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4 Q25 Earnings Results FEBRUARY 2026
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Our 2025 Guidance was right on target 2 CET1 Commercial Portfolio Growth Average Deposit Growth NIM Efficiency Ratio ROE 11% Real vs Guidance 2025 15% 2.36% 26.7% 15.8% 15.3% 10% 12% 15 % 17 % 2.25% 2.35% 26% 28% 15% 16% 15% 16% ✓ ✓ ✓ ✓ ✓ ✓
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Key Results: Solid Performance in 2025 3 Record Earnings and RoE Record Commercial Portfolio and Strong Deposit Growth Robust Margins and healthy Asset Quality Record Non - Interest Income and Efficiency Commercial Book $11.2 Bn ↑ 11% YoY Deposits $6.6 Bn ↑ 22% YoY NIM FY 2.36% ↓ 11 Bps YoY NPLs 0.31% ↑ 16 Bps YoY Non - Interest Income FY $68.4 ↑ 54% YoY Efficiency Ratio FY 26.7% ↑ 17 Bps YoY Net Income FY $227 M ↑ 10% YoY Adjusted ROE FY 15.8% ↓ 45 Bps YoY Additional Capital to Support Growth Capital Adequacy Ratio 15.5% ↑ 190 Bps YoY Tier 1 Basel III Capital Ratio 17.4% ↑ 190 Bps YoY
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Record Net Income and Strong Profitability 4 (*) net profit - AT1 distribution / average stockholders' equity excluding other equity instruments 11.1 37.0 51.3 51.7 23.0 37.1 50.1 64.2 26.9 45.8 53.0 55.0 31.0 46.4 51.5 56.0 FY 2022 FY 2023 FY 2024 FY 2025 92.0 166.2 205.9 226.9 ROE * 4Q25 14.2% +10% (USD millions, except for %) 4Q 3Q 2Q 1Q 9M 2025 ROA 12M 1.0% 1.7% 1.9% 1.9% ROE 12M 8.9% 14.7% 16.2% 15.4% Adj. ROE 12M * 8.9% 14.7% 16.2% 15.8% Net Income, ROA & ROE 2025
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Credit & Commercial Portfolio Remain Well Diversified 5 (1) Other N - IG: Honduras, Paraguay, Suriname, El Salvador and other Latam <1%. 8,375 ( 75% ) 1,659 ( 15% ) 1,189 (10% ) 4Q24 2,003 ( 16% ) 1,415 ( 11% ) 4Q25 9,181 ( 73% ) 3Q25 1,414 (12% ) 2,124 ( 17% ) 8,748 ( 71% ) 11,224 12,286 12,599 +12% Credit Portfolio (Commercial Portfolio + Investments) Loans Contingencies Investment Portfolio Commercial Portfolio by Country (Loans + Contingencies) 11,184 4Q25 34% 66% Investment Grade Non - Investment Grade Other N - IG Mexico Chile Panama Peru Uruguay Non Latam 10% 10% 5% 4% 15% 11% 3% 2% Financial Institutions Oil&Gas Electric Power Other Industries Food and beverage Other Commodities Manufacturing Industries Wholesalers & Retailers Other Services & Sovereign 27% 18% 10% 10% 9% 8% 8% 7% 11,184 4Q25 Commercial Portfolio by Industry 3% 6% Other N - IG Argentina Costa Rica T. & Tobago Colombia Brazil Dominican Republic Ecuador Guatemala 5% 3% 1% 8% 12% 5%
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Diversified Investment Portfolio mainly in Ex - Latam countries and strong liquidity buffers 6 (1) Others Non - Latam: Japan, UK, Saudi Arabia, Canada, Germany and others. (2) (1) Liquid assets refer to total cash and cash eq uivalents, consisting of cash and due from banks and interest - bearing deposits in banks, excluding pledged deposits and margin calls; as well as corporate debt securities rated ‘A - ‘ or above. Panama Chile Colombia Peru Costa Rica 5% 2% 1% 1% 1% United States Other Non - Latam 1 Multilaterals 52% 31% 7% Ex - Latam Countries Latam Countries 90% $ 1,269 MM USD 10% $ 146 MM USD Investment Portfolio EOP Balances (in USD millions) 1,415 Avg. Term to Maturity 1.7 y 1,415 4Q25 (USD millions, except for %) Total Liquid Assets 2 1,918 1,852 1,959 1,934 1,911 16.2% 4Q24 14.9% 1Q25 15.5% 2Q25 15.5% 3Q25 14.9% 4Q25 Liquid Assets Liquid Assets / Total Assets 91% 6% 2% Liquid Assets Placements by Credit Risk 1,911 Investment Grade 91% 1% FRBNY Multilaterals USA excluding FRBNY Latin America
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Strong Asset Quality, Low Credit Risk and Ample Reserve Coverage (1) Includes allowance for expected credit losses on loans at amortized cost, on loan commitments and financial guarantees co ntr acts, on securities at amortized cost and at fair value through other comprehensive income and on cash and due from banks7 Total Allowance for Credit Losses to Impaired Credits 276% (USD millions, except for %) 4Q24 Allowance for losses 1 Balance at beginning of the period 80.8 1Q25 2Q25 3Q25 4Q25 84.9 90.0 95.1 101.5 Impairment losses (reversals) 4.0 5.2 5.0 6.5 5.4 Recoveries (write - offs) 0.0 ( 0.0 ) 0.0 0.0 0.6 End of period balance 84.9 90.0 95.1 101.5 107.6 Impaired Credits to Credit Portfolio (EoP) 0.15% 0.14% 0.15% 0.15% 0.31% Exposure by Stages 98.2% Stage 1 $ 12,368 M 1.5% Stage 2 $ 192 M 0.3% Stage 3 $ 39 M $ 12.6 B (USD millions, except for %)
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Consistent Deposit Growth and Diversified Deposit Base 8 5,413 ( 54% ) 213 ( 2% ) 1,653 ( 17% ) 2,699 ( 27% ) 4Q24 6,836 ( 66% ) 139 ( 1% ) 1,060 ( 10% ) 2,337 ( 23% ) 3Q25 6,604 ( 62% ) 130 ( 1% ) 1,511 ( 14% ) 2,482 ( 23% ) 4Q25 9,978 10,372 10,727 Deposits Securities sold under repurchase agreement Short - term Borrowings and Debt Long - term Borrowings and Debt Funding Sources Deposits Composition (USD millions, except for %) 13% 24% 27% 35% 1% Multilateral Brokers Corporations Financial Institutions Central Banks or designees Class A shareholders 6,604 2025
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Robust Capitalization Supports Business & Balance Sheet Expansion 9 (1) As defined by the SBP, in which risk - weighted assets are calculated under the Basel Standardized Approach for Credit Risk. T he required minimum for the regulatory Capital Adequacy Ratio plus conservation buffer is 9.25% of total risk - weighted assets. Other regulatory adjustments correspond to intangible assets, cash flow coverage reserves, treasury stock and dynamic provisions to be taken in consideration in the calculation of the capital funds, according to Rule 01 - 2015 of the Superintendency of Banks of Panama. (2) Tier 1 Capital ratio is calculated according to Basel III capital ad equacy guidelines, and as a percentage of risk - weighted assets. Risk - weighted assets are estimated based on Bale II capital adequacy, utilizing internal - ratings based approach or "IRB" for credit risk and standardized approach for opera tional risk. (USD millions, except for %) 1.5% 12.1% 4Q24 2.0% 1.3% 12.5% 3Q25 1.8% 1.5% 12.2% 4Q25 13.6% 15.8% 15.5% Additional Tier I Capital Other Regulatory Adjustments Ordinary Common Tier 1 Capital Ratio 9.25% 15.5% 15.9% 15.3% 2.2% 2.1% 4Q24 3Q25 4Q25 18.1% 17.4% Additional Tier I (Basel III) Tier 1 Capital Ratio (Basel III) Capital adequacy ratio 1 (Panama regulatory) Tier I ratio 2 (Basel III) 8.50% Regulatory Minimum plus conservation buffer Regulatory Minimum plus conservation buffer
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Margins Stabilize at Target Levels 10 148.0 233.2 259.2 271.2 1.71% 2022 2.49% 2023 2.47% 2024 2.36% 2025 2022 2023 2024 2025 3.78% 2.39% 7.15% 5.30% 7.36% 5.61% 6.59% 4.93% Rate of Interest Earning Assets Rate of Interest Bearing Liabilities Net Interest Spread (NIS) NIS 1.67% Net Interest Margin (NIM) Net Interest Margin ("NIM") Net Interest Income (USD millions, except for %) NIS 1.39% 8,678 9,374 10,484 Average Interest - Earning Assets 11,496
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Record Non - Interest Income contributes to revenue diversification (USD millions, except for %) (1) Other non - interest income includes fees and commissions, net and gain (loss) on financial instruments of loans, investment s ecurities and derivatives - intermediation (2) Credit Commitments and Other Commissions, net include fees from credit commitments, other fees and commissions income and fees and commission expense 18.7 32.9 44.4 68.4 2022 2023 2024 2025 +266% +54% Non Interest Income 1.2 3.3 2.6 3.7 1.9 3.4 6.9 8.9 8.4 4Q24 3Q25 4Q25 11.9 14.1 14.5 +3% Letters of credit and guarantees Structuring Services Credit Commitments and Other commissions, net 2 Fees and Commissions, net 2.6 Loans 1.6 Investment securities 1.1 Derivatives - intermediation Other Non Interest Income 1 2025 $5.4 11 7.6 9.5 10.2 17.7 26.5 31.8 2024 2025 44.4 59.0 +33% Quarterly Annual
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Operational Efficiency Aligned with Annual Guidance 12 Opex & Efficiency Ratio Quarterly 80.5 90.6 26.5% 2024 26.7% 2025 Annual (USD millions, except for %) 22.9 21.3 27.4 29.2% 4Q24 25.8% 3Q25 30.9% 4Q25 Total Operating Expenses Efficiency Ratio Total Operating Expenses Efficiency Ratio
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Closing Remarks FEBRUARY 2026 13
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2026 Full Year Guidance 15 Tier I Commercial Portfolio Growth Average Deposit Growth NIM Efficiency Ratio ROE 13% - 15% Guidance 2026 13% - 15% ~ 2.30% ~ 28% 14% - 15% 15% - 16%
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4 Q25 Earnings Results FEBRUARY 202 6
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17 Contact IR@bladex.com www.bladex.com/en/investors Carlos Raad Chief Investor Relations Officer craad@bladex.com Panama Diego Cano VP Investor Relations dcano@bladex.com Panama