Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O
Grupo Financiero Banorte Sab De Cv Class O — Q1 2026 Earnings Presentation
146 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, April 2026
Slide 1: Corporate Presentation 1Q26
Corporate Presentation 1Q26
Slide 2: Table of Content
Table of Content Markets Awards About Banorte 3 Results NIM 9 GFNORTEO Fees 11 Cost to Income 12 Net Income 13 ROE / ROA 14 GBOOY Digital Bank 20 Deposits & Loans 23 Loans / Deposits 24 Deposits growth 25 Loan growth 26 XNOR Asset Quality - NPL 29 CAR 31 BAP (Insurance, Pension & Afore) 32 Guidanc
Slide 3: About Banorte
About Banorte Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 3 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 4: GFNORTE – A Leading and Profitable Financial Franchise in Mexico
GFNORTE – A Leading and Profitable Financial Franchise in Mexico Adequate Business Mix - Strong retail, wholesale, premium traditional and digital banking platforms, as well as leading 1 insurance and pension fund management units. 2 Sound Fundamentals - Solid asset quality, high liquidity, and st
Slide 5: From Regional Bank to Second Largest National Financial Group
From Regional Bank to Second Largest National Financial Group 2025 2024 Digital 2020-2023 Strategy 4,5,6 Plan • Sale of bineo • Making the • J.V. Rappi 100% 2012-2019 1,2,3 Plan Ordinary 15.2%* Extraordinary 2000-2011 • 2020 - J.V. Rappi 20|20 Plan • 2012 - Afore XXI • Best experience 1992 - 1999
Slide 6: Strategy – Client centric & Digital Evolution
Strategy – Client centric & Digital Evolution PRODUCTS & DISTRIBUTION SOLUTIONS CHANNELS Deposits & Loans Mobile Client Segmentation Insurances ▪ 13.2 million banking clients Web Pensions 7.9 million Afore clients ATM Hyper-personalization ▪ Structured Info & Learning Annuities (Central DB & Watso
Slide 7: Diversified Business Mix
Diversified Business Mix Banking Insurance & Pension Wealth Management Other Financials Digital - Traditional Funds bineo Banco Casa de Operadora Banorte Arrendadora In the Almacenadora Mercantil Bolsa de Fondos Ahorro y y Factor process of Banorte del Norte Banorte Banorte Previsión Banorte being
Slide 8: Business Mix - Diversified Net Income and Balance
Business Mix - Diversified Net Income and Balance ◼ Sound business diversification: Net Income by Subsidiary ▪ Bank +6% y/y; ROE 30.1% 3M26 1Q26 ▪ Broker Dealer & Mutual Funds (22%) y/y Bineo & TDF ▪ Insurance (20%) y/y Warehousing, (discontinued Leasing and operations) Factoring ▪ Annuities +7% y
Slide 9: Net Interest Margin Moving in the Right Direction
Net Interest Margin Moving in the Right Direction NIM 7.0% 6.6% 6.5% 6.3% 6.2% 6.2% 6.3% 6.5% 6.2% 6.0% 5.6% 5.6% 5.5% 5.3% 5.4% 5.5% 4.9% 4.7% 4.8% 5.0% 4.4% 4.5% 4.5% 4.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Previous criteria IFRS NIM (Post-P
Slide 10: Net Interest Income sensitivity evolution
Net Interest Income sensitivity evolution Bank's NII Sensitivity per 100bps change in rate - ◼ Dynamic risk management hedging Local Currency Balance Sheet Million pesos 1,222 ◼ Focus on stable low-cost liabilities 1250 13% 1,127 11.5% ◼ Active ALCO 1000 979 10.6% 11% ◼ Organic growth of fixed rat
Slide 11: Core Banking Fees keep growing
Core Banking Fees keep growing ◼ Net fees +15% y/y; seasonal quarterly reduction (8%) q/q Net Fees 15% Million pesos y/y ◼ Trading income normalizing as rate volatility stabilizes 5,992 ◼ POS transactions (13%) y/y, digital (41%), physical +12%; 5,528 +27% y/y in mobile monetary transactions 5,182
Slide 12: Efficiency already recovered from the pandemic
Efficiency already recovered from the pandemic Cost to Income 55.0% 52.0% 48.5% 47.9% Recurring 50.0% 44.9% 40.0% 39.7% 45.4% 42.8% 45.0% 41.4% 42.7% 39.0% 39.1% 40.0% 37.4% 37.9% 36.2% 35.7% 35.8% 33.6% 34.2% 35.0% 30.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3
Slide 13: Net Income growing
Net Income growing Net Income Million Pesos CAGR 2013-2025 5% 13% YoY 65,000 58,788 56,188 (3%) 17,000 q/q 52,418 55,000 16,000 15,874 15,458 45,408 15,288 45,000 15,000 36,528 35,048 35,000 31,958 30,508 14,000 23,908 *Recurring 13,000 25,000 19,308 17,108 12,000 15,228 13,508 15,000 1% 11,000 y/
Slide 14: Positive Growth in Profitability
Positive Growth in Profitability ROA 3.0% 2.5% 2.3% 2.4% 2.3% 2.3% 2.4% 2.4% 2.5% 2.2% 2.3% 2.05% 1.9% 1.9% 2.0% 1.6% 2.22% 1.4% 1.5% 1.5% 1.8% 1.5% 1.8% 1.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 ROA of Banorte Bank Previous criteria IFRS Recurr
Slide 15: Positive Growth in Profitability
Positive Growth in Profitability ROE 24.2% 23.9% 25.0% 22.4% 22.8% 23.4% 21.3% 20.3% 20.1% 19.2% 20.0% 17.0% 17.1% 19.3% 19.6% 15.3% 14.2% 14.1% 15.0% 13.2% 13.3% 14.8% 10.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 ROE of the Bank 35.0% 31.5% 29.1%
Slide 16: Positive Growth in Profitability
Positive Growth in Profitability ROTE of the Group 30.0% 29.1% 29.4% 29.3% 28.0% 28.1% 27.5% 26.9% 25.9% 26.9% 25.1% 25.0% 24.7% *Recurring 20.9% 20.0% 18.7% 17.3% 18.8% 19.2% 16.2%16.4% 15.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Note: A new met
Slide 17: Transformation
Transformation Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 17 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 18: Digital Transformation Gaining Share
Digital Transformation Gaining Share Transactions Transactions (Tx) (millions) 2,000 Branches 1,736 1,800 1,622 1Q26 1.3% WEB 1,600 1,302 POS 1,400 8% Correspondents 0.2% 15% 1,200 Call Center 0.5% 1,000 8% Mobile 800 25% y/y ATM 600 400 67% 200 - 2Q 1Q 4Q 3Q 2Q 1Q 4Q 1Q 2022 2025 2026 Customers U
Slide 19: Customer's Voice, Key in Banorte's Evolution
Customer’s Voice, Key in Banorte’s Evolution ● On the right track to reach a 90-point NPS score, based on improvements from internal customers: 1Q26 o processes / services / systems o products Banorte Móvil WEB App o branch-administration, contingency, others 84.4 (1.0)* pts y/y 85.8 +0.7 pts YOUR
Slide 20: A customer-centric bank in minutes
A customer-centric bank in minutes ´+13 87 86 92 84 movil +8 86 NPS 93 88 Mobile account N4 Hyper-personalization Hyper New claim Mobile payroll loan Digital advanced payroll opening offer in branches Open a Branch Credit card auto pay personalization 10 min 7 min Account 3 min 3 min 3 min mortgage
Slide 21: Leaders in the Business & Infrastructure for the Payments Market
Leaders in the Business & Infrastructure for the Payments Market TDF (Tarjetas Del Futuro) Credit Cards Rappi JV POS Transactions (23%) 15-year commercial agreement y/y 500 Million Digital Physical DIGITAL PLATFORM for aggregators 400 192 137 300 106 200 272 281 100 250 CoDi 0 1Q23 2Q23 4Q23 1Q24
Slide 22: Ongoing RappiCard evolution
Ongoing RappiCard evolution Rappi Cards Average Billing Thousand 1,237 Rappi Cards 3,000 Million Millares 1,200 2,750 2,448 ▄ Stressed to the market, now operating with risk metrics in 1,000 2,500 desired direction 2,250 800 2,000 ▄ Presenting positive unit economics 600 1,750 1,500 ▄ Closer to th
Slide 23: Loans & Deposits
Loans & Deposits Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 23 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 24: Healthy Funding & Loan Portfolio Structure
Healthy Funding & Loan Portfolio Structure Bank Deposits 2018 $759 bn 1Q26 1,256bn US69.8bn Senior Unsec. Debt Senior Unsec. Debt Money Market 3% 2% Money Market 29% Demand Time Time 66% Demand Loan Portfolio $777 bn 1,255bn US69.7bn Consumer Consumer Government 20% 14% Government Mortgage 25% Mor
Slide 25: Loyal Deposits' Base
Loyal Deposits’ Base Deposits CAGR 2015-2025 YoY Billion +9% 1,192 1,300 1,187 1,187 Pesos 1,123 1,059 6% Core Deposits* Time Demand 1,100 962 840 834 834 827 900 751 750 750 796 744 4% 637 667 689 700 551 590 623 509 533 538 538 436 414 438 500 384 397 353 353 365 351 384 316 328 300 273 11% 300
Slide 26: Continued Growth in Performing Loan Book, Special Focus on Consumer
Continued Growth in Performing Loan Book, Special Focus on Consumer Loan Portfolio Billion Pesos 1,400 1,269 1,269 1,255 1,180 1,188 6% 1,200 1,032 YoY 1,000 920 Ex-Gov 777 802 821 821 CAGR: 763 8% 800 +10.5% YoY 616 567 600 518 472 425 400 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 20
Slide 27: Cost of Funds vs Loan Growth y/y
Cost of Funds vs Loan Growth y/y 20% 55% 15% 50% 45.6% 10% 45% 5.7% 5% 40% 0% 35% am j j a s o n d j f mam j j a s o n d j f mam j j a s o n d j f mam j j a s o n d j f mam j j a s o n d j f m 2021 2022 2023 2024 2025 2026 Loan Growth y/y Cost of Funds vs CETES Div TI NIM Dep BAP Guid ESG Eco Rev
Slide 28: Rate comparison
Rate comparison Reference Rate vs Loan Portfolio’s Yield Reference Rate vs Consumer Yield 14% 29% 28.6% 26.1% 12% 24% 11.7% 10% 19% 9.2% 8% 14% 7.8% 13.1% 6.8% 9% 9.5% 6% 6.8% 4% 4% J A SOND J FMAMJ J A SOND J FMAMJ J A SOND J FMAMJ J A SOND J FM JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFM 20
Slide 29: Sound Asset Quality
Sound Asset Quality NPL Ratio 3.5% 3.1% 2.9% 3.0% 2.2% 2.5% 2.0% 1.8% 1.7% 1.7% 2.0% 1.38% 1.43% 1.4% 1.5% 1.1% 0.9% 1.1% 1.0% 0.9% 0.92% 1.0% 1.0% 0.5% 0.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Previous criteria IFRS Previous Criteria IFRS | 20
Slide 30: Sound Asset Quality
Sound Asset Quality Coverage Ratio 250% 224% 207% 200% 179% 182% 184% 188% 139% 142% 138% 191% 135% 135% 140% 150% 129% 107% 116% 105% 100% 50% Previous criteria IFRS 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Cost of Risk 3 months CoR 3.0% 2.8% 2.
Slide 31: Strong Capital Position
Strong Capital Position Capital Adequacy Ratio Basel III 24.7% 22.8% 22.9% 22.3% 21.8% 21.7% 20.7% 20.2% 20.1% 20.1% 19.7% Full 18.5% 0.4% Tier 2 TLAC 17.3% 17.2% 18.08% 15.3% 15.3% 14.6% 6.6% Total +6.68% Tier 1 TLAC 19.3% 1Q26 11.40% 9.40% 15.3% 15.1% 14.7% 14.4% 14.0% 14.8% 7.90% 13.9% 13.2% 12
Slide 32: BAP: Long Term Savings Business
BAP: Long Term Savings Business Million Pesos 1Q26 YoY 1Q26 YoY Insurance Considering Banorte Futuro Net Income 2,080 (20%) 2,400 (19%) Equity 14,631 12% 31,036 5% Assets 120,513 19% 136,601 16% Premiums 20,559 (9%) 20,559 (9%) ROE 59.6% (25.2) pp 32.0% (9.9) pp AFORE Net Income 637 (11%) Equity 2
Slide 33: Insurance business steadily improving
Insurance business steadily improving Retained Insurance Technical Reserves Premiums 9,658 8,936 18,311 Million 17,516 pesos 6,708 5,547 4,345 1Q26 q/q y/y 15,069 3,260 2,652 2,353 Interest Income (Net) 884 (2%) (12%) 1,655 12,930 Premium Income (Net) 17,516 35% (4%) Net Increase in Technical Rese
Slide 34: Guidance 2026
Guidance 2026 Guidance 2026 Loan Growth 8% – 11% Ex-gov 10% – 12% NIM 6.2% – 6.5% NIM of Bank 6.4% – 6.8% Expenses (57.8 bn in 2025) 63.8 – 65.0bn1) Recurrent expenses 5% - 6% Organic growth & investments 2.5% - 3.5% Efficiency 36.0% – 37.5% Cost of Risk 1.8% – 2.1% Tax Rate 27% – 29% Net Income 62.
Slide 35: Market Presence
Market Presence Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 35 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 36: Deposit & Loan Market Share
Deposit & Loan Market Share Deposits Loans BBVA Others 23% Others 23% BBVA 26% 26% Inbursa 6% Inbursa 2nd 2nd 4% Banorte HSBC 14% Banorte Scotiabank 6% 15% 6% Scotiabank HSBC Banamex 6% 6% Santander 9% Banamex Santander 12% 6% 12% Source: CNBV February 2025 Div TI NIM Dep BAP Guid ESG Eco Rev Div
Slide 37: Market Share by Segment
Market Share by Segment Auto Payroll C. Card Mortgage Commercial Government Deposits Feb-25 Feb-26 Feb-25 Feb-26 Feb-25 Feb-26 Feb-25 Feb-26 Feb-25 Feb-26 Feb-25 Feb-26 Feb-25 Feb-26 Banorte 18.1% 20.1% 21.0% 21.4% 11.2% 11.7% 19.6% 19.9% 12.7% 12.3% 27.5% 28.3% 13.9% 14.0% BBVA 22.7% 22.2% 39.7%
Slide 38: Market Share by Segment
Market Share by Segment Total Loan Book Commercial & Corporate Mortgage 15.2% 12.7% 12.4% 12.3% 15.1% 12.1% 15.1% 11.6% (41bps) (12bps) 19.6% 19.9% 19.3% 19.5% 14.9% 18.8% 14.9% +27bps Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Credit C
Slide 39: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management Billion Pesos AUM Market Share Mar-25 Mar-26 Mar-25 Mar-26 Profuturo GNP 1,345 1,640 23.0% 19.5% XXI Banorte 1,366 1,591 23.4% 19.0% 2° SURA 1,148 1,364 19.6% 16.3% CitiBanamex 1,119 1,294 19.1% 15.4% Coppel 535 616 9.2% 7.3% PensionI
Slide 40: Insurance Market Share
Insurance Market Share Million Pesos Premiums Market Share Net Income Market Share Dic-24 Dic-25 Dic-24 Dic-25 Dic-24 Dic-25 Dic-24 Dic-25 G.N.P. 116,483 128,430 13.4% 13.1% 3,564 1,469 5.3% 2.4% BBVA 79,092 93,315 9.1% 9.5% 11,299 14,052 16.8% 23.2% Metlife México 84,281 90,255 9.7% 9.2% 9,828 9,
Slide 41: Annuities Market Share
Annuities Market Share Million Pesos Resolutions * Market Share Mar-25 Mar-26 Mar-25 Mar-26 Banorte 3,588 4,624 36.0% 39.9% 1° Bancomer 4,208 4,000 42.2% 34.5% Profuturo GNP 2,184 2,870 21.9% 24.7% Total Industry 9,981 11,599 100.0% 100.0% Annuitants Market Share Mar-25 Mar-26 Mar-25 Mar-26 Banort
Slide 42: GFNorte in the World
GFNorte in the World Market Capitalization Billion US 31.1bn Pesos 1Q25 1Q26 550 Total Shares Outstanding(1) : 2,812.2 m 2,813.2 m 559 Float: ~ 87% ~ 87% 500 470 Total ADRs(2) Outstanding: 9.89 m 12.42 m 450 399 400 Ticket Indexes 350 IPC (BMV) Sustainable IPC (BMV) GFNORTE O (BMV) 300 MSCI Mexico
Slide 43: Analysts' Opinion & Investment Grade by All Major Rating Agencies
Analysts’ Opinion & Investment Grade by All Major Rating Agencies Analysts’ Estimates Ratings Agencies (as of Mar 31, 2026) Agency Rating Outlook Date Net Income 2026 $62,387 Target Price $219.67 Standard & Poor’s BBB Stable Aug-25 Maximum $248.00 Number of Analysts 21 Fitch BBB- Positive Nov-25 #
Slide 44: ESG
ESG Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 44 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 45: Sustainability Strategy
Sustainability Strategy MSCI ESG Latest Ratings Action: AA Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 45 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 46: ESG Updates
ESG Updates Release of the 5th Climate-Related Delivery of five virtual conferences and Release of the 2025 Annual Report and Mujer PyME: Risks and Opportunities Report. two in-person events during Women’s the 2021–2025 ESG Indicators. History Month to commemorate and Among the main improvements:
Slide 47: Sustainable Business
Sustainable Business Social and Environmental Risk Management System Responsible Investment AFORE XXI Banorte AUM that consider ESG criteria Figures in millions of Mexican pesos 8.57% Non-sustainable During 1Q26: 1,363 Analyzed loans Assets with ESG criterio: 6.45% 67,384 67,157 analyzed portfolio
Slide 48: Appendix
Appendix Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 48 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 49: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Change Comprehensive Income Highlights 1Q25 4Q25 1Q26 3M25 3M26 (Million Pesos) 4Q25 1Q25 3M25 Interest Income 108,793 93,577 88,573 (5%) (19%) 108,793 88,573 (19%) Interest Expense 73,047 54,442 49,096 (10%) (33%) 73,047 49,096 (33%) Net
Slide 50: Quarterly Summary
Quarterly Summary Financial Ratios GFNorte 1Q25 4Q25 1Q26 3M25 3M26 12M* Profitability: NIM (1) 6.2% 6.6% 6.5% 6.2% 6.5% 6.4% NIM adjusted w/o Insurance & Annuities 6.0% 6.3% 6.3% 6.0% 6.3% ROE (2) 23.4% 24.2% 23.9% 23.4% 23.9% 22.9% ROA (3) 2.4% 2.5% 2.4% 2.4% 2.4% 2.3% Operation: Efficiency Rati
Slide 51: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Financial Position Highlights 1Q25 4Q25 1Q26 (Million Pesos) 4Q25 1Q25 Asset Under Management 4,718,961 5,196,669 5,385,820 4% 14% Stage 1 Loans 1,178,394 1,257,692 1,243,006 (1%) 5% Stage 2 Loans 9,718 11,135 12,387 11% 27% Stage 1 & 2 Lo
Slide 52: Quarterly Summary
Quarterly Summary Change Change Share Data 1Q25 4Q25 1Q26 3M25 3M26 4Q25 1Q25 3M25 Earnings per share (Pesos) (1) 5.435 5.643 5.495 (3%) 1% 5.435 5.495 1% Earnings per share Basic (Pesos) (2) 5.378 5.630 5.482 (3%) 2% 19.720 20.787 5% Dividend per Share for the period (Pesos) 0.00 6.99 0.00 N.A. N
Slide 53: Healthy Liquidity
Healthy Liquidity Loans to Deposits 110% 105% 102% 101% 101% 100% 98% 95% 90% 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2020 2021 2022 2023 2024 2025 2026 Liquidity Coverage Ratio - LCR 230% 210% 178% 183% 190% 162% 163% 170% 150% 130% 110% 90% 70% 2Q 3Q 4
Slide 54: Selected industry exposures
Selected industry exposures Vs. Total Loans 1Q26 Oil Industry* 0.7% Electricity Companies* 2.0% Construction & Real Estate Vs. Total Housing 1.9% Loans Commercial 1.0% SMEs • 84% Nafin / Bancomext guaranteed 5.0% Others 1.1% loans, 47% of SME book Malls 1.1% Dollar denominated 13.7% Tourism 6.0% R
Slide 55: Insurance and Annuities P&L
Insurance and Annuities P&L Insurance P&L + Annuities P&L = Insurance & Annuities P&L Premium Premium Premium Revenue Revenue Revenue Claims Claims ∆ ∆ Claims ∆ = Technical Non-Interest = Technical Non-Interest Technical Result Non-Interest Result Income Income = Income Result Acquisition Technica
Slide 56: Financial Targets GFNorte
Financial Targets GFNorte 5 years Net Income Double digit growth ROE 19.5% - 21.5% ROA 2.2% - 2.6% NIM 6.0% - 6.3% Cost-to-Income ratio 34% - 36% CET1 12.0% - 13.0% Cross-sell ratio 2.3 - 2.6 2.8* Note: Forecasts were generated under the new accounting rules, approaching convergence to IFRS intern
Slide 57: Corporate Responsibility and Sustainability
Corporate Responsibility and Sustainability Global Initiative Report (GRI Standards) UNEP Finance Initiative International standards on sustainability reporting and disclosure of Initiative that aims to identify, promote and carry out the adoption of best economic, environmental and social topics.
Slide 58: Contact Information and Reports
Contact Information and Reports If you have any information request or comments, please contact Banorte's Investor Relations Department at: Tel: (52) 55 1670 2276 E-mail: investor@banorte.com We recently published the 1Q26 report. During 2026 we have released: 1. Annual Report 2025 to the Banking
Slide 59: Economic and Financial Perspectives
Main macro view Economic activity in Mexico has decelerated in 2025 Risks abound amid increased global Economic and uncertainty Financial Risks and opportunities on trade Perspectives A solid banking sector Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep
Slide 60: Agenda
Source: businessinsider.mx Agenda Main macro view Economic activity in Mexico will rebound in 2026 Risks abound amid increased global uncertainty Risks and opportunities on trade A solid banking sector Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG
Slide 61: Main macro view
Source: upr.ru Main macro view Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 61 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 62: Forecasts of main economic and financial variables
Forecasts of main economic and financial variables Forecasts of main macroeconomic and financial variables in Mexico End of period 2021 2022 2023 2024 2025 2026F GDP 6.0 3.7 3.1 1.4 0.5 1.8 (% y/y) Inflation 7.4 7.8 4.7 4.2 3.7 4.4 (% y/y) Exchange rate 20.53 19.50 16.97 20.82 18.01 18.10 USD/MXN
Slide 63: We saw a slowdown in 2025, expecting a recovery in 2026
We saw a slowdown in 2025, expecting a recovery in 2026 GDP Index 100 = 4Q18 115 2025: 105.5 2026: 110 2024: 107.4 2023: 104.7 103.5 105 100 2022: 100.4 95 2021: 2019: 99.6 96.8 90 2020: 91.1 Primary activities 2026: 85 Industrial production 1.8% 80 Services GDP 75 2017 2018 2019 2020 2021 2022 20
Slide 64: Performance across sectors will remain heterogeneous
Performance across sectors will remain heterogeneous GDP: Supply GDP: Aggregate Demand % y/y nsa, % q/q sa % y/y nsa 1Q26 2Q26 3Q26 4Q26 2026 1Q26 2Q26 3Q26 4Q26 2026 GDP GDP 1.1 2.6 2.5 1.0 1.8 1.1 2.6 2.5 1.0 1.8 (% y/y) Consumption 3.7 3.8 2.6 1.0 2.7 Agricultural 1.7 1.8 0.2 0.3 1.0 Industrial
Slide 65: Non-oil exports have accelerated in a relevant way
Non-oil exports have accelerated in a relevant way, driven by ‘others’ Exports Vehicle and auto-parts exports Other manufacturing exports US$ billion, nsa, 12-month moving sum US$ billion, nsa, 12-month moving sum US$ billion, nsa, 12-month moving sum 690 200 220 Professional and scientific equipm
Slide 66: Domestic demand has moderated…
Domestic demand has moderated… Employment: INEGI (general) and Investment Consumption IMSS (formal sector) Index 100 = Jul-2018 Index 100 = Feb-2020 (previous historical Million, sa high) 65 24 115 115 110 23 110 10.5% 105 60 22 100 105 95 21 14.3% 100 90 55 20 85 95 19 80 90 50 INEGI (LHS) 75 18
Slide 67: …with some challenges in the labor market
…with some challenges in the labor market through early 2025, but improving later on Formal employment Daily wages* Thousand, % y/y % y/y in real terms (ex-post) 70 23.5 2019 2020 2021 2022 2023 2024 2025 Minimum wage 342.1 k -647.7 k 846.4 k 752.7 k 651.5 k 214.0 k 278.7 k IMSS 1.7% y/y -3.2% y/y
Slide 68: Mexico will reduce working hours
Mexico will reduce working hours Initiative of the Executive Brach What we know about the initiative to be sent to Congress ▪ On May 1st, 2025, President Claudia Sheinbaum announced plans to reduce the workweek from 48 to 40 hours ▪ The reform involves modifying Articles 61 and 69 of the Federal L
Slide 69: Distribution of employed people by weekly hours worked
Distribution of employed people by weekly hours worked Employed people and their distribution by employment condition and hours Key points worked* ▪ The employed population could be in either the formal or informal sector ▪ Some workers have more than one employer ▪ The ENOE allows us to know the
Slide 70: The largest adjustments will be on manufacturing, commerce, and other services
The largest adjustments will be on manufacturing, commerce, and other services, with a strong correlation to company size Formal population that works more than 40h per week, Formal population that works more than 40h per week, by sector* by company size Thousands, % of the employed population in
Slide 71: The north and center maintain the highest percentages of people working 40+ hours
The north and center maintain the highest percentages of people working 40+ hours Formal population that works more than 40h per week, Formal population that works more than 40h per week, by state* by state % of the employed population in the state % y/y in real terms (ex-post) % % of the state %
Slide 72: Minimum wage 2030 target
Minimum wage 2030 target Federal government’s target on the minimum wage An approx. 11% y/y nominal increase would be enough to reach the goals as long as average inflation does not surpass 4% y/y 2030 goal 2.5 times Urban 2026 2027 2028 2029 2030 Income Poverty Line (UIPL) +13% y/y +11% y/y +11%
Slide 73: Mexico will continue growing at various speeds across states
Mexico will continue growing at various speeds, with differentiated drivers across states Economic growth by state States with greatest relevance for % y/y, 20-year average manufacturing 1.- Nuevo Leon 2.- State of Mexico 3.- Jalisco 4.- Guanajuato 5.- Baja California States with greatest relevanc
Slide 74: State economic activity and Banorte's regional reach
State economic activity and Banorte’s regional reach Heat Map: Contribution to Economic Growth Branch Network % GDP, contribution points # of branches Average Net Income by branch Thousand MXN Source: Banorte Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D
Slide 75: Nowcasting Economic Activity – IGAE (GDP proxy)
Nowcasting Economic Activity – IGAE (GDP proxy) Nowcasting of Monthly Economic Activity - IGAE % y/y; nsa IGAE Nowcast IGAE Nowcast 30 20 3.3 10 2.8 3.0 2.6 2.3 0 0.91 1.8 1.6 1.2 3.4 1.1 0.8 0.91 -10 0.42 0.0 0.0 0.0 -0.2 -0.1 -20 -0.3 -0.5 -0.7 -1.2 -0.9 -30 -1.6 Jan-20 Jul-21 Feb-23 Aug-24 Mar-
Slide 76: Performance of households' expenditures
A Performance of households’ expenditures Households’ Expenditures – Resilient Sectors Households’ Expenditures – Vulnerable Sectors Debit & Credit Purchases in real terms; January 1st, 2020 = 100 Debit & Credit Purchases in real terms; January 1st, 2020 = 100 240 240 123.3% 220 Supermarkets 109.0%
Slide 77: Household consumption has remained somewhat resilient
Household consumption has remained somewhat resilient Debit & Credit Card Purchases Jan-2019 = 100, % y/y 350 Supermarkets 300 208.6% Convenience Stores and Specialty Markets 250 Miscellaneous 200 65.0% 150 100 -7.0% 50 0 Jan-19 Sep-19 Jun-20 Feb-21 Nov-21 Aug-22 Apr-23 Jan-24 Sep-24 Jun-25 Mar-26
Slide 78: Performance of businesses' revenues
Performance of businesses’ revenues SMEs’ Revenues – Resilient Sectors SMEs’ Revenues – Vulnerable Sectors POS Billing in real terms; % y/y POS Billing in real terms; % y/y 18.1% 20.9% Professional Services Healthcare -6.8% 14.8% Recreation, Sports and Cultural -11.1% Events 9.3% 19.2% Retail Sale
Slide 79: In March 2026, house prices in Mexico grew 3.9% y/y
In March 2026, house prices in Mexico grew 3.9% y/y Housing Price Ranking by State INBAPREVI: National index Pesos per sq. meters (March 2026) % m/m Mexico City 58,055 0.7 0.6 0.6 Nuevo Leon 56,039 Jalisco 47,053 Sinaloa 42,585 0.4 0.4 0.4 0.3 Baja California 39,570 State of Mexico 38,482 0.2 0.2
Slide 80: High inflation in 2026 will limit further easing
High inflation in 2026 will limit further easing Inflation forecast Reference rate forecast % y/y fortnightly frequency % 14 12 Headline 12 11 Core 10 Non-core 10 8 9 2026: 6 8 4.4 4 7 2026 6.50 2 6 0 5 -2 4 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Source: INEGI, Banxi
Slide 81: Most members see an additional cut before ending the easing cycle
Most members see an additional cut before ending the easing cycle Banxico’s hawk-o-meter Subjective assessment on the meeting of March 26 Bias Member Relevant comments "...a pause in the current policy stance is needed at least during the first half of 2026, in order to assess whether the existing
Slide 82: Banxico's hawk-o-meter
Banxico’s hawk-o-meter Tone of Banxico’s Board comments Index* 0.45 Avg. 8 statements Mar'26 0.35 0.23 -0.13 -0.12 -0.14 -0.18 -0.23 -0.23 -0.42 Jonathan Heath Galia Borja Gabriel Cuadra Victoria Rodríguez Omar Mejía Note: * From -1 to 0 implies a dovish tone; from 0 to 1 implies a hawkish tone So
Slide 83: The MXN will likely face some tailwinds in 2026
The MXN will likely face some tailwinds in 2026 USD/MXN forecast Performance of main currencies last 12 months Pesos per dollar % ILS 23.5 26 COP 19.2 ZAR 18.6 24 MXN 18.3 BRL 17.3 22 NOK 14.1 2026: AUD 13.7 20 HUF 13.3 18.10 MYR 12.7 18 CLP 11.2 PEN 10.6 16 RUB 8.2 Dec-16 Dec-18 Dec-20 Dec-22 Dec
Slide 84: MoF's macroeconomic framework
MoF’s macroeconomic framework Macroeconomic framework and fiscal variables* Elasticities on some key assumptions in the GEPC Effect in $ billions (MXN) MoF’s forecasts 2026 2027 ▪ A 1.0% expansion in GDP GDP (% y/y) 1.8 to 2.8 1.9 to 2.9 • Higher revenues by $65.7 billion ▪ One additional USD in t
Slide 85: Recovery in spending in 2026, with focus on social programs and infrastructure
Recovery in spending in 2026, with focus on social programs and infrastructure Revenues vs GEPC estimated figures Federal government spending $ billon % of total spending 10,000 Estimated Observed 2026 2025 2024 2023 8,000 6,000 Spending ($ billion) 10,114.8 9,226.2 9,022.0 8,257.6 4,000 Social pr
Slide 86: Government efforts to lower spending will continue in 2026 and 2027
Government efforts to lower spending will continue in 2026 and 2027 Public sector revenues Public debt* % y/y real terms % of GDP 12 10.4 80 Pre-GEPC (Apr'26) Observed 5.6 5.8 60 50.2 49.2 47.8 46.8 52.0 53.2 54.7 55.0 6 44.5 43.6 43.2 1.6 2.7 1.6 1.0 40 0 20 -1.4 -6 -3.7 0 -4.1 2016 2017 2018 201
Slide 87: Government support for PEMEX continues
Government support for PEMEX continues Financial & suppliers’ debt LatAm Oil companies: 10 years bonds (USD) $ billion % 3,000 Suppliers Financial debt 11 PEMEX Ecopetrol 7.50 10 Petrobras (RHS) 7.00 2,000 9 6.50 1,000 8 6.00 7 5.50 0 6 5.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 A
Slide 88: Claudia Sheinbaum's cabinet and composition of the legislative branch
Claudia Sheinbaum’s cabinet and composition of the legislative branch Lower House composition Simple Two thirds Key actors within the Sheinbaum’s cabinet majority: 251 majority: 334 Interior: Infrastructure: Finance: Rosa Icela Jesús Antonio Edgar Amador Rodríguez Esteva (fmr. Minister of Security
Slide 89: Risks abound amid increased global uncertainty
Source: elfinanciero.com Risks abound amid increased global uncertainty Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 89 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 90: Impact of the tensions between the United States and China
Impact of the tensions between the United States and China Selective deglobalization Market fragmentation and changes in international trade Challenges for the global economy Geopolitical tensions and armed conflicts Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco
Slide 91: Economic activity remains tied to performance in the US
Economic activity remains tied to performance in the US GDP growth in US and Mexico Mexico GDP growth estimates* % y/y, 1990 to 2025 % y/y 8 1996 2026 y = 1.2592x - 0.83 2012 2023 1997 6 R² = 0.4411 1990 2010 1994 1998 Banorte 1.8 2000 2022 2006 1991 2011 2004 Consensus 1.4 4 2015 2014 1992 2016 1
Slide 92: US economic influence by sectors
US economic influence by sectors US Economic Influence in the Mexican Economy % of GDP 56% Real estate services 56% of Mexico’s GDP depends on the US economy High dependence on the US Low or non-dependence on the US Source: Banorte Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP
Slide 93: US economic influence by states
US economic influence by states US Economic Influence Top 7 States with High US Economic Dependency 1. Veracruz 2. Zacatecas 3. Guerrero 4. Nuevo Leon 5. Yucatan 6. Sonora 7. Estado de Mexico Top 7 States with None US Economic Dependency 1. Baja California Sur 2. Chihuahua 3. Jalisco 4. Michoacan
Slide 94: Mexico's geographical location, demographics and natural resources remain key drivers
Mexico's geographical location, benign demographics and natural resources (among other factors) remain as key drivers for the economy Real GDP growth FDI Population pyramid in 2020 % y/y US$ billion in nominal terms Million people by age bracket 8 50 Profit reinvestment and accounts between Avg 2.
Slide 95: Key factors that led Donald Trump to the presidency in the 2024 elections
Key factors that led Donald Trump to the presidency in the 2024 elections Political polarization and higher turnout of conservative voters Progressive agenda, gun rights, and social conservatism moved Republican voters Security and immigration Border crisis and perception of Foreign policy increas
Slide 96: Trump 1.0 vs. Trump 2.0, a more consolidated leadership
Trump 1.0 vs. Trump 2.0, a more consolidated leadership Trump 1.0 VS. Trump 2.0 Republican majority for the first two years; then, Relationship with Congress Republican majority, facilitating his agenda without so Democrats took over the House many legislative obstacles Conflicts with the Republic
Slide 97: Trump and his trade strategy
Trump and his trade strategy Trade measures in his first term Trade mechanisms in his second term Tariffs of 25% on steel and 10% on aluminum Reciprocal tariffs Affecting the EU, Canada, and Mexico, its main metal Match foreign duties suppliers Progressive threat of tariffs starting at 5% and Meas
Slide 98: Mexico is the main US trading partner, leading in imports
Mexico is the main US trading partner, leading in imports US: Imports of some top trading partners US: Exports of some top trading partners US$ billions US$ billions 600 600 534.9 2016 2025 2016 2025 500 500 462.4 400 383.0 400 338.0 329.8 308.4 293.5 300 266.7 300 277.7 230.2 201.4 193.8 200 200
Slide 99: Most of the US trade deficit still comes from China
Most of the US trade deficit still comes from China US: Trade balance US$ billions, 12-month sum 0 -200 -400 -600 -800 -1,000 -1,200 -1,400 Mexico Canada China Taiwan Germany Others -1,600 2002 2005 2007 2009 2011 2014 2016 2018 2020 2023 2025 Source: Banorte with data from the US Census Bureau Di
Slide 100: Mexico is consolidating its position as main commercial partner with US
Mexico is consolidating its position as main commercial partner with US US: Main commercial partners, ranking by imports* % of total imports, rolling 12-month sum 25 Trump 1.0 Trump 2.0 23 Canada China Mexico 21 19 Feb-26: 17.5% 17 Rolling 12m: 16.2% 15 13 11 9 Feb-26: 7.5% Rolling 12m: 8.3% 7 200
Slide 101: What to expect from the USMCA?
What to expect from the USMCA? USMCA 1.0 USMCA 2.0 34 Chapters Negotiations around: General and Trade Rules (1) Rules on originating content and regional Chapters 1 to 7 content (2) Digital Trade and Services (2) Digital economy and technological provisions Chapters 8 to 16 (3) Labor, Environmenta
Slide 102: USMCA 2.0 renegotiation process
USMCA 2.0 renegotiation process Congress Mexico sets Ways and Means consultation USTR formally requests guidelines authorization Nov. 26 2027 Sep. 25 Jan. 26 US Midterm elections Oct. 25 Dec. 25 Jul. 1, 26 USTR Jamieson Greer Scheduled start of Advisory Committee review Complete process 1 to 2 yea
Slide 103: Around 50% of our exports went through USMCA in 2024…
Around 50% of our exports went through USMCA in 2024… US: Imports from Mexico and their duties in 2024 % Free by Free status for Item entered Other duty-free Other tariff Rank HS code Fraction % of the total legislation (e.g. HS chapters into warehouse General Rates schemes** schemes*** USMCA) 1-9
Slide 104: …although the share of goods crossing into the US without paying tariffs has remained stable
…although the share of goods crossing into the US without paying tariffs has remained relatively stable Main fractions exported from Mexico to the US and the Goods exported to the US paying some type of duties percentage of goods shipped tariff-free % of the total % of the total 100 76.4 2024 2025
Slide 105: China remains as a low source for investment
China remains as a low source for investment 2025 FDI by country of origin* Mexico: Trade with China % of the total US$ billions, 12-month rolling sum 20 US 38.8 Spain 10.8 0 Canada 8.1 -20 The Netherlands 5.8 -40 Japan 5.6 -60 Swiss 5.0 -80 Australia 4.1 Exports France 3.0 -100 Imports China* 2.6
Slide 106: Imports are focused on electronic equipment and machinery
Imports are focused on electronic equipment and machinery Mexico: Imports from China in 2024 % Total imports US$114.5 billions Others 16.6% Vehicles 11.6% Art. of iron Aluminum Furniture or steel 2.4% 1.9% 1.7% Projectors and Machinery and eq. Plastics surgical inst. Toys Copper Electric equipment
Slide 107: Imports are focused on electronic equipment and machinery
Imports are focused on electronic equipment and machinery Mexico: Imports from China in 2024 % Electric eq. imports US$39.4 billions Others 16.6% Vehicles 11.6% Telephones 24.0% Transformers 8.2% Art. of Electronic circuits 8.2% Aluminum Furniture iron or Machinery parts 6.2% 2.4% 1.9% steel 1.7%
Slide 108: Imports are focused on electronic equipment and machinery
Imports are focused on electronic equipment and machinery Mexico: Imports from China in 2024 % Machinery and eq. Imports US$25.1 billions Others 16.6% Vehicles 11.6% Parts of machinery 21.3% Computers 15.6% Art. of Air vacuum pumps 6.8% Aluminum Furniture iron or Air conditioning 5.7% 2.4% 1.9% st
Slide 109: Imports are focused on electronic equipment and machinery
Imports are focused on electronic equipment and machinery Mexico: Imports from China in 2024 % Other imports* US$19.0 billions Others 16.6% Vehicles 11.6% Organic chemical products 9.1% Apparel art. & knitted access 9.1% Art. of Apparel art. & knitted accessories Aluminum Furniture iron or (ex. kn
Slide 110: Imports are focused on electronic equipment and machinery
Imports are focused on electronic equipment and machinery Mexico: Imports from China in 2024 % Vehicle imports US$13.3 billions Others 16.6% Vehicles 11.6% Vehicles 40.0% Parts and accessories 35.6% Art. of Goods vehicles 8.8% Aluminum Furniture iron or Other parts and accessories 5.8% 2.4% 1.9% s
Slide 111: Nearshoring could still continue in Mexico given comparative advantages
Nearshoring could still continue in Mexico given comparative advantages on several fronts US$466.6bn US$18bn US$9.2bn US$8.8bn US$4.5bn (83%) (3%) (2%) (2%) (1%) Autos Computers Auto parts Heavy Wires & (9%) (8%) (7%) vehicles cables (6%) (3%) Agro Auto Warehousing Appliances industry industry and
Slide 112: The United States remains at the forefront of investment in Mexico
The United States remains at the forefront of investment in Mexico amidst tensions with China Foreign Direct Investment FDI in 2025 by country of origin* US$ billion % of total US 38.8 60.0 Spain 10.8 FCH: EPN AMLO Average: Average: Average: Canada 8.1 The Netherlands 5.8 US$25.7 billion US$35.7 b
Slide 113: FIBRAs and demand for industrial spaces
FIBRAs and demand for industrial spaces Major industrial real estate markets in Mexico as of 4Q25 Demand for industrial spaces Industrial space Investment Cumulative demand growth growth 2025-2030 +104 parks by 2026e 2030 19.0 +477 parks currently in operation +36.9% million m2 Most dynamic sector
Slide 114: However, some bottlenecks persist
However, some bottlenecks persist Electricity demand in Mexico Maximum water level of Mexico’s dams Billion cubic meters ● According to the IEA the current electricity 130 consumption in Mexico is around 300 TWh 120 ● For the next five years it could need between 380 – 400 TWh 110 ● Mexico will ne
Slide 115: Mexico has benefited previously from similar investments
Mexico has benefited previously from similar investments, driving structural changes across several industries Mexico: Non-oil exports to the US: Top five goods imported from US: Vehicle imports by country world* Mexico % of total vehicle imports (yearly figures) US$ billion constant prices (month
Slide 116: The main destination of Mexican exports is Texas, followed by Michigan and California
The main destination of Mexican exports is Texas, followed by Michigan and California US: Imports from Mexico US$ billion, 2025 Imports 177.4 78.9 0.0 61.6 177.4 Con tecnología de Bing © GeoNames, Microsoft, TomTom *The three states represent close to 60% of the share of total imports Source: US C
Slide 117: Export centers are concentrated in the north and center of Mexico
Export centers are concentrated in the north and center of Mexico Mexico: Exports to US US$ billion, 2024 54.8 Exports 86.5 72.0 0.0 58.5 29.9 86.5 35.4 Con tecnología de Bing © Microsoft, TomTom Source: Ministry of Economy Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep
Slide 118: Geolocalization of industrial zones and parks and Banorte's branches
Geolocalization of industrial zones and parks and Banorte’s branches Manufacturing industry and Banorte’s branches US$ millions Source: Banorte with figures from S&P and AMIA Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP
Slide 119: Good's journey – Autos and other vehicles
Good’s journey – Autos and other vehicles The road to U.S. – January 2021 to April 2023 US$ millions Source: Banorte with figures from S&P Global-Panjiva and AMIA Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid R
Slide 120: Good's journey – Autos and other vehicles
Good’s journey – Autos and other vehicles Key border crossings Shipping method % of total export value: January 2021 to April 2023 % of total export value: January 2021 to April 2023 Laredo (TAMPS) 40.1 Port of Veracruz (VER) 18.2 Port of Altamira (TAMPS) 9.1 Nogales (SON) 9.0 Juarez (CHIH) 8.8 P.
Slide 121: Nearshoring score – Top 10 states
Nearshoring score – Top 10 states Nearshoring score – Top 10 states with the largest potential Score: Maximum value = 10 Nuevo León 9.3 Chihuahua 9.1 Baja California 8.9 Tamaulipas 8.5 Coahuila 8.2 Sonora 8.1 Querétaro 7.8 Jalisco 7.7 San Luis Potosí 7.6 Guanajuato 7.6 Source: Banorte Div TI NIM D
Slide 122: Plan Mexico: Boosting industry and the domestic market
Plan Mexico: Boosting industry and the domestic market, with goals aligning to new US trade interests What is Plan México and its Top-ten goals towards 2030 Actions and programs announced mission? on April 18, 2025: • Rank Mexico among the world’s top 10 • Boost food and energy economies (current:
Slide 123: Acceleration of 'Plan Mexico'
Acceleration of ‘Plan Mexico’ Macro projects 2025-2030* Puerto Progreso Expansion Construction of power generation plants National highway infrastructure program (Yucatán) (BCS, SON, SIN, TAM, (Several states) Estimated investment: GTO, HID) Estimated investment: US$390.5 million Estimated investm
Slide 124: National strategy for the electric sector
National strategy for the electric sector Total electric power generation capacity* Private participation MW 70,000 65,000 61,720 Maximum share 2030: Add between of the private 6,400 MW – 9,550 MW 60,000 of clean energy. sector in Investment: US$6 to 55,000 electricity US$9 billion 50,000 generati
Slide 125: Pemex CAPEX
Pemex CAPEX PEMEX investments* Liquid hydrocarbon production levels Kbbl/d 1,900 Total crude oil production Exploration Sustainable Oil 1,875 Business Plan 2025 - 2035 Investment $220 billion Investment $1.6 trillion 6 projects 12 projects 1,850 269 exploration wells 1.8 million barrels per day 1,
Slide 126: 'Welfare Poles' and strategic sectors
‘Welfare Poles’ and strategic sectors Welfare Poles (industrial hubs)* Regional boundaries and sectorial focus Delimited areas that have the conditions to 1. Border Region 2. Gulf of California 3. North attract investment and enhance productive capacities, seeking to trigger economic and social de
Slide 127: A solid banking sector
Source: eleconomista.com.mx A solid banking sector Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 127 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 128: Banking credit forecast using lagged GDP
Banking credit forecast using lagged GDP Banking credit Backtest and forecast* $ trillions % y/y in real terms 5.5 Observed Model Forecast 2021 -9.0 -7.8 Fitted 2022 2.2 1.5 2023 5.6 5.4 4.4 Observed 2024 6.8 5.8 2025 6.1 4.7 2026 -- 4.8 2027* -- 5.5 3.3 Banking Credit Forecast Model ⚫ Different a
Slide 129: Capitalization ratios
Capitalization ratios Capitalization ratio % of net capital / credit risk assets Tier 1 Common Capital Additional Tier 1 Additional Capital Regulatory Minimum 26 25.0 24.8 24.7 24 23.4 23.4 22.4 22 21.4 20.3 20.2 20.1 19.6 20 19.5 19.2 18.9 19.0 18.2 18 17.0 17.0 16.1 16.1 16.0 16 15.7 15.2 15.1 1
Slide 130: Credit has moderated, while NPLs remain quite low
Credit has moderated, while NPLs remain quite low Banking credit Non-performing loans ratio % y/y, in real terms % of total loan portfolio 18 10 9 Total Consumer Mortgage Firms 14 10 8 6 7 2 6 -2 5 -6 4 -10 3 Total Consumer -14 2 Mortgage Firms -18 1 -22 0 2021 2022 2023 2024 2025 2026 2010 2012 2
Slide 131: Financial access in Mexico
Financial access in Mexico Key FAS Indicators Outstanding deposits with commercial banks % GDP 2016 2017 2018 2019 2020 2021 2022 2023 2024 30 28 Number of ATMs (per 100,000 adults) 61.0 62.4 66.2 69.5 70.4 70.9 74.2 77.0 78.6 26.8 26 Number of commercial 24 bank branches (per 15.7 15.7 15.6 15.5
Slide 132: Financial access in Mexico
Financial access in Mexico Accounts Made or received a digital payment* % of population aged 15+, in a financial institution or mobile money % of population aged 15+ account 60 49.0 53.0 50 39.1 43.9 36.0 45 41.4 40 27.4 40 34.5 20 35 31.0 0 30 2011 2014 2017 2022 2024 2014 2017 2022 2024 Owns a c
Slide 133: Formal and informal savings
Formal and informal savings Current savings instrument Reasons for not having a savings account* % of population between 18 and 70 years old % of population that does not have an account 100 80 33.2 32.2 39.8 33.6 Without savings She/he doesn't need it 35.8 60 13.6 15.4 21.6 5.4 4.6 15.3 Both Does
Slide 134: Formal and informal credit
Formal and informal credit Current loan instruments Reasons for not having a loan* % of population between 18 and 70 years old % of population that does not have a loan 100 80 45.6 42.9 47.9 45.6 Without a loan Doesn't like to borrow 38.4 60 12.6 12.7 11.0 11.9 Both 40 18.4 16.4 21.6 25.5 Only for
Slide 135: Access to financial instruments and digitalization in urban and rural populations
Access to financial instruments and digitalization in urban and rural populations Use of financial instrument in the last year and by type Channels used to do transactions or check the of area account’s balance % of population between 18 and 70 years old % of population between 18 and 70 years old
Slide 136: Financial conditions of Mexicans
Financial conditions of Mexicans Savings Savings relative to current income % of population aged 18-years-old or more % of population aged 18-years-old or more with savings Avg. 52.0 70 57.3 18 - 29 59.6 60 Women Men 30 - 49 54.0 50 - 64 46.9 50 ≥65 41.3 40 Debt 63.3 % of population aged 18-years-
Slide 137: Financial strategies and behavioral of Mexicans
Financial strategies and behavioral of Mexicans Not enough money to cover his/her expenses Options to cover his/her expenses % of population aged 18-years-old or more % of population aged 18-years-old or more Total 30.5 Reduce expenses 68.3 Women 32.5 Borrow from family or friends 41.6 Men 28.0 Us
Slide 138: Financial strategies and behavioral of Mexicans
Financial strategies and behavioral of Mexicans Means to cover an economic emergency (equivalent to How often do you have money left at the end of the month? one-month income % of population aged 18-years-old or more % of population aged 18-years-old or more 50 45.9 40 34.7 30 64.3 Loans from fami
Slide 139: MSMEs represent a key part of Mexico's productive chain
MSMEs represent a key part of Mexico’s productive chain Key facts on MSMEs Average employees by MSMEs ▪ According to INEGI, there are around 5.1 million MSMEs in Mexico 25 23.11 ▪ They can be classified by employee size as: 22.5 • Micro: <10 employees 21.06 • Small: <100 employees 2020 2021 2023 2
Slide 140: Key figures on AFOREs and the pension system
Key figures on AFOREs and the pension system AUMs by Siefore Employer contributions to retirement % of GDP % of the base wage 20 16 12.5 13.5 15.0 15 12 9.5 10.5 11.5 7.5 8.5 10 8 6.5 5 4 0 0 1998 2003 2008 2013 2018 2023 2022 2023 2024 2025 2026 2027 2028 2029 2030 Investment regime by Siefore Ne
Slide 141: Job informality
Job informality People working in informality Informality rate Population aged 15+, million % of population aged 15+ 36 62 34 60 33.0 32 58 30 56 54.8 28 54 26 52 24 50 22 48 20 46 Feb-07 Nov-11 Aug-16 May-21 Feb-26 Feb-07 Nov-11 Aug-16 May-21 Feb-26 Source: INEGI Div TI NIM Dep BAP Guid ESG Eco R
Slide 142: Population
Population Population pyramid of Mexico and Brazil Population data of Mexico and Brazil Million people in 2025 Brazil Male Mexico Female Population 131.9 212.8 Women Men (Millions, 2025) 85+ 80-84 Population aged 15-65 89.9 70.1 70-74 (% of total population, 2025) 65-69 Average age 29.6 36.2 60-64
Slide 143: Economy
Economy Economy data of Mexico and Brazil GDP (US$ trillion, 2024) 1.9 (13th economy) 2.2 (10th economy) GDP per capita (US$, 2024) 14,034 10,252 3.0 +/- 1 3.0 +/- 1.5 Inflation target (% y/y) (Actual: 4.6) (Actual: 3.8) 6.25 13.85 Monetary policy interest rate (%, 15-year average) (Actual: 6.75)
Slide 144: Financial sector
Financial sector Selected indicators of the financial system of Mexico and Brazil Bank credit (% of GDP, 2024)* 26.6 75.6 Adults with a bank account (%, 2024)** 53.0 86.4 Population with a smartphone (%, 2024) 64.5 71.8 Digitally contracted credit (% , 2024)*** 0.6 9.0 Population with mobile inter
Slide 145: Analyst Certification
Analyst Certification. We, Alejandro Padilla Santana, Juan Carlos Alderete Macal, Alejandro Cervantes Llamas, Marissa Garza Ostos, Katia Celina Goya Ostos, Francisco José Flores Serrano, José Luis García Casales, Santiago Leal Singer, Víctor Hugo Cortes Castro, Leslie Thalía Orozco Vélez, Hugo Arman
Slide 146: Visit our website
Visit our website Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE @alexpadillasan TI LD Mkt Hist NIM C/I NI 146 Loan Loan ROE App ROE Mkt Mkt Hist C/I App 146 Hist App de BANORTE
Grupo Financiero Banorte — Q1 2026 Earnings Presentation on 6ix