Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O
Grupo Financiero Banorte Sab De Cv Class O — Q4 2025 Earnings Presentation
148 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, January 2026
Slide 1: Corporate Presentation 4Q25
Corporate Presentation 4Q25
Slide 2: Table of Content
Table of Content Markets Awards About Banorte 3 Results GFNORTEO NIM 9 Fees 11 Cost to Income 12 Net Income 13 ROE / ROA 14 GBOOY Digital Bank 17 Deposits & Loans 23 Loans / Deposits 24 Deposits growth 25 Loan growth 26 XNOR Asset Quality - NPL 29 CAR 31 BAP (Insurance, Pension & Afore) Insurance
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 ▪ 13.4 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 +16 y/y; 2025 +5%, ROE +29.1% 2025 ▪ Broker Dealer & Mutual Funds (41%) y/y; 2025 +54% Warehousing, Bineo & TDF ▪ Insurance +35% y/y; 2025 +23% Leasing and Factoring (discontinued op
Slide 9: Bank Net Interest Margin
Bank Net Interest Margin NIM of Banorte Bank 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 of Ban
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 16% ◼ Net fees +20 q/q, +16% y/y; 2025 +5% y/y Million y/y pesos ▪ Fees charged on services (5%) y/y; 2025 +1% y/y 6,500 5,992 ▪ Fees paid on services (24%) y/y; 2025 (2%) y/y 6,000 5,500 5,146 4,988 ◼ Digital acquiring optimization prioritizing profitabilit
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% 50.0% 44.9% Recurring 45.4% 42.8% 40.0% 39.7% 45.0% 41.4% 42.7% 41.1% 39.0% 39.1% 37.9% 40.0% 37.4% 36.2% 35.7% 35.8% 35.0% 35.0% 30.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2
Slide 13: Net Income growing
Net Income growing Net Income Million Pesos 5% CAGR 2013-2025 YoY 13% 65,000 22% 17,000 q/q 58,788 56,188 15,874 55,000 52,418 16,000 45,408 15,000 45,000 35,048 13,724 36,528 14,000 35,000 31,958 30,508 13,000 23,908 *Recurring 13,008 25,000 19,308 12,000 13,508 16% 15,000 11,000 y/y 5,000 10,000
Slide 14: Positive Growth in Profitability
Positive Growth in Profitability ROA 3.0% 2.5% 2.3% 2.4% 2.3% 2.3% 2.5% 2.2% 2.3% 2.2% 2.05% 2.1% 1.9% 1.9% 2.0% 2.22% 1.6% 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 4Q24 1Q25 2Q25 3Q25 4Q25 Previous criteria IFRS Recurring ROA of Banorte B
Slide 15: Positive Growth in Profitability
Positive Growth in Profitability ROE 24.2% 25.0% 22.4% 22.8% 21.3% 21.6% 20.3% 20.1% 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 4Q24 1Q25 2Q25 3Q25 4Q25 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% 29.4% 28.0% 28.1% 27.5% 26.9% 26.9% 25.9% 26.9% 25.1% 25.0% 24.7% 24.6% *Recurring 20.9% 20.0% 18.7% 18.8% 19.2% 17.3% 16.2% 16.4% 15.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Note: A new me
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 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
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: 4Q25 o processes / services / systems o products Banorte Móvil WEB App o branch-administration, contingency, others 83.5 (1.8)* pts y/y 83.3 (2.4) pts YOU
Slide 20: A customer-centric bank in minutes
A customer-centric bank in minutes ´+13 85 87 91 85 movil +8 86 NPS 93 88 Mobile account Hyperpersonalization Hyper New claim Mobile payroll loan Digital advanced payroll opening offer (up to 5 products Opening account in Credit card auto pay ATM in one interaction) in personalization 3 min 3 min 3
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 15-year commercial agreement (13%) y/y 500 Million DIGITAL PLATFORM for aggregators Digital Physical 400 161 231 137 300 200 281 292 251 100 0 CoDi 2Q22 3Q22 4Q22 1Q23
Slide 22: Ongoing RappiCard evolution
Ongoing RappiCard evolution Rappi Cards Average Billing Rappi Cards Thousand 1,140 1,140 Million 3,000 2,808 Millares 1,200 2,750 2,550 ▄ Stressed to the market, now operating with risk metrics in 1,000 2,500 2,250 desired direction 800 2,000 ▄ Presenting positive unit economics 600 1,750 1,500 ▄
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 4Q25 1,254bn US69.7bn Senior Unsec. Debt Senior Unsec. Debt Money Market 3% 3% Money Market 28% Demand Time Time 66% Demand Loan Portfolio $777 bn 1,269bn US70.5bn Consumer Consumer Government 19% 14% Government Mortgage 25% Mor
Slide 25: Loyal Deposits' Base
Loyal Deposits’ Base Deposits CAGR 2015-2025 YoY Billion +9% 1,300 1,187 1,187 Pesos 1,059 1,059 1,104 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
Slide 26: Continued Growth in Performing Loan Book, Special Focus on Consumer
Continued Growth in Performing Loan Book, Special Focus on Consumer Loan Portfolio YoY Billion 8% Pesos 1,400 1,269 1,269 1,180 1,180 1,200 1,200 1,032 Ex-Gov 1,000 920 CAGR: 9% 802 821 821 +10.5% YoY 777 763 800 616 567 600 518 472 425 400 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% 10% 45% 44.1% 7.6% 5% 40% 0% 35% am j j a s o n d j f mam j j a s o n d 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 2020 2021 2023 2024 2025 Loan Growth y/y Cost of Funds vs CETES Div TI NIM Dep BAP Guid ESG Ec
Slide 28: Rate comparison
Rate comparison Reference Rate vs Loan Portfolio’s Yield Reference Rate vs Consumer Yield 29% 28.7% 14% 24% 12% 23.1% 11.7% 19% 10% 9.6% 8.4% 14% 8% 13.3% 7.0% 9% 9.5% 6% 7.0% 4% 4% AMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASOND AMJ J A SOND J FMAMJ J A SOND J FMAM J J A SOND J FMAMJ J A
Slide 29: Sound Asset Quality
Sound Asset Quality NPL Ratio 3.5% 3.1% 2.9% 3.0% 2.5% 2.2% 2.0% 1.8% 1.7% 1.7% 2.0% 1.4% 1.37% 1.38% 1.5% 1.1% 1.1% 1.0% 0.9% 0.9% 0.93% 1.0% 1.0% 0.5% 0.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Previous criteria IFRS Previous Criteria IFRS | 20
Slide 30: Sound Asset Quality
Sound Asset Quality Coverage Ratio 250% 224% 207% 200% 179% 182% 184% 184% 139% 142% 138% 191% 144% 135% 129% 135% 150% 116% 105% 107% 100% 50% Previous criteria IFRS 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 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% 21.8% 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
Slide 32: Annuities NII vs. Technical Results
Annuities NII vs. Technical Results When valorization on UDIS securities go up or down, the same effect occurs in slight Technical Reserves with null effect in Net Income effect Annuities 8,000 6,774 6,770 6,565 6,054 5,457 6,000 4,489 3,054 4,000 2,153 2,000 1.89% 1.64% 2.28% 1.56% 1.67% -0.10% 1
Slide 33: Annuities Margin – inflation effect
Annuities Margin – inflation effect = 3Q25 4Q25 Título del gráfico Monthly Inflation $1,586 $4,489 $3,704 $6,769 $2,565 1.2% 0.9% $2,721 0.6% 0.3% 0.0% $304 $310 -0.3% Loans’ Loans' interests Investments’ Inv. Interests Inflation (UDIS) Valuation Margin Margin Loans’ Loans' interests Investments’
Slide 34: Technical Reserves – inflation effect
Technical Reserves – inflation effect 3Q25 4Q25 Monthly Inflation 1,586 3,704 4,240 141 7,717 1.2% 141 4,072 -2,069 -1,895 5,941 0.9% 0.6% 0.3% 0.0% Issuance Technical Technical Issuance Technical Technical Others Net Increase Others Net Increase Interest - Interest Interest - Interest in Technica
Slide 35: BAP: Long Term Savings Business
BAP: Long Term Savings Business Million Pesos 4Q25 2025 YoY 4Q25 2025 YoY Insurance Considering Banorte Futuro Net Income 1,569 6,789 24% 1,987 8,327 21% Equity 12,519 12,519 19% 28,597 28,597 8% Assets 109,034 109,034 33% 124,802 124,802 28% Premiums 13,557 58,709 29% 13,557 58,709 29% ROE 52.0%
Slide 36: Insurance business steadily improving
Insurance business steadily improving Technical Reserves Retained Insurance Premiums 12,000 Million 20,000 10,000 pesos 5,547 8,000 4Q25 q/q y/y 2025 y/y 18,000 3,260 6,000 2,353 Interest Income (Net) 898 14% (9%) 3,570 (5%) 4,000 Premium Income (Net) 12,930 33% 45% 51,654 30% 16,000 2,000 12,930
Slide 37: 2025 Guidance – Delivering on commitments for 2025
2025 Guidance – Delivering on commitments for 2025 Guidance Actual Loan Growth 6% – 11% 8% Ex-gov 9% – 12% 9% NIM 6.2% – 6.5% 6.3% NIM of Bank 6.5% – 6.8% 6.6% Total Expenses Growth* 9.4% – 9.7% 9.4%* Efficiency 35.5% – 36.9% 35.8% Cost of Risk 1.9% – 2.0% 1.8% Tax Rate 26% – 28% 27% Net Income 58
Slide 38: 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 39: 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 39 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 40: Deposit & Loan Market Share
Deposit & Loan Market Share Deposits Loans BBVA Others 23% Others 22% BBVA 26% 26% Inbursa 6% Inbursa 2nd 2nd 4% Banorte 14% HSBC 6% Banorte Scotiabank 15% 6% Scotiabank HSBC Banamex 6% 7% Santander 9% Banamex Santander 12% 6% 12% Source: CNBV November 2025 Div TI NIM Dep BAP Guid ESG Eco Rev Div
Slide 41: 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%
Slide 42: Market Share by Segment
Market Share by Segment Total Loan Book Commercial & Corporate Mortgage 15.4% 12.8% 12.9% 15.2% 12.2% 11.8% 15.0% 15.0% 11.3% +11bps 19.9% 19.6% 19.6% +26bps 19.0% 19.0% 14.5% +39bps Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Credit Car
Slide 43: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management Billion Pesos AUM Market Share Nov-24 Nov-25 Nov-24 Nov-25 Profuturo GNP 1,279 1,601 22.9% 23.9% XXI Banorte 1,312 1,581 23.5% 23.6% 2° SURA 1,089 1,340 19.5% 20.0% CitiBanamex 1,070 1,286 19.2% 19.2% Coppel 507 608 9.1% 9.1% PensionI
Slide 44: Insurance Market Share
Insurance Market Share Million Pesos Premiums Market Share Net Income Market Share Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 G.N.P. 84,865 95,200 12.9% 12.9% 2,819 3,394 5.5% 6.0% BBVA 63,014 74,132 9.6% 10.1% 8,378 9,735 16.2% 17.1% Metlife México 62,258 66,137 9.5% 9.0% 7,202 8,268
Slide 45: Annuities Market Share
Annuities Market Share Million Pesos Resolutions * Market Share Nov-24 Nov-25 Nov-24 Nov-25 Banorte 1° Bancomer Profuturo GNP Total Industry Annuitants Market Share Nov-24 Nov-25 Nov-24 Nov-25 Banorte 1° Bancomer Profuturo GNP Total Industry *\ Legal document for any pensioners entitled to receive
Slide 46: GFNorte in the World
GFNorte in the World Market Capitalization US 26.1bn Billion 4Q24 4Q25 Pesos 550 518.8 Total Shares Outstanding(1) : 2,813.2 m 2,813.2 m 500 Float: ~ 87% ~ 87% Total ADRs(2) Outstanding: 9.33 m 10.98 m 450 469.6 400 Ticket Indexes 350 376.7 IPC (BMV) Sustainable IPC (BMV) GFNORTE O (BMV) 300 MSCI
Slide 47: 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 #
Slide 48: 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 48 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 49: 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 49 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 50: ESG Updates
ESG Updates Operational Eco-Efficiency We conducted 12 financial We maintained a “C” rating in the CDP Autoestrene Verde: progress as of year-end 2025: workshops on saving, budgeting questionnaire covering climate change, In 4Q25: Ps 3.746 billion placed in • During 2025, EDGE certification and
Slide 51: Sustainable Business
Sustainable Business Social and Environmental Risk Management System Responsible Investment AFORE XXI Banorte AUM that considers ESG criteria Figures in millions of Mexican pesos 6.37% Non-sustainable During 4Q25: analyzed portfolio 614 Analyzed loans 67,384 61,889 0.41% Sustainable 49 Loans with
Slide 52: 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 52 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 53: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Change Comprehensive Income Highlights 4Q24 3Q25 4Q25 2024 2025 (Million Pesos) 3Q25 4Q24 2024 Interest Income 110,788 97,168 93,577 (4%) (16%) 404,605 405,038 0% Interest Expense 74,456 60,924 54,442 (11%) (27%) 266,289 258,460 (3%) Net I
Slide 54: Quarterly Summary
Quarterly Summary Financial Ratios GFNorte 4Q24 3Q25 4Q25 2024 2025 12M* Profitability: NIM (1) 6.4% 6.3% 6.6% 6.2% 6.3% 6.3% NIM adjusted w/o Insurance & Annuities 6.1% 6.4% 6.3% 5.9% 6.1% ROE (2) 21.6% 20.1% 24.2% 22.4% 22.8% 22.8% ROA (3) 2.2% 2.1% 2.5% 2.3% 2.3% 2.3% Operation: Efficiency Rati
Slide 55: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Financial Position Highlights 4Q24 3Q25 4Q25 (Million Pesos) 3Q25 4Q24 Asset Under Management 4,495,930 5,068,957 5,196,669 3% 16% Stage 1 Loans 1,171,045 1,189,456 1,257,692 6% 7% Stage 2 Loans 8,611 10,407 11,135 7% 29% Stage 1 & 2 Loans
Slide 56: Quarterly Summary
Quarterly Summary Change Change Share Data 4Q24 3Q25 4Q25 2024 2025 3Q25 4Q24 2024 Earnings per share (Pesos) (1) 4.878 4.624 5.643 22% 16% 19.973 20.898 5% Earnings per share Basic (Pesos) (2) 4.840 4.586 5.630 23% 16% 19.720 20.787 5% Dividend per Share for the period (Pesos) 3.55 0.00 6.99 N.A.
Slide 57: 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
Slide 58: Selected industry exposures
Selected industry exposures Vs. Total Loans 4Q25 Oil Industry* 1.2% Electricity Companies* 2.7% Construction & Real Estate Vs. Total Housing 1.8% Loans Commercial 0.9% SMEs • 82% Nafin / Bancomext guaranteed 4.9% Others 1.2% loans, 47% of SME book Malls 1.1% Dollar denominated 14.5% Tourism 5.7% R
Slide 59: 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 60: 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 61: 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 62: 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 3Q25 report. During 2025 we have released: 1. Annual Report 2024 to the Banking
Slide 63: 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 64: 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 2025F 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 65: We have seen a slowdown in 2025, expecting a recovery in 2026
We have seen a slowdown in 2025, expecting a recovery in 2026 GDP Index 100 = 4Q18 115 2025: 105.4 2026: 110 2024: 107.3 2023: 104.7 103.5 105 100 2022: 100.4 95 2021: 2019: 99.6 96.8 90 2020: 91.1 Primary activities 2025: 2026: 85 0.5% 1.8% Industrial production 80 Services GDP 75 2017 2018 2019
Slide 66: 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 1Q25 2Q25 3Q25 4Q25 2025 2026 1Q25 2Q25 3Q25 4Q25 2025 2026 GDP GDP 0.6 -0.1 -0.1 1.6 0.5 1.8 0.6 -0.1 -0.1 1.6 0.5 1.8 (% y/y) Consumption -1.1 -0.3 1.6 2.7 0.7 2.0 Agricultural 4.
Slide 67: 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 670 200 Electrical and electronic equipment 16
Slide 68: 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 11.9% 23 110 105 60 22 100 105 21 95 14.3% 100 55 90 20 85 95 19 80 90 50 INEGI (LHS) 75 18
Slide 69: …with some challenges in the labor market earlier in the year
…with some challenges in the labor market earlier in the year 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 4.3% y/y 3.7% y/y 3.0%
Slide 70: Mexico moves towards reducing working hours
Mexico moves towards reducing 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 th
Slide 71: 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 72: 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 73: 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 74: 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 75: 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 76: 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 DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco Eco 76 Hist NI ROE ICAP
Slide 77: Nowcasting Economic Activity – IGAE (GDP proxy)
Nowcasting Economic Activity – IGAE (GDP proxy) Nowcasting of Monthly Economic Activity - IGAE % y/y; nsa 30 6 IGAE Nowcast 5 20 IGAE Nowcast 4 10 2.8 3 2.6 1.94 1.94 0 2 1.6 1.7 1.2 1.13 1.1 0.7 1 -10 0.0 0.0 0 0.0 -20 -0.2 -1 -0.5 -0.7 -0.9 -0.9 -1.2 -1.4 -1.6 -30 -2 Jan-20 Jun-21 Dec-22 Jun-24
Slide 78: 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 = 100 240 240 220 Supermarkets 200 200 Healt
Slide 79: Household consumption has remained somewhat resilient
Household consumption has remained somewhat resilient Debit & Credit Card Purchases Jan-2019 = 100, % y/y 350 Supermarkets 300 191.8% Convenience Stores and Specialty Markets 250 Miscellaneous 200 150 46.0% 100 -3.8% 50 0 Jan-19 Sep-19 May-20 Jan-21 Oct-21 Jun-22 Feb-23 Nov-23 Jul-24 Mar-25 Dec-25
Slide 80: 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 20.9% 23.4% Professional Services Healthcare 7.4% 12.7% Recreation, Sports and Cultural Events -12.6% 55.1% 19.8% Retail Sale
Slide 81: In December 2025, house prices in Mexico grew 4.2% y/y
In December 2025, house prices in Mexico grew 4.2% y/y Housing Price Ranking by State INBAPREVI: National index Pesos per sq. meters (December 2025) % m/m Ciudad de México 57,672 Nuevo León 53,848 0.6 0.6 Jalisco 47,359 0.5 0.6 Sinaloa 42,712 0.4 0.5 0.4 0.4 0.4 Baja California 39,669 0.3 Estado d
Slide 82: Higher inflation in 2026 will limit further easing
Higher 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, Ban
Slide 83: The Board has shown more cautiousness, possibly signaling a pause
The Board has shown more cautiousness, possibly signaling a pause in the rate-cutting cycle Banxico’s hawk-o-meter Subjective assessment on the meeting of December 18th Bias Member Relevant comments “...adjustments to the monetary policy stance will depend on the data and on a clear consolidation
Slide 84: Banxico's hawk-o-meter
Banxico’s hawk-o-meter Tone of Banxico’s Board comments Index* 0.40 0.36 Avg. 25 Dec-25 -0.05 -0.06 -0.10 -0.17 -0.20 -0.27 -0.33 -0.43 Jonathan Galia Borja Gabriel Victoria Omar Mejía Heath Cuadra Rodríguez Note: * From -1 to 0 implies a dovish tone; from 0 to 1 implies a hawkish tone Source: Ban
Slide 85: 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 % RUB 33.3 26 SEK 21.0 HUF 20.8 24 MXN 18.0 COP 17.7 22 CZK 17.5 2026: ILS 15.2 20 ZAR 15.0 18.10 CLP 14.3 18 PLN 13.8 CHF 13.6 16 EUR 12.8 Dec-16 Dec-18 Dec-20 Dec-22 De
Slide 86: 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 2025 2026 ▪ A 0.5% expansion in GDP GDP (% y/y) 0.5 to 1.5 1.8 to 2.8 • Higher revenues by $29.4 billion ▪ One additional USD in t
Slide 87: Recovery in spending in 2026, with focus on social programs
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 88: Debt will likely remain stable
Debt will likely remain stable, with government efforts on boosting tax collections being key Public sector revenues Public debt* January - October, % y/y real terms % of GDP 16 13.1 70 Observed GEPC Pre-GEPC 60 49.1 51.3 52.3 52.3 52.3 52.3 52.3 52.3 52.3 10 6.5 7.9 5.1 5.1 6.6 47.6 46.5 2.5 1.9
Slide 89: Government support for PEMEX continues
Government support for PEMEX continues Financial & suppliers’ debt LatAm Oil companies: 10 years bonds (USD) $ billion % 2,500 Suppliers Financial debt 11.0 PEMEX Ecopetrol Petrobras (RHS) 7.5 2,000 10.0 7.0 1,500 9.0 6.5 6.16 1,000 8.0 6.0 8.03 500 7.0 7.47 5.5 0 6.0 5.0 2015 2016 2017 2018 2019
Slide 90: 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 91: 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 DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco Eco 91 Hist NI R
Slide 92: 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 2024 % y/y 8 2023 1996 2025 2026 1990 2012 y = 1.2526x - 0.7431 1997 2014 2022 Banorte 0.5 1.8 6 R² = 0.4439 2000 2010 1994 1998 1991 2006 Consensus 0.4 1.3 4 2011 2015 2
Slide 93: 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 DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco E
Slide 94: 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 95: Mexico's geographical location, demographics and natural resources
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 1.8 40
Slide 96: Key factors that led Donald Trump to the presidency
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 97: Trump 1.0 vs. Trump 2.0
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 98: 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 99: Current tariffs that Mexican goods face
Current tariffs that Mexican goods face Tariffs To Mexican and Canadian Sectoral goods (effective to most of the world) 25% on all goods that do not cross via Steel, aluminum and copper with 50% USMCA Light vehicles 25% (12.5% to Mexico excluding US content) Pharmaceuticals (100%), Furniture (Kit
Slide 100: 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 600 400 348.5 505.9 350 334.0 500 2016 2024 462.4 2016 2024 438.9 412.7 300 266.7 400 250 230.2 293.5 300 277.7 200 143.5 150 200 16
Slide 101: 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 China Mexico Germany Japan Canada Others -1,600 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source: Banorte with data from the US Census Burea
Slide 102: 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 24 Trump 1.0 Trump 2.0 Canada China Mexico 22 21.0 20 18.7 18 16 15.4 13.9 14 13.4 12 10 10.0 8 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 *
Slide 103: 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 104: 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 Originally scheduled Advisory Committee start of review Complete process
Slide 105: 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 106: …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 2024 2025* H
Slide 107: China remains as a low source for investment
China remains as a low source for investment 2024 FDI by country of origin* Mexico: Trade with China % of the total US$ billions, 12-month rolling sum 20 US 44.8 0 Japan 11.6 Germany 10.3 -20 Canada 8.7 -40 The Netherlands 5.1 -60 Belgium 4.2 -80 Exports Korea 3.5 Argentina 2.9 -100 Imports China
Slide 108: 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 109: 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 110: 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 111: 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 112: 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 113: Nearshoring could still continue in Mexico
Nearshoring could still continue in Mexico given comparative advantages on several fronts US$466.6bn US$18bn US$9.2bn US$8.8bn US$4.5bn (83%) (3%) (2%) (2%) (1%) Autos Computers Auto parts Heavy Wires & (9%) (8%) (7%) vehicles cables (6%) (3%) Agro Auto Warehousing Appliances industry industry and
Slide 114: The United States remains at the forefront of investment in Mexico
The United States remains at the forefront of investment in Mexico amidst tensions with China Foreign Direct Investment FDI in 2024 by country of origin* US$ billion % of total 60.0 US 44.8 FCH: EPN AMLO Japan 11.6 Average: Average: Average: Germany 10.3 US$25.7 billion US$35.7 billion US$34.3 bil
Slide 115: FIBRAs and demand for industrial spaces
FIBRAs and demand for industrial spaces Major industrial real estate markets in Mexico as of 3Q25 Demand for industrial spaces Industrial space Investment Cumulative demand growth growth 2025-2030 +104 parks by 2026e 2030 19.0 +477 parks currently in operation +36.9% million m2 Most dynamic sector
Slide 116: However, some bottlenecks persist
However, some bottlenecks persist Electricity demand in Mexico Maximum water level of Mexico’s dams Billion cubic meters ● According to the IEA the current electricity 130 consumption in Mexico is around 300 TWh 120 ● For the next five years it could need between 380 – 400 TWh 110 ● Mexico will ne
Slide 117: Mexico has benefited previously from similar investments
Mexico has benefited previously from similar investments, driving structural changes across several industries Mexico: Non-oil exports to the US: Top five goods imported from US: Vehicle imports by country world* Mexico % of total vehicle imports (yearly figures) US$ billion constant prices (month
Slide 118: The main destination of Mexican exports is Texas
The main destination of Mexican exports is Texas, followed by Michigan and California US: Imports from Mexico US$ billion, 2024 Imports 157.6 75.2 0.0 64.3 157.6 Con tecnología de Bing © GeoNames, Microsoft, TomTom *The three states represent close to 58% of the share of total imports Source: US C
Slide 119: 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 DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco Eco 119 H
Slide 120: 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 DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco Eco 120 Hist NI ROE ICAP Mkt Hist Hist C/I App C/I 120 C/I
Slide 121: 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 DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco Eco 121 Hist NI ROE ICAP Mkt Hist Hist C/I App C/I 121 C/I
Slide 122: 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 123: 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 DB Div NIM D
Slide 124: 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 18th: • Rank Mexico among the world’s top 10 • Boost food and energy economies (current: 15)
Slide 125: 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 126: 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 127: Pemex CAPEX
Pemex CAPEX PEMEX investments* Liquid hydrocarbon production levels Kbbl/d 1,900 1,875 Total crude oil production Exploration Sustainable Oil Investment $220 billion Investment $1.6 trillion Business Plan 2025 - 2035 6 projects 12 projects 1,850 269 exploration wells 1.8 million barrels per day 1,
Slide 128: '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 129: A solid banking sector
Source: eleconomista.com.mx A solid banking sector DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco Eco 129 Hist NI ROE ICAP Mkt Hist Hist C/I App C/I C/I
Slide 130: Banking credit forecast using lagged GDP
Banking credit forecast using lagged GDP Banking credit Backtest and forecast* $ billons % y/y in real terms 5,100 Year Observed Model Forecast 2021 -9.0 -7.8 4,600 Fitted 2022 2.2 1.5 4,100 Observed 2023 5.6 5.4 2024 6.8 5.8 3,600 2025 6.5 (up to November) 4.7 3,100 2026* -- 2.7 2,600 Banking Cre
Slide 131: Capitalization ratios
Capitalization ratios Capitalization ratio % of net capital / credit risk assets Tier 1 Common Capital Additional Tier 1 Additional Capital Regulatory Minimum 26 25.2 24.0 23.8 24 23.4 23.3 23.0 22.5 22 20.7 21.1 20.1 19.9 19.9 19.6 20 19.1 17.9 17.8 18 16.8 16.3 16.0 16.0 15.7 15.7 16 15.4 15.4 1
Slide 132: 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 Total Consumer Mortgage Firms 14 9 10 8 6 7 2 6 -2 5 -6 4 -10 3 Total Consumer -14 2 Mortgage Firms -18 1 -22 0 2020 2021 2022 2023 2024 2025 2009 2011 2
Slide 133: 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 134: 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 135: 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 136: 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 137: 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 138: 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 139: 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 140: 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 141: 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 142: 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 143: Job informality
Job informality People working in informality Informality rate Population aged 15+, million % of population aged 15+ 36 62 34 60 32.8 32 58 30 56 54.8 28 54 26 52 24 50 22 48 20 46 Nov-06 Aug-11 May-16 Feb-21 Nov-25 Nov-06 Aug-11 May-16 Feb-21 Nov-25 Source: INEGI DB Div NIM DB DB Rev Dep ESG Eco
Slide 144: 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 34.7 60-64
Slide 145: Economy
Economy Economy data of Mexico and Brazil GDP (US$ trillion, 2023) 1.8 (12th economy) 2.2 (9th economy) GDP per capita (US$, 2023) 13,704 10,268 3.0 +/- 1 3.0 +/- 1.5 Inflation target (% y/y) (Actual: 4.4) (Actual: 5.3) 6.22 13.85 Monetary policy interest rate (%, 15-year average) (Actual: 8.00) (
Slide 146: Financial sector
Financial sector Selected indicators of the financial system of Mexico and Brazil Bank credit (% of GDP, 2024)* 39.0 93.5 Adults with a bank account (%, 2021)** 49.0 84.0 Population with a cellphone (%, 2024) 81.4 88.1 Digitally contracted credit (% , 2024)*** 12.6 20.7 Population with mobile inte
Slide 147: 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 148: Visit our website
Visit our website DB Div NIM DB DB Rev Dep ESG Eco NIM NIM TI LD Loan BAP Guid Eco Eco 148 @alexpadillasan Hist NI ROE ICAP Mkt Hist Hist C/I 148 App C/I de BANORTE C/I
Grupo Financiero Banorte — Q4 2025 Earnings Presentation on 6ix