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

Grupo Financiero Banorte Sab De Cv Class O — 4Q25 Earnings Presentation

28 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, 2026

  1. Slide 1: Banorte

    ae BANORTE

  2. Slide 2: Contents navigation

    Us History and Business Highlights → Us Mkt Market Presence → Mkt TI Digital Bank → TI Results NIM NIM NIM → Rev Revenue composition → Rev 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 A

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

     From Regional Bank to Second Largest National Financial Group 2025 2024 Digital Strategy 2020-2023 •Sale of bineo 4,5,6 Plan •J.V. Rappi 100% 2012-2019 •Making the 15.2%* 1,2,3 Plan Ordinary Extraordinary 2000-2011 •2020 - J.V. Rappi 20|20 Plan • Best experience 1992 - 1999 •2012 - Afore XXI IMSS

  4. Slide 4: Nation Wide Operation 4Q25

     Nation Wide Operation 4Q25 1,216 Branches 12,168 ATM 245,894 POS 45,259 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 ▪ 13.4 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 23% Others 22% BBVA 26% 26% Inbursa 2nd 6% 2nd Inbursa 4% Banorte HSBC 14% 6% Banorte Scotiabank 15% 6% Scotiabank HSBC Banamex 7% 6% Banamex Santander Santander 9% 6% 12% 12% Source: CNBV November 2025

  8. Slide 8: Market Share by Segment

     Market Share by Segment Auto Payroll C. Card Mortgage Commercial Government Deposits Nov-24 Nov-25 Nov-24 Nov-25 Nov-24 Nov-25 Nov-24 Nov-25 Nov-24 Nov-25 Nov-24 Nov-25 Nov-24 Nov-25 Banorte 18.0% 19.6% 20.8% 21.1% 11.0% 11.4% 19.6% 19.9% 12.8% 12.9% 27.2% 30.3% 13.5% 13.8% BBVA 22.8% 22.3% 39.5%

  9. Slide 9: Digital Transformation Gaining Share

     Digital Transformation Gaining Share Transactions Transactions (Tx) (millions) 2,000 1,736 Branches 1,800 1,620 4Q25 1.2% WEB 1,600 1,359 POS 1,400 8% Correspondents 0.2% 16% 1,200 Call Center 0.4% 1,000 8% Mobile 800 28% y/y ATM 600 400 66% 200 - 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2021 2022 2023 2024

  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) POS Transactions Credit Cards (13%) Rappi JV y/y 15-year commercial agreement 500 Digital Physical 400 161 DIGITAL PLATFORM for aggregators 231 137 300 200 281 292 251 100 0 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q2

  11. Slide 11: Results

    GRUPO FINANCIERO BANORTE

  12. Slide 12: Bank Net Interest Margin

     Bank Net Interest Margin NIM 7.0% 6.7% 6.9% 6.8% 6.5% 6.5% 6.6% 6.3% 6.4% 6.5% 5.8% 5.9% 5.9% 5.9% 6.0% 5.5% 5.2% 4.8% 4.9% 4.8% 5.0% 4.7% 4.5% 4.5% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Previous criteria IFRS NIM (Post-Provision) 5.8%

  13. Slide 13: Improving Efficiency

     Improving Efficiency Cost to Income Previous Criteria 55.2% 53.7% 50.5% 50.9% 52.0% 48.2% 47.5% 47.0% 45.0% 45.0% 44.6% 44.6% 41.4% 42.3% 42.0% 45.3% 40.1% 36.9% 37.0% 40.4% 38.1% 37.3% 32.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Revenues &

  14. Slide 14: Strong Net Income

     Strong Net Income Net Income Million Pesos 16% YoY 5% YoY 50,000 47,320 13,000 12,677 44,854 45,000 CAGR 41,946 2015-2025 12,000 11,447 40,000 +13% 34,549 10,894 35,000 11,000 30,000 27,493 10,000 26,086 24,834 25,548 26,086 25,000 26,289 * w/o advanced provisions 9,000 18,339 23,158 20,000 * Recu

  15. Slide 15: Constant Positive growth in Profitability

     Constant Positive growth in Profitability ROA 3.0% 2.7% 2.5% 2.5% 2.5% 2.4% 2.4% 2.5% 2.3% 2.02% 2.1% 2.5% 2.0% 1.8% 2.2% 1.6% 1.6% 1.4% 1.5% 1.5% 1.7% 1.6% 1.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Previous Criteria IFRS Recurring 35.0% 31.5% R

  16. Slide 16: Loans & Deposits

    Loans & Deposits

  17. Slide 17: Healthy Funding & Loan Portfolio Structure

     Healthy Funding & Loan Portfolio Structure Billion Pesos $1,254 bn 2020 4Q25 Funding $855 bn US 69.7 bn Interbank Money Interbank Money Loans Loans Market Market 3% 1% Time Time 30% Demand Demand 66% Loan Portfolio $1,269 bn $783 bn US 70.5 bn Consumer Consumer Government 14% Government 19% Mortga

  18. Slide 18: Loyal Deposits' Base

     Loyal Deposits’ Base Deposits CAGR 2015-2025 YoY Billion +9% 1,300 1,187 1,187 Pesos 1,104 1,059 1,059 12% Core Deposits* Time Demand 1,100 962 840 834 834 900 751 750 750 744 744 759 667 689 12% 637 700 551 590 623 509 533 538 538 436 414 438 500 384 397 353 345 353 351 384 316 316 300 273 12% 30

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

     Continued Growth in Performing Loan Book, Special Focus on Consumer US 68.7 bn US 29.5 bn Total Loan Portfolio Consumer Portfolio 1,300 1,237 1,237 1,151 1,171 1,200 1,151 600 532 532 550 502 518 1,100 477 500 1,000 897 450 900 7% YoY 371 12% YoY 783 803 803 400 322 323 756 744 304 800 350 286 267

  20. Slide 20: Sound Asset Quality

     Sound Asset Quality Non-Performing Loan Ratio 3.07% 3.00% 2.91% Previous Criteria IFRS 2.50% 2.23% 2.00% 1.67% 1.64% 1.38% 1.37% 1.38% 1.50% 1.08% 1.11% 0.97% 0.98% 0.91% 0.90% 1.00% 1.01% 0.91% 0.89% 0.50% 2013 2014 2015 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2

  21. Slide 21: Sound Asset Quality

     Sound Asset Quality Coverage Ratio 250% 227% 217% 186% 186% 200% 187% 186% 139% 142% 201% 134% 144% 134% 150% 115% 128% 138% 100% Previous Criteria IFRS 50% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Cost of Risk 3.0% 2.8% 2.5% 2.2% 2.3% 2.0% 2.5% 2.0% 1.8%

  22. Slide 22: Healthy Liquidity

     Healthy Liquidity Loans to Deposits 110% 104% 105% 103% 102% 100% 98% 95% 90% 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 2019 2020 2021 2022 2023 2024 2025 Liquidity Coverage Ratio - LCR 230% 210% 190% 161% 164% 160% 162% 170% 150% 130% 110% 90% 70% 1Q 2Q 3

  23. Slide 23: Strong Capital Position

     Strong Capital Position Capital Adequacy Ratio Basel III 24.7% 22.8% 22.9% 22.3% 21.8% 21.8% 21.7% 20.7% 20.2% 20.1% 20.1% Full 18.5% 0.4% Tier 2 TLAC 17.3% 17.2% 15.3% 15.3% 18.34% 14.6% 7.1% Total +6.94% Tier 1 TLAC 19.7% 4Q25 11.40% 9.40% 15.3% 15.1% 14.7% 14.4% 14.0% 14.8% 7.90% 13.9% 13.2% 12

  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 Dec 31, 2025) Agency Rating Outlook Date Net Income 2026 $62,269 Target Price $199.47 Standard & Poor’s BBB Stable Aug-25 Maximum $235.00 Number of Analysts 21 Fitch BBB- Positive Nov-25 #

  25. Slide 25: Appendix

    Appendix BANORTE

  26. Slide 26: Quarterly Summary

     Quarterly Summary Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Change Change Position Highlights - Banorte 4Q24 3Q25 4Q25 2024 2025 (Million Pesos) 3Q25 4Q24 2024 Net Interest Income 28,673 30,044 30,593 2% 7% 108,628 117,029 8% Non-Interest Income 4,578 5

  27. Slide 27: Quarterly Summary

     Quarterly Summary Financial Ratios - Banorte 4Q24 3Q25 4Q25 Profitability: NIM (1) 6.7% 6.9% 6.8% NIM after Provisions (2) 5.6% 5.2% 5.8% ROE (3) 27.8% 27.0% 31.5% ROA (4) 2.4% 2.5% 2.7% Operation: Efficiency Ratio (Cost to Income) (5) 44.6% 36.9% 40.1% Operating Efficiency Ratio (Cost to Assets)

  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.

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