Slides
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Investor Presentation Third Quarter 2025
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2 Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations and objectives, performance, earnings and expenses. These statements are not guarantees of future performance, are based on the current expectations of Popular, Inc.’s management and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. More information on the risks and important factors that could affect our future results and financial condition is included in our Form 10-K for the year ended December 31, 2024, our Form 10-Q for the quarter ended June 30, 2025 and our Form 10-Q for the quarter ended September 30, 2025, to be filed with the Securities and Exchange Commission. Our filings are available on our website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). We assume no obligation to update or revise any forward-looking statements which speak as of their respective dates.
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3 Q3 2025 Highlights See Slide 15 for footnotes Differences due to rounding Income Statement Q3 2025 Q2 2025 Change Q3 2024 Highlights: Net Income 211$ 210$ 1$ 155$ Net Interest Margin (NIM) 3.51% 3.49% 0.02% 3.24% Net Interest Margin FTE1 3.90% 3.85% 0.05% 3.47% Total Deposit Costs 1.79% 1.78% 0.01% 2.16% EPS 3.15$ 3.09$ 0.06$ 2.16$ Financial Ratios ROA 1.09% 1.11% (0.02%) 0.84% ROTCE2 13.06% 13.26% (0.20%) 9.98% Ending Balances Loans Held in Portfolio 38,687$ 38,185$ 502$ 36,195$ Total Assets 75,066 76,065 (999) 71,323 Total Deposits 66,513 67,217 (704) 63,669 Borrowings 1,247 1,414 (167) 974 Credit Quality Non-Performing Loans (NPLs) 502$ 312$ 190$ 361$ NPL Ratio 1.30% 0.82% 0.48% 1.00% NCO Ratio 0.60% 0.45% 0.15% 0.65% Capital Actions ACL-NPL Ratio 157% 247% (90%) 206% Capital Common Equity Tier 1 15.79% 15.91% (0.12%) 16.42% Tangible Book Value Per Share 79.12$ $ 75.41 $ 3.71 69.04$ Financial Highlights Quarter Highlights ($ in millions, except per share information) • Net interest income increased $15 million to $647 million • NIM of 3.51% increased 2 bps; FTE NIM expanded 5 bps to 3.90% • Loans held in portfolio grew $502 million or 1.3%, driven by commercial and construction loans at both banks • T otal deposits decreased $704 million or 1.1%; excluding P .R. public deposits, customer deposits increased $138 million • Total deposit costs increased 1 bp due to higher average balance of P .R. public deposits in BPPR and time deposits at both banks • Credit quality impacted by two large unrelated commercial loans in BPPR with a combined book value of $188 million: ‐ NPLs increased $190 million to $502 million; NPL ratio at 1.30% vs. 0.82% in Q2 ‐ NCO Ratio of 0.60% vs. 0.45% in Q2 ‐ ACL-NPL Ratio of 157% vs. 247% in Q2 • Tangible book value per share increased $3.71 to $79.12 • Common Equity Tier 1 decreased 12 bps to 15.79% • Repurchased $119 million in common stock at an average price of $119.33 per share and declared common stock dividend per share of $0.75, an increase from $0.70 ₋ $429 million remained under the active repurchase authorization as of September 30, 2025
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($ in millions) Q3 2025 Q2 2025 Change Q3 2024 ($ in millions) Q3 2025 Q2 2025 Change Q3 2024 Loans Held in Portfolio 27,131$ 26,774$ 357$ 25,694$ Loans Held in Portfolio 11,525$ 11,380$ 145$ 10,469$ P.R. Public Deposits 20,076 20,918 (842) 18,716 Total Deposits 12,162 11,946 216 11,891 Total Deposits 54,878 55,882 (1,004) 52,701 Borrowings 582 754 (172) 276 Borrowings 70 67 3 105 Net Interest Margin 2.94% 2.93% 0.01% 2.73% Net Interest Margin 3.71% 3.68% 0.03% 3.41% Total Deposit Costs 2.96% 2.95% 0.01% 3.35% Total Deposit Costs 1.53% 1.52% 0.01% 1.89% Highlights: Highlights: BPPR Popular U.S. • Loans held in portfolio increased $357 million: ‐ commercial and construction loans increased $170 million ‐ mortgage loans increased $129 million ‐ personal loans increased $32 million • NIM increased 3 bps to 3.71%: ‐ investment securities yield increased 8 bps to 2.68% ‐ loan yield decreased 7 bps to 7.79% ‐ total deposit costs increased 1 bp to 1.53% ‐ interest-bearing deposit costs remained flat at 2.02% ‐ P.R. public deposit costs decreased 3 bps to 3.19% • Broker dealer assets under management increased $905 million to $11.7 billion or 8% from Q4 2024 • Loans held in portfolio increased $145 million: ‐ commercial and construction loans increased $165 million ‐ mortgage loans decreased $15 million ‐ mortgage loan originations in Popular U.S. were discontinued at the end of Q3 2025 • NIM increased 1 bp to 2.94%: ‐ loan yield increased 2 bps to 6.02% ‐ total deposit costs increased 1 bp to 2.96% 4 Business Highlights Differences due to rounding
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5 New Strategic Framework BE SIMPLE AND EFFICIENT Deliver solutions faster, improve productivity, and reduce costs BE THE #1 BANK FOR OUR CUSTOMERS Meet customers where they are. We are their first choice, always one step ahead, fostering loyalty and deepening relationships at every stage of their lives, to drive growth BE A TOP PERFORMING BANK Become a performance-driven organization with top talent, delivering sustainable, profitable growth and long-term value to our shareholders
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6 Financial Summary Differences due to rounding ($ in thousands, except EPS) Q3 2025 Q2 2025 Variance Net interest income 646,505$ 631,549$ 14,956$ Provision for credit losses 75,125 48,941 26,184 Net interest income after provision for credit losses 571,380$ 582,608$ (11,228)$ Banking fees 111,001 110,969 32 Asset management and insurance fees 29,452 28,379 1,073 Mortgage banking activities 2,771 4,872 (2,101) Other operating income 27,971 24,257 3,714 Total non-interest income 171,195$ 168,477$ 2,718$ Total personnel costs 232,988 229,355 3,633 Net occupancy 26,083 29,140 (3,057) Technology and software expenses 87,117 84,696 2,421 Transactional services 38,408 37,861 547 Professional fees 25,808 28,108 (2,300) Business promotions 27,304 26,385 919 Goodwill impairment 13,000 - 13,000 Other operating expenses 44,579 57,216 (12,637) Total operating expenses 495,287$ 492,761$ 2,526$ Income before income tax 247,288 258,324 (11,036) Income tax expense 35,971 47,884 (11,913) Net income 211,317$ 210,440$ 877$ EPS 3.15$ 3.09$ 0.06$ ROTCE 13.06% 13.26% (0.20%) Quarterly Results (unaudited)
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7 Net Interest Income and NIM Dynamics Quarter Highlights: • Net interest income increased by $15 million to $647 million • Net interest margin increased 2 bps to 3.51% ₋ Primarily driven by improved earning asset mix • Net interest margin FTE of 3.90% increased 5 bps driven by fixed rate asset repricing ‐ Money market and investment securities yield increased 9 bps • Money market and investment securities decreased $1.5 billion; represent 46% of earning assets • Average deposits increased $793 million. Excluding P.R. public deposits, average customer deposits increased $360 million $31.8 $32.6 $33.6 $34.6 $33.1 $36.2 $37.1 $37.3 $38.2 $38.7 $68.0 $69.7 $70.8 $72.8 $71.8 7.56% 7.51% 7.48% 7.50% 7.49% 3.43% 3.29% 3.38% 3.50% 3.59% 0 0.0 2 0.0 4 0.0 6 0.0 8 0.1 0.1 2 0.1 4 - 10.0 0 20.0 0 30.0 0 40.0 0 50.0 0 60.0 0 70.0 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Earning Assets (ending balances, $ in billions)1 Money market and investment securities Loan balances Loan yield (FTE) Money market and investment securities yield See Slide 15 for footnotes Differences due to rounding $45.0 $45.4 $46.2 $46.3 $46.4 $18.7 $19.5 $19.6 $20.9 $20.1 $64.7 $66.1 $66.9 $68.6 $67.8 4.24% 3.70% 3.32% 3.22% 3.19% 1.27% 1.21% 1.17% 1.15% 1.17% - 0.01 00 0.02 00 0.03 00 0.04 00 0.05 00 0.06 00 - 10.0 0 20.0 0 30.0 0 40.0 0 50.0 0 60.0 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Sources of Funds (ending balances, $ in billions)1 Deposits, excl P.R. public deposits P.R. public deposits Borrowings P.R. public deposit costs Deposit Costs, excl P.R. public deposit costs $572 $591 $606 $632 $647 3.47% 3.62% 3.73% 3.85% 3.90% 5.53% 5.49% 5.49% 5.57% 5.63% 2.06% 1.87% 1.76% 1.72% 1.73% 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 0.0 7 - 100 200 300 400 500 600 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Interest Income and NIM ($ in millions) Net interest income NIM (FTE) Earning assets yield (FTE) Cost of funds
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8 Non-Interest Income Quarter Highlights: • Strong performance and high levels of customer transaction activity from our diversified fee generating segments • Non-interest income of $171 million increased $2.7 million from Q2, driven by a $5.3 million retroactive charge to a tenant under an amended lease contract Differences due to rounding $164 $168 $152 $168 $171 - 20.0 0 40.0 0 60.0 0 80.0 0 100 .00 120 .00 140 .00 160 .00 180 .00 - 20.0 0 40.0 0 60.0 0 80.0 0 100 .00 120 .00 140 .00 160 .00 180 .00 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Non-Interest Income ($ in millions) Banking fees Asset management and insurance Other operating income Mortgage banking activities Daily car rental income (sold in Q4 2024) ($ in millions) Q3 2025 Q2 2025 Variance Q3 2024 Q2 2025 Q3 2024 Service charges on deposits $ 39.1 $ 38.8 $ 0.3 $ 38.3 1% 2% Debit card fees 28.1 27.9 0.2 26.2 1% 7% Credit card fees 32.7 32.5 0.2 31.3 1% 4% Other fees 11.2 11.7 (0.6) 10.8 (5%) 4% Banking fees $ 111.0 $ 111.0 $ 0.0 $ 106.5 0% 4% Insurance fees 13.0 12.7 0.3 15.4 2% (16%) Brokerage and asset management fees 9.5 9.1 0.4 8.4 4% 13% Trust fees 7.0 6.6 0.4 6.7 6% 4% Asset management and insurance fees $ 29.5 $ 28.4 $ 1.1 $ 30.5 4% (4%) Mortgage banking activities 2.8 4.9 (2.1) 2.7 (43%) 4% Other operating income 28.0 24.3 3.7 24.3 15% 15% Non-interest income $ 171.2 $ 168.5 $ 2.7 $ 164.1 2% 4% Change Q3 2025 vs
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9 Operating Expenses See Slide 15 for footnotes Differences due to rounding Quarter Highlights: • Operating expenses increased by $2.6 million to $495 million • Personnel costs increased by $3.6 million primarily due to annual merit increases effective July 2025, and other employment termination benefits related to cost efficiency initiatives at Popular U.S. • $13 million goodwill impairment in Popular U.S. equipment leasing subsidiary • Lower other operating expenses driven by a reversal in Q3 of a $4.8 million claim reserve established in Q2, and lower reserves for operational losses by $4.6 million in Q3 $467 $468 $471 $493 $495 - 100 .00 200 .00 300 .00 400 .00 500 .00 600 .00 - 100 .00 200 .00 300 .00 400 .00 500 .00 600 .00 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Operating Expenses ($ in millions) Personnel costs Technology and professional fees Net occupancy and other expenses Business promotion and transactional services $ in millions Q3 2025 Q2 2025 Variance Q3 2024 Q2 2025 Q3 2024 Salaries $ 139.3 $ 132.8 $ 6.6 $ 136.0 5% 2% Commissions and incentives 35.3 40.6 (5.2) 26.3 (13%) 34% Pension, postretirement and other1 45.3 43.1 2.3 39.5 5% 15% Profit sharing 13.0 13.0 0.0 0.0 - - Total personnel costs $ 233.0 $ 229.4 $ 3.6 $ 201.9 2% 15% Technology and software 87.1 84.7 2.4 88.5 3% (2%) Transactional services 38.4 37.9 0.5 34.3 1% 12% Professional fees 25.8 28.1 (2.3) 26.7 (8%) (3%) Net occupancy 26.1 29.1 (3.1) 28.0 (10%) (7%) Business promotion 27.3 26.4 0.9 25.6 3% 6% Goodwill impairment 13.0 - 13.0 - 0% 0% Other operating expenses 44.6 57.2 (12.6) 62.3 (22%) (28%) Operating expenses $ 495.3 $ 492.7 $ 2.6 $ 467.3 1% 6% Change Q3 2025 vs
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Quarter Highlights: • Common Equity Tier 1 Ratio of 15.79% decreased 12 bps mainly driven by common stock repurchases and changes in risk weighted assets due to loan growth • TCE1 Ratio of 7.13% vs. 6.81% in Q2 2025 • Tangible book value per share increased $3.71 to $79.12 • ROTCE of 13.06% • Repurchased $119 million in common stock at an average price of $119.33 per share and declared common stock dividend per share of $0.75, an increase from $0.70 ₋ $429 million remained under the active repurchase authorization as of September 30, 2025 10 Capital 15.79% 15.84% 17.58% 8.48% 7.13% 15.91% 15.96% 17.70% 8.51% 6.81% 0 0.0 2 0.0 4 0.0 6 0.0 8 0.1 0.1 2 0.1 4 0.1 6 0.1 8 0.2 Common Equity Tier 1 Capital Tier 1 Risk- Based Capital Total Risk-Based Capital Tier 1 Leverage TCE Popular, Inc. Q3 2025 Q2 2025 15.90% 15.90% 17.16% 7.42% 5.58% 15.97% 15.97% 17.24% 7.43% 5.22% 0 0.0 2 0.0 4 0.0 6 0.0 8 0.1 0.1 2 0.1 4 0.1 6 0.1 8 0.2 Common Equity Tier 1 Capital Tier 1 Risk- Based Capital Total Risk-Based Capital Tier 1 Leverage TCE BPPR 13.67% 13.67% 14.49% 11.01% 11.66% 13.65% 13.65% 14.49% 10.96% 11.49% 0 0.0 2 0.0 4 0.0 6 0.0 8 0.1 0.1 2 0.1 4 0.1 6 Common Equity Tier 1 Capital Tier 1 Risk- Based Capital Total Risk-Based Capital Tier 1 Leverage TCE Popular U.S. See Slide 15 for footnotes Note: Current period ratios are estimated 15.91% 0.53% (0.30%) (0.22%) 15.79% (0.13%) Q2-25 Net income Dividends Repurchases RWA and other Q3-25 Common Equity Tier 1
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11 Non-Performing Assets Differences due to rounding $444 $438 $435 $412 $424 $408 $366 $358 $545 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.7% 0 0.005 0.01 0.015 0.02 0.025 0.03 0.035 0.04 0 100 200 300 400 500 600 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Non-Performing Assets ($ in millions) NPLs OREO NPAs/Total Assets $362 $358 $354 $342 $361 $351 $314 $312 $502 1.1% 1.0% 1.0% 1.0% 1.0% 0.9% 0.8% 0.8% 1.3% 0 0.005 0.01 0.015 0.02 0.025 0.03 0.035 0.04 0 100 200 300 400 500 600 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Non-Performing Loans ($ in millions) Commercial and Construction Mortgage Other NPLs/Loans $37 $52 $34 $41 $37 $48 $37 $32 $242 0 100 200 300 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NPL Inflows ($ in millions) Popular U.S. BPPR Quarter Highlights: • Non-Performing Assets increased $187 million • Non-Performing Loans increased $190 million ₋ BPPR NPLs increased $196 million to $453 million ₋ Popular U.S. NPLs decreased $5 million to $49 million • NPL inflows increased $205 million ‐ BPPR increased $210 million, driven by two large unrelated commercial loans with a combined book value of $188 million ‐ Popular U.S. decreased $5 million, mainly related to commercial loans
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12 NCOs and Allowance for Credit Losses Differences due to rounding $41 $52 $55 $49 $58 $63 $51 $42 $44 2.41% 3.01% 3.16% 2.80% 3.26% 3.56% 2.85% 2.33% 2.46% 0.0 0% 1.0 0% 2.0 0% 3.0 0% 4.0 0% 5.0 0% (20) (10) - 10 20 30 40 50 60 70 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Consumer NCOs by Loan Portfolio ($ in millions) Credit Card Personal Auto Other NCO% Allowance for Credit Losses ($ in millions) Balance Reserve Build Balance Reserve Build Balance ACL/Loan Q4 2024 (Release) Q2 2025 (Release) Q3 2025 Q3 2025 Commercial 271$ 6$ 277$ 28$ 305$ 1.46% Mortgage 82 3 85 2 87 1.02% Leases 16 4 20 (1) 19 0.96% Consumer: 376 11 387 (12) 375 5.18% Credit Cards 99 (7) 92 (5) 87 7.12% Personal Loans 104 1 105 (3) 102 5.14% Auto 166 16 182 (4) 178 4.62% Other 7 1 8 0 8 4.51% Total ACL 746$ 23$ 769$ 17$ 786$ 2.03% Portfolios $33 $57 $62 $54 $59 $67 $49 $42 $58 0.39% 0.66% 0.71% 0.61% 0.65% 0.74% 0.53% 0.45% 0.60% -1.00% 0.0 0% 1.0 0% 2.0 0% 3.0 0% 4.0 0% (1 5) (5 ) 5 15 25 35 45 55 65 75 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NCOs and NCO-to-Loans Ratio ($ in millions) Commercial and Construction Mortgage Leases Consumer NCO% $769 $(58) $36 $34 $5 $786 Q2 2025 ACL NCOs Commercial Changes Consumer Changes Economic Scenarios and … Q3 2025 ACL ACL Movement ($ in millions) Q2 2025 ACL NCOs Economic scenario and qualitative Commercial portfolio Consumer portfolio Q3 2025 ACL Quarterly Highlights: • NCOs increased $16 million to $58 million, mainly in BPPR, driven by a $14 million charge-off related the $30 million commercial NPL inflow in Q3 2025. NCO Ratio increased 15 bps to 0.60% • ACL increased $17 million to $786 million, primarily due to a specific reserve recognized for the $158 million commercial NPL inflow in Q3 2025, partially offset by improvements in the credit quality of the consumer portfolio; ACL-to-Loans Ratio at 2.03% vs. 2.02% in Q2 2025
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13 Driving Value Franchise Market leader in Puerto Rico • Substantial capital and liquidity with diversified deposit base • Well-positioned to take advantage of market opportunities • Focused on customer service supported by broad branch network • Differentiated omnichannel experience • Diversified fee income • Strong risk-adjusted loan margins driven by a well-diversified portfolio Mainland U.S. banking operation provides geographic diversification • Commercial led strategy directed at small and medium sized businesses • Niche banking segments focused on homeowners’ associations, healthcare and non-profit organizations • Branch footprint in South Florida and New York Metro Strategic Framework Our new strategic framework centers on three objectives and guides our Transformation, which continues to show steady and notable progress. Our objectives are: • Be the #1 bank for our customers • Be simple and efficient • Be a top-performing bank Capital Actions Repurchased $119 million in common stock at an average price of $119.33 per share and declared common stock dividend per share of $0.75, an increase from $0.70 • $429 million remained under the active repurchase authorization as of September 30, 2025
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14 Guidance Q2 2025 Q3 Update Q3 2025 Commentary Effective Tax Rate Now expect 14%-16% in Q4 and 16-18% for the year, due to higher proportion of exempt income, and impact of changes to the P.R. tax code 18%-20% due to higher tax exempt income Loan Growth Now expect 4%-5% based on YTD growth and expected repayments in Popular U.S. Reaffirm original guidance range of 3%-5% based on YTD growth and expected repayments in Popular U.S. Updated Updated NCOs Now expect 50bps-65 bps annualized due to YTD credit performance and NPLs inflows in Q3 45bps-65 bps annualized due to credit performance YTD and stable outlook for remainder of the year Operating Expenses Reaffirm Q2 guidance4%-5% for the year due to profit sharing and performance-based incentives Updated Unchanged Non-Interest Income Now expect $160 million-$165 million in Q4 and $650 million- $655 million for the year Higher end of guidance for the year based on YTD results and seasonal activity in Q4 2025 Guidance Net Interest Income Reaffirm Q2 guidance10%-11% YoY growth driven by fixed asset repricing, loan growth and deposit balances Unchanged Updated
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15 Footnotes Slide 3: 1- Fully taxable equivalent (“FTE”) net interest margin represents a non-GAAP financial measure. See the Corporation's earnings press release, Form 10-Q and Form 10-K filed with the U.S. Securities and Exchange Commission for the applicable periods for the GAAP to non- GAAP reconciliation. 2- Return on average tangible common equity (“ROTCE”) represents a non-GAAP financial measure. See table R in the Corporation's earnings press release for the reconciliation of GAAP to non-GAAP financial measures. Slide 7: 1- Balances are as of end of period. Slide 9: 1- Pension, postretirement and other combines “pension, postretirement and medical insurance” and “other personnel costs, including payroll taxes” as presented in the Consolidated Statement of Operations. Slide 10: 1- TCE ratio is defined as the ratio of tangible common equity to tangible assets.
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Investor Presentation Third Quarter 2025 Appendix
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Summary Corporate Structure 17 Corporate Structure Banco Popular de Puerto Rico Popular Securities LLC Popular’s Insurance Subsidiaries Popular North America, Inc. Popular Bank Holding Co. (including equity investments) Earnings Franchise Selected equity investments: Banco BHD León under Corporate segment • Dominican Republic bank • 15.63% stake • 2024 net income of $272 million Industry Financial Services Headquarters San Juan, Puerto Rico Assets $75 billion (among top 50 BHCs in the U.S.) Loans $39 billion Deposits $67 billion Banking branches 153 in Puerto Rico, 39 in the U.S. (27 in New York and New Jersey and 12 in Florida) and 9 in the U.S. and British Virgin Islands NASDAQ ticker symbol BPOP Market Cap $8.5 billion Assets = $75 billion Assets = $60 billion Assets = $15 billion Puerto Rico Operations United States Operations Earnings
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18 Q3 2025 vs. Q2 2025 Differences due to rounding Financial Results (Unaudited) ($ in millions) Q3 2025 Q2 2025 Variance Q3 2025 Q2 2025 Variance Net interest income 551$ 538$ 13$ 105$ 102$ 3$ Provision for credit losses 74 42 32 2 6 (4) Net interest income after provision for credit losses 477 496 (19) 103 96 7 Non-interest income 151 146 5 7 7 - Operating expenses 413$ 422$ (9)$ 83$ 71$ 12$ Income before income tax 215 220 (5) 27 32 (5) Income tax expense 26 35 (9) 9 9 - Net income 189$ 185$ 4$ 18$ 23$ (5)$ Balance Sheet Highlights (Unaudited) ($ in millions) Q3 2025 Q2 2025 Variance Q3 2025 Q2 2025 Variance Total assets 59,771$ 60,929$ (1,158)$ 14,941$ 14,865$ 76$ Total loans (HIP) 27,131 26,774 357 11,525 11,380 145 Total deposits 54,878 55,882 (1,004) 12,162 11,946 216 Asset Quality Q3 2025 Q2 2025 Variance Q3 2025 Q2 2025 Variance Non-performing loans held-in-portfolio (HIP) / Total loans (HIP) 1.67% 0.96% 0.71% 0.42% 0.47% (0.05%) Non-performing assets / Total assets 0.83% 0.50% 0.33% 0.33% 0.37% (0.04%) Allowance for credit losses / Total loans (HIP) 2.56% 2.53% 0.03% 0.79% 0.79% 0.00% BPPR Popular U.S. BPPR Popular U.S. BPPR Popular U.S.
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19 Loan Composition and Yields $13.7 $15.7 $17.7 $18.7 $18.7 $18.6 $19.1 $19.3 $0.7 $0.8 $1.0 $1.3 $1.3 $1.4 $1.5 $1.6 $4.8 $5.1 $5.4 $5.8 $5.8 $5.8 $5.9 $5.9 $7.5 $7.4 $7.7 $8.1 $8.1 $8.3 $8.4 $8.6 $2.6 $3.1 $3.3 $3.3 $3.3 $3.3 $3.3 $3.4 $29.3 $32.1 $35.1 $37.1 $37.1 $37.3 $38.2 $38.7 - 5.00 10.0 0 15.0 0 20.0 0 25.0 0 30.0 0 35.0 0 40.0 0 45.0 0 2021 2022 2023 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Loan Composition (ending balances, $ in billions) Commercial Construction Auto loans and Leases Mortgage Consumer Highlights: • Loans held in portfolio increased $502 million or 1.3%, compared to Q2 2025 ‐ The increase was primarily driven by the commercial and construction portfolios in BPPR and in Popular U.S., and by the mortgage portfolio in BPPR • Average loan yield FTE at 7.49% Differences due to rounding (ending balances, $ in millions) Q3 2025 Q2 2025 Variance Q3 2025 Yield (FTE) Commercial $ 19,289 $ 19,090 $ 199 $ 19,229 6.72% Construction 1,605 1,468 136 1,549 8.24% Mortgage 8,558 8,444 114 8,484 5.96% Auto loans and leases 5,859 5,854 5 5,926 8.52% Consumer 3,377 3,329 48 3,258 13.80% Total Loans $ 38,687 $ 38,185 $ 502 $ 38,445 7.49% Loans Held-in-Portfolio Average
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20 Deposit Composition and Costs Highlights: • Deposits at $66.5 billion in Q3 2025, with P.R. public deposits representing 30% of total deposits • Total deposit costs, excluding P.R. public deposits, demonstrate the stability of core deposits, low cost and low betas • Total cost of deposits at 1.79%, increased 1 bp due to higher average deposits, mainly P.R. public deposits in BPPR and high-cost deposits at Popular U.S. $15.7 $16.0 $15.4 $15.3 $15.1 $15.2 $15.1 $14.9 $8.3 $8.5 $7.7 $7.2 $7.7 $8.0 $8.0 $8.2 $15.9 $14.7 $14.6 $14.1 $14.2 $14.6 $14.3 $14.4 $6.7 $6.8 $7.9 $8.4 $8.4 $8.4 $8.8 $8.9 $20.4 $15.2 $18.1 $18.7 $19.5 $19.6 $20.9 $20.1 $67.0 $61.2 $63.6 $63.7 $64.9 $65.8 $67.2 $66.5 - 10.0 0 20.0 0 30.0 0 40.0 0 50.0 0 60.0 0 70.0 0 80.0 0 2021 2022 2023 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Deposit Composition (ending balances, $ in billions) Non-interest bearing NOW and Money market Savings Time deposits P.R. public deposits 0.18% 0.39% 1.68% 2.16% 1.96% 1.83% 1.78% 1.79% 0.23% 0.29% 0.91% 1.27% 1.21% 1.17% 1.15% 1.17% 0.05% 0.67% 3.69% 4.24% 3.70% 3.32% 3.22% 3.19% 0 0.005 0.01 0.015 0.02 0.025 0.03 0.035 0.04 0.045 2021 2022 2023 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Deposit Costs Trends Total deposit costs Total deposit costs excl P.R. public deposit costs P.R. public deposit costs Differences due to rounding
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21 Deposit Beta Highlights: • BPPR's retail and commercial accounts are low beta products and will react more slowly to changes in short-term interest rates • High beta P.R. public deposits represent 30% of the total deposits • P.R. public deposits are linked to market rates but respond with a lag to changes in spot rates • We expect that higher beta products in Popular U.S. will show similar elasticity to declining rates throughout the cycle Deposits by Type Retail Int Bearing Deposits Deposit Mix (by Type) Deposit Mix Retail Commercial Public Wholesale Non Int Bearing 7% 15% 0% 0% Int Bearing 32% 10% 31% 5% Commercial Int Bearing Deposits Public Int Bearing Deposits 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Retail - Int Bearing Fed Funds Target 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Public - Int Bearing Fed Funds Target 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Commercial - Int Bearing Fed Funds Target 22% 78% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Non-Int Bearing Int Bearing
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22 Investment Portfolio Quarter Highlights: • Conservative investment portfolio, with the majority invested in short to intermediate U.S. Treasuries • Investment portfolio duration 2.0 years; including cash, 1.7 years • Unrealized loss in the AFS portfolio decreased by $106 million • Market value of the U.S. Treasuries held to maturity stood at $7.4 billion, approximately $30 million higher than book value • Invested approximately $2.5 billion in U.S. Treasury notes with an average duration of 1.4 years and a yield of approximately 3.65% 1 Maturity expressed in years; In the case of mortgage-backed securities and CMO’s, it represents the weighted average life of the bonds assuming market consensus prepayment speeds 2 The Book value includes $340 million of unrealized loss in AOCI related to the securities transferred from available-for-sale securities portfolio to the held-to-maturity with an unrealized loss of $873 million at the time of transfer, which will be amortized (back into capital) throughout their remaining life at a rate of approximately 5% per quarter through 2026. Differences due to rounding Yield Legacy New 1.33% 3.89% - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 Mar-28 Jun-28 Sep-28 Dec-28 Mar-29 Jun-29 Sep-29 $ Millions Maturities: US Treasury Notes (AFS & HTM) UST Legacy (Program restarted in 2024) UST New (2024 Program) 23% 0% 0% 0% 32% 1% 0% 0% 26% 0% 0% 0% 3% 4% 0% 11% 0% 0% 0% 0% 0% 5% 10% 15% 20% 25% 30% 35% 0 - 3 yrs 4 - 5 yrs 6 - 7 yrs 8 - 10 yrs Maturity Profile U.S. T-bills U.S. Treasuries - AFS U.S. Treasuries - HTM Agency MBS/CMO $ in millions Q3 2025 Variance to Q2 2025 Description Amortized Cost % of Portfolio Book Value Gain / (Loss) Yield Maturity / WAL1 Amortized Cost Gain / (Loss) Money Markets (Cash at Federal Reserve) $4,744 14.4% $4,744 $0 4.2% - ($1,586) $0 U.S. T-bills 6,423 19.5% 6,423 - 4.0% 0.1 (1,486) - U.S. Treasuries 9,290 28.2% 9,284 (6) 3.5% 1.3 1,759 21 Agency MBS/CMO 5,906 15.1% 4,979 (927) 1.8% 6.7 (182) 84 Total AFS 21,619 62.9% 20,686 (933) 3.2% 2.2 91 105 U.S. Treasuries 2 7,714 22.4% 7,374 (340) 1.3% 1.8 (153) 47 Other 60 0.2% 60 - 1.8% 13.5 (3) - Total HTM 7,774 22.6% 7,434 (340) 1.3% 1.9 (156) 47 Total Trading 33 0.1% 33 - 4.7% 5.4 3 - Total Portfolio $34,170 100.0% $32,897 ($1,273) 2.9% 1.8 ($1,648) $152 AFS HTM
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23 Allowance for Credit Losses – Q3 2025 ACL Movement: • Moody’s baseline forecast continues to assume a slowdown in economic activity for the U.S. in 2025 and 2026 • Changes in the forecast of certain employment variables contributed to higher reserves • Higher reserves related to the commercial portfolio due to Q3 commercial NPL inflows, mainly of two large unrelated commercial loans with a combined book value of $188 million and higher loan balances. Economic Scenarios: • Baseline scenario assigned the highest probability, followed by the S3 (pessimistic) scenario • The probability assigned to the S3 (pessimistic) scenario remains at elevated levels due to current uncertainty in the markets • 2025 annualized GDP growth (baseline): ‐ P.R consistent with previous period at 0.34% ‐ U.S. increased to 1.64% from 1.28% • 2025 forecasted average unemployment rate (baseline): ‐ P.R. remains near historically low levels at 5.59% ‐ U.S. consistent with previous period at 4.24%
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24 Non-Owner Occupied CRE Portfolio Retail 33% Hotels 19% Office Space 13% Shelters 11% Industrial 8% Mixed use 5% Health Facility 4% Other 7% Non-Owner Occupied CRE Balance by property type Highlights: • Non-Owner Occupied CRE (CRE NOO) credit quality metrics include the impact of a $30.1 million increase in non-performing loans (NPLs) and a $13.5 million in net charge-offs (NCOs) related to commercial real estate facility secured by a hotel property in Florida • Non-Owner Occupied CRE (CRE NOO) exposure mainly in retail, hotels and office space • Office exposure limited to 1.8% of total loan portfolio and 13% of CRE NOO: ‐ Office space mainly in mid-rise properties with diversified tenants across both regions ‐ Average loan size at $2.5 million • Non-Performing loans increased to 0.81% of loans, while NCOs increased to 0.92%, primarily due to the abovementioned commercial loan • Allowance for credit losses to loans held-in-portfolio at 1.08% Metric Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 30-89 DPD/Loans 0.26% 0.20% 0.07% 0.06% 0.33% NPL/Loans 0.19% 0.27% 0.26% 0.25% 0.81% NCO Ratio 0.00% -0.06% -0.05% -0.03% 0.92% ACL/Loans 1.30% 1.02% 1.05% 1.07% 1.08% ACL/NPL 691.89% 377.29% 410.78% 422.98% 133.36% Classified Loans/Loans 1.34% 3.01% 3.23% 4.08% 3.98% Credit Metrics $3,148 $3,247 $3,314 $3,330 $3,303 $2,037 $2,117 $2,227 $2,191 $2,160 $5,185 $5,363 $5,541 $5,521 $5,463 0.20% 0.27% 0.30% 0.30% 0.81% 1.30% 1.02% 1.05% 1.06% 1.08% 0.0%0 1,000 2,000 3,000 4,000 5,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Non-Owner Occupied CRE ($ in millions) BPPR Popular U.S. NPL/Loans ACL/Loans
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25 Multifamily Loan Portfolio Highlights: • 88% of the portfolio concentrated in Popular U.S. • Strong credit risk profile with low levels of delinquency, NCOs and classified loans: ‐ 30-89 DPD/Loans at 0.16% ‐ Classified loans at 1.20% ‐ NCO Ratio 0.00% • Allowance for credit losses (“ACL”) to loans held-in- portfolio at 0.67% • New York portfolio: ‐ $1.5 billion or 3.9% of our total loan portfolio ‐ Underwritten based on current rental income at origination ‐ No exposure to rent controlled buildings ‐ Rent stabilized units represent less than 40% of the total units in the loan portfolio with the majority originated after 2019 $306 $308 $308 $306 $302 $2,100 $2,092 $2,067 $2,214 $2,187 $2,406 $2,400 $2,375 $2,521 $2,521 0.40% 0.37% 0.37% 0.43% 0.35% 0.40% 0.38% 0.57% 0.60% 0.67% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 0 500 1,000 1,500 2,000 2,500 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Multifamily Loans ($ in millions) BPPR Popular U.S. NPL/Loans ACL/Loans NY 61% FL 27% PR 8% NJ 3% Other 1% Multifamily Loans Balance by state Metric Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 30-89 DPD/Loans 0.12% 0.29% 0.23% 0.44% 0.16% NPL/Loans 0.37% 0.37% 0.37% 0.43% 0.35% NCO Ratio 0.00% 0.00% 0.00% 0.00% 0.00% ACL/Loans 0.40% 0.38% 0.57% 0.67% 0.67% ACL/NPL 109.72% 105.20% 153.90% 153.60% 191.90% Classified Loans/Loans 1.30% 1.10% 0.97% 1.27% 1.20% Credit Metrics
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26 Auto Loan Portfolio Highlights: • Improvements in credit quality of originations • Auto balances have steadily increased since the pandemic • Delinquency and NCO levels for the period remained below the pre-pandemic average benchmark • FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 739 • Q3 2025 originations were split approximately 66%/34% between new/used auto loans $135 $153 $173 $143 $168 $178 $191 $136 $166 $179 $2,918 $3,633 $3,661 $3,707 $3,773 $3,819 $3,821 $3,820 $3,862 $3,851 4.64% 4.20% 4.73% 3.86% 4.46% 4.67% 5.00% 3.57% 4.29% 4.65% 0 0.01 0.02 0.03 0.04 0.05 0.06 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Delinquency ($in millions) 30+ DPD Portfolio 30+ DPD/Portfolio Avg. 2011-2019 9/30/2025 6.17% 4.65% $18 $10 $16 $14 $10 $17 $19 $13 $7 $12 2.44% 1.25% 0 0.005 0.01 0.015 0.02 0.025 0.03 0 2 4 6 8 10 12 14 16 18 20 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NCOs and NCO-to-Loan Ratio ($ in millions) Auto NCOs NCOs % Avg. 2011-2019 YTD 1.88% 1.11% 60% 60% 58% 61% 65% 66% 66% 67% 70% 30% 27% 26% 26% 26% 24% 24% 23% 23% 6% 7% 9% 7% 4% 3% 4% 2% 2%4% 6% 7% 6% 5% 7% 6% 8% 5% 719 723 720 721 729 732 731 737 739 0 100 200 300 400 500 600 700 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 FICO Mix of Originations (% of approved amount) 700+ 625-699 <625 No FICO WA FICO
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27 Auto Lease Portfolio Highlights: • Auto lease balances have grown steadily since the pandemic • Delinquency and NCO levels for the period remained below the pre-pandemic average benchmark • NCOs have continued to improve during 2025 • FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 744 $19 $29 $35 $32 $33 $32 $40 $33 $37 $37 $1,060 $1,698 $1,732 $1,765 $1,828 $1,887 $1,925 $1,950 $1,983 $1,999 1.77% 1.73% 2.05% 1.81% 1.79% 1.69% 2.06% 1.71% 1.85% 1.83% 0 0.01 0.02 0.03 0.04 0.05 0.06 0 500 1000 1500 2000 2500 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Delinquency ($in millions) 30+ DPD Portfolio 30+ DPD/Loans Avg. 2011-2019 9/30/2025 2.06% 1.83% $3 $1 $4 $4 $3 $2 $4 $3 $3 $2 1.07% 0.41% 0 0.002 0.004 0.006 0.008 0.01 0.012 0 0.5 1 1.5 2 2.5 3 3.5 4 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NCOs and NCO-to-Loan Ratio ($ in millions) Leases NCOs NCO % Avg. 2011-2019 YTD 0.65% 0.55% 73% 75% 70% 70% 71% 74% 78% 79% 80% 23% 22% 26% 26% 26% 24% 19% 18% 17% 4% 3% 4% 4% 3% 2% 3% 3% 3% 732 736 730 730 731 735 741 743 744 0 100 200 300 400 500 600 700 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 FICO Mix of Originations (% of approved amount) 700+ 625-699 <625 No FICO WA FICO
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28 Credit Card Portfolio Highlights: • Improvements in credit quality of originations • Balances continue to increase due to higher originations and increased usage post pandemic • Delinquency and NCOs continue above the pre-pandemic benchmark, with NCOs showing improvements over the prior quarter • FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 772 $39 $37 $46 $46 $48 $55 $59 $54 $49 $49 $1,124 $1,077 $1,136 $1,142 $1,163 $1,187 $1,218 $1,188 $1,215 $1,226 3.45% 3.44% 4.09% 4.06% 4.16% 4.62% 4.85% 4.58% 4.01% 4.01% 0 0.005 0.01 0.015 0.02 0.025 0.03 0.035 0.04 0.045 0.05 0.055 0.06 0 200 400 600 800 1000 1200 1400 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Delinquency ($in millions) 30+ DPD Portfolio 30+ DPD/Loans Avg. 2011-2019 9/30/2025 3.74% 4.01% $8 $9 $11 $14 $14 $15 $17 $16 $17 $15 3.21% 5.03% 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0 2 4 6 8 10 12 14 16 18 20 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NCOs and NCO-to-Loan Ratio ($in millions) Credit Card NCOs NCOs % Avg. 2011-2019 YTD 3.67% 5.40% 51% 49% 51% 55% 53% 49% 50% 65% 67% 44% 44% 43% 42% 45% 45% 45% 32% 30% 2% 2% 2% 1% 2% 3% 3% 1% 1% 3% 5% 4% 2% 0% 3% 2% 2% 2% 748 748 750 754 753 749 750 768 772 0 100 200 300 400 500 600 700 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 FICO Mix of Originations (% of approved amount) 750+ 650-749 <650 No FICO WA FICO
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29 P .R. Personal Loan Portfolio Highlights: • Credit quality of originations remains strong • Portfolio balances have increased since the pandemic, but at a slower pace since 2024 due to tightening measures • Delinquency remained below the pre-pandemic average benchmark • NCO levels for the period remained above the pre- pandemic average benchmark. NCO Ratio of 3.47% in Q3 2025 showed improvements over the prior quarter • FICO mix of originations have remained robust, with weighted-average FICO scores of 747 in recent vintages $43 $51 $53 $51 $54 $56 $53 $49 $48 $50 $1,368 $1,763 $1,776 $1,746 $1,745 $1,754 $1,754 $1,756 $1,792 $1,823 3.15% 2.87% 2.97% 2.92% 3.09% 3.19% 3.01% 2.77% 2.70% 2.72% 0 0.01 0.02 0.03 0.04 0.05 0.06 0 200 400 600 800 100 0 120 0 140 0 160 0 180 0 200 0 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Delinquency ($ in millions) 30+ DPD Portfolio 30+ DPD/Loans Avg. 2011-2019 9/30/2025 3.61% 2.72% $14 $17 $20 $22 $21 $22 $23 $18 $16 $16 4.19% 3.47% 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0 5 10 15 20 25 Q4 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NCOs and NCO- to Loan Ratio ($ in millions) Personal loan NCOs NCO % Avg. 2011-2019 YTD 2.53% 3.73% 43% 43% 44% 49% 43% 40% 41% 49% 49% 50% 49% 51% 46% 53% 56% 56% 49% 49% 4% 5% 3% 3% 3% 3% 3% 2% 2% 3% 3% 2% 2% 1% 1% 0% 0% 0% 738 736 741 746 740 738 738 748 747 0 100 200 300 400 500 600 700 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 FICO Mix of Originations (% of approved amount) 750+ 650-749 <650 No FICO WA FICO
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30 P .R. Public Sector Exposure • Substantially all the Corporation’s direct exposure outstanding in Q3 were obligations from various Puerto Rico municipalities. As of September 30, 2025, our direct exposure outstanding to P.R. municipalities amounted to $342 million, decreasing by $20 million when compared to the prior quarter • Our direct exposure to P.R. government entities at September 30, 2025 was up to $47 million in Automated Clearing House (“ACH”) transaction settlement exposure, none of which was outstanding Includes loans or securities that are payable by non-governmental entities, but which carry a government guarantee to cover any shortfall in collateral in the event of borrower default. Majority are single-family mortgage related Indirect exposure Obligations of municipalities are backed by real and personal property taxes, municipal excise taxes, and/or a percentage of the sales and use tax Municipalities Obligations of the Commonwealth of Puerto Rico, its agencies and instrumentalities (excluding municipalities) PR government entities ($ in millions) Loans Securities Total Municipalities 333$ 9$ 342$ P.R. Government Entities -$ -$ -$ Indirect exposure 165$ 43$ 208$ Outstanding P.R. Sector Exposure
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31 Popular’s Credit Ratings Senior Unsecured Ratings Fitch BBB- Stable Outlook S&P BB+ Stable Outlook Moody’s Ba1 Positive Outlook 2018 May Fitch revised outlook to Positive 2019 April Moody's upgrades to B1 from B2 S&P revised outlook to Positive May Fitch upgrades to BB from BB- 2020 2021 March Moody’s revised outlook to Positive April Moody’s upgrades to Ba3 from B1 Fitch and S&P revised outlook to Positive June Fitch upgrades to BBB- from BB, revised outlook to Stable April S&P upgrades to BB+ from BB-, revised outlook to Stable September Moody’s upgrades to Ba1 from Ba3, revised outlook to Stable Senior Unsecured Ratings March S&P lowers outlook to Stable 2025 September Moody’s upgrades outlook to Positive 2022
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Investor Presentation Third Quarter 2025