Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O

Grupo Financiero Banorte Sab De Cv Class O — Q3 2025 Earnings Presentation

28 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, November 2025

  1. Slide 1: Banorte

    ae BANORTE

  2. Slide 2: Index of sections

    Us History and Business Highlights → Us Mkt Market Presence → Mkt TI Digital Bank → TI Results NIM NIM NIM → C/I Cost to Income → C/I NI Net Income → NI ROE ROE / ROA → ROE Deposit & Loans L/D Loans / Deposits → L/D Dep Deposits growth → Dep Loan Loan growth → Loan AQ Asset Quality - NPL AQ CAR CAR

  3. Slide 3: From Regional Bank to Second Largest National Financial Group

     From Regional Bank to Second Largest National Financial Group 15.2%* 4,5,6 Plan 1,2,3 Plan 20|20 Plan • Best experience • Banorte’s Digital Client • Best Transformation Business Diversification Segmentation personalized • JV Rappi offer * Loan book IT : central DB, Market Share Inorganic Growth mu

  4. Slide 4: Nation Wide Operation 3Q25

     Nation Wide Operation 3Q25 1,206 Branches 11,908 ATM 241,897 POS 19,776 Correspondents

  5. Slide 5: A Leading Bank in Mexico

     A Leading Bank in Mexico Globally Recognized Balanced business mix Strong retail, wholesale and premium banking platforms. Sound Fundamentals Solid asset quality, increasing profitability, high liquidity and strong capitalization ratios. Investment grade ratings S&P, Fitch, Moody’s, and HR Ratings

  6. Slide 6: Strategy – Client centric & Digital Evolution

     Strategy – Client centric & Digital Evolution PRODUCTS & DISTRIBUTION SOLUTIONS CHANNELS Deposits & Loans Mobile Client Segmentation Insurances ▪ 13.3 million banking clients Web Pensions 7.9 million Afore clients ATM Hyper-personalization ▪ Structured Info & Learning Annuities (Central DB & Watso

  7. Slide 7: Deposit & Loan Market Share

     Deposit & Loan Market Share Deposits Loans BBVA Others 22% Others 26% 22% BBVA 26% Inbursa Inbursa 2nd 6% 2nd 5% Banorte 14% HSBC 6% Banorte Scotiabank 15% 6% HSBC Banamex Scotiabank 6% 9% 7% Santander Banamex Santander 12% 6% 12% Source: CNBV August 2025

  8. Slide 8: Market Share by Segment

     Market Share by Segment Auto Payroll C. Card Mortgage Commercial Government Deposits Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Banorte 18.1% 19.2% 20.9% 21.1% 10.9% 11.3% 19.5% 19.9% 12.7% 12.8% 26.4% 27.4% 13.8% 13.7% BBVA 22.9% 22.3% 39.2%

  9. Slide 9: Digital Transformation Gaining Share

     Digital Transformation Gaining Share Transactions (Tx) Transactions 3Q25 Branches 1.3% 1,800 (millions) 1,620 WEB 1,600 1,423 8% POS 1,400 1,221 0.2% 18% 1,200 Correspondents 0.4% 1,000 Call Center 8% 800 ATM 33% y/y 600 64% Mobile 400 200 - 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2021 2022 2023 2024 2025 C

  10. Slide 10: 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 -5% 15-year commercial agreement y/y 500 DIGITAL PLATFORM for aggregators Digital Physical 400 199 208 161 300 200 292 287 268 100 0 CoDi 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23

  11. Slide 11: Results

    GRUPO FINANCIERO BANORTE

  12. Slide 12: Bank Net Interest Margin

     Bank Net Interest Margin NIM 7.5% 6.9% 7.0% 6.5% 6.5% 6.7% 6.3% 6.4% 6.4% 6.5% 5.8% 5.9% 5.9% 5.9% 6.0% 5.5% 5.2% 4.8% 4.9% 4.7% 4.8% 5.0% 4.5% 4.5% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 Previous criteria IFRS NIM (Post-Provision) 6.0% 5.5%

  13. Slide 13: Improving Efficiency

     Improving Efficiency Cost to Income Previous Criteria 55.2% 53.7% 50.5% 50.9% 52.0% 47.5% 48.2% 47.0% 45.0% 45.0% 41.4% 42.3% 42.0% 45.3% 37.6% 39.0% 37.2% 37.0% 40.4% 38.4% 32.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3Q24 4Q24 1Q25 2Q25 3Q25 Revenues & Expenses Million Pesos

  14. Slide 14: Strong Net Income

     Strong Net Income Net Income Million Pesos 50,000 -3% YoY 7% YoY 44,854 13,000 45,000 CAGR 41,946 2014-2023 11,969 40,000 12,000 11,770 11,447 +14% 35,000 11,000 34,549 27,493 26,086 30,000 26,086 10,000 24,834 25,548 25,000 * w/o advanced 26,289 provisions 9,000 18,339 23,158 20,000 * Recurring 1

  15. Slide 15: Constant Positive growth in Profitability

     Constant Positive growth in Profitability 3.0% ROA 2.6% 2.5% 2.5% 2.5% 2.5% 2.4% 2.5% 2.3% 2.1% 2.02% 2.0% 1.8% 2.2% 1.6% 1.6% 1.4% 1.4% 1.5% 1.5% 1.7% 1.6% 1.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 Previous Criteria IFRS Recurring 35.0% ROE 31.

  16. Slide 16: Loans & Deposits

    Loans & Deposits

  17. Slide 17: Healthy Funding & Loan Portfolio Structure

     Healthy Funding & Loan Portfolio Structure Billion Pesos $1,176 bn 2020 3Q25 Funding $855 bn US 64.1 bn Interbank Money Interbank Money Loans Loans Market Market 3%1% Time 32% Time Demand 64% Demand Loan Portfolio $1,171 bn $783 bn US 63.9 bn Consumer Consumer Government 13% 20% Government Mortgag

  18. Slide 18: Loyal Deposits' Base

     Loyal Deposits’ Base Deposits CAGR 2013-2024 YoY +10% 1,129 1,104 Billion 1,059 1,029 1,100 Pesos 962 7% Core Deposits* Time Demand 840 900 751 750 750 792 759 744 715 637 667 689 6% 700 590 623 509 551 533 538 538 436 414 438 500 384 384 397 336 351 316 314 337 345 300 273 300 255 223 229 211 211

  19. Slide 19: Continued Growth in Performing Loan Book, Special Focus on Consumer

     Continued Growth in Performing Loan Book, Special Focus on Consumer US 63.9 bn US 28.3 bn Total Loan Portfolio Consumer Portfolio 518 550 502 477 1,300 500 1,151 1,151 1,171 1,200 450 371 1,100 400 12% YoY 897 322 323 1,000 350 304 286 900 803 803 267 756 744 783 7% YoY 300 237 800 250 201 CAGR: 7

  20. Slide 20: Sound Asset Quality

     Sound Asset Quality Non-Performing Loan Ratio 3.07% 2.91% 3.00% Previous Criteria IFRS 2.50% 2.23% 2.00% 1.84% 1.67% 1.64% 1.37% 1.50% 1.08% 1.11% 0.97% 1.01% 0.94% 0.91% 0.90% 1.00% 0.89% 0.98% 0.50% 2012 2013 2014 2015 2018 2019 2020 2021 2022 2023 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q

  21. Slide 21: Sound Asset Quality

     Sound Asset Quality Coverage Ratio 250% 227% 217% 186%186% 190% 200% 159% 142% 201% 144% 139% 138% 150% 128% 103% 106% 115% 100% Previous Criteria 50% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 3Q24 4Q24 1Q25 2Q25 3Q25 2.8% Cost of Risk 3.0% 2.2% 2.5% 2.7% 2.0% 2.3% 1.4% 1.5% 2.0% 1

  22. Slide 22: Healthy Liquidity

     Healthy Liquidity Loans to Deposits 105% 102% 100% 98% 97% 96% 95% 90% Liquidity Coverage Ratio - LCR 230% 210% 184% 190% 160% 170% 156% 150% 130% 110% 90% 70% 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 2Q 3Q 4Q 1Q 2Q 3Q 2018 2019 2020 2021 2022 2023 2024 2025

  23. Slide 23: Strong Capital Position

     Strong Capital Position Capital Adequacy Ratio Basel III 24.7% 22.8% 22.9% 21.8% 22.3% 21.7% Tier 2 20.7% 0.2% TLAC 20.2% to 2025 19.2% 18.5% 17.90% 17.3% 17.2% 7.3% 15.3% 15.3% 16.275% 14.6% Total +4.875% Tier 1 TLAC 22.7% 4Q24 11.40% 9.40% 13.9% 15.3% 15.1% 14.7% 13.9% 13.2% 14.4% 14.0% 14.8% CE

  24. Slide 24: Analysts' Opinion & Investment Grade by All Major Rating Agencies

     Analysts’ Opinion & Investment Grade by All Major Rating Agencies Analysts’ Estimates Ratings Agencies (as of Sep 30, 2025) Agency Rating Outlook Date Net Income 2025 $59,521 Target Price $195.65 Standard & Poor’s BBB Stable Aug-25 Maximum $235.00 Number of Analysts 22 Fitch BBB- Stable Nov-24 # B

  25. Slide 25: Appendix

    Appendix BANORTE

  26. Slide 26: Quarterly Summary

     Quarterly Summary Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position Change Change Highlights - Banorte 3Q24 2Q25 3Q25 9M24 9M25 (Million Pesos) 2Q25 3Q24 9M24 Net Interest Income 27,648 28,514 30,415 7% 10% 80,586 87,454 9% Non-Interest Income 4,506 5,

  27. Slide 27: Quarterly Summary

     Quarterly Summary Financial Ratios - Banorte 3Q24 2Q25 3Q25 Profitability: NIM (1) 6.7% 6.4% 6.9% NIM after Provisions (2) 5.6% 5.3% 5.1% ROE (3) 31.1% 30.2% 27.0% ROA (4) 2.6% 2.5% 2.5% Operation: Efficiency Ratio (Cost to Income) (5) 36.1% 39.0% 37.2% Infrastructure 3T24 2T25 3T25 Operating Effi

  28. Slide 28: 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 socialtopics.

Grupo Financiero Banorte — Q3 2025 Earnings Presentation on 6ix