Earnings release
Page 1
1 Panama City, Republic of Panama July 27, 2026 , 2Q26 Quarterly Financial Report Panama City, Republic of Panama July 27, 2026
Page 2
2 Panama City, Republic of Panama July 27, 2026 Content 04 06 07 07 10 11 11 12 12 14 15 16 17 19 20 21 21 21 23 24 24 25 Financial & Business Highlights Financial Snapshot Results by Business Segment Commercial Business Segment • Commercial Segment Profitability Treasury Business Segment • Liquidity • Treasury Investment Portfolio • Funding • Treasury Segment Profitability Net Interest Income and Margins Non-Interest Income Portfolio Quality and Total Allowance for Credit Losses Operating Expenses and Efficiency Capital Ratios and Capital Management Recent Events Notes Footnotes Safe Harbor Statement About Bladex Conference Call Information Exhibits
Page 3
3 Panama City, Republic of Panama July 27, 2026 Bladex announces Net Profit of $66.5 Million for the Second Quarter 2026 Bladex, Inc. (NYSE: BLX, or “the Bank”), a Panama-based multinational bank originally e s t a b l i s h e d b y t h e c e n t r a l b a n k s o f 2 3 L a t i n-American and Caribbean countries to promote foreign trade and economic integration in the Region, announced today its results for the second quarter (“2Q26”) and the six months (“6M26”) ended June 30, 2026. The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Page 4
4 Panama City, Republic of Panama July 27, 2026 Financial & Business Highlights All-time high profitability with Net Profits reaching $66.5 million or $1.77 per share in 2Q26 (+4% YoY) and $122.8 million or $3.08 per share in 6M26 (+6% YoY) , supported by higher average commercial balances, record fee generation and continued funding optimization, notwithstanding continued margin pressure driven by abundant liquidity and intensified competition for high -quality assets across the Region. Adjusted Annualized Return on Equity stood at 16.4% in 2Q26 and 15.3% in 6M26, reflecting disciplined commercial growth, enhanced revenue diversification and continued funding optimization. Including the effect of the AT1 issuance completed in late September 2025, the annualized Return on Equity (“ROE”) reached 15.4% in 2Q26 and 14.5% in 6M26. Net Interest Income (“NII”) resulted in $73.3 million in 2Q26 (+8% YoY) and $143.5 million in 6M26 (+8% YoY) mostly driven by higher average business volumes. Net Interest Margin (“NIM”) stood at 2.24% in 2Q26 and 2.29% in 6M26, supported by lower funding costs driven by deposit growth and continued pricing discipline, which was offset by increased market liquidity and intensified competition for high -quality assets that continue to pressure asset pricing and short-term lending spreads. Fees and non -interest income reached a record $25.6 million in 2Q26 (+15% YoY), primarily attributable to the growing contribution from fee -generating activities , supported by sustained client engagement and increased transactional activity . Revenues generated by the intermediation of financial instruments have become increasingly an important source of income, generating $1.3 million in 2Q26 . Consequently, fees and non -interest income totaled $38.5 million in 6M26 (+10% YoY). Well-managed Efficiency Ratio of 24.1% in 2Q26 and 25.2% in 6M26, as higher total revenues more than offset increased operating expenses associated with expanded execution capacity and personnel-related expenses, along with continuing investments in technology, modernization and other strategic initiatives. Credit Portfolio reached a record level at $14,466 million as of June 30, 2026 (+19% YoY), resulting from:
Page 5
5 Panama City, Republic of Panama July 27, 2026 • Commercial Portfolio EoP balances reaching a peak of $13,029 million at the end of 2Q26 (+20% YoY), reflecting growth across loans and contingencies, as the Bank continues to execute its commercial pipeline. • Treasury Investment Portfolio of $1,437 million (+5% YoY), mostly consisting of investment-g r a d e s e c u r i t i e s o u t s i d e o f L a t i n A m e r i c a h e l d a t a m o r t i z e d c o s t , further enhancing country and credit -risk diversification and providing contingent liquidity funding. Sound asset quality, with most of the credit portfolio (98.4% ) remaining low -risk or Stage 1 at t he end of 2Q26. Stage 2 exposures decreased to 1.1% of the portfolio at the end of 2Q26, reflecting credit quality improvements, maturities, repayments and the migration of a specific exposure to Stage 3. As a result, impaired credits or Stage 3 principal balance increased to $75.1 million or 0. 5% of total Credit Portfolio, with a reserve coverage of 1.2x. Heightened and diversified deposit base , reaching historically high levels of $7,890 million at the end of 2Q26 (+22% YoY), representing 64% of the Bank’s total funding sources. The Bank also maintained ample and constant access to interbank and debt capital markets. Solid liquidity position at $1,922 million, or 13.3% of total assets as of June 30, 2026, m o s t l y c o n s i s t i n g o f d e p o s i t s p l a c e d w i t h t h e F e d e r a l R e s e r v e B a n k o f N e w Y o r k (67%) and highly rated banks in the U.S. and other OECD countries (27%) . The Bank’s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios resulted in 16.6% and 14.3% at t he end of 2Q26, respectively, both well above internal targets and regulatory minimum , reflecting the strategic deployment of capital to support profitable business growth.
Page 6
6 Panama City, Republic of Panama July 27, 2026 Financial Snapshot (US$ million, except percentages and per share amounts) 2Q26 1Q26 2Q25 QoQ (var.) YoY (var.) 6M26 6M25 Yo Y (var.) Key Income Statement Highlights Net Interest Income ("NII") $73.3 $70.2 $67.7 4% 8% $ 143.5 $133.0 8% Fees and commissions, net $23.3 $13.1 $19.9 7 8% 17% $36.5 $30.5 20% Gain (loss) on financial instruments, net $2.2 ($0.3) $2.2 7 64% 1% $1.9 $4.1 -55% Other income, net $0.1 $0.1 $0.2 3% - 58% $0.2 $0.4 -46% Total revenues $98.9 $83.1 $90.0 1 9% 10% $182.0 $168.0 8% Impairment losses on financial instruments ($8.6) ($4.7) ($5.0) -8 2% -71% ($13.3) ($10.2) -30% Operating expenses ($23.8) ($22.0) ($20.8) -8 % -14% ($45.9) ($41.8) -10% Profit for the period $66.5 $56.4 $64.2 1 8% 4% $122.8 $115.9 6% Profitability Ratios Earnings per Share ("EPS") (1) $1.77 $1.31 $ 1.73 35% 3% $3.08 $3.13 -2% Return on Average Equity (“ROE”) (2) 15.4% 13.5% 1 8.5% 197bps -303bps 14.5% 17.0% -251bps Adjusted ROE excluding other equity instruments (3) 16.4% 14.2% 1 8.5% 223bps -201bps 15.3% 17.0% -162bps Return on Average Assets (“ROA”) (4) 2.0% 1.8% 2 .1% 14bps -14bps 1.9% 2.0% -5bps Net Interest Margin ("NIM") (5) 2.24% 2.34% 2 .36% -10bps -12bps 2.29% 2.36% -7bps Net Interest Spread ("NIS") (6) 1.64% 1.69% 1 .70% -5bps -6bps 1.66% 1.68% -1bps Efficiency Ratio (7) 24.1% 26.5% 2 3.1% -237bps 97bps 25.2% 24.9% 29bps Assets, Capital, Liquidity & Credit Quality Credit Portfolio (8) $14,466 $13,487 $ 12,182 7% 19% $14,466 $12,182 19% Commercial Portfolio (9) $13,029 $12,047 $ 10,819 8% 20% $13,029 $10,819 20% Treasury Investment Portfolio $1,437 $1,440 $1,363 0% 5% $ 1,437 $1,363 5% Total Assets $14,437 $13,739 $12,674 5% 1 4% $14,437 $12,674 14% Total Equity $1,757 $1,708 $1,415 3% 24 % $1,757 $1,415 24% Market Capitalization (10) $2,311 $1,917 $ 1,500 21% 54% $2,311 $1,500 54% Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (11) 16.6% 17.9% 1 5.0% -132bps 163bps 16.6% 15.0% 163bps Capital Adequacy Ratio (Regulatory) (12) 14.3% 14.7% 1 3.9% -33bps 41bps 14.3% 13.9% 41bps Total Assets / Total Equity (times) 8.2 8.0 9.0 2% -8 % 8.2 9.0 -8% Liquid Assets / Total Assets (13) 13.3% 14.5% 1 5.5% -115bps -214bps 13.3% 15.5% -214bps Credit-impaired Loans to Loan Portfolio (14) 0.7% 0.4% 0. 2% 32bps 50bps 0.7% 0.2% 50bps Impaired Credits (15) to Credit Portfolio 0.5% 0 .3% 0.2% 23bps 37bps 0.5% 0.2% 37bps Total Allowance for Losses to Credit Portfolio (16) 0.6% 0.8% 0. 8% -18bps -13bps 0.6% 0.8% -13bps Total Allowance for Losses to Impaired credits (times) (16) 1.2 2.9 5.1 -57% -75% 1.2 5.1 -75%
Page 7
7 Panama City, Republic of Panama July 27, 2026 Results by Business Segment Commercial Business Segment Bladex’s activities are comprised of two business segments, Commercial and Treasury. Information related to each segment is set out below. Business segment reporting is based on the Bank’s managerial accounting process, which assigns assets, liabilities, revenue, and expense items to each business segment on a systemic basis. The Commercial Business Segment encompasses the Bank’s core business of financial intermediation and fee generation activities developed to cater to corporations, financial institutions, and investors in Latin America. These activities include the origination of bilateral short-term and medium -term loans, structured and syndicated credits, loan commitments, and financial guarantee contracts such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk, and o ther assets consisting of customers’ liabilities under acceptances and investment securities managed by the Commercial business unit (or “ Commercial Bond Portfolio”). The majority of the Bank’s core financial intermediation business, consisting of loans – principal balance (or the “Loan Portfolio”), amounted to $ 10,462 million at t he end of 2Q26, representing an increase of 8% QoQ and 22% YoY, as t he Bank continues to execute its commercial pipeline, including medium-tenor transactions with attractive risk-adjusted returns and stronger trade -related activity across several markets . Contingencies and acceptances amounted to $2,341 million at the end of 2Q26 (+11% QoQ and +5% YoY), supporting solid client demand and commercial activity across the Region. Additionally, the Bank’s Commercial Bond Portfolio reached principal balances of $226 million registered as securities at fair value through comprehensive income (“FVOCI”), as of June 30, 2026. Loan Portfolio Contingencies and Acceptances (EoP Balances, US$ million) (EoP Balances, US$ million) 8,597 9,696 10,462 30-Jun-2025 31-Mar-2026 30-Jun-2026 +22% +8% 2,222 2,117 2,341 30-Jun-2025 31-Mar-2026 30-Jun-2026 +5% +11%
Page 8
8 Panama City, Republic of Panama July 27, 2026 Consequently, the Bank’s Commercial Portfolio reached an all -t ime high of $13,029 m i l l i o n a t t h e e n d o f 2Q26, with increases of 8% from $12,047 million in the prior quarter and of 20% from $10,819 million a year ago, highlighting the continued growth resulting from the strategy execution aligned with disciplined capital management. In addition, the average Commercial Portfolio balances totaled $12,394 million in 2Q26 (+10% QoQ and +17% YoY) and $11,858 million in 6M26 (+14% YoY). As of June 30, 2026, 65% of the Commercial Portfolio was scheduled to mature within a year and trade finance transactions accounted for 5 6% of the Bank’s short -term book, based on original tenor. Weight ed average lending rat es st ood at 6.57% in 2Q26 (-14bps QoQ; -85bps YoY) and 6.64% for 6M26 (-83bps YoY), reflecting continued margin compression driven from elevated USD market liquidity and intensified competition for high-quality assets, which continues to pressure asset pricing, yields and spreads, as well as the lagged effect of the market interest rate cuts implemented in late 2025 as the portfolio continues to reprice. Commercial Portfolio by Product Commercial Portfolio by Client Type (EoP Balances, US$ million) (EoP Balances, US$ million) 56% 12% 32% 30-Jun-2025 59% 16% 25% 31-Mar-2026 57% 16% 27% 30-Jun-2026 10,819 12,047 13,029 +20% +8% Financial Institutions Sovereigns/Quasi-sovereigns Corporations 21% 33% 46% 30-Jun-2025 18% 36% 44% 31-Mar-2026 2% 18% 36% 44% 30-Jun-2026 10,819 12,047 13,029 2% +20% +8% Commercial bond Portfolio Letters of Credit, Acceptances, loan commitments and financial guarantees contracts Medium- and long-term loans Short-term loans
Page 9
9 Panama City, Republic of Panama July 27, 2026 Commercial Portfolio by Country Bladex maintains well -diversified exposures across countries and industries. At the end of 2Q26, Guatemala represents the largest country -risk exposure of the total Commercial Portfolio at 14% , followed by Brazil at 12% , Mexico and Colombia, each at 10% , Panama and Dominican Republic , each a t 9 %, a n d e x p o s u r e t o t o p-rated countries outside of Latin America at 6% , which relates to transactions carried out in the Region. As of June 30, 2026, 35% of the Commercial Portfolio was geographically distributed in investment grade countries. Exposure to the Bank’s traditional client base comprising financial institutions represented 2 7% o f t h e t o t a l , w h i l e s o v e r e i g n a n d s t a t e-owned corporations accounted for another 16% . Exposure to corporates accounted for the remainder 57% of the Commercial Portfolio, comprised of top-tier clients and well diversified across sectors, with the most significant exposures in Electric Power and Oil & Gas (Integrated), each at 10% , Food and Beverage at 8% , and Retail Trade and Oil & Gas (Downstream) at 5% each, of the Commercial Portfolio at the end of 2Q26. Refer to Exhibit IX for additional information related to the Bank’s Commercial Portfolio distribution by country. 65% Non-Investment Grade Ecuador Dominican Republic Argentina Brazil Colombia Guatemala 14% 9% 12% 5% 10% 5% 35% Investment Grade Mexico Peru Non-Latam Chile Panama 4% 6% 5% 9% 10% Costa Rica 4% T. & Tobago 2% Honduras 1% Paraguay 1% Suriname 1% El Salvador 2% 14% 12% 10% 9% 5%5% 4% 4% 5% 6% 9% 10% 2% 2% 1% 1% 1% 13,029
Page 10
10 Panama City, Republic of Panama July 27, 2026 Commercial Portfolio by Industry Commercial Segment Profitability Profits from the Commercial Business Segment include: (i) net interest income from l o a n s a n d i n v e s t m e n t s e c u r i t i e s o f t h e C o m m e r c i a l b o n d P o r t f o l i o ; ( i i ) f e e s a n d commissions from the issuance, confirmation and negotiation of letters of credit, guarantees and loan commitments, as well as through loan structuring and syndication activities; (iii) gain on sale of loans generated through loan intermediation activities, such as sales and distribution in the primary market; (iv) gain (loss) on sale of loans measured at FVTPL; (v) impairment losses on financial instruments; and (vi) direct and allocated operating expenses. Commercial Segment Profit totaled $62.2 million in 2Q26 (+17% QoQ and +4% YoY) a n d $ 1 1 5 . 3 m i l l i o n i n 6 M 2 6 ( + 7 % Y o Y ). The increases were mostly driven by the continued top line performance in net interest income supported by heightened average business volumes coupled with strong fee income generation, offsetting the effects of higher operating expenses and increased impairment losses on financial instruments, mainly from increasing Commercial Portfolio balances. Financial Institutions Electric Power Oil and Gas (Integrated) Food and Beverage Retail Trade Oil and Gas (Downstream) Sovereign Mining Other Manufacturing Industries Wholesalers Telecommunications Metal Manufacturing Other Services Oil and Gas (Upstream) Construction and Infrastructure Plastics and Packaging Paper Sugar 27% 10% 10% 8% 5% 5% 4% 4% 4% 3% 3% 3% 2% 2% 2% 2% 1% 1% Coffee 1% Petrochemical 1% Grains and Oilseeds 1% Other Industries <1% 1% 27% 10% 10% 8% 5% 5% 4% 4% 4% 3% 3% 3% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 13,029 (US$ million) 2Q26 1Q26 2Q25 QoQ (% ) YoY (% ) 6M26 6M25 YoY (% ) Commercial Business Segment: Net interest income $66.0 $62.3 $59.7 6% 11% $128.3 $118.7 8% Non-interest income, net 23.7 13.4 21.5 76% 10% 37.1 32.4 14% Total revenues 89.6 75.7 81. 2 18% 10% 165.3 151. 1 9% Impairment losses on financial instruments (8.7) (5.2) (5.2) -65% -67% (13.9) (10.3) -35% Operating expenses (18.8) (17.4) (16.3) -8% -15% (36.1) (33.2) -9% Profit for the segment $62.2 $53. 1 $59.7 17% 4% $115. 3 $107. 6 7%
Page 11
11 Panama City, Republic of Panama July 27, 2026 Treasury Business Segment Liquidity The Treasury Business Segment manages the Bank’s Treasury investment portfolio and overall asset and liability structure to enhance funding efficiency and liquidity, mitigating the traditional financial risks associated with the balance sheet, such as interest rate, liquidity, price, and currency risks. Interest-earning assets managed by the Treasury Business Segment include liquidity positions in cash and cash equivalents, as well as highly liquid corporate debt securities rated ‘A-‘ or above, and financial instruments related to Treasury investment management activities, c o n s i s t i n g o f t h e p r i n c i p a l b a l a n c e s o f s e c u r i t i e s a t f a i r v a l u e t h r o u g h o t h e r comprehensive income (“FVOCI”) and securities at amortized cost (the “Treasury Investment Portfolio”). The T reasury Business Segment also manages the Bank’s interest-bearing liabilities, consisting of deposits, securities sold under repurchased agreements, borrowed funds and floating and fixed rate debt placements. The Bank’s liquid assets, mostly consisting of cash and due from banks, totaled $1,922 million as of June 30, 2026, compared to $1,988 million as of March 31, 2026, and $1,959 million as of June 30, 2025, highlighting the Bank’ s proactive and prudent liquidity management approach in response to higher interest -bearing assets, also conforming with Basel methodology’s liquidity coverage ratio, as required by Panamanian banking regulator. At the end of those periods, liquidity balances to total assets represented 13.3% , 14.5% and 15.5% , respectively, while the liquidity balances to total deposits ratio was 24% , 27% and 30% , respectively. As of June 30, 2026, 67% of total liquid assets represented deposits placed with the Federal Reserve Bank of New York (“ FRBNY”) and 27% of total liquid assets represented deposits placed with highly rated banks in the U.S and other OECD countries. 67% 23% 4% 5% 1% FRBNY Other OECD USA excluding FRBNY Multilaterals Latin America 1,922 67% 23% 4% 5% 1%
Page 12
12 Panama City, Republic of Panama July 27, 2026 Treasury Investment Portfolio Treasury Investment Portfolio by Country The Treasury Investment Portfolio, focused on further diversifying credit -risk exposures and providing contingent liquidity funding, amounted to $1,4 37 million in principal amount as of June 30, 2026, stable f ro m t he previo us qua rt er a nd up 5% from a year ago. As of June 30 , 2026, 99% of the Treasury Investment Portfolio consists of investment -grade credit securities eligible for the FRBNY discount window, and $ 97 m i l l i o n c o n s i s t s o f h i g h l y r a t e d c o r p o r a t e d e b t s e c u r i t i e s ( ‘ A-‘ or a b o v e ) c l a s s i f i e d a s h i g h q u a l i t y l i q u i d a s s e t s ( “ H Q L A ” ) i n a c c o r d a n c e w i t h t h e specifications of the Basel Committee. Refer to Exhibit X for a per -country risk distribution of the Investment Portfolio. Funding The Bank’s principal sources of funds are the principal balances of deposits, borrowed funds and floating and fixed rate debt placements. As of June 30 , 2 0 2 6 , t o t a l n e t funding amounted to $1 2,270 million, representing an increase of 6% compared to $11,607 million a quarter ago, and of 18% compared to $10,423 million a year ago, as the Bank continues to diversify its funding base to support the Bank’s ongoing commercial growth. T h e B a n k o b t a i n s d e p o s i t s f r o m c e n t r a l b a n k s , a s w e l l a s f r o m m u l t i l a t e r a l s , commercial banks, brokers and corporations primarily located in the Region. The principal balance of deposits reached a record $7,890 million at the end of 2Q26 (+8% QoQ and +22% YoY), representing 64% of total funding sources. The Bank’s Yankee CD program also reached a record level of $1,973 million, or 1 6% of total funding sources. These results reflect continued progress in expanding and diversifying the Bank’s deposit base, supported by effective cross -selling efforts and long-standing relationships with central banks, financial institutions, corporations and other institutional depositors. Class A shareholders (i.e.: central banks and their designees) represented 34% of t o t a l d e p o s i t s a t t h e e n d o f 2Q26, continuing to provide an important and stable component of the Bank’s deposit franchise. United States Multilateral Organizations Chile Other Non-Latam 55% 5% 5% 35% 55% 5% 5% 35% 1,437
Page 13
13 Panama City, Republic of Panama July 27, 2026 Deposits by Client Type F u n d i n g t h r o u g h t h e p r i n c i p a l b a l a n c e o f s h o r t a n d m e d i u m-term borrowings and debt, net of transaction costs and interest payable increased 1% QoQ and 9% YoY to $4,149 million at the end of 2Q26. The Bank’s ample and constant access to interbank and debt capital markets is clearly evidenced through public debt issuances in Mexico and Panama, coupled with private debt issuances placed in different markets primarily in Asia, Europe, the United S t a t es a nd La t in America . Fund ing t hro ugh t he principa l balance of securities sold under repurchase agreements (“Repos”) reached $2 74 million at the end of 2Q26 (+12% QoQ; +39% YoY). Funding Sources by Product The Bank's funding source s are well diversified across geographies and currencies . The Bank maintained no significant foreign exchange risk and does hold material open foreign exchange positions. Most funding obt ained in currencies ot her t han t he U.S. dollar is hedged into U.S. dollars through derivative instruments, while a smaller portion is matched with assets denominated in the same currency, thereby avoiding currency mismatches. Central Banks or designees - Class A shareholders Brokers Multilaterals Corporations Financial Institutions 2,690 (34% ) 75 (1% ) 2,103 (27% ) 1,193 (15% ) 1,829 (23% ) 7,890 48% 16% 2% 13% 13% 5% 2% 1% Institutional / Corporate Deposits48% Yankee CDs 16% Repos 2% EMTN 2% MXN Issuances 13% PAN Issuances 1% Borrowings 13% Syndicated Loans 5% 12,270
Page 14
14 Panama City, Republic of Panama July 27, 2026 Funding Sources by Region Weighted average funding costs resulted in 4. 37% in 2Q26 ( -6bps QoQ; -62bps YoY) a n d 4 . 4 0 % f o r 6 M 2 6 (-64bps YoY), primarily driven by improved funding efficiency resulting from a shift in funding mix towards greater reliance in deposits. Treasury Segment Profitability Profits from the Treasury Business Segment include net interest income derived from the above -mentioned Treasury assets and liabilities, and related net other income (net results from derivative financial instruments and foreign currency exchange, gain (lo ss) per financial instruments at fair value t hrough profit or loss (“FVTPL”), gain (loss) on sale of securit ies, gain (loss) on intermediary derivatives and other income), recovery or impairment loss on financial instruments, and direct and allocated operating expenses. The Treasury Business Segment recorded $4.2 million profit for 2Q26 (+29% QoQ; -5% YoY) a n d $ 7 . 5 m i l l i o n p r o f i t f o r 6 M2 6 (-9% YoY). The quarterly increase was primarily driven by gains resulting from the Bank’s sales and intermediation of financial instruments and hedging derivatives and foreign exchange positions, offsetting increased operating expenses. The year-to- date decrease w as mainly associated with lower results from the Bank’s hedging derivatives and foreign exchange positions, coupled with increased operating expenses. South America Central America Mexico Europe Asia USA / Canada The Caribbean Multilateral 32% 22% 17% 10% 7% 6% 4% 2% 32% 22% 17% 10% 7% 6% 4% 2% 12,270 (US$ million) 2Q26 1Q26 2Q25 QoQ (% ) YoY (% ) 6M26 6M25 YoY (% ) Treasury Business Segment: Net interest income $7.3 $7.9 $8.1 -8% -10% $15.2 $14.3 6% Non-interest income (expense), net 2.0 (0.5) 0.8 483% 151% 1.5 2.6 -44% Total revenues 9.3 7.4 8.9 25% 4% 16. 7 16.9 -1% Reversals on financial instruments 0.1 0.5 0.2 -89% -65% 0.6 0.0 2455% Operating expenses (5.1) (4.6) (4.6) -10% -11% (9.7) (8.6) -12% Profit for the segment $4.2 $3.3 $4.5 29% -5% $7.5 $8.3 -9%
Page 15
15 Panama City, Republic of Panama July 27, 2026 Net Interest Income and Margins NII resulted in $73.3 million in 2Q26 (+4% QoQ; +8% YoY) and $143.5 million in 6M26 (+8% YoY). Solid NII levels continue d t o b e suppo rt ed by higher average business volumes, continued pricing discipline, the execution of medium-term transactions with attractive risk-adjusted returns and continued deposit growth that contributed to an efficient cost of funds. These factors help mitigate the ongoing market dynamics, as margin compression driven by high USD market liquidity a nd intensified competition for high-quality assets continue to pressure asset pricing and short-term lending spreads. Alongside the factors discussed above and considering the cumulative impact of market reference rate cuts implemented last year, NIM stood at 2.24% in 2Q26 and 2.29% for 6M26. (US$ million, except percentages) 2Q26 1Q26 2Q 25 QoQ (% ) YoY (% ) 6M26 6M25 YoY (% ) Net Interest Income Interest income $199.2 $185.9 $ 194.4 7% 2% $385.2 $383.9 0% Interest expense (125.9) (115.7) ( 126.7) 9% -1% (241.7) (250.9) -4% Net Interest Income (" NII" ) $73.3 $70.2 $ 67.7 4% 8% $143. 5 $133.0 8% Net Interest Spread (" NIS" ) 1. 64% 1.69% 1 . 70% -5bps -6bps 1.66% 1. 68% -1bps Net Interest Margin (" NIM" ) 2.24% 2.34% 2 .36% -10bps -12bps 2.29% 2.36% -7bps
Page 16
16 Panama City, Republic of Panama July 27, 2026 Non-Interest Income Non-Interest Income comprises F ees and Commissions, net, including revenues associated with the letter of credit business and guarantees, credit commitments, structuring services, loan intermediation and distribution in the primary market, and other commissions, net of expenses; gains (losses) on financial instruments, net , including gains from the sales of financial instruments, as well as unrealized gains or losses on fair value valuations; and other income, net. Non-interest income reached $25.6 million in 2Q26 (+9 9% QoQ; +15% YoY) and $38.5 million in 6M26 (+10% YoY). Fees from letters of credit and guarantees totaled $9.5 million in 2Q26 and $16.8 million in 6M26, supported by sustained client activity and higher transaction volumes. The Bank’s syndication and structuring activities generated $7.9 million of fee income in 2Q26 and $11.0 million in 6M26 , as the Bank completed seven transactions during the quarter (nine transactions during the first half of the year , totaling nearly $2.0 billion ) supporting financial institutions and corporate clients across six countries and reflecting its regional origination, structuring and distribution capabilities. Credit-commitment fees reached $5.2 million in 2Q26 and $8.8 million in 6M26, primarily reflect ing t he cont inued expansion of t he Bank’s project and infrastructure finance activities. As the Bank continues to diversify its sources of non -interest income, revenues from the intermediation of financial instruments contributed $1.3 million in 2Q26 and $1.6 million in 6M26. During the q u a r t e r , t h e B a n k a l s o r e c o r d e d h i g h e r n e t g a i n s f r o m h e dging derivatives and foreign-exchange positions, together with gains fro m the sale of investment securities. (US$ million) 2Q26 1Q26 2Q25 QoQ (% ) YoY (% ) 6M26 6M25 YoY (% ) Fees and commissions Letters of credit and guarantees 9.5 7.3 7.8 31% 22% 16.8 14.5 16% Structuring services 7.9 3.1 10.0 152% -21% 11.0 12.4 -11% Credit commitments 5.2 3.6 2.8 45% 86% 8.8 4.2 110% Other fees and commissions income 1.9 0.4 0.1 379% 1947% 2.3 0.5 343% Total fee and commission income 24.5 14.4 20.7 70% 18% 39.0 31.6 23% Fees and commission expenses (1.2) (1.3) (0.8) 6% -50% (2.5) (1.2) -117% Fees and Commissions, net 23.3 13. 1 19. 9 78% 17% 36.5 30.5 20% Gain (loss) on financial instruments Loans 0.1 0.0 1.4 n.m. -94% 0.1 1.4 -94% Investment securities 0.2 (0.0) (0.1) n.m. 366% 0.2 (0.5) -152% Derivatives - intermediation 1.3 0.3 0.0 381% n.m. 1.6 0.0 5713% Other financial instruments 0.5 (0.6) 0.9 -189% -39% (0.1) 3.2 102% Gain (loss) on financial instruments, net 2.2 (0.3) 2.2 -764% 1% 1. 9 4.1 55% Other income, net 0.1 0.1 0.2 3% -58% 0.2 0.4 -46% Total other income, net $25.6 $12. 9 $22.3 99% 15% $38.5 $35.0 10% "n.m." means not meaningful.
Page 17
17 Panama City, Republic of Panama July 27, 2026 Portfolio Quality and Total Allowance for Credit Losses As of June 30, 2026, the total allowance for losses stood at $93.8 million, compared to $112.3 million the previous quarter, and $95.1 million a year ago. The $ 18.5 million decrease in allowance for credit losses in 2Q26 was mainly associated with t he net ef f e ct o f (i) $28.2 million credit write -offs mostly related to impaired credits of a c l i e n t i n t h e u p s t r e a m g a s s e c t o r and a client in the primary metals manufacturing, both in Colombia, as well as the partial sale of exposures related to a petrochemical company in Brazil that had previously been categorized at Stage 2 due to a significant increase in credit risk since origination, (ii) recoveries of $1.1 million related to a previous write-off loan and (iii) charges for impairment losses on financial instruments amounting to $ 8.6 million in 2Q2 6, mainly driven by the growth of the Bank’s Commercial Portfolio. Credits categorized as Stage 1 or low-risk credits under IFRS 9 accounted for 98.4% of total credits, while Stage 2 exposures decreased to 1.1% of the portfolio, reflecting 2026 2025 (US$ million, except percentages) 2Q26 1Q26 4Q25 3Q25 2Q25 6M26 6M25 Allowance for loan losses Balance at beginning of the period $98.0 $9 4.3 $87.0 $81.9 $77.3 $94.3 $78.2 Impairment losses (reversals) 9.5 3. 8 6.7 5.1 4.6 13.3 3.8 (Write-offs) recoveries (27.1) 0. 0 0.6 0.0 0.0 (27.1) 0.0 End of period balance $80.5 $9 8.0 $94.3 $87.0 $81.9 $80.5 $81.9 Allowance for loan commitments and financial guarantee contract losses Balance at beginning of the period $12.8 $ 12.1 $13.3 $11.9 $11.3 $12.1 $5.4 (Reversals) impairment losses (0.9) 0. 7 (1.2) 1.4 0.5 (0.2) 6.5 End of period balance $12.0 $ 12.8 $12.1 $13.3 $11.9 $12.0 $11.9 Allowance for investment securities losses Balance at beginning of the period $1.3 $ 1.0 $1.2 $1.2 $1.2 $1.0 $1.3 Impairment losses (reversals) (0.1) 0 .3 (0.2) (0.0) 0.0 0.2 (0.1) End of period balance $1.2 $ 1.3 $1.0 $1.2 $1.2 $1.2 $1.2 Total allowance for the Credit Portfolio losses $93.7 $ 112. 2 $107.4 $101. 5 $95.0 $93.7 $95.0 Allowance for cash and due from banks losses $0.2 $ 0.1 $0.2 $0.1 $0.0 $0.2 $0.0 Total allowance for losses $93.8 $ 112. 3 $107. 6 $101. 5 $95. 1 $93.8 $95. 1 (at the end of each period) Total allowance for losses to Credit Portfolio 0.6% 0. 8% 0.9% 0.8% 0.8% 0.6% 0.8% Credit-impaired loans to Loan Portfolio 0.7% 0. 4% 0.4% 0.2% 0.2% 0.7% 0.2% Impaired Credits to Credit Portfolio 0.5% 0 .3% 0.3% 0.2% 0.2% 0.5% 0.2% Total allowance for losses to Impaired credits (times) 1.2 2 .9 2.8 5.4 5.1 1.2 5.1 Stage 1 Exposure (low risk) to Total Credit Portfolio 98.4% 9 7.5% 98.2% 97.2% 97.9% 98.4% 97.9% Stage 2 Exposure (increased risk) to Total Credit Portfolio 1.1% 2. 2% 1.5% 2.6% 2.0% 1.1% 2.0% Stage 3 Exposure (credit impaired) to Total Credit Portfolio 0.5% 0 .3% 0.3% 0.2% 0.2% 0.5% 0.2%
Page 18
18 Panama City, Republic of Panama July 27, 2026 credit quality improvements, maturities, repayments and the migration to Stage 3 of a deferred-payment letters of credit exposure related to a petrochemical company in Brazil. As a result, impaired credits or Stage 3 principal balance increased to $75.1 million, or 0. 5% of total Credit Portfolio , compared to $38.7 million in the previous quarter and $18.7 million a year ago. Allowances for losses associated with the Credit Portfolio represented a coverage ratio of 0.6% at the end of 2Q26. Total allowance for credit losses to impaired credits resulted in 1.2 times.
Page 19
19 Panama City, Republic of Panama July 27, 2026 Operating Expenses and Efficiency Operating expenses totaled $23.8 million in 2Q26 (+8% QoQ; +14% YoY) and $45.9 m i l l i o n i n 6 M 2 6 ( + 1 0 % Y o Y ). The quarterly and yearly increases were mostly associated with increased execution capacity and personnel-related expenses, along with continuing investments in technology, modernization and other business initiatives related to the Bank’s strategic priorities, including its associated operating costs and depreciation and amortization. The Efficiency Ratio totaled 24.1% in 2Q26 (-237bps QoQ; +97bps YoY) and 25.2% for 6M26 (+29bps YoY) as higher total revenues offset the pressure from ongoing operating expenses, demonstrating the Bank’s ability to absorb strategic investments while preserving cost discipline, balancing investments in growth, modernization and transformation with a continued focus on operating leverage and efficiency. (US$ million, except percentages) 2Q26 1Q26 2Q25 QoQ (% ) YoY (% ) 6M26 6M25 YoY (% ) Operating expenses Salaries and other employee expenses 14.0 1 3.3 12.4 5% 13% 27.3 26.3 4% Depreciation and amortization of equipment, right-of-use and leasehold improvements 0.9 0.9 0. 7 3% 29% 1.8 1.4 29% Amortization of intangible assets 0.7 0. 7 0.3 4% 109% 1.4 0.7 112% Other expenses 8.2 7.1 7. 4 17% 12% 15.3 13.4 14% Total Operating Expenses $23.8 $22.0 $ 20.8 8% 14% $45.9 $41.8 10% Efficiency Ratio 24. 1% 26.5% 2 3. 1% -237bps 97bps 25.2% 24.9% 29bps
Page 20
20 Panama City, Republic of Panama July 27, 2026 Capital Ratios and Capital Management The following table shows capital amounts and ratios as of the dates indicated: The Bank’s equity mainly consists of issued and fully paid ordinary common stock, with 37.6 million common shares outstanding as of June 30, 2026 . In addition, the Bank’s capital position considers the US$200 million inaugural Additional Tier 1 (AT1) capital issuance, registered in the Bank’s statement of financial position as other equity instruments, net of transaction costs. As of June 30, 2026, the Tier 1 Basel III Capital Ratio, in which risk-weighted assets are calculated under the advanced internal ratings -based approach (IRB) for credit risk, resulted in 16.6% . Similarly, the Bank’s Capital Adequacy Ratio, as defined by Panama’s banking regulator under Basel’s standardized approach, was 14.3% as of June 30, 2026, well above the regulatory minimum of 9.25% . Additionally, the Bank’s Ordinary Common Tier 1 Capital Ratio, as defined by the Panama’s banking regulator, was 11.3% as of June 30, 2026, well above the regulatory minimum of 5.75%. (US$ million, except percentages and shares outstanding) 30-Jun-26 31-Mar-26 30-Jun-25 QoQ (%) YoY (%) Common equity $1,559 $1,510 $1,415 3% 10% Other equity instruments 198 198 0 0% n.m. Total equity $1,757 $1,708 $1,415 3% 24% Total assets / Total equity (times) 8.2 8.0 9.0 2% -8% Shares outstanding (in thousand) 37,599 37,536 37,231 0% 1% Basel III International Framework (11) Risk-Weighted Assets (Basel III – IRB) $10,545 $9,505 $9,433 11% 12% Tier 1 capital to risk weighted assets (Basel III – IRB) 16.6% 17.9% 15.0% -132bps 163bps Panama's Banking Regulation (12) Risk-Weighted Assets $12,132 $11,592 $10,156 5% 19% Ordinary Common Tier 1 Capital Ratio 11.3% 11.6% 12.5% -32bps -124bps Total Common Tier 1 Capital Ratio 12.9% 13.3% 12.5% -40bps 39bps Capital Adequacy Ratio 14.3% 14.7% 13.9% -33bps 41bps "n.m." means not meaningful.
Page 21
21 Panama City, Republic of Panama July 27, 2026 Recent Events Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.6875 per share corresponding to 2Q26. The cash dividend will be paid on August 25, 2026, to shareholders registered as of August 7, 2026. Rating updates: On June 18, 202 6, S&P Global Ratings upgraded the Bank’s global long-term issuer credit ratings to “BBB+” and affirmed the short -term issuer credit rating at “A-2” on robust credit risk management, superior asset quality indicators, a well-diversified portfolio across geographies, economic sectors, and client profiles; a nd resil ient ea rnings a nd st ro ng ca pit a l a d equa cy, which give it a mple ca pa cit y t o absorb unexpected credit losses. The outlook remains “Stable”. On June 16, 2026, Moody’s Investors Service affirmed Bladex’s all ratings, including its long - and short -term foreign currency deposit ratings at “Baa2/Prime -2”, respectively. The outlook on Bladex’s long -term foreign currency ratings remains “St able”. On April 28, 202 6, Fitch Ratings affirmed Bladex’s Long - and Short -Term Issuer Default Rat ing at ‘BBB/F2’, respect ively. The out look remains “St able”. In addit ion, the Bank’s National Long - and Short -Term ratings were affirmed at ‘AAA(pan)’/Outlook Stable, and ‘F1+(pan)’ , respectively. Notes • Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly. • QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively. Footnotes 1. Earnings per Share (“EPS”) calculation is based on profit attributable to common shareholders, after deducting distributions accrued on AT1 instruments, divided by the weighted-average number of common shares outstanding during the period. 2. R O E r e f e r s t o r e t u r n o n a verage stockholders’ equity which is calculated based on unaudited daily average balances. 3. ROE excluding other equity instruments refers to the adjusted net profit after AT1 distributions over average stockholders’ equity excluding other equity instruments, which is calculated based on unaudited daily average balances. 4. ROA refers to return on average assets which is calculated based on unaudited daily average balances.
Page 22
22 Panama City, Republic of Panama July 27, 2026 5. NIM refers to net interest margin which constitutes to Net Interest Income (“NII”) divided by the average balance of interest-earning assets. 6. NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, minus the average yield paid on interest-bearing liabilities. 7. Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues. 8. The Bank’s “Credit Portfolio” includes (i) loans – principal balance , which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees (or the “Loan Portfolio”) ; (ii) principal balance of securities at FVOCI and at amortized cost, which excludes interest receivable and allowance for expected credit losses; and (iii) loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit and guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances. 9. The Bank’s “Commercial Portfolio” includes loans – principal balance (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances; and the principal balance of investment securities ma na ged b y t he Ba nk’s Co mmercia l U nit (or the “Commercial Bond Portfolio”). 10. Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period. 11. Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percent age of risk-weighted assets. Risk-weighted assets are estimated based on Basel III capital adequacy guidelines, utilizing internal -ratings based approach or “IRB” for credit risk and standardized approach for operational risk. 12. As defined by the Superintendency of Banks of Panama (“SBP”) through Rules No. 01-2015, 03-2016 and 05-2023, based on Basel III standardized approach. The capital adequacy rat io is defined as t he rat io of capit al funds t o risk-weighted assets, rated according to the asset’s categories for credit risk. In addition, risk -weighted assets consider calculations for market risk and operating risk. 13. Liquid assets consist of total cash and due from banks, excluding time deposits with original maturity over 90 days and other restricted deposits, as well as corporate debt securities rated A- or above. Liquidit y rat io refers t o liquid asset s as a percent age of total assets. 14. Loan Portfolio refers to loans – principal balance, which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees. Credit -impaired loans are also commonly referred to as Non-Performing Loans or NPLs. 15. Impaired Credits refers to the principal balance of Non-Performing Loans or NPLs and non-performing securities at FVOCI and at amortized cost. 16. Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses, allowance for investment securities losses and allowance for cash and due from banks losses.
Page 23
23 Panama City, Republic of Panama July 27, 2026 Safe Harbor Statement This press release contains forward -looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities E x c h a n g e A c t o f 1 9 3 4 . F o r w a r d-looking statements can be identified by words such as: “ a nticipa te” , “int e nd ”, “p lan”, “g oal”, “se e k ”, “b e li e ve ”, “p r oje ct ”, “e st imat e ”, “e xp e ct ”, “st r at e g y”, “f ut ur e ”, “l ike ly”, “may”, “s h o u l d ”, “w i l l ” a n d s i m i l a r r e f e r e n c e s t o f u t u r e p e r i o d s . T h e f o r w a r d- looking statements in this pr ess release include the Bank’ s financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank’ s management and are based on current ly available dat a; however, act ual performance and results are subject to future events and uncertainties, which could materially impact the Bank’ s expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID -19) pandemic and geop olitica l events; the a nticipa ted changes in the Bank’ s credit portfolio; the continuation of the Bank’ s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank’ s financial condition; the execution of the Bank’ s strategies and initiatives, including it s revenue diversificat ion st rat egy; t he adequacy of t he Bank’ s allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Ba nk’ s a bility to maintain its investment-grade credit rat ings; t he availabilit y and mix of fut ure sources of funding for the Bank’ s lending operations; potential trading losses; the possibility of fraud; a nd the adequacy of the Bank’s sources of liquidity to replace deposit withdrawals. Factors or events tha t could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-l o o k i n g s t at e m e n t , w h e t h e r as a r e s u l t o f n e w i n f o r m at i o n , f u t u r e d e ve l o p m e n t s o r otherwise, except as may be required by law.
Page 24
24 Panama City, Republic of Panama July 27, 2026 About Bladex Conference Call Information There will be a conference call to discuss the Bank’s quarterly results on Tuesday, July 28, 2026, at 11:00 a.m. New York City time (Eastern Time). For those interested in participating, please click here to pre-regist er t o our conference call or visit our websit e at https://bladex.com/. Participants should register five minutes before the call i s s e t t o b e g i n . The webcast presentation will be available for viewing and download s on https://bladex.com/. The conference call will become available for review one hour after its conclusion. For more information, please access http://www.bladex.com or contact: Mr. Carlos Daniel Raad Chief Investor Relations Officer Tel: +507 366-4925 ext. 7925 E-mail: craad@bladex.com / ir@bladex.com Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to pro- mote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations. Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1 992, and it s shareholders include: cent ral banks and st at e-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.
Page 25
25 Panama City, Republic of Panama July 27, 2026 Exhibit I Consolidated Statements of Financial Position (A) (B) (C) (A) - (B) (A) - (C) June 30, 2026 March 31, 2026 June 30, 2025 CHANGE % CHANGE % (In US$ thousand) Assets Cash and due from banks $1,888,971 $2,016,428 $1,998,810 ($127,457) (6)% ($109,839) (5)% Investment securities 1,683,153 1,690,352 1,377,813 (7,199) (0) 305,340 22 Loans 10,465,018 9,683,093 8,583,899 781,925 8 1,881,119 22 Customers' liabilities under acceptances 198,040 230,591 602,232 (32,551) (14) (404,192) (67) Trading derivative - assets 6,317 2,431 2,189 3,886 160 4,128 189 Hedging derivative financial instruments - assets 96,886 57,644 63,713 39,242 68 33,173 52 Equipment, right-of-use assets and leasehold improvements, net 21,749 20,462 19,417 1,287 6 2,332 12 Intangible assets 9,906 10,596 3,462 (690) (7) 6,444 186 Other assets 66,805 27,544 22,672 39,261 143 44,133 195 Total assets $14,436,845 $13, 739, 141 $ 12,674,207 $697,704 5 % $1,762,638 14 % Liabilities Customer deposits $7,934,541 $7,347,763 $6,491,382 $586,778 8 $1,443,159 22 Securities sold under repurchase agreements 275,310 245,880 198,503 29,430 12 76,807 39 Borrowings and debt 4,148,884 4,090,790 3,821,993 58,094 1 326,891 9 Lease liabilities 19,329 18,068 18,713 1,261 7 616 3 Acceptance outstanding 198,040 230,591 602,232 (32,551) (14) (404,192) (67) Trading derivative - liabilities 3,601 1,033 191 2,568 249 3,410 1,785 Hedging derivative financial instruments - liabilities 46,463 48,015 69,217 (1,552) (3) (22,754) (33) Provisions for losses on loan commitments and financial guarantee contract 11,967 12,836 11,877 (869) (7) 90 1 Other liabilities 41,391 36,150 44,619 5,241 14 (3,228) (7) Total liabilities $12,679,526 $12, 031, 126 $11, 258, 727 $648,400 5 % $1,420,799 13 % Equity Common stock $279,980 $ 279,980 $279,980 $0 0 % $0 0 % Treasury stock (90,879) (92,016) (97,578) 1,137 1 6,699 7 Other equity instruments 197,976 197,976 0 0 0 197,976 n.m. Additional paid-in capital in excess of value assigned to common stock 123,157 121,995 120,854 1,162 1 2,303 2 Capital reserves 95,210 95,210 95,210 0 0 0 0 Regulatory reserves 189,969 163,946 149,665 26,023 16 40,304 27 Retained earnings 949,206 934,624 861,430 14,582 2 87,776 10 Other comprehensive income 12,700 6,300 5,919 6,400 102 6,781 115 Total equity $1, 757, 319 $1, 708, 015 $1, 415, 480 $49,304 3 % $341,839 24 % Total liabilities and equity $14,436,845 $13, 739, 141 $12,674,207 $697,704 5 % $1,762,638 14 % (*) "n.m." means not meaningful. AT THE END OF
Page 26
26 Panama City, Republic of Panama July 27, 2026 Exhibit II Consolidated Statements of Profit or Loss (A) (B) (C) (A) - (B) (A) - (C) (In US$ thousand, except per share amounts and ratios) June 30, 2026 March 31, 2026 June 30, 2025 CHANGE % CHANGE % Net Interest Income: Interest income $199,217 $185,948 $194,431 $13,269 7 % $4,786 2 % Interest expense (125,938) (115,742) (126,692) (10,196) (9) 754 1 Net Interest Income 73,279 70,206 67,739 3,073 4 5,540 8 Other income (expense): Fees and commissions, net 23,335 13,130 19,912 10,205 78 3,423 17 Gain (loss) on financial instruments, net 2,191 (330) 2,161 2,521 764 30 1 Other income 97 94 230 3 3 (133) (58) Total other income, net 25,623 12, 894 22,303 12,729 99 3,320 15 Total revenues 98,902 83,100 90,042 15, 802 19 8,860 10 Impairment losses on financial instruments (8,599) (4,734) (5,019) (3,865) (82) (3,580) (71) Operating expenses: Salaries and other employee expenses (13,953) (13,349) (12,384) (604) (5) (1,569) (13) Depreciation and amortization of equipment, right-of-use and leasehold improvements (928) (900) (721) (28) (3) (207) (29) Amortization of intangible assets (726) (701) (348) (25) (4) (378) (109) Other expenses (8,242) (7,061) (7,386) (1,181) (17) (856) (12) Total operating expenses (23,849) (22, 011) (20,839) (1,838) (8) (3,010) (14) Profit for the period 66,454 56,355 64,184 10,099 18% 2,270 4% PER COMMON SHARE DATA: Basic earnings per share $1.77 $1.31 $1.73 Book value (period average) $40.71 $40.15 $37.50 Book value (period end) $41.47 $40.23 $38.02 Weighted average basic shares (in thousands of shares) 37,579 37,387 37,203 Basic shares period end (in thousands of shares) 37,599 37,536 37,231 PERFORMANCE RATIOS: Return on average assets 2.0% 1.8% 2.1% Return on average equity 15.4% 13.5% 18.5% Net interest margin 2.24% 2.34% 2.36% Net interest spread 1.64% 1.69% 1.70% Efficiency Ratio 24.1% 26.5% 23.1% Operating expenses to total average assets 0.71% 0.71% 0.69% FOR THE THREE MONTHS ENDED
Page 27
27 Panama City, Republic of Panama July 27, 2026 Exhibit III Consolidated Statements of Profit or Loss (A) (B) (A) - (B) (In US$ thousand, except per share amounts and ratios) June 30, 2026 June 30, 2025 CHANGE % Net Interest Income: Interest income $385,165 $383,851 $1,314 0 % Interest expense (241,680) (250,856) 9,176 4 Net Interest Income 143,485 132,995 10,490 8 Other income (expense): Fees and commissions, net 36,465 30,495 5,970 20 Gain on financial instruments, net 1,861 4,145 (2,284) (55) Other income, net 191 356 (165) (46) Total other income, net 38, 517 34,996 3, 521 10 Total revenues 182,002 167,991 14, 011 8 Impairment losses on financial instruments (13,333) (10,235) (3,098) (30) Operating expenses: Salaries and other employee expenses (27,302) (26,322) (980) (4) Depreciation and amortization of equipment, right-of- use and leasehold improvements (1,828) (1,414) (414) (29) Amortization of intangible assets (1,427) (674) (753) (112) Other expenses (15,303) (13,430) (1,873) (14) Total operating expenses (45,860) (41,840) (4,020) (10) Profit for the period 122,809 115, 916 6,893 6% PER COMMON SHARE DATA: Basic earnings per share $3.08 $3.13 Book value (period average) $40.44 $37.17 Book value (period end) $41.47 $38.02 Weighted average basic shares (in thousands of shares 37,483 37,072 Basic shares period end (in thousands of shares) 37,599 37,231 PERFORMANCE RATIOS: Return on average assets 1.9% 2.0% Return on average equity 14.5% 17.0% Net interest margin 2.29% 2.36% Net interest spread 1.66% 1.68% Efficiency Ratio 25.2% 24.9% Operating expenses to total average assets 0.71% 0.71% FOR THE SIX MONTHS ENDED
Page 28
28 Panama City, Republic of Panama July 27, 2026 Exhibit IV Consolidated Net Interest Income and Average Balances June 30, 2026 March 31, 2026 June 30, 2025 AVERAGE AVG. AVERAGE AVG. AVERAGE AVG. (In US$ thousand, except per share amounts and ratios) BALANCE INTEREST RATE BALANCE INTEREST RATE BALANCE INTEREST RATE INTEREST EARNING ASSETS Cash and due from banks (1) $1,525,657 $14,075 3.65% $1,422,693 $13,192 3.71% $1,702,178 $18,845 4.38% Securities at fair value through OCI 296,011 4,196 5.61 165,121 2,132 5.16 120,400 1,812 5.95 Securities at amortized cost (2) 1,377,221 16,198 4.65 1,371,978 16,264 4.74 1,179,561 14,359 4.82 Loans, net of unearned interest (2) 9,922,103 164,748 6.57 9,196,336 154,360 6.71 8,502,456 159,415 7.42 TOTAL INTEREST EARNING ASSETS $13, 120, 991 $199, 217 6. 01% $12, 156, 128 $185,948 6. 12% $11,504,595 $194, 431 6.69% Allowance for loan losses (98,322) (94,918) (34,776) Non interest earning assets 489,632 428,542 700,141 TOTAL ASSETS $13, 512, 301 $12, 489, 751 $12,169,959 INTEREST BEARING LIABILITIES Deposits 7,206,231 $74,203 4.07% 6,673,642 $68,639 4.11% 6,216,129 $74,507 4.74% Securities sold under repurchase agreement 197,557 2,200 4.40 142,530 1,640 4.60 232,045 2,860 4.88 Short-term borrowings and debt 1,334,634 15,076 4.47 1,084,428 12,102 4.46 881,949 11,151 5.00 Long-term borrowings and debt, net (3) 2,672,089 34,459 5.10 2,543,420 33,361 5.25 2,717,418 38,174 5.56 TOTAL INTEREST BEARING LIABILITIES $11, 410, 511 $125,938 4.37% $10,444,020 $115, 742 4.43% $10,047,540 $126,692 4.99% Non interest bearing liabilities and other liabilities $373,833 $346,544 $727,274 TOTAL LIABILITIES 11,784,343 10,790,564 10,774,814 TOTAL EQUITY 1,727,958 1,699,187 1, 395, 145 TOTAL LIABILITIES AND EQUITY $13, 512, 301 $12, 489, 751 $12,169,959 NET INTEREST SPREAD 1. 64% 1.69% 1. 70% NET INTEREST INCOME AND NET INTEREST MARGIN $73,279 2.24% $70,206 2.34% $67,739 2.36% ( 1) Gross of interest receivable and the allowance for losses relating to deposits. (2) Gross of interest receivable and allowance for losses relating to financial instruments at amortized cost. (3) Includes lease liabilities, net of prepaid commissions. Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging. FOR THE THREE MONTHS ENDED
Page 29
29 Panama City, Republic of Panama July 27, 2026 Exhibit V Consolidated Net Interest Income and Average Balances June 30, 2026 June 30, 2025 AVERAGE AVG. AVERAGE AVG. (In US$ thousand, except per share amounts and ratios) BALANCE INTEREST RATE BALANCE INTEREST RATE INTEREST EARNING ASSETS Cash and due from banks (1) $1,474,459 $27,267 3.68% $1,649,762 $35,693 4.30% Securities at fair value through OCI 230,927 6,328 5.45 123,554 3,569 5.74 Securities at amortized cost (2) 1,374,614 32,462 4.70 1,135,944 26,912 4.71 Loans, net of unearned interest (2) 9,561,224 319,108 6.64 8,453,105 317,677 7.47 TOTAL INTEREST EARNING ASSETS $12,641,225 $385,165 6.06% $11,362,365 $383,851 6.72% Allowance for loan losses (96,630) (59,899) Non interest earning assets 459,256 639,855 TOTAL ASSETS $13, 003, 851 $11,942,322 INTEREST BEARING LIABILITIES Deposits 6,941,407 $142,842 4.09% 5,921,501 $142,385 4.78% Securities sold under repurchase agreement 170,196 3,840 4.49 211,963 5,261 4.94 Short-term borrowings and debt 1,210,222 27,177 4.47 1,018,991 25,753 5.03 Long-term borrowings and debt, net (3) 2,608,110 67,821 5.17 2,740,157 77,457 5.62 TOTAL INTEREST BEARING LIABILITIES $10,929,935 $241, 680 4.40% $9,892,612 $250,856 5.04% Non interest bearing liabilities and other liabilities $360,264 $671,780 TOTAL LIABILITIES 11, 290, 199 10,564,392 TOTAL EQUITY 1, 713, 652 1,377,930 TOTAL LIABILITIES AND EQUITY $13, 003, 851 $11,942,322 NET INTEREST SPREAD 1.66% 1. 68% NET INTEREST INCOME AND NET INTEREST MARGIN $143,485 2.29% $132,995 2.36% ( 1) Gross of interest receivable and the allowance for losses relating to deposits. (2) Gross of interest receivable and allowance for losses relating to financial instruments at amortized cost. (3) Includes lease liabilities, net of prepaid commissions. Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging. FOR THE SIX MONTHS ENDED
Page 30
30 Panama City, Republic of Panama July 27, 2026 Exhibit VI Consolidated Statement of Profit or Loss SIX MONTHS SIX MONTHS ENDED ENDED JUN 30/26 JUN 30/26 MAR 31/26 DEC 31/25 SEP 30/25 JUN 30/25 JUN 30/25 Net Interest Income: Interest income $385,165 $199,217 $185,948 $190,933 $193,680 $194,431 $383,851 Interest expense (241,680) (125,938) (115,742) (120,173) (126,253) (126,692) (250,856) Net Interest Income 143,485 73,279 70,206 70,760 67,427 67,739 132,995 Other income (expense): Fees and commissions, net 36,465 23,335 13,130 14,466 14,052 19,912 30,495 Gain (loss) on financial instruments, net 1,861 2,191 (330) 3,204 882 2,161 4,145 Other income 191 97 94 372 416 230 356 Total other income, net 38, 517 25,623 12, 894 18, 042 15,350 22,303 34,996 Total revenues 182,002 98,902 83,100 88,802 82,777 90,042 167,991 Impairment losses on financial instruments (13,333) (8,599) (4,734) (5,402) (6,482) (5,019) (10,235) Total operating expenses (45,860) (23,849) (22,011) (27,402) (21,327) (20,839) (41,840) Profit for the period $122,809 $66,454 $56,355 $55,998 $54,968 $64,184 $115, 916 SELECTED FINANCIAL DATA PER COMMON SHARE DATA Basic earnings per share $3.08 $1.77 $1.31 $1.50 $1.48 $1.73 $3.13 PERFORMANCE RATIOS Return on average assets 1.9% 2.0% 1.8% 1.8% 1.8% 2.1% 2.0% Return on average equity 14.5% 15.4% 13.5% 13.4% 14.9% 18.5% 17.0% Net interest margin 2.29% 2.24% 2.34% 2.39% 2.32% 2.36% 2.36% Net interest spread 1.66% 1.64% 1.69% 1.68% 1.64% 1.70% 1.68% Efficiency Ratio 25.2% 24.1% 26.5% 30.9% 25.8% 23.1% 24.9% Operating expenses to total average assets 0.71% 0.71% 0.71% 0.90% 0.70% 0.69% 0.71% (In US$ thousand, except per share amounts and ratios) FOR THE THREE MONTHS ENDED
Page 31
31 Panama City, Republic of Panama July 27, 2026 Exhibit VII Business Segment Analysis FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED (In US$ thousand) JUN 30/26 JUN 30/25 JUN 30/26 MAR 31/26 JUN 30/25 COMMERCIAL BUSINESS SEGMENT: Net interest income $128,262 $118,685 $65,985 $62,276 $59,657 Other income, net 37,064 32,400 23,657 13,407 21,519 Total revenues 165,326 151, 085 89,642 75,683 81, 176 Impairment losses on financial instruments (13,895) ( 10,257) (8,656) (5,239) (5,182) Operating expenses (36,143) (33,192) (18,764) (17,380) (16,271) Profit for the segment $115, 288 $ 107,636 $62,222 $53,064 $59,723 Segment assets 10,916,767 9,205,569 10,916,767 10, 172, 721 9,205,569 TREASURY BUSINESS SEGMENT: Net interest income $15,223 $14,310 $7,294 $7,930 $8,082 Other income (expense), net 1,453 2,596 1,966 (513) 784 Total revenues 16,676 16,906 9,260 7,417 8,866 Reversals on financial instruments 562 22 57 50 5 163 Operating expenses (9,717) (8,648) (5,085) (4,631) (4,568) Profit for the segment $7,521 $ 8,280 $4,232 $3,291 $4,461 Segment assets 3,453,273 3,444,737 3,453,273 3,538,876 3,444,737 TOTAL: Net interest income $143,485 $132,995 $73,279 $70,206 $67,739 Other income,net 38,517 34,996 25,623 12,894 22,303 Total revenues 182,002 167,991 98,902 83, 100 90,042 Impairment losses on financial instruments (13,333) (10,235) (8,599) (4,734) (5,019) Operating expenses (45,860) (41,840) (23,849) (22,011) (20,839) Profit for the period $122,809 $115, 916 $66,454 $56,355 $64, 184 Total segment assets 14,370,040 12,650,306 14,370,040 13, 711, 597 12,650,306 Unallocated assets 66,805 23,901 66,805 27,544 23,901 Total assets 14,436,845 12,674,207 14,436,845 13,739,141 12,674,207
Page 32
32 Panama City, Republic of Panama July 27, 2026 Exhibit VIII Credit Portfolio Distribution by Country AT THE END OF, (A) (B) (C) (principal balance in US$ million) June 30, 2026 March 31, 2026 June 30, 2025 Change in Amount COUNTRY Amount % of Total Outstanding Amount % of Total Outstanding Amount % of Total Outstanding (A) - (B) (A) - (C) ARGENTINA $659 5 $435 3 $254 2 $224 $405 BRAZIL 1,533 11 1,421 11 1,501 12 112 32 CHILE 684 5 616 5 545 4 68 139 COLOMBIA 1,340 9 1,413 10 989 8 (73) 351 COSTA RICA 479 3 474 4 541 4 5 (62) DOMINICAN REPUBLIC 1,166 8 1,044 8 930 8 122 236 ECUADOR 656 5 573 4 502 4 83 154 EL SALVADOR 231 2 171 1 100 1 60 131 GUATEMALA 1,777 12 1,725 13 1,299 11 52 478 HONDURAS 168 1 147 1 209 2 21 (41) JAMAICA 40 0 101 1 89 1 (61) (49) MEXICO 1,323 9 1,350 10 1,193 10 (27) 130 PANAMA 1,219 8 699 5 615 5 520 604 PARAGUAY 144 1 167 1 212 2 (23) (68) PERU 529 4 414 3 788 6 115 (259) PUERTO RICO 2 0 19 0 40 0 (17) (38) SURINAME 150 1 150 1 150 1 0 0 TRINIDAD & TOBAGO 199 1 245 2 188 2 (46) 11 UNITED STATES OF AMERICA 885 6 1,031 8 873 7 (146) 12 URUGUAY 58 0 139 1 156 1 (81) (98) MULTILATERAL ORGANIZATIONS 76 1 102 1 76 1 (26) 0 OTHER NON-LATAM (1) 1,148 8 1,051 8 932 8 97 216 TOTAL CREDIT PORTFOLIO (2) $14,466 100% $13,487 100% $12, 182 100% $979 $2,284 INTEREST RECEIVABLE 137 1 35 117 2 20 UNEARNED INTEREST AND DEFERRED FEES (34) (34) (32) - (2) TOTAL CREDIT PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES $14,569 $13,588 $12,267 $ 981 $2,302 (1) (2) Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of June 30, 2026, “Other Non-Latam” was comprised of Canada ($97 million), European countries ($660 million) and Asian-Pacific countries ($391 million). Includes (i) loans - principal balance (or the “Loan Portfolio”); (ii) principal balance of securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses; and (iii) loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, and guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances.
Page 33
33 Panama City, Republic of Panama July 27, 2026 Exhibit IX Commercial Portfolio Distribution by Country AT THE END OF, (A) (B) (C) (principal balance in US$ million) June 30, 2026 March 31, 2026 June 30, 2025 Change in Amount COUNTRY Amount % of Total Outstanding Amount % of Total Outstanding Amount % of Total Outstanding (A) - (B) (A) - (C) ARGENTINA $659 5 $435 4 $254 2 $224 $405 BRAZIL 1,533 12 1,421 12 1,489 14 112 44 CHILE 620 5 586 5 516 5 34 104 COLOMBIA 1,340 10 1,413 12 925 9 (73) 415 COSTA RICA 479 4 474 4 533 5 5 (54) DOMINICAN REPUBLIC 1,166 9 1,044 9 930 9 122 236 ECUADOR 656 5 573 5 502 5 83 154 EL SALVADOR 231 2 171 1 100 1 60 131 GUATEMALA 1,777 14 1,725 14 1,299 12 52 478 HONDURAS 168 1 147 1 209 2 21 (41) JAMAICA 40 0 101 1 89 0 (61) (49) MEXICO 1,323 10 1,350 11 1,190 11 (27) 133 PANAMA 1,214 9 664 6 542 5 550 672 PARAGUAY 144 1 167 1 212 2 (23) (68) PERU 527 4 412 3 778 7 115 (251) PUERTO RICO 2 0 19 0 40 0 (17) (38) SURINAME 150 1 150 1 150 1 0 0 TRINIDAD & TOBAGO 199 2 245 2 188 2 (46) 11 URUGUAY 58 0 139 1 156 1 (81) (98) OTHER NON-LATAM (1) 743 6 811 7 717 7 (68) 26 TOTAL COMMERCIAL PORTFOLIO (2) $13,029 100% $12,047 100% $10, 819 100% $982 $2,210 INTEREST RECEIVABLE 116 118 101 (2) 15 UNEARNED INTEREST AND DEFERRED FEES (34) (34) (32) - (2) TOTAL COMMERCIAL PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES $13, 111 $12, 131 $10,888 $980 $2,223 (1) (2) Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of June 30, 2026, “Other Non-Latam” was comprised of United States of America ($102 million), Canada ($42 million), European countries ($446 million) and Asian-Pacific countries ($153 million). Includes loans - principal balance (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances; and investment securities managed by the Commercial business unit (or “Commercial Bond Portfolio”).
Page 34
34 Panama City, Republic of Panama July 27, 2026 Exhibit X Treasury Investment Portfolio Distribution by Country AT THE END OF, (A) (B) (C) (principal balance in US$ million) June 30, 2026 March 31, 2026 June 30, 2025 Change in Amount COUNTRY Amount % of Total Outstanding Amount % of Total Outstanding Amount % of Total Outstanding (A) - (B) (A) - (C) BRAZIL $0 0 $0 0 $12 1 $0 ($12) CHILE 64 5 30 2 29 2 34 35 COLOMBIA 0 0 0 0 64 5 0 (64) COSTA RICA 0 0 0 0 8 1 0 (8) MEXICO 0 0 0 0 3 0 0 (3) PANAMA 5 0 35 2 73 5 (30) (68) PERU 2 0 2 0 10 1 0 (8) UNITED STATES OF AMERICA 783 55 799 56 727 53 (16) 56 MULTILATERAL ORGANIZATIONS 76 5 102 7 76 6 (26) 0 OTHER NON-LATAM (1) 507 35 4 72 33 361 26 35 146 TOTAL TREASURY INVESTMENT PORTFOLIO (2) $1,437 1 00% $1,440 100% $1,363 100% ($3) $74 INTEREST RECEIVABLE 21 1 7 16 4 5 TOTAL TREASURY INVESTMENT PORTFOLIO, NET OF INTEREST RECEIVABLE $1, 458 $1,457 $1,379 $1 $ 79 (1) (2) Risk in highly rated countries outside the Region. As of June 30, 2026, “Other Non-Latam” was comprised of Canada ($55 million), European countries ($214 million) and Asian-Pacific countries ($238 million). Includes financial instruments related to Treasury investment management activities such as the principal balance of securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for losses.
Page 35
35 Panama City, Republic of Panama July 27, 2026 2Q26 Quart erly Financial Report 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 +5076282-5856