Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q1 2025 Earnings Presentation
50 slides from Intercorp Financial Services's earnings presentation, May 9, 2025
Slide 1: Intercorp Financial Services 1Q25 results
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Slide 2: Solid start to the year
Solid start to the year S/ 446mm 16.3% Net profit1@2s ROE IFS 1Q25 (Excluding the Telefonicae‘fect. Growth in insurance and wealth management continues +36 YoY written premiums +16 YoY AUM
Slide 3: Solid start to the year
_ Solid start to the year
Slide 4: Persistent positive macro indicators
Persistent positive macro indicators Quarterly GDP growth YoY (%) a ll ll ll ll 1Q24 2Q24 3Q24 4Q24 1Q25 PEN / USD IF ° Vaden nl Nn tt 8 Mar24 Jun24 Sep24 Dec24 Mar25 Source: Central Bank, MEF, INEland SBS 1) 19125 GDPconsiders Jan25-Feb25 Interest rates (%) 6.00 5.75 5.50 a78 5.00 4.50 4.50 Mar24 J
Slide 5: Formal employment recovery supports consumer confidence...
Formal employment recovery supports consumer confidence... Consumer confidence index & business confidence (%) Formal employement & formal wages YoY (%) 10.8 _—_— ot 7.6 77 9 59 59 : - 5 56 58 2.2 44 5.1 5.0 39 40 41 42 1A 3.9 - -0.3 ° Mar24 jun2a Sep24 Decaa Maras Mar24 Jun24 Sep24 Dec24 Jan25 -e C
Slide 6: ...despite uncertainty on tariffs announcements
..despite uncertainty on tariffs announcements Peru's main commercial partners Peru's exports by product 15% 20% m Gold 22% 2° usa F 13% m Agriculture Other traditional 3° cone | 5% Othernontrocitiona — 31% 12% Peru's exports to USA Commodities price evolution {Index 100 = Deci9) Textiles HE 10% 153
Slide 7: Telefonica impact
S/41mn Telefonica impact S/63mn Telefonica impact
Slide 8: Revenues and NIM by business
+14> % NIMIBK 5.5% 5.3% 5.2% +9x, YoY YoY increase 1209 CJ Lo spsaoa in revenues = 1924 4Q24 1Q25 IFS quarterly revenues (S/ mn) +14 yoy 526 4 41 +3% Qo@ 38 +375 Yov -_ 2 men 1,926 1,976 1Q24 4Q24 1Q25, 1,733 Wealth management 129 +27% YoY 7 S -34% QoQ 1924 4Q24 1Q25 F NIMIFS = 5.2% 5.1% 5.1% 1024 4
Slide 9: Focus on growth
Focus on growth Commercial loans ($/ bn) onst r r aU — Small businesses FA ~60« YoY Loans +18% YoY Deposits Long-term WM AUMs Insurance @) wake 8 +16% YoY CSM stock YoY —_— YoY loans
Slide 10: Growing commercial & payments ecosystem and stabilizing consumer portfolio
_— Growing commercial & payments ecosystem and stabilizing consumer portfolio —_
Slide 11: Stabilizing our credit cards and personal loans portfolio with a better risk profile
Stabilizing our credit cards and personal loans portfolio with a better risk profile Credit cards and personal loans (S/ bn) (QoQ trend) -5.1% +0.0% Credit cards FA turnover 1924 2Q24 3Q24 4Q24 1Q25 Retail COR 7.9% 7.2% 5.3% 4.9% 4.1%
Slide 12: Loan growth excluding Reactiva
1) Excluding Reactive 44% 34% 48% 30%
Slide 13: Our payments ecosystem continues to grow
Our payments ecosystem continues to grow Merchants +2.8. Businesses +185, oir Fina ~A0x Izipay flows
Slide 14: Sustained growth in float from Izipay
Sustained growth in float from Izipay I" 40. IBKsshare of Izipay-flows Cash flow coming to IBK accounts Volumes from micro merchants eee
Slide 15: Positive trend in cost of risk continues
_ 3 Positive trend in cost of risk continues
Slide 16: Continuous improvement in retail cost of risk
Continuous improvement in retail cost of risk Cost of risk (%) : NPL coverage ratio (%) Excluding Telefonica 9 5% IBK COR 176% 175% IN% 7.9% e 141% 140% 142% 3% Comm COR ft 75% 69% . 83% 47% 4.9% 1924 4Q24 1928 @ Banking Retail Comercial Total NPLs trend - Stage 3 3.4% 0.6% 1.3% 3.2% 01% 2.9% ee lee
Slide 17: Relatively stable NIM in banking
Relatively stable NIM in banking Interest-earning assets (S/bn) Yield on assets evolution (%) YoY 73.6 +4.0% 70.8 108% 7% % om 10.0% W% +17 . 3600. -1.3% 8.7% 8.3% 8.1% 15% 5.3% 5.3% 5.2% 3.5% Excl Telefonica 3.5% 3.3% “1.4% 21% 1Q24 1Q25, 1Q24 4Q24 1Q25 mi Retail im Comercial NM Risk-adjusted NIM -
Slide 18: Improved funding costs driven by growth in deposits
Improved funding 4a costs driven by growth in deposits —_
Slide 19: -9 bps YoY cost of deposits
-9 O bps YoY cost of deposits Funding breakdown (S/ bn) LDR 96% 96% 97% 615 62.7 63.0 7% 1% 78% 81% 1924 4Q24 1925 Retail deposits Due to banks Bonds im Commercial deposits 1} Source SBS 2] Following December 2023, referenceratein $/ declined 175 bpsto.§.0% Cost of fund and deposits (%) 4.0% 3.2% 3.
Slide 20: Improvement in funding mix
Improvement in funding mix Low-cost funding (%) “ Low-cost funding (S/bn) YoY CAGR vs19 35% 35% 22.0 14% 411% 32% 19.5 Ps | 439% = +72% 6.0 1Q24 1925 7.0 +16% +10% +10% +10% 1924 4Q24 1Q25 B Retail Commercial gy institutional gy Other 1) Lowcostfundingas 4 % of total funding Law-cost funding include
Slide 21: Increasing primary banking relationships through a top digital experience
_ Increasing primary banking relationships through a top digital experience —_
Slide 22: Primary banking inflows and retail payroll deposits
~14>, ce ~15x MS inflows MS retail payroll deposits
Slide 23: Interbank digital app
Dlinterbank Hola 4 Qué haremos hoy? Bloquear Pagarcon Seniciosy Plineara taete —QRreeargas celular
Slide 24: Growth in insurance and wealth management continues
_ 6 Growth in insurance and wealth management continues —_
Slide 25: Insurance results by business
+27 >, YoY in annuities and individual life Long- term insurance ($/mn) +27% Short-term insurance (S/mn) 4124% vor . . © YoY {Insurance PAA net results) {CSM stock by business unit) +124% QoQ +7% QoQ 123 55 55 956 891 755 1024 4Q24 1025 Results from investments (S/mn) 435% vor aan ROL 5.0% 6.1% 6.2%
Slide 26: Increasing digital adoption in insurance
Increasing digital adoption in insurance Direct digital sales Bancassurance Digital self-service (Written premiums — s/mn) digital sa les (% of digital self-service) (%of total Bancassurance premiums)
Slide 27: +16% YoY in AUM leads recovery of fee income in WM
+1 6> YoY in AUM leads recovery of fee (<] income in WM Assets under management (US$ bn) +16% Yov +3% QoQ 7.5 1924 4Q24 1Q25 Wi Inteligo Bank = Interfondos MS IF % 16.3% 16.5% 16.4% Fee income evolution (S/ mn) +20« YoY -2% QoQ 47 46 38 1924 4Q24 1Q25 Fees/ AUM 0.7% 0.7% 0.7%
Slide 28: Increasing digital adoption in wealth management
Increasing digital adoption in wealth management Interfondos digital transactions Interfondos digital users (% of digital transactions) (% of total Interfondos customers) 54% 28% 45% ° 21% 1924 1Q25 Mar24 Mar25
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Slide 30: Growth
Growth To become aleading digital player with = profitable growth e X YoYJFSnetincome G Growing in key businesses “15% >30% MS retail deposits MS annuities 21% TI +16% MS consumer loans MS commercial loans YoY AUM WM
Slide 31: Operating trends 1Q 2025
Operating trends 1Q 2025 Profitability Continued path to recovery IFS ROE 16.3% Revenues Slight recovery NIM IBK NIM 5.2% i}
Slide 32: Environmental and social highlights
onmental Social uso S8Omn >Im 2.5mn >1,800 Entrepreneurs actively é 1 Trdinéd by Peruvians/accesed inclusive using IzipayYA A deM insurance through Rumbo _ & Vida Cash in 1925 27% reduction of carbon footprint Ay, reduction of energy consumption
Slide 33: Solid start to the year
Solid start to the year Growth in insurance and wealth management continues
Slide 34: Appendix
—| Appendix
Slide 35: IFS Key indicators
IFS Key indicators 1Q25 ROE 5.6% 18.2% 1924 4Q24 / IFS ROA C/lratio 0.6% 2.1% 37.2% 35.8% 1024 4Q24 1924 4Q24 1.9% 1Q25
Slide 36: IFS Key indicators
IFS Key indicators 1Q25 Insurance ROIP 5.0% 6.1% 1924 4Q24 6.2% 1Q25 Banking NIM 5.3% 5.3% 4Q23 4024 5.2% 1Q25 C/l ratio 38.7% 38.2% 1024 4Q24 38.9% 1Q25 CoR 4.7% 2.6% 1924 4Q24 2.8% Wealth management AUM (USS bn) 6.5 Fees, net (S/ mn) 42.4 47.0 1924 4Q24
Slide 37: Customer base growth continues across businesses
Customer base growth continues across businesses Banking Insurance Wealth management customers (mn) 10) customers (mn) customers (th) +7 +125 YoY YoY Mar24 Mar25
Slide 38: Efficiency remains a top priority
Slide 39: Continuous improvement in payment behavior of customers
Continuous improvement in payment behavior of customers Payment behavior” Consumer loans" (S/bn) % Exposure by rescheduling type Payment of rescheduled loans) 14% QoQ Collected : Not paid 57% Yo¥ 10.1 90.9% 91.5% | 9.1% 8.5% 5 9.0 8.9 Dec24 Mar25 ' Dec24 Mar25 _ 13 .2 I I Collected i Not paid I I @;
Slide 40: Stable asset quality, CoR at 2.8%
Stable asset quality, CoR at 2.8% $2+S3 ratio & $3 NPL ratio (%) 14.0% 10.9% 10.6% 34% 2.5% 2.5% 1924 4Q24 1Q25 lm (S2+S3) ratio Impairments loss on loands, net (S/ mn) & Cost of risk (%) 1924 2024 3Q23 4Q24 1@25 ImCost of Risk (%) _ <eProvision expense (S/ mn) —_—
Slide 41: Sound capitalization levels
Sound capitalization levels TCR Barking system 16.4% TCR 18.1% 1924 CETI ratio 16.8% 17.3%" 12.3% 1.3% T6% 15.9% 9 ae 6.8% 17% Reg. min. ~ Reg. rin. 4Q24 1925 1924 4Q24 1Q25 Source Companyinformotionand ASBANC 1) Asof Nov24 129.30% 1924 Wealth management 17.6% 1924 125.20% 4Q24 19.3% 4Q24 135.90% -
Slide 42: IFS P&L 1Q25
IFS P&L 1Q25 Sjmillion Interest ond similarincome Interest ond simikir expense Net interest ond similar income: Impatment loss on loans, net of recoveries Recovery (loss) due toimpairment of financial investments Net interest and similar income after impairment loss Fes income from finencial service
Slide 43: IFS statement of financial position 1Q25
IFS statement of financial position 1Q25 Intercorp Financiall Services's Similion %echg Sechg 1924 aqz4 1925 Qoa Yor Assets Cosh and due ftom bans and interbank fonts 35612 12,8355 13,2408 3.2% ~O.8% Financial investments 265158 268579 28107 ~0.2% 1% Loans, net of uneainedlintevest 482182 60,9596 1,
Slide 44: Banking P&L 1Q25
Banking P&L 1Q25 Similion Sechg Sechg 1924 4a24 1025 Qoa Yor Interest and similar income 19104 1469.0 1442.2 “18% 4.5% Interest onal similar expense “6962 “8 97.9 -2:7% “18.5% Net interest and similar income ma2 987.1 94a 13% 3.3% Impairment loss on loans, nat of recoveries “548.8 307 -3428 7.2% 37.
Slide 45: Banking statement of financial position 1Q25
Banking statement of financial position 1Q25 Similion %echg Sechg 1924 aqz4 1925 Qoa Yor Assets Cosh and due ftom bans and interbank fonts 122000 8866 12.1210 20% -0.6% Finemeialinvestments 1892.0 1375 4568 24% 39% Loans, net of uneainedlintevest 407029 49,3379 49ASLT 0.2% 5.8% Impairmentallowance f
Slide 46: Insurance P&L 1Q25
Insurance P&L 1Q25 spmilion Sechg Sechg 1924 4024 1025 oe Yor Interest and similar income 2368 2126 288.2 215% 8.2% Interest ond simikar expenses 423 305 495 35.656 1.9% Net interest and similar income 104 6A 208.7 18.5% 6.3% Recovery (loss) due to impairment of financial investments “38.9 -40 “56.0
Slide 47: Insurance statement of financial position 1Q25
Insurance statement of financial position 1Q25 Similion %echg Sechg 1924 aqz4 1925 Qoa Yor Assets Cosh and due ftom bans and interbank fonts 5394 2089 4422 num 18.0% Finemeialinvestments AIBC —-13,.062.51S,SHIA -0.9% 9.2% Property, furniture and equipment, ner 255 287 28.4 1% 0.2% Otherassets 2,2565
Slide 48: Wealth Management P&L 1Q25
Wealth Management P&L 1Q@25 Similion Sechg %echg 1924 4024 1025 Qoa Yor Interest snd similar income 480 423 408 4.0% -15 5% Interest ond similar expenses 276 -266 238 710.4% -13.5% Net interest ond similar income 205 157 107 7.0% 18.2% Impairment loss on loans, net of recoveries 02 0.0 02 nm 45.0% R
Slide 49: Wealth Management statement of financial position 1Q25
Wealth Management statement of financial position 1Q25 Similion %echg Sechg 1924 aqz4 1925 Qoa Yor Assets Cosh and due ftom bans and interbank fonts 5092 5356 ores 159% 215% Finemeialinvestments 20845 1986.4 2,018.6 16% 3.2% Loans, net of uneainedlintevest 15164 1622.5 162 00% 6.2% Impairmentallowan
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Intercorp Financial Services Inc. Common Shares — Q1 2025 Earnings Presentation on 6ix