with a strong focus on underserved microentrepreneurs and popular economy actors. Offered by Bold CF Compañía de Financiamiento (supervised by the Superintendency of Finance), the account is free until December 2025 (with affordable fees thereafter) and includes features such as instant receipt of sales proceeds, unlimited free transfers, payroll and supplier payments, tax settlements, savings pockets yielding up to 10% E.A. (effective annual), and integration with existing payment tools (datáfonos, QR codes). The fully digital onboarding process takes minutes, eliminating lengthy traditional banking procedures. With Bold serving approximately 600,000 clients (many in the micro and small business segment) and processing around 6% of card payments in Colombia, this product enhances financial inclusion by providing accessible deposit and transaction services, potentially serving as a gateway to further credit products (e.g., working capital loans already offered by Bold). This development intensifies competition in the digital banking space for MiPyMEs, complementing regulatory efforts like open finance and credit pacts by lowering entry barriers and improving cash management for vulnerable sectors. 5.3Insurance & Pensions 5.3.1Grupo Pacífico The Peruvian insurance market, which includes P&C, life, and corporate health insurance market, is comprised of 17 active companies, of which 8 are dedicated to P&C and lifelines, 6 are dedicated exclusively to P&C and 3 are dedicated exclusively to life. According to the SBS and SUSALUD, as of December 31, 2025, four companies (Rimac, Grupo Pacífico, La Positiva and Mapfre) represented a combined 78.3% market share in terms of written premiums, and the leading two companies (Rimac and Grupo Pacífico) had a combined market share of 54.9%. In 2025, Grupo Pacífico was the second-largest insurance company in Peru in terms of written premiums, with a consolidated market share of 25.2% (compared to 26.8% in 2024), according to the SBS and SUSALUD. Grupo Pacífico had a 1.9% written premium increase from 2024 to 2025, which was lower than the Peruvian growth of 8.4%. Grupo Pacífico is the largest insurance company in the health insurance markets, with 42.3% of market share, according to SUSALUD. The following table lists the Peruvian market share of each of the top six insurers by annual written premiums in 2025: Market Share by Annual Written Premiums (1) 2023 2024 2025 1. Rimac 30.5 % 29.3 % 29.7 % 2. Grupo Pacífico 26.8 % 26.8 % 25.2 % 3. Mapfre 12.9 % 12.3 % 12.2 % 4. La Positiva 11.9 % 11.8 % 11.2 % 5. Interseguro 4.9 % 5.3 % 8.1 % 6. Protecta 2.3 % 2.7 % 3.0 % Annual Written Premiums (Soles in millions) 23,437 25,623 27,765 Source: SBS + SUSALUD (1)P&C + Life + Corporate Health Insurance Businesses We believe Grupo Pacífico has a relatively well-diversified product portfolio, with a composition comparable to that of the overall Peruvian insurance industry. In contrast to the Latin-American region, Peru maintains a low insurance penetration level: as of December 31, 2025, the region has an insurance penetration level of 3.2%, while Peru’s was 2.5% in 2025, according to the SBS and BCRP. In 2025, the Peruvian insurance market registered an increase of 8.4% in total written premiums (S/27,765 million compared to S/25,623 million in 2024) driven by Annuities, Individual Life, and Credit life. This growth rate was higher than that of nominal gross domestic product (GDP), which increased 3.4% in the same period. The increase in direct premiums was mainly driven by the life segment, for which production increased 16.3% from 2024 to 2025, partially offset by P&C segment, where production declined by 1.1% over the same period. Life and P&C insurance market 97 Table of Contents In 2025, total written premiums in the Peruvian life and P&C insurance sectors increased 8.3% compared to 2024, lower than the 9.5% increase from 2023 to 2024 (after an increase of 8.1% from 2022 to 2023). Written premiums in the Peruvian life and P&C insurance market totaled S/24,035 million in 2025, higher than S/22,186 million registered in 2024, and higher than S/20,266 million registered in 2023. Total written premiums in the Peruvian life insurance business increased 16.3% from 2024 to 2025 (after an increase of 14.4% from 2023 to 2024), and those in the Peruvian P&C business decreased 1.1% from 2024 to 2025 (after an increase of 4.1% from 2023 to 2024), according to the SBS. According to the SBS, in 2025, Pacífico’s written premiums in Peru’s consolidated life and P&C businesses were 22.6% of the Peruvian market, compared to 24.2% in 2024 and 24.2% in 2023. Grupo Pacífico’s written premiums in 2025 were the second largest of any company in Peru’s consolidated life and P&C insurance market. Life Insurance market In 2025, written premiums in Peru’s life insurance market totaled S/14,004.8 million, which represents an increase of 16.3% from 2024 and 33.1% from 2023, according to the SBS. This was mainly attributable to Annuities (which increased 36.2% from 2024 and 89.2% from 2023), Individual Life (which increased 27.7% from 2024 and 56.5% from 2023), and to Credit Life (which increased 8.5% from 2024 and 13.2% from 2023). According to the SBS, Grupo Pacífico had the second largest market share in the Peruvian life insurance market by written premiums (22.7%) in 2025, which was lower than its market share of 26.6% in 2024. In 2025, Grupo Pacífico’s written premiums decreased 0.8% from 2024, lower than Peru’s growth of 16.3%. The decrease in Grupo Pacífico’s written premiums was primarily attributable to D&S, which decreased 95.3% from 2024 after Pacifico was not awarded any tranche under the SISCO VIII contract. The drop in the D&S Line was partially attenuated by Individual Life, which increased 49.3% from 2024 due to higher sales in single premiums; and Credit Life, which increased 20.0% from 2024 due to growth in premiums through Bancassurance and Alliances (Banco de la Nación and Falabella). P&C Insurance market In 2025, written premiums in Peru’s P&C insurance market totaled S/10,029.8 million, a decrease of 1.1% compared to 2024 and 3.0% from 2023, according to the SBS. This result was primarily attributable to a decrease in P&C risk insurance policies, particularly fire risk insurance (which decreased 18.6% from 2024 and 16.9% from 2023), earthquake risk insurance (which decreased 11.3% from 2024 and 1.1% from 2023), and aviation risk insurance (which decreased 20.8% from 2024 and 16.4% from 2023). The decrease in P&C risk insurance policies was partially mitigated by medical assistance premiums (which increased 5.1% from 2024 and 5.2% from 2023) and cars premiums (which increased 3.5% from 2024 and 6.6% from 2023). According to the SBS, Grupo Pacífico had the second largest market share in Peru’s P&C sector (22.4%) in 2025, which is higher than its 21.3% market share in 2024. Grupo Pacífico’s written premiums increased 3.6% from 2024, which is higher than Peru’s growth rate of -1.1%. The increase in Grupo Pacífico’s written premiums was mainly driven by Medical Assistance (which increased 8.0% from 2024) due to higher sales of oncological products; P&C risks premiums (which increased 4.2% from 2024), due to theft insurance for credit cards, earthquake risk and insurance and marine hull insurance; and SOAT (which increased 10.7% from 2024), due to higher sales in Yape. Corporate Health Insurance and Medical Services market According to SUSALUD, in 2025, written premiums in Peru’s health insurance market totaled S/3,730.5 million, which represented an increase of 8.6% compared to 2024 and 17.6% from 2023. Based on figures from SUSALUD, Grupo Pacífico had Peru’s largest market share in the health insurance market in 2025 (42.3%, compared to 43.6% in 2024 and 43.1% in 2023). The healthcare services sector in Peru is marked by a significant concentration of public infrastructure and continues to demonstrate a shortfall in the number of hospital beds relative to the standards recommended by the World Health Organization. As of early 2026 figures, Peru had approximately 27,000 hospital beds, with 78% operated by the Ministry of Health (MINSA) and Regional Governments, 15% operated by ESSALUD, and 7% attributable to the private sector. The market for private healthcare services in Peru is competitive and fragmented. The Group competes primarily with other private operators of hospitals and outpatient medical facilities, which vary in size, geographic presence and 98 Table of Contents scope of medical services. Competition is based on factors such as pricing, range and complexity of medical services offered, quality and continuity of care, availability of specialized physicians, location of facilities and relationships with private health insurers. The private healthcare market includes operators that are vertically integrated with health insurance providers, combining the provision of medical services with the underwriting or administration of private health insurance plans. As part of Pacífico EPS, the Group’s medical services operations benefit from patient flows generated by affiliated private health insurance plans, while continuing to compete for patients covered by other private insurers and for out-of-pocket patients. Key competitors include integrated healthcare groups operating hospital networks, oncology centers and outpatient services, such as Auna, as well as hospital networks affiliated with competing insurance providers, including Clínica Internacional, which has ties to Rímac Seguros. Certain private insurers operate or are affiliated with their own hospital and clinic networks, which compete directly with independent healthcare providers while also acting as payers for medical services. This market structure may affect pricing, referral patterns and contractual relationships between healthcare providers and private insurers. 5.3.2Prima AFP As of December 31, 2025, there are four companies in the PPS, including Prima AFP. According to the SBS, assets under management in the PPS reached S/ 115.1 billion, of which Prima AFP managed S/32.8 billion. This represented a market share of 28.5%, compared with a market share of around 30% in prior years, including 2024 (30.0%) and 2023 (30.0%). As of December 31, 2025, the PPS reached 10.3 million affiliates, of which 2.4 million were Prima AFP’s customers, representing a market share of 22.9%. Collections in the PPS in 2025 reached S/17.3 billion, of which S/4.4 billion was collected by Prima AFP, representing a market share of 25.5%. As discussed below under “PPS Reforms”, the Peruvian government began a process of reforming the PPS in 2012 through the passage of the PPS Reform Law. This reform contemplated a tender process to be held every 24 months, in which the AFP that offers the lowest management fee wins the tender. As a result, new workers who enter the PPS become members of the tender holder and remain in it for at least 24 months. The following table shows the PPS tender processes held to date and their respective winners: No. Date Held Period Winner - September 2012 October 2012 – May 2013 Prima AFP 1st December 2012 June 2013 – May 2015 AFP Habitat 2nd December 2014 June 2015 – May 2017 AFP Habitat 3rd December 2016 June 2017 – May 2019 Prima AFP 4th December 2018 June 2019 – May 2021 AFP Integra 5th December 2020 June 2021 - May 2023 AFP Integra 6th December 2022 June 2023 - May 2025 AFP Integra 7th December 2024 June 2025 - May 2027 Profuturo AFP 5.4Investment Management and Advisory Asset Management In Peru, we compete in the mutual funds market (where we maintain leadership with a 33% market share). We also compete with investment funds, and mandates with Fund Management Companies belonging to the main financial groups operating in the country, and non-banking Fund Management Companies with local and regional operations. This includes managing funds and mandates investing in traditional, alternative, and structured products. 99 Table of Contents In Colombia, we compete in the collective investment funds market (with a 8% market share). We also compete with private equity funds, and investment trusts that primarily invest in traditional and alternative assets with local stockbrokers and fiduciaries. Regarding voluntary pension funds, we compete with major mandatory pension funds and some fiduciaries. In Chile, we compete in the mutual funds market (with a 1% market share). We also compete with investment funds (public and private), and third-party portfolio management with non-banking General Fund Managers (AGF) with regional operations and a focus on Latin America. In Offshore Funds, we also compete with Global Asset Managers that have Latin American fixed or variable income funds and are regulated Undertaking for Collective Investment in Transferable Securities (UCITS) funds. Wealth Management In Wealth Management, we serve the Affluent, High-net-worth and ultra-high-net worth client segments with several competitors that we can aggregate into three groups: 1.Bank-associated wealth managers with local presence 2.Independent “pure play” wealth managers 3.Global wealth managers We differentiate our offer from our competitors through a combination of tailored on-shore and off-shore investment solutions, specialized customer experience and a comprehensive view of our client’s portfolio regardless of the custodian. Moreover, we directly compete with digital wealth management platforms, which have emerged in the region, with our proprietary digital solution “tyba por Credicorp Capital”. Capital Markets Through the Capital Market, we operate in the Securities Brokers and Intermediaries sector, which comprises establishments primarily engaged in the buying, selling, and brokerage of securities (secondary market), as well as the placement of securities issuances (primary market). In capital markets, our brokerage house in Peru held the largest market share in equities (26% of traded volume) and the largest in fixed income (51% of traded volume), excluding the volumes outside of the stock market, according to the BVL. Similarly, our brokerage company in Colombia held the largest market share among brokers in equities (21% of traded volume) and in fixed income (29% of traded volume) according to the Colombian Stock Exchange. In Chile, we held a 4% market share in equities and a 9% share in fixed income, based on traded volume reported by the Santiago Stock Exchange. Trust Services In Peru, we hold a solid leadership position in fiduciary custody services for institutional clients; however, for more mass-market products, we believe there is room for growth, provided that we strengthen our distribution processes, considering that we operate in a market with limited size. On the other hand, in Colombia we see growth opportunities, given that we are a relatively young trust company and that the Colombian trust services market is deeper than the Peruvian one. (6)Supervision and regulation 6.1Credicorp Credicorp Ltd. is an exempted company located in Bermuda. Credicorp maintains a presence and conducts its activities in Peru, Cayman Islands, Bolivia, Colombia, Chile, Mexico, Panama, and the United States through its different LoBs and subsidiaries. Other than as described under “ITEM 3. KEY INFORMATION – 3. D Risk Factors –9 Credicorp, as a Bermuda exempted company, may be adversely affected by any change in Bermuda law or regulation,” there are no applicable regulations under Bermuda law that are likely to materially impact our operations as they are currently structured. Under Bermuda law, there is no regulation applicable to Credicorp as a holding company that would require that we separate the operations of our subsidiaries incorporated and existing outside Bermuda. 100 Table of Contents Our common shares are listed on the NYSE. We are therefore subject to regulation by the NYSE and the SEC as a “foreign private issuer”. We also must comply with the Sarbanes-Oxley Act of 2002. We are subject to certain requirements set forth by the Peruvian Banking and Insurance Law, as well by certain banking resolutions issued by the SBS, including the Peruvian Consolidated Supervision of Financial and Mixed Conglomerates Regulation. These regulations affect us primarily in the areas of reporting, risk control guidelines, limitations, ratios, and capital requirements. Since our common shares are listed on the BVL in addition to the NYSE, we are subject to certain SMV and BVL reporting requirements. See “Item 9. The Offer and Listing – 9.C Markets – (2) Market Regulation”. The SMV issued SMV Resolution 016-2019-SMV/01 - “Guidelines for the qualification of Independent Directors”, which are not binding rules, but recommendations to the issuers listed on the BVL and under SMV supervision. (i)Capital Adequacy Requirements On September 29, 2010, the SBS issued SBS Resolution No. 11823-2010, which established the methodologies for calculating the regulatory capital and capital requirements for financial and mixed conglomerates. Article 4 of SBS Resolution 11823-2010 identifies two categories of consolidated groups: (i) the financial system consolidated group and (ii) the insurance system consolidated group. A combined group of companies formed by these two categories of entities is called a financial group. Each of the financial system consolidated group, the insurance system consolidated group and the financial group is required to hold regulatory capital that is greater than or equal to the capital requirements applicable to each respective group. These provisions have been further refined through subsequent amendments, particularly the 2025 update, which introduced additional adjustments to the accounting framework for consolidation, the determination of effective regulatory capital, and reporting requirements to the SBS. The capital requirements applicable to the financial group are the sum of the capital requirements applicable to the financial system consolidated group and the insurance system consolidated group. The capital requirements applicable to the financial system consolidated group and to the insurance system consolidated group are the sum of the capital requirements applicable to each of the companies that belong to each respective group. For unsupervised companies, regulatory capital is required to be the greater of: (i) 10% of third-party assets or (ii) the ratio of third-party assets over total assets multiplied by the sum of paid-in-capital, legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval and retained earnings with capitalization agreements net of current and past years’ losses. Article 6 of SBS Resolution No. 11823-2010 provides that regulatory capital of the consolidated groups comprises the sum of basic capital and supplementary capital and is calculated as follows: •Basic Capital: Basic Capital or Tier 1 capital is comprised of: (i)paid-in-capital (which includes common stock and perpetual non-cumulative preferred stock), legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval and retained earnings with capitalization agreements (that is, earnings that the shareholders or the Board of Directors, as the case may be, have committed to capitalize as common stock); and (ii)other elements that have characteristics of permanence and loss absorption that are in compliance with regulations enacted by the SBS. Items deducted from Tier 1 capital include: (a)current and past years’ losses; (b)deficits of loan loss provisions; (c)goodwill resulting from corporate reorganizations or acquisitions; and (d)half of the amount referred to in “Deductions” below. Absent any Tier 2 capital, 100% of the amount referred to in “Deductions” below must be deducted from Tier 1 capital. The elements referred to in item (ii) above should not exceed 17.65% of the amount resulting from adding components from clause (i) of Basic Capital or Tier 1 capital, net of the deductions in (a), (b) and (c) in the list above. 101 Table of Contents •Supplementary Capital: Supplementary capital comprises the sum of Tier 2 and Tier 3 capital. Tier 2 capital elements include: (a)paid-in-capital, legal reserves, supplementary capital premiums, and voluntary reserves that may be reduced without prior consent from the SBS; (b)the eligible portion of the consolidated redeemable subordinated debt and of any other components that have characteristics of debt and equity as provided by the SBS; (c)for banks using the SBS standardized approach method, the generic loan loss provision up to 1.25% of total credit Risk Weighted Assets (RWAs); or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs (pursuant to Article 189 of Law No. 26702); and half of the amount referred to in “Deductions” below. Tier 3 capital comprises consolidated redeemable subordinated debt that is incurred with the sole purpose of covering market risk. •Deductions: The following elements are deducted from Tier 1 and Tier 2 capital: (a)for the financial system consolidated group, all investments in shares and subordinated debt issued by other local or foreign financial institutions and insurance companies; for the insurance system consolidated group, all investments in shares and subordinated debt issued by other local or foreign insurance companies; (b)all investments in shares and subordinated debt issued by entities that are part of the holding but do not belong to any of the consolidated groups; (c)for the financial system group, (i) the amount by which an investment in shares issued by a real sector company which is neither part of the holding nor part of the negotiable portfolio exceeds 15% of the financial system consolidated group’s regulatory capital; and (ii) the amount by which the aggregate amount of all investments in shares issued by real sector companies which are not part of the Conglomerate and which are not part of the financial system consolidated group’s negotiable portfolio exceeds 60% of the regulatory capital. Article 7 of SBS Resolution No. 11823-2010 provides that the following limits apply when calculating regulatory capital: (i) the aggregate amount of supplementary capital must not exceed the aggregate amount of basic capital; (ii) the amount of redeemable Tier 2 subordinated instruments must be limited to 50% of the amount resulting from the sum of Tier 1 elements in “Basic Capital” above; and (iii) the amount of Tier 3 capital must be limited to 250% of the sum of Tier 1 elements. Article 10 of SBS Resolution No. 11823-2010 provides that regulatory capital of the financial group is comprised of the sum of basic capital and supplementary capital and is calculated as follows: •Basic Capital: Basic Capital or Tier 1 capital comprises: (i)paid-in-capital (which includes common stock and perpetual non-cumulative preferred stock), legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval, and retained earnings with capitalization agreements (that is, earnings that the shareholders or the Board of Directors, as the case may be, have committed to capitalize as common stock); and (ii)other elements that have characteristics of permanence and loss absorption that are in compliance with regulations enacted by the SBS. •Items deducted from Tier 1 capital include: (i)current and past years’ losses; (ii)deficits of loan loss provisions; (iii)goodwill resulting from corporate reorganizations or acquisitions; and (iv)half of the amount referred to in “Deductions” below. Absent any Tier 2 capital, 100% of the amount referred to in “Deductions” below must be deducted from Tier 1 capital. •Supplementary Capital: Supplementary capital is comprised of the sum of Tier 2 and Tier 3 capital. Tier 2 capital elements include: (i)paid-in-capital, legal reserves, supplementary capital premiums, and voluntary reserves that may be reduced without prior consent from the SBS; (ii)the eligible portion of the consolidated redeemable subordinated debt and of any other components that have characteristics of debt and equity as provided by the SBS; 102 Table of Contents (iii)the generic loan loss provision included in the supplementary capital of the financial consolidated group; and (iv)half of the amount referred to in “Deductions” below. Tier 3 capital comprises consolidated redeemable subordinated debt computed in the consolidated groups. •Deductions: The following elements are deducted from Tier 1 and Tier 2 capital: (i)all investments in shares and subordinated debt issued by other local or foreign financial institutions and insurance companies; (ii)all investments in shares and subordinated debt issued by entities that are part of the conglomerate but do not belong to any of the consolidated groups; and (iii)all investments in shares issued by real sector companies that are not part of the conglomerate and the negotiable portfolio, computed as deductions in the financial system consolidated group. This regulatory framework must be read in conjunction with its subsequent amendments, including the latest modifications introduced by Resolution SBS No. 04200‑2025, which updated various consolidation, solvency, and reporting parameters effective January 1, 2026. For further information, see “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5. B Liquidity and Capital Resources – (1) Capital Adequacy and Solvency Management – (1.1) Credicorp”. Regulatory capital from January 2024. On September 14, 2023, the SBS issued SBS Resolution No. 03004-2023, revising the methodologies for calculating the regulatory capital and capital requirements for financial and mixed conglomerates. Changes were made to the conglomerate regulation to reflect the regulatory capital changes implemented in the Peruvian financial system in 2023, according to the Legislative Decree No. 1531. The new regulatory capital framework defines three capital requirements: CET1, Tier 1 Capital and Total Regulatory Capital for the financial system consolidated group and the financial group. Financial System Consolidated Group Article 5-A of SBS Resolution No. 03004-2023 sets forth the capital requirements for the financial system consolidated group. The CET1 Capital requirement will be equal to or greater than the sum of 45% of the financial system consolidated group capital requirement, including 100% of combined buffers. The Tier 1 Capital requirement will be equal to or greater than the sum of 60% of the financial system consolidated group capital requirement, including 100% of combined buffers. The total capital requirement will be equal or greater than the sum of 100% of the financial system consolidated group capital requirement, including 100% of combined buffers and 100% of the additional risk buffer. Combined buffers are the sum of the conservation buffer, the economic cycle buffer and concentration risk buffer. Additional risk buffer refers to credit concentration risk. Article 6-B of SBS Resolution No. 03004-2023 states that the capital requirement for companies within the financial system consolidated group should incorporate: (a)For supervised companies with capital requirements subject to risk assumed in operations: the sum of credit risk capital requirements, market risk capital requirements and operational risk capital requirements; and (b)For unsupervised companies, the greater of: (i) 10% of third-party assets or (ii) the ratio of third-party assets over total assets multiplied by the sum of paid-in-capital, legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval, and retained earnings with capitalization agreements net of current and past years’ losses. Article 5-B of SBS Resolution No. 03004-2023 states that the financial system consolidated group regulatory capital is composed of CET1 Capital, Additional Tier 1 Capital and Tier 2 Capital. CET 1 Capital: (a)Common shares and other capital instruments, as long as they have been paid and comply with the conditions indicated by the SBS; 103 Table of Contents (b)Issue premium of common shares and other capital instruments indicated in subparagraph (a); (c)Earnings from prior years and from the year in progress of Credicorp’s financial system consolidated group companies that comply with the SBS’s accounting regulations as designated by the SBS; (d)Unrealized gains attributable to available for sale investments that meet the conditions designated by the SBS; (e)Legal reserves and optional reserves; (f)Donations that meet the conditions designated by the SBS; (g)Regulatory adjustments that include the following deductions: (i)Financial system consolidated group losses from prior years and from the current year as designated by the SBS; (ii)Unrealized losses attributable to available for sale investments as designated by the SBS; (iii)Shortfalls in provisions determined by the SBS; (iv)Goodwill resulting from reorganizations or acquisitions; (v)Intangible assets, other than those indicated in item (iv); (vi)Deferred income tax assets originated due to carryover losses; (vii)Deferred income tax assets, net of deferred income tax liabilities, originated due to temporary differences that exceed the threshold established by the SBS; (viii)Direct or indirect holding of instruments of capital included in the computation of CET 1 Capital, which have been issued by the company itself and that are kept in treasury, and instruments owned by the company and included in the computation of CET 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ix)Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial system consolidated group; (x)For companies using internal models to calculate capital requirements for credit risk, the difference between expected loss and total provisions for credit risk, when this difference is positive; (xi)Additional Tier 1 Capital deductions that exceed the Additional Tier 1 Capital additions; and (xii)The portion of the difference between regulatory capital and capital requirements that come from elements of CET 1 Capital that do not correspond to controlling interests as calculated according to SBS methodology. Additional Tier 1 Capital: (a)Equity instruments and subordinated debt that meet the conditions of Additional Tier 1 Capital as determined by the SBS; (b)Share premium of capital instruments indicated in item (a); (c)Regulatory adjustments that include the following deductions from Additional Tier 1 Capital: (i)Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Additional Tier 1 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Additional Tier 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ii)Investments in equity and/or subordinated debt instruments included in the computation of Additional Tier 1 Capital issued by companies in Peru or abroad that do not belong to the financial system consolidated group; (iii)Tier 2 Capital deductions that exceed the Tier 2 Capital additions; and (iv)The portion of the difference between regulatory capital and capital requirement that comes from elements of Additional Tier 1 Capital that do not correspond to controlling interest as calculated according to SBS methodology. Tier 2 Capital: (a)Equity instruments and subordinated debt that meet the conditions of Tier 2 Capital as determined by the SBS; (b)Share premium of capital instruments indicated in item (a); (c)For companies within the financial system consolidated group subject to capital requirements for credit risk, the generic loan loss provision up to 1.25% of credit RWAs; or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs; 104 Table of Contents (d)Regulatory adjustments that include the following Tier 2 net worth deductions: (i)Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Regulatory Tier 2 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Tier 2 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ii)Investments in equity and/or subordinated debt instruments included in the computation of Tier 2 Capital issued by companies in Peru or abroad that do not belong to the financial system consolidated group; and (iii)The portion of the difference between regulatory capital and capital requirement that comes from elements of Tier 2 Capital that do not correspond to controlling interest as calculated according to SBS methodology. Article 6-A of SBS Resolution No. 03004-2023 sets forth the following limits within regulatory capital: (a)Additional Tier 1 Capital must not exceed one-third of CET 1 Capital. The excess above said limit can be included in certain companies as Regulatory Tier 2 Capital. (b)Regulatory Tier 2 Capital should not be greater than two-thirds of the Regulatory Tier 1 Capital. The excess over said limit is not in the computation of total regulatory capital. Insurance System Consolidated Group Article 7-A of SBS Resolution No. 03004-2023 sets forth the capital requirements for the insurance system consolidated group, which will be equal to or greater than the sum of 100% of the insurance system consolidated group capital requirement. Article 8-B of SBS Resolution No. 03004-2023 states that the capital requirement for companies within the insurance system consolidated group should incorporate: a)For supervised companies with capital requirements subject to risk assumed in operation: the sum of capital requirements associated with solvency, guarantee fund, credit risk and additional risks; b)For unsupervised companies, the greater of: (i) 10% of third-party assets or (ii) the ratio of third-party assets over total assets multiplied by the sum of paid-in-capital, legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval and retained earnings with capitalization agreements net of current and past years’ losses. Article 7-B of SBS Resolution No. 03004-2023 states that the insurance system consolidated group regulatory capital is composed of: (a)Common stock and perpetual non-cumulative preferred stock; (b)Supplementary capital premiums; (c)Legal reserves and voluntary reserves; (d)Retained earnings with capitalization agreements (that is, earnings that the shareholders or the Board of Directors, as the case may be, have committed to capitalize as common stock); (e)Donations that meet the conditions designated by the SBS; (f)Equity instruments and subordinated debt that meet the conditions designated by the SBS; and (g)Regulatory adjustments that include the following deductions: (i)Losses from prior years and from the current year; (ii)Unrealized losses in available for sale investments, as determined by the SBS; (iii)Shortfalls in provisions determined by the SBS; (iv)Goodwill; (v)Intangible Assets; (vi)Investments in equity or subordinated debt instruments, issued by companies that do not form part of the insurance system consolidated group, in Peru or abroad; (vii)Additional Tier 1 Capital deductions that exceed the Additional Tier 1 Capital additions; (viii)The portion of the difference between regulatory capital and the capital requirement that comes from capital or subordinated debt elements that do not correspond to controlling interest, as calculated according to the SBS methodology; and 105 Table of Contents (ix)Unrealized losses due to variations in the mathematical reserve following movements in interest rates, as determined by the SBS. Financial Group Article 9 of SBS Resolution No. 03004-2023 sets forth the capital requirements for the financial group. The CET 1 Capital requirement will be equal to or greater than the sum of 45% of the financial group capital requirement, including 100% of combined buffers. The Tier 1 Capital requirement will be equal to or greater than the sum of 60% of the financial system consolidated group capital requirement, including 100% of combined buffers. The total capital requirement will be equal to or greater than the sum of 100% of the financial system consolidated group capital requirement, including 100% of combined buffers and 100% of the additional risk buffer. Combined buffers are the sum of the conservation buffer, the economic cycle buffer and the concentration risk buffer. The additional risk buffer refers to credit concentration risk. Article 11 of SBS Resolution No. 03004-2023 states that the capital requirement for companies within the financial group should incorporate the sum of the capital requirements for financial system consolidated group and the capital requirements for insurance system consolidated group. Article 10 of SBS Resolution No. 03004-2023 states that the financial system consolidated group regulatory capital is composed of CET 1 Capital, Additional Tier 1 Capital and Tier 2 Capital. CET 1 Capital: (a)Common shares and other capital instruments, as long as they have been paid and comply with the conditions indicated by the SBS; (b)Issue premium of common shares and other capital instruments indicated in subparagraph (a); (c)Earnings from prior years and from the year in progress of Credicorp’s financial system consolidated group companies that comply with the SBS’s accounting regulations as designated by the SBS; (d)Unrealized gains attributable to available for sale investments that meet the conditions designated by the SBS; (e)Legal reserves and optional reserves; (f)Donations that meet the conditions designated by the SBS; and (g)Regulatory adjustments that include the following deductions: (i)Financial group losses from prior years and from the current year as designated by the SBS; (ii)Unrealized losses attributable to available for sale investments as designated by the SBS (iii)Shortfalls in provisions determined by the SBS; (iv)Goodwill resulting from reorganizations or acquisitions; (v)Intangible assets, other than those indicated in item (iv); (vi)Deferred income tax assets originated due to carryover losses; (vii)Deferred income tax assets, net of deferred income tax liabilities, originated due to temporary differences that exceed the threshold established by the SBS; (viii)Direct or indirect holding of instruments of capital included in the computation of CET 1 Capital, which have been issued by the company itself and that are kept in treasury, and instruments owned by the company and included in the computation of CET 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ix)Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial group; (x)For companies using internal models to calculate capital requirements for credit risk, the difference between expected loss and total provisions for credit risk, when this difference is positive; (xi)Additional Tier 1 Capital deductions that exceed the Additional Tier 1 Capital additions; and (xii)The portion of the difference between regulatory capital and capital requirements that come from elements of CET 1 Capital that do not correspond to controlling interest, as calculated according to SBS methodology. Additional Tier 1 Capital: (a)Equity instruments and subordinated debt that meet the conditions of Additional Tier 1 Capital as determined by the SBS; (b)Share premium of capital instruments indicated in item (a); and 106 Table of Contents (c)Regulatory adjustments that include the following deductions from Additional Tier 1 Capital: (i)Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Additional Tier 1 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Additional Tier 1 Capital where there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ii)Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial group; (iii)Tier 2 Capital deductions that exceed the Tier 2 Capital additions; and (iv)The portion of the difference between regulatory capital and capital requirement that comes from elements of Additional Tier 1 Capital that do not correspond to controlling interest, as calculated according to SBS methodology. Tier 2 Capital: (a)Equity instruments and subordinated debt that meet the conditions of Tier 2 Capital as indicated by the SBS; (b)Share premium of capital instruments indicated in item (a); (c)For companies within the financial system consolidated group subject to capital requirements for credit risk, the generic loan loss provision up to 1.25% of credit RWAs; or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs; and (d)Regulatory adjustments that include the following Tier 2 net worth deductions: (i)Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Regulatory Tier 2 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Tier 2 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ii)Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial system consolidated group; and (iii)The portion of the difference between regulatory capital and capital requirement that comes from elements of Tier 2 Capital that do not correspond to controlling interest, as calculated according to SBS methodology. (ii)Other Regulations The Dodd-Frank Act imposes obligations on swap dealers in respect of swap transactions, including trading relationship documentation and disclosure obligations. EMIR is a European Union regulation aimed at reducing systemic counterparty risk by increasing transparency of both parties in over-the-counter transactions. Credicorp complies with these Dodd-Frank Act and EMIR requirements through implementation of ISDA Protocols, addressing management of existing relationships and compliance with counterparty requirements. 6.2Subsidiaries 6.2.1Peru Credicorp’s main subsidiaries, BCP Stand-alone, Mibanco, Grupo Pacífico, Prima AFP, and Credicorp Capital Peru, are located in Peru and they offer banking and financial services. Furthermore, they are regulated by Peruvian laws and supervised by Peruvian Financial Regulators. In Peru, financial institutions, insurance companies and pension funds are regulated by the Peruvian Banking and Insurance Law. In general, it provides for loan loss reserve standards, brings asset risk weighting in line with Basel Committee on Banking Regulations and Supervisory Practices of International Settlements (Basel Committee) guidelines, empowers the SBS to supervise financial holding companies, and includes specific treatment of a series of recently developed products in the capital markets and derivatives areas. 107 Table of Contents (i)Peruvian Regulators The Peruvian Central Bank (BCRP) Article 84 of Chapter 5 of the 1993 Constitution establishes that the BCRP is a legal person of public rights and has autonomy within the framework of its Organic Law. BCRP’s primary role is to ensure the stability of the Peruvian monetary system. According to Article 2 of its Organic Law, the BCRP functions are to regulate Peru’s money supply, manage international reserves, issue bills and coins, and report on national finances. The BCRP’s seven‑member Board of Directors is the highest decision‑making authority of the central bank and is responsible for formulating and overseeing monetary policy, establishing reserve requirements for entities within the financial system, and approving guidelines for the management of international reserves, decisions with which all entities in the Peruvian financial system must comply. Each Director serves a five‑year term, with four members appointed by the executive branch and three by Peru’s Congress; the Chairman is nominated by the executive branch but requires congressional approval. In practice, appointments to the Board are renewed every five years and broadly coincide with the presidential mandate. The monetary policy of the BCRP has been conducted under an inflation-targeting scheme since January 2002. The BCRP seeks to anchor inflation expectations through the announcement of an inflation target range of 1% to 3% and makes monetary policy decisions by using a reference rate for the interbank market interest rate. Depending on economic conditions, the BCRP changes its reference interest rate preventively to keep inflation and its expectations in the target range. Once a month, the Board of Directors approves and announces the monetary program through a policy statement which includes a brief description of the recent macroeconomic evolution, the decision about the reference interest rate and rationale behind said decision, as well as interest rates for BCRP operations with the financial system. The Central Reserve Bank of Peru’s (BCRP) current monetary easing cycle began in September 2023 and has reduced the policy interest rate from a historical peak of 7.75% to 4.25% as of April 2026. Over this period, the BCRP implemented cumulative rate cuts of 100 basis points in 2023, followed by 175 basis points in 2024 and an additional 75 basis points in 2025. The slower pace of monetary easing in 2025 reflected the policy rate’s convergence toward its estimated neutral level, as well as economic growth broadly aligned with potential output.The following table summarizes the reference interest rate changes from January 2023 to April 2026: Changes in BCRP's reference interest rate (January 2023 – April 2026) Date Held Rate January 2023 7.75% September 2023 7.50% October 2023 7.25% November 2023 7.00% December 2023 6.75% January 2024 6.50% February 2024 6.25% April 2024 6.00% May 2024 5.75% August 2024 5.50% September 2024 5.25% November 2024 5.00% January 2025 4.75% May 2025 4.50% September 2025 4.25% Additionally, the BCRP is responsible for managing the liquidity in the financial system so that the interbank rate stays close to the reference rate. Policy instruments include (i) market instruments, (ii) discount window instruments and (iii) reserve requirements. 108 Table of Contents (i)Market instruments To remove liquidity from the financial system BCRP Deposit Certificates (BCRP CD): BCRP CDs are used to regulate the liquidity of the financial system through the sterilization of banks’ surplus liquidity. They are issued through an auction mechanism for terms of between one month and three years. As of December 2025, the aggregate value of outstanding BCRP CDs was S/37.1 billion. Additionally to the traditional CDs in domestic currency, in 2026, the BCRP issued CDs and established that the issuance payment must be realized in US$; the payment at maturity is still in domestic currency. The stock of this CD (payable in Dollars) is US$ 2.2 billion, as of March 19, 2026. BCRP Adjustable Deposit Certificates (BCRP CDRs): In addition to sterilizing banks’ surplus liquidity, BCRP CDRs target the reduction of depreciation pressures on the USDPEN exchange rate as the certificate is readjusted based on the variation in the exchange rate between the issue date and maturity date. The aggregate outstanding value of BCRP CDRs declined from S/7.8 billion in February 2021 to zero in May 2022. It increased afterwards in October 2023 to S/ 2.1 billion. As of December 2025, the aggregate value of outstanding BCRP CDRs was zero. BCRP Deposit Certificates payable in U.S. Dollars (BCRP CDLDs): BCRP CDLDs were created in 2010 to address downward pressures on the exchange rate related to banks’ forward contracts. Through BCRP CDLDs, the BCRP issues a deposit certificate denominated in Soles but for which payment on the issue date and maturity date is done in U.S. Dollars. This is equivalent to a temporary purchase of dollars in the spot market sterilized by issuing BCRP CDs. This instrument has been used only twice–first at the end of 2010 and beginning of 2011 and second in 2017. Since March 2018, there have been no BCRP CDLDs outstanding. BCRP Deposit Certificates at variable rate (BCRP CDVs): The yield of BCRP CDVs is subject to adjustment based on the reference interest rate or the overnight interbank index, as determined by the BCRP. BCRP CDVs are used to sterilize liquidity in an environment of high uncertainty about future interest rates that reduces demand for BCRP CD. Due to a macroeconomic environment characterized by high inflation and high interest rates, the instrument was used extensively starting in August 2021. Since June 2023, however, there have been no outstanding BCRP CDVs. BCRP Term-deposits (BCRP DPs): BCRP DPs were created in 2010 in a context of significant short-term capital inflows to remove liquidity from the system when it replaced the issuance of BCRP CDs with terms of one month or less with BCRP DPs. In December 2025, the aggregate value of outstanding BCRP DPs was S/9.4 billion. To inject liquidity into the financial system Reverse-repo: Through reverse repurchase agreements (repos), the BCRP can buy from financial system entities, with the commitment that those entities repurchase on an agreed date all the CDs issued by the BCRP, as well as all treasury notes and treasury bonds issued in Soles. This is done through an auction mechanism, and the regular terms of these transactions are between one business day and one week. Since 2008, reverse-repo transactions in U.S. Dollars have been authorized as a way to inject liquidity in U.S. Dollars. In April 2020, pension funds were authorized to participate in these transactions in the case of securities issued by the Republic of Peru that are registered in CAVALI. In December 2025, the value of outstanding reverse-repos was S/13.2 billion. Credit-repo transactions: In April 2009, the BCRP was authorized to purchase credit portfolios temporarily represented in securities. In May 2020, the Peruvian government, through Legislative Decree No. 1508, created a program for the guarantee of credit portfolios of financial entities to provide liquidity support. The size of the program was S/7 billion and could be expanded up to an additional 20%. Under this framework, in May 2021, through Circular No. 011-2021-BCRP, the BCRP created credit-repo transactions with a government guarantee for liquidity support. The value of outstanding credit-repo transactions in December 2024 was S/2.3 billion and, in December 2025 was zero. Government-backed credit repo transactions: Government-backed credit repo transactions were introduced in April 2020 under the Reactiva Peru Program framework. These transactions were part of the policies implemented to mitigate the negative economic impact of the COVID-19 pandemic. In these transactions, the entities involved (banks and other financial companies) sell to BCRP securities representatives of credits guaranteed by the Peruvian government, receive Soles and, at the same time, agree to repurchase those securities at a future date. The BCRP determines the rate it will charge for the funds and the allocation variable is the maximum interest rate that entities are willing to charge for these guaranteed credits. The BCRP adjudicates the auctioned funds starting with the bids that have the lowest rate. In this way, 109 Table of Contents it encourages lower credit rates that are ultimately determined through market mechanisms. The outstanding value of government-backed credit Repo transactions reached a peak of S/50.7 billion in December 2020 and has decreased since then to S/1.3 billion in December 2024. In December 2025, the outstanding was zero. Repo-transactions conditioned on credit portfolio rescheduling: From June 2020 to October 2021, repo transactions conditioned on credit portfolio rescheduling were established to incentivize financial entities to reduce their loan interest rates. Under this program, the entities sell securities (reverse-repo, foreign exchange swaps and credit-repo) or foreign currency to the BCRP, receive domestic currency and are obliged, at the same time, to repurchase those securities or foreign currency at a future date, against the payment of Soles. The terms of these transactions ranged from 6 to 48 months and were completed only if the financial entities rescheduled their clients’ loan portfolios or loans bought from other financial entities in an amount at least the size of the repo transaction. In addition, the BCRP set conditions that included a requirement that entities set the interest rate applicable to rescheduled credits at a minimum discount of 200 bps the original interest rate. The effects of these transactions were reflected in better conditions for debtors in the financial system and aimed at a faster recovery from the COVID-19 pandemic’s negative shock to the local economy. Repo-transactions conditioned on long-term credit expansion: Repo transactions conditioned on long-term credit expansion were established in April 2021 and concluded in December 2021, with the objective of improving the monetary policy transmission channel and continue strengthening the expansion of credit to the private sector. This program worked in a similar way to the repo transactions conditioned on credit portfolio rescheduling mentioned above, but the completion of these transactions occurred only if financial institutions increased their outstanding amount of corporate loans or mortgages in domestic currencies with terms of at least three years compared to January 1, 2021, levels. Currency repos: Since March 2007, the BCRP has been allowed to use currency repos to inject liquidity in Soles against U.S. Dollar delivery. Through these transactions, the BCRP temporarily purchases dollars from financial institutions that commit to repurchase them at a future date. Since April 2011, this instrument has also been used to inject liquidity in Dollars. To accelerate the de-dollarization process, in December 2014, the BCRP established two new types of currency repos: (1) Repo – Expansion, which would provide liquidity in local currency to financial institutions for an amount up to 20% of such institution’s Total Liabilities Subject to Reserve Requirements (TOSE by its Spanish Initials) in U.S. Dollars, and under no circumstance could the median reserve requirement decrease below 25%; and (2) Repo – Substitution, which would provide local currency to financial institutions at spot foreign exchange prices to finance the re-denomination of their loans in U.S. Dollars. The outstanding amount of both instruments has been zero since 2019. However, the outstanding of regular FX repo stood at S/. 1.8 billion in December 2025. Interest rate swaps: Interest rate swaps were launched to strengthen the transmission of monetary policy and incentivize the expansion of long-term credit. The BCRP can carry out these transactions via auction or direct placements with terms between 3 and 7 years. Through these derivatives, the BCRP assumes the commitment to pay a variable interest rate in exchange for the financial entity's commitment to pay a fixed interest rate. Thus, the BCRP provides financial system entities a hedging instrument for future interest rates hikes, which then incentivizes them to make long-term loans. The aggregate outstanding amount of these transactions has been zero since September 2023. Reduce FX volatility Buy-sell US$ in the spot market: The BCRP intervenes in the exchange rate market at its discretion to reduce PEN volatility. These interventions are sterilized by other monetary operations to keep the interbank interest rate around the reference level. In 2022, the BCRP's net sales in the spot market were US$1.2 billion, equivalent to around 10% of 2021 net sales, with the intervention concentrated in the second half of 2022. In 2023, the monetary authority barely intervened in the spot market selling US$81 million, while in 2024, it sold US$318 million centered in the first half of the year. In 2025, the BCRP shifted to net purchases, acquiring US$2.8 billion during the last two months of the year, and had further accumulated US$3.5 billion in the spot market during the present year as of the end of February 2026. FX swaps: Foreign exchange swaps were initiated in 2014 to reduce exchange rate volatility generated by pressures in the derivatives market. With an FX swap sell (purchase), the BCRP provides exposure to the exchange rate by committing to pay (or to receive) a fixed rate in foreign currency plus the exchange rate variation, in exchange for receiving (or paying) an interest rate in domestic currency that can be variable or fixed. With this type of transaction, the parties typically exchange only net payments rather than the full nominal amounts. As of December 2025, the BCRP’s stock of FX swaps sell was S/ 20.4 billion, significantly lower than the S/48.3 billion of December 2024 (S/45.2 billion stock at the end of 2023). 110 Table of Contents (ii)Discount window instruments Credit for monetary regulation (rediscounts): Rediscounts have the purpose of covering temporary liquidity imbalances of financial institutions. The financial entity that requests the use of this facility has to provide collateral (such as BCRP CDs, Treasury notes, Treasury bonds, CDR BCRP, private sector bonds with at least credit rating AA, among others). Direct reverse-repo: Similar to the reverse-repos and currency-repos explained above, through direct reverse-repos, the BCRP can provide liquidity that financial entities demand directly, instead of through an auction, and accept a greater range of collateral. Purchase of Treasury bonds in domestic currency: Initially, in November 2022, when they started buying treasury bonds, the objective was to reduce its volatility caused by uncertainty in global financial markets and the sales by pension funds due to the withdrawal of pension fund accounts approved by Peru’s congress. Now, it is also used as a mechanism to inject liquidity. According to the December 2024 BCRP inflation report, the amount of net sovereign bonds purchased as of November 29 was S/2.4 billion, below the legal limit of 5% of the monetary base of the previous year (S/4.5 billion). The outstanding of purchases between 2020 and 2025, as of December 3, was S/ 17.3 billion. Overnight deposits: Overnight domestic and foreign currency deposits (deposits repaid the next business day) of financial entities were established in 1998 and are used to remove the excess liquidity at the end of the day. The daily average of overnight deposits by financial institutions in December 2025 was S/318 million in domestic currency and US$7,333 million. (iii)Reserve requirements Under Law No. 26702, banks and financial institutions are required to maintain legal reserve requirements for certain obligations. The BCRP establishes the reserve requirements that financial entities are required to meet in Peru as a percentage of their obligations in foreign and domestic currencies for banking products and instruments such as demand and time deposits, savings accounts, securities, certain bonds, and funds administered by banks. Additionally, the BCRP requires reserves on amounts due to foreign banks and other foreign financial institutions. Since January 2011, obligations of foreign subsidiaries and affiliates also have been subject to the reserve requirement. In August 2021, through Circular No. 024-2021, the BCRP decided to: (i) establish a marginal reserve rate of 25% of the average obligations during a base period, which corresponds to July 2021; (ii) establish a minimum media reserve requirement rate of 4%, which rose to 4.25% in October 2021 and to 4.50% in November 2021; and (iii) increase the minimum level of current account deposits that entities subject to reserve requirements must keep at the BCRP as reserve funds from 0.75% to 1.00% in October 2021. Additionally, the BCRP increased the minimum legal reserve requirement rate to 4.50% in November 2021, to 4.75% in December 2021 and to 5.00% in January 2022. Later, there were further gradual increases to 5.25% in February 2022, 5.50% in March 2022, 5.75% in April 2022 and 6.0% in May 2022, with the objective of complementing the reference interest rate hiking cycle and have better control over liquidity. Conversely, as the Central Bank started easing its monetary policy stance by lowering the interest rate, the Central Bank lowered the minimum legal reserve requirement rate to 5.50% in March 2024 and established an applicable rate of 5.50% on general TOSE. Moreover, the BCRP establishes that the median reserve requirement rate increases if foreign currency sales operations through forward and swap contracts exceed weekly or total limits. Banks can have excess funds which the BCRP remunerates. By December 2025, the average effective reserve requirement ratio for domestic currency was 5.6% (2024: 5.6%, 2023: 6.1%). Regarding reserve requirements in foreign currency, according to the BCRP, in a context of partial dollarization, this tool has constituted an important support for financial system liquidity as its rate is higher than the one in domestic currency, due to the greater liquidity risk implied by intermediation in foreign currency. Since July 2018, the marginal rate has been 35%. Furthermore, to reduce credit dollarization, the BCRP imposes additional U.S. Dollar reserve requirements on financial institutions based on limits to the credit balance in U.S. Dollars for total credit, as well as mortgage and vehicle loans. This was suspended between April 2020 and April 2021. Additionally, in June 2023 the reserve rate for obligations with terms of less than two years with foreign financial entities was increased from 9% to 35% starting July 2023, while the additional reserve requirements corresponding to the evolution of total loans in foreign currency were updated. During 2024 and 2025, no changes were introduced to foreign currency reserve requirements. Thus, by December 2025, the average effective reserve requirement ratio for foreign currency was 35.5% (2024: 35.5%, 2023: 35.7%). 111 Table of Contents Total obligations subject to reserve requirements (TOSE, by its Spanish initials) in local currency stood at S/ 258,415 million (2024: S/ 232,889 million, 2023: S/ 209,806 million). Moreover, TOSE in foreign currency stood at US$ 43,425 million (2024: US$ 39,912 million, 2023: US$ 36,505 million). The Superintendence of Banks, Insurance and Pension Funds (SBS) The SBS is the regulatory authority in charge of supervising and regulating all financial, insurance and pension fund institutions in Peru. Peru’s constitution and the Peruvian Banking and Insurance Law, which contains the statutory charter of the SBS, grant the SBS the authority to oversee and control banks and financial institutions (apart from brokerage firms, which are regulated by the SMV), insurance and reinsurance companies, companies that receive deposits from the general public, AFPs and those that carry out activities linked or complementary to the corporate purpose of said companies mentioned in the Peruvian Banking and Insurance Law. The SBS is also responsible for supervising the BCRP to ensure that it abides by its statutory charter and Bye-laws. The SBS has administrative, financial, and operating autonomy. Its objectives include protecting the public interest, ensuring the financial stability of the institutions over which it has authority and punishing violators of its regulations. Its responsibilities include: (i) reviewing and approving, with the assistance of the BCRP, the establishment and organization of subsidiaries of the institutions it regulates; (ii) overseeing mergers, dissolutions and reorganizations of banks, financial institutions and insurance companies; (iii) supervising financial, insurance and related companies from which information on an individual or consolidated basis is required, through changes in ownership and management control (this supervision also applies to holding companies that are not banks, such as Credicorp); (iv) reviewing the Bye-laws and amendments to Bye-laws of these companies; (v) issuing criteria governing the transfer of bank shares, when permitted by law, for valuation of assets and liabilities and for minimum capital requirements; (vi) controlling the bank’s Risk Assessment Center, to which all banks are legally required to provide information regarding all businesses and individuals with whom they deal without regard to the amount of credit risk (the information provided is made available to all banks to allow them to monitor individual borrowers’ overall exposure to Peru’s banks), and (vii) overseeing compliance with the maximum interest rates set by the BCRP. The SBS is also responsible for setting criteria for the establishment of financial or mixed conglomerates in Peru and for supervising these entities. As a result, in addition to its supervision of BCP Stand-alone, Mibanco, Grupo Pacífico and Prima AFP, the SBS also supervises Credicorp Ltd. because Credicorp Ltd. is a financial conglomerate conducting most of its operations in Peru. The Superintendence of the Securities Market (SMV) The SMV is the Peruvian government institution in charge of: (i) promoting the securities markets, (ii) making sure fair competition takes place in the securities markets, (iii) supervising the management of businesses that trade in the securities markets, and (iv) regulating such businesses’ activities and accounting practices. The SMV enjoys functional, administrative, economic, technical, and budgetary autonomy relative to other branches of the Peruvian government. Financial institutions such as banks, insurance companies, pension funds and brokerage firms must inform the SMV of significant events that affect their business and are required to provide financial statements to both the SMV and the BVL each quarter. Those institutions are also regulated by the SMV when they conduct operations in the local Peruvian securities market. National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI) INDECOPI regulates the protection of consumer rights in the Peruvian Consumer Protection Code. INDECOPI has the authority to issue fines to financial institutions if they violate the laws and regulations regarding the protection of consumer rights. INDECOPI also protects brands, creations and inventions, and look up for the proper functioning of the market, sanctioning acts of deception and unfair competition. Peruvian Data Privacy Authority (ANPDP) The ANPDP regulates the protection of personal data in Peru. The primary governing regulation for the ANPDP is Peruvian Data Privacy Law and Peruvian Data Privacy Regulation. ANPDP has the authority to issue fines to financial institutions that violate the laws and regulations regarding personal data protection. (ii)Supervised Institutions 112 Table of Contents Under Peruvian law, financial institutions are classified as universal banks, insurance companies, pension funds, finance companies or other financial institutions such as small business finance companies, savings and loan corporations, financial services companies, investment banks, mutual housing associations, municipal savings and credit associations, and savings and credit cooperatives. Financial institutions must obtain the SBS’s authorization before beginning operations. BCP Stand-alone and Mibanco are each classified as a universal bank, Grupo Pacífico is classified as an insurance company and Prima AFP is classified as a pension fund company. Universal Banks A universal bank, or bank, is defined by Peruvian Banking and Insurance Law as an enterprise whose principal business consists of (i) receiving money from the public, whether by deposits or by any other form of contract, and (ii) using such money (together with the bank’s own capital and funds obtained from other sources) to grant loans or discount documents, or in operations that are subject to market risks. Banks are permitted to carry out various types of financial operations, including the following: •receiving demand deposits, time deposits, savings deposits, and deposits in trust; •granting direct loans; •discounting or advancing funds against bills of exchange, promissory notes, and other credit instruments; •granting mortgage loans and accepting bills of exchange in connection with the mortgage loans; •granting conditional and unconditional guarantees; •issuing, confirming, receiving, and discounting letters of credit; •acquiring and discounting certificates of deposit, warehouse receipts, bills of exchange and invoices of commercial transactions; •performing credit operations with local and foreign banks, as well as making deposits in those institutions; •issuing and placing local currency and foreign currency bonds, as well as promissory notes and negotiable certificates of deposits; •issuing certificates in foreign currency and entering into foreign exchange transactions; •purchasing banks and non-Peruvian institutions that conduct financial intermediation or securities exchange transactions in order to maintain an international presence; •purchasing, holding, and selling gold and silver, as well as stocks and bonds listed on one of the Peruvian stock exchanges and issued by companies incorporated in Peru; •acting as financial agent for investments in Peru for external parties; •purchasing, holding, and selling instruments evidencing public debt, whether internal or external, as well as obligations of the BCRP; •making collections, payments, and transfers of funds; •receiving securities and other assets in trust and leasing safety deposit boxes; and •issuing and administering credit cards and accepting and performing trust functions. 113 Table of Contents In addition, banks may carry out financial leasing operations by forming separate departments or subsidiaries. Banks may also promote and direct operations in foreign commerce, underwrite initial public offerings, and provide financial advisory services apart from the administration of their clients’ investment portfolios. By forming a separate department within the bank, a bank may also act as a trustee for trust agreements. Under Peruvian law, universal banks may conduct brokerage operations and administer mutual funds but must do so through subsidiaries. However, universal bank employees may market the financial products of the bank’s brokerage and mutual fund subsidiaries. Banks are prohibited from issuing insurance policies but are not prohibited from distributing insurance policies issued by insurance companies. Peruvian branches of foreign banks enjoy the same rights and are subject to the same obligations as Peruvian universal banks. Multinational banks, with operations in various countries, may perform the same activities as universal Peruvian banks, although their foreign activities are not subject to Peruvian regulations. To carry out banking operations in local Peruvian markets, multinational banks must maintain capital in Peru of at least the minimum capital requirement required of Peruvian banks. For more information about banks’ capital requirements, please see “ITEM 4. INFORMATION ON THE COMPANY – (6) Supervision and regulation – (iii) Peruvian Commercial Banks Regulation - BCP Stand-alone and Mibanco – Capital adequacy requirements and ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.B Liquidity and Capital Resources.” Those universal banks that violate the Peruvian Banking and Insurance Law and its underlying regulations may be subject to administrative sanctions and criminal penalties. Additionally, the SBS and the BCRP have the authority to issue fines to financial institutions and their directors and officers if they violate the laws or regulations of Peru, or their own institutions’ Bye-laws. Insurance Companies Since the Peruvian insurance industry was deregulated in 1991, insurance companies have been authorized to conduct all types of operations and to enter into all forms of agreements that are needed to offer risk coverage to customers. Insurance companies may also invest in financial and non-financial assets in order to maintain liquidity and capital requirements to pay their clients when claims occur. Peru’s Law No. 26702 (the General Law of the Financial, Insurance and Private Pension Administrators (AFP) and Organic Law of the Superintendency of Banking, Insurance and AFPs) and Law No. 29946, Ley del Contrato de Seguro (the “Peruvian Insurance Contract Law”), which are discussed below, are the main laws governing insurance companies and insurance in Peru. The SBS is the government agency charged with the supervision and regulation of all insurance companies. The incorporation of an insurance company requires prior authorization from the SBS. Also, the SMV supervises and regulates insurance companies through Peru’s Law No. 26126 and its amendments. On May 27, 2013, Insurance Law No. 29946 became effective. Law No. 29946 governs all insurance contracts, except for those that are expressly governed by other regulations. It substantially changes how insurance policies are offered by insurance companies, regulates the information provided by the insured, and includes changes to termination and arbitration clauses included in insurance contracts. Law No. 29946 also provides a list of terms and conditions that cannot be included in any insurance contract and ensures that any changes in the contract can only be made if 45 days' notice is given to the policyholder prior to renewal of the policy. Other measures include restrictions on the duration and renewal of contracts, consumer protection rules, and regulations governing how to address non-payment of premium installments required under insurance contracts. In September 2013, the SBS established a tender process for the exclusive right to manage a collective insurance policy for D&S and burial expenses of the PPS as part of its reform. Peruvian insurance companies must submit regular reports to the SBS concerning their operations. In addition, the SBS conducts on-site reviews on an annual basis, primarily to evaluate compliance with solvency margin, reserve and investment requirements, and rules governing the recognition of premium income. If the SBS determines that a company is unable to meet the solvency margin or technical reserve requirements or is unable to pay claims as they become due, it may either liquidate the company or permit it to merge with another insurance company. 114 Table of Contents Under Peruvian law, insurance companies may engage in certain credit risk operations, such as guarantees, bonds, and trusteeships, but are prohibited from offering other banking services, operating mutual funds, or offering portfolio management services. In addition, insurance companies may not conduct brokerage operations for third parties. Peruvian insurance companies are also prohibited by an SBS resolution (SBS Resolution No. 3930-2017) from having an ownership interest in other insurance or reinsurance companies of the same class unless such risks are offset by insurance companies acting as subsidiaries and that risk is withdrawn from the principal insurance company’s activities. This resolution also prohibits Peruvian insurance companies from having an ownership interest in private pension funds. Peruvian law establishes certain minimum capital requirements for insurance and reinsurance companies, which must be satisfied by cash investments in the company. Medical Services The medical healthcare business is regulated, and companies must be authorized to attend to patients with coverage or outcome services. The Ministry of Health and the National Superintendency of Health (Superintendencia Nacional de Salud, SUSALUD) regulate all the activities. Peru’s Law No. 26842 (the Health General Law), Law No. 26790, Ley de Modernización en Seguridad Social en Salud (the “Health Social Security Modernization Law”), and Law No. 29344, Ley Marco de Aseguramiento Universal en Salud (“Universal Insurance Health Law”) are the main legal framework of the healthcare companies in Peru. The SUSALUD is the government agency charged with the supervision and regulation of all EPS and healthcare companies. Healthcare providers in Peru operate within a regulatory framework overseen primarily by the Ministry of Health (MINSA), which establishes health policies and technical standards, and the Superintendence of Health Services (SUSALUD), which supervises healthcare service providers (IPRESS) and health insurance entities, and has the authority to impose administrative sanctions. Hospitals and clinics must obtain sanitary authorizations and operating licenses, subject to periodic renewal and compliance with regulations covering infrastructure, equipment, clinical personnel, patient safety and quality of care. Additional regulations may apply, depending on the services provided, including those governing laboratories, specialized medical services and pharmaceuticals. SUSALUD has the authority to investigate complaints, conduct inspections, impose fines, and suspend or revoke authorizations for non-compliance. The regulatory framework is subject to change, and new laws or regulations may affect healthcare providers’ operations, costs or compliance obligations. Pension Funds The operations of pension funds in Peru are regulated by the Unified Text of the Private System for the Administration of Funds Act, approved by Supreme Decree No. 054-97-EF, and modified by Law No. 29903, which has been in force in Peru since August 2013. Under Peruvian legislation, AFPs must have only one business activity: managing pension funds through individual capitalization accounts, sourced by mandatory and/ or voluntary contributions. AFPs must also provide benefits for retirement, disability, and survivorship and finance funeral expenses. In September 2025, the Pension System Modernization Law (Law No. 32123) and its regulations came into effect, initiating the gradual implementation of Peru's Integrated Pension System (SIPP). This included opening the system to new administrators, strengthening pension protections, and improving governance and oversight requirements. The reform introduced significant structural changes, such as a general ban on withdrawals (with specific exceptions), the creation of the Contribution Unit (UdA), and the establishment of minimum pensions, among other modifications. Implementation will take place in stages between 2025 and 2028, and will be subject to increased regulation by the SBS, which implies significant changes for the AFPs. As previously described, the regulatory framework implemented promotes increased competition by allowing the participation of banks, insurance companies, and other financial system entities, subject to transparency standards and equal operating conditions. The next phases of the reform are expected to 115 Table of Contents address the implementation of the minimum and proportional pension schemes, as well as the consumption-based pension. The relevant regulatory authorities continue to develop the necessary regulatory framework for these components. Finance Companies Under the Peruvian Banking and Insurance Law, finance companies are authorized to carry out the same operations as banks, except for (i) issuing loans as overdrafts in checking accounts and (ii) participating in derivative operations. These operations can be carried out by finance companies only if they fulfill the requirements stated by the SBS. Other Financial Institutions The Peruvian financial system has a number of less significant entities that may provide credit, accept deposits or otherwise act as financial intermediaries on a limited basis. Leasing companies may specialize in financial leasing operations where goods are leased over the term of the contract and in which one party has the option of purchasing the goods at a predetermined price. Savings and loans associations or cooperatives may accept certain types of savings deposits and provide other similar financial services. Peru also has numerous mutual housing associations, municipal savings and credit associations, savings and credit cooperatives and municipal credit bureaus. Over the past years, the entry of new participants, including foreign banks and non-bank financial institutions, has increased the level of competition in Peru. (iii)Peruvian Commercial Banks Regulation - BCP Stand-alone and Mibanco Management of operational risk requirements SBS Resolution No. 37-2008, Reglamento de la Gestión Integral de Riesgos (Risk Management Regulation), which had set forth the guidelines for enterprise risk management, was replaced by SBS Resolution No. 272-2017, Reglamento de Gobierno Corporativo y de la Gestión Integral de Riesgos (the “Corporate Governance and Risk Management Regulation”), which introduced the following guidelines regarding risk management: a.Risk management must consider the macroeconomic environment that affects the markets in which the company operates; b.New types of risk were incorporated into the regulation: (a) money laundering and terrorist financing risk, defined as the possibility of the company being used for money laundering and terrorist financing purposes; and (b) reinsurance risk, defined as the possibility of losses caused by the insufficiency of reinsurance coverage contracted by the assigning insurance company; and, c.Liquidity risk may be understood as the possibility of losses due to anticipated or forced sale of assets at unusual discounts for the company to meet its obligations, as well as not being able to close open positions or cover positions in sufficient quantity. Before this modification, liquidity was understood as the possibility of losses caused by the failure to comply with the financing requirements and the application of funds arising from the mismatches of cash flows requirements. In addition, the Corporate Governance and Risk Management Regulation provides that companies must incorporate a centralized unit or units specialized in specific risk management. Under the previous regulation, this was optional. The SBS may require companies to create specialized risk units if considered necessary. Under the previous regulation, if the company did not have a specialized risk unit, it was understood that these functions had been assigned to the CEO. With the new regulation, this provision has been eliminated. Companies must submit their annual risk reports to the SBS within 90 days from the end of each year. Credicorp, following these SBS requirements, as well as the guidelines issued by the Basel Committee and the advice of international consultants, has appointed a specialized team responsible for operational risk management across our organization. This team reports regularly to our risk committee, top managers, and the Board of Directors. In evaluating operational risks and potential consequences, we mainly assess risks related to critical processes, critical suppliers, critical information assets, technological components, new products and significant changes to our services and channels. To support the operational risk management process, we have developed a Business Continuity Management (BCM) discipline, which involves the implementation of continuity plans for critical business processes, 116 Table of Contents incident management, and training and testing. In addition, our methodology and data processing team has developed procedures to register, collect, analyze, and report operational risk losses using advanced models for operational risk capital allocation. We also have monitoring and reporting procedures that are designed to monitor KRIs and other performance metrics. We intend to be guided by the risk control standards of international financial institutions that are recognized for their leadership in this field. Our overall objective is to implement an efficient and permanent monitoring system to control operational risks, while training our operational units to mitigate risks directly. Pursuant to Section 404 of the U.S. Sarbanes-Oxley Act of 2002, we are required to make certain certifications regarding our internal controls over financial reporting. We have developed internal methods to identify and evaluate risk and controls over our critical processes to determinate how effective internal controls are over financial reporting using the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 Internal Control Framework. Capital adequacy requirements Capital adequacy requirements applicable to our banking subsidiaries are set forth in Peru’s Law No. 26702. This law aligns the adequacy process with Basel III, which is a comprehensive set of reform measures and guidelines to strengthen the regulation, supervision and risk management of the banking sector. Capital adequacy requirements are also included in Peruvian GAAP guidelines. Financial institutions are required to hold regulatory capital that is greater than or equal to the sum of (i) 10% of credit RWAs and (ii) 10 times the amount required to cover market and operational risks. Since July 2009, Peruvian financial institutions have generally applied a standardized approach to calculate their capital requirement related to credit, market, and operational risk. As an alternative to the standardized approach, financial institutions may request authorization from the SBS to use internal models for calculating the reserve amount associated with any of these three risks. If the amount of an institution’s reserve requirements would be higher using the standard model than it would be using the authorized Internal Models Method, then the institution will have to maintain between 80% and 95% of the standard amount during a phase-in period. Even after the phase-in period, institutions using an Internal Models Method are subject to regulatory capital floors. On July 20, 2011, the SBS issued SBS Resolution No. 8425-2011, which established the methodologies and the implementation schedule for additional capital requirements consistent with certain aspects of Basel III. The additional capital requirements include requirements to cover concentration, excessive interest rate risk in the banking book and systemically important risk. Additionally, pro-cyclical capital requirements were established. These additional requirements were fully implemented in July 2016. SBS Resolution No. 8548-2012, adopted in 2012, modified the regulatory capital requirements for credit RWAs in SBS Resolution No. 14354-2009 and established a schedule for implementing the modifications. On February 24, 2016, the SBS issued Resolution 975-2016 (the “Subordinated Debt Regulation”), which aims to improve the quality of banks’ total regulatory capital and align Peruvian regulation towards Basel III by modifying: •The characteristics that subordinated debt must meet to be considered in the calculation of total regulatory capital; and •The calculation of RWAs. Under the Subordinated Debt Regulation, subordinated debt issued prior to the regulation that did not meet the requirements should be recognized as total regulatory capital, according to the following: •Tier 1 subordinated debt: as of January 2017, and for 10 years following, Tier 1 subordinated debt is subject to a 10% discount. However, the amount not included in the computation of Tier 1 Regulatory Capital may be computed as a Tier 2 instrument if it has a residual maturity equal to or greater than 15 years. •In November 2019, BCP Stand-alone redeemed the total amount of its Tier 1 subordinated debt issuance (issued in 2009) totaling US$250 million. Thus, as of December 2019, neither Tier 1 nor Tier 2 of BCP’s regulatory capital was comprised of non-compliant Tier 1 subordinated debt. •Tier 2 subordinated debt: during the five years prior to maturity, the principal balance will be discounted by 20%. In the year prior to its maturity, the Tier 2 subordinated debt will not be considered in the calculation 117 Table of Contents of Tier 2 Capital. This treatment did not change compared to previous regulations. As a result, Tier 2 subordinated debt issued previous to the rule was grandfathered. In addition, the Subordinated Debt Regulation also included changes to the calculation of RWAs of the following accounting items: •Intangibles (excluding goodwill); •Deferred tax assets (DTAs) that are originated by operating losses; and •DTAs that are associated with temporary differences and that exceed the threshold of 10% of the “adjusted total capital”. In each case, DTAs are to be net of deferred income tax liabilities. These assets will experience a gradual increase in their risk weights (until they reach a maximum of 1,000% in 2026) to replicate the deductions established by Basel III. The RWAs calculated based on these risk weights will be used exclusively for calculating the Basel III ratios. SBS Resolution No. 4280-2018, adopted in October 2018, modified the risk weight applied to intangibles (excluding goodwill) to speed up the increase in this risk weight towards 1000%, with the purpose of closing the regulatory gap with Basel III guidelines, which require intangibles to be fully deducted from core capital measurements. In March 2020, as the scale of the global COVID-19-induced economic shock became apparent, the SBS passed Resolution 1264-2020, which suspended the countercyclical capital requirements for the banking system, unlocking a significant capital buffer for local banks that was built during the last several years to prevent a credit contraction. As some of the COVID-19 restrictions and consequences continued into early 2021, Presidential Urgent Decree No. 037-2021 was approved in March 2021. The minimum global capital ratio, which is the minimum requirement mandated by the regulator, was temporarily reduced from 10% to 8%. This gave an additional buffer to financial institutions until the economic outlook started presenting stronger signs of improvement. A similar decree ordered the minimum global capital ratio to be lifted back to 10% in March 2022. In December 2021, the SBS issued Resolution 3718-2021, modifying cyclical provisions from Resolution 11356-2008 and, as an extension, the thresholds for the activation of the countercyclical capital buffer. Among the main changes were decreasing the threshold for the activation of the countercyclical rule from 5% to 4% for the average of annualized percentage change in GDP for the last 30 months and the minimum rates for the cyclical provision component. The countercyclical capital buffer cannot be activated before January 1, 2024. Additionally, in December 2021, the SBS adopted Resolution 3921-2021, which adds capital rules regarding the domestic systemically important capital requirement, which is a requirement similar to the D-SIB under Basel III where an additional requirement is calculated based on the relative size of the bank within the local financial system. This additional requirement affects both BCP Stand-alone and Mibanco by increasing Credicorp’s regulatory capital requirement. The changes have a transition phase of two years, with 75% of the additional requirements taking effect in December 2022 and the full requirement to become effective in December 2023. The same decree also extended the temporary reduction of the minimum global capital ratio and contemplated whether to raise it again to 8.5% beginning September 2022, 9.0% beginning March 2023, 9.5% beginning September 2023 and finally back to 10% in March 2024. In March 2022, Legislative Decree 1531 was passed by the Government, revising the regulatory capital definition rules in Banking Law 26702. Changes were aimed at better compliance with the standards established by Basel III. The new regulatory capital framework defines three minimum requirement limits: CET1 Capital at 4.5%, Tier 1 Capital at 6.0% and total regulatory capital at 10%. Among other changes, Legislative Decree 1531 changed the definition of regulatory capital to the following: CET 1 Capital: (a)Common shares and other capital instruments, as long as they have been paid and comply with the conditions indicated by the SBS; (b)Issue premium of common shares and other capital instruments indicated in subparagraph (a); 118 Table of Contents (c)Earnings from prior years and from the year in progress, in accordance with the provisions of the SBS; (d)Unrealized gains, as designated by the SBS; (e)Legal reserves and optional reserves; (f)Donations that meet the conditions designated by the SBS; (g)Other elements defined by the SBS by means of a general rule; and (h)Regulatory adjustments that include the following deductions: (i)Losses from prior years and from the current year; (ii)Unrealized losses, as allowed by the SBS; (iii)Shortfalls in provisions determined by the SBS; (iv)Goodwill resulting from reorganizations or acquisitions; (v)Intangible assets, other than those indicated in item (iv); (vi)Deferred income tax assets originated due to carryover losses; (vii)Deferred income tax assets, net of deferred income tax liabilities, originated due to temporary differences that exceed the threshold established by the SBS; (viii)Investments in equity instruments included in the computation of CET 1 Capital issued by companies in the financial or insurance system, in Peru or abroad; and (ix)Others defined in Legislative Decree 1531. Additional Tier 1 Capital: (a)Common shares and other capital instruments, as long as they have been paid, and subordinated debt that meet the conditions indicated by the SBS (with subordinated debt instruments required to comply with the provisions of article 233 of Legislative Decree 1531); (b)Issue premium of common shares and other capital instruments indicated in subparagraph (a); (c)Other elements defined by the Superintendency by means of a general rule; and (d)Regulatory adjustments that include the following deductions from Additional Tier 1 Capital: (i)Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Additional Tier 1 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Additional Tier 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ii)Investments in equity and/or subordinated debt instruments included in the computation of Additional Tier 1 Capital issued by companies in the financial or insurance system, in Peru or abroad. (iii)Equity instruments and subordinated debt eligible for Additional Tier 1 Capital, issued by companies with which a company consolidates financial statements, including certain holding companies and subsidiaries, in accordance with rules established by the SBS; (iv)The amount of the items that must be deducted from Tier 2 effective equity that exceed the limit of such effective level 2 assets; and (v)Other deductions determined by the SBS through a general regulation. Regulatory Tier 2 Capital: (a)Common shares and other capital instruments, as long as they have been paid, and subordinated debt not included in the Regulatory Tier 1 Capital, which meet the conditions indicated by the SBS (with subordinated debt instruments required to comply with the provisions of article 233 of Legislative Decree 1531); (b)Issue premium of common shares and other capital instruments indicated in subparagraph (a); (c)For banks using the SBS standardized approach method, the generic loan loss provision up to 1.25% of credit RWAs; or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs (pursuant to Article 189 of Law No. 26702); (d)Other elements defined by the SBS by means of a general rule; and (e)Regulatory adjustments that include the following Tier 2 net worth deductions: (i)Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Regulatory Tier 2 Capital, which have been issued by the company itself and that are kept in the treasury, including instruments owned by the company and included in the computation of Tier 2 119 Table of Contents Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations; (ii)Investments in equity and/or debt instruments included in the computation of Regulatory Tier 2 Capital, issued by companies in the financial or insurance system, in Peru or abroad; (iii)Equity instruments and subordinated debt included in the computation of Regulatory Tier 2 Capital, issued by companies with which a company consolidates financial statements (including holding companies), and subsidiaries (including certain holding companies and subsidiaries), in accordance with rules established by the SBS; and (iv)Other deductions determined by the SBS through a general regulation. Legislative Decree 1531 also provides that the following limits apply when calculating regulatory capital: 1.Additional Tier 1 Capital must not exceed one-third of CET 1 Capital. The excess above said limit may include certain holding companies as Regulatory Tier 2 Capital. 2.Regulatory Tier 2 Capital should not be greater than two-thirds of the Regulatory Tier 1 Capital. The excess over said limit is not included in the computation of total regulatory capital. In December 2022, the pending resolutions referred to in the amendments to the Banking Law 26702 – established by Legislative Decree 1531 on March 2022 – were published (SBS N°03950-2022, SBS N°03951-2022, No. 03952-2022, No. 03953-2022, No. 03954-2022 and No. 03955-2022). Below we highlight the main changes defined in this set of resolutions: •SBS Resolution No. 03952-2022 ordered the minimum total regulatory capital ratio to be gradually raised back to 10% from 8% under the following schedule: in January 2023 to 8.5%, in April 2023 to 9%, in March 2024 to 9.5% and in September 2024 to 10%. •SBS Resolution No. 03954-2022 defined capital requirement buffers: conservation buffer, domestic systemically importance buffer and countercyclical buffer. ◦The conservation buffer was first introduced in local regulation. This buffer requires maintaining an additional capital of 2.5% of RWAs and it should be covered by CET 1 Capital. This requirement will have a transition phase of four years through December 2026. ◦Domestic systemically important capital requirement and countercyclical capital requirements (when activated) should be covered with CET 1 Capital. •SBS Resolution No. 03953-2022 defined additional capital requirements. These requirements were maintained from previous regulation and should be covered with Regulatory Tier 2 Capital. •SBS Resolution No. 03950-2022 defined the new subordinated debt regulation. No material changes were introduced compared to the previous regulation (SBS Resolution No. 975-2016). In June 2023, the SBS published Resolution 02192-2023, which modified the schedule of solvency requirements established by Resolution 3952-2022 and proposed the following new schedule8: •Minimum Common Equity Tier 1 (CET 1): in January 2023 to 3.825%, in April 2023 to 4.05%, in March 2024 to 4.275% and in September 2024 to 4.5%. •Minimum Tier 1 Capital: in January 2023 to 5.1%, in April 2023 to 5.4%, in March 2024 to 5.7% and in September 2024 to 6%. •Minimum Regulatory Capital: in January 2023 to 8.5%, in April 2023 to 9%, in March 2024 to 9.5% and in September 2024 to 10%. In January 2024, the SBS published Resolution 00274-2024, which modified the schedule of solvency requirements established by Resolution 3952-2022 and proposed the new following schedule9: •Minimum Common Equity Tier 1 (CET 1): in January 2023 to 3.825%, in April 2023 to 4.05%, in September 2024 to 4.275% and in March 2025 to 4.5%. 8 These requirements do not consider the conservation buffer, domestic systemically important buffer, countercyclical buffer, or additional capital requirements detailed in resolutions No. 03954-2022 and No. 03953-2022. 9 These requirements do not consider the conservation buffer, domestic systemically important buffer, countercyclical buffer, or additional capital requirements detailed in resolutions No. 03954-2022 and No. 03953-2022. 120 Table of Contents •Minimum Tier 1 Capital: in January 2023 to 5.1%, in April 2023 to 5.4%, in September 2024 to 5.7% and in March 2025 to 6%. •Minimum Regulatory Capital: in January 2023 to 8.5%, in April 2023 to 9%, in September 2024 to 9.5% and in March 2025 to 10%. In connection with regulatory adjustments, SBS Resolution No. 274-2024 updated the phase-in schedule for certain deductions from regulatory capital, including deductions related to intangible assets and other items specified in Article 184 of the Banking Law. Under the updated schedule, the applicable deduction percentage is 80% from January 2025, 90% from January 2026, and 100% from January 2027. Resolution No. 274-2024 also establishes the minimum portion of such deductions that must be applied to CET1 capital during the transition period. Furthermore, in March 2025, the SBS issued Resolution No. 00774-2025, which introduced a new Regulation for Credit Currency Risk (RCC) Management. This regulation modifies the methodology for calculating the risk-weighted assets (RWA) of borrowers exposed to exchange rate fluctuations, directly impacting the denominator of the regulatory capital ratio. Although originally set for 2025, the full implementation of these capital requirements was postponed to June 1, 2026, by Resolution No. 03401-2025. Surveillance, intervention and liquidation The bankruptcy of financial institutions in Peru is regulated by the Peruvian Banking and Insurance Law and the rules and regulations enacted thereunder, including SBS Resolution No. 0455-99, Reglamento de los Regímenes Especiales de la Liquidación de las Empresas del Sistema Financiero y del Sistema de Seguros (the Banking Intervention and Liquidation Regulations). Pursuant to the Peruvian Banking and Insurance Law, the SBS has the authority to seize the operations and assets of a bank. Under such regulations, prior to being liquidated and dissolved, banks undergo two separate and distinct stages: (i) a surveillance period (régimen de vigilancia) and (ii) an intervention period (intervención). The SBS will submit a bank to a surveillance or intervention regime if certain events occur, such as if the bank: (i) interrupts payments on its liabilities, (ii) repeatedly fails to comply with the regulations of the SBS or the BCRP, (iii) repeatedly violates the law or the provisions of the bank’s Bye-laws, (iv) repeatedly manages its operations in an unauthorized or unsound manner or (v) has its regulatory capital fall or be reduced by more than 50%. The SBS may initiate surveillance of a financial institution when the financial institution breaches certain material obligations, or the overall financial stability of the institution becomes at risk. Surveillance could last for a period of up to 45 days, which may be renewable once for the same period of time. Within seven business days from the date on which the surveillance of a financial institution is commenced by the SBS, the institution must propose a recovery plan that, if approved by the SBS, should be expected to bring the financial institution to financial stability. To the extent that a financial institution subject to surveillance by the SBS breaches the recovery plan approved by the SBS or otherwise becomes subject to intervention, the SBS must issue a public resolution stating that such financial institution has been intervened by the SBS. Upon the publication of the SBS intervention resolution, the financial institution is subject to an automatic stay, protecting the assets of the intervened company, which is no longer allowed to operate, and the SBS is granted the ability to administer and dispose of part or all of the assets and liabilities of such company. Hence, the following actions are temporarily suspended: (i) collection of debts (judicially or administratively); (ii) execution of any judicial order; (iii) creation of liens; and (iv) making payments, advances or offsetting debts (though the statute regulates some specific cases where offsetting is admitted during the stay). During the intervention regime, rather than seizing the operations and assets of a bank, the SBS may adopt other measures, including (i) placing additional requirements on the bank, (ii) ordering it to increase its capital stock or divest certain or all of its assets, or (iii) imposing a special supervision regime during which the bank must adhere to a financial restructuring plan. The SBS intervention regime stops a bank’s operations for up to 45 days, which may be extended once for an additional 45-day period of time. During this time, the SBS may institute measures such as: (i) canceling losses by reducing reserves, capital and subordinated debt; (ii) segregating certain assets and liabilities for transfer to another financial institution; and (iii) merging the intervened bank with an acquiring institution according to the program established by 121 Table of Contents Presidential Urgent Decree No. 108-2000. After the intervention, the financial institution typically undergoes liquidation and is dissolved unless it is merged with an acquiring institution, as described in clause (iii) above. Once the dissolution of the financial institution is declared by a resolution issued by the SBS, the settlement process begins, and all payments are made in accordance with the payments priority provided in the Peruvian Banking and Insurance Law: (a) wages and social benefits of the bank’s employees, (b) return of saving deposits (the portion not covered by the Deposit Insurance Fund), (c) tax obligations and (d) the rest of the obligations under general rules of payment. Liens created against bank’s assets survive the dissolution, but the following rules apply: 1.Each encumbered asset is sold separately; 2.The proceeds of the sales are deposited separately from the rest of the bank’s assets to preferentially pay the secured obligations; 3.If the wages and social benefits of the bank’s employees are fully paid with the rest of the company’s assets, the proceeds described in clause (2) above are used to pay the secured obligations; otherwise, they are used to complete such payments, reducing pro-rata the amount available for payment of secured obligations; 4.If the secured obligations are fully paid and there is an excess from the proceeds described in clause (2) above, the balance is added to the rest of the bank’s assets; and 5.If the secured obligations are not fully paid, the unpaid balance is treated as an unsecured obligation and may be collected, if possible, against the rest of the bank’s assets. Legal reserve requirements In accordance with Peruvian regulation (article 67 of Law No. 26702), a reserve of up to at least 35% of paid-in capital of the Group’s subsidiaries operating in Peru is required to be established through annual transfers of at least 10% of their net profit. Lending activities requirements Law No. 26702 sets the maximum amount of credit that a financial institution may extend to a single borrower, whether the borrower is an individual or an economic group. SBS Resolution No. 00975-2025 establishes that an “economic group” is one that has a single or common risk exposure and includes a person, such person’s close relatives or the companies in which such person or his or her close relatives have significant share ownership or decision-making capability. Significant decision-making capability is deemed to be present when, among other factors, a person or group can exercise material and continuous influence over the decisions of a company, when a person or company holds seats on the Board of Directors or has principal officers in another company, or when it can be assumed that one company or person is the beneficiary of credit facilities granted to another company. The limit on credit that may be extended to any single borrower varies according to the type of borrower and the collateral received. Under Peruvian law, the credit limit for any borrower is 15% of a bank’s regulatory Tier 1 capital, applied to both unconsolidated and consolidated records, and may be increased to up to 25% if the loan is collateralized in a manner acceptable under SBS Resolution No. 00975-2025. If a financial institution exceeds these limits, the SBS may impose a fine on the institution. As of December 31, 2023 and 2024, our regulatory single borrower credit limits were determined based on Regulatory Capital in accordance with applicable Peruvian banking regulations. During this period, the 10% unsecured credit limit per borrower, calculated as 10% of BCP’s stand alone Regulatory Capital, amounted to S/2,679.3 million and S/3,025.5 million, respectively. Similarly, the 30% secured credit limit, equivalent to 30% of Regulatory Capital, amounted to S/8,037.8 million and S/9,076.5 million, respectively. Beginning July, 2025, single borrower credit limits are determined based on Tier 1 Capital under applicable Peruvian banking regulations. Under this methodology, as of December 31, 2025, the unsecured credit limit, equivalent to 15% of Tier 1 Capital, amounted to S/ 3,442.3 million, while the secured credit limit, equivalent to 25% of Tier 1 Capital, amounted to S/ 5,737.2 million. Between December 31, 2024 and July 2025, single borrower credit limits continued to be calculated based on Regulatory Capital, in accordance with the Peruvian banking regulations in force during that period. No changes were made to the applicable methodology or to the unsecured and secured credit limit percentages until the transition to Tier 1 Capital became effective in July 2025. 122 Table of Contents Effective since April 2021, the BCRP, pursuant to article 52 of its Organic Law, established caps on interest rates that could be charged by commercial banks and other financial institutions for SME and personal loans. In the case of Banco de Crédito del Peru, the application of these caps had only a marginal impact on consumer loans. In addition, according to SBS Resolution No. 6941-2008, as amended, banks and other financial entities must adopt a system to manage the risk of over-indebtedness that (a) allows the mitigation of such risk before and after making the loan, (b) permits permanent monitoring of the portfolio to identify over-indebted borrowers and (c) includes the periodic evaluation of the control mechanisms being used and corrective actions or required improvements, as the case may be. Interest rates caps On March 2021, the Peruvian Usury Law was enacted. It establishes, among other provisions, that the BCRP has the power to set caps on active interest rates in the financial system for consumer credits, low amount consumer credits (less than 2 Tax Units) and credits to micro and small enterprises (Micro y Pequeña Empresas or Mype by their Spanish initials). Through Circular No. 0008-2021-BCRP of April 2021, the BCRP determined that this interest rate cap is equivalent to twice the average interest rate for consumer loans in the financial system. The interest rate cap will be calculated semi-annually based on the interest rates of consumption loans in the financial system between two and seven months prior to its validity. For the period between November 2025 and April 2026, the annual interest rate cap stood at 113.16% in domestic currency and 95.40% in foreign currency. In December 2024, the Congress of Peru approved in a first vote the repeal of the Usury Law, motivated by the fact that the interest rate caps established by the law did not achieve the expected results, considering that according to the Central Reserve Bank of Peru (BCRP), these caps drove low-income individuals away from formal credit, pushing them towards informal loans. However, in March and June 2025, the Congress failed to obtain the required votes in the second vote to repeal the law, leaving the interest rate caps fully in force. Portfolio classification requirement In order to comply with the SBS regulation, we have a loan portfolio classified in accordance with SBS Resolution No. 11356-2008, which became effective as of July 1, 2010. For this reason, a bank's portfolio is classified into eight different categories: Corporate, Large Companies, Medium-sized Companies, Small Companies, Micro-companies. Commercial, Consumer Revolving, Non-renewable Consumer and Residential Mortgage loans. In October 2024, an adjustment to the regulation came into force, modifying the criteria for categorizing customers (SBS Resolution No 02368-2023). The new regulation establishes that the Corporate, Large Companies and Medium-sized Companies types of credit correspond only to legal entities with annual sales greater than S/5 million according to what the company has reported to the tax authority or its audited financial statements; companies that do not meet these conditions are categorized as Small or Micro Companies according to their level of indebtedness in the Peruvian Financial System. In turn, individuals can no longer be categorized as Medium-sized Companies. Related party transactions requirements The Peruvian Banking and Insurance Law regulates transactions between financial institutions and related parties or affiliates. The SBS and the SMV have also enacted regulations that define indirect ownership, related parties and economic groups to limit transactions with related parties and affiliates. In March 2025, the SBS approved a new Regulation on Economic Groups, Affiliation (“Vinculación”), the application of operational concentration limits and large exposures (Resolución SBS No. 00975-2025), which updates the regulatory framework and definitions used for these purposes. These regulations also provide standards for the supervision of financial and mixed conglomerates formed by financial institutions. The total amount of loans to directors, employees, or close relatives of any such persons may not exceed 7% of a bank’s regulatory capital. All loans made to any single director or employee borrower, or to his or her close relatives, may not exceed 0.35% of regulatory capital (that is, 5% of the overall 7% limit). Pursuant to the Peruvian Banking and Insurance Law, the aggregate amount of loans to related party borrowers considered to be part of an economic group (as defined above) may not exceed 30% of a bank’s regulatory capital. For purposes of this test, related party borrowers include (i) any person holding, directly or indirectly, 4% or more of a bank’s shares, (ii) directors, (iii) certain principal executive officers of a bank, and (iv) people affiliated with the administrators of 123 Table of Contents the bank. Loans to individual related party borrowers are also subject to the limits on lending to a single borrower described under “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru”. All loans to related parties must be made on terms no more favorable than the best terms that BCP Stand-alone or Mibanco offers to the public. Ownership restrictions The Peruvian Banking and Insurance Law establishes certain restrictions on the ownership of a bank’s shares. Banks must have a minimum of two shareholders. Among other restrictions, those convicted of drug trafficking, money laundering, terrorism, or other felonies, and those who are directors, employees or advisors of public entities that regulate and supervise the activities of banks, are subject to ownership limitations. All transfers of shares in a bank must be recorded at the SBS. Transfers involving the acquisition by any individual or corporation, whether directly or indirectly, of more than 10% of a bank’s capital stock require prior authorization from the SBS. The SBS may deny authorization to such transfer of shares if the purchasers (or their shareholders, directors, or employees, in the case of juridical persons) are legally disabled or have engaged in illegal activity in the area of banking, finance, insurance or reinsurance, or if objections are raised on the basis of the purchaser’s moral fitness or economic solvency, among other reasons. The decision of the SBS on such matters is final and cannot be overturned by the courts. If a transfer is made without obtaining the prior approval of the SBS, the purchaser shall be fined with an amount equivalent to the value of the transferred shares and is obligated to sell the shares within 30 days, or the fine is doubled. In addition, the purchaser is not allowed to exercise its voting rights at the shareholders’ meetings. Foreign investors receive the same treatment as Peruvian nationals under the limitations described above. Additionally, the Merger Control Law, which entered into force on June 14, 2021, provides that any transaction that causes ownership percentages to cross the threshold set by such law and can result in action in concert, must have the authorization of INDECOPI. According to the Merger Control Law, the prior concentration control operations of economic agents included in the scope of the regulation and supervision of the SBS and/or SMV is carried out by INDECOPI, without prejudice to the fact that prior control of a prudential nature and financial stability that corresponds to the SBS and/or SMV. The merger transaction proceeds if there is due authorization from INDECOPI and from the SBS and/or the SMV accordingly. In the case of merger transactions that include companies in the financial system that take deposits from the public or insurance companies, that show relevant and imminent risks or compromise the stability of the aforementioned companies or the systems that they integrate, only the prior authorization of the SBS is required within its area of competence, given the sensitive and confidential nature of the situation, as determined by such authority. Finally, under the Peruvian Banking and Insurance Law, individuals or corporations that acquire, directly or indirectly, 1% of the capital stock of a bank in a period of 12 months, or acquire a 3% or more share participation, have the obligation to provide the information that the SBS may require to identify such individuals’ or corporations’ main economic activities and asset structure. Risk rating requirements Law No. 26702 and SBS Resolutions No. 672 and 18400-2010 require that all financial companies be rated by at least two risk rating companies on a semi-annual basis, in addition to undergoing the SBS’s assessment. Criteria considered in the rating include risk management and control procedures, loan quality, financial strength, profitability, liquidity, and financial efficiency. Five risk categories are assigned, from “A” (lowest risk) to “E” (highest risk), allowing for sub-categories within each category. In 2025, the Moody’s Local PE Clasificadora de Riesgo S.A. and Apoyo & Asociados Internacionales S.A.C. rating agencies affirmed their respective “A+” risk rating for BCP Stand-alone. In addition, both rating agencies affirmed their “A” risk rating for Mibanco. As of December 2025, BCP Stand-alone and Mibanco maintained the risk rating of “A+” and “A”, respectively, with both rating agencies. Deposit insurance fund The Peruvian Banking and Insurance Law provides for mandatory deposit insurance to protect the deposits of financial institutions by establishing the Deposit Insurance Fund for individuals, associations, not-for-profit companies, and demand deposits of non-financial companies. Financial institutions must pay an annual premium calculated and based on the type of deposits accepted by the entity and the risk classification of such entity, as rated by the SBS and at least two independent risk-rating agencies. The annual premium, as set by the SBS Resolution No. 0657-99, begins at 0.45% of total funds on deposit, for banks in the lowest risk category, and increases to 1.45%, for banks in the highest risk category. BCP Stand-alone and Mibanco are currently classified in the lowest risk category and pay at the 0.45% rate. 124 Table of Contents The maximum amount that a customer was entitled to recover from the Deposit Insurance Fund was S/116,700.00 for the period starting from December 2025 until February 2026. The maximum amount has now been updated to S/117,200.00 for the period starting from March 2026 until May 2026. (iv)Peruvian Insurance Companies Regulation - Grupo Pacífico Solvency requirements Under Law No. 26702, the SBS regulates the solvency margin of Peruvian insurance companies. The solvency margin calculations consider the amount of premiums written and losses incurred during a specified period prior to the date of the calculation. Insurance companies must also maintain solvency equity, which must be greater than (i) the solvency margin and (ii) the minimum capital requirement, as established by law. The required amount of solvency equity is recalculated at least quarterly. If an insurance company has outstanding credit risk operations, part of the solvency equity must be set aside for its coverage. Legal reserve requirements Peruvian law also requires that all insurance companies establish a legally guaranteed reserve for policyholders by setting aside 10% of income before taxes until the reserve reaches at least 35% of paid-in capital. Technical reserve requirements Under Law No. 26702 and the regulations issued by the SBS, Peruvian insurance companies must establish technical reserves. Law No. 26702 also requires insurance companies to create a reserve for incurred but not reported (IBNR) claims that are reflected as a liability in their consolidated financial statements. Reserves for IBNR claims are estimated by using generally accepted actuarial reserving methods. See Note 3(e) to our consolidated financial statements. Finally, Grupo Pacífico is required by the SBS to establish pre-event reserves to account for the risk of catastrophes, which, in accordance with IFRS principles, are not considered in our financial statements. See “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating results – (6) Lines of Business (LoBs) – 6.3 Insurance & Pensions – (i) Grupo Pacífico”. According to new regulations regarding actuarial management, SBS Resolution No. 3863-2016 and SBS Resolution No. 1143-2021, the actuarial function must (i) ensure the use of real and adequate parameters in both pricing and technical reserves calculation and (ii) guarantee the consistency of the results obtained. Likewise, based on the sufficiency evaluation analysis, actuarial management must propose changes in the methodologies applied in the calculation of technical or additional reserves. Investment requirements Under Law No. 26702 and SBS Resolutions No. 1041-2016, No. 1311-2019 and No. 2388-2021, the total amount of an insurance company’s solvency equity and technical reserves must be permanently supported by diversified assets, which may not be pledged or otherwise encumbered. The investment regulations further state that deposits in and bonds of a single financial institution together cannot exceed 7% of the total of an insurer’s solvency equity and technical reserves combined. In general, no more than 15% of an insurance company’s combined solvency equity and technical reserves may be invested in instruments (including stocks and bonds) issued by a single company or group of companies. In order for an insurance company to invest in non-Peruvian securities, the securities must be rated investment grade by an internationally recognized credit rating agency and the asset class must be authorized by Peruvian SBS regulations. Securities owned by insurance companies must be registered in the Public Registry of Securities of Peru or the comparable registry of their respective country. Related party transactions requirements Law No. 26702 provides that insurance companies may not extend credit to or guarantee the obligations of employees or members of the Board of Directors, except for certain home mortgage loans to employees. 125 Table of Contents Ownership restrictions Law No. 26702 sets forth the same types of restrictions regarding the ownership and transfer of insurance company shares as it does regarding the ownership and transfer of shares in banks. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1. Peru”. (v)Peruvian Pension Fund Regulation – Prima AFP Minimum capital requirements SBS authorization is required for an AFP to begin operations. Peruvian law requires a minimum capital requirement, paid in cash by shareholders. There are certain limitations on the ownership and transfer of AFP shares. Additionally, Peruvian law requires that companies maintain a legal reserve funded with 10% of their net profit until the reserve reaches the equivalent of 20% of their share capital. Investment limits The SBS has set investment limits, which restrict investments in certain asset classes, economic groups, and issuers. In addition, some of these limits differ according to the fund’s risk profile. The general limits are: •The total amount invested in instruments issued or guaranteed by the Peruvian State cannot exceed 30% of the fund value. •The total amount invested in instruments issued or guaranteed by the BCRP cannot exceed 30% of the fund value. •The total amount invested in instruments issued or guaranteed by the Peruvian State and the BCRP overall cannot exceed 40% of the fund value; and •The total amount invested in instruments issued by governments, financial institutions, and non-financial institutions whose commercial activities are mostly abroad cannot exceed 50% of the fund value. The SBS requires that AFPs ensure a minimum yield. Part of the guarantee is the obligatory reserve requirement, which is paid with resources belonging to the AFPs. The amount depends on the assets in the portfolio, but it is approximately 1% of the AFP’s funds under management.10 PPS Reforms Changes to PPS in 2023 On January 13, 2023, Law No. 31670 was published, which established a new option for retirement based on a minimum pension and created incentives to increase voluntary contributions. This new voluntary pension modality allows the affiliate to set a target pension for their retirement, which must be higher than the basic consumer basket, determined by INEI. On February 16, 2023, Law No. 31690 was published to allow employers to restructure the debt generated by not making their employee’s pension contributions. On June 23, 2023, Resolution No. 02186-SBS was published, which modified the methodology to calculate the legal reserve requirement. The new methodology multiplies the assets under management of each type of fund by a fixed factor (based on the level of risk of each fund) to calculate the amounts of legal reserve requirement. The fixed factor for Fund 0 is 0.70%, for Fund 1 is 0.85%, for Fund 2 is 1.00% and for Fund 3 is 1.15%. On October 6, 2023, Law No. 31888 was published, similar to Law No. 31690, but applicable to public entities. 10 Since 2024, the net reserve fund profitability will be calculated by multiplying the total equity quotas for each fund by the following percentage: Fund 0 - Capital Protection Fund (0.70%), Fund 1 - Capital Preservation Fund (0.85%), Fund 2 - Mixed Fund (1.00%) and Fund 3 - Capital Appreciation Fund (1.15%). 126 Table of Contents Changes to PPS in 2024 On April 18, 2024, Law No. 32002 was published, which authorized affiliates of the Private Pension Fund Administration System to withdraw up to S/20,600 from their funds. On September 24, 2024, Law No. 32123, the Law for the Modernization of the Peruvian Pension System, was published, creating the Comprehensive Peruvian Pension System (SIPP) to ensure pension protection for all citizens. The main changes established by Law No. 32123 are as follows: •Minimum pension: The Peruvian government guarantees that all members of the Private Pension System who meet certain conditions have access to a minimum pension. If members do not have sufficient accumulated funds, the government will supplement the fund to reach the minimum pension. •Productivity commission: Affiliates will be able to choose a new type of commission, called “productivity commission”, where the charge made by the PFA will vary depending on the positive or negative results of the fund’s profitability. •Market opening: The entry of new entities such as banks, insurance companies, financial institutions, municipal banks, cooperatives, among others, for the administration of pension funds is permitted. Changes to PPS in 2025 In September 2025, the Pension System Modernization Law (Law No. 32123) and its regulations came into effect, initiating the gradual implementation of Peru's Integrated Pension System (SIPP). This included opening the system to new administrators, strengthening pension protections, and improving governance and oversight requirements. The reform introduced significant structural changes, such as a general ban on withdrawals (with specific exceptions), the creation of the Contribution Unit (UdA), and the establishment of minimum pensions, among other modifications. Implementation will take place in stages between 2025 and 2028, and will be subject to increased regulation by the SBS, which implies significant changes for the AFPs. On September 20, Law No. 32445 was published, authorizing an extraordinary and optional withdrawal of up to S/21,400 of pension fund balances by affiliates of the Private Pension System (PPS) from their funds. For further information about the measures taken by the government, see “ITEM 3. KEY INFORMATION – 3.D Risk Factors – Regulatory changes and adoption of new international guidelines to sectors in which we operate could impact our earnings and adversely affect our operating performance” and “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating results – (2) Political and Macroeconomic Environment”. Peruvian Investment Management & Advisory Regulation - Credicorp Capital Peru Credicorp Capital Peru is the main shareholder of Credicorp Capital Sociedad Agente de Bolsa S.A., Credicorp Capital Sociedad Titulizadora S.A., and Credicorp Capital S.A. Sociedad Administradora de Fondos. These entities are supervised directly by the SMV. The SMV is a specialized technical body attached to the MEF that aims to ensure the protection of investors and the efficiency and transparency of the markets, as well as the diffusion of the information required for such purposes. The SMV enjoys functional, administrative, economic, technical, and budgetary autonomy. Peru’s Securities Market Law (Legislative Decree No. 861), as amended, governs the public offering and trading of securities listed on the SMV and the BVL. The BVL, as the only stock exchange in Peru, also provides internal regulations that form part of the regulations and administrative rulings that govern the offering and trading of securities. 127 Table of Contents 6.2.2Cayman Islands Cayman Islands Regulation - Atlantic Security Holding Corporation (ASHC) ASHC is incorporated as an exempted company under the Cayman Islands Companies Act (2025 Revision) and conducts pure equity holding activities. To remain in good standing, it must comply with the Companies Act by maintaining a registered office, statutory registers, and filing its annual return with government fees by the prescribed deadline.While ASHC was previously regulated by the Cayman Islands Monetary Authority (CIMA), following the Economic Substance Act (2021 Revision), ASHC is no longer regulated by CIMA and is instead required to submit an annual Economic Substance Notification and, where applicable, an Economic Substance Return under the reduced test for equity holding entities. Ongoing obligations also include maintaining an up-to-date Beneficial Ownership Register, adhering to Anti-Money Laundering and Counter-Terrorist Financing regulations, and complying with the Data Protection Act. Where relevant, ASHC must meet FATCA and CRS reporting requirements. These measures ensure continued compliance with Cayman Islands law and regulatory standards. 6.2.3Bolivia – BCP Bolivia, Inversiones Credicorp Bolivia S.A., Credifondo Sociedad Administradora de Fondos de Inversión S.A, Credibolsa S.A. Agencia de Bolsa Bolivian Regulators Pursuant to Supreme Decree No. 29894, in May 2009, the ASFI was vested with the authority to regulate the Bolivian banking system. The ASFI also supervises brokerage and mutual fund management activities that Credicorp Ltd. conducts through BCP Bolivia’s affiliates, Credibolsa and Credifondo. These affiliates operate under Securities Markets Law No. 1834, enacted on March 31, 1998. Additionally, the Central Bank of Bolivia (Banco Central de Bolivia or BCB by its Spanish initials) regulates financial intermediation and deposit activities, determines monetary and foreign exchange policy, and establishes reserve requirements on deposits. Regulation of Bolivian Financial Institutions Until November 2013, the Bolivian banking system operated under the Law of Banks and Financial Entities (Law No. 1488), enacted on April 14, 1993, and later modified by Law No. 3076 on June 20, 2005. On August 21, 2013, the Bolivian government enacted a new Banking Law (Law No. 393), which became effective on November 21, 2013. This new law envisions a more active role for government in the financial services industry and emphasizes the social objective of financial services. On December 10, 2010, through the enactment in Bolivia of Law No. 065 (Ley de Pensiones), the supervision of all insurance activities in Bolivia was transferred from the ASFI to the APS (Autoridad de Fiscalización y Control de Pensiones y Seguros). Our life and P&C insurance affiliates in Bolivia, which operate under the commercial name Crediseguro, are thus regulated and supervised by the APS. In 2012, the Bolivian government imposed an additional income tax of 12.5% on earnings before taxes, which applied to all financial institutions with a ratio of earnings before taxes to equity in excess of 13%. The additional income tax rate was subsequently increased to 22% in December 2015 and to 25% in March 2017, and was made applicable to all financial institutions with a ratio of earnings before taxes to equity in excess of 6%. Starting in 2021, the additional income tax applies also to Crediseguro, Credibolsa and Credifondo. In 2013, Supreme Decree No. 1842 set interest rate caps for social housing loans ranging from 5.5% to 6.5%, and for loans to productive sectors (agriculture, tourism, manufacturing, etc.). The Decree established loan quotas pursuant to which, by December 31, 2018, and afterwards, at least 60% of the loan portfolio of all universal banks must be comprised of loans to productive sectors and social housing loans, with a sub-limit that establishes that loans to productive sectors must represent at least 25% of the portfolio. Further to Law No. 393, in 2014, the Bolivian government, through Supreme Decrees No. 2136 and No. 2137, instructed banks in Bolivia to contribute 6% of that year’s total profits to create a guarantee fund – to be administered by the banks - intended to provide guarantees of up to 50% of the amount financed of productive sector and social housing loans. From 2015 to 2019, and again since 2021, the government instructed banks to contribute 6% of those years’ profits to either replenish the existing guarantee funds or to make contributions to newly established funds administered by the government-owned development bank. 128 Table of Contents In response to the COVID-19 pandemic, on April 1, 2020, the Bolivian government enacted Law No. 1294, which established the automatic deferral of all loan installments (capital, interest and other charges) payable to financial institutions for the duration of Bolivian Coronavirus Pandemic Emergency Declaration. These deferred installments would start to be collected after the final installment established on the original payment schedule. Supreme Decree No. 4206 established an initial deferral period from March 2020 to May 2020, which was subsequently extended to August 2020 through Supreme Decree No. 4248, and then to December 2020 through Law No. 1319. On December 2, 2020, the Bolivian government issued Supreme Decree No. 4409, establishing that the capital portion of the installments that had been deferred in 2020 would not accrue interest until their cancellation. Supreme Decree No. 4409 also established that once the deferral period had concluded, upon request by the borrowers that had their installments deferred, banks must refinance and/or reschedule their loans, based on the borrowers’ economic situation and payment capacity. The refinanced and/or rescheduled loans have the benefit of a six-month grace period during which no interest or capital payments are required from the borrower. The collection of the amount of interest accrued but not collected during the aforementioned grace period would be made pro rata during the new term of the loan. On December 28, 2020, the Bolivian government enacted Law No.1356, eliminating the tax-exemption for capital gains generated in the Bolivian Stock Exchange. On February 20, 2024, ASFI established a range for fees for international transfers abroad in U.S. Dollars between 5% and 10%, applicable to transactions exceeding U.S. Dollar 1,000. Later, on July 23, 2024, the financial authority established another cap, of 20% for international transfers abroad in foreign currencies different than U.S. Dollars. On March 14, 2025, ASFI amended the Regulation on Interest Rates, Commissions, and Fees, introducing a revised methodology for calculating the maximum fee on international transfers applicable to transactions exceeding U.S. Dollar 1,000. The updated methodology includes a Variable Component (CMV), which is based on the weighted average purchase exchange rate for U.S. Dollars reported by the Bank System. This rate is updated daily and expressed as a percentage. In accordance with Law No. 1670, promulgated on November 5, 2025, the government, as an exceptional measure, temporarily suspended foreclosures and the enforcement of judicial judgments related to social housing loans. Additionally, the law established an automatic six-month deferral of all loan installments—covering principal, interest, and other charges—payable to financial institutions on loans granted for social housing and to micro and small economic units. These deferred installments will become due after the deferral period. In accordance with Bolivian regulations, a reserve of up to at least 50% of paid-in capital of the Group’s subsidiaries operating in Bolivia is required to be established through annual transfers of at least 10% of their net profit. 6.2.4Colombia Colombian Regulation – Credicorp Holding Colombia, Mibanco Colombia & Credicorp Capital Colombia Credicorp Holding Colombia S.A.S. is the main shareholder of Credicorp Capital Colombia S.A., Credicorp Capital Fiduciaria S.A., Credicorp Capital Servicios S.A.S., Credicorp Negocios Digitales S.A.S., Credicorp Capital Corporación Financiera S.A. and Mibanco Colombia S.A. The SFC is an entity whose main function is to oversee Colombia’s financial sectors. Although it has an important role in monitoring and surveillance, it also has certain regulatory powers that permit it to issue regulations through regulatory circular letters, laws and decrees. Separately, the AMV supervises and regulates the conduct of securities intermediaries, as well as the certification of those who carry out such activities. The AMV is a private entity and is the product of a self-regulatory scheme established after the termination of Law No. 964 of 2005. The regulation of the financial sector and the securities market in Colombia is directed by Colombia’s Congress, which issues laws, and the Colombian Ministry of Finance’s URF, which issues decrees. Also, the Taxes and National Customs Authority (Dirección de Impuestos y Aduanas Nacionales or DIAN by its Spanish initials) oversees the regulation related to FATCA and CRS. The Superintendence of Industry and Commerce is the national authority for the protection of fair competition, personal data and legal metrology. The Superintendence of Industry and Commerce also protects the rights of consumers and administers the National System of Industrial Property, through the exercise of its administrative and jurisdictional functions. 129 Table of Contents Finally, the Colombian Ministry of Commerce, Industry and Tourism’s Superintendence of Corporations (Superintendencia de Sociedades) is a regulatory agency that oversees commercial corporations that are not under the supervision of other Superintendencies. 6.2.5Chile Chilean Regulation – Credicorp Capital Chile Credicorp Capital Holding Chile S.A. is the main shareholder of Credicorp Capital Chile S.A., Credicorp Capital Asesorías Financieras SpA, Credicorp Capital Administradora de Inversiones S.A., Credicorp Capital Corredores de Bolsa SpA, Credicorp Capital Asset Management S.A. Administradora General de Fondos, and IM Trust International S.A. The Comisión para el Mercado Financiero (CMF) is responsible for the supervision of entities in the securities market, insurance, banks, financial institutions, and other financial entities. The CMF ensures that supervised institutions comply with laws, regulations, statutes, and other provisions governing the functioning of these markets. The CMF also authorizes companies to manage mutual and investment funds (known as Mutual Fund Administrators and General Fund Management or AFM and AGF, respectively, by their Spanish initials) and supervises such companies and their managed funds by monitoring their legal, financial, and accounting information to ensure compliance with applicable laws and regulations. Chilean regulators have established several laws, regulations, and rules to address the various sectors of the stock market. One of those laws is the Chilean Securities Market Law, which governs the functioning of the Chilean market, its corporations, management of third-party funds (investment funds, mutual funds, pension funds and others), and deposit and custody of securities. Chilean Bank Regulation – Tenpo SpA Tenpo SpA is the main shareholder of Tenpo Technologies SpA, Tenpo Payments S.A. and Tenpo Bank Chile. Tenpo Payments S.A. and Tenpo Bank Chile (Tenpo's regulated companies) are supervised by the Comisión para el Mercado Financiero (CMF), the Chilean financial regulator responsible for overseeing, among others, banks and non-bank financial institutions. Tenpo Payments S.A. operates as a non-bank issuer of prepaid and credit cards and is subject to a regulatory framework designed to ensure the safety, transparency and integrity of payment services. Under the supervision of the CMF, Tenpo's regulated companies must comply with financial, operational, and consumer protection requirements, including the management of client funds, anti-money laundering measures, and information security standards. Tenpo Bank Chile, a newly established banking institution, has successfully obtained final approval to operate as a bank on January 19, 2026. Once active (must previously finalize technical and operational preparations which are expected by Q3 2026), Tenpo Bank will be subject to the full prudential regulatory regime applicable to banks under Chilean law, including requirements on capital adequacy, liquidity, corporate governance, risk management and depositor protection. The CMF’s oversight aims to ensure the soundness of the banking system while promoting innovation and competition in the financial sector. 6.2.6Panama International Bank Regulation – BCP Panama BCP Panama operates as a branch of BCP, having been officially registered as a branch in the Republic of Panama in 2002 under an international license issued by the Panamanian Superintendency of Banks (the "SBP") in accordance with Law Decree No. 9 of February 26, 1998, as amended. Under this regulatory framework, BCP Panama is subject to periodic inspections conducted by auditors and inspectors from the SBP. These evaluations aim to assess various aspects of BCP Panama's operations, with a particular focus on its adherence to Panamanian banking laws. Notably, this includes compliance with Law Decrees No. 2 of February 22, 2008, and No. 23 of April 27, 2015, which pertain to the prevention of money laundering, terrorism financing, and financing the proliferation of weapons of mass destruction. ASB Bank Corp. ASB Bank Corp., a subsidiary of ASHC, operates under an international banking license issued by the Superintendency of Banks of Panama in 2020 pursuant to Law Decree No. 9 of February 26, 1998, as amended. This 130 Table of Contents license authorizes ASB Bank Corp. to conduct offshore banking activities from its Panama office and perform any other SBP-approved operations. The entity is prohibited from accepting deposits from residents of the Republic of Panama. ASB Bank Corp. also holds a securities broker license issued by the Superintendency of the Securities Market (SMV), permitting it to act as broker, manager, and custodian. It must comply with regulations on corporate governance, capital adequacy, liquidity, accounting standards, recordkeeping, regulatory reporting, confidentiality, ethics, conflict-of-interest prevention, and anti-money laundering and counter-terrorism financing controls. Prior approval from the SBP and SMV is required for: (i) changes to the Board of Directors or senior officers; (ii) issuance, transfer, or disposal of shares (waivers are rare except for branches of major international banks or widely held public companies); (iii) material changes to the business plan submitted with the original license applications; and (iv) establishment of subsidiaries, branches, agencies, or representative offices outside Panama. 6.2.7United States International Bank Regulation – BCP Miami Agency The BCP Miami Agency is licensed to operate as an international bank agency in the State of Florida and was authorized to transact business by the Comptroller of Florida on September 3, 2002. The BCP Miami Agency is regulated, supervised, and examined by the Office of Financial Regulation (OFR) of the State of Florida Department of Financial Services and by the FED through the Federal Reserve Bank of Atlanta. Our direct and indirect nonbanking subsidiaries doing business in the United States are also subject to the authority of relevant U.S. financial regulatory agencies depending on their U.S. activities.The OFR recently approved an application by BCP to convert BCP Miami’s license to that of an international branch. A corresponding application is pending approval from the FED. Investment Management and Advisory – Credicorp Capital LLC. Credicorp Capital LLC is a broker-dealer registered with FINRA and the SEC (CRD No. 136791). Credicorp Capital LLC is owned by Credicorp Capital USA, Inc., which is wholly owned by Credicorp Capital Ltd. Credicorp Capital LLC is headquartered at 1111 Brickell Avenue, Suite 2825, Miami, FL 33131. Credicorp Capital LLC provides brokerage services through a clearing agreement with Pershing, LLC. As of December 31, 2025, there are six registered principals at Credicorp Capital LLC, four of whom hold a Series 24 license, one holds a Series 27 license, and one has a Series 4 license. At the trading desk, all registered representatives maintain Series 7 licenses. Credicorp Capital LLC has an affiliated SEC investment adviser (CRD No. 290081), Credicorp Capital Advisors LLC, which is headquartered at 1111 Brickell Avenue, Suite 2170, Miami, FL 33131. Both Companies share the same ownership. (7)Selected statistical information In the following tables, we have set forth certain selected statistical information and ratios regarding our business for the periods indicated. You should read the selected statistical information in conjunction with the information included in “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating Results” and the consolidated financial statements (and the notes that accompany the consolidated financial statements). The statistical information and discussion and analysis given below for the years 2023 through 2025 reflect our consolidated financial position as well as that of our subsidiaries, as of December 31, 2023, 2024 and 2025 and our results of operations for the years then ended. 7.1Average statements of financial position. Income from interest-earning assets and interest paid on interest-bearing liabilities The tables below set forth selected statistical information based on our average statements of financial position prepared on a consolidated basis. Except as otherwise indicated, we have classified average balances by currency (Soles or foreign currency, primarily U.S. Dollars) rather than by the domestic or international nature of the balance. For the years 2023, 2024 and 2025, the average balances are computed as the average of period-beginning and period-ending balances on a monthly basis. Any of these month-end balances that were denominated in U.S. Dollars have been converted into Soles using the applicable SBS exchange rate as of the date of such balance. Our management believes that the stated averages are representative of our operations, and that it would be too costly to produce daily averages using daily book balances in IFRS but does not believe that the stated averages present trends in a materially different manner from those that would be presented by daily averages. 131 Table of Contents Average Statements of Financial Position Assets, Interest Earned and Average Interest Rates (1) As of and for the year ended December 31, 2023 2024 2025 ASSETS: Average Interest Nominal Average Interest Nominal Average Interest Nominal Balance Earned Avg. Rate Balance Earned Avg. Rate Balance Earned Avg. Rate (in thousands of Soles, except percentages) Interest-earning assets: Deposits in BCRP Soles 1,421,992 48,886 3.44 2,123,474 44,384 2.09 2,327,548 40,993 1.76 Foreign Currency 22,622,596 916,482 4.05 28,082,604 1,173,205 4.18 30,737,474 1,090,966 3.55 Total 24,044,588 965,368 4.01 30,206,078 1,217,589 4.03 33,065,022 1,131,959 3.42 Deposits in other Banks Soles 353,701 21,002 5.94 426,191 16,206 3.80 779,785 17,352 2.23 Foreign Currency 5,045,544 146,841 2.91 5,929,682 172,059 2.90 7,551,729 220,262 2.92 Total 5,399,245 167,843 3.11 6,355,873 188,265 2.96 8,331,514 237,614 2.85 Investment securities Soles 32,516,644 1,860,597 5.72 36,768,392 1,978,505 5.38 36,935,252 1,898,781 5.14 Foreign Currency 17,494,284 628,730 3.59 17,872,951 681,817 3.81 16,794,033 648,303 3.86 Total 50,010,928 2,489,327 4.98 54,641,343 2,660,322 4.87 53,729,285 2,547,084 4.74 Total loans (1) Soles 93,973,071 11,384,353 12.11 91,878,934 11,667,721 12.70 94,318,597 12,134,441 12.87 Foreign Currency 50,999,969 3,660,511 7.18 52,004,425 3,986,670 7.67 50,154,200 3,609,068 7.20 Total 144,973,040 15,044,864 10.38 143,883,359 15,654,391 10.88 144,472,797 15,743,509 10.90 Total interest-earning assets Soles 128,570,734 13,338,876 10.37 131,397,803 13,726,292 10.45 134,458,884 14,130,247 10.51 Foreign Currency 96,235,917 5,374,606 5.58 103,984,957 6,043,744 5.81 105,336,643 5,617,194 5.33 Total 224,806,651 18,713,482 8.32 235,382,760 19,770,036 8.40 239,795,527 19,747,441 8.24 Noninterest-earningassets: Cash and due from banks Soles 2,793,182 2,753,097 2,874,184 Foreign Currency 2,495,997 2,212,880 2,163,470 Total 5,289,179 4,965,977 5,037,654 Allowance for direct loan losses Soles (6,407,643) (6,703,442) (6,351,595) Foreign Currency (1,636,324) (1,546,473) (1,365,918) Total (8,043,967) (8,249,915) (7,717,513) Premises and equipment Soles 803,396 793,622 1,519,839 Foreign Currency 1,048,397 1,146,069 1,182,213 Total 1,851,793 1,939,691 2,702,052 Other non-interest-earning assets, derivatives and other interest income Soles 7,375,972 26,837 5,499,804 29,701 9,855,505 30,244 Foreign Currency 5,110,201 58,176 9,007,200 69,519 7,187,722 152,484 Total 12,486,173 85,013 14,507,004 99,220 17,043,227 182,728 Total non-interest-earning assets Soles 4,564,907 26,837 2,343,081 29,701 7,897,933 30,244 Foreign Currency 7,018,271 58,176 10,819,676 69,519 9,167,487 152,484 Total 11,583,178 85,013 13,162,757 99,220 17,065,420 182,728 Total average assets Soles 133,135,641 13,365,713 10.04 133,740,884 13,755,993 10.29 142,356,817 14,160,491 9.95 Foreign Currency 103,254,188 5,432,782 5.26 114,804,633 6,113,263 5.32 114,504,130 5,769,678 5.04 Total 236,389,829 18,798,495 7.95 248,545,517 19,869,256 7.99 256,860,947 19,930,169 7.76 (1)Figures for total loans include internal overdue loans. Accrued interest is included. 132 Table of Contents Average Statements of Financial Position Liabilities and Equity, Interest Paid and Average Interest Rates (1) As of and for the year ended December 31, 2023 2024 2025 LIABILITIES Average Interest Nominal Average Interest Nominal Average Interest Nominal Balance Earned Avg. Rate Balance Earned Avg. Rate Balance Earned Avg. Rate (in thousands of Soles, except percentages) Interest-bearing liabilities: Savings deposits Soles (1) 28,590,670 134,799 0.47 31,978,061 154,474 0.48 37,656,392 192,790 0.51 Foreign Currency (1) 22,367,744 98,512 0.44 22,023,398 98,729 0.45 23,254,935 109,015 0.47 Total 50,958,414 233,311 0.46 54,001,459 253,203 0.47 60,911,327 301,805 0.50 Time deposits Soles (1) 24,473,231 1,786,436 7.30 22,833,294 1,292,983 5.66 25,300,008 1,169,169 4.62 Foreign Currency (1) 24,922,780 1,118,189 4.49 26,237,616 1,228,905 4.68 21,482,586 872,175 4.06 Total 49,396,011 2,904,625 5.88 49,070,910 2,521,888 5.14 46,782,594 2,041,344 4.36 Due to banks and correspondents Soles 5,283,963 394,481 7.47 5,661,793 394,073 6.96 6,058,736 403,675 6.66 Foreign Currency 5,026,762 301,493 6.00 5,945,340 379,036 6.38 5,144,649 270,308 5.25 Total 10,310,725 695,974 6.75 11,607,133 773,109 6.66 11,203,385 673,983 6.02 Bonds Soles 3,157,402 174,486 5.53 3,300,430 209,670 6.35 1,704,055 114,274 6.71 Foreign Currency 11,824,668 459,813 3.89 14,226,495 589,553 4.14 12,265,412 596,116 4.86 Total 14,982,070 634,299 4.23 17,526,925 799,223 4.56 13,969,467 710,390 5.09 Payables from repurchase agreements Soles 10,145,022 440,515 4.34 6,295,059 283,939 4.51 6,418,091 316,349 4.93 Foreign Currency 1,999,157 22,176 1.11 2,219,275 24,078 1.08 3,673,543 39,261 1.07 Total 12,144,179 462,691 3.81 8,514,334 308,017 3.62 10,091,634 355,610 3.52 Total interest-bearing liabilities Soles 71,650,288 2,930,717 4.09 70,068,637 2,335,139 3.33 77,137,282 2,196,257 2.85 Foreign Currency 66,141,111 2,000,183 3.02 70,652,124 2,320,301 3.28 65,821,125 1,886,875 2.87 Total 137,791,399 4,930,900 3.58 140,720,761 4,655,440 3.31 142,958,407 4,083,132 2.86 Other liabilities and equity: Demand deposits (2) Soles (1) 21,326,565 140,673 0.66 24,323,612 208,568 0.86 25,039,818 142,234 0.57 Foreign Currency (1) 24,807,373 100,142 0.40 25,714,056 123,399 0.48 26,868,966 101,939 0.38 Total 46,133,938 240,815 0.52 50,037,668 331,967 0.66 51,908,784 244,173 0.47 Other liabilities, derivatives and other interest expenses Soles 11,704,076 337,277 13,086,782 362,644 14,715,452 425,760 Foreign Currency 9,593,175 351,531 10,948,258 404,074 10,898,169 460,625 Total 21,297,251 688,808 24,035,040 766,718 25,613,621 886,385 Equity attributable to Credicorp equity holders Soles Foreign Currency 30,548,712 33,134,113 35,730,018 Total 30,548,712 33,134,113 35,730,018 Non-controlling interest Soles Foreign Currency 618,529 617,935 650,117 Total 618,529 617,935 650,117 Total non-interest-bearing liabilities and equity Soles 33,030,641 477,950 37,410,394 571,212 39,755,270 567,994 Foreign Currency 65,567,789 451,673 70,414,362 527,473 74,147,270 562,564 Total 98,598,430 929,623 107,824,756 1,098,685 113,902,540 1,130,558 Total average liabilities and equity Soles 104,680,929 3,408,667 3.26 107,479,031 2,906,351 2.70 116,892,552 2,764,251 2.36 Foreign Currency 131,708,900 2,451,856 1.86 141,066,486 2,847,774 2.02 139,968,395 2,449,439 1.75 Total 236,389,829 5,860,523 2.48 248,545,517 5,754,125 2.32 256,860,947 5,213,690 2.03 133 Table of Contents (1)Interest and average rate paid include the amount paid for the applicable deposit insurance fund. (2)We typically do not pay interest for demand deposits; however, in exceptional circumstances the Group pays interest on certain demand deposits of corporate clients that hold balances exceeding certain amounts. See “7.4 Deposits” for the amounts of non-interest-bearing demand deposits and interest-bearing demand deposits as of December 31, 2023, 2024 and 2025. Interest paid on demand deposits is not considered material. 7.1.1 Changes in net interest, similar income, and expense: volume and rate analysis The table below sets forth the net effect of increases and decreases due to changes in volume and rate on annual variation in interest income and interest expense. Volume and rate variations have been calculated based on variations in average balances over the period and changes in average rates on interest-earning assets and interest-bearing liabilities from one period to the other. The net changes in “Interest and similar income” and “Interest and similar expense” attributable to both changes in functional currency (Sol) and changes in foreign currency also are presented in the table: 2025/2024 Increase/(Decrease) due to changes in: Volume Rate Net Change (in thousands of Soles) Interest and similar income (1): Interest-earning deposits in BCRP Soles 3,930 (7,321) (3,391) Foreign Currency 102,571 (184,810) (82,239) Total 106,501 (192,131) (85,630) Deposits in other banks Soles 10,657 (9,511) 1,146 Foreign Currency 47,188 1,015 48,203 Total 57,845 (8,496) 49,349 Investment securities Soles 8,778 (88,502) (79,724) Foreign Currency (41,404) 7,890 (33,514) Total (32,626) (80,612) (113,238) Total loans (2) Soles 311,842 154,878 466,720 Foreign Currency (137,490) (240,112) (377,602) Total 174,352 (85,234) 89,118 Total dividend-earning assets Soles (25,411) 44,615 19,204 Foreign Currency 1,574 17,028 18,602 Total (23,837) 61,643 37,806 Total interest-earning assets Soles 320,730 83,225 403,955 Foreign Currency 75,321 (501,871) (426,550) Total 396,051 (418,646) (22,595) Interest and similar expense: Demand deposits Soles 5,105 (71,439) (66,334) Foreign Currency 4,962 (26,422) (21,460) Total 10,067 (97,861) (87,794) Savings deposits 134 Table of Contents Soles 28,251 10,065 38,316 Foreign Currency 5,647 4,639 10,286 Total 33,898 14,704 48,602 Time deposits Soles 126,838 (250,652) (123,814) Foreign Currency (207,882) (148,848) (356,730) Total (81,044) (399,500) (480,544) Due to banks and correspondents and issued bonds Soles 27,038 (17,436) 9,602 Foreign Currency (46,558) (62,169) (108,727) Total (19,520) (79,605) (99,125) Bonds Soles (104,234) 8,838 (95,396) Foreign Currency (88,290) 94,853 6,563 Total (192,524) 103,691 (88,833) Payables from repurchase agreements Soles 5,807 26,603 32,410 Foreign Currency 15,660 (477) 15,183 Total 21,467 26,126 47,593 Total interest-bearing liabilities Soles 218,416 (357,298) (138,882) Foreign Currency (148,572) (284,853) (433,425) Total 69,844 (642,151) (572,307) (1)Annual changes due to interest earned or spent are reflected in the volume and rate indicated. Which is calculated as follows: -Volume: The variation in volume from one year to the next, multiplied by the average rate yield. -Rate: The average volume from one year to the next, multiplied by the rate yield variance -Net change: The sum of the volume and the calculated rate. (2)Figures for total loans include internal overdue loans. Accrued interest is included. 135 Table of Contents 7.1.2 Average interest-earning assets, net interest margin (NIM), and yield spread The following table shows, for each of the periods indicated, the levels of average interest-earning assets, net interest income, gross yield, NIM and yield spread by currency, all on a nominal basis: 2023 2024 2025 (in thousands of Soles, except percentages) Average interest-earning assets (1) Soles 128,570,733 131,397,803 134,458,884 Foreign Currency 96,235,918 103,984,957 105,336,643 Total 224,806,651 235,382,760 239,795,527 Net interest income from interest-earning assets Soles 10,408,159 11,391,153 11,933,990 Foreign Currency 3,374,423 3,723,443 3,730,319 Total (2) 13,782,582 15,114,596 15,664,309 Gross yield (3) Soles 10.37 % 10.45 % 10.51 % Foreign Currency 5.58 % 5.81 % 5.33 % Weighted-average rate 8.32 % 8.40 % 8.24 % NIM (4) Soles 8.10 % 8.67 % 8.88 % Foreign Currency 3.51 % 3.58 % 3.54 % Weighted-average rate 6.13 % 6.42 % 6.53 % Yield spread (5) Soles 6.28 % 7.11 % 7.66 % Foreign Currency 2.56 % 2.53 % 2.46 % Weighted-average rate 4.75 % 5.09 % 5.38 % (1)Monthly average balances. (2)Net interest income includes the interest earned on total interest-earning assets and interest paid on total interest-bearing liabilities, as shown in section “7.1 Average statements of financial position and income from interest-earning assets”. (3)Gross yield is interest income divided by average interest-earning assets. (4)NIM represents “Net interest income from interest-earning assets” divided by “Average interest-earning assets”, both computed on a monthly basis. (5)Yield spread on a nominal basis, represents the difference between gross yield on average interest-earning assets and average cost of interest-bearing liabilities. 7.1.3 Interest-earning deposits with other banks The following table shows the short-term funds deposited with other banks. These deposits are denominated by currency as of the dates indicated. Deposits held in countries other than Peru are denominated in several currencies; 136 Table of Contents however, the majority of these deposits are denominated in U.S. Dollars. All currencies were converted to Soles using the applicable SBS exchange rate as of the dates indicated. Year ended December 31, 2023 2024 2025 (in thousands of Soles) Sol-denominated: BCRP 1,263,461 1,544,567 2,726,273 Commercial banks 139,083 213,911 195,800 Total Sol-denominated 1,402,544 1,758,478 2,922,073 Foreign Currency-denominated: BCRP (U.S. Dollars) 21,434,215 34,385,375 33,903,646 Commercial banks (U.S. Dollars) 2,824,558 3,450,168 3,279,630 Commercial banks (other currencies) 317,260 525,916 1,289,468 Total Foreign Currency-denominated 24,576,033 38,361,459 38,472,744 Total 25,978,577 40,119,937 41,394,817 7.2Investment portfolio As of December 31, 2023, 2024 and 2025, the Group classified its investments in one of the categories defined by IFRS 9 based on the business model for managing the financial assets and the characteristics of the contractual cash flows of the investment. For information about how we classify and measure investments, refer to Note 3(f) (Financial instruments: Initial recognition and subsequent measurement) to the consolidated financial statements. 137 Table of Contents The following table shows, for 2023, 2024 and 2025, the fair value of our investments at fair value through profit or loss, investments at fair value through other comprehensive income and the amortized cost of our investments at amortized cost under IFRS 9, in each case, without accrued interest and broken down by type of security at the dates indicated. Year ended December 31, 2023 2024 2025 (in thousands of Soles) Sol-denominated: Government treasury bonds 17,334,217 18,579,739 19,605,197 Certificates of deposit BCRP 10,935,253 11,435,757 10,884,030 Corporate bonds 4,685,719 4,663,189 4,601,793 Securitization instruments 402,921 425,251 710,625 Negotiable Certificates of Deposit - - 4,877 Subordinated bonds 111,536 105,326 49,531 Equity securities 290,975 110,657 84,745 Restricted mutual funds - 306,759 335,803 Other investments of debt 73,986 87,269 100,109 Other investments of equity 337,861 561,210 657,235 Total Sol-denominated 34,172,468 36,275,157 37,033,945 Foreign currency- denominated: Government treasury bonds 3,999,661 3,466,781 2,838,956 Certificates of deposit BCRP 192,666 - - Corporate bonds 9,166,657 10,052,151 9,110,503 Securitization instruments 280,198 285,239 298,325 Negotiable Certificates of Deposit 517,973 448,037 235,738 Subordinated bonds 227,512 132,489 207,140 Equity securities 82,550 108,032 90,382 Participation in RAL Funds 145,414 432,503 125,393 Restricted mutual funds 334,162 466 356 Other investments of equity 1,997,585 1,502,536 1,579,966 Other investments of debt 398,313 369,150 517,511 Total foreign currency- denominated 17,342,691 16,797,384 15,004,270 Total securities holdings (1) 51,515,159 53,072,541 52,038,215 (1)Excludes accrued interest, which amounts to S/700.4 million, S/753.3 million and S/766.7 million as of December 31, 2023, 2024 and 2025, respectively. Also excludes provision for credit losses on investment at amortized cost. The expected loss provision for marketable securities is debited individually to each security. The weighted-average yield on our Sol-denominated interest-earning investment securities was 5.7% in 2023, 5.4% in 2024 and 5.1% in 2025. The weighted-average yield on our foreign currency-denominated portfolio was 3.6% in 2023, 3.8% in 2024 and 3.9% in 2025. The total weighted-average yield of our investment securities was 5.0% in 2023, 4.9% in 2024, and 4.7% in 2025. As of December 31, 2025, the investments at fair value through other comprehensive income and investments at amortized cost pledged as collateral amounted to S/6,314.4 million. The following tables show the weighted average yield separate by maturity of investments at fair value through other comprehensive income and at amortized cost in each case, without accrued interest as of December 31, 2025: 138 Table of Contents Investments at fair value with changes in other comprehensive income: Without maturity Within 1 year Weighted average yield (1) After 1 year but within 3 years Weighted average yield (1) Maturing after 3 years but within 5 years Weighted average yield (1) Maturing after 5 years but within 10 years Weighted average yield (1) After 10 years Weighted average yield (1) Total (in thousands of Soles) Sol-denominated: Government treasury bonds - 245,167 3.64 % 21,662 4.14 % 45,023 2.47 % 7,759,684 5.11 % 2,857,561 5.57 % 10,929,097 Certificates of deposit BCRP - 10,700,287 4.05 % 183,743 3.98 % - - - - - - 10,884,030 Corporate bonds 1,550 413,924 4.63 % 957,431 4.77 % 833,446 4.85 % 1,512,263 5.87 % 876,721 6.03 % 4,595,335 Securitization instruments - 88 5.08 % 4,488 4.48 % 10,677 6.00 % 268,081 7.67 % 427,291 6.04 % 710,625 Negotiable Certificates of Deposit - 972 - - - - - - - - - 972 Subordinated bonds - - - - - - - 49,531 6.21 % - - 49,531 Other investments of debt - 12,185 2.55 % 39,423 2.94 % 20,706 2.62 % 27,795 3.15 % - - 100,109 Equity securities 83,608 - - - - - - - - - - 83,608 Total Sol-denominated 85,158 11,372,623 1,206,747 909,852 9,617,354 4,161,573 27,353,307 Foreign Currency-denominated: Government treasury bonds - 142,732 4.50 % 155,779 4.58 % 257,481 4.98 % 576,530 5.56 % 334,539 5.41 % 1,467,061 Corporate bonds 1,036 841,963 4.17 % 1,682,974 4.29 % 1,511,368 4.99 % 2,395,780 5.41 % 2,191,858 5.87 % 8,624,979 Securitization instruments - - - 12,320 4.25 % 41,949 4.23 % 111,461 7.47 % 119,975 8.46 % 285,705 Negotiable Certificates of Deposit - 128,790 3.82 % 51,785 4.03 % 19,063 4.21 % 14,480 3.25 % 16,180 2.14 % 230,298 Subordinated bonds - 4,838 5.14 % 26,076 4.24 % 9,304 4.64 % 55,510 5.12 % 47,559 5.58 % 143,287 Other investments of debt - 358,211 5.31 % 4,117 7.49 % - - - - - - 362,328 Equity securities 6,713 - - - - - - - - - - 6,713 Total Foreign Currency-denominated 7,749 1,476,534 1,933,051 1,839,165 3,153,761 2,710,111 11,120,371 Total securities holdings (2): 92,907 12,849,157 3,139,798 2,749,017 12,771,115 6,871,684 38,473,678 (1)Rates have been presented on a non-taxable equivalent basis. (2)Excludes accrued interest, which amounts to S/560.4 million as of December 31, 2025. Investments at amortized cost: Without maturity Within 1 year Weighted average yield (1) After 1 year but within 3 years Weighted average yield (1) Maturing after 3 years but within 5 years Weighted average yield (1) Maturing after 5 years but within 10 years Weighted average yield (1) After 10 years Weighted average yield (1) Total (in thousands of Soles) Sol-denominated: Government treasury bonds - - - 1,168,037 4.13 % 1,008,801 4.21 % 4,093,342 4.96 % 1,779,619 6.39 % 8,049,799 Corporate bonds - - - 4,935 4.45 % - - 1,499 6.25 % - - 6,434 Negotiable certificates of deposit - 3,905 - - - - - - - - - 3,905 Total Sol-denominated - 3,905 1,172,972 1,008,801 4,094,841 1,779,619 8,060,138 Foreign Currency-denominated: Government treasury bonds - 40,238 7.21 % 16,980 4.32 % - - - - - - 57,218 Corporate bonds - 168,933 5.21 % 222,436 4.72 % 6,535 4.90 % - - - - 397,904 Securitization instruments - - - 905 4.25 % 1,895 4.27 % 9,012 7.79 % - - 11,812 Subordinated bonds - 28,175 5.14 % - - - - - - - - 28,175 Other investments of debt - 68,628 6.46 % - - - - - - - - 68,628 Total Foreign Currency-denominated - 305,974 240,321 8,430 9,012 - 563,737 Total securities holdings (2): - 309,879 1,413,293 1,017,231 4,103,853 1,779,619 8,623,875 139 Table of Contents (1)Rates have been presented on a non-taxable equivalent basis. (2)Excludes accrued interest, which amounts to S/189.8 million as of December 31, 2025. The maturities of our investment securities classified as fair value through other comprehensive income, as of December 31, 2025, are described in “ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT”. As of December 31, 2023, 2024 and 2025, the Group had in investments at fair value with changes in other comprehensive income 111,613, 116,499 and 110,274 certificates of deposit of the BCRP, respectively, which are instruments issued at discount through public auction, negotiated in the Peruvian secondary market and payable in Soles. The unrealized net result of our investments at fair value through other comprehensive income, as of December 31, 2023, 2024 and 2025, amounted to losses of S/362.4 million, S/284.0 million and a gains of S/805.8 million, respectively. As of December 31, 2023, 2024 and 2025, for debt instruments measured at amortized cost or at fair value through other comprehensive income, expected credit losses are measured in accordance with a three-stage impairment model as required by IFRS 9. The allocation of financial assets to each stage is based on an assessment of whether there has been a significant increase in credit risk since initial recognition, which determines the amount of expected credit loss (ECL) recognized at each reporting date The ECL is an estimate that considers multiple forward-looking macro-economic scenarios that result in more timely recognition of credit losses. Management assesses investments in accordance with the business model under which they are managed and the contractual cash flow characteristics of the instruments, as required by IFRS 9. Unrealized gains and losses are recognized in profit or loss or other comprehensive income based on the classification of the instrument. For debt instruments measured at amortized cost or at fair value through other comprehensive income, expected credit losses are recognized in the consolidated income statement in accordance with the IFRS 9 expected credit loss model. 7.3Loan portfolio Except where otherwise specified, references to loans in this section 7.3 are to our direct loans. Our direct loans are distinct from our indirect loans (which are discussed in Note 18(a) of our consolidated financial statements) and our due from customers on banker’s acceptances (which are discussed in Note 3(n) of our consolidated financial statements). 140 Table of Contents 7.3.1Loans by type of loan The following table shows our loans by type of loan, at the dates indicated: As of December 31, 2023 2024 2025 (in thousands of Soles) Loans (1) 122,282,426 124,620,531 129,025,454 Leasing receivables 5,735,973 5,260,182 5,019,366 Discounted notes 3,170,887 3,391,576 4,098,691 Factoring receivables and confirming 3,431,323 3,243,531 3,598,101 Advances and overdrafts in current account 321,962 132,231 56,637 Refinanced loans 2,407,516 2,241,062 2,009,723 Total performing loans 137,350,087 138,889,113 143,807,972 Internal overdue loans 6,133,167 5,430,132 4,821,126 Accrued interest 1,492,797 1,413,028 1,355,856 Total loans (2) 144,976,051 145,732,273 149,984,954 (1)The credit card loans balance amounts to S/7,112.3 million, S/6,223.7 million and S/6,716.7 million for the years 2023, 2024 and 2025, respectively. (2)Due to current loans, we had off-balance-sheet items that amounted to S/20,051.6 million, S/22,139.3 million, and S/21,267.2 million, as of December 31, 2023, 2024 and 2025 respectively. See Note 18 to the consolidated financial statements. The loan portfolio categories set forth in the table above are based on internal classifications, which apply to loans generated by BCP Stand-alone, SEAH, Mibanco, BCP Bolivia, Mibanco Colombia, Tenpo Payment and ASB Bank Corp. We categorize loans as follows: •Loans: Basic term loans documented by promissory notes and other extensions of credit, such as mortgage loans, credit cards and other consumer loans in various forms, including trade finance loans to importers and exporters on specialized terms adapted to the needs of the international trade transaction. •Leasing receivables: Transactions that involve our acquisition of an asset and the financial leasing of that asset to a client. •Discounted notes: Loans discounted at the outset (the client signs a promissory note or other evidence of indebtedness for the principal amount payable at a future date). Discounted loans also include discounting of drafts, where we make a loan supported by a draft signed by one party and discounted by another party, with recourse to both parties. •Factoring receivables: The sale of title of a company’s account receivables to a bank (or financial company). The receivables are sold without recourse, and the bank cannot recover from the seller in the event that the accounts are uncollectible. For factoring loans, the seller receives funds from the bank prior to the average maturity date based on the invoice amount of the receivable, less cash discounts and allowances for estimated claims and returns, among other items. •Confirming: Confirming is an arrangement under which the financial institution facilitates the payment of suppliers’ invoices on behalf of a corporate client. The institution verifies the invoices and undertakes to pay them at the agreed maturity date or in advance, in accordance with the contractual terms, subsequently recovering the funds from the client. •Advances and overdrafts in current account: Extensions of credit to clients by way of an overdraft facility in the client’s checking account. This category also includes secured short-term advances. •Refinanced loans: Loans that were refinanced because the client was unable to pay at maturity. A loan is categorized as a refinanced loan when the debtor is experiencing payment problems and asks for a new payment schedule that will allow the debtor to comply with the installments. This policy is based on internal models and past experience as well as IFRS. •Internal overdue loans: Includes overdue loans and under legal collection loans. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (7) Selected statistical information – 7.3 Loan Portfolio – 7.3.9 Internal overdue Loan Portfolio” for further detail. 141 Table of Contents 7.3.2Loans by economic activity The following table shows our total loan portfolio composition, net of unearned interest, based on the borrower’s principal economic activity: As of December 31, 2023 2024 2025 (in thousands of Soles, except percentages) Amount % Total Amount % Total Amount % Total Economic Activity Mortgage Loans 22,519,807 15.53 25,092,057 17.22 26,187,586 17.46 Commerce 27,459,996 18.94 27,963,542 19.19 30,740,730 20.50 Manufacturing 22,473,754 15.50 21,698,829 14.89 20,590,394 13.73 Consumer Loans 17,797,051 12.28 19,527,440 13.40 22,266,769 14.85 Realty Business and Leasing Services 10,366,792 7.15 5,022,023 3.45 3,625,796 2.42 Communication, Storage and Transportation 6,689,075 4.61 10,025,110 6.88 10,822,070 7.22 Agriculture 5,173,903 3.57 4,714,818 3.24 4,665,889 3.11 Construction 3,719,611 2.57 3,112,587 2.14 2,658,586 1.77 Electricity, Gas and Water 4,935,557 3.40 5,793,985 3.98 5,599,755 3.73 Mining 4,076,503 2.81 3,709,582 2.55 4,820,923 3.21 Hotels and restaurants 2,866,999 1.98 2,868,637 1.97 2,471,134 1.65 Financial Services 4,393,267 3.03 4,685,749 3.22 4,420,419 2.95 Education, Health and Other Services 1,742,035 1.20 1,816,783 1.25 1,409,884 0.94 Fishing 607,047 0.42 674,928 0.46 835,160 0.56 Others 8,661,857 5.98 7,613,175 5.22 7,514,003 5.00 Sub total 143,483,254 98.97 144,319,245 99.03 148,629,098 99.10 Accrued interest 1,492,797 1.03 1,413,028 0.97 1,355,856 0.90 Total 144,976,051 100.00 145,732,273 100.00 149,984,954 100.00 As of December 31, 2025, 92.11% and 5.04% of the loan portfolio was concentrated in Peru and Bolivia, respectively, which represent, separately, more than 51.67% and 2.82% of total assets of the Group, respectively. As of December 31, 2024, 90.55% and 6.82% of the loan portfolio was concentrated in Peru and Bolivia, respectively. As of December 31, 2023, 93.05% and 6.49% of the loan portfolio was concentrated in Peru and Bolivia, respectively. 7.3.3Concentrations of loan portfolio and lending limits As of December 31, 2025, loans and other off-balance-sheet exposure to our 20 largest customers (considered as economic groups) totaled S/24,015.9 million and represented 16.16% of our total loan portfolio. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru” for the definition of “economic group”. Total loans and other off-balance-sheet exposure per economic group ranged from S/637.3 million to S/2,088.0 million, including 10 groups with exposures above S/1,104.0 million. Our 20 largest customers (considered as economic groups) comprise an aggregate of 186 individual customers. Risk classification is determined at the individual customer level. As of December 31, 2025, total loans and other off‑balance‑sheet exposure outstanding to these customers were distributed as follows: Class A (normal)—98.40%; Class B (potential problems)—0.8%; Class C (substandard)—0.8%; Class D (doubtful)—0.00%; and Class E (loss)—0.00%.. For further information, see “– 7.3 Loan Portfolio – 7.3.7 Classification of the Loan Portfolio”. BCP Stand-alone’s loans to a single borrower are subject to lending limits imposed by Law No. 26702. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru”. The lending limits depend on the nature of the borrower involved and the type of collateral received. The sum of BCP Stand-alone’s loans and deposits in either another Peruvian universal bank or Peruvian financial institution, plus 142 Table of Contents any guarantees of third-party performance received by BCP Stand-alone from such institution, may not exceed 30% of BCP Stand-alone’s regulatory capital (as defined by the SBS). The sum of BCP Stand-alone’s loans and deposits in non-Peruvian financial institutions, plus any guarantees of third-party performance received by BCP Stand-alone from such institutions, are limited to 5%, 10% or 30% of BCP Stand-alone’s regulatory capital, depending upon the level of government supervision of the institution and whether the institution is recognized by the BCRP as an international bank of prime credit quality. The limits on lending to non-Peruvian financial institutions increase to 50% of BCP Stand-alone’s regulatory capital if the amount by which such loans exceed the 5%, 10% or 30% limits is backed by certain letters of credit. BCP Stand-alone’s loans to Directors and employees and their relatives have an aggregate limit of 7% of regulatory capital and an individual limit of 5% of such global limit. Loans to non-Peruvian individuals or companies that are not financial institutions have a limit of 5% of BCP Stand-alone’s regulatory capital. However, this limit increases to 10% if the additional 5% is guaranteed by a mortgage or certain publicly traded securities. The limit rises to 30% if the additional amount is guaranteed by certain banks or by cash deposits in BCP Stand-alone. Lending on an unsecured basis to individuals or companies residing in Peru that are not financial institutions is limited to 10% of BCP Stand-alone’s regulatory capital. This limit rises to 15% if the additional 5% is guaranteed by a mortgage, certain securities, equipment or other collateral, and to 20% if the additional amount is either backed by certain debt instruments guaranteed by other local banks or a foreign bank determined by the BCRP to be of prime credit quality, or by other highly liquid securities at market value. The single-borrower lending limit for loans backed by a cash deposit at BCP Stand-alone or by debt obligations of the BCRP is 30% of BCP Stand-alone’s regulatory capital. Considering the regulatory capital of BCP Stand-alone, which amounted to S/32,651.4 million on December 31, 2025, BCP Stand-alone’s legal lending limits varied from S/3,265.1 million to S/16,325.7 million. The Group’s consolidated lending limits, based on our regulatory capital on a consolidated basis of S/43,813.3 million on December 31, 2025, ranged from S/4,381.3 million to S/21,906.6 million. As of December 31, 2025, BCP Stand-alone was in compliance with the lending limits of Law No. 26702. As of December 31, 2025, we complied with the applicable legal lending limits in each of the jurisdictions in which we operate. These limits are calculated quarterly based upon our consolidated equity plus reserves for impaired loans not specifically identified at quarter-end. We have also set internal lending limits, which are more restrictive than those imposed by law. A limited number of exceptions to our internal limits have been authorized by our Board of Directors based on the credit quality of the borrower, the term of the loan, and the amount and quality of collateral provided. We may, in appropriate and limited circumstances, increase or choose to exceed these internal limits as long as our credit exposure does not exceed the legal lending limits. We may experience an adverse impact on our financial condition and results of operations if (i) customers to which we have significant credit exposure are not able to satisfy their obligations to us, and any related collateral is not sufficient to cover these obligations, or (ii) a reclassification of one or more of these loans or other off-balance sheet exposure results in an increase in provisions for loan losses. 7.3.4Loan portfolio denomination The following table presents our Sol and foreign currency-denominated loan portfolio at the dates indicated: As of December 31, 2023 2024 2025 (in thousands of Soles, except percentages) Total loan portfolio: Sol-denominated 93,045,426 64.18 % 93,155,047 63.92 % 98,232,430 65.49 % Foreign currency-denominated 51,930,625 35.82 % 52,577,226 36.08 % 51,752,524 34.51 % Total loans (1) 144,976,051 100.00 % 145,732,273 100.00 % 149,984,954 100.00 % (1)Includes accrued interest. 143 Table of Contents 7.3.5Maturity composition of the performing loan portfolio The following table sets forth an analysis of our performing loan portfolio on December 31, 2025, by type and by time remaining to maturity. Loans are stated before deduction of the allowance for loan losses. Maturing Amount at December 31, 2025 Within 12 months After 1 year but within 5 years After 5 years but within 15 years After 15 years (in thousands of Soles, except percentages) Loans 122,308,754 56,112,565 41,185,485 23,631,940 1,378,764 Credit Cards 6,716,700 4,668,666 2,012,952 35,082 - Leasing receivables 5,019,366 4,059,778 959,588 - - Discounted notes 4,098,691 4,098,691 - - - Factoring receivables and confirming 3,598,101 3,592,899 5,202 - - Refinanced loans 2,009,723 443,185 1,047,757 425,614 93,167 Advances and overdrafts in current account 56,637 56,637 - - - Total performing loans 143,807,972 73,032,421 45,210,984 24,092,636 1,471,931 Internal overdue loans 4,821,126 - - - - Accrued interest 1,355,856 - - - - Total Loans 149,984,954 - - - - % of total performing loan portfolio 100.00 % 50.80 % 31.40 % 16.80 % 1.00 % 144 Table of Contents 7.3.6Loan portfolio by interest rate type The following table sets forth the breakdown of our loan portfolio as of December 31, 2025 by interest rate type, currency, and remaining maturity: Amount at Maturing December 31, 2025 After 1 year (in thousands of Soles) Variable Rate Sol-denominated 29,758 22,856 Loans 29,412 22,545 Refinanced loans 346 311 Foreign Currency-denominated 5,951,820 4,784,776 Loans 5,698,097 4,704,220 Refinanced loans 176,739 3,571 Internal overdue loans and under legal collection loans 76,984 76,985 Total 5,981,578 4,807,632 Fixed Rate Sol-denominated 102,037,368 54,955,346 Loans 85,887,704 49,259,493 Leasing receivables 1,703,827 804,008 Credit cards 5,201,755 678,587 Discounted notes 1,999,980 - Factoring receivables 1,786,735 - Advances and overdrafts in current account 50,506 - Refinanced loans 1,517,514 1,224,478 Internal overdue loans and under legal collection loans 3,889,347 2,988,780 Foreign Currency-denominated 40,610,152 11,012,573 Loans 30,693,541 8,445,388 Leasing receivables 3,315,539 1,246,612 Credit cards 1,514,945 281,001 Discounted notes 2,098,711 5,967 Factoring receivables 1,811,366 - Advances and overdrafts in current account 6,131 - Refinanced loans 315,124 323,839 Internal overdue loans and under legal collection loans 854,795 709,766 Total 142,647,520 65,967,919 Sub total 148,629,098 70,775,551 Accrued interest 1,355,856 Total loans 149,984,954 145 Table of Contents 7.3.7Classification of the loan portfolio We classify Credicorp’s loan portfolio in accordance with internal practices. According to these criteria, all loans and other credits are classified into one of four categories based upon the purpose of the loan. These categories are: (1)Commercial loans, which generally finance the production and sale of goods and services, including commercial leases, as well as credit card debt on cards held by business entities. (2)Microbusiness loans, which are exclusively targeted for the production and sale of goods and services, are made to individuals or companies with no more than S/300,000 in total loans received from the financial system (excluding mortgage loans). (3)Consumer loans, which are generally granted to individuals, including credit card transactions, overdrafts on personal demand deposit accounts, leases, and financing goods or services that are not related to a business activity. (4)Residential mortgage loans, which are all the loans granted to individuals for the purchase, construction, remodeling, subdivision or improvement of the individual’s home, in each case backed by a mortgage. Mortgage loans made to directors and employees of a company are also considered residential mortgage loans. Mortgage-backed loans are generally considered commercial loans. The following table sets forth our direct loan portfolio by class at the dates indicated: As of December 31, 2023 2024 2025 (In thousands of Soles) Commercial loans 76,820,402 76,921,615 76,144,846 Residential mortgage loans 24,176,918 25,092,057 26,187,586 Small business loans 22,425,750 22,778,133 24,029,897 Consumer loans 20,060,184 19,527,440 22,266,769 Total 143,483,254 144,319,245 148,629,098 Accrued interest 1,492,797 1,413,028 1,355,856 Total loans 144,976,051 145,732,273 149,984,954 We employ a range of policies and practices to mitigate credit risk. Our usual practice is to take security for fund advances. We implement guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The principal collateral types for loans and advances are mortgages over residential properties, liens over business assets (such as premises, inventory and accounts receivable), and liens over financial instruments (such as debt securities and equities). Long-term financing and lending to corporate entities are generally secured, while revolving individual credit facilities are generally unsecured. In order to minimize credit loss, we seek additional collateral as soon as impairment indicators become apparent. We determine the appropriate collateral to hold as security for financial assets (other than loans) according to the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, except for asset-backed securities and other similar instruments, which are secured by portfolios of financial instruments. Our management monitors the market value of collateral, requests additional collateral in accordance with the underlying agreement, and monitors the market value of the additional collateral obtained during its review of the allowance for impairment losses. Our policy is to dispose of repossessed properties in an orderly manner. We use the proceeds to reduce or repay the outstanding claim. In general, we do not use repossessed properties for our own business. We review our loan portfolio on a continuing basis, and we classify our loans based upon credit risk by assessing the following factors: (i) the payment history of the particular loans; (ii) the history of our dealings with the borrower, (iii) the borrower’s management; (iv) the borrower’s operating history; (v) the borrower’s repayment capability; (vi) the borrower’s availability of funds; (vii) the status of collateral or guarantees; (viii) the borrower’s financial statements; (ix) the general risk of the sector in which the borrower operates; (x) the borrower’s risk classification made by other financial institutions and (xi) other relevant factors. 146 Table of Contents In accordance with IFRS 7, we classify our loan portfolio, according to its credit risk quality, in one of the following three levels: •Loans neither past due nor impaired: this level comprises those direct loans which are zero days past due and which are not in default. •Past due but not impaired loans: this level comprises those direct loans for which debtors have failed to make a payment on the contractually agreed due date but are not in default. •Impaired loans: this level comprises all the direct loans in default. We continually review our loan portfolio to assess the completeness and accuracy of our loan classifications. We assess financial guarantees and letters of credit in the same way we assess loans. When a borrower is in a country where there is an increased risk of difficulty servicing external debt, we assess the political and economic conditions in that country and factor additional country risk into our assessment. When we determine that a loan is uncollectible, it is written off against the provision for loan impairment. We write off these loans after all necessary procedures have been completed and the amount of the loss is determined. Subsequent recoveries of amounts previously written off decrease the amount of the provision for loan impairment in our consolidated income statements. The following tables show our direct loan portfolio without accrued interest at the dates indicated: As of December 31, 2025 (in thousands of Soles, except percentages) Level of Risk Stage 1 Stage 2 Stage 3 Total Classification Amount Amount Amount Amount % Total Neither past due nor impaired 123,867,161 12,808,686 - 136,675,847 92.0 Past due but not impaired 1,337,791 1,733,346 - 3,071,137 2.1 Impaired debt - - 8,882,114 8,882,114 6.0 Total (1) 125,204,952 14,542,032 8,882,114 148,629,098 100.0 As of December 31, 2024 (in thousands of Soles, except percentages) Level of Risk Stage 1 Stage 2 Stage 3 Total Classification Amount Amount Amount Amount % Total Neither past due nor impaired 116,533,046 14,334,623 - 130,867,669 90.7 Past due but not impaired 1,535,821 2,097,725 - 3,633,546 2.5 Impaired debt - - 9,818,030 9,818,030 6.8 Total (1) 118,068,867 16,432,348 9,818,030 144,319,245 100.0 As of December 31, 2023 (in thousands of Soles, except percentages) Level of Risk Stage 1 Stage 2 Stage 3 Total Classification Amount Amount Amount Amount % Total Neither past due nor impaired 114,266,020 13,720,340 - 127,986,360 89.2 Past due but not impaired 2,023,488 2,555,260 - 4,578,748 3.2 Impaired debt - - 10,918,146 10,918,146 7.6 Total (1) 116,289,508 16,275,600 10,918,146 143,483,254 100.0 147 Table of Contents 7.3.8Classification of the loan portfolio based on the borrower’s payment performance We classify a loan as internal overdue according to three criteria: (i) the number of days past-due based on the contractually agreed due date; (ii) the banking subsidiary; and (iii) the type of loan. In that sense: •BCP Stand-alone, SEAH and Mibanco consider loans as internal overdue: (i) after 15 days for corporate, large business and medium business loans; (ii) after 30 days for small and micro business loans and (iii) after 30 days for overdrafts. In the case of consumer, mortgage and leasing loans, the past-due installments are considered overdue after 30 to 90 days; after 90 days, the outstanding balance of the loan is considered overdue. •Mibanco Colombia considers loans as internal overdue: (i) after 90 days for commercial loans; (ii) after 60 days for micro business loans; (iii) after 60 days for consumer loans and (iv) after 30 days for mortgage loans. •ASB considers loans as internal overdue when they are 1 or more days past due. •BCP Bolivia considers loans as internal overdue when they have 30 or more days past due. Furthermore, with regards to refinanced loans, Credicorp’s policy categorizes a loan as “refinanced” when a debtor is experiencing payment problems and asks for a new payment schedule that will allow the debtor to comply with the installments. This policy is based on internal models and experience, which are consistent with IFRS. Finally, non-performing loans are composed of internal overdue (overdue loans and under legal collection loans), refinanced, and restructured loans. For further detail on non-performing loans, see Note 30.1(c) to the consolidated financial statements. As of December 31, 2023 2024 2025 (in thousands of Soles, except percentages) Current 137,350,087 138,889,113 143,807,972 Internal overdue loans: Overdue up to 90 days 1,459,603 1,046,337 747,943 Overdue 90 days or more 4,673,564 4,383,795 4,073,183 Subtotal internal overdue 6,133,167 5,430,132 4,821,126 Total 143,483,254 144,319,245 148,629,098 Accrued interest 1,492,797 1,413,028 1,355,856 Total direct loans 144,976,051 145,732,273 149,984,954 Internal overdue loans amount as % of total loans (1) 4.3 % 3.8 % 3.2 % (1)Includes overdue loans (overdue loans and under legal collection loans) without accrued interest. For IFRS 7 disclosure requirements on past-due loans, see Note 30.1 to the consolidated financial statements. 148 Table of Contents 7.3.9Internal overdue loan portfolio The following table analyzes our internal overdue loans portfolio by the type of loan at the dates indicated: As of December 31, 2023 2024 2025 (in thousands of Soles) Internal overdue loan amounts: Loans 5,036,429 4,639,405 4,214,180 Discounted notes 33,925 32,167 32,890 Advances and overdrafts in demand deposits 166,803 152,566 129,371 Leasing transactions 143,003 128,896 63,243 Refinanced loans 753,007 477,098 381,442 Total internal overdue loans 6,133,167 5,430,132 4,821,126 7.3.10Total Non-performing loans Total non-performing loans include internal overdue loans and under legal collection loans (S/4,821.1 million as of December 31, 2025), as well as current refinanced loans (S/2,009.7 million as of December 31, 2025). Therefore, non-performing loans amounted to S/6,830.8 million. As of December 31, 2025, our delinquency ratio (internal overdue-loan ratio) was 3.21% and our non-performing loan ratio (including internal overdue and refinanced loans) was 4.55%. As of December 31, 2024, our delinquency ratio was 3.73% and our non-performing loan ratio was 5.26%. As of December 31, 2023, our delinquency ratio was 4.23% and our non-performing loan ratio was 5.89%. See “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating Results – (5) Financial Position – 5.1 Total Assets – Portfolio quality”. For the ratio of non-performing loans to total loans and the ratio of allowance for loan losses to non-performing loans (which we refer to as coverage of non-performing loans) as of December 31, 2023, 2024 and 2025, see “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating Results – (4) Historical Discussion and Analysis – 4.2 Financial performance. 7.3.11Allowance for loan losses The following table shows the changes in our allowance for loan losses during the years 2023, 2024 and 2025 under IFRS 9 methodology: Year ended December 31, 2023 2024 2025 (In thousands of Soles) Allowance for loan losses at the beginning of the year 8,530,986 8,645,945 8,378,895 Credit loss of the period: New loans and liquidation, net (817,292) (537,802) (481,749) Changes in PD, LGDs, EADs 4,774,435 4,481,103 3,355,203 Write-offs and forgiven (3,461,262) (4,070,559) (2,925,480) Sale of loan portfolio (343,646) (122,418) (2,637) Exchange difference and others (1) (37,276) (17,374) (282,706) Total allowance for loan losses at the end of the year 8,645,945 8,378,895 8,041,526 (1)Corresponds to the effect of fluctuation in the exchange rate for foreign currency loans. Considering that the functional currency is the Peruvian Sol, and that the main impact of foreign currency is the US Dollar; the effects presented in this account are primarily driven by changes in the Sol/US Dollar exchange rate. For a discussion of the risk elements in the loan portfolio and the factors considered in determining the amount of specific reserves, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – 7.3.7 Classification of the Loan Portfolio” and “– 7.3.8 Classification of the loan portfolio based on the borrower’s payment performance”. The 149 Table of Contents balance of the allowance for loan losses as of December 31, 2023, 2024 and 2025 are included in Note 7(c) to the consolidated financial statements. As of December 31, 2025, the allowance for loan losses was S/8,041.5 million which meant a decrease of 4.03% compared to S/8,378.9 million in 2024. The allowance for loan losses, as of December 31, 2025, included S/7,670.0 million for direct loans losses and S/371.6 million for indirect loan losses or off-balance-sheet exposure losses as compared to S/7,994.9 million and S/383.9 million, respectively, in 2024. The allowance for indirect loans is included in the “Other liabilities” caption of or consolidated statement of financial position. See Notes 7(c) and 12(a) to the consolidated financial statements. The write-off process is performed with prior approval of our board of Directors. Potential write-offs are considered by the board of Directors on a case-by-case basis. Provision for credit losses on loan portfolio, net of recoveries, decreased to S/2,406.3 million in 2025 from S/3,519.4 million in 2024. 7.3.12Allocation of allowance for loan losses The following table sets forth the amounts of our allowance for loan losses attributable to commercial, microbusiness, consumer, and residential mortgage loans at the dates indicated (see also Note 7(c) to the consolidated financial statements): As of December 31, 2023 2024 2025 Allowance for loan losses for: (in thousands of Soles) Commercial loans 3,583,222 3,328,009 3,130,621 Microbusiness 2,067,488 1,948,281 1,834,613 Consumer loans 2,034,614 2,048,478 2,109,709 Residential mortgage loans 960,621 1,054,127 966,583 Total 8,645,945 8,378,895 8,041,526 Credicorp's total allowance for loan losses decreased by 4.03% from December 31, 2024 to December 31, 2025. This was mainly driven by (i) better payment performance that reflects strengthened portfolio management policies and healthy growth; (ii) the write-off of uncollectible loans; (iii) the decrease of the exchange rate PEN/U.S. Dollar; and (iv) specifically in BCP Bolivia, a non-cash accounting adjustment that involved updating the exchange rate used to translate BCP Bolivia's balance sheet to more accurately reflect prevailing market conditions. 7.3.13Credit Ratios The following table sets forth our ratio of allowance for loan losses to total loans outstanding and, for both total loans and each type of loan, net write-offs to average loans outstanding, as well as the components of these ratios, at and for the years ended December 31, 2023, 2024 and 2025. 150 Table of Contents Year ended December 31, 2023 2024 2025 (in thousands of Soles, except percentages) Allowance for loan losses to total loans outstanding 6.29 % 6.03 % 5.59 % Allowance for loan losses (8,645,945) (8,378,895) (8,041,526) Total loans outstanding 137,350,087 138,889,113 143,807,972 Total net write-offs during the period to average loans outstanding 2.4 % 2.9 % 2.0 % Total net charge-offs during the period (3,324,667) (3,887,584) (2,787,188) Average loans outstanding 137,241,513 136,355,524 138,053,898 Net write-offs during the period to average loans outstanding Loans: Average amount outstanding 135,064,506 133,900,521 136,021,044 Net charge-offs during the period (2,387,523) (2,908,945) (1,835,467) Ratio of net charge-off/average amount outstanding 1.8 % 2.2 % 1.3 % Credit cards: Average amount outstanding 6,426,866 6,260,473 6,360,746 Net charge-offs during the period (548,932) (547,121) (542,546) Ratio of net charge-off/average amount outstanding 8.5 % 8.7 % 8.5 % Leasing receivables: Average amount outstanding 5,896,141 5,511,085 5,053,224 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Discounted notes: Average amount outstanding 2,660,493 2,927,143 3,522,968 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Factoring receivables and confirming Average amount outstanding 3,184,821 2,915,033 3,026,247 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Advances and overdrafts in current account: Average amount outstanding 253,353 237,659 202,940 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Refinanced loans: Average amount outstanding 2,177,007 2,455,003 2,032,854 Net charge-offs during the period (388,212) (431,518) (409,175) Ratio of net charge-off/average amount outstanding 17.8 % 17.6 % 20.1 % The ratio of allowance for loan losses to total loans outstanding decreased from 6.03% in 2024 to 5.59% in 2025. This reduction was mainly driven by two factors: (i) lower expected credit loss provisions under IFRS 9 resulting from changes in estimates related to the El Niño phenomenon, which did not materialize, and (ii) a better payment performance in SMEs and Individuals mainly during the second semester of the year due to an increase in household's liquidity due to pension funds withdrawal, and as we reached a turning point particularly in the segments that have been the most impacted in the recent credit cycle. For more information about Credicorp’s Portfolio quality, please see “5.A Operating results – (5) Financial Position – 5.1 Total Assets”. 151 Table of Contents 7.4 Deposits The following table presents the components of our deposit base at the dates indicated: As of December 31, 2023 2024 2025 (in thousands of Soles) Demand deposits: Sol-denominated 22,398,875 25,989,592 28,563,230 Foreign currency-denominated 25,830,448 26,601,360 28,488,740 Total 48,229,323 52,590,952 57,051,970 Savings deposits: Sol-denominated 30,280,631 36,617,684 43,630,011 Foreign currency-denominated 22,095,182 23,140,141 24,181,934 Total 52,375,813 59,757,825 67,811,945 Time deposits: Sol-denominated 19,265,835 20,542,136 22,527,982 Foreign currency-denominated 22,024,176 23,574,302 17,834,451 Total 41,290,011 44,116,438 40,362,433 Severance indemnity deposits Sol-denominated 2,295,879 2,229,080 2,497,307 Foreign currency-denominated 889,724 766,940 695,257 Total 3,185,603 2,996,020 3,192,564 Bank certificates Sol-denominated 504,020 453,199 435,196 Foreign currency-denominated 690,633 648,148 546,626 Total 1,194,653 1,101,347 981,822 Total deposits: Sol-denominated 74,745,240 85,831,691 97,653,725 Foreign currency-denominated 71,530,163 74,730,891 71,747,009 Total deposits and obligations without interest payable 146,275,403 160,562,582 169,400,734 Our total deposits and obligations without interest payable increased 5.5% from December 31, 2024, to December 31, 2025, which is attributable to an increase in the level of saving and demand deposits, mainly at BCP Stand-alone. 152 Table of Contents The following table presents the non-interest-bearing demand deposits and the interest-bearing demand deposits at the dates indicated: As of December 31, 2023 2024 2025 (in thousands of Soles) Sol-denominated: Non-interest-bearing demand deposits 19,825,177 22,326,582 26,514,958 Interest-bearing demand deposits 2,573,698 3,663,010 2,048,272 Total 22,398,875 25,989,592 28,563,230 Foreign currency-denominated: Non-interest-bearing demand deposits 22,409,322 24,833,609 25,702,328 Interest-bearing demand deposits 3,421,126 1,767,751 2,786,412 Total 25,830,448 26,601,360 28,488,740 Deposits are generally insured to mitigate depositor losses in the event of financial institution bankruptcy. The insured value of any deposit will vary depending on the country where the bank is located. As of December 31, 2025, deposits in Peru are insured by the Deposit Insurance Fund up to a maximum of S/116,700 (US$34,701) per depositor; in Colombia they are insured by the “Financial Institutions Guarantee Fund” (Fogafín) up to a maximum of S/44,550 (US$13,247) per depositor; in Bolivia they are insured by the Saver Protection Fund (FPAH) up to a maximum of S/62,164 (US$18,484) per depositor; in Panama deposits are not insured. In Peru, the insurance coverage supports nominal deposits, under any modality, of natural and private non-profit legal persons, as well as demand deposits of other legal persons. These amounts include all insured deposits that a depositor has in the same financial institution. As of December 31, 2023, 2024 and 2025 the total insured deposits of the Group, which were estimated with the methodologies and assumptions used for regulatory requirements, totaled S/52,688.7 million, S/60,225.3 million and S/70,307.0 million, in Peru, Colombia, Chile and Bolivia, respectively. As of December 31, 2023, 2024 and 2025, the total uninsured deposits, without considering interest, totaled S/93,586.7 million, S/100,337.3 million and S/99,093.7million, in Peru, Colombia, Panama and Bolivia, respectively. Below are the Group’s aggregate estimated uninsured time deposits as of December 31, 2023, 2024, and 2025: As of December 31, 2023 2024 2025 (in thousands of Soles) Time deposits: Maturing within 60 days 17,551,941 20,642,795 19,769,343 Maturing after 61 but within 90 days 3,268,967 3,584,523 4,138,144 Maturing after 91 but within 180 days 3,924,564 3,583,118 3,254,483 Maturing after 181 but within 360 days 4,723,712 4,674,141 2,914,007 Maturing after 361 days 5,517,415 5,272,499 4,081,008 Total time deposits 34,986,599 37,757,076 34,156,985 153 Table of Contents 4.COrganizational structure (1)Credicorp The following tables show our organizational structure and the organization of our main subsidiaries as of December 31, 2025, indicating in each case its country of incorporation and ownership interest in the identified entities: (1)Grupo Crédito holds 100% of Tenpo under its control, which is the Fintech group of companies. (2)Grupo Crédito holds 33.66% of Pacífico Compañía De Seguros y Reaseguros S.A. (3)Grupo Crédito holds the other 50.00% of Pacífico S.A. Entidad Prestadora de Salud. (4)Credicorp Capital Holding Peru S.A. holds 85.35% of Credicorp Capital Peru S.A.A., and Credicorp Capital Ltd holds an additional 12.84% of Credicorp Capital Peru S.A.A. (5)Grupo Crédito S.A. participates in 14.26% of Credicorp Holding Colombia S.A.S. (6)Inversiones Credicorp Bolivia S.A. holds 51.95%. (7)Inversiones Credicorp Bolivia S.A. holds 51.87%. (8)Grupo Crédito holds 4.99% of Mibanco Banco de la Microempresa S.A. 4.DProperty, furniture, and equipment, net As of December 31, 2025, we owned 250 properties (238 in Peru, 10 in Bolivia and 2 in Colombia) and leased 738 properties (558 in Peru, 49 in Bolivia, 126 in Colombia, 2 in Chile, 2 in United States and 1 in Panama), which we use for the operation of our branch network and our business. We own the buildings where our headquarters are located in Lima, Peru and La Paz, Bolivia. As of December 31, 2025, we had 651 bank branches, of which 318 were BCP Stand-alone branches, 51 were BCP Bolivia branches and 282 were Mibanco branches in Peru. There are no significant encumbrances on any of our properties, and both our owned and leased properties have multi-risk property insurance. The respective policies are renewed annually and cover our properties against the risks of fire, natural disasters, and socio-political risks among others. During the year 2025, the principal property disbursement was related mainly to computer equipment and the remodeling of its various agencies. For more details on the balance of properties, furniture and equipment in progress, see Note 9 to the consolidated financial statements.