Grupo Supervielle Reports 2Q26 Results

⁠Return to profitability, with Adjusted ROAE of 12.4% excluding extraordinary severance charges from the rightsizing plan

Group headcount reduced 17% vs. year-end 2025, with AR$42 billion in annualized personnel savings and full run-rate benefit from 3Q26

⁠NPL ratio improved to 5.5%, 210 bps below industry, with net cost of risk further easing to 5.6%

BUENOS AIRES, Argentina, Aug. 10, 2026 /PRNewswire/ -- Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), ("Supervielle" or the "Company") a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three- and six-month period ended June 30, 2026.

Starting 1Q20, the Company began reporting results applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ("IAS 29") as established by the Central Bank. 

Commenting on second quarter 2026 results, Patricio Supervielle, Grupo Supervielle's Chairman & CEO, noted: The second quarter confirmed that the earnings recovery we anticipated in the first quarter is now underway. At the same time, the transformation of our operating model is beginning to translate into a structurally lower cost to serve, positioning us to compete more effectively by delivering simple, agile financial experiences, deepening principal bank relationships, and supporting a broader range of transactional, savings and credit needs as the cycle turns. We reported net income of AR$12.8 billion, equivalent to 4.4% ROAE. Excluding the extraordinary severance charges and salary savings associated with our rightsizing plan launched in March, structural net income reached AR$41.9 billion, equivalent to a 14.4% structural ROAE. Group headcount is now 17% below year-end 2025 with the implementation of these significant structural savings now largely in place. The full benefit is anticipated to become increasingly visible over the coming quarters.

Core earnings dynamics also continued to strengthen. Net interest income increased 13.1% sequentially, driving an 8.3% increase in net financial income. Net interest margin expanded to 20.3% from 17.7% in the prior quarter, supported mainly by a faster decline in funding costs as market interest rates settled at lower levels. While margin expansion benefitted temporarily from the lagged repricing of assets, the improvement provides further evidence of the recovery in our underlying earnings capacity. The efficiency ratio improved to 63.4% from 68.9% supported by stronger revenues, while excluding extraordinary severance charges it stood at 52.3%.

Credit demand and transactional activity in the private sector remained subdued during the quarter, reflecting a still-uneven recovery in economic activity and household demand. In this context, we prioritized disciplined origination and attractive risk-adjusted returns over volume. As a result, the loan book declined 1.4% sequentially, moderating from the 5.6% sequential contraction in the first quarter. Deposits increased 4.7% sequentially, further strengthening our liquidity position.

Asset quality improved during the quarter. The NPL ratio edged down to 5.5%, 210 bps below industry levels while net cost of risk further eased to 5.6% from 6.0%. NPL formation declined for a second consecutive quarter, and the stock of non-performing loans in constant pesos has decreased every month since February. These trends reflect the collection and refinancing initiatives implemented since December 2025, together with a more selective underwriting.

During the quarter we continued to advance our ecosystem strategy. Our recently launched alliance with Aerolíneas Argentinas strengthens the value proposition for our premium Identité segment and reinforces the differentiated positioning of our platform.  More recently, we entered into an agreement with Flash Argentina, created as part of the Mercado Libre ecosystem, to exclusively provide secured financing for used-vehicle transactions on the marketplace beginning in 4Q26. At IOL, assets under custody increased 11% sequentially in U.S. dollar terms, supported by onboarding of high-value clients and by increased mutual fund holdings in the retail segment, early evidence that our strategic shift towards this segment is beginning to translate into results.

Looking ahead, Argentina's macro backdrop continues to normalize at a faster pace than at the start of the year. Monthly inflation moderated to below 2% for the first time in almost a year, the fiscal anchor delivered another semiannual primary surplus, country risk narrowed materially and the Central Bank continued to build reserves. Beyond these improvements in macroeconomic stability, a structural shift is under way toward an investment- and export-led growth model, supported by energy, mining and a growing pipeline of long-term projects under the RIGI framework. 

With Argentina moving into this new phase, our priorities are clear: sustain the improvement in asset quality, capture the structural savings generated by the transformation of our operating model; and selectively resume growth in strategic products and economic sectors, keeping a clear focus on disciplined risk management and profitability. With a leaner cost structure, improving earnings capacity, and a solid CET1 ratio of 14.2%, Grupo Supervielle is well positioned to strengthen returns and capture the significant long-term growth opportunity presented by the normalization of Argentina's financial system," concluded Mr. Supervielle.

Second quarter 2026 Highlights

PROFITABILITY

The Company reported an Attributable Net Income of Ps.12.8 billion in 2Q26, compared to an Attributable Net Loss of Ps.18.2 billion in 1Q26 and Attributable Net Income of Ps.18.2 billion in 2Q25. In 1H26, the Company posted an Attributable Net Loss of Ps.5.4 billion, compared to an Attributable Net Income of Ps.29.4 billion in 1H25. During the quarter, the Company continued implementing the headcount rightsizing plan initiated in 1Q26 across its Banking ecosystem to align its workforce with the shift toward a more efficient distribution model, as a growing share of customer activity migrates to digital and virtual hub service channels. Group headcount was 17% below year-end 2025 levels by quarter-end. Excluding the related extraordinary severance charges, the Company posted an Adjusted Net Income of Ps.36.2 billion in 2Q26 and Ps.43.4 billion in 1H26. 

Operating conditions continued to improve during 2Q26, supported by the ongoing disinflation process and the decline in interest rates that began in March. Lower rates throughout April, May and June further eased funding costs, supporting financial intermediation and a more stable operating environment. In this context, quarterly profitability benefited from stronger than anticipated growth in net financial margin, as funding costs repriced downward faster than interest-earning assets, driving a sequential expansion in spreads. Operating expenses remained broadly stable sequentially and continued to include extraordinary personnel costs associated with the implementation of the headcount rightsizing plan, at levels similar to those recorded in 1Q26. These charges are associated with a structurally lower cost base expected to benefit future periods.

Loan loss provisions continued to decelerate from the previous quarter, reflecting the sustained impact of portfolio management, collection and refinancing initiatives undertaken since late 2025, together with a disciplined and cautious origination strategy. Asset quality indicators remained broadly in line with March levels, stabilizing during the quarter and supporting evidence of the early inflection in portfolio performance anticipated in 1Q26. On a year-on-year ("YoY") basis, provisioning levels continued to reflect higher delinquency across the loan portfolio, a trend that was observed industry-wide. Additionally, the loss from the net monetary position (RECPAM) declined sequentially, reflecting lower inflation during the quarter. Taken together, these dynamics contributed to higher Net Income in the quarter. Overall, first-half results reflected a transitional period, with underlying earnings trends improving.

2Q26 ROAE was 4.4% while adjusted ROAE was 12.4%, and Structural ROAE, which reflects the full run-rate of the salary savings associated with the headcount reductions under the voluntary retirement program, as if those reductions had been fully in effect throughout the period was 14.4%. ROAA was 0.6%. 1H26 ROAE was negative 0.9%, while adjusted ROAE was 7.4%, and structural ROAE was 9.0%. 1H26 ROAA was -0.1%.

In 2Q26, the Company reported Profit Before Income Tax of Ps.19.2 billion, compared to a Loss Before Income Tax of Ps.23.9 billion in 1Q26 and a Profit Before Income Tax of Ps.18.3 billion in 2Q25. This result included approximately Ps.36.0 billion in extraordinary personnel expenses associated with the headcount rightsizing plan initiated in 1Q26. Excluding these extraordinary severance charges, Adjusted Profit Before Income Tax was Ps.55.2 billion.

During 2Q26, the Net Financial Income totaled Ps.294.5 billion in 2Q26, increasing 8.3% QoQ and 6.4% YoY. The sequential expansion reflects the decline in interest rates that began in March and continued throughout the quarter, driving a faster repricing of funding costs relative to interest-earning assets, therefore widening spreads.

Net Interest Margin (NIM) was 20.3% in 2Q26, expanding 253 bps QoQ, while declining 51 bps YoY.

The total NPL ratio was 5.5% as of June 30, 2026, down from 5.6% at the end of March 2026 and approximately 210 bps below the industry average. While the ratio continues to reflect the carry-over effects of credit stress from prior quarters in a challenging macroeconomic environment, portfolio dynamics have begun to improve, with delinquency indicators improving consistently since March. The 90-day delinquency ratio was 4.6% at the end of 2Q26, 90 bps below the reported NPL ratio. This gap reflects exposures classified as non-performing under Central Bank criteria that were performing or less than 90 days past due according to the Bank's records. The Retail NPL ratio declined to 9.6% from 9.9% in March, while the retail 90-day delinquency ratio improved to 7.9% from 8.6%. Quarterly NPL formation declined for the second consecutive quarter and stood approximately 20% below the 4Q25 peak, with retail NPL formation down 21% from that peak. Measured in constant pesos, the stock of retail loans more than 90 days past due has declined every month since February 2026, ending the quarter 17% below its peak and 13% lower than in March. In the commercial portfolio, delinquency increased during the quarter, reflecting the lagged impact of the high-interest rate environment in prior months on SME customers, although NPL formation remained broadly stable versus 1Q26. These trends reflect improved collection and refinancing dynamics resulting from active portfolio management and a disciplined origination strategy, particularly in the retail segment, in place since early 2025. Origination cohorts since 4Q25 continue to perform meaningfully better.

Loan loss provisions (LLPs) declined 5.8% QoQ to AR$68.0 billion in 2Q26. This reduction was consistent with easing delinquency trends throughout the quarter and reflects the early benefits of the collection and refinancing initiatives implemented since December 2025, together with disciplined risk-adjusted loan origination.

The Coverage Ratio was 98.9% as of June 30. 2026, compared to 103.9% as of March 31, 2026, and 129.7% as of June 30, 2025. The 90-day delinquent loans Coverage Ratio was 111% as of June 30, 2026.

Efficiency ratio was 63.4% in 2Q26, reflecting the impact of extraordinary personnel expenses related to the implementation of the voluntary retirement and headcount rightsizing plan, partially offset by higher revenues versus the prior quarter. Excluding these items, the Efficiency ratio would have been 52.3%.

The Loans to Deposits Ratio was 72.6% as of June 30, 2026, compared to 77.1% as of March 31, 2026, and 71.7% as of June 30, 2025.

Total Deposits were AR$ 5,970.8 billion at quarter-end, increasing 4.7% QoQ and 7.5% YoY. The sequential increase was driven by asset and liability management initiatives and a seasonal increase in savings accounts.

Total Assets were AR$8,723.0 billion as of June 30, 2026, remaining flat QoQ and increasing 8.2% YoY.

The leverage ratio (Assets to Shareholders' Equity) was 7.4x, down 10 bps QoQ, from 7.5x as of March 31, 2026, and increased 90 bps YoY, from 6.5x as of June 30, 2025. Average leverage ratio was 6.9x down 60 bps QoQ from 7.5x as of March 31, 2026, and increased 90 bps YoY, from 6.0x as of June 30, 2025. 

Total Loans amounted to AR$4,332.0 billion as of June 30, 2026, decreasing 1.4% QoQ but increasing 8.9% YoY and 153.3% since March 31, 2024. Loan growth since March 31, 2024 has significantly outpaced the industry's 139% increase, while remaining in line with the industry on a YoY basis. The sequential decline was primarily driven by a 3.6% reduction in peso–denominated loans reflecting soft loan demand and a disciplined origination strategy focused on attractive risk-adjusted returns, while U.S. dollar loans increased 6.3% in dollar terms.

Common Equity Tier 1 Ratio (CET1) was 14.2% as of June 30, 2026, declining from 15.4% in the prior quarter but remaining 30 basis points higher than a year earlier.

SOURCE Grupo Supervielle S.A.