Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O
Grupo Financiero Banorte Sab De Cv Class O — Investor Presentation (2026)
137 slides from Grupo Financiero Banorte Sab De Cv Class O's investor presentation, 2026
Slide 1: Corporate Presentation 2Q26
Corporate Presentation 2Q26
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 Digital Bank 15 GBOOY Deposits & Loans 21 Loans / Deposits 22 Deposits growth 23 Loan growth 24 Asset Quality - NPL 27 XNOR CAR 29 BAP (Insurance, Pension & Afore) 30 Guidance 32 Market Pre
Slide 3: About GFNorte
GRUPO FINANCIEROD BANORTE
Slide 4: A Leading and Profitable Financial Franchise in México
A Leading and Profitable Financial Franchise in México 1 Adequate Business 2 Sound 3 Solid Corporate 4 Digital Strategy Mix Fundamentals Governance Leveraging heavy Strong retail, wholesale, Solid asset quality Independent Board: ~64% technology investment to premium traditional and deliver bespoke
Slide 5: From Regional Bank to Second Largest National Financial Group
From Regional Bank to Second Largest National Financial Group 15.2% 2026 2025 New Value Proposition Loan Book 2024 2.3% Digital •VA’s launch Mkt Share 2020-2023 Strategy 4,5,6 Plan •Sale of bineo 2012-2019 •Making the •J.V. Rappi 100% 1,2,3 Plan Ordinary Extraordinary 2000-2011 •2020 - J.V. Rappi •B
Slide 6: Strategic Client Centric & Digital Evolution
Strategic Client Centric & Digital Evolution Hyper-personalization Products & Solutions Distribution Channels Deposits & Loans Mobile Insurances Web Pensions ATM Annuities Contact Center Wealth Management Branches Client Segmentation ▪ 13.5 million banking clients 8.0 million Afore clients ▪ Structu
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 process Mercantil Bolsa de Fondos Ahorro y y Factor Almacenadora of being sold del Norte Banorte Banorte Previsión Banorte Bano
Slide 8: Net Income by Subsidiary
Net Income by Subsidiary % of Total GFNorte’s NI* • Net Income +68% from 2021-2025 (~14% CAGR) 58,788 Net Income • Sound Diversification, disciplined growth, operating leverage and 52,418 56,188 scalable profitability 45,408 79% 79% Banorte 40% 35,048 78% 75% 73% 75% ROE35% Million pesos 2Q26 q/q y/
Slide 9: NIM Resilience: Proven Stability Through Market Cycles
NIM Resilience: Proven Stability Through Market Cycles Group Bank NIM NIM 6.5% 6.9% 6.3% 6.2% 6.3% 6.5% 6.6% 6.6% 6.2% 6.1% 6.4% 6.5% 6.1% 6.3% 6.3% 5.6% 5.8% 5.9% 5.9% 5.9% 5.6% 5.5% 5.4% 5.3% 5.2% 4.9% 4.8% Previous criteria 4.8% Previous criteria IFRS IFRS 2016 2017 2018 2019 2020 2021 2022 2023
Slide 10: Net Interest Income Sensitivity Evolution
Net Interest Income Sensitivity Evolution Bank's NII Sensitivity per 100bps change in rate - • Diversified Fee Accretion Local Currency Balance Sheet Million pesos 1,222 • Dynamic risk management hedging 1,200 1,127 11.1% 11.5% 13.0% 979 • Focus on stable low-cost liabilities 1,000 9.0% 11.0% 800 7.
Slide 11: Core Banking Fees keep Growing
Core Banking Fees keep Growing • Digital-Led Growth • Diversified Fee Accretion Robust 29% YoY expansion in Mobile Transactions driven by heightened digital engagement Consolidated Net Fees climbed 15% YoY, leveraging a diversified channel mix and efficient monetization POS Transactions Mobile Monet
Slide 12: Efficiency underpinned by strategic IT investments
Efficiency underpinned by strategic IT investments Group 50.0% 44.9% 45.4% 45.0% 42.8% 41.4% 42.7% 40.0% 39.0% 39.1% 37.4% 36.7% 36.2% 36.2% 35.7% 35.8% 35.0% Previous criteria 35.0% Cost-to-income 30.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q25 3Q25 4Q25 1Q26 2Q26 50,000 Recurring Rev.
Slide 13: Sustained Growth in Profitability / Group
Sustained growth in Profitability leaving to High Returns and Solid Valuations / Group Net Income ROTE Million Pesos 6% YoY 31.5% 5%YoY 58,788 1% QoQ 29.3% 56,188 28.0% 28.1% 52,418 27.5% 26.9% 15,458 15,550 25.9% 45,408 26.9% 25.1% 14,618 36,528 24.7% 35,048 31,958 30,508 20.9% 24.6% 23,908 19,308
Slide 14: Sustained Growth in Profitability / Bank
Sustained growth in Profitability leaving to High Returns and Solid Valuations / Bank Net Income ROTE Million Pesos 36.2%* 5% YoY 5% YoY 32.9%* 33.8%* 33.4%* 47,320 6% QoQ 32.1%* 32.4%* 44,854 30.5%* 29.6%* 30.0%* 41,946 12,610 11,969 11,912 34,549 23.2%* 20.6% 27,493 21.3%* 24,834 26,086 26,289 25,
Slide 15: Transformation
GRUPO FINANCIEROD BANORTE
Slide 16: Digital Transformation Gaining Share
Digital Transformation Gaining Share Transactions Banorte Movil 37% y/y Transactions (Tx) 2,500 1% Branches 1,952 Mobile as a Point 2,000 1,622 14% POS of Sale 1,500 1,423 0.2% Correspondents Call Center 0.4% 7% ATM 1,000 500 - 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 2025 2026 C
Slide 17: Customer Voice – Key in Banorte’s Evolution
Customer Voice – Key in Banorte’s Evolution 2Q26 The Customer’s Voice as an axis for action and alignment of critical processes BANORTE MOVIL APP 82.7* +1.2* pts YoY WEB 84.9 +0.0 pts YoY BRANCHES 82.6 (0.7) pts YoY ATM 82.4 +1.5 pts YoY *New emotion metric was integrated in 2Q25 17
Slide 18: A customer-centric Bank in Minutes
A customer-centric Bank in Minutes 91 86 NPS Mobile payroll loan 91 84 75 +2 ´+4 85 83 New claim 3 min Digital advanced Mobile account Hyper- Credit card auto pay Hyper Open a Branch 3 min payroll N4 opening ATM personalization 3 min 11 min personalization Payroll portability. Account 72 85 18 secon
Slide 19: Leaders in the Business & Infrastructure for the Payment Market
Leaders in the Business & Infrastructure for the Payment Market Digital Platform for TDF (Tarjetas del Digital Payments & 2Q26 aggregators Futuro) Transfers # Branches per State 15 year comercial agreement Credit Cards: ~1.3M Rappi Active Clients: ~7.4M1 POS Transactions (22%) y/y 2Q26 271 110 1Q26
Slide 20: Ongoing RappiCard Evolution
Ongoing RappiCard Evolution Average Billing Rappi Cards Thousand 1,263 Thousand 3,000 Millares 1,20 0 2,750 • Stressed to the market, now operating with risk metrics in 1,00 0 2,500 2,373 desired direction 2,250 800 • Presenting positive unit economics 2,000 600 1,750 • Complete integration into Ban
Slide 21: Loans & Deposits
GRUPO FINANCIEROD BANORTE
Slide 22: Healthy Funding & Loan Portfolio Structure
Healthy Funding & Loan Portfolio Structure 2018 2Q26 1,251bn US71.6bn Bank Deposits $759 bn 2% Senior Unsec. Debt 2% 2% Senior Unsec Debt Money Market Money Market 15% Time 30% 54% Demand 66% Demand Time 29% <<<<<<<<< Loan Portfolio 1,273bn US72.9bn $777 bn Consumer Consumer Government 15% Governmen
Slide 23: Loyal Deposits’ Base
Loyal Deposits’ Base Deposits YoY Billion Pesos 1,187 Demand Time Core Deposits* 1,059 1,129 1,192 1,199 6% 1,100 962 840 353 751 750 750 316 337 365 368 637 667 273 590 217 5% 551 600 217 211 211 194 223 229 168 744 834 792 827 831 623 689 438 533 538 538 384 397 414 9% 100 2016 2017 2018 2019 2020
Slide 24: Continued Growth in Performing Loan Book
Continued Growth in Performing Loan Book, Special Focus on Consumer Loan Portfolio Billion Pesos 1,400 1,269 1,255 1,273 YoY 1,180 1,181 1,200 8% 1,032 1,000 920 802 821 821 777 763 Ex- 800 Gov 616 8% 567 600 518 YoY 472 425 400 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 2023 2024 2025 2
Slide 25: Cost of Funds vs. Loan Growth YoY
Cost of Funds vs. Loan Growth YoY 20% 55% Loan Growth y/y Cost of Funds vs CETES 15% 50% 45.1% 10% 45% 7.8% 5% 40% 0% 35% 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 mam j 2022 2023 2024 2025 2026 25
Slide 26: Rate Comparison
Rate Comparison 29% 29.0% 14% 25.1% 24% 12% 11.8% 10% 19% 8.9% 8% 14% 13.4% 7.4% 6.5% 9.8% 6% 9% 6.5% 4% 4% JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Total Yield Commercial Gov
Slide 27: Sound Asset Quality
Sound Asset Quality NPL Ratio 3.5% 3.1% 2.9% 3.0% 2.5% 2.2% 2.0% 2.0% 1.8% 1.7% 1.7% 1.43% 1.50% 1.4% 1.5% 1.1% 1.1% 1.0% 0.9% 1.13% 0.9% 1.0% 1.0% 0.5% 0.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q25 3Q25 4Q25 1Q26 2Q26 Previous criteria IFRS Previous Criteria IFRS 2019 2
Slide 28: Sound Asset Quality
Sound Asset Quality Coverage Ratio 300% 224% 159% 207% 200% 179% 182% 184% 139% 129% 142% 138% 135% 116% 191% 140% 105% 107% 134% 100% Previous criteria IFRS 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q25 3Q25 4Q25 1Q26 2Q26 Cost of Risk 3.0% 2.8% 2.5% 2.4% 2.5% 2.3% 2.2% 2
Slide 29: Strong Capital Position
Strong Capital Position Capital Adequacy Ratio Basel III 24.7% 22.8% 22.3% 21.8% 21.7% 21.5% 20.7% Tier 2 Full 20.2% 20.1% 20.1% 19.7% 0.4% TLAC 18.5% 17.3% 17.2% 17.90% 15.3% 15.3% 8.5% Total 14.6% Tier 1 +6.50% TLAC 21.1% 2Q26 11.40% 9.40% 15.3% 15.1% 14.7% 7.90% 13.9% 13.2% 12.6% 14.0% 14.8% 12.7
Slide 30: BAP: Long Term Savings Business
BAP: Long Term Savings Business Million Pesos 2Q26 1H26 YoY 2Q26 1H26 Insurance Considering Banorte Futuro Net Income 1,183 3,263 (14%) 1,711 4,111 Equity 9,849 9,849 3% 25,269 25,269 Assets 122,460 122,460 22% 137,579 137,579 Premiums 16,284 36,842 7% 16,284 36,842 ROE 50.3% 55.9% (15.6) pp 28.1% 3
Slide 31: Insurance Business Steadily Improving
Insurance Business Steadily Improving Retained Insurance Technical Reserves Premiums 9,658 Million 8,936 18,311 pesos 17,516 6,708 5,650 5,547 4,345 2Q26 q/q y/y 1H26 y/y 15,069 3,260 2,652 Interest Income (Net) 692 (22%) (21%) 1,576 (16%) 2,353 1,655 13,384 12,930 Premium Income (Net) 13,384 (24%)
Slide 32: 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 33: Market Presence
GRUPO FINANCIEROD BANORTE
Slide 34: Deposit & Loan Market Share
Deposit & Loan Market Share Deposits Loans BBVA Others Others 23% BBVA 23% 26% 26% Inbursa Inbursa 6% 4% Banorte HSBC Scotiabank 14% 6% Banorte 6% 15% HSBC Scotiabank 6% Santander Banamex 6% Banamex Santander 9% 12% 6% 12% Source: CNBV May 2026 34
Slide 35: Market Share by Segment
Market Share by Segment Auto Payroll Credit Card Mortgage Com+Corp Government Deposits may-25 may-26 may-25 may-26 may-25 may-26 may-25 may-26 may-25 may-26 may-25 may-26 may-25 may-26 Banorte 18.7% 20.6% 21.1% 22.0% 11.2% 11.5% 19.8% 19.9% 12.7% 12.4% 25.7% 27.4% 14.0% 14.1% BBVA 22.4% 22.4% 39.8%
Slide 36: Market Share by Segment
Market Share by Segment Total Loan Book Commercial & Corporate Mortgage YoY YoY YoY +9pb 12.7% 15.1% 15.0% 15.1% 12.5% 12.4% (27pb) +9pb 15.0% 11.9% 19.8% 19.9% 11.6% 19.4% 19.5% 18.6% 14.6% May-22 May-23 May-24 May-25 May-26 May-22 May-23 May-24 May-25 May-26 May-22 May-23 May-24 May-25 May-26 Cred
Slide 37: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management Billion Pesos AUM Market Share Aug-25 Aug-26 Aug-25 Aug-26 Profuturo GNP 1,476 1,784 19.0% 19.8% XXI Banorte 1,488 1,708 19.1% 19.0% 2° SURA 1,251 1,473 16.1% 16.4% CitiBanamex 1,209 1,396 15.5% 15.5% Coppel 571 658 7.3% 7.3% PensionISS
Slide 38: Insurance Market Share
Insurance Market Share Million Pesos Premiums Market Share Net Income Market Share Jun-25 Jun-26 Jun-25 Jun-26 Jun-25 Jun-26 Jun-25 Jun-26 G.N.P. 63,645 63,099 12.7% 11.8% 2,110 898 5.6% 2.4% BBVA 49,818 56,179 10.0% 10.5% 6,741 6,996 17.8% 18.7% Metlife México 45,950 47,395 9.2% 8.9% 5,629 6,564 14
Slide 39: Annuities Market Share
Annuities Market Share Million Pesos Resolutions * Market Share Aug-25 Aug-26 Aug-25 Aug-26 Banorte 10,725 14,889 36.5% 43.8% 1° Bancomer 8,755 9,338 29.8% 27.5% Profuturo GNP 9,937 8,310 33.8% 24.4% Banamex - 1,464 0.0% 4.3% Total Industry 29,416 34,002 100.0% 100.0% Annuitants Market Share Aug-25
Slide 40: GFNorte in the World
GFNorte in the World GFNORTE O (BMV) Market Capitalization US 29.7bn Indexes: Total Shares 559 o IPC (BMV) Float 550 Outstanding (1) o Sustainable IPC (BMV) ~87% – 2Q25 2,812.2 m – 2Q25 ~87% – 2Q26 500 519 o MSCI Mexico 2,813.2 m – 2Q26 o STOXX 482 450 GBOOY (OTCQX) 400 Indexes: Total ADRs (2) o DJS
Slide 41: Analysts’ Opinion & Investment Grade by all Major Rating Agencies
Analysts’ Opinion & Investment Grade by all Major Rating Agencies Analysts’ Estimates Ratings Agencies (as of Jun 30, 2026) Agency Rating Outlook Date Net Income 2026 $62,082 Target Price $219.06 Standard & Poor’s BBB Negative May-26 Maximum $248.00 <<<<<<<<< <<<<<<<<< Number of Analysts 19 Fitch BB
Slide 42: ESG
GRUPO FINANCIEROD BANORTE
Slide 43: Sustainability Strategy
Sustainability Strategy MSCI ESG Latest Ratings Action: AA 43
Slide 44: ESG Actions 2Q26
Launch of an employee benefits package to Update to the Human Rights Policy, Improvement in the FTSE ESG Rating, Mujer PyME: encourage the adoption of hybrid and incorporating due diligence processes and increasing from 3.6 to 3.9 out of 5.0 in the 2025 2Q26 electric vehicles, including: guidelines.
Slide 45: Sustainable Business
Sustainable Business Social and Environmental Risk Management System Responsible Investment AUM that consider ESG criteria Figures in millions of Mexican pesos 18.80% Non- During 2Q26: sustainable analyzed 1,510 Analyzed loans AFORE XXI Banorte 67,157 69,983 portfolio 160 Loans with IFC 58,707 0.65%
Slide 46: Appendix
GRUPO FINANCIEROD BANORTE
Slide 47: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Change Comprehensive Income Highlights 2Q25 1Q26 2Q26 1H25 1H26 (Million Pesos) 1Q26 2Q25 1H25 Interest Income 105,500 88,567 90,098 2% (15%) 214,293 178,666 (17%) Interest Expense 70,047 49,090 52,484 7% (25%) 143,094 101,574 (29%) Net Inte
Slide 48: Quarterly Summary
Quarterly Summary 0 Financial Ratios GFNorte 2Q25 1Q26 2Q26 1H25 1H26 12M* Profitability: NIM (1) 6.1% 6.5% 6.1% 6.2% 6.3% 6.4% NIM adjusted w/o Insurance & Annuities 5.9% 6.3% 6.5% 5.9% 6.4% ROE (2) 23.6% 23.9% 25.7% 23.5% 24.8% 23.4% ROA (3) 2.3% 2.4% 2.3% 2.4% 2.3% 2.3% Operation: Efficiency Rati
Slide 49: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Financial Position Highlights 2Q25 1Q26 2Q26 (Million Pesos) 1Q26 2Q25 Asset Under Management 4,893,737 5,385,820 5,522,386 3% 13% Stage 1 Loans 1,170,688 1,243,006 1,260,336 1% 8% Stage 2 Loans 9,903 12,387 12,857 4% 30% Stage 1 & 2 Loans (
Slide 50: Quarterly Summary
Quarterly Summary Change Change Share Data 2Q25 1Q26 2Q26 1H25 1H26 1Q26 2Q25 1H25 Earnings per share (Pesos) (1) 5.196 5.495 5.528 1% 6% 10.631 11.023 4% Earnings per share Basic (Pesos) (2) 5.160 5.482 5.522 1% 7% 10.544 11.004 4% Dividend per Share for the period (Pesos) 9.99 0.00 10.45 N.A. 5% 9
Slide 51: Healthy Liquidity
Healthy Liquidity Loans to Deposits 110% 105% 101% 102% 99% 99% 100% 95% 90% 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 2020 2021 2022 2023 2024 2025 2026 Liquidity Coverage Ratio - LCR 230% 210% 184% 190% 166% 163% 155% 170% 150% 130% 110% 90% 70% 3Q 4Q 1Q 2
Slide 52: Selected Industry Exposures
Selected Industry Exposures Vs. Total Loans 2Q26 Oil Industry* 0.7% Electricity Companies* 1.6% Construction & Real Estate Vs. Total Housing 2.0% Loans Commercial 0.9% SMEs • 85% Nafin / Bancomext guaranteed 5.0% Others 1.3% loans, 47% of SME book Malls 1.0% Dollar denominated* 13.5% Tourism 6.1% *I
Slide 53: 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 Result Income Acquisition Technical
Slide 54: Financial Targets GFNorte - 5 years
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 Note: Forecasts were generated under the new accounting rules, approaching convergence to IFRS internation
Slide 55: 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 2Q26 report. During 2026 we have released: 1. Annual Report 2025 to the Banking an
Slide 56: Economic & Financial Perspectives
Economic & Financial Perspectives
Slide 57: 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 2027F GDP 6.0 3.7 3.1 1.5 0.5 1.4 2.0 (% y/y) Inflation 7.4 7.8 4.7 4.2 3.7 4.0 3.8 (% y/y) Exchange rate 20.29 20.11 17.73 18.33 19.20 17
Slide 58: Contraction in 1Q26, recovery expected
We saw a contraction in 1Q26, expecting a recovery through the remainder of the year GDP Index 100 = 4Q18 115 2027: 2026: 109.2 2024: 2025: 107.1 110 104.8 105.6 2023: 103.5 105 100 2022: 100.4 95 2019: 2021: 99.6 2020: 96.8 90 91.1 2026: 2027: Primary activities 1.4% 2.0% 85 Industrial production 8
Slide 59: 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 2025 2026 2027 1Q26 2Q26 3Q26 4Q26 2025 2026 2027 GDP GDP 0.2 2.0 2.2 1.2 0.5 1.4 2.0 0.2 2.0 2.2 1.2 0.5 1.4 2.0 (% y/y) Consumption 2.2 3.1 2.6 1.8 1.0 2.4 2.3 A
Slide 60: Non-oil exports have accelerated
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 750 200 220 Professional and scientific equipmen
Slide 61: Domestic demand has moderated
Domestic demand has moderated… Employment: INEGI (general) and IMSS (formal sector) Million, sa Investment Consumption Index 100 = Jul-2018 Index 100 = Feb-2020 (previous historical high) 115 63 24 115 110 23 20.0% 110 61 105 12.1% 22 100 105 59 95 21 100 57 90 20 85 95 55 80 19 90 53 INEGI (LHS) 75
Slide 62: Challenges in the labor market
…with some challenges in the labor market through early 2026, but improving later on Formal employment Daily wages* Millions % y/y in real terms (ex-post) 60 23.5 2019 2020 2021 2022 2023 2024 2025 342.1 k -647.7 k 846.4 k 752.7 k 651.5 k 214.0 k 278.7 k Minimum wage IMSS INEGI 1.7% y/y -3.2% y/y 4.
Slide 63: 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 Lab
Slide 64: 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 worked* Key points ▪ 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 nu
Slide 65: Largest adjustments in manufacturing, commerce, 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, by sector* Formal population that works more than 40h per week, by Thousands, % of the employed population in the sector comp
Slide 66: North and center have highest share 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, by state* Formal population that works more than 40h per week, by % of the employed population in the state state % y/y in real terms (ex-post) % % of the state % of
Slide 67: 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% y/
Slide 68: Growth maintains a heterogeneous performance
Growth maintains a heterogeneous performance GDP by states GDP by states GDP by states % of total y/y, 2025 y/y, 2024 Mexico City 15.3 Mexico City 2.1 Mexico City 2.2 State of Mexico 9.1 State of Mexico 1.2 State of Mexico 2.2 Nuevo Leon 8.1 Nuevo Leon 1.7 Nuevo Leon 3.4 Jalisco 7.3 Jalisco 1.2 Jali
Slide 69: Mexico 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 relevance
Slide 70: 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 70
Slide 71: Nowcasting Economic Activity – IGAE
Nowcasting Economic Activity – IGAE (GDP proxy) Nowcasting of Monthly Economic Activity - IGAE % y/y; nsa IGAE Nowcast IGAE Nowcast 30 20 3.62 3.3 3.0 2.7 10 2.3 2.1 3.62 1.7 1.4 1.4 0 0.9 1.1 1.0 0.87 0.7 0.7 0.5 -10 -0.2 -0.2 -0.2 -0.4 -0.4 -20 -0.7 -0.8 -1.1 -30 Jan-20 Aug-21 Mar-23 Nov-24 Jun-26
Slide 72: Performance of households’ expenditures
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 = 100 240 153.0% 240 Supermarkets 104.5% 200 He
Slide 73: Household consumption has remained somewhat resilient
Household consumption has remained somewhat resilient Debit & Credit Card Purchases Jan-2019 = 100, % y/y 400 Supermarkets 350 247.0% Convenience Stores and Specialty Markets 300 Miscellaneous 250 200 62.5% 150 100 -6.1% 50 0 Jan-19 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Sep-25 Jun-
Slide 74: 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 21.7% 34.3% Healthcare Professional Services 14.8% 10.7% 15.8% 26.9% Accommodation and Food Services Retail Sales 5.0% 11.6% 21
Slide 75: House prices in Mexico grew 4% y/y
In June 2026, house prices in Mexico grew 4% y/y Housing Price Ranking by State INBAPREVI: National index Pesos per sq. meters (June 2025) % m/m Mexico City 58,257 Nuevo Leon 56,076 0.7 0.6 0.6 Jalisco 47,652 Sinaloa 42,407 0.5 0.4 0.4 Baja California 40,688 0.4 State of Mexico 38,516 0.2 0.2 0.2 Na
Slide 76: Banxico will remain on hold through 2026 and 2027
Banxico will remain on hold through the remainder of 2026 and in 2027 Inflation forecast Reference rate forecast % y/y fortnightly frequency % 12 12 Headline Core Non-core 10 11 8 2023: 2027 10 4.7 2026: 3.8 6 2025: 4.0 3.7 9 4 8 2024: 2 4.2 2026: 6.50 2027: 7 0 6.50 -2 6 Dec-23 Dec-24 Dec-25 Dec-26
Slide 77: The easing cycle has ended
The easing cycle has ended Banxico’s hawk-o-meter Subjective assessment on the meeting of June 25 Bias Member Relevant comments "...a pause would prevent a monetary policy stance that is inconsistent with the current inflation outlook." Hawkish Jonathan "...slack conditions are insufficient to offse
Slide 78: Banxico’s hawk-o-meter
Banxico’s hawk-o-meter Tone of Banxico’s Board comments Index* 0.42 Avg. 8 statements Jun'26 0.37 0.03 -0.02 -0.08 -0.15 -0.14 -0.20 -0.28 -0.36 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 Sour
Slide 79: 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 YTD Pesos per dollar COP 16.2 26 BRL 7.1 ILS 5.9 24 HUF 5.3 AUD 4.2 22 NOK 3.2 2026: 2027: CNY 3.1 20 18.10 18.50 MXN 2.9 RUB 2.8 18 ZAR 1.6 NZD 0.2 16 MYR -0.3 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Dec-27 S
Slide 80: 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 • Higher revenues by $65.7 billion GDP (% y/y) 1.8 to 2.8 1.9 to 2.9 ▪ One additional USD in the
Slide 81: Recovery in spending in 2026
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 Spending ($ billion) 10,114.8 9,226.2 9,022.0 8,257.6 6,000 Social programs 9
Slide 82: Government efforts to lower spending will continue
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 60 52.0 53.2 54.7 55.0 5.6 5.8 50.2 49.2 47.8 46.8 6 44.5 43.6 43.2 2.7 40 1.6 1.0 1.6 0 20 -1.4 -3.7 -4.1 0 -6 2017 2018 2019 2020
Slide 83: Government support for PEMEX continues
Government support for PEMEX continues Financial & suppliers’ debt LatAm Oil companies: 10-year bonds (USD) $ billion % 2,500 Suppliers Financial debt 11 PEMEX Ecopetrol Petrobras (RHS) 6.6 6.4 2,000 10 6.2 1,500 9 6.0 1,000 8 5.8 5.6 500 7 5.4 0 6 5.2 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 84: Sheinbaum’s cabinet and legislative composition
Claudia Sheinbaum’s cabinet and composition of the legislative branch Lower House composition Simple Two thirds majority: Key actors within the Sheinbaum’s cabinet majority: 251 334 Interior: Infrastructure: Finance: Rosa Icela Rodríguez Jesús Antonio Esteva (fmr. Minister of Security) Edgar Amador
Slide 85: 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 85
Slide 86: 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 y = 1.2592x - 0.83 2012 2023 1996 1997 2026 2027 R² = 0.4411 1990 2010 1994 6 2000 1998 Banorte 1.4 2.0 2022 2006 4 1991 2011 2004 Consensus 1.1 1.8 2015 2014
Slide 87: 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 87
Slide 88: 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 5.
Slide 89: The New Trade Order: Mexico in a Geoeconomic World
The New Trade Order: Mexico in a Geoeconomic World US four strategic pillars regarding Mexico US policy toward Mexico is increasingly driven by economic security and geopolitics, not just trade Globalization shift From efficiency to economic security and supply-chain resilience US–China competition
Slide 90: Mexico's key drivers for the economy
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 45 Profit reinvestment and accounts between compa
Slide 91: Mexico is the main US trading partner
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 2016 2025 534.9 2016 2025 500 500 462.4 383.0 400 400 338.0 329.8 308.4 300 293.5 266.7 300 277.7 230.2 201.4 193.8 200 200 11
Slide 92: 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 92
Slide 93: Mexico consolidating position as main US partner
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 Apr-26: 16.9% 17 Rolling 12m: 16.6% 15 13 Apr-26: 11.7% 11 Rolling 12m: 11.2% 9 Apr-2
Slide 94: What’s behind the trade dynamics with the US
What’s behind the trade dynamics with the US What’s behind the trade dynamics with the US Tariffs USMCA Review Tariff pressure via Section 232 2026 review to shape North American economic integration (autos, auto parts, steel, aluminum, copper) Key topics Push for stricter rules of origin and higher
Slide 95: Possible scenarios surrounding USMCA
Possible scenarios surrounding USMCA Regular review and consensual extension (greater certainty) On July 1st, 2026, the three nations will meet to evaluate the functioning of the treaty. Technical adjustments are made; the three parties confirm in writing their willingness to extend the treaty for a
Slide 96: 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 content Chapters 1 to 7 (2) Digital Trade and Services (2) Digital economy and technological provisions Chapters 8 to 16 (3) Labor, Environmental,
Slide 97: Share of goods crossing into the US tariff-free
…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 percentage of goods shipped tariff-free Goods exported to the US paying some type of duties % of the total % of the total 100 76.4 2024 2025 H
Slide 98: Mexican exports to the US pushed by AI investments
Mexican exports to the US have been pushed by AI investments US: Imports of goods related to AI by country* US: Imports from Mexico in AI related & non-related % of the total, calculated with 12-month sum up to April categories* % y/y using 12-month sum 30 50 26.7 Total 25 Related 22.8 40 Non-relate
Slide 99: 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 40 US 38.8 20 Spain 10.8 0 Canada 8.1 The Netherlands 5.8 -20 Japan 5.6 -40 Swiss 5.0 -60 Exports Australia 4.1 -80 Imports France 3.0 -100 China* 2.
Slide 100: Imports focused on electronic equipment and machinery
The imports are focused on electronic equipment and machinery Mexico: Imports from China in 2025 % Total imports US$116.9 billions Others Vehicles 15.0% 13.0% Furniture Toys 1.8% 1.6% Projector s and surgical Aluminu Electric equipment Machinery and eq. Plastics inst. m Art. of iron or Chemical art.
Slide 101: Imports focused on electronic equipment and machinery
The imports are focused on electronic equipment and machinery Mexico: Imports from China in 2025 % Electric eq. imports US$40.4 billions Others Vehicles 15.0% 13.0% Telephones 22.2% Electronic circuits 9.7% Transformers 8.4% Toys Machinery parts 7.1% Furniture 1.8% 1.6% Electric wires and cables 6.9
Slide 102: Imports focused on electronic equipment and machinery
The imports are focused on electronic equipment and machinery Mexico: Imports from China in 2025 % Machinery and eq. Imports US$26.1 billions Others Vehicles 15.0% 13.0% Parts of machinery 24.1% Computers 15.8% Air vacuum pumps 7.3% Toys Air conditioning 4.2% Furniture 1.8% 1.6% Mechanical machinery
Slide 103: Imports focused on electronic equipment and machinery
The imports are focused on electronic equipment and machinery Mexico: Imports from China in 2025 % Other imports* US$17.5 billions Others Vehicles 15.0% 13.0% Rubber manufacturing 9.5% Apparel art. & knitted access 6.4% Metal manufactures 5.9% Iron and steel 5.0% Furniture Toys Apparel art. & knitte
Slide 104: Imports focused on electronic equipment and machinery
The imports are focused on electronic equipment and machinery Mexico: Imports from China in 2025 % Vehicles imports US$13.0 billions Others Vehicles 15.0% 13.0% Vehicles 47.7% Parts and accessories 34,7% Goods vehicles 7.6% Toys Other parts and accessories 4.9% Furniture 1.8% 1.6% Motorcycles 1.9% P
Slide 105: 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$4.5bn (83%) (3%) (2%) (2%) (1%) Autos Computers Auto parts Heavy Wires & (9%) (8%) (7%) vehicles cables (6%) (3%) Agro Auto Warehousing and Appliances & industry industry
Slide 106: United States remains at forefront of investment in Mexico
The United States remains at the forefront of investment in Mexico amidst tensions with China Foreign Direct Investment FDI in 2025 by country of origin* US$ billion % of total 60.0 US 38.8 FCH: EPN AMLO Spain 10.8 Average: Average: Average: Canada 8.1 US$25.7 billion US$35.7 billion US$34.3 billion
Slide 107: FIBRAs and demand for industrial spaces
FIBRAs and demand for industrial spaces Major industrial real estate markets in Mexico as of 2Q26 Demand for industrial spaces Industrial space Investment Cumulative demand growth growth 2025-2030 +104 parks by 2030 2026e 19.0 +477 parks currently in operation +36.9% million m2 Most dynamic sectors
Slide 108: However, some bottlenecks persist
However, some bottlenecks persist Electricity demand in Mexico Maximum water level of Mexico’s dams Billion cubic meters ● According to the IEA the current electricity 130 consumption in Mexico is around 300 TWh 120 ● For the next five years it could need between 380 – 400 TWh 110 ● Mexico will need
Slide 109: Mexico has benefited from similar investments
Mexico has benefited previously from similar investments, driving structural changes across several industries Mexico: Non-oil exports to the world* US: Top five goods imported from Mexico US: Vehicle imports by country US$ billion constant prices (monthly figures, sa) US$ billion, nominal terms (ye
Slide 110: 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, 2025 78.9 61.6 177.4 *The three states represent close to 60% of the share of total imports Source: US Census 110 110
Slide 111: Export centers concentrated in north and center
Export centers are concentrated in the north and center of Mexico Mexico: Exports to US US$ billion, 2025 49.8 105.1 58.5 29.2 69.4 48.7 Source: Ministry of Economy 111 111
Slide 112: Geolocalization of industrial zones 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 112
Slide 113: 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 mission? Top-ten goals towards 2030 • Rank Mexico among the world’s top 10 economies (current: 15) • Increase the investment-to-GDP ratio above 28% (2024: 24.8%) • Create
Slide 114: 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, GTO, (Several states) Estimated investment: HID) Estimated investment: US$390.5 million Estimated investmen
Slide 115: Infrastructure Investment Plan 2026-2030 (PIIDB)
Infrastructure Investment Plan for Development with Welfare 2026-2030 (PIIDB) Key elements Resources by sectors % of the total amount On February 3, 2026, President Claudia Sheinbaum announced the Infrastructure Investment Plan for Development with Welfare 2026-2030 From 2026 to 2030, a historic pub
Slide 116: 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 2030: Add between Maximum share of 6,400 MW – 9,550 MW of 60,000 the private sector clean energy. 55,000 in electricity Investment: US$6 to generation US$9 billion 50,000
Slide 117: Pemex CAPEX
Pemex CAPEX PEMEX investments* Liquid hydrocarbon production levels Kbbl/d 1,900 Exploration Sustainable Oil 1,875 Total crude oil production Business Plan 2025 - 2035 Investment $220 billion Investment $1.6 trillion 1,850 6 projects 12 projects 269 exploration wells 1.8 million barrels per day 1,79
Slide 118: ‘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 attract investment and enhance productive 1. Border Region 2. Gulf of California 3. North capacities, seeking to trigger economic and social deve
Slide 119: 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 6.0 4.7 2026 1.7* 4.5 2027** -- 5.0 3.3 Banking Credit Forecast Model ⚫ Different
Slide 120: Capitalization ratios
Capitalization ratios Capitalization ratio % of net capital / credit risk assets Tier 1 Common Capital Additional Tier 1 Additional Capital Regulatory Minimum 25 24.4 23.8 23.3 20.7 21.0 20.5 20.4 20.4 19.9 19.5 19.6 19.5 20 18.8 18.8 17.3 17.0 15.9 15.9 15.6 15.6 15.4 15.3 15.2 15.1 15 14.8 14.7 14
Slide 121: 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 2021 2022 2023 2024 2025 2026 2010 2012 201
Slide 122: 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 61.0 62.4 66.2 69.5 70.4 70.9 74.2 77.0 78.6 26.8 (per 100,000 adults) 26 24 Number of commercial bank 15.7 15.7 15.6 15.5 14.5 13.6 13.8 1
Slide 123: 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 account % of population aged 15+ 60 53.0 50 49.0 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 cre
Slide 124: 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 She/he doesn't need it 35.8 Without savings 60 13.6 15.4 15.3 21.6 Both Doesn't have e
Slide 125: 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 Doesn't like to borrow 38.4 Without a loan 60 12.6 12.7 11.9 Both 11.0 40 16.4 18.4 Only formal 21.6 25.
Slide 126: Access to financial instruments and digitalization
Access to financial instruments and digitalization in urban and rural populations Use of financial instrument in the last year and by type of area Channels used to do transactions or check the account’s % of population between 18 and 70 years old balance % of population between 18 and 70 years old 8
Slide 127: 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 % of population aged 18-years-old or
Slide 128: 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 Use
Slide 129: 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 63.1 Loans from f
Slide 130: 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 20 2020 2021 2023
Slide 131: 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 25 16 15.0 13.5 12.5 20 11.5 12 10.5 9.5 15 8.5 7.5 8 6.5 10 4 5 0 0 1998 2001 2004 2007 2010 2013 2016 2019 2022 2025 2022 2023 2024 2025 2026 2027 2028 2029 2030 Investment
Slide 132: Job informality
Job informality People working in informality Informality rate Population aged 15+, million % of population aged 15+ 36 62 34 60 33.4 32 58 30 56 55.2 28 54 26 52 24 50 22 48 20 46 May-07 Feb-12 Nov-16 Aug-21 May-26 May-07 Feb-12 Nov-16 Aug-21 May-26 Source: INEGI 132
Slide 133: 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 75-79 (% of total population, 2025) 70-74 65-69 Average age 29.6 36.2 6
Slide 134: 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) (A
Slide 135: 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 interne
Slide 136: Analyst Certification
BANORTE 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 Garcia Casales, Santiago Leal Singer, Victor Hugo Cortes Gastro, Leslie Thalia Orozco Vélez, Hu
Slide 137: Visit our website
Visit our website @alexpadillasan 137 d e B A N O R T E
Grupo Financiero Banorte — Investor Presentation (2026) on 6ix