A.Operating Results Factors Affecting Our Results of Operations Substantially all of our operations are conducted in Peru. Accordingly, our results of operations and financial condition are dependent on economic conditions, consumer spending and investment levels in Peru. During the 1980s, Peru experienced a severe economic crisis and high levels of inflation. Beginning in the 1990s, however, the Peruvian government implemented a series of structural reforms, which helped stabilize the Peruvian economy and foster continued GDP growth, lower inflation and interest rates, more stable currency and significantly improved public finances. Furthermore, Peru’s macroeconomic fundamentals remain solid, the country’s economy has experienced a recovery in the last years, mainly explained by higher domestic demand, as a result of a rebound of private investment and private consumption. This recovery has been despite political instability, which have resulted in resignations and impeachment of various presidents, including most recently former President Dina Boluarte. On October 10, 2025, Peru’s Congress voted to impeach and remove President Dina Boluarte for permanent moral incapacity following months of investigations and political confrontation. Pursuant to the constitutional line of succession, an interim successor, José Jerí, was sworn in pending the definition of an electoral timetable. However, on February 17, 2026, Peru's Congress voted to remove President José Jerí from office after just four months, following allegations regarding corruption concerns. On February 18, 2026, Congress 142 appointed José María Balcázar as interim president. Nonetheless, Peru has a resilient domestic market, with continued optimism among both businesses and consumers. Business expectations remain in optimistic ranges and consumer confidence is stable, supporting domestic demand and employment generation. In 2023, GDP contracted by 0.6%. Some of the most important drivers were social conflicts and the El Niño weather phenomenon. In addition to these factors, the Peruvian economy was also affected by: (i) persistent high inflation (especially in the food sector) despite the economic slowdown (which started in the second half of 2023), (ii) real wages that remained below pre-pandemic levels, (iii) real interest rates at two-decade highs due to the BCRP’s effort to control inflation, (iv) political uncertainty, and (v) a decrease in new large projects which are usually drivers for private investment. On the other hand, inflation decreased to 3.2% in the year 2023, nearly within BCRP’s target range of 1% - 3%. A factor that contributed to lower inflation was the reduction in domestic demand and private investment, which decreased 1.1% and 6.1%, respectively, during 2023. As a result, the BCRP reference policy rate was reduced to 6.75% as of December 2023 (from 7.50% as of December 2022). In 2024, the economy showed a recovery compared to 2023. The GDP grew 3.3%, driven by several factors. A 4.0% increase in domestic demand and an increase in public investment, particularly in infrastructure, contributed positively to economic growth. Moreover, Peru enjoyed high export prices for key commodities, as reflected in a yearly growth of the terms of trade of 12.6%. Furthermore, the BCRP decreased the reference rate by 175 basis points during the year and inflation remained in line with the BCRP target range at 2.0%. The exchange rate also showed a stable performance. Additionally, the economy received positive impacts due to private investment, mostly in infrastructure with projects such as the "Mega Puerto de Chancay", which represents a total investment of U.S.$4.8 billion and aims to establish Peru as a key port hub in the South Pacific. In 2025, the country recorded a GDP growth rate of 3.4%, reflecting sustained economic activity, driven by a strong performance in primary sectors such as agriculture and mining, followed by primary manufacturing, construction, and commerce. Inflation remained contained at 1.5% as of December 31, 2025, comfortably within the BCRP’s target range (1% - 3%), signaling effective monetary policy implementation. Additionally, the Peruvian sol has strengthened more than 10% this year against the U.S. dollar, and the reference rate remains low at 4.25%, maintaining favorable financial conditions for ongoing growth. Furthermore, Peru’s external position remains robust, with net international reserves reaching U.S.$90.2 billion in December 2025, while non-financial public sector debt stands at a low 30.2% of GDP in December 2025. Peru’s economy has demonstrated notable resilience, underpinned by sound macroeconomic fundamentals and prudent policy management. The table below sets forth additional details regarding Peru’s recent economic performance. 2025 2024 2023 2022 2021 Peruvian real GDP growth rate 3.4 % 3.3 % (0.6 )% 2.7 % 13.6 % Domestic demand growth 5.8 % 3.8 % (1.7 )% 2.3 % 14.4 % Private consumption growth 3.6 % 2.8 % 0.1 % 3.6 % 11.7 % Fixed private investment (real growth) 10.0 % 2.6 % (7.2 )% (0.5 )% 37.6 % Reference interest rate 4.3 % 5.0 % 6.8 % 7.5 % 2.5 % Fiscal (deficit) (% of GDP) (2.2 )% (3.6 )% (2.8 )% (1.6 )% (2.6 )% Variation in Consumer Price Index (“CPI”) 1.5 % 2.0 % 3.2 % 8.5 % 6.4 % Unemployment rate (Metropolitan Lima) 5.9 % 6.4 % 6.8 % 7.8 % 10.7 % Disposable income growth 8.6 % 6.1 % 2.8 % 0.5 % 10.8 % Public external debt as a percentage of Peruvian GDP 12.9 % 15.5 % 15.8 % 17.5 % 19.5 % Net international reserves (U.S.$ in millions) 90,214 78,987 71,033 71,883 78,495 Sources: The Central Reserve Bank of Peru and INEI. 143 The deterioration of the macroeconomics conditions in Peru in 2023 led to higher provision requirements as well as lower provision recoveries, as increase in non-performing loans and a slowdown in the origination of new loans due to more stringent lending requirements that we have put in place. Our loan provisions have also been impacted amidst higher risk in consumer loans due to the social protests and adverse climate events that took place in Peru at the beginning of 2023. During 2024, the recovery of economic conditions, the boost from government programs such as Impulso MYPERU, and the liquidity events from the release of CTS and pension fund withdrawals led to better payment behavior among individuals, resulting in a reduction in provisions quarter-to-quarter throughout the year. For the year ended December 31, 2025, originations of retail consumer loans have remained slow, as the credit card and personal loans (including payroll deductible loans) remained stable as a portion of the loan portfolio at around 30% by December 2025 and 2024, increasing by 1.4% year-over-year. Payroll deductible loans decreased by 2% year over year. We observed lower provision requirements from retail and commercial loans, leading to a gradual improvement in the cost of risk and profitability on a quarter-by-quarter basis in 2025. The cost of risk improved each quarter, starting at 2.8% in March 2025, and showing a downward trend through December 2025 at 1.8%. The Peruvian government’s conservative fiscal policy, coupled with the Central Reserve Bank of Peru’s responsible management of inflation and international reserves has helped Peru maintain its investment grade ratings by Moody’s (Baal), S&P (BBB-) and Fitch (BBB). Peru’s credit ratings are subject to periodic review and may be revised or lowered at any time. Furthermore, in its most recent forecast as of December 2025, the Central Reserve Bank of Peru has estimated real GDP growth of 3.0% for 2026, as compared to a 3.4% growth in 2025, 3.0% growth in 2024, and a 0.6% decrease registered in 2023. Interest Rates In general, increases in prevailing interest rates result in more interest revenue from loans. An increase of prevailing interest rates may, however, adversely affect Interbank as a result of reduced overall demand for loans and greater risk of default by its clients. In addition, relatively high interest rates affect Interbank’s funding costs, and can adversely affect spreads on its loan portfolio if Interbank is unable to pass on the increased funding costs to its clients. On the other hand, a decrease in interest rates can reduce Interbank’s revenue from its loan portfolio. This revenue decrease may be offset by an increase in the volume of loans resulting from higher demand and/or a decrease in Interbank’s funding costs. By the end of 2021, the BCRP increased the reference interest rate to 2.50%, throughout 2022 it continued the gradual rise of the reference rate on a monthly basis, closing the year at 7.50%. By the end of 2023, the BCRP closed the reference interest rate at 6.75%. In 2024, it became the first central bank in the region to lower the reference interest rate, which was reduced in 175 basis points, to 5.00% by the end of the year. In 2025, the reference interest rate continued to decrease by an additional 75bps and, as of February 2026, the reference interest rate is 4.25%. In May 2021, the Central Reserve Bank of Peru set the methodology to determine maximum interest rates applicable to three types of loans: (i) ordinary consumer credit; (ii) consumer loans equivalent to two UIT (Unidad Impositiva Tributaria) or less; and (iii) credit for small and micro businesses, as ruled by Law No. 31143. Maximum interest rates are to be set at two times the average rate of consumer loans during the period between two and seven months prior to becoming effective. The interest rate cap was first effective for the period between May and October 2021 at a level of 83.4% for loans denominated in soles and 68.4% for loans denominated in U.S. dollars. For the period between November 2023 and April 2024, the interest rate cap was 101.86% for loans denominated in soles and 82.94% for loans denominated in U.S. dollars. For the period between May 2024 and October 2024, the interest rate cap was 109.8% for loans denominated in soles and 87.6% for loans denominated in U.S. dollars. For the period between November 2024 and April 2025, the cap was further increased to 112.98% in soles and 89.6% in U.S. dollars. For the period between May 2025 and October 2025 the interest rate cap was 115.14% for loans denominated in soles and 96.89% for loans denominated in U.S. dollars. For the period between November 2025 and April 2026 the interest rate cap has been decreased to 113.16% in soles and 95.4% in U.S. dollars. The interest rate cap has not represented a major disruption to Interbank’s results. Increases in interest rates negatively affect the value of Interseguro’s fixed income portfolio. However, higher rates allow Interseguro to reinvest new annuities at a higher yield. At the same time, increases in interest rates result in an increase in the discount rate Interseguro uses to calculate its reserve requirements, which has the effect of reducing Interseguro’s required technical reserves. Conversely, if interest rates fall, Interseguro’s portfolio will have a lower average interest rate, resulting in Interseguro having to record higher technical reserves. Similar to Interbank, an increase in prevailing interest rates may adversely affect Inteligo as a result of reduced overall demand for loans, as well as lower interest margins if Inteligo is unable to pass on higher funding costs to its clients. On the other hand, a decrease in interest rates may reduce Inteligo’s revenue from its loan portfolio. Furthermore, a portion of Inteligo’s revenues corresponds to earnings from its investment portfolio and is therefore exposed to interest rates fluctuations that may affect revenue from fixed-income instruments. 144 Increases in interest rates result in additional interest income from Inteligo’s variable-rate investments, but may also result in capital losses on its fixed-rate investments. Likewise, increases in interest rates in Izipay result in lower transactional volumes because of higher cost of debt for the customers. Also, in this context, Izipay’s funding strategy may be affected because of higher financial cost. Inflation Our performance may be impacted by inflation, because substantially all of our assets are not adjusted for the effects of inflation. During the 1980s, Peru experienced hyperinflation, negative economic growth and substantial currency devaluation. Inflation rates in Peru began to decrease in the 1990s and in the last 14 years Peru had one of the lowest average inflation rates in the region, partly due to the monetary policy implemented by the Central Reserve Bank of Peru and partly due to the conservative fiscal policy of the Peruvian government. In 2002, in order to maintain low inflation rates, the Central Reserve Bank of Peru established an annual inflation target of 2.5% within a range of one percentage point. In 2007, the target was lowered to 2%, within a range of one percentage point. The Central Reserve Bank of Peru has maintained its target inflation range ever since. The inflation rate in Peru, as measured by changes in the Metropolitan Lima consumer price index published by the INEI, was 1.8% in 2020, 6.3% in 2021, 7.9% in 2022, 4.0% in 2023, 1.8% in 2024 and 1.5% in 2025. In its most recent forecast as of December , 2025, the Central Reserve Bank of Peru has estimated Peru’s inflation to be 2.0% in 2026. Depreciation and Appreciation of the sol The sol floats freely against other currencies. Nevertheless, the Central Reserve Bank of Peru participates in the market (buying or selling soles) in order to avoid any large fluctuations in the exchange rate because of the effects that it could have on the Peruvian economy, which remains partly dollarized. Because a significant portion of our subsidiaries’ assets and liabilities are denominated in U.S. dollars and our consolidated financial statements are prepared in soles, the results reflected in our consolidated financial statements are affected by fluctuations in the exchange rates between the sol and the U.S. dollar. In 2025, the sol has strengthened against the U.S. dollar, primarily due to the latter’s depreciation. This trend has been supported by a combination of factors, including favorable terms of trade for exports, a sound and stable macroeconomic environment, and resilient external accounts. As of December 31, 2025, the exchange rate closed at S/3.363 per U.S.$1.00. Any future changes in the value of the sol against the U.S. dollar and other foreign currencies could adversely affect our financial condition and results of operations to the extent that our subsidiaries maintain a gap between foreign denominated assets and liabilities. The Peruvian government adopted a policy to encourage the de-dollarization of the Peruvian economy. This policy included promoting the development of a sol capital market and local currency yield curves. The proportion of outstanding loans in the banking system denominated in U.S. dollars has fallen from 51.0% as of December 31, 2011 to 26.1% as of December 31, 2025, according to figures published by the SBS. The percentage of deposits in the banking system denominated in U.S. dollars was approximately 47.3% as of December 31, 2011 compared to 35.6% as of December 31, 2025. Our proportion of loans in soles increased from 53.2% as of December 31, 2011 to 74.4% as of December 31, 2025, while deposits in soles increased from 56.8% as of December 31, 2011 to 67.9% as of December 31, 2025. As of December 31, 2025, 69.5% of Interseguro’s investment portfolio was invested in soles and 30.5% was invested in U.S. dollars. According to Interseguro’s investment policy, it allocates the currency of its investment portfolio to mitigate potential currency volatility between its investment assets and its insurance liabilities. Substantially all of Inteligo’s financial assets and liabilities are denominated in U.S. dollars. Monetary Policy The BCRP aims to stabilize inflation expectations by setting an inflation target range of 1% to 3%, established in 2007, and makes monetary policy decisions based on a reference rate for interbank market interest rates. In 2023, the BCRP decreased the rates to 7.00% and 6.75% as of November 30, 2023 and December 19, 2023, respectively. In 2024, the BCRP kept on gradually decreasing rates by 25 basis points until reaching a reference rate of 5.75% in May 2024. In August and September 2024, the BCRP further reduced the reference rate by 25 basis points cuts to reach 5.25%. In November 2024, the BCRP further lowered the reference interest rate 25 basis points. As of December 31, 2024, the reference interest 145 rate was 5.00%. In 2025, BCRP further reduced the reference rate three times by 25 basis point cuts each, in January 2025, May 2025 and September 2025 respectively. As of December 31, 2025, the reference interest rate was 4.25%. Regulatory Changes In April 2016, a new law entered in force which allows retirees to withdraw 95.5% of their pension funds as a one-time transaction. As a second stage of this law, in October 2016, retirees were allowed to withdraw their pension fund in several transactions whenever desired. This regulatory change resulted in a 36% yearly contraction for the Peruvian insurance system in purchases of regular and private annuities from 2015 to 2016, according to the SBS. Interseguro was negatively affected by the law, with annuities collected of S/337.8 million in 2016, a 38% reduction compared to 2015. However, as of December 2022, the annuities market has continued to stabilize as a result of the introduction of private annuities, a type of annuity created to fill the vacuum left by the law. This product, pioneered by Interseguro in October 2016 and soon followed by other providers, helped the industry recover a portion of the lost market. In 2025, private annuities accounted for 16.1% of the premiums collected in 2025 for the insurance industry. For Interseguro, private annuities represented 77.4% of its S/1,228.0 million in collections in annuities as of December 31, 2025. Subsequent Adjustments to the Expected Loss Model We applied an expert judgment (i.e., a qualitative adjustment to the expected credit loss model based on management's professional assessment of conditions not yet fully reflected in the model's inputs) to capture the effects of the current economic situation on the estimation of the loan portfolio, considering the impact of governmental decisions regarding the withdrawal of CTS deposits and AFP funds, in 2024 and 2025. As consequence of the liquidity excess generated by these measures, we identified an improvement of the risk rating scoring (“BURO”), which has affected the regular behavior and performance of the expected credit losses in the retail clients segment. We also enhanced our monitoring of outcomes from the expected loss model and we also record subsequent adjustments to the calculation, thus neutralizing the improvements of the credit scoring due to temporary improvements in retail clients. These adjustments seek to ensure a more representative risk estimation, taking into consideration the uncertainty generated by the current situation of the loans’ performance. Adoption of New Standards and Disclosures Generally, we have only adopted standards, interpretations or amendments that were effective in each year. Therefore, standards, interpretations or amendments that become effective in 2026 or later have not been early adopted. On January 1, 2025, we adopted the following amendment: in connection with the lack of exchangeability, an amendment to IAS 21 "The effect of changes in foreign exchange rates." See Note 3.2 to our audited annual consolidated financial statements. On January 1, 2024, we adopted the following standards, interpretations, or amendments: (i) in connection with lease liability in a sale and leaseback, amendments to IFRS 16 "Leases," (ii) in connection with classification of liabilities as current or non-current, amendments to IAS 1 "Presentation of Financial Statements” and (iii) in connection with supplier finance arrangements, amendments to IAS 7 "Statements of Cash Flows" and IFRS 7 "Financial instruments: Disclosures." On January 1, 2023, we adopted the following standards, interpretations, or amendments: (i) IFRS 17 "Insurance Contracts", (ii) in connection with the definition of Accounting Estimates, an amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” (iii) in connection with the disclosure of Accounting Policies, amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2 “Making Materiality Judgements,” (iv) in connection with Deferred Tax related to Assets and Liabilities arising from a Single Transaction, amendments to IAS 12 “Income Taxes,” and (v) in connection with the International Tax Reform – Pillar Two Model Rules, amendments to IAS 12 “Income Taxes.” Such standards, interpretations or amendments have not had a significant impact on our consolidated financial statements. Principal Line Items in Consolidated Income Statements Below is a description of certain significant line items: •interest and similar income includes interest from our loan portfolio plus interest and dividends from our investment portfolio and is composed of the following line items: (i) interest on loan portfolio, (ii) interest on 146 financial investments, (iii) interest on due from banks and inter-bank funds, (iv) dividends on financial investments, and (v) other interest and similar income. See Note 19(a) to our audited annual consolidated financial statements; •interest and similar expenses includes all financial expenses incurred to fund our operations and is composed of the following line items: (i) interest and fees on deposits and obligations, (ii) interest on bonds, notes and other obligations, (iii) interest and fees on obligations with financial institutions, (iv) deposit insurance fund fees, (v) interest on lease payments, and (vi) other interest and similar expenses. See Note 19(a) to our audited annual consolidated financial statements; •impairment loss on loans, net of recoveries includes provisions recognized as expense, net of recoveries. See Note 6(d.1) and (d.2) to our audited annual consolidated financial statements; •recovery (loss) due to impairment of financial investments includes impairment loss recognized as expense, net of recoveries. See Note 5(c) to our audited annual consolidated financial statements; •fee income from financial services, net includes primarily commissions and other fees we charge to our customers, net from related expenses, and is composed of the following line items: (i) accounts maintenance, carriage, transfers, and debit and credit card fees, (ii) income from services (“acquirer and card issuer roles”), (iii) funds management, (iv) banking services fees, (v) contingent loan fees, (vi) collection services, and (vii) brokerage and custody services. See Note 20(a) to our audited annual consolidated financial statements; •other income includes: (i) maintenance, installation and sale of POS equipment, (ii) gain from sale of written-off loans, (iii) profit from sale of property, furniture and equipment, (iv) services rendered to third parties; (v) income from ATM rentals, (vi) income from investments in associates, (vii) other technical income from insurance operations and (viii) other income. See Note 21(a) to our audited annual consolidated financial statements; •Result from insurance activities includes: (i) insurance service income, (ii) insurance service expense, (iii) reinsurance income and (iv) financial result of insurance operations. See Note 22 to our audited annual consolidated financial statements; and •other expenses include: (i) salaries and employee benefits, (ii) administrative expenses, (iii) depreciation and amortization, (iv) sundry technical insurance expenses and commission from insurance activities and (v) expenses related to rental income, (vi) cost of sale of POS equipment, (vii) administrative and tax penalties and (viii) provision for accounts receivable. See Notes 8(a), 9(a), 21(a), 23, and 24 to our audited annual consolidated financial statements. 147 Financial Condition as of December 31, 2025 Compared to December 31, 2024 The following table sets forth the principal components of our consolidated statement of financial position as of December 31, 2025 and December 31, 2024. As of December 31, 2025 As of December 31, 2024 Change (S/ in millions) (S/ in millions) % Assets Cash, due from banks and inter-bank funds 14,076.0 12,835.3 1,240.7 9.7 % Financial investments 28,173.8 26,857.9 1,315.9 4.9 % Loans, net of unearned interest 52,361.2 50,959.6 1,401.6 2.8 % Impairment allowance for loans (1,591.0 ) (1,730.2 ) 139.1 (8.0 %) Investment property 1,540.6 1,381.8 158.8 11.5 % Property, furniture and equipment, net 967.3 814.4 152.9 18.8 % Intangibles and goodwill, net 1,626.1 1,667.8 (41.6 ) (2.5 %) Reinsurance contract assets 57.2 18.6 38.6 n.m Other assets 1,886.3 2,698.5 (812.2 ) (30.1 %) Total assets 99,097.4 95,503.8 3,593.6 3.8 % Liabilities and equity Deposits and obligations 56,027.6 53,768.0 2,259.6 4.2 % Due to banks and correspondents and inter-bank funds 7,221.0 7,562.1 (341.0 ) (4.5 %) Bonds, notes and other obligations 5,590.4 6,075.4 (485.0 ) (8.0 %) Insurance and reinsurance contract liabilities 13,063.3 12,524.3 538.9 4.3 % Other liabilities 4,773.3 4,595.3 177.9 3.9 % Total liabilities 86,675.6 84,525.2 2,150.4 2.5 % Equity, net Equity attributable to IFS’s shareholders 12,348.6 10,915.2 1,433.4 13.1 % Non-controlling interest 73.3 63.4 9.9 15.6 % Total equity, net 12,421.8 10,978.6 1,443.2 13.1 % Total liabilities and equity net 99,097.4 95,503.8 3,593.6 3.8 % n.m. means not meaningful. Our assets were S/99,097.4 million as of December 31, 2025, a 3.8% increase from S/95,503.8 million as of December 31, 2024. This was mainly driven by a 9.7% increase in cash, due from banks and inter-bank funds, a 2.8% increase in loans, net of unearned interest, a 4.9% increase in financial investments, as well as an 8.0% decrease in impairment allowance for loans, and an 11.5% increase in investment property. These factors were partially offset by decreases of 2.5% and of 30.1% in intangibles and goodwill and in other assets, respectively. The increase in cash, due from bank and inter-banks funds was mainly due to higher lace funds and deposits at the BCRP. The increase in loans, net of unearned interest, showed a higher balance mostly driven by an increase in the commercial and retail portfolio. The reduction in impairment allowances of loans is mostly explained by a lower exposure to higher risk segments in the banking business, as well as a recovery of the Peruvian economy and liquidity events, which in turn positively impacted the payment behavior. Our liabilities reached S/86,675.6 million as of December 31, 2025, a 2.5% increase from S/84,525.2 million as of December 31, 2024. This was mainly driven by a 4.2% increase in deposits and obligations, and increases of 4.3% in insurance and reinsurance contract liabilities and 3.9% in other liabilities; which were partially offset by a 8.0% decrease in bonds, notes and other obligations and an 4.5% reduction in due to banks and correspondents and inter-bank funds. Our net equity was S/12,421.8 million as of December 31, 2025, a 13.1% increase from S/10,978.6 million as of December 31, 2024, mainly as a result of higher retained earnings due to increased results of operation in 2025. For more information of our liquidity, capital resources and commitments and obligations, see “Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources.” 148 Results of Operations for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 The following table sets forth the principal components of our consolidated profit for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Interest and similar income 6,888.4 7,029.4 (141.0 ) (2.0 %) Interest and similar expenses (2,259.0 ) (2,480.3 ) 221.3 (8.9 %) Net interest and similar income 4,629.4 4,549.1 80.3 1.8 % Impairment loss on loans, net of recoveries (1,136.7 ) (1,720.2 ) 583.5 (33.9 %) Loss due to impairment of financial investments (263.8 ) (47.5 ) (216.2 ) n.m Net interest and similar income after impairment loss 3,228.9 2,781.4 447.5 16.1 % Fee income from financial services, net 1,219.6 1,142.9 76.7 6.7 % Other income 1,197.9 791.6 406.3 51.3 % Result from insurance activities (47.8 ) (169.8 ) 122.0 (71.8 %) Total other expenses (3,163.2 ) (2,900.2 ) (263.0 ) 9.1 % Income before translation result and income tax 2,435.4 1,646.0 789.4 48.0 % Translation result 38.0 (24.1 ) 62.1 n.m Income Tax (530.3 ) (314.4 ) (215.9 ) 68.7 % Net profit for the year 1,943.2 1,307.5 635.7 48.6 % Attributable profit to: IFS’ shareholders 1,932.4 1,300.1 632.3 48.6 % Non-controlling interest 10.7 7.4 3.3 45.3 % n.m. means not meaningful. Our net profit was S/1,943.2 million for the year ended December 31, 2025, a 48.6% increase compared to 2024. The higher net profit was mainly a result of a decrease of S/583.5 million in impairment loss on loans, as well as increases of S/406.3 million in other income, S/122.0 million in insurance result, S/80.3 million in net interest and similar income, S/76.7 million in fee income from financial services, and S/62.1 million in translation result. These effects were partially offset by a S/263.0 million increase in other expenses, a S/216.2 increase on loss due to impairment of financial investments, and a S/215.9 million increase in income tax. Impairment loss on loans, net of recoveries decreased S/583.5 million, explained by lower provision requirements in both retail and commercial loan books, associated with the continued strong payment behavior from our clients. As a result, cost of risk for 2025 stood at 2.3%. Results from insurance activities increased S/122.0 million due to higher CSM (contractual service margin) release in life and annuities and better-than-expected results from the disability and survivorship portfolio acquired through a two-year bidding process from the Peruvian private pension system. Other income showed an increase of S/406.3 million, explained mainly by S/280.0 million in net gain on valuation of trading securities, S/75.5 million in net gain on sale securities, and S/40.8 million in valuation gain from investment properties. Net interest and similar income grew S/80.3 million, or 1.8%, mainly due to a decrease of S/221.3 million in interest and similar expenses, mostly related to the downward trend in interest rates in the market, as well as the efficient funding strategy in our banking business. These effects were partially offset by a S/141.0 million decrease in interest and similar income, which was in turn due to a change in the loan portfolio in our banking business. Fee income from financial services showed an increase of S/76.7 million. This increase was mostly explained by higher commissions from our banking subsidiary of S/92.8 million, related to a higher number of transactions and higher credit card usage; as well as an increase of S/25.0 million in our wealth management business, which is directly related to the double-digit growth in assets under management. Partially offset by a decreased of S/32.3 million in fee income from Izipay. 149 The increase in other expenses of S/263.0 million was mostly attributed to by an increase of S/192.1 million in our banking business, mostly related to higher technology expenses and employee salaries; and an increase of S/44.9 million in our insurance business. The S/216.2 million increase in impairments from financial investments is mainly related to the exposure to Rutas de Lima (RdL) and Integratel Perú (previously Telefónica del Perú) in our insurance company. Income tax showed an increase of S/215.9 million, mainly due to increase in current income as a consequence of increased results of operations in 2025. IFS’s ROE was 16.8% in 2025, higher than the 12.6% registered in 2024. Results of Operations by Segment The following table presents an overview of certain consolidated income statement data for each of our segments for the years ended December 31, 2025 and 2024. Banking Insurance Wealth Management Holding, other subsidiaries and eliminations Consolidated 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Interest and similar income 5,815.7 5,969.6 921.8 871.0 160.1 178.2 (9.2 ) 10.6 6,888.4 7,029.4 Interest and similar expenses (1,980.7 ) (2,217.2 ) (184.5 ) (153.5 ) (98.6 ) (108.5 ) 4.7 (1.1 ) (2,259.0 ) (2,480.3 ) Net interest and similar income 3,835.0 3,752.4 737.3 717.5 61.5 69.7 (4.4 ) 9.5 4,629.4 4,549.1 Impairment loss on loans, net of recoveries (1,136.7 ) (1,719.9 ) — — 0.0 (0.3 ) — — (1,136.7 ) (1,720.2 ) Recovery (loss) due to impairment of financial investments (0.0 ) (1.0 ) (264.1 ) (45.9 ) 0.4 (0.6 ) — — (263.8 ) (47.5 ) Net interest and similar income after impairment loss 2,698.3 2,031.5 473.2 671.6 61.9 68.8 (4.4 ) 9.5 3,228.9 2,781.4 Fee income from financial services, net 884.6 791.8 (12.6 ) (10.6 ) 196.0 171.0 151.7 190.8 1,219.6 1,142.9 Other income 620.2 513.5 272.0 121.2 162.5 85.2 143.1 71.7 1,197.9 791.6 Result from insurance activities — — (47.8 ) (169.8 ) — — — — (47.8 ) (169.8 ) Total other expenses (2,249.1 ) (2,057.0 ) (446.0 ) (401.2 ) (175.3 ) (175.5 ) (292.7 ) (266.5 ) (3,163.2 ) (2,900.2 ) Income (loss) before translation result and income tax 1,954.0 1,279.9 238.8 211.3 245.1 149.5 (2.4 ) 5.4 2,435.4 1,646.0 Translation result 2.4 (7.4 ) 35.7 (9.4 ) (1.1 ) (2.1 ) 1.0 (5.3 ) 38.0 (24.1 ) Income tax (481.4 ) (265.1 ) — — (12.8 ) (10.1 ) (36.1 ) (39.2 ) (530.3 ) (314.4 ) Net profit (loss) for the year 1,475.0 1,007.4 274.5 201.9 231.1 137.3 (37.5 ) (39.1 ) 1,943.2 1,307.5 Attributable to: IFS’ shareholders 1,475.0 1,007.4 274.5 201.9 231.1 137.3 (48.2 ) (46.4 ) 1,932.5 1,300.1 Non-controlling interest — — — — — — 10.7 7.4 10.7 7.4 The discussion below covers each of our reported segments and corresponds to information before adjustments and eliminations for consolidation, as of and for the years ended December 31, 2025 and 2024, in accordance with IFRS Accounting Standards. Banking Interbank’s profits were S/1,475.0 million for the year ended December 31, 2025, which represented an increase of S/467.6 million, or 46.4%, compared to the profit for the year ended December 31, 2024. The yearly performance was mainly attributed to a decrease of S/583.2 million in impairment loss on loans, net of recoveries, and increases of S/106.7 million in other income, of S/82.6 million in net interest and similar income and of S/92.8 million in fee income from financial services. These effects were partially offset by an increase of S/216.3 million in income tax and of S/192.1 in other expenses. Interbank’s ROE was 15.6% in 2025, representing a higher profitability compared to the 12.2% reported in 2024. 150 Interest and Similar Income The following table presents the components of interest and similar income for our banking segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Interest and similar income Interest on loan portfolio 4,992.0 5,063.9 (71.9 ) (1.4 %) Interest on financial investments 547.6 566.6 (19.0 ) (3.3 %) Interest on due from banks and inter-bank funds 276.1 339.1 (63.0 ) (18.6 %) Total 5,815.7 5,969.6 (153.9 ) (2.6 %) Nominal average rate 7.9 % 8.4 % — — Interest and similar income decreased 2.6% due to a 1.4% decrease in interest on loan portfolio, as well as a 18.6% decrease in interest on due from banks and inter-bank funds and of 3.3% in interest on financial investments. Interest on loan portfolio decreased S/71.9 million, or 1.4%, due to a decrease of 50 basis points in the average rate, partially offset by a 4.3% increase in the average volume. The decrease in the average rate on loans was explained by a reduction of 70 basis points in the retail portfolio, as well as a 30 basis points decrease in the commercial portfolio. The average volume of loans increased 4.3% due to an 8.6% increase in the commercial portfolio, and a 0.6% increase in retail loans. As a result, yield on loans decreased 50 basis points, from 10.5% to 10.0%. Interest on financial investments decreased S/19.0 million, or 3.3%, due to a decrease of 10 basis points in the average yield, while the average volume showed a small reduction of 0.3%. Interest on due from banks and inter-bank funds decreased by S/63.0 million, or 18.6%, explained by a 70 basis points decrease in the average yield, partially offset by an 8.1% increase in the average volume. The reduction in the average yield has to do with the downward trend in rates. As a result of the above, the nominal average yield on interest-earning assets contracted 50 basis points, from 8.4% in 2024 to 7.9% in 2025. Interest and Similar Expenses The following table presents the components of interest and similar expenses for our banking segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Interest and Similar Expenses Interest and fees on deposits and obligations (1,261.5 ) (1,491.0 ) 229.5 (15.4 %) Interests on bonds, notes and other obligations (321.3 ) (263.2 ) (58.1 ) 22.1 % Interest and fees on obligations with financial institutions and others (397.8 ) (462.9 ) 65.1 (14.1 %) Total (1,980.7 ) (2,217.2 ) 236.5 (10.7 %) Nominal average rate 3.1 % 3.6 % — — 151 Interest and similar expenses decreased 10.7% mainly due to a 15.4% decrease in interest and fees on deposits and obligations, as well as a 14.1% decrease in interest and fees on obligations with financial institutions and others, partially offset by an increase of S/58.1 million in interest on bonds, notes and other obligations. Interest and fees on deposits and obligations decreased S/229.5 million, or 15.4%, explained by a 60 basis point decrease in the average cost, from 3.0% in 2024 to 2.4% in 2025, as a result of a trend of lower rates in the market, as well as the efficient funding policy executed by the bank. The 5.5% increase in the average volume was explained by higher retail, commercial and institutional deposits. The increase in retail deposits was also explained by the capture of funds from the pension funds withdrawals. The decrease in interest and fees on obligations with financial institutions and others was explained by a 15.8% decrease in the average volume, while the average cost increased 10 basis points. Interest on bonds, notes and other obligations increased mainly due to an increase of 12.4% in the average volume, as well as a 50 basis points increase in the average cost. The average cost of funding decreased 50 basis points, from 3.6% in 2024 to 3.1% in 2025, in line with the continuous trend of lower market rates and the strategy of efficient funding. Impairment Loss on Loans, Net of Recoveries The following table presents the components of impairment loss on loans, net of recoveries for our banking segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Impairment loss on loans, net of recoveries (1,136.7 ) (1,719.9 ) 583.2 (33.9 %) Past-due loan ratio (at period end) 2.4 % 2.7 % — — Provision expense as a percentage of average total loans 2.3 % 3.6 % — — Coverage ratio(1) 139.2 % 140.2 % — — Impairment allowance for loans 1,590.9 1,730.0 (139.1 ) (8.0 %) (1)Coverage ratio is calculated by dividing allowances for loan losses as a percentage of past due loans. Impairment loss on loans, net of recoveries decreased S/583.2 million when compared to the previous year. The decrease in provision expenses was mainly due to lower provision requirements in both retail and commercial loan books, associated with the improvement of the macroeconomic outlook in Peru, as well as the strong payment behavior of our clients. Interbank’s coverage ratio decreased from 140.2% for the year ended December 31, 2024 compared to 139.2% for the year ended December 31, 2025, as a result of the aforementioned factors. 152 Fee Income from Financial Services, Net The following table presents the components of fee income from financial services, net for our banking segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Income Maintenance and mailing of accounts, transfer fees and commissions on credit and debit card 803.3 761.0 42.2 5.6 % Commissions for banking services 384.8 334.0 50.8 15.2 % Fees from indirect loans 66.0 67.1 (1.1 ) (1.6 %) Collection services fees 51.6 56.1 (4.4 ) (7.9 %) Others 36.7 31.5 5.2 16.5 % Total 1,342.4 1,249.6 92.7 7.4 % Expenses Credit cards (162.6 ) (177.5 ) 14.9 (8.4 %) Debtor’s life insurance premiums (67.2 ) (71.2 ) 4.0 (5.6 %) Fees paid to foreign banks (27.8 ) (25.8 ) (2.0 ) 7.9 % Others (200.1 ) (183.3 ) (16.8 ) 9.2 % Total (457.7 ) (457.8 ) 0.1 (0.0 %) Net 884.6 791.8 92.8 11.7 % The S/92.8 million increase in net fee income from financial services for the year ended December 31, 2025 as compared to the year ended December 31, 2024, was mainly due to higher commissions from banking services, as well as of maintenance and mailing of accounts, transfer fees and commissions on credit and debit cards, while expenses remained stable. Other Income The following table presents the components of other income for our banking segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Net gain on foreign exchange transactions 409.7 433.7 (24.0 ) (5.5 %) Net gain on sale of financial investments 67.5 13.0 54.5 n.m Net gains on financial assets at fair value through profit or loss 58.6 (8.2 ) 66.8 n.m Other 84.4 75.1 9.3 12.5 % Other income 620.2 513.5 106.7 20.8 % n.m. means not meaningful. Other income increased by S/106.7 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024, mainly due to increases of S/66.8 million in net gains on financial assets at fair value through profit or loss and of S/54.5 million in net gain on sale of financial investments, primarily sovereign bonds, which were partially offset by a S/24.0 million decrease in our net gain on foreign exchange transaction due to the depreciation of the US dollar against the Peruvian sol during 2025. 153 Other Expenses The following table presents the components of other expenses for our banking segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Salaries and employee benefits (776.9 ) (649.4 ) (127.6 ) 19.6 % Administrative expenses (1,109.9 ) (1,021.9 ) (88.1 ) 8.6 % Depreciation and amortization (307.1 ) (294.5 ) (12.6 ) 4.3 % Other (55.2 ) (91.3 ) 36.1 (39.5 %) Total other expenses (2,249.1 ) (2,057.0 ) (192.1 ) 9.3 % Other expenses increased by S/192.1 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024, mainly as a result of higher salaries and employee benefits, administrative expenses, mostly related to technology, and depreciation and amortization. Our efficiency ratio was 41.1% for the year ended December 31, 2025 as compared to 38.9% recorded for the year ended December 31, 2024. Income Before Translation Result and Income Tax Income before translation result and income tax was S/1,954.0 million for the year ended December 31, 2025, representing an increase compared to the S/1,279.9 million gain recorded for the year ended December 31, 2024, for the reasons discussed above. Insurance Interseguro’s profit for the year ended December 31, 2025 was S/274.5 million compared to a S/201.9 million profit for the year ended December 31, 2024, a S/72.6 million increase. This was mainly due to a S/150.8 million increase in other income, in turn related to higher mark-to-market valuations mainly on real estate. An improvement of S/122.0 million in insurance results, due to higher CSM (contractual service margin) release in life and annuities and better than expected results from D&S portfolio acquired through a two-year bidding process from the Peruvian private pension system. Also, increases of S/45.1 million in translation result, in line with the FX trend and of S/19.8 million in net interest and similar income, mainly related to higher dividends received. These effects were partially offset by losses due to impairment of financial investments in Rutas de Lima and Telefonica del Peru of S/218.2 million. As a result, Interseguro's ROE was 39.5% for 2025, compared to the 41.6% registered in 2024. Net Interest and Similar Income The following table presents the components of net interest and similar income for our insurance segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Interest and similar income 921.8 871.0 50.8 5.8 % Interest and similar expense (184.5 ) (153.5 ) (31.0 ) 20.2 % Net interest and similar income 737.3 717.5 19.8 2.8 % 154 Net interest and similar income increased 2.8%, or S/19.8 million, mainly due to a S/50.8 million, or 5.8%, increase in interest and similar income, in turn related to higher dividends received from investments, partially offset by a S/31.0 million, or 20.2%, increase in interest and similar income. Other Income, Net The following table presents the components of other income for our insurance segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Net gain (loss) on sale of financial investments 34.9 17.7 17.3 97.8 % Net gain (loss) on financial assets at fair value through profit or loss 41.5 (34.7 ) 76.2 n.m Rental income 81.2 71.1 10.1 14.2 % Net gain on investment property valuation 101.1 60.3 40.8 67.8 % Other 13.0 10.1 2.9 28.8 % Other income, net 272.0 121.2 150.8 124.4 % n.m. means not meaningful. Other income increased by S/150.8 million, or 124.4%, mainly due to an increase in net gain on financial assets at fair value through profit or loss of S/76.2 million, as well as an increase of S/40.8 million in net gain on investment property valuation, in turn related to a higher mark-to-market valuation on real estate. Other positive impacts were an increase of S/17.3 million in net gain on sale of financial investments, as well as a S/10.1 million increase in rental income. Recovery Loss due to Impairment of Financial Investments Recovery loss due to impairment of financial investments was S/264.1 in December 31, 2025, compared to S/45.9 million in the year December 31, 2024, an increase of S/218.2 million due to higher provisions mainly due to the exposure to Rutas de Lima and Integratel Perú (previously Telefónica del Perú). Insurance Results: The following table presents the components of the insurance results for the year ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Insurance income 1,104.1 753.4 350.7 46.6 % Insurance expenses (1,151.8 ) (923.1 ) (228.7 ) 24.8 % Total insurance results (47.8 ) (169.8 ) 122.0 (71.9 %) For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Annuities (475.5 ) (552.0 ) 76.5 (13.9 %) Individual life 148.7 125.0 23.6 18.9 % Retail insurance 279.1 257.3 21.8 8.5 % Total insurance results (47.8 ) (169.8 ) 122.0 (71.9 %) 155 Insurance results increased S/122.0 million from a negative result of S/169.8 million in December 31, 2024 to a negative result of S/47.8 million in December 31, 2025, explained by a S/350.7 million, or 46.6%, increase in insurance income, partially offset by a S/228.7 million, or 24.8%, increase in insurance expenses. The higher insurance result was mainly explained by a S/76.5 million increase in annuities, followed by a S/23.6 million increase in Individual life and of S/21.8 million in retail insurance. The increase in annuities was mainly explained by the D&S portfolio acquisition, while the increases in individual life and retail insurance were mainly due to both higher short term premiums and higher CSM (contractual service margin) release due to adjustments in CSM release patterns. Other Expenses The following table presents the components of other expenses for our insurance segment for the year ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Salaries and employee benefits (135.7 ) (121.6 ) (14.1 ) 11.6 % Administrative expenses (78.7 ) (74.3 ) (4.5 ) 6.0 % Depreciation and amortization (20.4 ) (22.1 ) 1.7 (7.5 %) Expenses related to rental income (13.3 ) (12.6 ) (0.7 ) 5.4 % Other (197.9 ) (170.6 ) (27.3 ) 16.0 % Total other expenses (446.0 ) (401.2 ) (44.9 ) 11.2 % Other expenses increased by S/44.9 million for the year ended December 31, 2025, when compared to the year ended December 31, 2024, mainly due to increases of S/27.3 million in others, S/14.1 million in salaries and employee benefits and S/4.5 million in administrative expenses. Wealth Management Inteligo’s profits were S/231.1 million in 2025, representing an increase of S/93.8 million compared to 2024. This was mainly attributable to higher mark-to-market gains on proprietary portfolio of investments, which increased by S/77.3 million, as well as a S/25.0 million increase in fee income. These positive effects were partially offset by a S/8.2 million decrease in net interest and similar income, mainly as a result of lower yields on due from banks and inter-bank funds and loans. From a business development perspective, Inteligo’s client acquisition initiatives continued to yield solid results, reflected in sustained growth in new account openings and AUM across both private wealth management and mutual funds, as well as the acquisition of Veltria, a firm focused on supporting high-net-worth families. As of December 31, 2025, total AUM increased 17.2%. As a result, Inteligo’s ROE was 21.5% for the year ended December 31, 2025, an increase compared to the 14.1% reported for the year ended December 31, 2024. 156 Interest and Similar Income The following table presents the components of interest and similar income for our wealth management segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Interest and similar income Interest on loan portfolios 88.9 94.4 (5.5 ) (5.8 %) Interest on financial investments 57.1 57.6 (0.5 ) (0.8 %) Interest due from banks and inter-bank funds 14.1 26.2 (12.1 ) (46.3 %) Total 160.1 178.2 (18.1 ) (10.2 %) Nominal average rate 3.8 % 4.3 % — — Interest and similar income decreased 10.2% mainly due to a S/12.1 million decrease in interest due from banks and inter-bank funds, as well as a S/5.5 million decrease in interest on loan portfolio, while interest on financial investments remained stable. The decrease in interest due from bank and inter-bank funds was mainly due to lower market rates, which in turn impacted interest income from our deposits in other banks. The decrease in interest on loan portfolios was mainly due to a decrease in balances of 7.6%. Interest and Similar Expenses The following table presents the components of interest and similar expenses for our wealth management segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Interest and similar expenses Interest and fees on deposits and obligations (87.9 ) (101.1 ) 13.3 (13.1 %) Interests on bonds, notes and other obligations (2.2 ) (2.5 ) 0.3 (11.5 %) Interest and fees on obligations with financial institutions and others (8.5 ) (4.8 ) (3.7 ) 75.7 % Total (98.6 ) (108.5 ) 9.9 (9.1 %) Nominal average rate 3.1 % 3.3 % — — Interest and similar expenses decreased S/9.9 million mainly due to a S/13.3 million decrease in interest and fees on deposits and obligations, a S/0.3 million decrease in interest on bonds, notes and other obligations and a S/3.7 million increase in interest and fees on obligations with financial institutions and others. The decrease in interest and fees on deposits and obligations is explained by interest expenses that belonged to deposits established in previous years, in which interest rates were at a lower level. The increase in fees on obligations with financial institutions and others was mainly due to the change in the composition of the investment portfolio. 157 Recovery (Loss) due to Impairment of Financial Investments For the year ended December 31, 2025, Inteligo’s impairment loss on financial investments was S/0.4 million, as compared to a S/0.6 million loss for the year ended December 31, 2024. Fee Income from Financial Services, Net The following table presents the components of fee income from financial services, net for our wealth management segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Income Maintenance and mailing of accounts, transfer fees and commissions on credit and debit card 2.5 2.6 (0.1 ) (3.5 %) Funds management fees 177.9 159.0 18.9 11.9 % Brokerage and custody services fees 16.0 10.2 5.8 56.7 % Others 2.3 0.7 1.6 n.m Total 198.7 172.5 26.2 15.2 % Expenses Brokerage and custody services (1.0 ) (0.8 ) (0.2 ) 29.6 % Others (1.7 ) (0.8 ) (0.9 ) n.m Total (2.7 ) (1.5 ) (1.2 ) 75.0 % Net 196.0 171.0 25.0 14.6 % n.m. means not meaningful. Fee income from financial services, net for the year ended December 31, 2025 was S/196.0 million, a S/25.0 million, or 14.6%, increase compared to the year ended December 31, 2024. This increase was mainly attributable to a S/18.9 million increase in funds management fees, which in turn is explained by the 17.2% growth in total assets under management. Other Income, net The following table presents the components of other income for our wealth management segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Net gain (loss) on sale of financial investments (0.4 ) (4.1 ) 3.7 (90.5 %) Net gain (loss) on financial assets at fair value through profit or loss 178.2 91.0 87.2 95.9 % Other (15.3 ) (1.6 ) (13.7 ) n.m Other Income 162.5 85.2 77.3 90.7 % n.m. means not meaningful. Other income, net showed an increase, from S/85.2 million for the year ended December 31, 2024 to S/162.5 million for the year ended December 31, 2025, which represents an increase of S/77.3 million. This effect was mostly explained by an increase in the mark-to-market valuation of investments through the year. 158 Other Expenses The following table presents the components of other expenses for our wealth management segment for the years ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Salaries and employee benefits (111.1 ) (96.4 ) (14.7 ) 15.2 % Administrative expenses (52.0 ) (49.6 ) (2.3 ) 4.7 % Depreciation and amortization (8.3 ) (8.7 ) 0.4 (5.1 %) Other (3.9 ) (20.7 ) 16.8 (81.0 %) Total Other Expenses (175.3 ) (175.5 ) 0.2 (0.1 %) Total other expenses increased by S/0.2 million, or 0.1%, for the year ended December 31, 2025 mainly due to an increase of S/14.7 million in salaries and employee benefits and of S/2.3 million in administrative expenses, partially offset by a S/16.8 million decrease in extraordinary items. Inteligo’s efficiency ratio is calculated by dividing salaries and employee benefits plus administrative expenses plus depreciation and amortization by net interest and similar income plus net fee income from financial services plus other income. Our wealth management segment’s efficiency ratio showed a result of 40.8% for the year ended December 31, 2025 compared to 47.5% for the year ended December 31, 2024, mainly due to an increase in revenues, mostly driven by the other income increase. 159 Financial Condition as of December 31, 2024 Compared to December 31, 2023 The following table sets forth the principal components of our consolidated statement of financial position as of December 31, 2024 and December 31, 2023. As of December 31, 2024 As of December 31, 2023 Change (S/ in millions) (S/ in millions) % Assets Cash, due from banks and inter-bank funds 12,835.3 10,343.6 2,491.7 24.1 % Financial investments 26,857.9 26,722.0 135.9 0.5 % Loans, net of unearned interest 50,959.6 48,869.8 2,089.8 4.3 % Impairment allowance for loans (1,730.2 ) (2,349.4 ) 619.3 (26.4 %) Investment property 1,381.8 1,298.9 82.9 6.4 % Property, furniture and equipment, net 814.4 804.8 9.6 1.2 % Intangibles and goodwill, net 1,667.8 1,687.1 (19.4 ) (1.1 %) Reinsurance contract assets 18.6 26.3 (7.7 ) (29.2 %) Other assets 2,698.5 2,221.6 476.9 21.5 % Total assets 95,503.8 89,624.8 5,879.0 6.6 % Liabilities and equity Deposits and obligations 53,768.0 49,188.2 4,579.8 9.3 % Due to banks and correspondents and inter-bank funds 7,562.1 9,145.6 (1,583.6 ) (17.3 %) Bonds, notes and other obligations 6,075.4 5,551.6 523.8 9.4 % Insurance and reinsurance contract liabilities 12,524.3 12,207.5 316.8 2.6 % Other liabilities 4,595.3 3,523.6 1,071.7 30.4 % Total liabilities 84,525.2 79,616.7 4,908.5 6.2 % Equity, net Equity attributable to IFS’s shareholders 10,915.2 9,950.2 965.0 9.7 % Non-controlling interest 63.4 57.9 5.5 9.5 % Total equity, net 10,978.6 10,008.1 970.5 9.7 % Total liabilities and equity net 95,503.8 89,624.8 5,879.0 6.6 % Our assets were S/95,503.8 million as of December 31, 2024, a 6.6% increase from S/89,624.8 million as of December 31, 2023. This was mainly driven by a 24.1% increase in cash, due from banks and inter-bank funds, a 4.3% increase in loans, net of unearned interest, a 26.4% reduction in impairment allowance for loans, a 0.5% increase in financial investments and a 6.4% increase in investment property. These factors were partially offset by decreases of 29.2% and of 1.1% in reinsurance contract assets and intangibles and goodwill, net, respectively. The increase in cash, due from bank and inter-banks funds was mainly due to higher lace funds and deposits at the BCRP. The increase in loans, net of unearned interest, showed a higher balance mostly driven by an increase in the commercial portfolio. The reduction in impairment allowances of loans is mostly explained by a lower exposure to higher risk segments in the banking business, as well as a recovery of the Peruvian economy, which in turn positively impacted the payment behavior. Our liabilities reached S/84,525.2 million as of December 31, 2024, a 6.2% increase from S/79,616.7 million as of December 31, 2023. This was mainly driven by a 9.3% increase in deposits and obligations, and increases of 30.4% in other liabilities, 9.4% in bonds, notes and other obligations and 2.6% in insurance and reinsurance contract liabilities, which was partially offset by a 17.3% reduction in due to banks and correspondents and inter-bank funds. Our net equity was S/10,978.6 million as of December 31, 2024, a 9.7% increase from S/10,008.1 million as of December 31, 2023, mainly as a result of higher retained earnings. For more information of our liquidity, capital resources and commitments and obligations, see “Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources.” 160 Results of Operations for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 The following table sets forth the principal components of our consolidated profit for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Interest and similar income 7,029.4 7,120.4 (91.0 ) (1.3 %) Interest and similar expenses (2,480.3 ) (2,592.4 ) 112.1 (4.3 %) Net interest and similar income 4,549.1 4,528.0 21.1 0.5 % Impairment loss on loans, net of recoveries (1,720.2 ) (1,981.8 ) 261.6 (13.2 %) Loss due to impairment of financial investments (47.5 ) (7.5 ) (40.0 ) 533.6 % Net interest and similar income after impairment loss 2,781.4 2,538.7 242.7 9.6 % Fee income from financial services, net 1,142.9 1,178.5 (35.5 ) (3.0 %) Other income 791.6 557.8 233.8 41.9 % Result from insurance activities (169.8 ) (178.4 ) 8.6 (4.8 %) Total other expenses (2,900.2 ) (2,750.2 ) (150.0 ) 5.5 % Income before translation result and income tax 1,646.0 1,346.5 299.5 22.2 % Translation result (24.1 ) 8.4 (32.6 ) (386.5 %) Income Tax (314.4 ) (275.6 ) (38.8 ) 14.1 % Net profit for the year 1,307.5 1,079.3 228.2 21.1 % Attributable profit to: IFS’ shareholders 1,300.1 1,072.8 227.3 21.2 % Non-controlling interest 7.4 6.5 0.8 12.8 % Our net profit was S/1,307.5 million for the year ended December 31, 2024, a 21.1% increase as compared to 2023. The higher net profit was mainly a result of a decrease of S/261.6 million in impairment loss on loans, a S/233.8 million increase in other income as well as a S/112.1 million decrease in interest and similar expenses. These effects were partially offset by a S/150.0 million increase in other expenses, as well as a S/38.8 million increase in income tax and a S/35.5 million decrease in fee income from financial services. Net interest and similar income grew S/21.1 million, or 0.5%, mainly due to a decrease of S/112.1 million in interest and similar expenses, mostly related to the downward trend in interest rates in the market, as well as the efficient funding strategy in our banking business. These effects were partially offset by a S/91.0 million decrease in interest and similar income, which was in turn due to a change in the loan portfolio in our banking business. Impairment loss on loans, net of recoveries decreased S/261.6 million, explained by lower provision requirements in both retail and commercial loan books, associated with the improvement of the macroeconomic outlook in Peru; as well as the change in the loan mix, as lower risk segments such us mortgages, payroll deductible loans and commercial loans, gained relevance. Also, 2024 shows a loss due to impairment of financial investments of S/47.5 million, which is mostly due to a one-off event in the first quarter in our insurance business, as a result of the rating downgrade of a fixed income investment. Other income showed an increase of S/233.8 million, due to an improvement in the results in our Wealth Management business, from a S/40.2 million loss to a S/80.5 million profit, which in turn is explained by an increase in the mark-to-market valuation on the proprietary investments, an increase of S/127.3 million in net gain on foreign exchange transactions from our banking business and a S/55.1 million increase in investment property, mostly related to our insurance business. Fee income from financial services showed a decrease of S/35.5 million. This decrease was mostly explained by a reduction of S/34.3 million in Izipay's business, which in turn was related to higher competition and tightening margins, and a S/21.5 million reduction in our banking business. These effects were partially offset by a S/24.7 million increase in fee income from our Wealth Management business, due to the important increase in assets under management. Income tax showed an increase of S/38.8 million, in turn related to an increase in income before translation result and income tax. The moderate increase in other expenses of S/150 million was mostly attributed to higher expenses in our three businesses. The efficiency ratio was 37.4% as of December 31, 2024, compared to the 36.8% registered in 2023. 161 IFS’s ROE was 12.2% in 2024, higher than the 11.3% registered in 2023. Results of Operations by Segment The following table presents an overview of certain consolidated income statement data for each of our segments for the years ended December 31, 2024 and 2023. Banking Insurance Wealth Management Holding, other subsidiaries and eliminations Consolidated 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Interest and similar income 5,969.6 6,076.0 871.0 851.6 178.2 183.9 10.6 8.8 7,029.4 7,120.4 Interest and similar expenses (2,217.2 ) (2,363.8 ) (153.5 ) (126.7 ) (108.5 ) (98.4 ) (1.1 ) (3.5 ) (2,480.3 ) (2,592.4 ) Net interest and similar income 3,752.4 3,712.2 717.5 724.9 69.7 85.6 9.5 5.3 4,549.1 4,528.0 Impairment loss on loans, net of recoveries (1,719.9 ) (1,982.0 ) — — (0.3 ) 0.2 — — (1,720.2 ) (1,981.8 ) Recovery (loss) due to impairment of financial investments (1.0 ) — (45.9 ) (7.9 ) (0.6 ) 0.3 — — (47.5 ) (7.5 ) Net interest and similar income after impairment loss 2,031.5 1,730.2 671.6 717.1 68.8 86.1 9.5 5.3 2,781.4 2,538.7 Fee income from financial services, net 791.8 813.3 (10.6 ) (13.4 ) 171.0 146.2 190.8 232.4 1,142.9 1,178.5 Other income 513.5 494.8 121.2 122.9 85.2 (40.2 ) 71.7 (19.8 ) 791.6 557.8 Result from insurance activities — — (169.8 ) (178.4 ) — — — — (169.8 ) (178.4 ) Total other expenses (2,057.0 ) (1,949.9 ) (401.2 ) (374.6 ) (175.5 ) (153.6 ) (266.5 ) (272.1 ) (2,900.2 ) (2,750.2 ) Income (loss) before translation result and income tax 1,279.9 1,088.5 211.3 273.6 149.5 38.5 5.4 (54.1 ) 1,646.0 1,346.5 Translation result (7.4 ) (16.0 ) (9.4 ) 18.4 (2.1 ) 0.8 (5.3 ) 5.2 (24.1 ) 8.4 Income tax (265.1 ) (216.4 ) — — (10.1 ) (3.1 ) (39.2 ) (56.1 ) (314.4 ) (275.6 ) Net profit (loss) for the year 1,007.4 856.1 201.9 292.1 137.3 36.2 (39.1 ) (105.1 ) 1,307.5 1,079.3 Attributable to: IFS’ shareholders 1,007.4 856.1 201.9 292.1 137.3 36.2 (46.4 ) (111.6 ) 1,300.1 1,072.7 Non-controlling interest — — — — — — 7.4 6.5 7.4 6.5 The discussion below covers each of our reported segments and corresponds to information before adjustments and eliminations for consolidation, as of and for the years ended December 31, 2024 and 2023, in accordance with IFRS Accounting Standards. Banking Interbank’s profits were S/1,007.4 million for the year ended December 31, 2024, which represented an increase of S/151.3 million, or 17.7%, compared to the profit for the year ended December 31, 2023. The yearly performance was mainly attributed to a decrease of S/262.1 million in impairment loss on loans, net of recoveries, and increases of S/40.2 million in net interest and similar income and of S/18.7 million in other income. These effects were partially offset by an increase of S/107.1 million in other expenses, of S/48.7 million in income tax and a decrease of S/21.5 million in fee income from financial services, net. Interbank’s ROE was 12.2% in 2024, representing a lower profitability compared to the 11.2% reported in 2023. 162 Interest and Similar Income The following table presents the components of interest and similar income for our banking segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Interest and similar income Interest on loan portfolio 5,063.9 5,230.9 (166.9 ) (3.2 %) Interest on financial investments 566.6 525.6 40.9 7.8 % Interest on due from banks and inter-bank funds 339.1 319.5 19.6 6.1 % Total 5,969.6 6,076.0 (106.4 ) (1.8 %) Nominal average rate 8.4 % 8.9 % — — Interest and similar income decreased 1.8% due to a 3.2% decrease in interest on loan portfolio, partially offset by increases of 7.8% in interest on financial investments and in interest on due from banks and inter-bank funds. Interest on loan portfolio decreased S/166.9 million, or 3.2%, due to a decrease of 70 basis points in the average rate, partially offset by a 4.2% increase in the average volume. The decrease in the average rate on loans was explained by a reduction of 120 basis points in the retail portfolio, partially offset by an increase of 10 basis points in the commercial portfolio. The average volume of loans increased 4.2% due to a 12.4% increase in the commercial portfolio, mostly driven by the Impulso MyPeru program, and partially offset by a 2.3% decrease in retail loans. As a result, yield on loans decreased 80 basis points, from 11.3% to 10.5%. Interest on financial investments increased S/40.9 million, or 7.8%, due to an increase of 5.9% in the average volume, while the average yield remained stable. The higher average volume was mostly explained by a higher mark-to-market valuation. Interest on due from banks and inter-bank funds increased by S/19.6 million, or more than 6.1%, explained by a 10.1% increase in the average volume, partially offset by a 20 basis points reduction in the average yield. As a result of the above, the nominal average yield on interest-earning assets contracted 50 basis points, from 8.9% in 2023 to 8.4% in 2024. Interest and Similar Expenses The following table presents the components of interest and similar expenses for our banking segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Interest and Similar Expenses Interest and fees on deposits and obligations (1,491.0 ) (1,657.6 ) 166.6 (10.0 %) Interests on bonds, notes and other obligations (263.2 ) (249.4 ) (13.8 ) 5.5 % Interest and fees on obligations with financial institutions and others (462.9 ) (456.8 ) (6.1 ) 1.3 % Total (2,217.2 ) (2,363.8 ) 146.6 (6.2 %) Nominal average rate 3.6 % 4.0 % — — 163 Interest and similar expenses decreased 6.2% mainly due to a 10.0% decrease in interest and fees on deposits and obligations, partially offset by a 5.5% increase in interest on bonds, notes and other obligations, and a 1.3% increase in interest and fees on obligations with financial institutions and others. Interest and fees on deposits and obligations decreased S/166.6 million, or 10.0%, explained by a 60 basis point decrease in the average cost, from 3.6% in 2023 to 3.0% in 2024, as a result of a trend of lower rates in the market, as well as the efficient funding policy executed by the bank. The 7.4% increase in the average volume was explained by higher retail, commercial and institutional deposits. The increase in interest and fees on obligations with financial institutions and others was explained by a 2.5% increase in the average volume, while the average cost remained stable. Interest on bonds, notes and other obligations increased mainly due to an increase of 80 basis points in the average cost, partially offset by a decrease of 8.7% in the average volume. The average cost of funding decreased 40 basis points, from 4.0% in 2023 to 3.6% in 2024, in line with the continuouos trend of lower market rates and the strategy of efficient funding. Impairment Loss on Loans, Net of Recoveries The following table presents the components of impairment loss on loans, net of recoveries for our banking segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Impairment loss on loans, net of recoveries (1,719.9 ) (1,982.0 ) 262.1 (13.2 %) Past-due loan ratio (at period end) 2.7 % 3.5 % — — Provision expense as a percentage of average total loans 3.6 % 4.3 % — — Coverage ratio(1) 140.2 % 156.8 % — — Impairment allowance for loans 1,730.0 2,349.3 (619.3 ) (26.4 %) (2)Coverage ratio is calculated by dividing allowances for loan losses as a percentage of past due loans. Impairment loss on loans, net of recoveries decreased S/262.1 million when compared to the previous year. The decrease in provision expenses was mainly due to lower provision requirements in both retail and commercial loan books, associated with the improvement of the macroeconomic outlook in Peru, as well as the change in the loan mix. Interbank’s coverage ratio decreased from 156.8% for the year ended December 31, 2023 compared to 140.2% for the year ended December 31, 2024, as a result of the aforementioned factors. 164 Fee Income from Financial Services, Net The following table presents the components of fee income from financial services, net for our banking segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Income Maintenance and mailing of accounts, transfer fees and commissions on credit and debit card 761.0 752.8 8.2 1.1 % Commissions for banking services 334.0 319.3 14.7 4.6 % Fees from indirect loans 67.1 68.4 (1.3 ) (1.9 %) Collection services fees 56.1 60.7 (4.7 ) (7.7 %) Others 31.5 40.8 (9.3 ) (22.9 %) Total 1,249.6 1,242.0 7.6 0.6 % Expenses Credit cards (177.5 ) (199.5 ) 22.0 (11.0 %) Debtor’s life insurance premiums (71.2 ) (71.8 ) 0.6 (0.8 %) Fees paid to foreign banks (25.8 ) (26.3 ) 0.5 (1.9 %) Others (183.3 ) (131.2 ) (52.1 ) 39.7 % Total (457.8 ) (428.7 ) (29.1 ) 6.8 % Net 791.8 813.3 (21.5 ) (2.6 %) The S/21.5 million decrease in net fee income from financial services for the year ended December 31, 2024 as compared to the year ended December 31, 2023, was mainly due to lower commissions from saving accounts and transfers, as well as insurance income and other fees. These effects were partially offset by an increase in credit card fees. Other Income The following table presents the components of other income for our banking segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Net gain on foreign exchange transactions 433.7 306.4 127.3 41.5 % Net gain on sale of financial investments 13.0 (0.7 ) 13.7 n.m. Net gains on financial assets at fair value through profit or loss (8.2 ) 80.7 (89.0 ) (110.2 %) Other 75.1 108.3 (33.3 ) (30.7 %) Other income 513.5 494.8 18.7 3.8 % n.m. means not meaningful. Other income increased by 18.7 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023, mainly due to higher net gain on foreign exchange transactions, partially offset by lower net gain on financial assets at fair value through profit or loss. 165 Other Expenses The following table presents the components of other expenses for our banking segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Salaries and employee benefits (649.4 ) (621.8 ) (27.5 ) 4.4 % Administrative expenses (1,021.9 ) (977.7 ) (44.1 ) 4.5 % Depreciation and amortization (294.5 ) (271.5 ) (23.0 ) 8.5 % Other (91.3 ) (78.8 ) (12.5 ) 15.8 % Total other expenses (2,057.0 ) (1,949.9 ) (107.1 ) 5.5 % Other expenses increased by S/107.1 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023, mainly as a result of higher salaries and employee benefits, administrative expenses and depreciation and amortization. Our efficiency ratio was 38.9% for the year ended December 31, 2024 as compared to 37.3% recorded for the year ended December 31, 2023. Income Before Translation Result and Income Tax Income before translation result and income tax was S/1,279.9 million for the year ended December 31, 2024, representing a growth compared to the S/1,088.5 million gain recorded for the year ended December 31, 2023, for the reasons discussed above. Insurance Interseguro’s profit attributable to shareholders for the year ended December 31, 2024 was S/201.9 million compared to a S/292.1 million profit for the year ended December 31, 2023, a S/90.2 million decrease. This was mainly due to a S/38.0 million increase in losses due to impairment of financial investments, mostly explained by the rating downgrade of a fixed income investment. In addition, yearly results were negatively impacted by a S/26.6 million increase in other expenses, as well as a S/27.8 million decrease in translation results. These factors were partially offset by a positive development of S/8.6 million in insurance results. Net Interest and Similar Income The following table presents the components of net interest and similar income for our insurance segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Interest and similar income 871.0 851.6 19.3 2.3 % Interest and similar expense (153.5 ) (126.7 ) (26.8 ) 21.1 % Net interest and similar income 717.5 724.9 (7.4 ) (1.0 %) Net interest and similar income decreased 1.0%, or S/7.4 million, mainly due to a S/26.8 million, or 21.1%, decrease in interest and similar expenses and a S/19.3 million, or 2.3%, increase in interest and similar income. 166 Other Income, Net The following table presents the components of other income for our insurance segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Net gain (loss) on sale of financial investments 17.7 9.9 7.7 77.6 % Net gain (loss) on financial assets at fair value through profit or loss (34.7 ) 19.1 (53.8 ) n.m. Rental income 71.1 66.0 5.1 7.8 % Net gain on investment property valuation 60.3 7.1 53.1 n.m. Other 10.1 20.8 (10.7 ) (51.6 %) Other income, net 121.2 122.9 (1.7 ) (1.4 %) n.m. means not meaningful. Other income decreased by S/1.7 million, or 1.4%, mainly due to an extraordinary loss on financial assets at fair value partially offset by an increase in net gain on investment property valuations. Recovery (Loss) due to Impairment of Financial Investments Recovery (loss) due to impairment of financial investments was S/45.9 in December 31, 2024, compared to S/7.9 million in the year December 31, 2023, an increase of S/38.0 million due to a one-off event in the first quarter of the year. Insurance Results: The following table presents the components of the insurance results for the year ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Insurance income 753.4 710.9 42.5 6.0 % Insurance expenses (923.1 ) (889.3 ) (33.8 ) 3.8 % Total insurance results (169.8 ) (178.4 ) 8.6 (4.8 %) Insurance Income: The following table presents the components of the insurance income for the year ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Annuities 293.9 277.3 16.6 6.0 % Individual life 106.7 92.3 14.4 15.6 % Retail insurance 352.8 341.3 11.5 3.4 % Total insurance income 753.4 710.9 42.5 6.0 % 167 Insurance income was S/753.4 million in 2024, an increase of S/42.5 million, or 6.0%. The yearly performance was mainly explained by increases of S/16.6 million in annuities and S/14.4 million in individual life, which in turn are related to the higher risk adjustment and best estimate liability (BEL) release, resulting from the fulfillment of certain cash flows estimates. The S/11.5 million increase in retail insurance was mainly explained by higher short-term insurance premiums. Insurance Expenses: The following table presents the components of the insurance expenses for the year ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Annuities (845.9 ) (845.6 ) (0.3 ) 0.0 % Individual life 18.3 30.7 (12.4 ) (40.4 %) Retail insurance (95.5 ) (74.3 ) (21.2 ) 28.5 % Total insurance expenses (923.1 ) (889.2 ) (33.9 ) 3.8 % Insurance expenses were S/923.1 million in 2024, an increase of S/33.9 million, or 3.8%. The yearly increase was explained by an increase of S/21.2 million in retail insurance, due to an extraordinary loss component reversal in the last quarter of 2023. Another contributing factor was the decrease in individual life. The S/12.4 million decrease in individual life was due to adjustments of technical reserves of variable fee approach (VFA) insurance contracts. Annuities showed a stable result. Other Expenses The following table presents the components of other expenses for our insurance segment for the year ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Salaries and employee benefits (121.6 ) (104.7 ) (16.9 ) 16.1 % Administrative expenses (74.3 ) (74.5 ) 0.2 (0.3 %) Depreciation and amortization (22.1 ) (21.7 ) (0.4 ) 2.0 % Expenses related to rental income (12.6 ) (6.1 ) (6.5 ) 106.7 % Other (170.6 ) (167.6 ) (3.0 ) 1.8 % Total other expenses (401.2 ) (374.6 ) (26.6 ) 7.1 % Other expenses increased by S/26.6 million for the year ended December 31, 2024, when compared to the year ended December 31, 2023, mainly due to increases of S/16.9 million in salaries and employee benefits, S/6.5 million in expenses related to rental income, S/3.0 million in other items and S/0.4 million in depreciation and amortization. Wealth Management Inteligo’s profits were S/137.3 million in 2024, representing an increase of S/101.1 million compared to 2023. This was mainly attributable to the recovery of the investment portfolio, from reported losses of S/40.2 million in 2023 to a profit of S/85.2 million in 2024, due to a mark-to-market profit on proprietary portfolio investments. Partially offsetting the annual improvement in other income, the company registered an 18.5% decrease in net interest and similar income, mainly as a result of higher interest expenses, and a 14.3% increase in other expenses. From a business development perspective, Inteligo’s prospection process continued to show positive results in terms of new account openings and assets under management growth in private wealth management and mutual funds. Consequently, Inteligo’s AUM grew 18.5% on a yearly basis. 168 As a result, Inteligo’s ROE was 14.1% for the year ended December 31, 2024, an increase compared to the 9.9% reported for the year ended December 31, 2023. Interest and Similar Income The following table presents the components of interest and similar income for our wealth management segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Interest and similar income Interest on loan portfolios 94.4 94.0 0.4 0.4 % Interest on financial investments 57.6 51.6 6.0 11.6 % Interest due from banks and inter-bank funds 26.2 38.3 (12.2 ) (31.7 %) Total 178.2 183.9 (5.8 ) (3.1 %) Nominal average rate 4.3 % 4.1 % — — Interest and similar income decreased 3.1% mainly due to a S/12.2 million decrease in interest due from banks and inter-bank funds, partially offset by a S/6.0 million increase in interest on financial investments and a S/0.4 million increase in interest on loan portfolios. The decrease in interest due from bank and inter-bank funds was mainly due to lower market rates, which in turn impacted interest income from our deposits in other banks. The increase in interest on financial investment was mainly due to the increase in carry positions in the portfolio and the increase in interest on loan portfolios was mainly due to increases in balances of 6.8%. Interest and Similar Expenses The following table presents the components of interest and similar expenses for our wealth management segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Interest and similar expenses Interest and fees on deposits and obligations (101.1 ) (93.6 ) (7.5 ) 8.1 % Interests on bonds, notes and other obligations (2.5 ) (0.7 ) (1.8 ) 275.3 % Interest and fees on obligations with financial institutions and others (4.8 ) (4.1 ) (0.7 ) 17.6 % Total (108.5 ) (98.4 ) (10.1 ) 10.3 % Nominal average rate 3.3 % 2.7 % — — Interest and similar expenses increased S/10.1 million mainly due to a S/7.5 million increase in interest and fees on deposits and obligations, a S/1.8 million increase in interest on bonds, notes and other obligations and a S/0.7 million increase in interest and fees on obligations with financial institutions and others. The increase in interest and fees on deposits and obligations is explained by interest expenses that belonged to deposits established in previous years, in which interest rates were at a higher level. The increase in interest on bonds, notes and other obligations and the increase and fees on obligations with financial institutions and others was mainly due to the change in the composition of the investment portfolio. 169 Impairment Loss on Loans, Net of Recoveries Inteligo’s loan portfolio had no delinquencies for the years ended December 31, 2024 and 2023. Inteligo’s impairment gain on loans was S/0.3 million for the year ended December 31, 2024. Recovery (Loss) due to Impairment of Financial Investments For the year ended December 31, 2024, Inteligo’s impairment loss on financial investments was S/0.6 million, as compared to a S/0.3 million loss for the year ended December 31, 2023. Fee Income from Financial Services, Net The following table presents the components of fee income from financial services, net for our wealth management segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Income Maintenance and mailing of accounts, transfer fees and commissions on credit and debit card 2.6 2.6 0.0 1.2 % Funds management fees 159.0 137.3 21.8 15.8 % Brokerage and custody services fees 10.2 6.8 3.4 51.1 % Others 0.7 1.1 (0.4 ) (36.3 %) Total 172.5 147.7 24.8 16.8 % Expenses Brokerage and custody services (0.8 ) (0.7 ) (0.1 ) 15.6 % Others (0.8 ) (0.8 ) 0.0 (0.6 %) Total (1.5 ) (1.4 ) (0.1 ) 6.9 % Net 171.0 146.2 24.7 16.9 % Fee income from financial services, net for the year ended December 31, 2024 was S/171.0 million, a S/24.7 million, or 16.9%, increase compared to the year ended December 31, 2023. This increase was mainly attributable to a S/21.8 million increase in funds management fees, which in turn reflects the 16.9% growth in total assets under management. Other Income, net The following table presents the components of other income for our wealth management segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Net gain (loss) on sale of financial investments (4.1 ) (2.9 ) (1.3 ) 44.1 % Net gain (loss) on financial assets at fair value through profit or loss 91.0 (33.9 ) 124.8 (368.7 %) Other (1.6 ) (3.5 ) 1.8 (53.0 %) Other Income 85.2 (40.2 ) 125.4 (312.0 %) Other income, net showed an increase, from negative S/40.2 million for the year ended December 31, 2023 to S/85.2 million for the year ended December 31, 2024, which represents an increase of S/125.4 million. This effect was mostly explained by an increase in the mark-to-market valuation of investments through the year. 170 Other Expenses The following table presents the components of other expenses for our wealth management segment for the years ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Salaries and employee benefits (96.4 ) (89.5 ) (6.9 ) 7.8 % Administrative expenses (49.6 ) (46.7 ) (3.0 ) 6.4 % Depreciation and amortization (8.7 ) (15.0 ) 6.3 (41.8 %) Other (20.7 ) (2.4 ) (18.3 ) n.m. Total Other Expenses (175.5 ) (153.6 ) (21.9 ) 14.3 % n.m. means not meaningful. Total other expenses increased by S/21.9 million, or 14.3%, for the year ended December 31, 2024 mainly due to extraordinary items, as well as increases in salaries and employee benefits and administrative expenses, and partially offset by a decrease in depreciation and amortization. Inteligo’s efficiency ratio is calculated by dividing salaries and employee benefits plus administrative expenses plus depreciation and amortization by net interest and similar income plus net fee income from financial services plus other income. Our wealth management segment’s efficiency ratio showed a result of 47.5% for the year ended December 31, 2024 compared to 78.9% for the year ended December 31, 2023, mainly due to an increase in revenues, mostly driven by the other income increase. B.Liquidity and Capital Resources Our primary source of liquidity is dividends received from our subsidiaries and an issuance of senior debt and our primary use of funds is the payment of dividends to our shareholders and interest payments associated with the indebtedness described below. As of December 31, 2025, our outstanding indebtedness included the U.S.$300,000,000 aggregate principal amount of 4.125% senior notes due 2027 issued pursuant to the indenture, dated October 19, 2017 among the Registrant, The Bank of New York Mellon, as trustee, and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Luxembourg transfer and paying agent. The following discussion of liquidity and capital resources is on a segment basis. See “Item 8. Financial Information—Consolidated Statements and Other Financial Information—Dividends and dividends policy." Interbank The following table presents Interbank’s primary sources of funds as of December 31, 2025 and 2024: As of December 31, 2025 As of December 31, 2024 Change (S/ in millions) (S/ in millions) % Total deposits and obligations 53,667.2 51,144.4 2,522.9 4.9 % Due to banks and correspondents and inter-bank funds 6,783.1 6,963.7 (180.6 ) (2.6 %) Bonds, notes and other obligations 4,289.7 4,669.1 (379.5 ) (8.1 %) Total 64,740.0 62,777.2 1,962.8 3.1 % In our banking segment, our primary sources of funds have traditionally consisted of deposits and obligations, which amounted to S/53,704.3 million as of December 31, 2025. Interbank’s deposits include retail and commercial deposits, generated mainly through its digital channels, financial stores distribution network, and its relationships with commercial clients. 171 Interbank is required to maintain deposits with the Central Reserve Bank of Peru, as legal reserve, in an amount determined by the percentage of deposits and other liabilities owed to its clients. For a description of the legal reserve (encaje) regulations, see “Item 4. Information on the Company—Business Overview—Regulation and Supervision—Banking Regulation and Supervision—Reserve Requirements from the Central Reserve Bank of Peru." At times, Interbank has utilized Peru’s short-term interbank loans market to satisfy liquidity needs. The Central Reserve Bank of Peru’s discount window, which makes short-term loans to banks at premium rates, is another potential short-term funding source; although, Interbank has used it infrequently. As part of Interbank’s liquidity management, it sometimes enters into repos on Central Reserve Bank of Peru certificates of deposit, which are a cost and tax efficient source of funds in Peruvian currency. Payables from repurchase agreements, and debt and financial obligation decreased in an aggregated amount of S/235.7 million, or 3.38%, to S/6,728.1 million as of December 31, 2025, from S/6,963.7 million as of December 31, 2024, mainly due to a decrease in obligations with foreign entities. We have corporate, subordinated, mortgage and leasing bonds in the Peruvian and international capital markets. Interest payable accounted for an additional S/3,993.2 million of our bonds and other obligations, as of December 31, 2025. See Note 13 to our audited annual financial statements. Outstanding Indebtedness of Interbank As of December 31, 2025, Interbank’s outstanding indebtedness included the following: •U.S.$400.0 million principal amount of 3.250% senior notes due 2026 issued on October 4, 2019. •S/312.0 million principal amount of 5.000% senior notes due 2026 issued on October 1, 2019. •U.S.$315.0 million in working capital loans under credit facility agreements due between 2026 and 2027. •U.S.$150.0 million in trade loans under credit facility agreements due 2026. •U.S.$300.0 million aggregate principal amount of 7.625% subordinated notes due 2034 issued on January 9, 2024. •U.S.$350.0 million aggregate principal amount of 6.397% Subordinated Notes due 2035 issued on January 30, 2025. On January 15, 2026, Interbank issued U.S.$500.0 million aggregate principal amount of 4.800% senior notes due 2031 under Rule 144A and Regulation S of the Securities Act. Additionally, as of December 31, 2025, Interbank had U.S.$106.4 million in local debt, which includes S/150.0 million (U.S.$44.6 million at the nominal exchange rate of S/3.363 per U.S.$1.00 as of December 31, 2025) of local corporate inflation-linked bonds, which have an amortization cost of S/191.4 million, S/106.7 million (U.S.$30.7 million) of negotiable certificates of deposits due on July 3, 2026, and S/101.3 million (U.S.$29.2 million) of negotiable certificates of deposits due on September 11, 2026. Additional outstanding indebtedness is mainly related to short-term bank facilities for working capital and general purposes. As of the date of this Annual Report on Form 20-F, Interbank is in compliance with all the covenants in our indebtedness described above and is not subject to any other such obligations. Interseguro Interseguro’s primary source of funds is premiums collected, carry from fixed income investments, dividends on equity investments and real estate leases. 172 Outstanding Indebtedness of Interseguro Interseguro has issued subordinated bonds in the Peruvian market. As of December 31, 2025, Interseguro had S/340.0 million in bonds outstanding compared to S/333.1 million for 2024. Additionally, Interseguro works with credit lines for promissory notes and letters of guarantee. Inteligo The following table presents Inteligo’s primary sources of funds as of December 31, 2025 and 2024: As of December 31, 2025 As of December 31, 2024 Change (S/ in millions) (S/ in millions) % Total deposits and obligations 2,632.9 2,929.3 (296.4 ) (10.1 %) Due to banks and correspondents and inter-bank funds 315.1 265.8 49.4 18.6 % Total 2,948.1 3,195.1 (247.0 ) (7.7 %) In our wealth management segment, the primary source of funds has consisted of deposits and obligations, which amounted to S/2,632.9 million as of December 31, 2025. Inteligo Bank’s deposits are retail deposits, from its private wealth clients. Retail deposits provide Inteligo with a low-cost, diverse and stable source of funding. Amounts due to banks and correspondents and inter-bank funds consist of the credit facilities provided to Inteligo Bank. Deposits and obligations decreased S/296.4 million or 10.1% from December 31, 2024 to December 31, 2025, mainly attributable to the decreasing exchange rate and lower interest rates through the year. Funds due to banks and correspondents increased by S/49.4 million, or 18.6%, from December 31, 2024, to December 31, 2025, mainly due to increased utilization of credit lines with BMO Capital Markets. Outstanding Indebtedness of Inteligo As of December 31, 2025, Inteligo’s outstanding indebtedness included the following: •U.S.$24.5 million loan under a credit facility between Inteligo Bank and Banque J. Safra Sarasin SA. The credit agreement includes standard clauses regarding eligible collateral. •U.S.$69.0 million loan under a credit facility between Inteligo Bank and BMO Capital Markets. The credit agreement includes standard clauses regarding eligible collateral. Regulatory Capital There are minimum capital requirements for financial services holding companies on a fully consolidated basis. Pursuant to Oficio N° 61578-2024-SBS, after assessing the perimeter for purposes of consolidated supervision of Intercorp's Financial Group (Grupo Financiero), SBS limited such scope to us and our subsidiaries, plus InFinance XP S.A. (formerly Financiera Oh! S.A.). This change took effect beginning with the consolidated regulatory information submitted to SBS as of December 2024. As of December 31, 2025, we were compliant with the applicable regulations. Additionally, Interbank and Interseguro are required to maintain minimum regulatory capital pursuant to guidelines issued by the SBS, and Inteligo Bank is required to maintain minimum regulatory capital pursuant to guidelines issued by the Central Bank of The Bahamas. Izipay does not have mandatory capital requirements. 173 Interbank As of December 31, 2025, the minimum regulatory capital as a percentage of risk-weighted assets for Interbank was 12.5% and its ratio of regulatory capital to total risk weighted assets was 16.0%, according to the SBS. As of December 31, 2024, the minimum regulatory capital as a percentage of risk-weighted assets for Interbank was 12.3% and its ratio of regulatory capital to total risk weighted assets was 15.9%, according to the SBS. As of December 31, 2023, the minimum regulatory capital as a percentage of risk-weighted assets for Interbank was 11.1% and its ratio of regulatory capital to total risk weighted assets was 15.5%, according to the SBS. See Note 16(f) to our audited annual consolidated financial statements and “Item 4. Information on the Company—Business Overview—Regulation and Supervision” section in this Annual Report on Form 20-F for a discussion of regulatory capital requirements applicable to Interbank. The following tables present Interbank’s regulatory capital as of December 31, 2025, 2024 and 2023, in accordance with SBS GAAP, as required by the Peruvian Banking and Insurance Law. As of December 31, 2025 As of December 31, 2024 Change (S/ in (millions) (S/ in millions) % Paid-in-capital 6,734.2 6,314.1 420.2 6.7 % Legal and special reserves 1,466.4 1,373.0 93.4 6.8 % Treasury stock (33.9 ) (33.9 ) (0.0 ) 0.0 Others 474.6 239.2 235.4 98.4 % Total Tier 1 8,641.3 7,892.4 748.9 9.5 % Subordinated bonds 2,186.0 2,258.4 (72.5 ) (3.2 %) Generic allowances for loan losses 483.8 477.7 6.1 1.3 % Others (234.9 ) (389.2 ) 154.2 (39.6 %) Total Tier 2 2,434.8 2,346.9 87.9 3.7 % Total Regulatory Capital 11,076.1 10,239.3 836.8 8.2 % Risk-weighted assets 69,129.8 64,308.3 4,821.5 7.5 % Regulatory capital as a percentage of risk-weighted assets 16.0 % 15.9 % As of December 31, 2024 As of December 31, 2023 Change (S/ in (millions) (S/ in millions) % Paid-in-capital 6,314.1 5,910.6 403.5 6.8 % Legal and special reserves 1,373.0 1,283.2 89.9 7.0 % Treasury stock (33.9 ) (33.9 ) — — Others 239.2 301.9 (62.7 ) (20.8 %) Total Tier 1 7,892.4 7,461.7 430.6 5.8 % Subordinated bonds 2,258.4 2,225.4 33.0 1.5 % Generic allowances for loan losses 477.7 485.3 (7.5 ) (1.6 %) Others (389.2 ) (360.9 ) (28.3 ) 7.8 % Total Tier 2 2,346.9 2,349.8 (2.8 ) (0.1 %) Total Regulatory Capital 10,239.3 9,811.5 427.8 4.4 % Risk-weighted assets 64,308.3 63,494.9 813.4 1.3 % Regulatory capital as a percentage of risk-weighted assets 15.9 % 15.5 % 174 Interseguro Interseguro is required to maintain a minimum regulatory capital, also known as solvency equity, pursuant to guidelines issued by the SBS. The capital requirement is the sum of solvency equity and the guarantee fund. Solvency equity is determined by the level of risk and the risk profile assumed by an insurance company in Peru in accordance with SBS regulations. The guarantee fund is equivalent to 35% of solvency equity plus the investment component borne by the company, spread risk additional equity, 6.75% of the investment component covered by the company and a growing percentage of the fair value of real estate projected to gradually going up to 10% by December 2026. See Note 16(f) to our audited annual consolidated financial statements and “Item 4. Information on the Company—Business Overview—Regulation and Supervision” in this Annual Report on Form 20-F for a discussion of regulatory capital requirements applicable to Interseguro. The following tables present Interseguro’s solvency ratio as of December 31, 2025, 2024 and 2023 in accordance with SBS GAAP as required by the Peruvian Banking and Insurance Law. As of December 31, 2025 As of December 31, 2024 Change (S/ in millions) (S/ in millions) % Regulatory capital 1,657.0 1,509.4 147.6 9.8 % Less: Solvency equity (solvency margin)(1) 750.4 706.9 43.5 6.1 % Guarantee fund(2) 626.1 499.1 127.0 25.4 % Required capital 1,376.4 1,206.0 170.4 14.1 % Surplus 280.6 303.4 (22.8 ) (7.5 %) Solvency Ratio(3) 120.4 % 125.2 % As of December 31, 2024 As of December 31, 2023 Change (S/ in millions) (S/ in millions) % Regulatory capital 1,509.4 1,370.2 139.2 10.2 % Less: Solvency equity (solvency margin)(1) 706.9 698.4 8.5 1.2 % Guarantee fund(2) 499.1 455.3 43.8 9.6 % Required capital 1,206.0 1,153.7 52.3 4.5 % Surplus 303.4 216.5 86.9 40.1 % Solvency Ratio(3) 125.2 % 118.8 % (1)Corresponds to an amount determined by the level of risk and the risk profile assumed by an insurance company in Peru in accordance with SBS regulations. (2)Equal to 35% of solvency margin. (3)Solvency ratio for Interseguro is calculated in accordance with SBS guidelines. See “Item 4. Information on the Company—Business Overview—Regulation and Supervision—Insurance Regulation and Supervision—Solvency Requirements and Regulatory Capital.” Inteligo Bank Inteligo Bank is required to maintain a minimum regulatory capital of not less than 12% of its risk-weighted assets, pursuant to the Bahamas Capital Regulations 2022, released by the Central Bank of Bahamas in August 2022. Risk-weighted assets are the sum of (i) the total amount of credit risk weighted assets and indirect loans, (ii) 10 times the regulatory capital allocated to cover market risk, only if the bank’s market risk position is higher than (a) 5% of the total on- and off-balance sheet assets, or (b) U.S.$100 million, and (iii) 12.5 times the regulatory capital allocated to cover operational risk. As of December 31, 2025, Inteligo Bank’s ratio of regulatory capital to total risk-weighted assets was 21.7%. 175 The following tables present Inteligo Bank’s risk-weighted assets and regulatory capital as a percentage of risk-weighted assets as of December 31, 2025 and 2024, according to the current capital requirements of the Central Bank of the Bahamas. As of December 31, 2025 As of December 31, 2024 Change (U.S. $/ in millions) (S/ in millions) % Total eligible capital 184.2 157.2 27.0 17.2 % Total risk-weighted assets 847.1 812.5 34.6 4.3 % Capital ratio 21.7 % 19.3 % As of December 31, 2024 As of December 31, 2023 Change (U.S. $/ in millions) (S/ in millions) % Total eligible capital 157.2 137.5 19.7 14.3 % Total risk-weighted assets 812.5 792.4 20.2 2.5 % Capital ratio 19.3 % 17.4 % The Bank manages its capital to maintain a strong base that supports future growth while balancing shareholder returns and regulatory requirements. In July 2022, the Central Bank of The Bahamas introduced new Capital Regulations aligned with Basel III, requiring a minimum CET1 ratio of 8% and total capital of 10.5%, along with updated risk and capital deduction rules. Additionally, the Bank complies with the regulatory requirements of the Superintendence of Banks of Panama applicable to its parent company’s jurisdiction. In Peru, Inteligo SAB is regulated by the SMV, which is responsible for determining the minimum capital requirement for the companies under its supervision. As of December 31, 2025, the capital requirement for brokerage houses is the sum of (i) the minimum regulatory capital required of S/2.4 million; and (ii) the regulatory capital allocated to cover operational risks. As of December 31, 2025, Inteligo SAB held capital exceeding S/24.1 million. Commitments and Contractual Obligations We enter into various commitments and contractual obligations that may require future cash payments. The following tables summarize our commitments and contractual obligations as of December 31, 2025 and 2024: As of December 31, 2025 Less than 1 year 1-3 years 3-5 years More than 5 years Total (S/ in millions) Deposits and obligations 55,377.8 338.7 15.0 296.0 56,027.6 Inter-bank funds 55.0 — — — 55.0 Due to banks and correspondents 4,494.2 1,103.0 257.9 1,310.9 7,166.0 Bonds, notes and other obligations 1,932.8 950.1 191.4 2,516.1 5,590.4 Due from customers on acceptances 51.3 — — — 51.3 Accounts payable, provisions and other liabilities 4,440.5 — — — 4,440.5 Lease liabilities 37.1 56.8 26.8 24.5 145.3 Total(1) 66,388.8 2,448.7 491.1 4,147.6 73,476.2 176 As of December 31, 2024 Less than 1 year 1-3 years 3-5 years More than 5 years Total (S/ in millions) Deposits and obligations 53,064.8 356.6 56.4 290.2 53,768.0 Inter-bank funds — — — — — Due to banks and correspondents 3,586.4 2,304.7 279.9 1,391.0 7,562.1 Bonds, notes and other obligations 430.9 2,883.3 188.7 2,572.5 6,075.4 Due from customers on acceptances 9.2 — — — 9.2 Accounts payable, provisions and other liabilities 4,174.4 — — — 4,174.4 Lease liabilities 32.3 60.9 33.3 18.3 144.8 Total(1) 61,298.0 5,605.6 558.4 4,272.0 71,733.9 (1)For insurance contract liabilities as of December 31, 2025 and 2024, see Note 14 of our audited annual consolidated financial statements. All contractual obligations included in these tables are recognized as liabilities on our consolidated statement of financial position and represent principal payments on an undiscounted basis without including payment of future interest. Off-Balance Sheet Arrangements Our subsidiaries Interbank, Interseguro and Inteligo have various contractual arrangements, such as contingent operations, that are not recognized as liabilities in our audited annual consolidated financial statements but are required to be recorded as off-balance sheet items. See Note 18 to our audited annual consolidated financial statements. We enter into contingent operations to generate fees from guarantees, stand-by letters of credit, import and export letters of credit, due from bank acceptances and foreign currency forward obligations. Off-Balance Sheet Arrangements as of December 31, 2025 and 2024 The following table presents our consolidated off-balance sheet arrangements as of December 31, 2025 and 2024. As of December 31, 2025 2024 Change (S/ in millions) (S/ in millions) % Contingent credits—Indirect loans Guarantees and standby letters 5,149.8 4,695.3 454.5 9.7 % Import and export letters of credit 417.9 373.4 44.5 11.9 % 5,567.7 5,068.7 499.0 9.8 % Derivatives—Notional amounts Held for trading Forward currency contracts—buy 1,947.2 2,514.2 (567.0 ) (22.6 %) Forward currency contracts—sell 4,153.5 4,078.3 75.1 1.8 % Foreign currency forward contracts on currencies other than sol 954.5 499.5 455.0 91.1 % Interest rate swaps 3,418.4 1,742.1 1,676.3 96.2 % Currency swaps 781.2 1,899.3 (1,118.2 ) (58.9 %) Foreign currency options 1.9 2.5 (0.6 ) (23.7 %) Held as hedges Cash flow hedges: Cross currency swap 2,018.8 2,334.9 (316.1 ) (13.5 %) 13,275.5 13,071.0 204.5 1.6 % Responsibilities under credit lines agreements 14,414.1 13,536.3 877.7 6.5 % Total 33,257.3 31,676.0 1,581.3 5.0 % 177 Guarantees and standby letters increased by S/454.5 million or 9.7% from S/4,695.3 million as of December 31, 2024 to S/5,149.8 million as of December 31, 2025. Import and export letters of credit increased S/44.5 million. Foreign currency forwards, including purchase and sale agreements increased S/455.0 million from S/499.5 million as of December 31, 2024 to S/954.5 million as of December 31, 2025. We also use derivative financial instruments as hedges. See Note 10(b) to our audited annual consolidated financial statements for derivative financial instruments valuation. Responsibilities under credit lines agreements increased by S/1,581.3 million from S/31,676.0 million as of December 31, 2024 to S/33,257.3 million as of December 31, 2025. These credit line agreements are cancelable at any time by Interbank. Off-Balance Sheet Arrangements as of December 31, 2024 and 2023 The following table presents our consolidated off-balance sheet arrangements as of December 31, 2024 and 2023. As of December 31, 2024 2023 Change (S/ in millions) (S/ in millions) % Contingent credits—Indirect loans Guarantees and standby letters 4,695.3 4,302.8 392.6 9.1 % Import and export letters of credit 373.4 440.7 (67.3 ) (15.3 %) 5,068.7 4,743.5 325.2 6.9 % Derivatives—Notional amounts Held for trading Forward currency contracts—buy 2,514.2 1,811.1 703.0 38.8 % Forward currency contracts—sell 4,078.3 2,316.8 1,761.5 76.0 % Foreign currency forward contracts on currencies other than sol 499.5 747.7 (248.2 ) (33.2 %) Interest rate swaps 1,742.1 1,530.5 211.6 13.8 % Currency swaps 1,899.3 1,370.8 528.5 38.6 % Foreign currency options 2.5 279.0 (276.5 ) (99.1 %) Held as hedges Cash flow hedges: Cross currency swap 2,334.9 2,578.5 (243.6 ) (9.4 %) 13,071.0 10,634.4 2,436.4 22.9 % Responsibilities under credit lines agreements 13,536.3 13,311.1 225.2 1.7 % Total 31,676.0 28,689.2 2,986.8 10.4 % Guarantees and standby letters increased by S/392.6 or 9.1% from 4,302.8 million as of December 31, 2023 to S/4,695.3 million as of December 31, 2024. Import and export letters of credit decreased S/67.3 million. Foreign currency forwards, including purchase and sale agreements decreased S/248.2 million from S/747.7 million as of December 31, 2023 to S/499.5 million as of December 31, 2024. We also use derivative financial instruments as hedges. Responsibilities under credit lines agreements increased by S/225.2 million as of December 31, 2023 to S/13,536.3 million as of December 31, 2024. These credit line agreements are cancelable at any time by Interbank. Capital Expenditures Program We have made significant investments and, in particular, in our banking segment. In fact, Interbank has made substantial investments in recent years targeting both digital and physical infrastructure. Interbank believes that it is building the foundations to capture current and future market opportunities and continue to grow. It has a capital expenditure plan to ensure the accomplishment of its medium-term strategic plan, as it believes that not only operating efficiency and proximity to its customers, but also digital transformation and innovation, are key competitive advantages. 178 We are investing intensely in our transformation and our technology capital expenditures is three times the amount of our investment made in 2015. While we budget for investments across our subsidiaries, Interbank accounts for the substantial majority or our capital expenditures budget. Interbank’s budget for capital expenditures for 2025 was approximately S/367 million. Of this budget, approximately 86% is related to technology expenditures including investments in our digital platform, aligned with technology as a main pillar at IFS. Some of the key technological expenditures include: •developing new business ideas and business models; •intensifying analytical capabilities through data, big data, GenAI and real time decision, to enrich our understanding of Peruvian clients; •improving customer experience through digital solutions, including products, services, and processes; •strengthening operational efficiency and productivity through robotic process automation; •developing new initiatives that enhance operational stability and update our cybersecurity standards to protect our customers, and enhance our fraud management capabilities; •strengthening our data processing resilience through significant investment in infrastructure and equipment; and •migrate and develop new applications through the cloud. To strengthen its network, Izipay consistently invests in technology, including POS systems with Android operative systems and hardware to increase its capacity. Additionally, Izipay develops software to deliver new services to different types of customers. The capital expenditure investment from Izipay for the period 2025 was S/51 million. Interseguro has invested in process improvement, automation and technology to support its rapidly expanding operations with the aim of providing a modern, stable and secure platform to support its rapidly expanding business, and creating new capacities in data, analytics and artificial intelligence. In alignment with this strategy, Interseguro completed the migration of all its systems to MS Cloud in 2024. Over the years, Interseguro has also introduced a range of digital products and solutions, such as life insurance, car insurance, travel insurance, and SOAT (obligatory insurance for car circulation). Additionally, Interseguro has implemented and digitized the process of analyzing needs for life insurance products, which allows the company to issue insurance policies without requiring a physical application form. In 2025, Interseguro strengthened the role of analytics and used models to improve risk, pricing and purchase propensity. Furthermore, the development of internal capabilities has allowed Interseguro to increase digital self-service to 71% in 2025, from 69% the previous year. In our wealth management segment, during 2023, Interfondos implemented “SAP Business One” to automate back-office activities such as accounting, budgeting and purchasing following the earlier adoption of such systems by Inteligo SAB and Inteligo Peru Holdings. In 2024, Inteligo Bank continued working on complementing its IT infrastructure and further developing its technology platform, which may allow it to leverage its existing CRM platform and develop stronger business intelligence capabilities. For 2025, capital expenditure initiatives within the segment include the activation of the digital acquisition and servicing project at Interfondos—which aims to enhance ERNI as both an operational and a customer support tool—as well as improvements to the website of Inteligo SAB to support increased digital transaction activity. Additionally, Inteligo Bank has undertaken an update to its core banking system as part of its ongoing technology modernization. C.Research and Development, Patents and Licenses, etc. Not Applicable. D.Trend Information As of December 31, 2025, we had total assets of S/99.1 billion (approximately U.S.$29.5 billion), total gross loans of S/52.3 billion (approximately U.S.$15.6 billion), total deposits and obligations of S/56.0 billion (approximately U.S.$16.7 billion) and shareholders’ equity of S/12.4 billion (approximately U.S.$3.7 billion). Substantially all of our subsidiaries’ operations are conducted in Peru. Accordingly, our results of operations and financial condition are dependent on economic conditions, consumer spending and investment levels in Peru. 179 Peru has suffered from political instability, with a series of government institutional crises starting in 2018 due to, among other things, several corruption scandals involving prominent political figures, which have resulted in resignations and impeachment of various presidents since then, including, most recently, the removal of former President José Jerí from office on February 17, 2026, the removal of former President Dina Boluarte from office on October 10, 2025, and the removal of former President Jose Pedro Castillo in December 2022. In 2022, Peru had an economic deceleration due political uncertainty and social unrest. This outlook affected directly the mining, tourism and agricultural sectors. As a consequence, inflation remained at 8.5% as of December 2022. To curb inflation, the Central Bank tightened its monetary policy by elevating the reference policy rate to 7.50% as of December 2022. As a result of these factors, the Peruvian GDP grew 2.7% in 2022. In 2023, the Peruvian GDP declined 0.6%, amidst social unrest, prolonged inflation, and the climate phenomenon known as “Yaku” that occurred during the first quarter. Furthermore, responding to these challenges, and with inflation under control, the Central Reserve Bank of Peru initiated a series of rate reductions in the latter half of the year, culminating in a reference interest rate decrease to 6.75% by December 31, 2023. In 2024, the Peruvian GDP grew 3.3%, mostly driven by a 3.8% increase in domestic demand and an increase in public investment, particularly in infrastructure, which contributed positively to economic growth. Additionally, the strong performance of primary sectors such as fishing, which benefited because of the open season this year, and the agricultural and livestock sector, which showed a 4.9% increase, further bolstered the economy. In 2025, the Peruvian GDP grew by 3.4%, reflecting a continued recovery supported by higher private and public investment, as well as improved performance in key sectors such as agriculture and services. Inflation declined to approximately 1.5%, remaining within the Central Bank’s target range, while domestic demand expanded by around 5.8%,supported by easing monetary conditions, improving consumer confidence and higher investment activity. The following are the most important trends, uncertainties and events that are reasonably likely to affect us or that would cause the financial information disclosed herein not to be indicative of or have a material adverse effect on our future operating results or financial condition: •Our businesses and prospects rely on a market-oriented economy, and protests and social unrest in Peru against government economic policies and social inequality, as well as potential political changes may alter the current economic model and business environment. •Our subsidiaries are subject to extensive regulation and supervision, and changes in existing regulations or the implementation of future regulations. •The adoption of new international banking and insurance guidelines may cause our subsidiaries to require additional capital and could cause their cost of funds to increase. •Intense competition from other banking, insurance and financial institutions, and from other players including providers of emerging financial technologies. •Financial market volatility and market turmoil generated by trade policies, bank failures or similar developments in the United States and other regions. •Our loans, deposits, asset quality and our profits have all experienced substantial growth, benefitting from growth in the Peruvian economy. However, economic, social and political developments in Peru, including political instability, high profile corruption investigations, inflation and unemployment may cease to support our historically strong growth. •Our capital and funding requirements as well as our client activity and our clients’ ability to repay loans could be affected by continued adverse developments and market uncertainties relating to climate phenomena and social unrest in Peru, which has resulted in unexpected volatility in equity and credit markets. •Cybersecurity events, earthquakes, other natural disasters, health epidemics and other outbreaks could negatively affect our reputation and the operations of Interbank, Interseguro, Interfondos, Inteligo SAB and Izipay. •The oceanic and atmospheric phenomenon El Niño and La Niña may have a negative impact on the economy of Peru and on our results. Among other potential impacts, this phenomenon could affect Interbank’s loan activity 180 and asset quality in the future, considering that (i) it may affect the overall payment capacity of Interbank borrowers, and (ii) Interbank loan agreements typically grant borrowers a grace period due to El Niño. For more information regarding potential economic or regulatory factors that could affect our result of operations or financial condition, see “Item 3. Key Information—Risk Factors”, “Item 4. Information on the Company—Business Overview—Strategy”, “Item 5. Operating and Financial Review and Prospects—Operating Results” and “Forward-Looking Statements.” E.Critical Accounting Estimates For a summary regarding critical accounting estimates and judgments, please refer to “Item 5. Operating and Financial Review and Prospects – Operating Results—Critical accounting estimates and judgments.”