Earnings release
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Financial Results 4Q25
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Content Report for the Fourth Quarter ended December 31, 2025 Juan Ignacio Gonzalez Shedid (52) 55-56-25-4900 Ext. 6641 igonzalezs@inbursa.com HighlightsI Financial ResultsII Financial StatementsIII AppendixIV Grupo Financiero Inbursa Banco Inbursa Other subsidiaries II.I II.II II.III 2 5 28 32 5 11 22
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I. Highlights 2 I. Highlights II. Financial Results III. Financial Statements IV. Appendix As of December 31, 2025, GRUPO FINANCIERO INBURSA´s total loan portfolio reached $516,158 million pesos, reflecting a 4.5% year- over-year increase from $493,911 million pesos in December 2024. Growth was observed in both, retail and wholesale segments. The commercial loan portfolio (excluding governmental loans) rose by 6.7% rising from $300,968 million pesos in December 2024 to $321,129 million pesos in December 2025. Meanwhile, the retail loans exhibited growth of 13.9%, climbing from $159,244 million pesos to $181,240 million pesos. This performance was driven by the expansion in auto loans (+11.7%), payroll loans including Brazil (+30.2%), and credit cards (+6.0%). TOTAL LOAN PORTFOLIO: + 4.5% YoY Net income for 2025 totaled $31,323 million pesos compared to $34,464 million pesos in the same period of the previous year. The variation primarily reflects non-recurring factors, despite a solid underlying operating performance. Financial margin increased by 4.4%, reaching $49,399 million pesos, up from $47,295 million pesos in 2024, supported by continued growth in loan volumes and disciplined balance-sheet management. Other operational income (expense) recorded net losses of $333 million pesos, compared to profits of $3,284 million pesos in the same period of 2024 mainly related to the valuation adjustment of a Sinca Inbursa subsidiary, a non-cash and non-recurring item. Loan loss reserves totaled $6,841 million pesos as of December 2025, representing an increase of $1,899 million pesos (38.4%) versus $4,942 million pesos as of December 2024. This increase was driven primarily by the market reserve-creation methodology for Mexican consumer loan portfolios and not based on Inbursa actual losses. During 2025, credit loss provisions exceeded charge-offs by $1,431 million pesos, strengthening reserve coverage. GFI credit portfolio quality remains resilient. It is important to point out that cost of risk as of December 31, 2025, stood at 1.35%, while the credit loss ratio, measured as credit losses over the average total loan portfolio represented 1.07%. NET INCOME: $31,323 million pesos -9.1% Dec 2025 vs Dec 2024 EFFICIENCY RATIO: 17.4% The efficiency ratio for the year 2025 remained at a best-in-class level of 17.4%, providing a significant competitive advantage that allows INBURSA to remain agile and deliver superior value to its clients. Cetelem has been fully integrated within INBURSA´s operation allowing a continued expense reduction. For the 4Q25, efficiency ratio stood at 16.6%. ONE-OFF VAT EXPENSES: $1,400 million pesos Extraordinary VAT expense for Inbursa´s insurance operations will total $1,400 million pesos, mainly related to a regulatory VAT change applicable across all insurance companies in Mexico.
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3 Liquidity and solvency remain robust as evidenced by a fully CET1 ratio of 23.57%, significantly above the regulatory minimum of 11.1% for domestic systemically important banks and total loss-absorbing capacity (TLAC) requirement of 17.6% for 2025. This strong capital position in addition with the sound Liquidity Coverage Ratio enables INBURSA to continue capitalizing on opportunities for loan growth. CET1 RATIO: 23.57% FIDIS ACQUIRED 49.9%: STM FINACIAL April 1, 2025, GRUPO FINANCIERO INBURSA publicly announced that its subsidiary BANCO INBURSA has entered into an agreement with FIDIS, S.p.A. an Italian subsidiary of STELLANTIS N.V to sell 49.9% of Series B shares of STM FINANCIAL with the aim of underwriting new loans and as a key driver for this long-term relationship. STM FINANCIAL will remain as the financial vehicle of STELLANTIS MEXICO. GRUPO FINANCIERO INBURSA´s Stockholders´ equity increased by 8.1% during the LTM reaching $282,460 million pesos. Stock buybacks over the last twelve months amounted to $1,539 million pesos. Adjusted for dividend payments of $6,075 million pesos, share repurchases and derivatives hedging the fix rate loan portfolio; equity growth would have reached 12.1%. GFI STOCKHOLDERS´ EQUITY: $282,460 million pesos Monthly transactions totaled 82,779,753 in the month of December 2025, with 95.8% conducted digitally. New contracts in the month totaled 303,968 of which 98.6% were originated via digital devices. DIGITAL TRANSACTIONS: 95.8% of total During the second quarter of 2026, Aeromexico will launch a new co- branded card program with Inbursa, designed to deepen customer engagement, expand loyalty participation and support long-term value creation across the Rewards ecosystem. NEW CO-BRANDED CARD PROGRAM WITH AEROMEXICO Retail deposits reached $413,114 million pesos by the end of December 2025 representing an increase of $31,381 million pesos, or 8.2%, compared to $381,733 million pesos as of December 31, 2024. RETAIL DEPOSITS: +8.2% YoY As of December 2025, loans classified as stage 3 (non-performing) totaled $7,762 million pesos, equivalent to 1.50% of the total loan portfolio. Loan loss reserves stood at $12,001 million pesos, covering Stage 3 loans by 1.6x and representing 2.3% of total loans. Within the consumer portfolio, Stage 3 loans totaled $2,677 million pesos, representing 1.9% of that segment. On a quarterly basis, Stage 3 Commercial loans declined by $1,220 and $149 million pesos if compared to 4Q24 and 3Q25, respectively. LOAN PORTFOLIO STAGE 3 (NPLs): 1.50% of total loans I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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4 Key Metrics Profitability 3.7% ROAA 11.5% ROAEFinancial Margin $ 34,464 Mn $ 31,323 MnDec 2025 -9.1% Operation +8.2% Retail Deposits +4.5% Total Loan Portfolio 95.8% Digital Transactions (Monthly) 17.4% Efficiency Ratio -7.4% Operating Income Solvency and Liquidity 359.4% LCR 33.5% Equity to Assets +8.1% Stockholders Equity 23.6% CET1 Dec 2024 Net Income $ 49,399 Mn Risk 154.6% Coverage NPL 1.50% NPL Ratio $ 47,295 Mn +4.4% (LTM) (LTM) +12.1% Stockholders Equity (without dividend Payment, buybacks and derivatives) I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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II. Financial Results Net Income Net income for 2025 totaled $31,323 million pesos compared to $34,464 million pesos in the same period of the previous year. The variation primarily reflects non-recurring factors, despite a solid underlying operating performance. Financial margin increased by 4.4%, reaching $49,399 million pesos, up from $47,295 million pesos in 2024, supported by continued growth in loan volumes and disciplined balance-sheet management. Other operational income (expense) recorded net losses of $333 million pesos, compared to profits of $3,284 million pesos in the same period of 2024 mainly related to the valuation adjustment of a Sinca Inbursa subsidiary, a non-cash and non-recurring item. Loan loss reserves totaled $6,841 million pesos as of December 2025, representing an increase of $1,899 million pesos (38.4%) versus $4,942 million pesos as of December 2024. This increase was driven primarily by the market reserve-creation methodology for Mexican consumer loan portfolios and not based on Inbursa actual losses. During 2025, credit loss provisions exceeded charge-offs by $1,431 million pesos, strengthening reserve coverage. GFI credit portfolio quality remains resilient. It is important to point out that cost of risk as of December 31, 2025, stood at 1.35%, while the credit loss ratio, measured as credit losses over the average total loan portfolio represented 1.07%. It is important to point out that cost of risk as of December 31, 2025, stood at 1.35%, while the credit loss ratio, measured as credit losses over the average total loan portfolio represented 1.07%. II.I Grupo Financiero Inbursa Operating Income 5 Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Banco Inbursa 5,605 77.8% 5,478 2.3% 6,376 -12.1% 25,550 22,834 -10.6% Seguros Inbursa 1,032 14.3% 1,345 -23.3% 1,267 -18.5% 5,188 4,963 -4.3% Pensiones Inbursa 142 2.0% 322 -55.9% 700 -79.7% 1,534 868 -43.4% Inversora 48 0.7% 195 -75.4% 169 -71.6% 355 768 116.3% Operadora 166 2.3% 237 -30.0% 164 1.2% 686 810 18.1% Fianzas 151 2.1% 218 -30.7% 286 -47.2% 979 893 -8.8% Holding and Others 58 0.8% -25 N.A. -52 N.A. 172 187 8.7% Total 7,202 100.0% 7,770 -7.3% 8,910 -19.2% 34,464 31,323 -9.1% Million Pesos 4Q25 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Interest Income 26,765 26,956 -0.7% 29,722 -9.9% 111,535 109,522 -1.8% Interest Expenses 14,142 14,808 -4.5% 16,756 -15.6% 64,240 60,123 -6.4% Financial Margin 12,623 12,148 3.9% 12,966 -2.6% 47,295 49,399 4.4% Loan Loss Provisions 1,756 1,790 -1.9% 1,632 7.6% 4,942 6,841 38.4% Risk Adjusted NII 10,867 10,358 4.9% 11,333 -4.1% 42,353 42,558 0.5% Commissions and Fees Income 2,445 2,134 14.6% 2,594 -5.7% 8,624 8,891 3.1% Commissions and Fees Expenses 591 490 20.6% 565 4.7% 2,067 2,178 5.4% Premiums Written (Net) 6,431 6,165 4.3% 5,972 7.7% 22,846 25,364 11.0% Increase in technical reserves -704 351 N.A. 659 N.A. 3,070 1,479 -51.8% Insurance Acquisition Cost (net) 898 897 0.1% 928 -3.2% 2,824 3,307 17.1% Cost of Claims 5,507 4,420 24.6% 4,119 33.7% 15,021 17,871 19.0% Market‐Related Income -1,005 1,713 N.A. -874 N.A. 1,705 2,070 21.4% Afores Acquisition Cost 41 42 -2.4% 40 2.5% 181 188 3.9% Other Operational Income (Expense) -202 -163 N.A. 894 N.A. 3,284 -333 N.A. Non‐Interest Expense 3,468 3,664 -5.3% 3,306 4.9% 13,129 14,174 8.0% Operating Income 8,735 10,343 -15.5% 10,303 -15.2% 42,520 39,353 -7.4% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Financial Margin 6 Efficiency Ratio 17.4% December 2025 Grupo Financiero Inbursa 36.3% September 2025 Market Efficiency Ratio: Administrative Expenses / (Financial Margin + Commissions (net) + Premiums Written) Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec Change (%) 2024 2025 vs. 2024 Interest Income 29,508 29,722 28,272 27,529 26,956 26,765 111,535 109,522 -1.8% Interest on Loans 15,193 15,908 15,521 14,995 14,944 14,662 57,453 60,123 4.6% Commercial 10,261 10,700 9,999 9,304 9,026 8,685 40,400 37,013 -8.4% Consumer 4,810 5,090 5,409 5,580 5,811 5,870 16,561 22,671 36.9% Mortgages 122 119 113 111 107 106 491 438 -10.8% Financial inst. & Repo´s 4,513 4,132 3,799 3,433 3,566 3,261 18,344 14,060 -23.4% Others 9,803 9,682 8,951 9,100 8,446 8,842 35,738 35,340 -1.1% Interest Expenses 17,410 16,756 15,765 15,408 14,808 14,142 64,240 60,123 -6.4% Interest on Deposits & Funding 10,420 10,129 9,795 9,090 8,386 7,707 39,536 34,978 -11.5% Demand Deposits 7,468 7,374 7,286 6,734 6,194 5,820 28,466 26,034 -8.5% Time Deposits 1,473 1,306 1,417 1,366 1,202 967 5,310 4,953 -6.7% Unsecured Notes 636 648 422 388 441 379 2,722 1,629 -40.2% Interbank Loans 844 801 669 602 549 542 3,038 2,362 -22.3% Repo´s Interest Expense 645 470 230 231 413 402 2,397 1,275 -46.8% Others 6,345 6,158 5,740 6,087 6,009 6,033 22,307 23,870 7.0% Total 12,098 12,966 12,507 12,121 12,148 12,623 47,295 49,399 4.4% Million Pesos 4Q25 3Q25 4Q24 Jan - Dec 2024 2025 Non Interest Expense 3,468 3,664 3,306 13,129 14,174 Financial Margin 12,623 12,148 12,966 47,295 49,399 Commissions & Fees (Net) 1,854 1,644 2,029 6,557 6,713 Premiums written (net) 6,431 6,165 5,972 22,846 25,364 Efficiency Ratio 16.6% 18.4% 15.8% 17.1% 17.4% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Non – Financial Income Non – Financial Expense 7 Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Commissions and Fees 2,446 30% 2,133 14.7% 2,594 -5.7% 8,624 8,891 3.1% AFORE´s Commissions 285 4% 271 5.2% 252 13.3% 948 1,057 11.5% Credit Operations 529 7% 473 11.8% 671 -21.2% 2,124 1,818 -14.4% Funding Account 102 1% 234 -56.5% 217 -53.1% 853 809 -5.2% Others 1,529 19% 1,154 32.5% 1,454 5.2% 4,699 5,207 10.8% Premiums written 6,431 80% 6,165 4.3% 5,972 7.7% 22,846 25,364 11.0% Market Related Income -1,005 -13% 1,713 N.A. -874 N.A. 1,705 2,070 21.4% Other Op. Income -202 -3% -164 N.A. 894 N.A. 3,284 -334 N.A. Subsidiaries´ Net Income 357 4% 518 -31.1% 1,020 -65.0% 2,452 2,713 10.7% Total 8,027 100% 10,366 -22.6% 9,605 -16.4% 38,911 38,705 -0.5% Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Commissions and Fees 591 5.1% 490 20.7% 565 4.6% 2,067 2,178 5.4% Technical Reserves -704 -6.0% 351 N.A. 659 N.A. 3,070 1,479 -51.8% Insurance Acquisition Cost 898 7.7% 898 0.0% 928 -3.3% 2,824 3,307 17.1% Afore Acquisition Cost 41 0.4% 42 -2.4% 40 2.5% 181 188 3.9% Net Cost of Claims 5,506 47.1% 4,420 24.6% 4,118 33.7% 15,021 17,871 19.0% Administrative expenses 3,470 29.7% 3,660 -5.2% 3,306 5.0% 13,129 14,174 8.0% Taxes 1,889 16.2% 3,092 -38.9% 2,412 -21.7% 10,508 10,743 2.2% Total 11,692 100.0% 12,953 -9.7% 12,029 -2.8% 46,799 49,940 6.7% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Investment by Company 8 Share Data 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Stock price (pesos) 46.57 44.93 45.99 48.44 50.36 43.57 Earnings per share 1.66 1.46 1.30 1.39 1.28 1.19 Book Value per Share 41.22 42.95 43.84 44.30 45.36 46.70 Outstanding Shares - BMV (million) 6,086 6,082 6,077 6,072 6,069 6,049 P/BV (Times) 1.13 1.05 1.05 1.09 1.11 0.93 Market Capitalization (million) 283,420 273,268 279,473 294,120 305,656 263,538 Trading Volume (thousands) 86,599 109,200 105,776 132,064 84,102 162,685 Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Banco Inbursa 214,448 75.9% 207,705 3.2% 193,757 10.7% Sinca 32,535 11.5% 31,541 3.2% 29,960 8.6% Sofom 17,790 6.3% 17,376 2.4% 16,220 9.7% STM Financial 4,930 1.7% 4,776 3.2% 5,778 -14.7% Cetelem 9,710 3.4% 9,309 4.3% 8,464 14.7% Afore 2,945 1.0% 3,185 -7.5% 2,605 13.1% Inmobiliaria 2,316 0.8% 2,307 0.4% 2,083 11.2% Brazil 6,112 2.2% 6,295 -2.9% 5,541 10.3% Seguros Inbursa 34,215 12.1% 33,079 3.4% 29,238 17.0% Pensiones Inbursa 12,372 4.4% 12,392 -0.2% 11,673 6.0% Promotora 10,582 3.7% 10,643 -0.6% 10,046 5.3% Inversora 6,980 2.5% 6,947 0.5% 6,227 12.1% Operadora 6,639 2.4% 6,473 2.6% 5,830 13.9% Fianzas 8,770 3.1% 8,616 1.8% 7,880 11.3% Holding Company and Others -965 -0.3% 77 N.A. 6,605 N.A. Total 282,460 100.0% 275,290 2.6% 261,210 8.1% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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General Information Transactions Digital Contracts 9 15 Mn Clients 616 Branches 9,761 Employees 11,264 Sales Force 13,713 ATM´s 907 Inbursa 12,806 Agreements Infrastructure Channel Dec 1st - 31th, 2025 App 37,957,272 45.9% POS 29,905,422 36.1% Call Center (without operator) 3,755,877 4.5% ATM 2,765,107 3.3% Web (Individuals) 1,076,743 1.3% Domiciliation 1,777,775 2.1% Kiosk 250,818 0.3% Web (Companies) 1,111,448 1.3% IVR 104,053 0.1% WhatsApp 587,662 0.7% Social Media 3,435 0.0% Digital Transactions 79,295,612 95.8% Call Center 1,204,508 1.5% Banking Correspondent 888,767 1.1% Branches 1,390,866 1.7% Non Digital Transactions 3,484,141 4.2% Total 82,779,753 100.0% New Contracts Dec 1st - 31th, 2023 Dec 1st - 31th, 2024 Dec 1st - 31th, 2025 Total (%) Total (%) Total (%) Traditional 24,450 10.6% 4,891 1.1% 4,336 1.4% Digital 206,294 89.4% 432,744 98.9% 299,632 98.6% Total 230,744 100.0% 437,635 100.0% 303,968 100.0% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Grupo Financiero Inbursa, S.A.B. de C.V Pensiones Inbursa, S.A. Grupo Financiero Inbursa 100.00% Seguros Inbursa, S.A., Grupo Financiero Inbursa 100.00% Inbursa Seguros de Caución y Fianzas, S.A. Grupo Financiero Inbursa 90.5767% Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa 100.00% Inversora Bursátil, S.A. de C.V., Casa de Bolsa, Grupo Financiero Inbursa 100.00% Operadora Inbursa de Fondos de Inversión, S.A. de C.V., Grupo Financiero Inbursa 100.00% Promotora Inbursa, S.A. de C.V 95.78% Afore Inbursa, S.A. de C.V., Grupo Financiero Inbursa 94.2995% Inmobiliaria Inbursa, S.A. de C.V. 100.00% Sinca Inbursa, S.A. de C.V., Fondo de Inversión de Capitales 84.2053% SOFOM Inbursa, S.A. de C.V. SOFOM, ER., Grupo Financiero Inbursa 100.00% STM Financial, S.A. de C.V., SOFOM, ER., Grupo Financiero Inbursa 79.35% Corporate Structure 10 CETELEM Inbursa, S.A. de C.V. SOFOM, ER., Grupo Financiero Inbursa 80.00% Banco Inbursa S.A.(BRASIL) 100.00% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Operating Income Net income for 2025 totaled $22,834 million pesos compared to $25,550 million pesos in the same period of the previous year. The variation primarily reflects non-recurring factors, despite a solid underlying operating performance. Financial margin increased by 7.9%, reaching $41,809 million pesos, up from $38,731 million pesos in 2024, supported by continued growth in loan volumes and disciplined balance-sheet management. Other operational income (expense) recorded net losses of $1,417 million pesos, compared to profits of $1,278 million pesos in the same period of 2024 mainly related to the valuation adjustment of a Sinca Inbursa subsidiary, a non-cash and non-recurring item. Loan loss reserves totaled $6,834 million pesos as of December 2025, representing an increase of $1,886 million pesos (38.1%) versus $4,948 million pesos as of December 2024. This increase was driven primarily by the market reserve- creation methodology for Mexican consumer loan portfolios and not based on Inbursa actual losses. During 2025, credit loss provisions exceeded charge-offs by $1,427 million pesos, strengthening reserve coverage. GFI credit portfolio quality remains resilient. II.II Banco Inbursa The financial margin for the period reached $41,809 Mn, marking a remarkable 7.9% increase compared to the same period the previous year. This growth is primarily driven by a 4.7 decrease in interest expense, amounting to $59,805 Mn as of December 2025, compared to $62,769 Mn in December 2024. In terms of market related, BANCO INBURSA reported losses of $137 Mn in December 2025, compared to $1,793 Mn profits in the corresponding period of the previous year. During 2025, BANCO INBURSA cost of risk totaled $6,833 Mn, resulting in a reserve balance of $12,001 Mn. This amount represents 1.5 times the loan portfolio at Stage 3 and accounts for 2.3% of the loans. Additionally, general expenses decreased by 1.3% in December 2025 compared to December 2024. The BANCO INBURSA´s efficiency ratio remained robust at 23.3% end of the fourth quarter of 2025, showcasing careful cost management by BANCO INBURSA after the acquisition of CETELEM. This efficiency serves as a competitive advantage enabling BANCO INBURSA to maintain flexibility and provide highly competitive products. 11 Million Pesos 4Q25 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Interest Income 24,528 25,077 -2.2% 27,272 -10.1% 101,500 101,612 0.1% Interest Expenses 13,935 14,632 -4.8% 16,480 -15.4% 62,769 59,805 -4.7% Financial Margin 10,594 10,446 1.4% 10,792 -1.8% 38,731 41,809 7.9% Loan Loss Reserves (Net) 1,748 1,792 -2.5% 1,637 6.8% 4,948 6,833 38.1% Risk Adjusted Net Interest Income 8,845 8,653 2.2% 9,155 -3.4% 33,783 34,975 3.5% Commissions and fees income 2,545 2,288 11.2% 2,596 -2.0% 8,666 9,300 7.3% Commissions and fees expenses 749 688 8.9% 693 8.1% 2,411 2,775 15.1% Market related income -410 397 N.A. -904 N.A. 1,793 -137 N.A. Other operational income (expense) -519 -403 N.A. 212 N.A. 1,278 -1,418 N.A. Non‐Interest Expense 2,654 2,908 -8.7% 3,102 -14.4% 11,424 11,281 -1.3% Operating Income 7,059 7,340 -3.8% 7,264 -2.8% 31,685 28,666 -9.5% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Total Loan Portfolio As of December 31, 2025, GRUPO FINANCIERO INBURSA´s total loan portfolio reached $516,158 million pesos, reflecting a 4.5% year-over-year increase from $493,911 million pesos in December 2024. Growth was observed in both, retail and wholesale segments. The commercial loan portfolio (excluding governmental loans) rose by 6.7% rising from $300,968 million pesos in December 2024 to $321,129 million pesos in December 2025. Meanwhile, the retail loans exhibited growth of 13.9%, climbing from $159,244 million pesos to $181,240 million pesos. This performance was driven by the expansion in auto loans (+11.7%), payroll loans including Brazil (+30.2%), and credit cards (+6.0%). Growth Rate Wholesale Retail Total 12 Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Loan Portfolio Stage 1 505,452 97.9% 495,899 1.9% 484,007 4.4% Commercial Loans 368,462 71.4% 363,392 1.4% 364,821 1.0% Commercial 332,659 64.4% 326,101 2.0% 313,746 6.0% Financial Institutions 22,114 4.3% 18,689 18.3% 17,376 27.3% Governmental 13,689 2.7% 18,602 -26.4% 33,699 -59.4% Consumer 133,377 25.8% 128,839 3.5% 115,169 15.8% Mortgages 3,613 0.7% 3,668 -1.5% 4,017 -10.1% Loan Portfolio Stage 2 2,944 0.6% 3,042 -3.2% 2,214 33.0% Commercial Loans 504 0.1% 351 43.6% 114 342.0% Commercial 504 0.1% 351 43.6% 114 342.0% Financial Institutions 0.0% 0.0% 0.0% Governmental 0.0% 0.0% 0.0% Consumer 2,322 0.4% 2,527 -8.1% 1,959 18.6% Mortgages 117 0.0% 164 -28.4% 141 -16.7% Loan Portfolio Stage 3 7,762 1.5% 7,632 1.7% 7,690 0.9% Commercial Loans 4,520 0.9% 4,669 -3.2% 5,740 -21.2% Commercial 4,520 0.9% 4,669 -3.2% 5,740 -21.2% Financial Institutions 0.0% 0.0% 0.0% Governmental 0.0% 0.0% 0.0% Consumer 2,677 0.5% 2,421 10.6% 1,172 128.4% Mortgages 565 0.1% 542 4.2% 778 -27.4% Total Loan Portfolio 516,158 100.0% 506,573 1.9% 493,911 4.5% 4% 14% 1% 0%2% 5% Quarterly Y-o-Y I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Retail Loan Portfolio The retail loan portfolio is divided among four subsidiaries, all of which fully consolidate into BANCO INBURSA as of September 2024: 1) SOFOM INBURSA handles personal loans, SME´s loans, and credit cards; 2) STM FINANCIAL and CETELEM specializes in auto-related loans; 3) BANCO INBURSA focuses on mortgages. In comparison to September 2024, the retail loan portfolio exhibited growth of 13.9%, climbing from $159,244 million pesos to $181,240 million pesos. This performance was driven by the expansion in auto loans (+11.7%), payroll loans including Brazil (+30.2%), and credit cards (+6.0%). Customers Funding 13 Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Auto Loans STM 32,765 18.1% 30,923 6.0% 31,346 4.5% Auto Loans Cetelem 74,404 41.0% 71,151 4.6% 64,637 15.1% Credit Card 17,157 9.5% 16,498 4.0% 16,183 6.0% Brazil 40,455 22.3% 39,161 3.3% 31,720 27.5% Personal Loans 2,473 1.4% 2,850 -13.2% 3,167 -21.9% Payroll 8,801 4.9% 8,423 4.5% 6,104 44.2% Mortgages 4,295 2.4% 4,374 -1.8% 4,869 -11.8% SME´s 990 0.5% 988 0.2% 1,218 -18.7% Total 181,340 100.0% 174,368 4.0% 159,244 13.9% 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Auto Loans STM 80,447 2.5% 77,832 3.4% 97,079 -17.1% Auto Loans Cetelem 328,172 10.4% 317,288 3.4% 294,756 11.3% Credit Card 1,406,832 44.5% 1,446,317 -2.7% 1,474,139 -4.6% Brazil 1,102,225 34.9% 1,074,715 2.6% 825,235 33.6% Personal Loans 63,793 2.0% 71,960 -11.3% 83,433 -23.5% Payroll 170,729 5.4% 165,240 3.3% 131,478 29.9% Mortgages 5,250 0.2% 5,412 -3.0% 6,138 -14.5% SME´s 2,257 0.1% 2,196 2.8% 2,004 12.6% Total 3,159,705 100.0% 3,160,960 0.0% 2,914,262 8.4% Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Demand Deposits 355,396 86.0% 353,063 0.7% 330,552 7.5% Time Deposits 57,718 14.0% 57,101 1.1% 51,181 12.8% Total 413,114 100.0% 410,164 0.7% 381,733 8.2% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Wholesale Loan Portfolio In December 2025, the wholesale loan portfolio stood at the same levels compared to December 2024, reaching a value of $334,818 Mn, compared to $334,667 Mn. The commercial loan portfolio (excluding governmental loans) rose by 6.7% rising from $300,968 million pesos in December 2024 to $321,129 million pesos in December 2025. It is important to point out, that USD, Euros and R$ represented 31% of total loans. Funding Breakdown by Sector Composition Infrastructure Others Retail Governmental Corporate Related Companies Fin. Inst Real Estate (USA) Energy WholesaleRetail 14 Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Commercial 299,015 89.3% 294,914 1.4% 283,592 5.4% Financial Institutions 22,114 6.6% 18,689 18.3% 17,376 27.3% Governmental 13,689 4.1% 18,602 -26.4% 33,699 -59.4% Total 334,818 100.0% 332,205 0.8% 334,667 0.0% Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Unsecured Notes 24,061 54.5% 24,958 -3.6% 33,423 -28.0% Interbanking 20,068 45.5% 32,112 -37.5% 29,994 -33.1% Total 44,129 100.0% 57,070 -22.7% 63,417 -30.4% 35% 65% 1% 5% 5% 2% 3% 23% 7% 35% 20% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Loan Portfolio by Currency UDI´SPesos USD, EURO & R$ 15 Million Pesos Pesos UDI´s USD, EURO Total& R$ Loan Portfolio Stage 1 331,891 13,898 159,663 505,452 Commercial Loans 230,595 13,898 123,969 368,462 Commercial 210,626 13,898 108,135 332,659 Financial Institutions 19,969 2,145 22,114 Governmental 13,689 13,689 Consumer 97,683 35,694 133,377 Mortgages 3,613 3,613 Loan Portfolio Stage 2 1,959 985 2,944 Commercial Loans 152 351 503 Commercial 152 351 503 Financial Institutions Governmental Consumer 1,690 634 2,324 Mortgages 117.4 117.4 Loan Portfolio Stage 3 6,574 0 1,188 7,762 Commercial Loans 4,223 0 297 4,520 Commercial 4,223 297 4,520 Financial Institutions Governmental Consumer 1,786 891 2,677 Mortgages 565 565 Total Loan Portfolio 340,424 13,898 161,836 516,158 66%3% 31% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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As of December 2025, loans classified as stage 3 (non-performing) totaled $7,762 million pesos, equivalent to 1.50% of the total loan portfolio. Loan loss reserves stood at $12,001 million pesos, covering Stage 3 loans by 1.6x and representing 2.3% of total loans. Within the consumer portfolio, Stage 3 loans totaled $2,677 million pesos, representing 1.9% of that segment. On a quarterly basis, Stage 3 Commercial loans declined by $1,220 and $149 million pesos if compared to 4Q24 and 3Q25, respectively. Selected Figures Loan Portfolio Stage 3 NPL Ratio Coverage NPL 16 Million Pesos Loan Portfolio Stage 3 as of Sep 30, 2025 7,632 Decreases in Stage 3 -2,192 Recoveries & Restructures -678 Exchange rate effects Write Offs -1,514 Increases in Stage 3 2,322 Exchange rate effects 4 New Loan Portfolio Stage 3 2,318 Loan Portfolio Stage 3 as of Dec 31, 2025 7,762 Selected Figures 4Q25 3Q25 4Q24 Total Loan Portfolio / Total Assets 71.2% 69.3% 70.2% Stage 3 Loans / Total Loans 1.5% 1.5% 1.6% Loan Loss Reserves / Stage 3 Loans 154.6% 152.8% 141.6% Loan Loss Reserves / Total Loan Portfolio 2.3% 2.3% 2.2% 4Q25 3Q25 4Q24 Commercial 1.2% 1.3% 1.5% Consumer 1.9% 1.8% 1.0% Mortgages 13.2% 12.4% 15.8% NPL 1.5% 1.5% 1.6% 4Q25 3Q25 4Q24 Commercial 139.9% 133.1% 115.3% Consumer 206.3% 218.5% 342.2% Mortgages 27.4% 28.4% 33.7% Coverage 154.6% 152.8% 141.6% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Risk Rating of Preforming Loans Loan Loss Reserves Allowance for Loan Loss Reserves 17 Million Pesos Commercial Interbank Governmental Consumer Mortgages Total A 320,758 22,028 13,690 119,929 3,426 479,831 B 10,176 81 9,409 112 19,778 C 1,342 4 4,139 443 5,928 D 1,498 1,417 223 3,138 E 3,909 3,483 91 7,483 Total 337,683 22,113 13,690 138,377 4,295 516,158 Million Pesos Commercial Interbank Governmental Consumer Mortgages Total A 2,048 114 68 1,375 5 3,610 B 209 1 472 1 683 C 159 493 35 687 D 546 546 53 1,145 E 3,179 2,636 61 5,876 Total 6,141 115 68 5,522 155 12,001 Million Pesos 4Q25 (%) 3Q25 Change (%) 4Q24 Change (%) vs. 3Q25 vs. 4Q24 Commercial 6,141 51.2% 6,004 2.3% 6,319 -2.8% Interbank 115 1.0% 118 -2.5% 132 -12.9% Governments 68 0.6% 93 -26.9% 168 -59.5% Consumer 5,522 46.0% 5,291 4.4% 4,011 37.7% Mortgages 155 1.3% 154 0.6% 262 -40.8% Total 12,001 100.0% 11,660 2.9% 10,892 10.2% Million Pesos Total Loan Loss Reserves as of Sep 30, 2025 11,817 Adjustment for inflation Sep ´25 ‐ Dec ´25 157 Loan Loss Reserves as of Sep 30, 2025 (million nominal pesos) 11,660 Provisions recorded during the period 1,148 Currency valuation & other -807 Loan Loss Reserves as of Dec 31, 2025 12,001 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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1. Accounting information relative to the loan classification of the portfolio for the quarter ending December 31, 2025, with a risk exposure rate of the portfolio based upon the ratings granted as of December 30, 2025. This procedure follows the guidelines of the CNBV. 2. In accordance with loan classification rules, the institution is obliged to grade individually at least 80% of its loan portfolio subject to rating. 3. Base loan portfolio classified includes contingent operations shown in its corresponding group for memorandum accounts at the end of the consolidated balance sheet reported on December 31, 2025. 4. In accordance with the regulation, preventive reserves includes the mortgage portfolio provisions for $5, $0, $0, $0, $0, $3, $32, $53 and $61 that corresponds to risks “A1”, “A2”, “B1”, “B2”, “B3”, “C1”, “C2”, “D” and “E”, respectively. 5. In accordance with the regulation, preventive reserves includes the consumer portfolio provisions for 1,062, $313, $248, $129, $95, $210, $282, $546 and $2,636 that corresponds to risks “A1”, “A2”, “B1”, “B2”, “B3”, “C1”, “C2”, “D” and “E”, respectively. 6. In accordance with the regulation, preventive reserves includes an adjustment of $0 that corresponds to the additional provisions for interest payable over payable portfolio. 7. Preventive reserves includes $0 that corresponds to additional reserves for operational risks. 8. The outcome of this credit risk rating is included in the consolidates balance sheet reported as of December 31, 2025. Notes: 18 Allowance for Loan Loss Reserves Million Pesos Portfolio Reserves Required Risk % of risk Notional Provision (%) Notional A 93% 479,831 0% - 0.99% 3,610 B 4% 19,778 1% - 19.99% 683 C 1% 5,928 20% - 59.99% 687 D 1% 3,138 60% - 89.99% 1,145 E 1% 7,483 90% - 100% 5,876 Subtotal 100% 516,158 12,001 Plus: Plus: Non - Classified portfolio - - Additional Provisions Plus: Excepted Portfolio 0.00% 0 Total Credit Portfolio 100% 516,158 Total Reserves 12,001 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Solvency Capitalization Liquidity and Solvency remain robust as evidenced by a fully CET1 ratio of 23.57%, significantly above the regulatory minimum of 11.1% for domestic systemically important banks and total loss-absorbing capacity (TLAC) requirement of 17.6% for 2025. This strong capital position in addition with the sound Liquidity Coverage Ratio enables INBURSA to continue capitalizing on opportunities for loan growth. Equity to Assets Liquidity Coverage Ratio (LCR) 19 Million Pesos 31-Dec‐25 30-Sep‐25 31-Dec‐24 Credit Risk Assets 437,537 431,035 416,431 Tier 1 Capital 36.3% 35.6% 34.4% Net Capital 36.3% 35.6% 34.4% Total Risk Assets 673,129 653,763 630,799 Tier 1 Capital 23.6% 23.4% 22.7% Net Capital 23.6% 23.4% 22.7% Million Pesos 31-Dec‐25 30-Sep‐25 31-Dec‐24 Stockholders´ equity 282,460 275,290 261,210 Assets 843,161 849,720 822,560 Equity / Assets 33.5% 32.4% 31.8% LCR 31-Dec‐25 30-Sep‐25 31-Dec‐24 Liquidity Coverage Ratio 359.4% 397.9% 506.4% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Capitalization 20 Capitalization as of December 31, 2025 TotalMillion Pesos Stockholders' Equity 203,150 Investments Financial Institutions 38,223 Investments In Non‐Financial Institutions 80 Restructuring Charges & Other Intangibles 4,525 Deferred Taxes 1,682 Tier 1 Capital 158,640 Tier 2 Capital 0 Tier 1 & 2 Capital 158,640 Market Risk - Weighted Assets Risk Weighted Required CapitalMillion Pesos Peso Nominal Interest Rate Operations 48,706 3,897 Peso Or Udi Real Interest Rate Operations 26,711 2,137 Foreign Currency Nominal Interest Rate 14,879 1,190 Position In Udis Or With A Return Indexed To Inflation 17 1 Positions In Foreign Currency Or Indexed To The Fx Rate 10,909 873 Positions In Gold 0 0 Positions In Shares Or Indexed To The Price Of Securities 107,323 8,586 Total 208,545 16,684 Credit Risk - Weighted Assets Risk Weighted Required CapitalMillion Pesos Capital Requirements For Credit Risk 437,537 35,003 Sub - Total 437,537 35,003 Total 437,537 35,003 Operational Risk - Weighted Assets Risk Weighted Required CapitalMillion Pesos Capital Requirements For Operational Risk 27,047 2,163 Sub - Total 27,047 2,163 Requirement For Total Risks 673,129 53,850 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Risk Value at Risk BANCO INBURSA´s risk management framework is built upon robust methodologies, utilizing value at risk (VaR) models with varying confidence levels holding period horizons. These models are complemented by comprehensive stress testing analyses that incorporate hypothetical scenarios as well as historical data. Credit Risk assessment at BANCO INBURSA is conducted meticulously by the Credit Committee, employing a granular and individualized approach to analyze each client. In addition to this detailed assessment, econometric models have been implemented to evaluate the probability of default, taking into account anticipated losses on an individual basis as well as for risk groups. (1) Value at Risk for 1 day with a confidence level of 95% and using LTM information (2) SEPTEMBER 2025 TIER 1 CAPITAL 21 Type of Risk Market Value Value at Risk (1) % VAR vs TIER1 Capital Equities 1,006 10 0.01% Swaps (Rates) 413 611 0.40% Swaps (Foreign exchange) -769 207 0.13% Swaps (Listed) -413 0 0.00% Nominal rate 48,206 33 0.02% Real rate 11,157 15 0.01% Forwards -1,732 270 0.18% Foreign exchange 4,398 27 0.02% Banco Inbursa 62,265 669 0.44% Tier 1 Capital (2) 153,283 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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SINCA The investments of SINCA INBURSA in “Promoted Companies” are register at book value net of goodwill (which is later amortized), and the contribution to the results of the company are accounted under the equity method. II.III Other Subsidiaries 22 (1) Original investment + (-) capital contributions, reductions or dividends. Million Pesos Acquisition Date % Shares Book Value (1) 1. Infrastructure Promotora de Infraestructura de Readaptación Social, S.A. de C.V. Feb-20 99.99% 8,718 Giant Motors Latinoamérica, S.A. de C.V. Jul-08 48.00% 72 Makobil, S. de R.L. de C.V. (PIRS subsidiary) Feb-20 2.00% 0 CRS Morelos, S.A. de C.V. (PIRS subsidiary) Feb-20 0.00% 0 Naturgy Mexico, S.A. de C.V. Sep-08 14.13% 0 Total 8,790 2. Petrochemical Grupo Idesa S.A. de C.V. Aug-06 73.82% 9,462 Total 9,462 3. Health Star Medica S.A. de C.V. Nov-15 50.00% 546 Salud Interactiva S.A. de C.V. Jan-08 62.16% 330 Patia Biopharma, S.A. de C.V. Jun-13 62.20% 88 Patiacan S.A. de C.V. Dec-14 28.00% 0 Enesa, S.A. de C.V. Dec-10 25.00% 0 Total 964 4. Technology Hitss Solutions S.A. de C.V. Feb-15 30.05% 404 SIESINT Holding S.A. de C.V. Oct-21 64.00% 0 Total 404 5. Logistics Excellence Freights de México S.A. de C.V. Sep-14 24.00% 5 Total 5 6. Others Parque Acuático Nuevo Veracruz S.A. de C.V. Jan-15 77.09% 292 Fanbot S.A.P.I. de C.V. Jun-17 6.00% 2 Contalisto S.A.P.I. de C.V. Jun-17 15.00% 1 Soccerton Games S.A.P.I. de C.V. Aug-17 15.00% 1 Havas Media, S.A. de C.V. Nov-97 5.00% 0 Total 296 Total 19,921 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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AFORE Selected Figures In December 2025, AFORE reported a net income of $778 Mn, an increase from $559 Mn in December 2024. Furthermore, stockholder´s equity increased from $2,605 Mn in the same period last year to $2,945 Mn in December 2025. The assets under management increased by 17.0%, totaling $205,264 Mn in December 2025, compared to the same period in the previous year. AFORE INBURSA´s affiliate base comprised 470,183 clients in December 2025, with the active workers representing 37.26% of the total, notably higher than the market average of 31.55% for the same period. Assets Under Management 23 Million Pesos 4Q25 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Commission Income 285 271 5.2% 288 -1.0% 948 1,057 11.5% Adm. Expenses -28 -30 -6.0% -31 -9.8% -107 -116 7.9% Operating Expenses -57 -51 12.3% -61 -5.8% -204 -229 12.2% Promotion Expenses -1 -2 -71.5% -3 -76.3% -26 -24 -8.1% Dep. & Amortization -4 -4 -6.4% -5 -27.4% -13 -16 18.5% Net Income 198 226 -12.4% 203 -2.3% 559 778 39.2% Assets 4,014 4,487 -10.5% 3,566 12.6% 3,566 4,014 12.6% Investments 3,041 2,963 2.6% 2,611 16.5% 2,611 3,041 16.5% Liabilities 1,069 1,302 -17.9% 961 11.3% 961 1,069 11.3% Stockholders' Equity 2,945 3,185 -7.5% 2,605 13.1% 2,605 2,945 13.1% 175,470 185,240 192,093 201,440 205,264 4Q24 1Q25 2Q25 3Q25 4Q25 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Operadora Mutual Funds Fixed Income Equity In September 2025, the assets under management totaled $155,931 Mn reflecting an increase from $143,955 Mn recorded in September 2024. Compound Annual Growth Rate Fondo Inbursa holds the highest profitability in USD for the last 44 years (March 1981 – September 2025). $10.6 Bn $25.8 Bn $5.5 Bn $20.3 Bn $70.5 Bn $23.0 Bn 24 19% 17% 31% 81% 83% 69% Dinbur Inbumax Inburex Fondo Inbursa Ibuplus Inbuint 14.55% 9.72% 9.02% 6.23% 0.74% Inbursa Mexbol Dow Jones Cetes Inflation I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Seguros Selected Figures Mexico’s insurance industry, due to the change in the criteria for VAT accreditation, insurers are expected to pay the corresponding amounts for 2025 and onward, thereby eliminating disputes over previous years. Extraordinary VAT expense for Inbursa´s insurance operations will total $1,400 million pesos, mainly related to a regulatory VAT change applicable across all insurance companies in Mexico. In December 2025, SEGUROS INBURSA reported a net income of $4,963 Mn, showing a decrease of 4.3%, from $5,88 Mn in the same period of the previous year. This outcome is primarily driven by more premiums and gross profit, although it was partially offset by an increase of 18.7% in net cost of claims and contractual obligations (including VAT expense). It is noteworthy that, as of December 2025, SEGUROS INBURSA´s direct premiums increased by 3.7% reaching $31,986 Mn. Premiums Breakdown In December 2025, the stockholder´s equity amounted to $34,215 Mn, indicating a 17.0% increase compared to $29,238 Mn recorded in December 2024. 25 Million Pesos 4Q25 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Direct Premiums 7,266 6,829 6.4% 6,964 4.3% 30,846 31,986 3.7% Retained Premiums 5,885 5,690 3.4% 5,452 7.9% 20,911 23,404 11.9% Reserves Provisions 297 41 624.4% 269 10.4% 1,580 1,386 -12.3% Technical Income -273 903 N.A. 523 N.A. 3,096 2,755 -11.0% Net Financial Income 859 1,675 -48.7% 1,447 -40.6% 5,511 5,222 -5.2% Net Income 1,032 1,345 -23.3% 1,267 -18.5% 5,188 4,963 -4.3% Assets 102,029 101,771 0.3% 94,947 7.5% 94,947 102,029 7.5% Investments 67,702 67,530 0.3% 61,070 10.9% 61,070 67,702 10.9% Reserves 55,823 57,755 -3.3% 53,735 3.9% 53,735 55,823 3.9% Stockholders' Equity 34,215 33,079 3.4% 29,238 17.0% 29,238 34,215 17.0% Line of business Breakdown Growth Rate Combined Ratio Combined Ratio 12M25 vs 12M24 12M25 vs 12M24 P&C 32.8% -12.4% 87.5% 77.3% Automobile 26.1% 24.6% 91.9% 94.4% Life 19.9% 5.7% N.A. N.A. A & H 21.2% 10.3% 96.7% 87.8% Total 100.0% 3.7% 94.7% 89.5% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Pensiones Selected Figures In December 2025, PENSIONES INBURSA reported profits of $868 Mn, representing a decrease of 43.4% compared to the $1,533 Mn recorded in the same period of the previous year. In contrast, stockholder ´s equity increased, rising from $11,673 Mn in December 2024 to $12,372 Mn in December 2025. Seguros de Caución y Fianzas SEGUROS DE CAUCIÓN Y FIANZAS recorded profits of $893 Mn in December 2025. Direct premiums showed an increase relative to the same period of the previous year, from $2,289 Mn in December 2024 to $2,453 Mn in December 2025. Additionally, stockholder´s equity increased to $8,770 Mn in December 2025, up from $7,880 Mn in the fourth quarter of 2024. 26 Selected Figures Million Pesos 4Q25 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Direct Premiums 0 0 N.A. 0 N.A. 1 2 N.A. Reserves Provisions 2 0 N.A. 0 N.A. -11 1 N.A. Acquisition cost 0 0 N.A. 0 N.A. 0 0 N.A. Technical Income -9 -6 N.A. -6 N.A. -13 -24 N.A. Net Financial Income 52 75 -30.7% 49 6.1% 227 256 12.8% Permanent investments 104 270 -61.5% 661 -84.3% 693 683 -1.4% Net Income 142 322 -55.9% 700 -79.7% 1,533 868 -43.4% Assets 12,760 12,776 -0.1% 12,070 5.7% 12,070 12,760 5.7% Investments 2,586 2,554 1.2% 2,406 7.5% 2,406 2,586 7.5% Reserves 359 358 0.3% 359 0.0% 359 359 0.0% Stockholders' Equity 12,372 12,392 -0.2% 11,673 6.0% 11,673 12,372 6.0% Million Pesos 4Q25 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Direct Premiums 626 591 5.9% 567 10.4% 2,289 2,453 7.2% Technical Income 17 -12 -241.7% 161 -89.4% 573 307 -46.4% Earnings From Investments 166 163 1.8% 178 -6.7% 694 676 -2.6% Net Income 151 218 -30.7% 286 -47.2% 979 893 -8.8% Assets 11,600 11,363 2.1% 10,551 9.9% 10,551 11,600 9.9% Investments 9,449 9,099 3.8% 8,177 15.6% 8,177 9,449 15.6% Reserves 2,132 2,043 4.4% 1,808 18.0% 1,808 2,132 18.0% Stockholders' Equity 8,770 8,616 1.8% 7,880 11.3% 7,880 8,770 11.3% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Inversora Selected Figures In September 2025, INVERSORA reported net income of $720 Mn compared to $186 Mn recorded in the same period of the previous year. Additionally, the company´s stockholder´s equity totaled $6,947 Mn in September 2025, up from $6,062 Mn in the third quarter of 2024. 2nd Assets in Custody Market Position 23.6% Assets in Custody Market Share 27 Sep 2025 Sep 2025 Million Pesos 4Q25 3Q25 Change (%) 4Q24 Change (%) Jan - Dec Change (%) vs. 3Q25 vs. 4Q24 2024 2025 vs. 2024 Operating Margin 251 251 0.0% 175 43.4% 537 981 82.7% Interest Income 1,101 1,101 0.0% 1,696 -35.1% 6,351 4,194 -34.0% Net Income 195 195 0.0% 169 15.4% 355 768 116.3% Total Assets 8,034 13,780 -41.7% 14,583 -44.9% 14,583 8,034 -44.9% Investment Portfolio 6,588 6,592 -0.1% 13,241 -50.2% 13,241 6,588 -50.2% Stockholders' Equity 6,980 6,947 0.5% 6,227 12.1% 6,227 6,980 12.1% Assets in Custody 2,647,412 2,705,893 -2.2% 2,329,699 13.6% 2,329,699 2,647,412 13.6% I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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III. Financial Statements Consolidated Income Statement III.I Grupo Financiero Inbursa 28 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec 2024 2025 Interest income 29,508 29,722 28,272 27,529 26,956 26,765 111,535 109,522 Interest expense 17,410 16,756 15,765 15,408 14,808 14,142 64,240 60,123 Financial Margin 12,098 12,966 12,507 12,121 12,148 12,623 47,295 49,399 Loan Loss Provisions 1,357 1,632 1,395 1,900 1,790 1,756 4,942 6,841 Risk Adjusted NII 10,741 11,333 11,112 10,221 10,358 10,867 42,353 42,558 Commissions and fees income 2,106 2,594 2,189 2,123 2,134 2,445 8,624 8,891 Commissions and fees expenses 698 565 547 550 490 591 2,067 2,178 Premiums written (Net) 5,092 5,972 7,018 5,750 6,165 6,431 22,846 25,364 Increase in technical reserves 149 659 1,514 318 351 -704 3,070 1,479 Insurance acquisition cost (net) 799 928 819 693 897 898 2,824 3,307 Cost of claims (net) 3,908 4,119 3,811 4,133 4,420 5,507 15,021 17,871 Market‐Related Income 1,933 -874 62 1,300 1,713 -1,005 1,705 2,070 Afores acquisition cost 40 40 53 52 42 41 181 188 Other operational income 1,274 894 47 -15 -163 -202 3,284 -333 Non‐Interest Expense 3,394 3,306 3,604 3,438 3,664 3,468 13,129 14,174 Operating Income 12,158 10,303 10,080 10,195 10,343 8,735 42,520 39,353 Subsidiaries' Net income 851 1,020 769 1,069 519 356 2,452 2,713 Net Income Before Taxes 13,009 11,323 10,849 11,264 10,862 9,091 44,973 42,066 Incurred Income tax 2,910 2,412 2,945 2,817 3,092 1,889 10,508 10,743 Net Income 10,099 8,910 7,904 8,447 7,770 7,202 34,464 31,323 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Balance Sheet 29 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ASSETS Cash & Due From Banks 35,997 28,304 27,360 47,231 34,570 42,642 Margin Accounts 4,202 1,988 4,032 4,713 5,462 4,861 Financial Instruments 163,357 163,632 170,123 169,914 169,582 181,861 Negotiable 148,860 150,926 157,189 157,240 154,336 166,137 Collect or sale 14,068 12,276 12,496 12,237 14,802 15,079 Collect principal & interest 429 430 438 437 444 645 Repos 11 21,882 11,531 921 20,001 0 Derivatives 5,050 8,533 3,623 5,872 5,250 6,616 Adjusted Valuation for Financial Assets 799 -190 547 844 1,123 1,510 LOAN PORTFOLIO STAGE 1 461,467 484,007 492,800 482,622 495,899 505,452 Commercial 351,215 364,821 367,620 354,336 363,392 368,462 Consumer 106,142 115,169 121,248 124,459 128,839 133,377 Mortgages 4,110 4,017 3,932 3,827 3,668 3,613 LOAN PORTFOLIO STAGE 2 2,268 2,214 2,520 9,603 3,042 2,944 Commercial 489 114 129 7,206 351 504 Consumer 1,576 1,959 2,220 2,257 2,527 2,323 Mortgages 203 141 171 140 164 117 LOAN PORTFOLIO STAGE 3 7,248 7,690 8,002 7,331 7,632 7,762 Commercial 5,130 5,740 5,647 4,852 4,669 4,520 Consumer 1,374 1,172 1,556 1,948 2,421 2,677 Mortgages 744 778 799 531 542 565 LOAN PORTFOLIO 470,983 493,911 503,322 499,556 506,573 516,158 Loan Loss Reserves -10,354 -10,892 -11,426 -11,085 -11,660 -12,001 Deferred parties (net) 495 628 771 839 954 1,216 TOTAL LOANS 461,124 483,647 492,667 489,310 495,867 505,373 LOAN PORTFOLIO INSURANCE 1,664 566 732 540 483 524 Loan Loss Reserves -4 -4 -5 -4 -5 -8 TOTAL LOAN PORTFOLIO (net) 462,784 484,209 493,394 489,846 496,345 505,889 Insurance and bonding companies 9,652 9,930 12,298 11,940 10,355 10,557 Reinsurance and rebounders (net) 16,555 16,872 18,743 18,606 16,794 16,082 Receivables, Sundry Debtors & Adv. Payments 24,203 27,082 28,880 26,540 28,777 11,178 Inventories Repossessed Assets (net) 1,094 1,102 995 993 944 861 Long term assets for sell or distribution 22,828 24,119 23,528 23,362 23,127 23,597 Advance payments and other assets 8,137 6,747 5,576 6,990 7,897 7,575 Fixed Assets (net) 7,876 8,166 8,181 8,343 8,270 8,426 Fixed Assets rights (net) 702 818 740 729 652 779 Permanent Equity Investments 14,272 13,859 14,476 14,640 15,162 15,305 Deferred taxes (net) Intangible assets (net) 1,031 994 983 973 898 910 Intangible assets rights (net) Goodwill 4,513 4,513 4,513 4,513 4,511 4,512 TOTAL ASSETS 783,063 822,560 829,523 836,970 849,720 843,161 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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30 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LIABILITIES DEPOSITS 388,682 417,006 425,181 429,327 434,399 436,450 Demand Deposits 305,589 330,552 340,191 345,074 353,063 355,396 Time Deposits 50,654 53,031 53,992 55,301 57,108 57,725 Unsecured Notes (CEBURES) 32,439 33,423 30,998 28,952 24,228 23,329 Interbank Loans & Other 27,375 25,342 22,952 22,288 26,111 20,069 Technical reserves 56,200 55,857 60,765 61,753 60,106 58,262 Repos 3,793 0 0 0 3,283 5,045 Collaterals 0 0 0 0 0 0 Derivatives 19,209 26,670 27,703 17,835 17,552 14,833 Adjusted Valuation for Financial Liabilities Reinsurance and rebounders (net) 1,867 1,739 2,723 2,428 934 791 Leases 656 780 719 724 655 808 Other accounts payable 17,842 21,068 12,472 21,530 17,236 14,509 Income taxes 12,729 8,600 6,903 8,665 10,491 5,753 Employee benefits 2,186 2,580 2,172 1,845 2,078 2,516 Deferred credits 1,675 1,708 1,514 1,567 1,585 1,665 TOTAL LIABILITIES 532,214 561,350 563,104 567,962 574,430 560,701 STOCKHOLDERS´EQUITY SUSCRIBED CAPITAL 27,149 27,147 27,146 27,143 27,142 27,133 Paid‐in Capital 13,948 13,946 13,945 13,942 13,941 13,932 Share Subscription Premium 13,201 13,201 13,201 13,201 13,201 13,201 Subordinated debt EARNED CAPITAL 221,925 232,221 237,367 238,632 244,986 252,063 Capital Reserves 3,755 3,586 3,354 3,995 3,879 2,940 Retained Earnings 219,141 229,606 234,984 235,608 242,078 250,094 Valuation surplus (Deficit) of available for sale -971 -971 -971 -971 -971 -971 Result from conversion of foreign transactions Valuation effects on affiliates and associated firms Surplus (deficit) from Equity Restatement Net Income of the period Minority Interest 1,775 1,842 1,906 3,233 3,162 3,264 TOTAL STOCKHOLDERS´ EQUITY 250,849 261,210 266,419 269,008 275,290 282,460 LIABILITIES & STOCKHOLDERS´ EQUITY 783,063 822,560 829,523 836,970 849,720 843,161 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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31 Customer Position Accounts 4Q25 Company Position Accounts 4Q25Million Pesos Million Pesos CUSTOMER CURRENT ACCOUNTS Contingency assets and liabilities 10,258 Customer bank balances 279 Assets under trust 1,054,082 Customer transaction liquidations -344 Assets under custody or administration 363,276 Client loans Irrevocable lines of credit granted 140,512 CUSTOMER SECURITIES 2,602,571 Shares held in custody Assets in custody or under administration 2,602,571 Other contingent obligations Assets received in guarantee Collaterals 84,170 TRANSACTIONS ON BEHALF OF CUSTOMERS Others 1,991,887 Customer Repos 45,062 Customer Securities Loans Purchase of Derivatives Collaterals received Trusts TOTAL CUSTOMER POSITION 2,647,568 TOTAL OWN POSITION 3,644,185 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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IV . Appendix Consolidated Income Statement IV .I Banco Inbursa 32 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec 2024 2025 Interest income 26,991 27,272 26,382 25,625 25,077 24,528 101,500 101,612 Interest expense 17,026 16,480 15,793 15,445 14,632 13,935 62,769 59,805 Financial Margin 9,965 10,792 10,589 10,181 10,446 10,594 38,731 41,809 Loan Loss Provisions 1,347 1,637 1,394 1,899 1,792 1,748 4,948 6,833 Risk Adjusten NII 8,618 9,155 9,195 8,281 8,653 8,845 33,783 34,975 Comissions and fees income 2,132 2,596 2,281 2,186 2,288 2,545 8,666 9,300 Comissions and fees expenses 809 693 652 686 688 749 2,411 2,775 Market‐Related Income 952 -904 -401 277 397 -410 1,793 -137 Other operational income 660 212 -166 -330 -403 -519 1,278 -1,418 Non‐Interest Expense 2,875 3,102 2,959 2,760 2,908 2,654 11,424 11,281 Operating Income 8,679 7,264 7,298 6,969 7,340 7,059 31,685 28,666 Subsidiaries' Net income 760 1,065 695 953 367 300 2,267 2,315 Net Income Before Taxes 9,439 8,329 7,994 7,921 7,706 7,358 33,952 30,979 Incurred Income tax 2,354 1,953 2,191 1,973 2,228 1,753 8,402 8,145 Net Income 7,085 6,376 5,803 5,948 5,478 5,605 25,550 22,834 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Balance Sheet 33 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ASSETS Cash & Due From Banks 36,087 28,425 27,492 47,400 34,634 42,765 Margin Accounts 4,202 1,988 4,032 4,713 5,462 4,861 Financial Instruments 69,801 72,056 83,682 86,516 82,663 89,296 Negotiable 67,477 71,088 82,559 85,486 81,096 88,488 Collect or sale 2,324 968 1,123 1,030 1,567 809 Repos 0 21,881 11,530 921 20,000 0 Derivatives 5,050 8,533 3,623 5,872 5,250 6,615 Adjusted Valuation for Financial Assets 799 -190 547 844 1,123 1,510 LOAN PORTFOLIO STAGE 1 461,496 484,007 492,800 482,622 495,899 505,452 Commercial loans 351,244 364,821 367,620 354,336 363,392 368,462 Commercial 305,823 313,746 316,328 309,585 326,101 332,659 Financial entities 14,771 17,376 18,274 16,372 18,689 22,114 Governments 30,650 33,699 33,018 28,379 18,602 13,689 Consumer 106,142 115,169 121,249 124,459 128,839 133,377 Mortgages 4,110 4,017 3,932 3,827 3,668 3,613 LOAN PORTFOLIO STAGE 2 2,268 2,214 2,520 9,603 3,042 2,944 Commercial loans 489 114 129 7,207 351 504 Commercial 489 114 129 7,207 351 504 Financial entities Governments Consumer 1,576 1,959 2,220 2,257 2,527 2,322 Mortgages 203 141 171 139 164 117 LOAN PORTFOLIO STAGE 3 7,248 7,690 8,001 7,332 7,632 7,762 Commercial loans 5,130 5,740 5,646 4,852 4,669 4,520 Commercial 5,130 5,740 5,646 4,852 4,669 4,520 Financial entities Governments Consumer 1,374 1,172 1,556 1,948 2,421 2,677 Mortgages 744 778 799 532 542 565 LOAN PORTFOLIO 471,012 493,911 503,322 499,556 506,573 516,158 Loan Loss Reserves -10,354 -10,892 -11,426 -11,085 -11,660 -12,001 Deferred parties (net) 495 628 771 839 954 1,216 TOTAL LOAN PORTFOLIO (net) 461,153 483,647 492,667 489,310 495,867 505,373 Receivables, Sundry Debtors & Adv. Payments (net) 23,151 25,978 27,720 25,305 22,025 10,108 Repossessed Assets (net) 1,038 1,044 935 933 884 802 Long term assets for sell or distribution 20,126 21,343 20,877 20,752 20,646 21,384 Advance payments and other assets 5,927 4,529 5,420 5,969 6,350 5,834 Fixed Assets (net) 2,966 3,124 3,148 3,136 3,102 3,164 Fixed Assets rights (net) 539 627 562 551 512 647 Permanent Equity Investments 11,772 11,474 12,008 12,068 12,452 12,625 Deferred taxes (net) Intangible assets (net) 104 93 75 68 60 48 Intangible assets rights (net) Goodwill 4,508 4,508 4,508 4,508 4,506 4,506 TOTAL ASSETS 647,223 689,060 698,826 708,866 715,536 709,537 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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34 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LIABILITIES DEPOSITS 391,306 419,551 427,205 431,849 436,382 438,542 Demand Deposits 305,764 330,740 340,381 345,326 353,194 355,582 Time Deposits 53,102 55,388 55,293 57,038 58,230 58,898 Unsecured Notes (CEBURES) 32,440 33,423 31,531 29,485 24,958 24,061 INTERBANK LOANS & OTHER 29,876 29,994 28,953 28,289 32,112 20,068 Repos 3,793 0 0 0 3,283 5,045 Derivatives 19,209 26,670 27,703 17,834 17,552 14,833 Leases 515 611 554 551 516 669 OTHER ACCOUNTS PAYABLE 9,531 9,799 8,277 17,198 7,287 9,442 Income taxes 9,173 4,767 4,910 5,805 6,807 2,225 Employee benefits 2,312 2,439 2,582 2,408 2,591 2,905 Deferred credits 1,447 1,472 1,268 1,301 1,301 1,360 TOTAL LIABILITIES 467,161 495,303 501,451 505,237 507,831 495,089 STOCKHOLDERS´EQUITY SUSCRIBED CAPITAL 29,264 35,264 35,264 35,264 35,264 35,264 Paid‐in Capital 18,235 24,235 24,235 24,235 24,235 24,235 Share Subscription Premium 11,029 11,029 11,029 11,029 11,029 11,029 Subordinated debt EARNED CAPITAL 144,505 151,920 155,348 160,233 164,298 170,781 Capital Reserves 20,424 20,424 20,424 22,858 22,858 22,858 Retained Earnings 123,246 129,076 134,965 138,368 143,796 149,075 Available for Sale Held to Maturity -831 1,123 -1,826 -2,590 -4,071 -3,335 Employee benefits remeasurement -86 -122 -122 -122 -122 -249 Acumulated conversion effect 248 -157 333 145 148 -48 Others 1,504 1,576 1,573 1,573 1,689 2,480 Minority Interest 6,292 6,573 6,762 8,132 8,143 8,403 TOTAL STOCKHOLDERS´ EQUITY 180,061 193,757 197,375 203,629 207,705 214,448 LIABILITIES & STOCKHOLDERS´ EQUITY 647,223 689,060 698,826 708,866 715,536 709,537 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Memorandum Accounts 35 Million Pesos 4Q25 Other Contingent Obligations 10,258 Irrevocable Lines of Credit Granted 140,512 Goods in Trust or Mandate 1,054,082 Investment Banking Operations on Behalf of Third Parties Goods in Custody or Under Administration 392,280 Collaterals received Other accounts 1,875,909 TOTAL 3,473,040 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Income Statement IV .II Operadora 36 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec 2024 2025 Earnings from Investment Sales 24 27 22 52 11 12 148 97 Asset Management Income 175 183 177 191 194 201 686 763 Others 0 0 0 1 0 1 1 2 Unrealized Gain on Portfolio Valuation 11 3 11 -28 14 9 -17 6 Total Earnings 210 213 210 216 219 224 819 869 General Expenses 68 71 75 74 75 80 273 304 Earnings Before Taxes 142 142 135 142 144 144 546 565 Incurred Income Tax 51 11 48 65 76 22 108 211 Net Income Before Subsidiaries 91 131 87 77 68 123 438 355 Earnings from subsidiaries 177 33 122 121 169 43 248 455 Net income 268 164 209 198 237 166 686 810 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Balance Sheet 37 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ASSETS Cash 0 0 0 0 0 0 Banks 1 1 1 1 2 1 Negotiable Instruments 2,151 2,228 2,350 2,451 2,551 2,627 Sundry Debtors 60 58 64 63 66 66 Provisional Payments 98 4 29 71 113 4 Permanent investments 3,840 3,874 3,995 4,116 4,284 4,327 TOTAL ASSETS 6,150 6,165 6,439 6,702 7,016 7,025 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES Sundry Creditors 26 1 27 28 29 1 Payable Taxes 122 22 52 93 135 20 Deferred Income Tax 336 312 320 345 379 365 TOTAL LIABILITIES 485 335 400 465 543 386 STOCKHOLDERS' EQUITY Stockholders' Equity 24 24 24 24 24 24 Legal Reserve 4 4 4 4 4 4 Retained Earnings 5,115 5,115 5,801 5,801 5,801 5,801 Surplus (deficit) from equity restatement 0 0 0 0 0 0 Net income 522 686 209 407 643 810 TOTAL STOCKHOLDERS´ EQUITY 5,666 5,830 6,039 6,236 6,473 6,639 LIABILITIES & STOCKHOLDERS´ EQUITY 6,150 6,165 6,439 6,702 7,016 7,025 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Income Statement IV .III Inversora 38 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec 2024 2025 Commissions & Tariffs 145 187 71 141 107 105 537 424 Earnings From Services 145 187 71 141 107 105 537 424 Income from sale of securities 30 28 35 342 61 41 106 479 Interest Income 1,930 1,696 1,235 877 1,101 981 6,351 4,194 Interest Expense -1,774 -1,554 -1,058 -1,019 -935 -853 -5,700 -3,865 Unrealized gain on Portfolio Valuation -19 -57 52 241 13 -140 -647 166 Financial Margin 167 113 264 441 240 29 110 974 Operating Income 312 300 335 582 347 134 647 1,398 General Expenses 78 125 104 117 96 100 316 417 Operating Margin 234 175 231 465 251 34 331 981 Other Expenses (Income) -34 -22 -3 -4 -11 -6 -64 -24 Net Income Before Income Tax & Profit Sharing 268 197 234 469 262 40 395 1,005 Incurred Income Tax & Profit Sharing 60 28 56 122 67 -8 40 237 Deferred Income Tax 0 0 0 0 0 0 0 0 Net Income Before Subsidiaries' 208 169 178 347 195 48 355 768 Subsidiaries' Net Income 0 0 0 0 0 0 0 0 Net Income 208 169 178 347 195 48 355 768 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Balance Sheet 39 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ASSETS Cash & Banks 1 2 0 2 2 2 FINANCIAL INSTRUMENTS 9,840 13,241 5,877 6,358 6,592 6,588 Negotiable 9,840 13,241 5,877 6,358 6,592 6,588 Repos & Derivatives 1 1 0 1 1 0 Repo Operations 1 1 0 1 1 0 Other accounts receivable 72 48 123 202 5,696 65 Fixed assets net 37 44 36 41 36 39 Permanent equity investments 3 3 3 4 4 3 Other Assets 1,366 1,244 1,316 1,380 1,449 1,337 TOTAL ASSETS 11,320 14,583 7,355 7,988 13,780 8,034 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES Securities & Derivatives 0 0 0 0 0 0 Repo Operations 0 0 0 0 0 0 Other Account Payable 5,258 8,356 949 1,236 6,833 1,054 Income Tax & Employee profit sharing provision 817 629 493 827 906 751 Sundry creditors & other accounts payable 4,441 7,727 456 409 5,927 303 Deferred taxes 0 0 0 0 0 0 TOTAL LIABILITIES 5,258 8,356 949 1,236 6,833 1,054 STOCKHOLDERS' EQUITY Subscribed capital 1,608 1,608 1,608 1,608 1,608 1,608 Paid‐in capital 1,608 1,608 1,608 1,608 1,608 1,608 Earned Capital 4,454 4,619 4,798 5,144 5,339 5,372 Capital reserves 322 322 322 322 322 322 Retained earnings 4,158 4,327 4,506 4,852 5,047 5,094 Valuation effect in financial instruments 0 0 0 0 0 0 Surplus (deficit) of equity restatement 0 0 0 0 0 0 Others -26 -30 -30 -30 -30 -44 Net income 0 0 0 0 0 0 TOTAL STOCKHOLDERS´ EQUITY 6,062 6,227 6,406 6,752 6,947 6,980 LIABILITIES & STOCKHOLDERS´ EQUITY 11,320 14,583 7,355 7,988 13,780 8,034 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Income Statement IV .IV Seguros 40 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec 2024 2025 Premiums written 6,157 6,964 9,441 8,450 6,829 7,266 30,846 31,986 Premiums ceded 1,512 1,512 2,924 3,138 1,139 1,381 9,935 8,582 Retained Premiums 4,645 5,452 6,517 5,312 5,690 5,885 20,912 23,404 Increased in reserve for unearned premiums -244 269 1,080 -32 41 297 1,581 1,386 Retained earned premiums 4,889 5,183 5,437 5,344 5,649 5,588 19,331 22,018 Net Acquisition Cost 796 930 841 699 892 914 2,829 3,346 Commissions to agents 498 579 499 491 512 506 2,101 2,008 Additional compensation to agents 153 171 173 172 173 182 616 700 Commissions for re‐insurance taken -6 3 14 7 5 8 19 34 Commissions for re‐insurance given -225 -184 -269 -348 -185 -143 -1,054 -945 Coverage on losses excess 166 132 119 116 93 94 430 422 Others 210 229 305 261 294 267 717 1,127 Net cost of claims and contractual obligations 3,529 3,729 3,387 3,728 3,854 4,947 13,405 15,916 Claims and other contractual obligations 3,718 3,672 3,356 3,747 4,001 4,951 13,538 16,055 Claims recovered from re‐insurance 189 -57 -31 19 147 4 133 139 Other claims 0 0 0 0 0 0 0 0 Technical Income 564 524 1,208 917 903 -273 3,096 2,755 Net Increase in other technical reserve 278 266 296 266 266 -1,095 1,025 -267 Catastrophic risks reserves 299 290 305 295 267 -1,089 1,156 -222 Preventions reserves 0 0 0 0 0 0 0 0 Contingency claim reserves 2 2 2 1 2 1 8 6 Other reserves -23 -26 -11 -30 -3 -7 -139 -51 Gross profit 286 258 912 651 637 822 2,071 3,022 Net operating expenses 409 400 435 471 585 436 1,491 1,927 Administrative and operating expenses 5 12 1 6 12 -5 -1 14 Personnel expenses 338 318 359 388 496 368 1,239 1,611 Depreciation and amortization 66 70 75 77 77 73 253 302 Operating Profits -123 -142 477 180 52 385 581 1,094 Net Financial Income 2,103 1,448 1,293 1,395 1,675 859 5,512 5,222 On investments 1,152 1,398 1,011 1,119 1,028 1,076 4,797 4,234 Investments sales 31 39 11 0 11 9 13 31 Investments revaluation 184 -266 314 610 742 -187 -1,134 1,479 Charges on premiums 63 65 66 68 71 72 245 277 Others 220 -7 3 4 2 -29 422 -20 Forex 453 219 -112 -407 -179 -82 1,169 -780 Participated income from permanent investments 165 152 87 57 73 18 628 235 Income before income taxes & employee profit sharing 2,145 1,458 1,857 1,633 1,800 1,262 6,721 6,552 Provision for income tax 482 190 507 397 455 230 1,534 1,589 Net income 1,663 1,268 1,350 1,236 1,345 1,032 5,188 4,963 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Balance Sheet 41 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ASSETS Investments 70,377 61,070 63,729 65,722 67,530 67,702 Securities 65,219 53,596 54,763 56,963 58,847 64,865 Government 37,328 26,450 26,044 26,656 28,154 34,631 Private companies 27,891 27,146 28,719 30,307 30,692 30,234 Debt Instruments 15,949 14,493 14,584 15,068 15,367 15,447 Equities 11,942 12,653 14,135 15,239 15,325 14,787 Repos 10 0 0 0 0 0 Loans 2,888 5,229 6,628 6,436 6,377 422 Performing loans 2,893 5,217 6,640 6,446 6,387 419 Past due loans 2 2 2 2 2 9 Allowance for write‐offs -7 10 -15 -12 -12 -6 Real estate 2,260 2,355 2,339 2,323 2,307 2,416 Investments for labor obligations 691 682 688 700 719 709 Current assets 8 23 5 44 19 37 Cash and banks 8 23 5 44 19 37 Debtors 9,928 10,170 12,552 12,249 10,649 10,911 Premium debtors 8,649 9,053 10,417 10,675 9,575 9,216 Governmental debtors 551 429 1,418 854 332 879 Agents and adjusters 13 15 13 6 6 14 Notes receivable 89 93 92 93 96 100 Employee loans 0 0 0 0 0 0 Other 775 733 764 774 794 858 Allowance for write‐offs -149 -152 -153 -153 -154 -155 Reinsurers and rebounders 16,458 16,809 18,646 18,555 16,803 16,124 Insurance and bonding companies 2,398 3,345 2,823 2,098 1,967 2,740 Retained deposits 1 1 1 1 1 1 Reinsures share of unsettled claims 14,059 13,463 15,822 16,456 14,835 13,383 Reinsures share of unearned Permanent investments 3,277 3,429 3,517 3,573 3,641 3,740 Other assets 2,619 2,764 1,325 1,995 2,410 2,806 Furniture and equipment (net) 485 570 551 520 473 467 Foreclosed and repossessed assets 21 23 25 25 25 25 Sundry 2,113 2,170 749 1,449 1,912 2,314 TOTAL ASSETS 103,358 94,947 100,462 102,838 101,771 102,029 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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42 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LIABILITIES Technical reserves 54,168 53,735 58,513 59,445 57,755 55,823 Unearned premiums 27,869 26,972 30,588 30,101 29,341 28,424 Life 17,496 17,174 17,964 17,774 17,960 17,874 Accident and health and P&C 10,324 9,754 12,576 12,282 11,332 10,498 Current bonds 49 44 48 46 50 52 Contractual obligations 17,843 18,015 18,871 19,993 18,794 18,868 Claims and maturities 12,948 12,754 13,398 14,299 13,539 13,610 Reserve for incurred but not reported claims 2,815 3,061 3,035 2,865 2,974 3,120 Policy dividends 0 0 0 0 0 0 Managed insurance funds 1,464 1,532 1,521 1,529 1,546 1,597 Deposits premiums 616 668 918 1,299 735 541 Prevision 8,455 8,748 9,054 9,350 9,619 8,531 Prevision 0 0 0 0 0 0 Catastrophic 8,398 8,688 8,993 9,289 9,556 8,467 Contingency 57 59 61 62 63 64 Specials Provision for labor obligations at retirement 1,046 1,022 1,048 1,079 1,116 1,131 Creditors 2,418 2,294 2,456 2,415 2,694 3,415 Agents and adjusters 1,029 1,087 1,010 1,059 1,096 1,098 Managed loss funds 196 50 53 40 96 60 Sundry 1,193 1,157 1,392 1,316 1,503 2,258 Reinsurers and rebounders 1,888 1,787 2,684 2,447 1,001 900 Insurance and bonding companies 1,888 1,787 2,684 2,447 1,001 900 Retained deposits 0 0 0 0 0 0 Other liabilities 6,298 6,872 5,460 5,752 6,126 6,544 Provision for employee profit sharing & Taxes 1,830 2,234 812 1,054 1,301 1,637 Other liabilities 1,284 1,327 1,633 1,613 1,350 1,466 Deferred credits 3,185 3,311 3,015 3,085 3,475 3,441 TOTAL LIABILITIES 65,818 65,709 70,160 71,138 68,692 67,813 STOCKHOLDERS´EQUITY Paid in capital 1,067 1,067 1,067 1,067 1,067 1,067 Capital stock 1,067 1,067 1,067 1,067 1,067 1,067 Reserves 12,246 12,773 12,487 11,517 11,576 11,586 Legal 1,067 1,067 1,067 1,067 1,067 1,067 Other 7,635 7,667 7,698 6,695 6,724 6,709 Valuation superavit for reserves of unearned premiums 3,544 4,040 3,722 3,755 3,785 3,810 Subsidiaries 5,622 5,621 5,622 6,299 6,294 6,375 Retained earnings 15,000 4,876 10,064 10,520 10,499 10,523 Net income 3,921 5,188 1,350 2,585 3,931 4,963 Excess (insufficient) on Stockholders' actualization 0 0 0 0 0 0 Others -314 -288 -288 -288 -288 -297 Minority Interest TOTAL STOCKHOLDERS´ EQUITY 37,541 29,238 30,302 31,700 33,079 34,215 LIABILITIES & STOCKHOLDERS´ EQUITY 103,358 94,947 100,462 102,838 101,771 102,029 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Income Statement I V. V Pensiones 43 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec 2024 2025 Premiums written 1 0 2 0 0 0 1 2 Premiums ceded 0 0 0 0 0 0 0 0 Retained Premiums 0 0 2 0 0 0 0 2 Increased in reserve for unearned premiums 3 0 0 -1 0 2 -10 1 Retained earned premiums 3 0 0 1 0 -2 16 -1 Net Acquisition Cost 0 0 0 0 0 0 0 0 Net cost of claims and contractual obligations 6 6 6 6 6 6 23 24 Claims and other contractual obligations 6 6 6 6 6 6 23 24 Claims recovered from re‐insurance 0 0 0 0 0 0 0 0 Other claims 0 0 0 0 0 0 0 0 Technical Income -9 -6 -4 -5 -6 -9 -13 -24 Net Increase in other technical reserve 0 0 0 0 0 0 0 0 Gross profit -9 -6 -4 -5 -6 -9 -13 -24 Net operating expenses 1 2 1 1 1 3 3 6 Administrative and operating expenses 1 2 1 1 1 3 3 6 Personnel expenses 0 0 0 0 0 0 0 0 Depreciation and amortization 0 0 0 0 0 0 0 0 Operating Profits -9 -8 -5 -6 -7 -11 -15 -29 Net Financial Income 71 49 64 65 75 52 227 256 On investments 57 56 52 48 44 42 220 186 Investments sales 0 0 0 2 2 0 0 4 Investments revaluation 14 -7 12 17 29 9 7 67 Charges on premiums 0 0 0 0 0 0 0 0 Others 0 0 0 0 0 0 0 0 Forex 0 0 0 0 0 0 0 0 Participated income from permanent investments 568 661 28 281 270 104 1,355 683 Income before income taxes & employee profit sharing 630 702 86 340 338 144 1,567 908 Provision for income tax 8 2 11 11 16 2 31 40 Provision for employee profit sharing 0 0 0 0 0 0 0 0 Subsidiaries results 0 0 0 0 0 0 0 0 Net income 621 700 75 329 322 142 1,534 868 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Balance Sheet 44 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ASSETS Investments 2,373 2,406 2,447 2,496 2,554 2,586 Securities 2,373 2,406 2,447 2,496 2,554 2,586 Government 1,342 1,440 1,411 1,239 1,448 1,607 Private companies 1,034 967 1,039 1,259 1,109 983 Debt Instruments 964 903 976 1,186 1,026 902 Equities 70 64 63 73 83 80 Net unrealized gain on valuation -2 -2 -2 -2 -2 -3 Repos 0 0 0 0 0 0 Current assets 0 0 0 0 0 0 Permanent investments 9,099 9,622 9,649 9,927 10,193 10,135 Other assets 31 43 19 26 28 39 Sundry 31 43 19 26 28 39 TOTAL ASSETS 11,504 12,070 12,116 12,450 12,776 12,760 LIABILITIES Technical reserves 361 359 359 358 358 359 Unearned premiums 345 344 344 342 342 344 Life 345 344 344 342 342 344 Accident and health and P&C Current bonds Contractual obligations 3 1 2 2 3 2 Claims and maturities 0 0 0 0 0 0 Prevision 13 13 13 13 13 13 Contingency 7 7 7 7 7 7 Specials 7 7 7 7 7 7 Reinsurers and rebounders 0 0 0 0 0 0 Other liabilities 31 38 9 17 25 28 TOTAL LIABILITIES 392 398 368 376 384 388 STOCKHOLDERS´EQUITY Paid in capital 1,108 1,108 1,108 1,108 1,108 1,108 Capital stock 1,458 1,458 1,458 1,458 1,458 1,458 (‐)Unsubscribed capital 350 350 350 350 350 350 Reserves 1,293 1,293 1,293 1,300 1,300 1,300 Legal 1,108 1,108 1,108 1,108 1,108 1,108 Other 185 185 185 191 191 191 Unrealized gain on valuation 0 0 0 0 0 0 Subsidiaries 6,828 6,690 6,690 8,041 8,037 8,269 Retained earnings 1,048 1,048 2,581 1,221 1,221 827 Net income 834 1,533 75 404 726 869 Excess (insufficient) on Stockholders' actualization TOTAL STOCKHOLDERS´ EQUITY 11,112 11,673 11,748 12,074 12,392 12,372 LIABILITIES & STOCKHOLDERS´ EQUITY 11,504 12,070 12,116 12,450 12,776 12,760 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Income Statement IV .VI Seguros de Caución y Fianzas 45 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Jan - Dec 2024 2025 Premiums accepted 571 567 664 572 591 626 2,289 2,453 Premiums ceded 26 14 78 46 31 50 119 205 RETAINED PREMIUMS 545 553 586 526 560 576 2,170 2,248 Application of reserve for outstanding bonds 3 9 34 -30 2 14 -7 20 NET PREMIUM REVENUES 542 544 552 556 558 562 2,176 2,228 Net Acquisition Cost 9 0 -9 1 10 -8 13 -6 Commissions to agents 0 0 0 0 0 0 0 0 Commissions for rebounding taken 0 0 0 0 0 0 0 0 Commissions for rebounding given -11 -10 -33 -21 -13 -24 -56 -91 Others 20 10 24 22 23 16 69 85 Claims 373 382 417 398 560 553 1,590 1,928 Technical Income 160 162 144 158 -12 17 573 307 Net increase in other technical reserves 87 89 93 85 40 71 345 289 GROSS INCOME 73 73 51 73 -52 -54 228 18 Net Operating Expenses -28 -45 -36 9 -26 74 -146 21 Administrative & operating expenses -76 -85 -81 -53 -85 37 -314 -182 Personnel expenses 46 38 43 60 57 35 160 195 Depreciation 2 2 2 2 2 2 8 8 OPERATING INCOME 101 118 87 64 -26 -128 374 -3 Financial Income 225 181 152 326 279 250 711 1,007 On investments 175 178 175 172 163 166 694 676 Investments sales 0 17 8 12 8 55 17 83 Investments revaluation 28 -32 -25 167 115 33 -57 290 Others 3 1 0 1 1 1 5 3 Forex 19 17 -6 -27 -8 -5 52 -46 Participated income from permanent investments 42 40 10 23 32 20 123 85 INCOME BEFORE TAXES 368 339 249 413 285 142 1,208 1,089 Income taxes 73 53 47 91 67 -9 228 196 Subsidiaries Net Income 0 0 0 0 0 0 0 0 NET INCOME 294 286 202 322 218 151 979 893 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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Consolidated Balance Sheet 46 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ASSETS Investments 7,813 8,177 8,390 8,888 9,099 9,449 Securities 7,446 7,815 8,029 8,538 8,755 9,148 Government 4,610 5,139 4,847 4,880 4,953 5,698 Private companies 2,835 2,676 3,182 3,658 3,802 3,449 Debt Instruments 1,493 1,350 1,891 2,213 2,118 1,720 Equities 1,342 1,326 1,291 1,445 1,684 1,730 Net unrealized gain on valuation 0 0 0 0 0 0 Interest debtors 0 0 0 0 0 0 Repos 0 0 0 0 0 0 Loans 14 13 14 14 14 13 Performing loans 16 15 16 16 15 14 Past due loans 0 0 0 0 0 0 Allowance for write‐offs -1 -1 -1 -1 -1 -1 Real estate 353 348 347 336 330 288 Investments for labor obligations 171 169 171 174 178 176 Current assets 42 18 22 7 20 1 Cash and banks 42 18 22 7 20 1 Debtors 588 703 721 645 714 571 Premium debtors 452 449 462 411 448 463 Agents and adjusters 1 1 1 1 1 1 Notes receivable 0 0 0 0 0 0 Employee loans 97 97 97 97 97 97 Other 52 170 174 191 223 188 Allowance for write‐offs -14 -14 -14 -56 -56 -178 Rebounders 231 213 197 192 166 167 Bonding companies 105 18 8 9 14 14 Retained deposits 0 0 0 0 0 0 Others 0 0 0 0 0 0 Participation in rebounding 126 195 190 183 153 153 Estimation for punishments 0 0 0 0 0 0 Permanent investments 842 862 882 892 908 906 Other assets 315 410 241 214 279 331 Furniture and equipment (net) 4 3 5 4 3 2 Foreclosed and repossessed assets 0 0 0 0 0 0 Sundry 311 407 235 209 276 329 TOTAL ASSETS 10,002 10,551 10,624 11,012 11,363 11,600 I. Highlights II. Financial Results III. Financial Statements IV. Appendix
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47 Million Pesos 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LIABILITIES Technical reserves 1,720 1,808 1,940 1,996 2,043 2,132 Current bonds 975 973 1,013 984 991 1,009 Contingency bonds 746 835 928 1,013 1,052 1,123 Provision for labor obligations at retirement 268 261 267 274 283 284 Creditors 38 142 33 38 50 57 Agents and adjusters 1 1 1 1 1 1 Managed loss funds 0 0 0 0 0 0 Sundry 37 141 32 37 49 56 Rebounders 64 57 92 75 58 48 Bonding companies 10 2 37 45 28 18 Other participation 55 55 55 30 30 30 Other liabilities 333 404 199 224 314 309 Provision for employee profit sharing & Taxes 226 300 87 124 167 195 Other liabilities 107 103 112 100 109 113 Deferred credits 0 0 0 0 38 1 TOTAL LIABILITIES 2,423 2,671 2,532 2,607 2,748 2,830 STOCKHOLDERS´EQUITY Paid in capital 235 235 235 235 235 235 Capital stock 310 310 310 310 310 310 (‐)Unsubscribed capital -75 -75 -75 -75 -75 -75 Reserves 280 283 283 283 283 283 Legal 280 283 283 283 283 283 Repurchase of shares Other Unrealized gain on valuation 122 129 129 129 129 137 Subsidiaries 963 959 969 1,080 1,074 1,069 Retained earnings 5,346 5,346 6,326 6,204 6,204 6,204 Net income 693 979 202 524 742 893 Others -60 -51 -51 -51 -51 -50 Excess (insufficient) on Stockholders' actualization 0 0 0 0 0 0 TOTAL STOCKHOLDERS´ EQUITY 7,579 7,880 8,092 8,404 8,616 8,770 LIABILITIES & STOCKHOLDERS´ EQUITY 10,002 10,551 10,624 11,012 11,363 11,600 I. Highlights II. Financial Results III. Financial Statements IV. Appendix