Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O
Grupo Financiero Banorte Sab De Cv Class O — Q3 2025 Earnings Presentation
145 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, 2025
Slide 1: Corporate Presentation 3Q25
Corporate Presentation 3Q25
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 15.2%* 4,5,6 Plan 1,2,3 Plan 20|20 Plan • Best experience • Banorte’s Digital Client • Best Transformation Business Diversification Segmentation personalized • JV Rappi offer * Loan book IT : central DB, Market Share Inorganic Growth mu
Slide 6: Strategy – Client centric & Digital Evolution
Strategy – Client centric & Digital Evolution PRODUCTS & DISTRIBUTION SOLUTIONS CHANNELS Deposits & Loans Mobile Client Segmentation Insurances ▪ 13.3 million banking clients Web Pensions 7.9 million Afore clients ATM Hyper-personalization ▪ Structured Info & Learning Annuities (Central DB & Watso
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 bein
Slide 8: Business Mix - Diversified Net Income and Balance
Business Mix - Diversified Net Income and Balance ◼ Sound business diversification: Net Income by Subsidiary ▪ Bank (3%) y/y; 9M25 +2%, ROE +28.4% 9M25 ▪ Broker dealer & mutual funds (16%) y/y; 9M25 +105% ▪ Insurance +39% y/y; 9M25 +20% Afore Holding ▪ Annuities +10 y/y; 9M25 +3% 2.5% 1.2% Annuiti
Slide 9: Net Interest Margin Moving in the Right Direction
Net Interest Margin Moving in the Right Direction NIM 7.0% 6.3% 6.5% 6.3% 6.5% 6.2% 6.3% 6.2% 6.0% 5.6% 5.6% 5.5% 5.4% 5.5% 5.3% 4.9% 4.8% 5.0% 4.7% 4.4% 4.5% 4.5% 4.1% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 Previous criteria IFRS NIM (Post-P
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% 11.1% ◼ Active ALCO 1000 979 11% 9.0% ◼ Organic growth of fixe
Slide 11: Core Banking Fees keep growing
Core Banking Fees keep growing Net Fees (4%) ◼ Net fees +1 q/q, (4%) y/y; 9M25 0% y/y y/y ▪ Fees charged on services (6%) y/y; 9M25 +3% y/y Million 5,304 5,500 pesos 5,079 5,111 ▪ Fees paid on services (8%) y/y; 9M25 +6% y/y 5,000 ◼ Strategic slowdown on digital POS transactions on profitability 4
Slide 12: Efficiency already recovered from the pandemic
Efficiency already recovered from the pandemic Cost to Income 57.0% 54.0% 52.0% 52.0% 48.5% 47.9% 44.9% Recurring 45.4% 47.0% 40.0% 39.7% 42.8% 41.4% 42.0% 39.0% 39.1% 42.7% 37.4% 36.8% 36.2% 36.0% 35.3% 37.0% 34.6% 32.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1
Slide 13: Net Income growing
Net Income growing Net Income Million Pesos 7% CAGR 2012-2024 YoY 15% 56,188 17,000 (11%) 55,000 52,418 q/q 16,000 45,408 45,000 14,618 15,000 14,238 36,528 35,048 14,000 35,000 31,958 30,508 13,008 13,000 23,908 *Recurring 25,000 19,308 17,108 12,000 (9%) y/y 15,000 10,888 11,000 5,000 10,000 201
Slide 14: Positive Growth in Profitability
Positive Growth in Profitability ROA 3.0% 2.3% 2.4% 2.3% 2.4% 2.3% 2.5% 2.2% 2.05% 2.1% 1.9% 1.9% 2.3% 2.0% 2.22% 1.6% 2.07% 1.4% 1.5% 1.5% 1.8% 1.3% 1.8% 1.5% 1.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 Previous criteria IFRS Recurring ROA of Ban
Slide 15: Positive Growth in Profitability
Positive Growth in Profitability ROE 25.0% 23.6% 22.4% 22.9% 21.3% 20.3% 20.1% 20.1% 19.2% 20.0% 17.0% 17.1% 19.3% 19.6% 15.3% 14.3% 14.2% 14.1% 15.0% 13.2% 13.3% 14.8% 10.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 ROE of the Bank 35.0% 31.1% 30.2%
Slide 16: Positive Growth in Profitability
Positive Growth in Profitability ROTE of the Group 30.0% 29.3% 28.6% 28.0% 27.5% 26.9% 25.9% 26.9% 25.1% 25.0% 24.7% 24.6% *Recurring 20.9% 20.0% 19.1% 18.7% 19.2% 17.3% 18.8% 16.2% 16.4% 15.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 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 (Tx) Transactions 3Q25 Branches 1.3% 1,800 (millions) 1,620 WEB 1,600 1,423 POS 8% 1,400 1,221 Correspondents 0.2% 18% 1,200 Call Center 0.4% 1,000 8% 800 ATM 33% y/y 600 64% Mobile 400 200 - 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2021 2022 2023 2024 2025 C
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: 3Q25 o processes / services / systems o products Banorte Móvil WEB App o branch-administration, contingency, others 83.5 -2.0* pts y/y 83.3 -1.7 pts YOUR
Slide 20: A customer-centric bank in minutes
3Q25 A customer-centric bank in minutes +6 ´+13 85 87 91 85 movil 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 personalization 3 min 3 min 3 min 10 min in one interac
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 POS Transactions (5%) Rappi JV y/y 15-year commercial agreement 500 Digital Physical DIGITAL PLATFORM for aggregators 400 199 208 161 300 292 200 287 268 100 0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23
Slide 22: Ongoing RappiCard evolution
Ongoing RappiCard evolution Rappi Cards Average Billing Rappi Cards Thousand 1,140 Million 3,000 Millares 1,200 1,118 2,750 2,512 2,457 ▄ Stressed to the market, now operating with risk metrics in 1,000 2,500 desired direction 2,250 800 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 3Q25 1,169bn US63.7bn Senior Unsec. Debt Senior Unsec. Debt Money Market 3% 3% Money Market 30% Demand Time Time 64% Demand Loan Portfolio $777 bn 1,200bn US65.4bn Consumer Consumer Government 19% 13% Government Mortgage 25% Com
Slide 25: Loyal Deposits' Base
Loyal Deposits’ Base Deposits CAGR 2013-2024 YoY +10% 1,129 1,104 Billion 1,059 1,029 1,100 Pesos 962 7% Core Deposits* Time Demand 840 900 751 750 750 792 759 744 715 637 667 689 6% 700 590 623 509 551 533 538 538 436 414 438 500 384 384 397 336 351 316 314 337 345 300 273 300 255 223 229 211 211
Slide 26: Continued Growth in Performing Loan Book, Special Focus on Consumer
Continued Growth in Performing Loan Book, Special Focus on Consumer YoY Loan Portfolio 1,400 Billion 7% Pesos 1,180 1,181 1,200 1,200 1,125 1,032 1,000 920 802 821 821 Ex-Gov 777 763 800 CAGR: 10% 616 +9.7% YoY 567 600 518 472 401 425 400 200 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021
Slide 27: Cost of Funds vs Loan Growth y/y
Cost of Funds vs Loan Growth y/y 20% 55% 15% 50% 46.5% 10% 45% 6.6% 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 2020 2021 2023 2024 2025 Loan Growth y/y Cost of Funds vs CETES Div TI NIM Dep BAP Guid ESG Eco Rev
Slide 28: Rate comparison
Rate comparison Reference Rate vs Loan Portfolio’s Yield Reference Rate vs Consumer Yield 29% 29.3% 14% 26.3% 12.4% 24% 12% 10% 9.9% 19% 8.7% 8% 14% 13.9% 7.5% 9.7% 6% 9% 7.5% 4% 4% AMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J AS AM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J
Slide 29: Sound Asset Quality
Sound Asset Quality NPL Ratio 3.5% 3.1% 2.9% 3.0% 2.5% 2.2% 2.1% 2.0% 1.8% 1.7% 1.7% 2.0% 1.37% 1.5% 1.0% 1.1% 1.0% 1.13% 0.9% 1.00% 1.0% 1.1% 0.9% 0.5% 0.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 Previous criteria IFRS Previous Criteria IFRS | 20
Slide 30: Sound Asset Quality
Sound Asset Quality Coverage Ratio 250% 224% 207% 200% 179% 182% 184% 178% 159% 138% 139% 142% 138% 191% 144% 150% 129% 107% 116% 105% 100% 50% Previous criteria IFRS 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 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% 0.2% Tier 2 TLAC 20.2% 19.2% to 2025 18.5% 17.90% 17.3% 17.2% 7.3% 15.3% 15.3% 16.275% 14.6% Total +4.875% Tier 1 TLAC 22.1% 4Q24 11.40% 9.40% 15.3% 15.1% 14.7% CET1 13.9% 13.2% 13.9% 13.2% 14.
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 6,565 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% 1.35% 1
Slide 33: Annuities Margin – inflation effect
Annuities Margin – inflation effect 2Q25 = 3Q25 Monthly Inflation $1,586 $4,489 $2,483 $5,457 $2,565 1.2% $2,634 0.9% 0.6% 0.3% $296 $304 0.0% Loans’ Investments’ Inflation Margin Loans’ Loans' interests Investments’ Inv. Interests Inflation (UDIS) Valuation Margin Margin interests interests index
Slide 34: Technical Reserves – inflation effect
Technical Reserves – inflation effect 2Q25 3Q25 Monthly Inflation 2,483 1,586 139 4,474 4,240 141 4,072 1.2% 3,848 -1,997 -1,895 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 3Q25 9M25 YoY 3Q25 9M5 YoY Insurance Considering Banorte Futuro Net Income 1,406 5,221 21% 1,812 6,341 17% Equity 10,953 10,953 17% 26,810 26,810 7% Assets 103,642 103,642 31% 119,192 119,192 26% Premiums 10,736 45,152 26% 10,736 45,152 26% ROE 54.1% 6
Slide 36: Insurance business steadily improving
Insurance business steadily improving Technical Reserves Retained Insurance Premiums 12,000 Million 20,000 10,000 pesos 8,000 3Q25 q/q y/y 9M25 y/y 4,345 18,000 3,260 6,000 Interest Income (Net) 791 (10%) (13%) 2,672 (4%) 1,655 4,000 Premium Income (Net) 9,729 (9%) 33% 38,724 25% 16,000 2,000 Net
Slide 37: 2025 Guidance – Adjusted in 3Q25 by Bineo's Impairment
2025 Guidance – Adjusted in 3Q25 by Bineo’s Impairment Original Guidance New Guidance* Wider range due to Loan Growth 8% – 11% 6% – 11% government loans Ex-gov 9.0 – 12.0% NIM 6.1% – 6.4% 6.2% – 6.5% NIM of Bank 6.4% – 6.6% 6.5% – 6.8% Recurring Expense Growth 6.0% – 7.0% 9.4% – 9.7% Total Expense
Slide 38: 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 38 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 39: Deposit & Loan Market Share
Deposit & Loan Market Share Deposits Loans BBVA Others 22% Others 26% 22% BBVA 26% Inbursa Inbursa 2nd 6% 2nd 5% Banorte 14% HSBC 6% Banorte Scotiabank 15% 6% HSBC Banamex Scotiabank 6% 9% 7% Santander Banamex Santander 12% 6% 12% Source: CNBV August 2025 Div TI NIM Dep BAP Guid ESG Eco Rev Div Di
Slide 40: Market Share by Segment
Market Share by Segment Auto Payroll C. Card Mortgage Commercial Government Deposits Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Aug-24 Aug-25 Banorte 18.1% 19.2% 20.9% 21.1% 10.9% 11.3% 19.5% 19.9% 12.7% 12.8% 26.4% 27.4% 13.8% 13.7% BBVA 22.9% 22.3% 39.2%
Slide 41: Market Share by Segment
Market Share by Segment Total Loan Book Commercial & Corporate Mortgage 15.2% 12.7% 12.8% 15.1% 15.1% 12.3% 15.0% 12.0% 11.6% 19.9% 19.4% 19.6% 19.5% +32bps 18.8% +2bps 14.7% +28bps Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Credit Card
Slide 42: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management Billion Pesos AUM Market Share Sep-24 Sep-25 Sep-24 Sep-25 Profuturo GNP 1,260 1,542 18.6% 19.1% XXI Banorte 1,300 1,538 19.2% 19.1% 2° SURA 1,076 1,297 15.8% 16.1% CitiBanamex 1,060 1,251 15.6% 15.5% Coppel 502 591 7.4% 7.3% PensionI
Slide 43: Insurance Market Share
Insurance Market Share Million Pesos Premiums Market Share Net Income Market Share Jun-24 Jun-25 Jun-24 Jun-25 Jun-24 Jun-25 Jun-24 Jun-25 G.N.P. 56,310 63,645 12.5% 12.7% 2,249 2,110 6.6% 5.6% BBVA 42,777 49,818 9.5% 10.0% 5,494 6,741 16.0% 17.8% Metlife México 43,371 45,950 9.6% 9.2% 4,320 5,629
Slide 44: Annuities Market Share
Annuities Market Share Million Pesos Resolutions * Market Share Sep-24 Sep-25 Sep-24 Sep-25 Banorte 12,752 11,745 45.3% 35.6% 2° Bancomer 6,615 9,319 23.5% 28.2% Profuturo GNP 8,785 11,942 31.2% 36.2% Total Industry 28,153 33,006 100.0% 100.0% Annuitants Market Share Sep-24 Sep-25 Sep-24 Sep-25 Ba
Slide 45: GFNorte in the World
GFNorte in the World Market Capitalization US 28.3bn Billion 3Q24 3Q25 Pesos 550 518.8 Total Shares Outstanding(1) : 2,813.2 m 2,813.2 m 500 Float: ~ 86% ~ 87% Total ADRs(2) Outstanding: 10.11 m 9.79 m 482.3 450 400 Ticket Indexes 392.4 350 IPC (BMV) Sustainable IPC (BMV) GFNORTE O (BMV) 300 MSCI
Slide 46: Analysts' Opinion & Investment Grade by All Major Rating Agencies
Analysts’ Opinion & Investment Grade by All Major Rating Agencies Analysts’ Estimates Ratings Agencies (as of Sep 30, 2025) Agency Rating Outlook Date Net Income 2025 $59,521 Target Price $195.65 Standard & Poor’s BBB Stable Aug-25 Maximum $235.00 Number of Analysts 22 Fitch BBB- Stable Nov-24 # B
Slide 47: 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 47 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 48: 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 48 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 49: ESG Updates
ESG Updates By the end of August, we had We conducted 43 financial Our 2024 Annual Report Autoestrene Verde: In 3Q25: Ps reached +60% of the 226,000 workshops, reaching +1,900 received the platinum award at 3.068 billion placed in 8,461 loans. trees we pledged to plant by clients through our Finan
Slide 50: Sustainable business
Sustainable business Social and Environmental Risk Management System Responsible Investment AFORE XXI Banorte AUM that considers ESG criteria 8.20% Non-sustainable During 3Q25: Figures in millions of Mexican pesos analyzed portfolio 519 Analyzed loans 61,889 0.86% Sustainable 71 Loans with IFC 55,40
Slide 51: 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 51 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 52: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Change Comprehensive Income Highlights 3Q24 2Q25 3Q25 9M24 9M25 (Million Pesos) 2Q25 3Q24 9M24 Interest Income 103,915 105,830 97,514 (8%) (6%) 294,433 312,424 6% Interest Expense 67,951 70,026 60,900 (13%) (10%) 191,818 203,963 6% Net Int
Slide 53: Quarterly Summary
Quarterly Summary Financial Ratios GFNorte 3Q24 2Q25 3Q25 9M24 9M25 12M* Profitability: NIM (1) 6.5% 6.2% 6.3% 6.2% 6.2% 6.3% NIM adjusted w/o Insurance & Annuities 6.0% 6.0% 6.4% 5.9% 6.2% ROE (2) 22.9% 23.6% 20.1% 22.7% 22.3% 22.1% ROA (3) 2.4% 2.3% 2.1% 2.3% 2.3% 2.3% Operation: Efficiency Rati
Slide 54: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Financial Change Position Highlights 3Q24 2Q25 3Q25 (Million Pesos) 2Q25 3Q24 Asset Under Management 4,437,289 4,893,737 5,068,957 4% 14% Stage 1 Loans 1,115,560 1,170,688 1,189,456 2% 7% Stage 2 Loans 9,777 9,903 10,407 5% 6% Stage 1 & 2 Loans (
Slide 55: Quarterly Summary
Quarterly Summary Change Change Share Data 3Q24 2Q25 3Q25 9M24 9M25 2Q25 3Q24 9M24 Earnings per share (Pesos) (1) 4.938 5.196 4.624 (11%) (6%) 14.727 15.255 4% Earnings per share Basic (Pesos) (2) 5.023 5.160 4.586 (11%) (9%) 14.879 15.129 2% Dividend per Share for the period (Pesos) 0.00 9.99 0.0
Slide 56: Healthy Liquidity
Healthy Liquidity Loans to Deposits 110% 105% 103% 100% 100% 99% 95% 90% 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2017 2018 2019 2020 2021 2022 2023 2024 2025 Liquidity Coverage Ratio - LCR 230% 210% 184% 190% 170% 156% 160% 150% 130% 110% 90% 70% 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1
Slide 57: Selected industry exposures
Selected industry exposures Vs. Total Loans 3Q25 Oil Industry* 1.3% Electricity Companies* 2.1% Construction & Real Estate Housing 1.8% Commercial 1.0% Vs. Total Others 1.3% Loans Malls 1.1% SMEs • 82% Nafin / Bancomext guaranteed 5.1% Tourism 5.6% loans, 47% of SME book Restaurants 0.3% Dollar de
Slide 58: 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 59: 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 60: 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 61: 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 62: 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 63: 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 3.4 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 18.80 18.30 USD/MXN
Slide 64: We expect a slowdown in 2025, with a recovery in 2026
We expect a slowdown in 2025, with a recovery in 2026 GDP Index 100 = 4Q18 115 2026: 2025: 107.7 110 2024: 2023: 105.8 105.0 103.8 105 100 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 2020 202
Slide 65: 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 0.9 0.0 -0.1 1.0 0.5 1.8 0.9 0.0 -0.1 1.0 0.5 1.8 (% y/y) Consumption -0.5 -0.4 -0.5 1.1 -0.1 2.1 Agricultural 7.
Slide 66: Domestic demand has moderated…
Domestic demand has moderated… Employment: INEGI (general) and Investment Consumption IMSS (formal sector) Index 100 = July 2018 (Previous historical Index 100 = Feb 2020 (previous historical Million, sa high) high) 65 23 120 115 22 110 110 60 105 21 4.9% 9.6% 100 100 55 20 20.0% 90 95 19 80 90 50
Slide 67: …with challenges in the labor market
…with challenges in the labor market Formal employment Daily wages* Thousand, % y/y % y/y in real terms (ex-post) 70 23 2019 2020 2021 2022 2023 2024 Minimum wage 342.1 k -647.7 k 846.4 k 752.7 k 651.5 k 214.0 k IMSS 1.7% y/y -3.2% y/y 4.3% y/y 3.7% y/y 3.0% y/y 1.0% y/y 22.6 INEGI 20 7.9 3.3 22 -
Slide 68: Mexico moves towards reducing working hours
Mexico moves towards reducing working hours Initiative of the Executive Brach Statement from key stakeholders CONCANACO-CANACINTRA Survey* ▪ On May 1st, President Claudia ▪ Coparmex: The reform must involve 64% of business 71% would experience Sheinbaum announced that an dialogue, and economic rea
Slide 69: International evidence of a smaller workweek
International evidence of a smaller workweek International Labor Organization Evidence in other countries OCDE: Hours worked (ILO) Recommendation 116 Hours per employee in a week, 2024 Guidelines: Reduction of Mexico 47.8 the working hours Chile: 47.8 Reduction from 45 hours in 2024 to 40 Costa Ri
Slide 70: 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 71: 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 72: 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 73: Minimum wage 2030 target
Minimum wage 2030 target Federal government’s two goals on the minimum wage 2026 goal A 12% y/y nominal increase would be enough to reach both goals Equivalent to 2 times as long as the average inflation no do not surpass a 4% y/y the Urban Income Poverty Line (UIPL) 2025 2026 2027 2028 2029 2030
Slide 74: 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 75: 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 Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D
Slide 76: 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 3 2.7 2.5 1.8 0.69% 2 0 1.3 1 0.6 0.69 0.2 0.0 0.40 -10 0 0.0 -0.2 -0.2 -1 -0.6 -0.7 -20 -1.1 -1.2 -1.1 -2 -1.6 -30 -3 Jan-20 Jun-21 Nov-22 Apr-24 Sep-
Slide 77: 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 = 100 240 240 220 106.1% Supermarkets 103.8%
Slide 78: Household consumption has remained resilient…
Household consumption has remained resilient… Debit & Credit Card Purchases Jan-2019 = 100, % a/a 300 Supermarkets 180.7% 250 Convenience Stores and Specialty Markets 200 Miscellaneous 57.2% 150 100 -2.4% 50 0 Jan-19 Sep-19 May-20 Dec-20 Aug-21 Apr-22 Dec-22 Aug-23 Apr-24 Dec-24 Aug-25 Source: Ban
Slide 79: 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 -44.3% 17.0% Professional Services Healthcare -32.2% 32.4% Recreation, Sports and Cultural 1.0% Events 12.7% -17.0% Retail Sa
Slide 80: In September 2025, house prices in Mexico grew 4.4% y/y
In September 2025, house prices in Mexico grew 4.4% y/y Housing Price Ranking by State INBAPREVI: National index Pesos per sq. meters (September 2025) % m/m Mexico City 57,448 Nuevo Leon 54,069 1.7 Jalisco 46,131 Sinaloa 41,989 Baja California 39,717 1.1 State of Mexico 38,102 National Price 31,13
Slide 81: Acceleration in inflation in 2026 will limit further easing
Acceleration in 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 2025: 4.4 8 2025 3.7 7.00 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
Slide 82: The Board remains dovish, with the Fed giving room to maneuver
The Board remains dovish, with the Fed giving room to maneuver Banxico’s hawk-o-meter Subjective assessment on the meeting of September 25th Bias Member Relevant comments "...it would be appropriate to release cautious forward guidance [...] without anticipating an automatic continuation of the ea
Slide 83: Banxico's hawk-o-meter
Banxico’s hawk-o-meter Tone of Banxico’s Board comments Index* 0.34 0.33 Avg. 25 Sep-25 -0.12 -0.10 -0.17 -0.20 -0.27 -0.25 -0.45 -0.45 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 84: The MXN will be influenced mostly by external factors
The MXN will be influenced mostly by external factors USD/MXN forecast Performance of main currencies YTD Pesos per dollar % RUB 40.1 26 HUF 17.8 SEK 17.4 24 CZK 16.2 BRL 13.6 22 2025: NOK 13.5 20 18.80 2026: PLN 13.3 18.30 CHF 12.9 EUR 12.7 18 DKK 12.6 MXN 11.6 16 COP 10.2 Dec-16 Dec-18 Dec-20 De
Slide 85: Recovery in spending in 2026, with focus on social programs and infrastructure
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 86: Despite lower primary surpluses, debt will remain stable
Despite lower primary surpluses in 2025 and 2026, debt will remain stable. Primary Balance PEMEX maturities* % of GDP US$ billion 1.4 25 23.5 0.8 0.8 0.8 0.8 0.5 0.6 0.6 20 0.2 12.4 15 -0.2 10 4.6 6.2 -0.1 3.7 2.6 2.9 3.7 2.3 2.0 3.7 -0.3 5 -1.0 -0.5 Observed GEPC Pre-CGPE 0 2038+ 2025 2026 2027 2
Slide 87: Government support for PEMEX continues
Government support for PEMEX continues 5Y spread: PEMEX vs. UMS Basis points ▪ The Federal Government announced the 600 issuance of US$12 billion in pre-capitalized securities to shore up resources for PEMEX 400 ▪ Afterwards, PEMEX released its ‘Strategic Plan 200 2025-2035’ where a new mechanism
Slide 88: Claudia Sheinbaum's cabinet and composition of the legislative branch
Claudia Sheinbaum’s cabinet and composition of the legislative branch Key actors within the Sheinbaum’s cabinet Lower House composition Interior: Infrastructure: Simple Two thirds Finance: Rosa Icela Jesús Antonio majority: 251 majority: Edgar Amador Rodríguez Esteva 334 (fmr. Minister of Security
Slide 89: 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 Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco
Slide 90: 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 0.5 1.3 4 2011 2015 2
Slide 91: 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 Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP
Slide 92: 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 93: Mexico's location, demographics and natural resources remain key drivers
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 94: Key factors that led Donald Trump to the presidency in the 2024 elections
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 95: 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 96: Two avenues of tariff threats under the Trump 2.0 administration
Two avenues of tariff threats under the Trump 2.0 administration Tariff threats subject to immigration and fentanyl Tariff threats linked to the trade relationship VS. and USMCA issues Pressure Mexico to tighten immigration Rebalance bilateral trade in favor of the US Trump’s controls and combat f
Slide 97: The main demands from the US are related to immigration and illegal drugs
The main demands from the US are related to immigration and illegal drugs Deportations per presidency* Nationwide encounters Thousands Persons 700 W. Bush Obama Trump Biden 400,000 Clinton 2022 2023 (1993-2000) (2001-2008) (2009-2016) (2017-2020) (2021-2024) 2024 2025 2,012 3,060 1,195 695 300,000
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: 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 100: Most of the US trade deficit comes from China
Most of the US trade deficit comes from China US: Trade balance US$ billions, 12-month sum 0 -200 -400 -600 -800 -1,000 México Canadá China -1,200 Alemania Japón Otros -1,400 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source: Banorte with data from the US Census Bureau Div TI NIM
Slide 101: 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 Canada China Mexico 22 21.0 20 18.7 18 16 13.9 15.1 14 13.4 12 11.3 10 8 2002 2006 2009 2012 2015 2018 2021 2025 *Calculated with the rolling 12-mon
Slide 102: 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 103: 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 104: Around 50% of our exports go through USMCA
Around 50% of our exports go through USMCA 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) 1-97 or FTZ TO
Slide 105: 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 106: The imports are focused on electronic equipment and machinery
The 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 equip
Slide 107: The imports are focused on electronic equipment and machinery
The 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
Slide 108: The imports are focused on electronic equipment and machinery
The 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
Slide 109: The imports are focused on electronic equipment and machinery
The 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
Slide 110: The imports are focused on electronic equipment and machinery
The 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.
Slide 111: Nearshoring could still continue in Mexico given comparative advantages
Nearshoring could still continue in Mexico given comparative advantages on several fronts US$466.6bn US$18bn US$9.2bn US$8.8bn US$4.5bn (83%) (3%) (2%) (2%) (1%) Autos Computers Auto parts Heavy Wires & (9%) (8%) (7%) vehicles cables (6%) (3%) Agro Auto Warehousing Appliances industry industry and
Slide 112: The United States remains at the forefront of investment in Mexico
The United States remains at the forefront of investment in Mexico amidst tensions with China Foreign Direct Investment FDI in 2024 by country of origin* US$ 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$34.3 bil
Slide 113: FIBRAs and demand for industrial spaces
FIBRAs and demand for industrial spaces Major industrial real estate markets in Mexico as of 1Q25 Demand for industrial spaces Industrial space Investment Cumulative demand growth growth 2025-2030 +96 parks by 2025 2030 8 +4 million m2 demand due to nearshoring +12.1% million m2 Most dynamic secto
Slide 114: However, some bottlenecks persist
However, some bottlenecks persist Electricity demand in Mexico Maximum water level of Mexico’s dams Billion cubic meters ● According to the IEA the current electricity 130 consumption in Mexico is around 300 TWh 120 ● For the next five years it could need between 380 - 400 TWh 110 ● Mexico will ne
Slide 115: Mexico has benefited previously from similar investments
Mexico has benefited previously from similar investments, driving structural changes across several industries Mexico: Non-oil exports to the US: Top five goods imported from US: Vehicle imports by country world* Mexico % of total vehicle imports (yearly figures) US$ billion constant prices (month
Slide 116: The main destination of Mexican exports is Texas, followed by Michigan and California
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 117: 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 Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep
Slide 118: 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 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
Slide 119: 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 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 R
Slide 120: 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 121: 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 Div TI NIM D
Slide 122: 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 123: 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 124: 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 125: Pemex CAPEX
Pemex CAPEX PEMEX investments* Liquid hydrocarbon production levels Kbbl/d 1,900 1,875 Exploration Sustainable Oil Total crude oil production Investment $220 billion Investment $1.6 trillion Business Plan 2025 - 2030 6 projects 12 projects 1,850 269 exploration wells 1.8 million barrels per day Re
Slide 126: '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 127: 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 -- 4.7 3,100 2026* -- 2.7 2,600 Banking Credit Forecast Model
Slide 128: Capitalization ratios
Capitalization ratios Capitalization ratio % of net capital / credit risk assets Tier 1 Common Capital Additional Tier 1 Additional Capital Regulatory Minimum 26 24.7 24 23.4 23.5 23.4 22.2 22.3 22.3 22 21.0 20.3 20.0 20 18.9 18.2 18.2 17.9 18.2 17.7 17.3 16.8 18 16.7 16.1 15.9 15.4 16 14.8 14.7 1
Slide 129: Credit has grown significantly, while NPLs remain quite low
Credit has grown significantly, 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 2
Slide 130: 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 131: 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 132: 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 133: 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 134: 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 135: 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 136: 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 137: 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 138: 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 139: 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 140: Job informality
Job informality People working in informality Informality rate Population aged 15+, million % of population aged 15+ 36 62 34 60 32.6 32 58 30 56 54.8 28 54 26 52 24 50 22 48 20 46 Aug-06 May-11 Feb-16 Nov-20 Aug-25 Aug-06 May-11 Feb-16 Nov-20 Aug-25 Source: INEGI Div TI NIM Dep BAP Guid ESG Eco R
Slide 141: 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 142: 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 143: 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 144: 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 145: Visit our website
Visit our website 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 @alexpadillasan TI LD Mkt Hist NIM C/I NI 145 Loan Loan ROE App ROE Mkt Mkt Hist C/I App 145 Hist App de BANORTE
Grupo Financiero Banorte — Q3 2025 Earnings Presentation on 6ix