Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O
Grupo Financiero Banorte Sab De Cv Class O — Q2 2025 Earnings Presentation
134 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, July 2025
Slide 1: Corporate Presentation 2Q25
Corporate Presentation 2Q25
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 15.1%* 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 ▪ 13.0 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 merging Mercantil Bolsa de Fondos Ahorro y y Factor Almacenadora strategic del Norte Banorte Banorte Previsión Banorte Banorte 99.9
Slide 8: Business Mix - Diversified Net Income and Balance
Business Mix - Diversified Net Income and Balance ◼ Sound business diversification: Net Income by Subsidiary ▪ Banorte Bank +2% y/y; 1H25 +5%, ROE +29.1% 1H25 ▪ Broker dealer & mutual funds +439% y/y; 1H25 +236% ▪ Insurance +14% y/y; 1H25 +14% Afore Holding ▪ Annuities (5%) y/y; 1H25 (1%) 1.5% 2.2
Slide 9: Net Interest Margin Moving in the Right Direction
Net Interest Margin Moving in the Right Direction NIM 7.0% 6.3% 6.2% 6.3% 6.3% 6.5% 6.2% 6.0% 5.6% 5.6% 5.7% 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 2Q24 3Q24 4Q24 1Q25 2Q25 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% 11.2% ◼ Active ALCO 1000 979 10.0% 11% ◼ Organic growth of fix
Slide 11: Core Banking Fees keep growing
Core Banking Fees keep growing Net Fees 3% y/y ● Net fees 1H25, +2% y/y; fees charged on services +8% y/y, Million fees paid on services +13% y/y 5,500 pesos 5,072 4,937 4,893 ● Core banking fees 1H25, +8% y/y 5,000 4,500 ● POS transactions +9% y/y; +20% y/y in mobile monetary transactions 4,000 3
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% 37.5% 42.7% 37.4% 37.0% 36.2% 35.5% 37.0% 34.6% 32.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q24 3Q24 4
Slide 13: Net Income growing
Net Income growing Net Income Million Pesos 7% CAGR 2012-2024 YoY 15% 56,188 17,000 (4%) 55,000 52,418 q/q 16,000 15,288 45,408 45,000 15,000 14,618 36,528 14,018 35,048 14,000 35,000 31,958 30,508 13,000 23,908 *Recurring 25,000 19,308 17,108 12,000 4% y/y 15,000 10,888 11,000 5,000 10,000 2012 2
Slide 14: Positive Growth in Profitability
Positive Growth in Profitability ROA 3.0% 2.4% 2.4% 2.5% 2.3% 2.3% 2.3% 2.3% 2.2% 2.05% 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 2Q24 3Q24 4Q24 1Q25 2Q25 Previous criteria IFRS Recurring ROA of Ban
Slide 15: Positive Growth in Profitability
Positive Growth in Profitability ROE 25.0% 23.3% 23.4% 23.6% 22.4% 21.3% 20.3% 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 2Q24 3Q24 4Q24 1Q25 2Q25 ROE of the Bank 35.0% 31.5% 30.2%
Slide 16: Positive Growth in Profitability
Positive Growth in Profitability ROTE of the Group 30.0% 29.2% 29.1% 29.3% 28.0% 27.5% 26.9% 25.9% 26.9% 25.1% 25.0% 24.7% *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 2Q24 3Q24 4Q24 1Q25 2Q25 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 2Q25 Branches 1.4% 1,600 (millions) 1,423 WEB 1,400 8% POS 1,200 21% 1,000 Correspondents 0.2% 0.0% 800 Call Center 9% 600 ATM 23% y/y 61% Mobile 400 200 - 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 2Q 2020 2021 2022 2023 2024 2025 Customer
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: 2Q25 o processes / services / systems o products Banorte Móvil WEB App o branch-administration, contingency, others 81.5 -3.1* pts y/y 84.9 +0.8 pts YOUR
Slide 20: A Customer-centric bank in minutes
A Customer-centric bank in minutes 87 86 92 84 movil +8 86 NPS 93 88 Mobile account Hyperpersonalization New claim Mobile payroll loan Digital advanced payroll opening offer (up to 5 products Portability Opening account in 11 min Credit card auto pay ATM in one interaction) in 3 min 3 min 3 min Tabl
Slide 21: Leaders in the Business & Infrastructure for the Payments Market
Leaders in the Business & Infrastructure for the Payments Market TDF (Tarjetas Del Futuro) Credit Cards Rappi JV POS Transactions 9% 15-year commercial agreement y/y 500 Digital The best DIGITAL PLATFORM for aggregators Physical 199 400 192 192 300 200 287 255 272 100 0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q
Slide 22: Ongoing RappiCard evolution
Ongoing RappiCard evolution Rappi Cards Average Billing Rappi Cards Thousand 1,189 Million 3,000 Millares 1,200 2,750 2,579 1,063 2,396 ▄ Stressed to the market, now operating with risk metrics in 1,000 2,500 2,250 desired direction 800 2,000 ▄ Presenting positive unit economics 600 1,750 1,500 ▄
Slide 23: Loans & Deposits
Loans & Deposits Div TI NIM Dep BAP Guid ESG Eco Rev Div Div NI Loan ICAP BAP ICAP BAP Dep Eco Eco Rev L D Dep ESG LD NIM Rev C/I NI TI ICAP Guid Guid ROE TI LD Mkt Hist NIM C/I NI 23 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hist App
Slide 24: Healthy Funding & Loan Portfolio Structure
Healthy Funding & Loan Portfolio Structure Bank Deposits 2018 $759 bn 2Q25 1,196bn US63.5bn Senior Unsec. Debt Senior Unsec. Debt Money Market 3% 3% Money Market 28% Demand Time Time 66% Demand Loan Portfolio $777 bn 1,181bn US62.7bn Consumer Consumer Government 19% 13% Government Mortgage 25% Com
Slide 25: Loyal Deposits' Base
Loyal Deposits’ Base Deposits CAGR 2013-2024 YoY +10% 1,123 1,129 Billion 1,059 1,018 1,100 Pesos 962 11% Core Deposits* Time Demand 840 900 751 750 750 796 792 744 713 637 667 689 11% 700 590 623 509 551 533 538 538 436 414 438 500 384 384 397 336 351 316 305 328 337 300 273 300 255 223 229 211 2
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 8% Pesos 1,180 1,188 1,181 1,200 1,094 1,032 1,000 920 802 821 821 Ex-Gov 777 763 800 CAGR: 13% 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% 48.1% 10% 45% 7.9% 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 2020 2021 2023 2024 2025 Loan Growth y/y Cost of Funds vs CETES Div TI NIM Dep BAP Guid ESG Eco Rev Div Di
Slide 28: Rate comparison
Rate comparison Reference Rate vs Loan Portfolio’s Yield Reference Rate vs Consumer Yield 29% 29.2% 14% 26.6% 12.7% 12% 24% 10.5% 10% 19% 9.4% 8% 8.0% 14% 14.1% 9.6% 6% 9% 8.0% 4% 4% AM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J AM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM
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% 1.5% 1.0% 1.1% 1.0% 1.13% 0.9% 1.01% 0.92% 1.0% 1.1% 0.9% 0.5% 0.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q24 3Q24 4Q24 1Q25 2Q25 Previous criteria IFRS Previous Criteria IFRS | 20
Slide 30: Sound Asset Quality
Sound Asset Quality Coverage Ratio 250% 224% 207% 182% 184% 188% 200% 179% 181% 159% 138% 139% 142% 138% 191% 150% 129% 107% 116% 105% 100% 50% Previous criteria IFRS 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q24 3Q24 4Q24 1Q25 2Q25 Cost of Risk 3.0% 2.8% 2.5% 2.4% 3 mon
Slide 31: Strong Capital Position
Strong Capital Position Capital Adequacy Ratio Basel III 24.7% 22.8% 22.9% 21.8% 21.7% Tier 2 20.7% TLAC 20.2% 20.2% 0.2% to 2025 19.2% 18.5% 17.90% 17.3% 17.2% 7.6% 15.3% 15.3% 16.275% 14.6% Total +4.875% Tier 1 TLAC 22.7% 4Q24 11.40% 9.40% 13.9% 15.3% 15.1% 14.7% 14.1% 13.9% 13.2% 14.4% 14.0% CE
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 No material Technical Reserves with null effect in Net Income effect Annuities 8,000 6,774 6,565 6,054 5,414 5,457 6,000 4,000 2,000 3,054 2,153 0 (1,357) (2,103) -2,000 (4,243) (4,403
Slide 33: Annuities Margin – inflation effect
Annuities Margin – inflation effect 1Q25 2Q25 Monthly Inflation $2,538 $5,414 $2,483 $5,457 1.2% $2,634 $2,559 0.9% 0.6% 0.3% $288 $296 0.0% Loans’ Investments’ Inflation Margin Loans’ Investments’ Inflation Margin interests interests indexed interests interests indexed -0.3% assets assets Jan-24
Slide 34: Technical Reserves – inflation effect
Technical Reserves – inflation effect Monthly Inflation 1Q25 2Q25 2,538 2,483 139 4,474 1.2% 136 3,821 -1,943 3,848 -1,997 3,090 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 2Q25 1H25 YoY 2Q25 1H25 YoY Insurance Considering Banorte Futuro Net Income 1,225 3,814 15% 1,567 4,528 13% Equity 9,525 9,525 14% 24,967 24,967 5% Assets 100,298 100,298 29% 115,442 115,442 25% Premiums 11,922 34,416 24% 11,922 34,416 24% ROE 53.7% 71
Slide 36: Insurance business steadily improving
Insurance business steadily improving Technical Reserves Retained Insurance 9,658 Premiums 12,000 Million 18,311 20,000 10,000 pesos 8,000 2Q25 q/q y/y 1H25 y/y 4,345 18,000 6,000 2,652 Interest Income (Net) 880 (12%) (6%) 1,881 1% 4,000 Premium Income (Net) 10,685 (42%) 26% 28,995 23% 16,000 2,00
Slide 37: 2025 Guidance
2025 Guidance 2025 Guidance Loan Growth 8% – 11% NIM 6.1% – 6.4% NIM of Bank 6.4% – 6.6% Recurring Expense Growth 6.0% - 7.0% Total Expense Growth* 9.0% – 10.5% Efficiency 36.0% – 37.5% Cost of Risk 1.8% - 2.0% Tax Rate 26% – 28% Net Income 59.6 – 62.1 bn ROE 21.5% – 23.0% ROE of the Bank 28.0% –
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 Others 22% 22% BBVA 26% 26% Inbursa 2nd 6% 2nd Inbursa 4% Banorte HSBC 14% Banorte 6% 15% Scotiabank 6% Scotiabank HSBC Banamex 7% Banamex Santander 7% Santander 9% 6% 12% 12% Source: CNBV May 2025 Div TI NIM Dep BAP Guid ESG Eco Rev Div Div N
Slide 40: Market Share by Segment
Market Share by Segment Auto Payroll C. Card Mortgage Commercial Government Deposits May-24 May-25 May-24 May-25 May-24 May-25 May-24 May-25 May-24 May-25 May-24 May-25 May-24 May-25 Banorte 18.1% 18.7% 20.8% 21.1% 10.7% 11.2% 19.5% 19.8% 12.5% 12.7% 26.6% 25.7% 13.6% 14.0% BBVA 22.7% 22.4% 38.9%
Slide 41: Market Share by Segment
Market Share by Segment Total Loan Book Commercial & Corporate Mortgage 15.1% 12.7% 15.0% 12.5% 14.9% 15.0% 11.9% 11.7% 11.6% 19.7% 19.8% 19.4% 19.5% +28bps +32bps +2bps 18.6% 14.6% May-21 May-22 May-23 May-24 May-25 May-21 May-22 May-23 May-24 May-25 May-21 May-22 May-23 May-24 May-25 Credit Card
Slide 42: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management Billion Pesos AUM Market Share May-24 May-25 May-24 May-25 XXI Banorte 1,205 1,408 19.5% 19.0% 1° Profuturo GNP 1,117 1,400 18.1% 18.9% SURA 953 1,192 15.4% 16.0% Citibanamex 972 1,151 15.8% 15.5% Coppel 468 551 7.6% 7.4% PensionISSST
Slide 43: Insurance Market Share
Insurance Market Share Million Pesos Premiums Market Share Net Income Market Share Mar-24 Mar-25 Mar-24 Mar-25 Mar-24 Mar-25 Mar-24 Mar-25 G.N.P. 29,455 33,700 12.5% 12.2% 1,845 1,406 10.8% 6.2% Metlife México 25,559 28,972 10.9% 10.5% 1,557 3,239 9.1% 14.3% BBVA 23,121 25,177 9.8% 9.1% 2,263 2,85
Slide 44: Annuities Market Share
Annuities Market Share Million Pesos Resolutions * Market Share Jun-24 Jun-25 Jun-24 Jun-25 Banorte 8,862 7,200 47.5% 34.8% 2° Bancomer 4,849 5,417 26.0% 26.2% Profuturo GNP 4,949 8,051 26.5% 39.0% Total Industry 18,660 20,668 100.0% 100.0% Annuitants Market Share Jun-24 Jun-25 Jun-24 Jun-25 Banor
Slide 45: GFNorte in the World
GFNorte in the World Market Capitalization US 25.6bn Billion 550 2Q24 2Q25 Pesos 508.6 Total Shares Outstanding(1) : 2,883.5 m 2,813.2 m 482.5 500 Float: ~ 86% ~ 86% 450 Total ADRs(2) Outstanding: 10.11 m 9.83 m 399.1 400 Ticket Indexes 376.7 350 IPC (BMV) Sustainable IPC (BMV) 300 GFNORTE O (BMV)
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 Jun 30, 2025) Agency Rating Outlook Date Net Income 2025 $59,521 Target Price $183.68 Standard & Poor’s BBB Stable Aug-24 Maximum $230.0 Number of Analysts 21 Fitch BBB- Stable Nov-24 # BU
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 EDGE* certification of first 8 out 16 financial education workshops GFNorte reaffirmed as a part of Green Auto loans of 64 branches in 2025 for their delivered, reaching +1,000 payroll FTSE4Good Index Series in 2025. (Autoestrene Verde): lower water and energy clients through our Financi
Slide 50: Sustainable business
Sustainable business Social and Environmental Risk Management System Responsible Investment AFORE XXI Banorte FN-AC-410a.1** During 2Q25: AUMAUM incorporating que consideran ESG criteria criterios ASG CifrasFigures in million en millones de pesosmexican pesos mexicanos 8.27% Non-sustainable 580 Anal
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 2Q24 1Q25 2Q25 1H24 1H25 (Million Pesos) 1Q25 2Q24 1H24 Interest Income 95,148 109,083 105,831 (3%) 11% 190,520 214,914 13% Interest Expense 63,209 73,004 69,997 (4%) 11% 123,805 143,001 16% Net Inter
Slide 53: Quarterly Summary
Quarterly Summary Financial Ratios GFNorte 2Q24 1Q25 2Q25 1H24 1H25 12M* Profitability: NIM (1) 5.7% 6.3% 6.2% 6.0% 6.2% 6.3% NIM adjusted w/o Insurance & Annuities 5.8% 6.0% 6.0% 5.8% 6.0% ROE (2) 23.3% 23.4% 23.6% 22.6% 23.5% 22.9% ROA (3) 2.3% 2.4% 2.3% 2.3% 2.4% 2.3% Operation: Efficiency Rati
Slide 54: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Financial Position Highlights 2Q24 1Q25 2Q25 (Million Pesos) 1Q25 2Q24 Asset Under Management 4,291,332 4,718,961 4,893,737 4% 14% Stage 1 Loans 1,086,206 1,178,394 1,170,688 (1%) 8% Stage 2 Loans 8,171 9,718 9,903 2% 21% Stage 1 & 2 Loans
Slide 55: Quarterly Summary
Quarterly Summary Change Change Share Data 2Q24 1Q25 2Q25 1H24 1H25 1Q25 2Q24 1H24 Earnings per share (Pesos) (1) 4.862 5.435 5.196 (4%) 7% 9.789 10.631 9% Earnings per share Basic (Pesos) (2) 4.898 5.378 5.160 (4%) 5% 9.857 10.544 7% Dividend per Share for the period (Pesos) 9.09 0.00 9.99 N.A. 1
Slide 56: Healthy Liquidity
Healthy Liquidity Loans to Deposits 110% 104% 105% 101% 99% 100% 98% 95% 90% 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 2Q 2017 2018 2019 2020 2021 2022 2023 2024 2025 Liquidity Coverage Ratio - LCR 230% 210% 190% 183% 184% 166% 170% 150% 130% 110% 90% 70% 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q
Slide 57: Selected industry exposures
Selected industry exposures Vs. Total Loans 2Q25 Oil Industry* 2.0% Electricity Companies* 1.8% Construction & Real Estate Housing 1.7% Commercial 0.9% Vs. Total Others 1.3% Loans Malls 1.2% SMEs • 80% 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 2Q25 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 4.0 3.9 (% y/y) Exchange rate 20.53 19.50 16.97 20.82 19.50 19.20 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 2025: 2026: 2024: 105.7 107.6 110 2023: 105.0 103.7 105 100 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 0.8 -0.3 0.0 1.3 0.5 1.8 0.8 -0.3 0.0 1.3 0.5 1.8 (% y/y) Consumption -0.6 -1.4 -1.0 0.9 -0.5 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 Index 100 = Feb 2020 Million 65 23 120 115 22 110 110 60 105 21 3.0% 10.0% 100 100 55 20 17.9% 90 95 19 80 90 50 INEGI (left axis ) 18 85 IMSS (right axis) 70 17 80 45 1
Slide 67: …with employment also slowing down
…with employment also slowing down Formal employment Daily wages* Thousand, % y/y % y/y in real terms (ex-post) 70 Minimum wage 23 342.1 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 INEGI 20 7.3 22.3 4.9 3.1 22 -30 Jun-15 Jun-17 Jun-19 Jun-
Slide 68: 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 69: 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 70: Nowcasting Economic Activity – IGAE (GDP proxy)
Nowcasting Economic Activity – IGAE (GDP proxy) Nowcasting of Monthly Economic Activity - IGAE % y/y; nsa 30 IGAE Nowcast IGAE Nowcast 20 10 2.7 1.63 2.5 0 1.63 0.7 1.0 -10 0.5 0.6 0.2 0.0 -20 -0.1 -0.22 -0.4 -0.6 -1.2 -1.1 -30 -1.5 Jan-20 Mar-21 Mar-22 Apr-23 May-24 Jun-25 Oct-24 Nov-24 Dec-24 Ja
Slide 71: 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 Supermarkets 350 220 Accommodation and
Slide 72: 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 -32.3% 32.2% Professional Services Healthcare -21.1% 19.5% Recreation, Sports and Cultural 12.8% Events 7.6% 16.3% Retail Sal
Slide 73: Housing price in Mexico recorded monthly growth of 0.4%
In June 2025, housing price in Mexico recorded a monthly growth of 0.4% Housing Price Ranking by State INBAPREVI: National index Pesos per sq. meters (June 2025) % m/m Mexico City 56,811 53,472 1.7 Nuevo Leon Jalisco 45,196 Sinaloa 42,038 1.2 1.1 Baja California 38,792 State of Mexico 37,919 Natio
Slide 74: Banxico will keep easing despite a stagnation in inflation
Banxico will keep easing despite a stagnation in inflation Inflation forecast Reference rate forecast % y/y fortnightly frequency % 12 14 Headline 11 12 Core Non-core 10 10 9 8 8 2025 6 7.00 2026 4 7 2025: 7.00 4.0 2026: 2 3.9 6 0 5 -2 4 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-22 Dec-23 Dec-24 Dec-
Slide 75: The Board remains very dovish, concerned about growth
The Board remains very dovish, concerned about growth Bias Member Relevant comments Hawkish "...although the monetary policy stance remains restrictive, the room for further calibration has been exhausted." Jonathan Heath "...the rate differential with the US is still ample and that the Mexican pe
Slide 76: Banxico's hawk-o-meter
Banxico’s hawk-o-meter Tone of Banxico’s Board comments Index* 0.36 Avg. 25 Jun-25 0.30 -0.1 -0.18 -0.22 -0.25 -0.28 -0.33 -0.46 -0.50 Jonathan Galia Borja Victoria Gabriel Omar Mejia Heath Rodríguez Cuadra Note: * From -1 to 0 implies a dovish tone; from 0 to 1 implies a hawkish tone Source: Bano
Slide 77: 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 44.4 SEK 16.2 HUF 16.2 CZK 15.5 PLN 13.6 CHF 13.6 EUR 13.0 DKK 12.9 TWD 12.9 BRL 12.7 NOK 12.4 MXN 11.4 COP 8.8 GBP 8.7 ILS 8.3 JPY 7.6 FX performance YTD NZD 7.2 KRW 6.
Slide 78: Fiscal consolidation expected in 2025
Fiscal consolidation expected in 2025, despite focus remaining on social programs Revenues vs GEPC estimated figures Federal government spending $ billon % of total spending 10,000 Estimated Observed 2025 2024 2023 2022 8,000 6,000 Spending ($ billion) 9,226.2 9,022.0 8,257.6 7,048.2 4,000 Social
Slide 79: Higher pension spending and lower physical investment
Higher pension spending and a lower spending in physical investment Programmable spending by functionality, selected items* % of GDP 5.5 Health Education Pensions Physical investment Financial costs 4.5 4.5 3.8 3.5 2.9 2.5 2.4 2.3 1.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 80: Primary surplus expected, weaker MXN will impact debt total
As such, a primary surplus is expected, although a weaker MXN will impact the debt total Primary Balance PEMEX maturities* % of GDP US$ billion 2 Observed GEPC (Nov'24) Pre-GEPC (Apr'25) 25 23.5 1.0 20 1 0.6 0.6 0.6 14.2 0.3 0.1 15 0 10 7.3 6.2 3.7 4.7 3.7 4.6 3.3 5 2.3 2.0 -1 -0.3 -0.5 -0.1 -0.9
Slide 81: Claudia Sheinbaum's cabinet and legislative composition
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 82: Impact of the tensions between the United States and China
Impact of the tensions between the United States and China Foreign trade Armed conflicts Global economy Trump 2.0 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 82 Loan Loan ROE App
Slide 83: 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 2.0 6 R² = 0.4439 2000 2010 1994 1998 1991 2006 Consensus 0.2 1.3 4 2011 2015 2
Slide 84: 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 US Dependent Non-US Dependent 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 Dep
Slide 85: 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 86: Mexico's location, demographics and natural resources as 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 87: Key factors that led Trump to the presidency
Key factors that led Donald Trump to the presidency in the 2024 elections Political polarization and higher turnout of conservative voters Progressive agenda, gun rights, and social conservatism moved Republican voters Security and immigration Border crisis and perception of Foreign policy increas
Slide 88: 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 89: Two avenues of tariff threats under Trump 2.0
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 90: Main US demands: immigration and illegal drugs
The main demands from the US are related to immigration and illegal drugs Deportations per presidency* Nationwide encounters Thousands Thousands 600 2022 2023 Clinton W. Bush Obama Trump Biden 410 2024 2025 Millares (1993-2000) (2001-2008) (2009-2016) (2017-2020) (2021-2024) 341 869.6 2,012.5 3,06
Slide 91: 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 92: 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 93: Most of the US trade deficit comes from China
Most of the US trade deficit comes from China US: Trade balance US$ billions 0 -20 -40 -60 -80 -100 China Mexico Ireland -120 Germany Vietnam Other -140 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: Banorte with data from the US Census Bureau Div TI N
Slide 94: Mexico consolidating position as main US commercial partner
Mexico is consolidating its position as main commercial partner with US US: Main commercial partners, ranking by imports % of total imports 23 Canada China Mexico 21 19 17 15.5 15 13.4 13 12.6 11 9 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: Banorte with data from the US Ce
Slide 95: 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 96: USMCA 2.0 renegotiation process
USMCA 2.0 renegotiation process Congress Ways and Means Possible completion window Ebrard: USTR formally request “Possible start” authorization Nov. 26 2027 Sep. 25 Jan. 26 x Midterm elections Oct. 25 Dec. 25 Jul. 1, 26 USTR Jamieson Greer Originally scheduled Advisory Committee start of review Co
Slide 97: 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 98: 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 Japan 11.6 0 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 99: Imports 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 100: Imports 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 101: Imports 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 102: Imports 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 103: Imports 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 104: Nearshoring could continue 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$4.5bn (83%) (3%) (2%) (2%) (1%) Autos Computers Auto parts Heavy Wires & (9%) (8%) (7%) vehicles cables (6%) (3%) Agro Auto Warehousing Appliances industry industry and
Slide 105: United States at the forefront of investment in Mexico
The United States remains at the forefront of investment in Mexico amidst tensions with China Foreign Direct Investment FDI in 2024 by country of origin* US$ 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$34.3 bil
Slide 106: FIBRAs and demand for industrial spaces
FIBRAs and demand for industrial spaces Major industrial real estate markets in Mexico as of 1Q25 Demand for industrial spaces Industrial space Investment Cumulative demand growth growth 2025-2030 +96 parks by 2025 2030 8 +4 million m2 demand due to nearshoring +12.1% million m2 Most dynamic secto
Slide 107: However, some bottlenecks persist
However, some bottlenecks persist Electricity demand in Mexico Maximum water level of Mexico’s dams Billion cubic meters ● According to the IEA the current electricity 130 consumption in Mexico is around 300 TWh 120 ● For the next five years it could need between 380 - 400 TWh 110 ● Mexico will ne
Slide 108: Mexico has benefited from similar investments
Mexico has benefited previously from similar investments, driving structural changes across several industries Mexico: Non-oil exports to the US: Top five goods imported from US: Vehicle imports by country world* Mexico % of total vehicle imports (yearly figures) US$ billion constant prices (month
Slide 109: Main destination of Mexican exports is Texas
The main destination of Mexican exports is Texas, followed by Michigan and California US: Imports from Mexico US$ billion, 2024 Imports 157.6 75.2 0.0 64.3 157.6 Con tecnología de Bing © GeoNames, Microsoft, TomTom *The three states represent close to 58% of the share of total imports Source: US C
Slide 110: Export centers concentrated in 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 111: 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 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 112: 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 113: 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 114: 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 115: 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 116: Capitalization ratios
Capitalization ratios Capitalization ratio % of net capital / credit risk assets Tier 1 Common Capital Additional Tier 1 Additional Capital Regulatory Minimum 26.0 26 24.3 24 22.9 22.4 21.7 22 21.5 21.1 20.8 20.2 20 19.2 18.2 17.4 17.7 17.3 17.1 18 17.0 16.6 16.2 15.7 15.6 15.6 16 15.2 15.0 14.8 1
Slide 117: Credit has grown significantly, while NPLs remain 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 118: Financial access in Mexico
Financial access in Mexico Key FAS Indicators Outstanding deposits with commercial banks % GDP 2016 2017 2018 2019 2020 2021 2022 30 27 24 Number of ATMs per 100,000 adults 54.59 55.62 59.56 62.38 63.16 63.56 66.32 21 18 Number of commercial bank branches 15 14.02 14.03 14.03 13.92 13.00 12.23 12.
Slide 119: 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 50 50 49.0 43.9 39.1 36.9 45 40 27.4 30 40 20 34.5 35 31.7 10 0 30 2011 2014 2017 2022 2014 2017 2022 Owns a credit or debit
Slide 120: 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 121: 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 122: 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 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 123: 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 124: 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 125: 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 126: 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 127: 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 128: Job informality
Job informality People working in informality Informality rate Population aged 15+, million % of population aged 15+ 34 62 32.9 32 60 58 30 56 28 54.9 54 26 52 24 50 22 48 20 46 May-06 Feb-11 Nov-15 Aug-20 May-25 May-06 Feb-11 Nov-15 Aug-20 May-25 Source: INEGI Div TI NIM Dep BAP Guid ESG Eco Rev
Slide 129: 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 130: 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 131: 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 132: 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 133: Visit our website
Visit our website Div de BANORTE NIM TI 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 133 Loan Loan ROE App ROE Mkt Mkt Hist C/I App 133 Hist App
Slide 134: Our Corporate Presentation & Annual Report
Our Corporate Presentation & Annual Report Corporate Presentation 2024 | Annual Report 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 134 Loan Loan ROE App ROE Mkt Mkt Hist C/I App Hi
Grupo Financiero Banorte — Q2 2025 Earnings Presentation on 6ix