Free translation of the original version written and expressed in Spanish
O Grupo Galicia
Consolidated Condensed Interim Financial Statements
Grupo Financiero Galicia S.A.TABLE OF CONTENTS Cover
Consolidated Condensed Interim Financial Statements Consolidated Condensed Interim Statement of Financial Position Consolidated Condensed Interim Statement of Income
Consolidated Condensed Interim Statement of Income - Earnings per Share Consolidated Condensed Interim Statement of Other Comprehensive Income Consolidated Condensed Interim Statement of Changes in Shareholder´s Equity Consolidated Condensed Interim Statement of Cash Flows
Notes to the Consolidated Condensed Interim Financial Statements.Note 1. Accounting Standards and Basis for Preparation. Note 2. Critical Accounting Policies and Estimates.
Note 3. Fair values.
Note 4. Cash and cash equivalents. Note 5. Other financial assets.
Note 6. Loans and other financing.
Note 7. Financial Assets Pledged as Collateral. Note 8. Investments in Equity Instruments.
Note 9. Investments in Subsidiaries, Associates and Joint Ventures.
Note 10. Property, Plant and Equipment. Note 11. Intangible Assets.
Note 12. Assets/Liabilities from Insurance Contracts. Note 13. Non-current Assets Held for Sale.
Note 14. Deposits.
Note 15: Other Financial Liabilities.
Note 16. Financing from the Argentine Central Bank and other Financial Institutions.
Note 17. Issued Debt Securities.
Note 18. Current Income Tax Liabilities. Note 19. Subordinated Debt Securities.
Note 20. Shareholders' Equity.
Note 21. Income statement breakdown.
Note 22. Exchange Rate Differences on Gold and Foreign Currency.
Note 23. Other Operating Income.
Note 24. Underwriting Income from Insurance Business. Note 25. Loan and Other Receivables Loss Provisions. Note 26. Personnel Expenses.
Note 27. Administrative expenses.
Note 28: Depreciation and impairment of assets. Note 29. Other Operating Expenses.
Note 30. Dividends.
Note 31. Segment Reporting.
Note 32. Capital management and risk policies. Note 33. Contingencies and Commitments.
Note 34. Off-balance Sheet Items.
Note 35. Transactions with related parties.
Note 36. Additional Information required by the Argentine Central Bank.
Note 37. Economic Context in which the Group Operates. Note 38. Subsequent events.
Consolidated Schedules
Summary of Activity
Independent Auditor's Limited Review ReportFree translation of the original version written and expressed in Spanish
CONDENSED INTERIM FINANCIAL STATEMENTSFor the period commenced January 1, 2026 and ended June 30, 2026, in comparative format.
Fiscal year no. 28 started on January 1, 2026
Registered Address: Tte. Gral. Juan D. Perón 430 Floor 25, City of Buenos Aires - Argentina Main Activity: Financial and Investment Matters
Registration Number with the Superintendency of Corporations: 12,749 Correlative Number with the Superintendency of Corporations: 1,671,058 Registration Date with the Superintendency of Corporations:
Of Bylaws: September 30, 1999
Of last amendment to Bylaws: February 10, 2022 Expiration Date of Bylaws: June 30, 2100
Parent Company information (Note 35 to the Consolidated Condensed Interim Financial Statements): Name: EBA HOLDING S.A.
Main Activity: Financial and Investment Matters
Interest of the Parent Company in Equity as of 06.30.26: 17.51% Interest of the Parent Company in Votes as of 06.30.26: 51.48%
Equity Composition as of 06.30.26 (Note 20 of the Consolidated Condensed Interim Financial Statements):
Figures stated in thousands of Argentine pesos, except "quantity" and "number of votes granted by each.
Shares
share
Quantity Type No. of votes per each | Subscribed | Paid-in | Registered |
281,221,650 Class "A" Ordinary Shares, 5 | 281,222 | 281,222 | 281,222 |
1,325,032,079 Class "B" Ordinary Shares, 1 | 1,325,032 | 1,325,032 | 1,325,032 |
1,606,253,729 | 1,606,254 | 1,606,254 | 1,606,254 |
nominal value 1
nominal value 1
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
(Partner)
Professional Association of Economic | Pablo Gutierrez | Omar Severini |
Sciences, CABA, Book 1 Folio 17 Maria Mercedes Baño Public Accountant (UBA) Professional Association of Economic Sciences, CABA, Book 340, folio 155 | Vice Chairman acting as Chairman | Syndic |
2 |
For the period commenced January 1, 2026 and ended June 30, 2026, in comparative format. Figures stated in homogeneous currency, in thousand Argentine pesos, except as otherwise provided.
Items | Notes/ Schedule | 06.30.26 | 12.31.25 |
Assets | |||
Cash and Due from Banks | 3 and 4 | 6,240,921,215 | 10,945,218,179 |
Cash | 1,934,535,362 | 2,622,666,423 | |
Financial Institutions and Correspondents | 4,306,385,853 | 8,322,551,756 | |
Argentine Central Bank | 4,088,023,457 | 8,066,111,081 | |
Other, local and foreign financial institutions | 218,362,396 | 256,440,675 | |
Debt Securities at Fair Value through Profit or Loss | 3 / A | 2,886,438,884 | 1,855,423,654 |
Derivative Financial Instruments | 3 | 21,990,976 | 65,276,115 |
Repurchase Transactions | 3 | 1,011,497,299 | 848,418,076 |
Other Financial Assets | 3 and 5 | 811,499,351 | 675,450,563 |
Loans and Other Financing | 3 and 6 | 27,332,243,213 | 28,119,566,878 |
Non-financial Public Sector | 17,621,671 | 18,111,621 | |
Argentine Central Bank | 181,663 | - | |
Other Financial Institutions | 537,249,692 | 726,936,495 | |
Non-financial Private Sector and Residents Abroad | 26,777,190,187 | 27,374,518,762 | |
Other Debt Securities | 3 / A | 6,809,025,140 | 6,892,622,495 |
Financial Assets Pledged as Collateral | 3 and 7 | 2,186,458,308 | 1,752,396,036 |
Current Income Tax Assets | 10,794,870 | 120,394,153 | |
Investments in Equity Instruments | 3 and 8 | 128,623,590 | 141,115,794 |
Investments in Subsidiaries, Associates and Joint Ventures | 9 | 14,276,834 | 14,973,573 |
Property, Plant and Equipment | 10 | 1,365,500,223 | 1,396,921,037 |
Intangible Assets | 11 | 426,562,149 | 445,561,044 |
Deferred Income Tax Assets | 651,238,016 | 550,335,687 | |
Assets from Insurance Contracts | 12 | 26,583,307 | 74,988,787 |
Assets from Reinsurance Contracts | 12 | 47,747,171 | 90,878,794 |
Other Non-financial Assets | 380,634,406 | 295,933,947 | |
Non-current Assets Held for Sale | 13 | 11,175,134 | 11,175,282 |
Total Assets | 50,363,210,086 | 54,296,650,094 |
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Continued)
For the period commenced January 1, 2026 and ended June 30, 2026, in comparative format. Figures stated in homogeneous currency, in thousand Argentine pesos, except as otherwise provided.
Items | Notes/ Schedule | 06.30.26 | 12.31.25 |
Liabilities | |||
Deposits | 3 and 14 | 29,034,792,928 | 32,329,429,142 |
Non-Financial Public Sector | 436,439,490 | 462,525,120 | |
Financial Sector | 12,876,298 | 52,693,382 | |
Non-Financial Private Sector and Residents Abroad | 28,585,477,140 | 31,814,210,640 | |
Liabilities at Fair Value through Profit or Loss | 3 | 81,014,971 | 63,614,518 |
Derivative Financial Instruments | 3 | 12,887,415 | 21,430,258 |
Repurchase Transactions and Sureties | 3 | 1,194,738,810 | 791,160,306 |
Other Financial Liabilities | 3 and 15 | 5,336,490,156 | 5,754,978,633 |
Financing from the Argentine Central Bank and Other Financial Institutions | 3 and 16 | 871,334,002 | 1,030,283,946 |
Issued Debt Securities | 3 and 17 | 1,759,963,461 | 1,895,638,632 |
Current Income Tax Liabilities | 18 | 264,819,470 | 143,922,733 |
Subordinated Debt Securities | 3 and 19 | 382,726,101 | 439,563,561 |
Provisions | 33 | 249,414,532 | 270,532,576 |
Deferred Income Tax Liabilities | 13,965,701 | 30,666,287 | |
Liabilities from Insurance Contracts | 12 | 1,009,825,150 | 1,134,046,800 |
Other Non-Financial Liabilities | 953,221,265 | 1,316,156,760 | |
Total Liabilities | 41,165,193,962 | 45,221,424,152 | |
Shareholders´Equity | 20 | ||
Capital Stock | 1,606,254 | 1,606,254 | |
Paid-in Capital | 797,658,490 | 797,658,490 | |
Principal Adjustments | 2,854,716,682 | 2,854,716,682 | |
Profit Reserves | 5,193,475,973 | 5,190,954,213 | |
Unallocated results | - | (30,434,348) | |
Accumulated Other Comprehensive Income | 20,872,582 | 31,315,257 | |
Income from the Period/Fiscal Year | 329,308,168 | 229,072,116 | |
Shareholders' Equity Attributable to Parent Company's Owners | 9,197,638,149 | 9,074,888,664 | |
Shareholders' Equity attributable to Non-controlling Interests | 377,975 | 337,278 | |
Total Shareholders' Equity | 9,198,016,124 | 9,075,225,942 |
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Items | Notes/ Schedule | Three months as of 06.30.26 | Six months as of 06.30.26 | Three months as of 06.30.25 | Six months as of 06.30.25 |
Interest-related Income | 21 | 2,428,902,345 | 5,097,272,647 | 2,636,009,032 | 5,130,362,081 |
Interest-related Expenses | 21 | (759,810,158) | (1,722,485,231) | (1,010,591,186) | (1,999,223,210) |
Net Income from Interest | 1,669,092,187 | 3,374,787,416 | 1,625,417,846 | 3,131,138,871 | |
Fee Income | 21 | 522,781,810 | 1,055,118,709 | 573,855,994 | 1,160,139,764 |
Fee-related Expenses | 21 | (63,574,817) | (134,946,328) | (89,242,670) | (167,989,134) |
Net Fee Income | 459,206,993 | 920,172,381 | 484,613,324 | 992,150,630 | |
Net Income from Financial Instruments measured at Fair Value through Profit or Loss | 21 | 228,245,761 | 339,600,665 | 301,726,772 | 604,641,639 |
Income from Derecognition of Assets Measured at Amortized Cost | 75,592,151 | 118,646,616 | 11,418,669 | 53,152,901 | |
Exchange Rate Differences on Gold and Foreign Currency | 22 | 111,236,807 | 236,133,136 | 81,925,141 | 104,674,408 |
Other Operating Income | 23 | 216,306,387 | 475,305,132 | 253,082,198 | 487,557,956 |
Underwriting Income from Insurance Business | 24 | 7,096,313 | 30,334,776 | 36,253,948 | 66,707,369 |
Loan and other receivables loss provisions | 25 | (821,788,916) | (1,774,158,869) | (753,265,561) | (1,325,596,347) |
Net Operating Income | 1,944,987,683 | 3,720,821,253 | 2,041,172,337 | 4,114,427,427 | |
Personnel Expenses | 26 | (290,404,709) | (563,534,819) | (316,023,670) | (638,589,097) |
Administrative Expenses | 27 | (267,346,747) | (536,550,873) | (328,318,236) | (667,503,246) |
Depreciation and Impairment of Assets | 28 | (92,270,942) | (172,503,431) | (88,599,433) | (176,415,006) |
Other Operating Expenses | 29 | (477,470,747) | (992,666,532) | (561,524,703) | (1,015,750,786) |
Operating Income | 817,494,538 | 1,455,565,598 | 746,706,295 | 1,616,169,292 | |
Share of Profit from Associates and Joint Ventures | 9 | 2,383,709 | 1,074,825 | 731,772 | (4,566,840) |
Loss on Net Monetary Position | (418,163,146) | (982,390,659) | (379,034,519) | (935,017,581) | |
Profit (Loss) before Income Taxes on Continuing Operations | 401,715,101 | 474,249,764 | 368,403,548 | 676,584,871 | |
Income Tax on Continuing Operations | (143,373,668) | (144,900,900) | (137,804,158) | (239,246,320) | |
Net Profit (Loss) from Continuing Operations | 258,341,433 | 329,348,864 | 230,599,390 | 437,338,551 | |
Net Profit (Loss) | 258,341,433 | 329,348,864 | 230,599,390 | 437,338,551 | |
Net Profit (Loss) Attributable to Parent Company's Owners | 258,321,872 | 329,308,168 | 230,554,011 | 437,224,719 | |
Net Income (Loss) Attributable to Non-controlling Interests | 19,561 | 40,696 | 45,379 | 113,832 |
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Items
Notes/ Three months as of Six months as of Three months as of
S
chedule
06.30.26
06.30.26
06.30.25
Six months as of
06.30.25
Net income attributable to Parent Company's Owners
258,321,872 329,308,168 230,554,011 437,224,719
437,224,719
230,554,011
329,308,168
258,321,872
Net income attributable to Parent Company's Owners Adjusted by Dilution Effects
1,602,039
1,606,254
1,606,254
1,606,254
Weighted Average of Outstanding Ordinary Shares in the Period Adjusted by Dilution Effects
Weighted Average of Outstanding Ordinary Shares in the Period
1,606,254 1,606,254 1,606,254 1,602,039
Basic Earnings per Share 160.82 205.02 143.54 272.92
272.92
143.54
205.02
160.82
Diluted Earnings per Share
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Items | Notes/ Schedule | Three months as of 06.30.26 | Six months as of 06.30.26 | Three months as of 06.30.25 | Six months as of 06.30.25 |
Net Profit (Loss) for the Period | 258,341,433 | 329,348,864 | 230,599,390 | 437,338,551 | |
Items of Other Comprehensive Income to be reclassified to Income for the period | |||||
Exchange Difference for Translation of Financial Statements | 1,731,823 | (7,014,255) | 1,518,903 | 2,602,355 | |
Profits or Losses from Financial Instruments | |||||
Profit (Loss) for the Period from Financial Instruments at Fair Value through OCI | 21 | (57,538,288) | (4,819,711) | 50,261,875 | (142,724,521) |
Income Tax | 21,586,141 | 3,162,856 | (12,737,589) | 58,111,693 | |
Share of OCI of associates and joint ventures accounted for using the equity method | |||||
Result for the period from the share of OCI of associates and joint ventures accounted for using the equity method | 9 | (72,524) | (1,771,564) | 8,707 | (2,053) |
Total Other Comprehensive Income | (34,292,848) | (10,442,674) | 39,051,896 | (82,012,526) | |
Total Other Comprehensive Income attributable to owners of the parent | (34,292,297) | (10,442,675) | 39,051,311 | (82,011,074) | |
Total Other Comprehensive Income attributable to non-controlling interests | (551) | 1 | 585 | (1,452) | |
Total Comprehensive Income | 224,048,585 | 318,906,190 | 269,651,286 | 355,326,025 | |
Total Comprehensive Income Attributable to Parent Company's Owners | 224,029,575 | 318,865,493 | 269,605,322 | 355,213,645 | |
Total Comprehensive Income Attributable to Non-controlling Interests | 19,010 | 40,697 | 45,964 | 112,380 |
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
FV OCI Value
Interest
Total SE
controlling Interest
struments to
Total SE of Total SE of Non-controlling
Retained Earnings
Others
Legal
Others
for Financial
In
Adjustments
Principal rofits or Losses
Notes Outstanding Share Premiums
Chages
Profit Reserves
Paid in capital Other Comprehensive Income
Accumulated P
Capital Stock
Balances as of 12.31.25 1,606,254 797,658,490 2,854,716,682 17,024,573 14,290,684 261,638,879 4,929,315,334 198,637,768 9,074,888,664 337,278 9,075,225,942
Shareholders' Meeting dated 04.28.26
- Cash Dividends 30 - - - - - - (196,116,125) - (196,116,125) - (196,116,125)
- Reserves 20 - - - - - 11,453,606 187,184,162 (198,637,768) - - -
Total Comprehensive Income for the Period
- Other reserves 20 - - - - - - 117 - 117 - 117
Other Comprehensive Income for the Period
-
-
- (1,656,856) (8,785,819)
-
-
-
(10,442,675)
1
(10,442,674)
Net Income for the Period
- - - - - - - 329,308,168 329,308,168 40,696 329,348,864
Balances as of 06.30.26 1,606,254 797,658,490 2,854,716,682 15,367,717 5,504,865 273,092,485 4,920,383,488 329,308,168 9,197,638,149 377,975 9,198,016,124
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
FV OCI Value
Interest
Total SE
controlling Interest
struments to
Total SE of Total SE of Non-controlling
Retained Earnings
Others
Legal
Others
for Financial
In
Adjustments
Principal rofits or Losses
Notes Outstanding Share Premiums
Chages
Profit Reserves
Paid in capital Other Comprehensive Income
Accumulated P
Capital Stock
Balances as of 12.31.24 1,588,514 697,387,566 2,807,724,088 50,820,385 5,048,191 137,242,179 3,151,485,997 2,457,499,667 9,308,796,587 243,167 9,309,039,754
Capital increase 20 17,740 100,270,924 46,992,594 - - - - - 147,281,258 - 147,281,258
Shareholders' Meeting dated 04.29.25
- Reserves 20 - - - - - 124,396,700 2,238,949,155 (2,363,345,855) - - -
- Cash Dividends 30 - - - - - - (461,119,818) (124,588,160) (585,707,978) (8,275) (585,716,253)
Total Comprehensive Income for the Period
Net Income for the Period
- - - - - - - 437,224,719 437,224,719 113,832 437,338,551
Other Comprehensive Income for the Period
-
-
- (84,611,376)
2,600,302
-
-
-
(82,011,074)
(1,452)
(82,012,526)
Balances as of 06.30.25 1,606,254 797,658,490 2,854,716,682 (33,790,991) 7,648,493 261,638,879 4,929,315,334 406,790,371 9,225,583,512 347,272 9,225,930,784
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Items | Notes/ Schedule | 06.30.26 | 06.30.25 |
Cash Flow from Operating Activities | |||
Income for the Period before Income Tax | 474,249,764 | 676,584,871 | |
Adjustments to Obtain Operating Activities Flows: | |||
Loan and other receivables loss provisions | 1,774,158,869 | 1,325,596,347 | |
Depreciation and Impairment of Assets | 28 | 172,503,431 | 176,415,006 |
Net Monetary Position | 982,390,659 | 935,017,581 | |
Exchange Rate Differences on Gold and Foreign Currency | (236,133,136) | (104,674,408) | |
Other adjustments (*) | (207,527,317) | (118,244,538) | |
Net (Increases)/Decreases from Operating Assets | |||
Debt Securities at Fair Value through Profit or Loss | (856,025,618) | 473,666,845 | |
Derivative Financial Instruments | 59,882,332 | (25,151,815) | |
Repurchase Transactions | 174,779,721 | 942,336,026 | |
Other Financial Assets | (160,983,770) | (1,669,253,378) | |
Loans and Other Financing | |||
Argentine Central Bank - Loans | (199,386.00) | - | |
Other Financial Institutions | 707,488,844 | (287,808,218) | |
Non-Financial Private Sector and Residents Abroad | (4,218,125,916) | (6,091,064,947) | |
Non-Financial Public Sector | (1,580,918) | (1,376,267) | |
Other Debt Securities | 976,436,744 | 733,040,999 | |
Financial Assets Pledged as Collateral | (223,544,285) | 1,276,057,887 | |
Investments in Equity Instruments | (2,491,383) | (74,085,608) | |
Other Non-financial Assets | 51,838,862 | 91,312,376 | |
Non-current Assets Held for Sale | 148 | 11,151,726 | |
Net Increases/(Decreases) from Operating Liabilities | |||
Deposits | |||
Financial Sector | (36,343,562) | 4,791,153 | |
Non-Financial Private Sector and Residents Abroad | 908,248,476 | 2,934,410,827 | |
Non-Financial Public Sector | 47,596,115 | 269,640,603 | |
Liabilities at Fair Value through Profit or Loss | 234,018 | 51,003,382 | |
Derivative Financial Instruments | (11,513,051) | 8,284,951 | |
Other Financial Liabilities | (1,863,345,971) | (1,443,265,543) | |
Provisions | (52,691,246) | (392,768,177) | |
Other Non-Financial Liabilities | (517,595,757) | 4,801,455 | |
Income Tax Payments | (32,007,795) | (283,487,087) | |
Total Cash Flows (used in) / generated by Operating Activities (A) | (2,090,301,128) | (577,067,951) |
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Items | Notes/ Schedule | 06.30.26 | 06.30.25 |
Cash flows from Investment Activities | |||
Payments | |||
Purchase of Property, Plant and Equipment and Intangible Assets (**) | (148,621,095) | (178,132,043) | |
Collections | |||
Sales of Property, Plant and Equipment and Intangible Assets | 5,094,530 | 6,750,025 | |
Dividends earned | 15,864,641 | 2,450,103 | |
Total Cash Flows used by Investment Activities (B) | (127,661,924) | (168,931,915) | |
Cash Flows from Financing Activities | |||
Payments | |||
Issued Debt Securities | (217,166,232) | (621,072,982) | |
Financing from the Argentine Central Bank and Other Financial Institutions | (1,389,074,465) | (973,217,380) | |
Dividends paid (***) | 30 | (326,798,025) | (119,424,597) |
Leases | (12,013,101) | (9,972,732) | |
Collections | |||
Capital increased | 20 | - | 147,281,257.00 |
Issued Debt Securities | 289,018,378 | 1,030,569,022 | |
Financing from the Argentine Central Bank and Other Financial Institutions | 938,200,979 | 979,330,827 | |
Total Cash Flows generated by / (used in) Financing Activities (C) | (717,832,466) | 433,493,415 | |
Monetary Loss related to Cash and Cash Equivalents (D) | 308,310,661 | 894,826,752 | |
Income from the change of Purchasing Power of Cash and Cash Equivalents (E) | (1,459,973,568) | (1,212,254,695) | |
Cash Increase (A+B+C+D+E) | (4,087,458,425) | (629,934,394) | |
Cash and Cash Equivalents at the Beginning of the Fiscal Year | 4 | 12,002,931,492 | 11,081,511,812 |
Cash and Cash equivalents at the Closing of the Period | 4 | 7,915,473,067 | 10,451,577,418 |
(*) As of June 30, 2026, these correspond to Other operating expenses of ARS (207,527,317).
(**) Acquisitions of Property, plant and equipment exclude ARS 9,859,818 related to additions arising from right-of-use asset lease contracts and ARS (17,210,109) related to terminations of right-of-use asset lease contracts, corresponding to non-cash transactions.
(***) Restated in homogeneous currency as of the date of each payment using the latest published index corresponding to the preceding month. See Note 30.
The accompanying notes and schedules are an integral part of these Consolidated Condensed Interim Financial Statements.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
NOTE 1. ACCOUNTING STANDARDS AND BASIS FOR PREPARATION Grupo Financiero Galicia S.A. InformationGrupo Financiero Galicia S.A. (hereinafter, "the Company," and jointly with its subsidiaries, "the Group") is a financial services holding company incorporated on September 14, 1999 under the laws of Argentina. The Company's interest in Banco de Galicia y Buenos Aires S.A. is its main asset. Banco de Galicia y Buenos Aires S.A. ("Banco Galicia" or "the Bank"), is a private bank that offers a wide range of financial products and services to both individuals and companies. Likewise, the Group is the parent company of Tarjetas Regionales S.A. (Naranja X), which holds investments related to the issuance of credit cards and services for the management of personal and commercial finances, Sudamericana Holding S.A., a company that consolidates insurance activities, Galicia Asset Management S.A.U., a mutual fund management company, Galicia Warrants S.A., a warrant issuer, IGAM LLC, an asset management company, Galicia Securities S.A.U., a Settlement and Compensation Agent and Trading Agent - Own Portfolio, Galicia Investments LLC, Galicia Ventures LP and Galicia Ventures Corp, companies dedicated to facilitate investment initiatives within the open innovation and corporate venturing program, Galicia Holdings US Inc., parent company of Galicia Capital US LLC, a company for reaching new customers by incorporating a wide range of financial instruments and enabling the development of innovative credit products, and Vestly Group Corp., the parent company of Vestly Capital LLC and Vestly Advisory LLC, entities engaged in financial services and investment advisory activities.
Date of authorization of Financial StatementsThese Consolidated Condensed Interim Financial Statements have been approved and authorized for publication through Board of Directors' Minutes No. 777 dated August 25, 2026.
Bases for PreparationThe Company, by virtue of the fact that it falls within the scope of Art. 2, Section I, Chapter I of Title IV: Periodic Information Regime of the National Securities Commission (CNV) regulations, presents its Financial Statements in accordance with the Argentine Central Bank (BCRA) valuation and exposure standards. In accordance with provisions in the aforementioned article, we inform that:
the corporate purpose of Grupo Financiero Galicia S.A. is, exclusively, to conduct financial and investment activities;
investments in Banco de Galicia y Buenos Aires S.A. and in Tarjetas Regionales S.A., the latter included under the consolidated supervision regime of the Argentine Central Bank (Communication "A" 2989 and complementary), represent 89.84% of the assets of Grupo Financiero Galicia S.A., being the main assets of the Company;
95.71% of the income of Grupo Financiero Galicia S.A. comes from share profit of the Entities mentioned in the preceding point;
Grupo Financiero Galicia S.A. holds 99.99820% interest in the capital stock of Banco Galicia y Buenos Aires S.A. and 100% of Tarjetas Regionales S.A., which gives it total control.
These Consolidated Condensed Interim Financial Statements have been prepared in accordance with: (i) the regulations of the International Accounting Standard No. 34 "Interim Financial Information" (IAS 34), and (ii) the accounting information framework established by the Argentine Central Bank, which is based on the International Financial Reporting Standards (IFRS) issued by the International Financial Reporting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), except for the provisions of Communication "A" 6847 which provides for the temporary exclusion of the scope of application of point 5.5. (Impairment loss) of IFRS 9 "Financial instruments" for debt instruments of the Non-Financial Public Sector. If the impairment model provided for in point 5.5 of IFRS 9 was applied to the Non-Financial Public Sector, a decrease of approximately ARS 2,706,009 as of June 30, 2026, and of ARS 9,703,885 as of December 31, 2025.
The Management of Grupo Financiero Galicia S.A. has concluded that the Consolidated Condensed Interim Financial Statements reasonably present the financial position, financial yield, and cash flows, in accordance with the IFRS-based accounting framework established by the Argentine Central Bank.
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PRICE WATERHOUSE & CO. S.R.L.
It should be noted that the Consolidated Condensed Interim Financial Statements have been prepared by applying accounting standards and measurement criteria consistent with those applied by the Company for the preparation of the annual Consolidated Financial Statements, except for the modifications described in Note 1(e).
The accounting standards have been consistently applied in all entities of the Group.
- Unit of Measurement
Law No. 27,468 passed in November 2018 repealed the prohibition to present the Financial Statements adjusted for inflation established by Executive Order 664/2003, delegating its application to each controlling authority.
Also, on December 26, 2018, the CNV issued General Resolution No. 777/2018 authorizing issuing entities to present accounting information in homogeneous currency for annual financial statements, for interim and special periods ending on or after December 31, 2018, except for Financial Institutions and Insurance Companies.
On February 22, 2019, through Communication "A" 6651, the Argentine Central Bank established that the entities subject to its control had to restate the Financial Statements in constant currency for the fiscal years commenced from January 1, 2020 onwards.
Said standard was retroactively applied, and the transition date for financial institutions was January 1, 2019. In the initial application of inflation adjustment, the equity accounts were restated as follows:
Capital Stock plus Capital Adjustment: Capital from the subscription date, and if there were a capital adjustment prior to the transition date, this is absorbed in the new restated capital adjustment. For capitalization of accumulated income, the date is their capitalization date.
Issuance Premium: Subscription Date.
Irrevocable Contributions: Integration Date, or Decision Date of their Irrevocable nature.
Profit Reserves: They are considered stated as of 12.31.18.
The differences regarding the balances determined in accordance with the previous accounting framework were imputed through offsetting entry in Retained Earnings - Adjustment of Income from prior fiscal years.
To calculate the restatement adjustment, the index used was the National Consumer Price Index (CPI) prepared by the National Institute of Statistics and Census (Instituto Nacional de Estadística y Censo, INDEC) (base month: December 2016); for those items with a previous date of origin, the Wholesale Price Index (WPI) published by the Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales en Ciencias Económicas, FACPCE) was used, according to Resolution JG517/16.
The restatement mechanism establishes that:
Monetary assets and liabilities will not be restated, as they are stated in the current measuring unit at the closing of the reporting period.
Assets and liabilities subject to adjustments based on specific agreements will be adjusted according to such agreements.
Non-monetary items measured at their current values at the end of the reporting period, such as net realizable value or others, will not be restated.
The remaining non-monetary assets and liabilities will be restated by a general price index. The loss or profit from the net monetary position will be included in the net income for the reporting period, disclosing this information in a separate item called Loss on Net Monetary Position.
Allocation to component items of Other Comprehensive Income in closing currency: in accordance with the provisions of Communication "A" 7211, the accrued monetary income with respect to items of a monetary nature that
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PRICE WATERHOUSE & CO. S.R.L.
are measured at fair value through other comprehensive income (OCI), must be recorded in the income of the period/ fiscal year.
The Group opted for presenting the items of the Statement of Income at their nominal restated value. This implies that they are not disclosed net of inflation effect (in real terms).
Likewise, the monetary restatement of both Capital Stock and Paid-in Capital will be imputed to the account "Equity Adjustments - Capital Adjustments," considering the subscription date as the date of origin. When applying restatement of non-monetary assets, it should be considered that the resulting amount must in no case exceed the recoverable value.
Comparative information, as well as all the Statements and Schedules, is stated in homogeneous currency at closing. In the Statement of Changes in Shareholders' Equity and in the Statement of Cash Flows, both the initial balances and the period changes are restated in closing currency.
- Foreign Currency Translation
Functional Currency and Presentation Currency
The figures included in the Consolidated Condensed Interim Financial Statements are stated in their functional currency, that is, in the currency of the main economic environment in which the Group operates. The Consolidated Condensed Interim Financial Statements are presented in Argentine pesos, which is the Group's functional and presentation currency.
Transactions and Balances
The transactions in foreign currency are translated into the functional currency at the exchange rate in force on the transactions or the valuation dates when the items are measured at closing exchange rate. Profits and losses in foreign currency resulting from the settlement of these transactions and the translation of monetary assets and liabilities in foreign currency at closing exchange rate, are recognized in the Statement of Income in the item "Exchange Rate Differences on Gold and Foreign Currency," except when they are deferred in equity by transactions which qualify as cash flows hedges, if appropriate.
Balances are converted at the reference exchange rate of the US dollar defined by the Argentine Central Bank, in force at the close of operations on the last business day of each month.
As of June 30, 2026, December 31, 2025, and June 30, 2025, balances in US dollars were translated at the reference exchange rate (ARS 1483.0198, ARS 1459.4167, and ARS 1194.0833, respectively) established by the Argentine Central Bank. Foreign currencies other than the US dollar have been translated into this currency using the types of exchange rate reported by the Argentine Central Bank.
- Going concern
As of the date of these Consolidated Condensed Interim Financial Statements, there is no uncertainty regarding events or conditions that may give rise to doubts about the possibility of the Group continuing to operate normally as a going concern.
- Comparative information
Balances as of December 31, 2025 and June 30, 2025 exposed in these Financial Statements, for comparison purposes, arise from the Financial Statements as of those dates stated in closing currency.
Certain reclassifications have been made on the figures corresponding to the financial statements presented in comparative format in order to maintain consistency in the exposure with the figures for the current period.
- New accounting standards, amendments and interpretations issued by the International Accounting Standards Board that have been adopted by the Group
Pursuant to the provisions of the Organic Charter of the Argentine Central Bank and the Law on Financial Institutions, the Argentine Central Bank shall issue its opinion regarding its approval for Financial Institutions as new IFRS, or amendments or repeals of those in force, are approved, and once these changes are adopted through the Adoption Circulars issued by the
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PRICE WATERHOUSE & CO. S.R.L.
Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales en Ciencias Económicas), FACPCE. In general, the early application of any IFRS will not be allowed, unless it is specifically allowed when it is adopted.
The accounting standards applied in the preparation and presentation of these Consolidated Condensed Interim Financial Statements are consistent with those used in the financial statements corresponding to the last fiscal year ended December 31, 2025, except for the modifications detailed below:
Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
Item
These amendments clarify the requirements regarding the timing of recognition and derecognition of certain financial assets and liabilities, introducing a new exception for certain liabilities settled through an electronic cash transfer system. They also clarify and provide additional guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion. In addition, they introduce new disclosures for certain instruments with contractual terms that may modify cash flows (such as certain instruments with features linked to achieving environmental, social and governance (ESG) targets), and update disclosures for equity instruments designated at fair value through other comprehensive income.
Publication date May, 2024
Effective date As from January 2026
Impact No significant impact on the Group's financial statements.
Amendments to IFRS 9 and IFRS 7: Contracts for electricity dependent on nature
Item
These amendments allow for a more accurate accounting representation of renewable energy contracts in the financial statements through the following changes: clarifying the application of the "own use" requirements; allowing, in certain cases, hedge accounting when these contracts are used as hedging instruments; and introducing new disclosures to better understand the impact of these contracts on financial performance and cash flows.
Publication date December, 2024
Effective date Annual periods commenced as of January 2026.
Impact It is estimated that the application of this standard will not generate a significant impact on the Group's equity.
Annual improvements: IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
Item
Annual improvements are limited to changes that clarify the wording of an Accounting Standard or correct relatively minor unintended consequences, omissions or conflicts between the requirements of Accounting Standards. The 2024 amendments relate to the following standards:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
IFRS 7 Financial Instruments: Disclosures and its corresponding Application Guidance; IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements; and IAS 7 Statement of Cash Flows.
Publication date July, 2024
Effective date Annual periods commenced as of January 2026. Early application is permitted.
Impact It is estimated that the application of this standard will not generate a significant impact on the Group's equity.
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PRICE WATERHOUSE & CO. S.R.L.
- New accounting standards and amendments issued by the IASB that have not been adopted by the Group
The new standards, amendments, and interpretations published that are detailed below have not yet come into force and have not been adopted early:
IFRS 18: Presentation and Information to be Disclosed in the Financial Statements
Item
This new standard places special emphasis on the presentation of the Statement of Income. The new, essential concepts introduced by IFRS 18 relate to: The structure of the Statement of Income; disclosure requirements in the financial statements for certain yield measurements that are not reported in an entity's financial statements (i.e., yield measurements defined by the companies' management); and improvements in the principles of aggregation and disaggregation of accounting items in the primary financial statements and the explanatory notes, in general.
Publication date April, 2024
Effective date Annual periods commenced as of January 2027. Early application is permitted.
Impact The impact on the Group's financial statements is being evaluated.
IFRS 19: Subsidiaries under No Public Responsibility - Disclosures
Item
This voluntary standard allows eligible subsidiaries to replace the disclosures required in each specific IFRS with reduced disclosures, also established in the standard. It seeks to balance the information needs of the users of the financial statements of these entities while saving costs for those responsible for preparing them. A subsidiary will be eligible if: it is under no public responsibility; and its parent company presents consolidated financial statements for public use in compliance with IFRS standards.
Publication date May, 2024
Effective date January 2027. Early application is permitted.
Impact The impact on the Group's financial statements is being evaluated.
Amendment to IIFRS 19: Subsidiaries under No Public Responsibility - Disclosure Requirements
Item
The amendments to IFRS 19 reduce the disclosure requirements for eligible subsidiaries without public accountability, aligning the Standard with IFRSs and amendments issued between February 2021 and May 2024.
The amendments cover, among other matters, IFRS 18, amendments to IAS 7 and IFRS 7, amendments to IAS 12, amendments to IAS 21, and amendments to IFRS 9.
Going forward, IFRS 19 will be amended concurrently with the issuance or revision of other IFRSs by the IASB.
Publication date August, 2025
Effective date
These amendments allow IFRS 19 to incorporate all changes effective up to 1 January 2027, which is the date on which the Standard becomes effective.
Impact The impact on the Group's financial statements is being evaluated.
Amendments to IAS 21 - Effects of Changes in Foreign Exchange Rates
Item
The IASB has issued amendments to IAS 21 on translation to a hyperinflationary presentation currency. These amendments are only relevant to entities whose presentation currency is that of a hyperinflationary economy and whose functional currency, or that of their foreign operations, is that of a non-hyperinflationary economy. The amendments require that all amounts (including comparative figures) be translated from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy, using the closing exchange rate at the date of the latest statement of financial position. The amendments also include an exception for entities whose functional and presentation currency is that of a hyperinflationary economy, allowing them not to retranslate comparative figures for their foreign operations into the functional currency of a non-hyperinflationary economy.
Publication date November, 2025
Effective date January 2027. Early application is permitted.
Impact The impact on the Group's financial statements is being evaluated.
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PRICE WATERHOUSE & CO. S.R.L.
IFRS 20 - Regulatory Assets and Regulatory Liabilities
Item
This new standard was designed for entities subject to a specific type of rate regulation. Its main objective is to help investors and users of financial statements better understand how rate regulation affects an entity's financial performance, financial position, and prospects for future cash flows.
Publication date May, 2026.
Effective date For annual reporting periods beginning on or after January 1, 2029.
Impact No significant impact is expected on the Group's financial statements.
There are no other IFRS or IFRIC interpretations that are not effective and that are expected to have a significant impact on the Group.
NOTE 2. CRITICAL ACCOUNTING ESTIMATES AND POLICIESThe preparation of Consolidated Condensed Interim Financial Statements in accordance with the IFRS-based accounting framework requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgment in the application process of the accounting standards established by the Argentine Central Bank to establish the Group's accounting policies.
The preparation of the Consolidated Condensed Interim Financial Statements requires that estimates and evaluations be made to determine the amount of recorded assets and liabilities, and contingent assets and liabilities disclosed at the date of issuance thereof, as well as income and expenses recorded in the period. In this regard, estimates are made to calculate at a given time, among others, the fair value of Level 3 financial instruments, impairment losses on financial instruments, impairment of non-financial assets, income tax, deferred tax and the allocation of the purchase price in the business combination process of GGAL Holding S.A.. Likewise, conditions related to non-financial assets are monitored to determine whether they require a review of the remaining amortization or depreciation period, or indicate impairment in value that cannot be recovered. The real future income may differ from estimates and evaluations as of the date of preparation of these Consolidated Condensed Interim Financial Statements.
In preparing these Consolidated Condensed Interim Financial Statements, the critical judgments made by the Group in applying the accounting policies and the sources of information used for the respective estimates are the same as those applied in the consolidated financial statements for the fiscal year ended December 31, 2025, except as disclosed in point 1 (e).
NOTE 3. FAIR VALUESThe Group classifies the fair values of the financial instruments in 3 levels, according to the quality of the information used for their determination.
Level 1 Fair Value: The fair value of financial instruments traded in active markets (as publicly traded derivative instruments, debt securities or instruments available for sale) is based on the quoted market prices (not adjusted) as of the date of the reporting period. If the quoted price is available within the 5 business days of the valuation date, and there is an active market for the instrument, this will be included in Level 1.
Level 2 Fair Value: The fair value of financial instruments not traded in active markets, for example, derivatives available over-the-counter, is determined using valuation techniques that maximize the use of observable information. If all the relevant variables to establish the fair value of a financial instrument are observable, the instrument is included in Level 2. If the variables to determine the price are not observable, the instrument will be valued in Level 3.
Level 3 Fair Value: If one or more relevant variables are not based on observable market information, the instrument is included in Level 3. This is the case of unquoted financial instruments.
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PRICE WATERHOUSE & CO. S.R.L.
Valuation TechniquesThe valuation techniques to determine the Fair Value includes:
Market prices or quotes for similar instruments.
Determination of estimated current value of the instruments.
The assessment technique to determine the Level 2 fair value is based on information other than the quote price included in Level 1, which are directly observable for assets or liabilities, both directly (i.e., prices) and indirectly (i.e., deriving from prices). For those instruments with no trading in the secondary market and which, if having to reverse positions, the Group would have to sell them to the Argentine Central Bank at the rate originally agreed in accordance with the provisions of the controlling authority, the price has been prepared based on said rate accrual.
The assessment technique to determine the Level 3 fair value of financial instruments is based on the price drawn by the curve, which is a method that compares the spread between the sovereign bond curve and the average cut-off rates of primary issuances, representing the different segments, according to the different risk ratings. If there are no representative primary issuances throughout the month, the following variants will be used:
secondary market prices of instruments under the same conditions, which had quoted in the evaluation month;
bidding and/or secondary market prices of the previous month, which will be taken based on their representativeness;
spread calculated in the previous month, and it will be applied to the sovereign curve, in accordance with their reasonableness;
a specific margin is applied, defined according to historical yields of instruments under the same conditions, based on a substantiated justification.
Based on the foregoing, the rates and spreads are determined to be used to discount the future cash flows and generate the instrument price.
All the modifications to the valuation methods are previously discussed and approved by the Group's key personnel.
The financial instruments of the group measured at fair value at June 30, 2026 and December 31, 2025 are detailed below:
Items | Level 1 | Level 2 | Level 3 |
Assets | |||
Argentine Central Bank Bills(*) | 3,198,276 | - | - |
Government Securities(*) | 2,477,807,354 | - | 17,087,379 |
Corporate Securities(*) | 292,119,419 | 43,891,615 | 52,334,841 |
Derivative Financial Instruments | 848,681 | 21,142,295 | - |
Other Debt Securities(**) | 5,146,267,922 | - | - |
Other Financial Assets | 378,377,735 | 83,122 | 10,402,894 |
Loans and Other Financing | - | 151,127,799 | - |
Financial Assets Pledged as Collateral | 832,877,179 | - | - |
Investments in Equity Instruments | 69,688,363 | - | 58,935,227 |
Total Assets | 9,201,184,929 | 216,244,831 | 138,760,341 |
Liabilities | |||
Liabilities at Fair Value through Profit or Loss | (81,014,971) | - | - |
Derivative Financial Instruments | - | (12,887,415) | - |
Total Liabilities | (81,014,971) | (12,887,415) | - |
Total as of 06.30.26 | 9,120,169,958 | 203,357,416 | 138,760,341 |
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PRICE WATERHOUSE & CO. S.R.L.
(*) They are included in Debt Securities at Fair Value through Profit or Loss. (**) For Government Securities at Fair Value through OCI. | |||
Items | Level 1 | Level 2 | Level 3 |
Assets | |||
Argentine Central Bank Bills(*) | 8,811,522 | - | - |
Government Securities(*) | 1,576,831,517 | - | 11,901,028 |
Corporate Securities(*) | 180,337,680 | 60,071,200 | 17,470,707 |
Derivative Financial Instruments | 2,826,379 | 62,449,736 | - |
Other Debt Securities(**) | 3,780,255,145 | - | - |
Other Financial Assets | 436,647,390 | 69,811 | 19,429,878 |
Financial Assets Pledged as Collateral | 281,491,785 | - | - |
Investments in Equity Instruments (***) | 69,097,125 | - | 72,018,669 |
Total Assets | 6,336,298,543 | 122,590,747 | 120,820,282 |
Liabilities | |||
Liabilities at Fair Value through Profit or Loss | (63,614,518) | - | - |
Derivative Financial Instruments | - | (21,430,258) | - |
Total Liabilities | (63,614,518) | (21,430,258) | - |
Total as of 12.31.25 (*) They are included in Debt Securities at Fair Value through Profit or Loss. (**) For Government Securities at Fair Value through OCI. The evolution of the instruments included in level 3 fair | 6,272,684,025 value is detailed below: | 101,160,489 | 120,820,282 |
Level 3 12.31.25 Transfers(*) Recognition Derecognition Income Inflation Effect 06.30.26
Government Securities 11,901,028 22,659,176 40,892,388 (60,720,314) 5,130,486 (2,775,385) 17,087,379
Corporate Securities 17,470,707 47,994,408 23,701,289 (36,693,998) 4,867,359 (5,004,924) 52,334,841
Other financial assets 19,429,878 - 2,798,880 (9,678,727) 652,256 (2,799,393) 10,402,894
Investments in Equity Instruments
72,018,669
-
1,877,996
(14,891,934)
11,025,340
(11,094,844)
58,935,227
Total 120,820,282 70,653,584 69,270,553 (121,984,973) 21,675,441 (21,674,546) 138,760,341
(*) Including the changes in level of the financial instruments classified as Level 3 fair value.
Transfers were mainly driven by the reclassification to Level 3 of instruments that did not have observable valuation prices at the end of the period, amounting to ARS 84,081,709, and by the transfer to Level 1 of instruments previously classified as Level 3 that, as of the end of the period, had observable market quotations, totaling ARS (13,428,126).
Level 3 | 12.31.24 | Transfers(*) | Recognition | Derecognition | Income | Inflation Effect | 12.31.25 |
Government Securities | 45,094,695 | (26,872,736) | 57,659,666 | (72,291,424) | 17,312,499 | (9,001,672) | 11,901,028 |
Corporate Securities | 6,750,986 | 9,421,964 | 22,889,616 | (22,640,153) | 3,653,922 | (2,605,628) | 17,470,707 |
Other Debt Securities | 3,614,672 | (3,666,834) | - | - | 919,053 | (866,891) | - |
Other financial assets | 29,274,162 | 646,111 | 22,816,038 | (34,949,750) | 8,848,576 | (7,205,259) | 19,429,878 |
Investments in Equity Instruments | 49,901,511 | (4,584,434) | 16,986,146 | - | 23,250,332 | (13,534,886) | 72,018,669 |
Total | 134,636,026 | (25,055,929) | 120,351,466 | (129,881,327) | 53,984,382 | (33,214,336) | 120,820,282 |
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PRICE WATERHOUSE & CO. S.R.L.
Transfers occurred because: the instruments without observable valuation prices at the closing of the period were reclassified to Level 3, for a total amount of ARS 73,180,084; the instruments with observable market quotes at the closing of the period were reclassified to Level 1 from Level 3, for a total amount of ARS (94,520,810); and the instruments in Level 3, which, at the closing of the period, were valued by accruing the last market IRR in order to obtain a representative price, were reclassified to Level 2, for a total amount of ARS (3,715,203).
The comparison between the book value and the fair value of the main assets and liabilities recorded at amortized cost at period closing is detailed below:
Items Assets/Liabilities at 06.30.26 Book value Fair value Level 1 FV Level 2 FV Level 3 FV
Assets
Cash and Due from Banks 6,240,921,215 6,240,921,215 6,240,921,215 - -
Repurchase Transactions 1,011,497,299 1,011,497,299 1,011,497,299 - -
Loans and Other Financing 27,181,115,414 27,229,872,208 - - 27,229,872,208
Other Financial Assets 422,635,600 422,635,599 433,121,615 (83,122) (10,402,894)
Other Debt Securities 1,662,757,218 1,620,101,212 1,620,101,212 - -
Financial Assets Pledged as Collateral 1,353,581,129 1,353,600,057 1,353,600,057 - -
Liabilities
Deposits 29,034,792,928 29,030,412,505 - - 29,030,412,505
Repurchase Transactions 1,194,738,810 1,194,738,810 1,194,738,810 - -
Financing from the Argentine Central Bank and Other Financial Institutions
871,334,002 868,576,186 - - 868,576,186
Issued Debt Securities 1,759,963,461 1,754,352,254 1,754,352,254 - -
Subordinated Debt Securities 382,726,101 381,934,345 381,934,345 - -
Other Financial Liabilities 5,336,490,156 5,336,490,156 - - 5,336,490,156
Items Assets/Liabilities at 12.31.25 Book value Fair value Level 1 FV Level 2 FV Level 3 FV
Assets
Cash and Due from Banks 10,945,218,179 10,945,218,179 10,945,218,179 - -
Repurchase Transactions 848,418,076 848,418,076 848,418,076 - -
Loans and Other Financing 28,119,566,878 28,202,570,469 - - 28,202,570,469
Other Financial Assets 219,303,484 290,759,017 180,394,999 - 110,364,018
Other Debt Securities 3,112,367,350 2,996,632,370 2,996,632,370 - -
Financial Assets Pledged as Collateral 1,470,904,251 1,470,859,572 1,470,859,572 - -
Liabilities
Deposits 32,329,429,142 32,297,527,392 - - 32,297,527,392
Repurchase Transactions 791,160,306 791,160,306 791,160,306 - -
Financing from the Argentine Central Bank and Other Financial Institutions
1,030,283,946 1,003,715,990 - - 1,003,715,990
Issued Debt Securities 1,895,638,632 1,891,454,915 1,891,454,915 - -
Subordinated Debt Securities 439,563,561 438,013,148 438,013,148 - -
Other Financial Liabilities 5,754,978,633 5,754,978,633 - - 5,754,978,633
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PRICE WATERHOUSE & CO. S.R.L.
NOTE 4. CASH AND CASH EQUIVALENTSCash equivalents are held to comply with short-term payment obligations, rather than for investment or similar purposes. For a financial investment to be qualified as cash equivalent, it has to be easily convertible into a certain amount of cash and be subject to an insignificant risk of changes in its value. Therefore, such an investment will be a cash equivalent when its maturity is close, namely three or less months from its acquisition date. Interests in the principal of other companies will be excluded from cash equivalents.
The items of cash and cash equivalents are detailed below:
Item | 06.30.26 | 12.31.25 | 06.30.25 | 12.31.24 |
Net Cash and Due from Banks from Operations Pending Settlement in Foreign Currency (1) | 6,240,921,215 | 10,945,218,179 | 8,112,356,498 | 10,064,608,450 |
Active Repo Transactions Debtors(2) | - | - | 96,820,930 | - |
Local Interfinancial Loans(3) | 65,000,000 | - | 142,495,429 | 63,481,969 |
Overnight Placements in Foreign Banks(3) | 1,579,888,304 | 1,045,352,833 | 173,392,787 | 475,386,015 |
Money Market(4) | 29,663,548 | 12,360,480 | 87,865,190 | 175,192,633 |
Transactions for Cash Sales of Government Securities to be settled with the Argentine Central Bank (5) | - | - | 1,838,646,584 | 302,842,745 |
Total Cash and Cash Equivalents | 7,915,473,067 | 12,002,931,492 | 10,451,577,418 | 11,081,511,812 |
Net of cash and cash equivalents for cash purchases or sales to be settled.
They are included in the "Repurchase Transactions" item.
They are included in the "Loans and Other Financing - Other Financial Institutions" item, with a maturity of less than three months.
They are included in the "Other Financial Assets" item, with maturities of less than three months. The funds are made up of assets with liquidity of less than three months, whose redemption value is known at the measurement date.
Including transactions for the sale of government securities to be settled on a 1-day basis with the Argentine Central Bank.
Related party information is disclosed in Note 35. | ||
NOTE 5. OTHER FINANCIAL ASSETS As of period closing, the balances of Other Financial Assets correspond to: | ||
Item | 06.30.26 | 12.31.25 |
Receivables from Spot Sales of Foreign Currency Pending Settlement | 143,867,576 | - |
Receivables from Spot Sales of Government Securities Pending Settlement | 125,510,209 | 51,891,000 |
Sundry Debtors | 146,276,090 | 152,368,832 |
Mutual Funds | 378,206,698 | 436,499,879 |
Premiums for Financial Collateral Contracts | 671,387 | 6,452,756 |
Interest Accrued Receivable | 6,489,076 | 8,174,011 |
Fiduciary Participation Certificates | 10,657,053 | 19,647,199 |
Balances from Claims Pending Recovery | 506,872 | 587,853 |
Leases Payable | 813,303 | 821,197 |
Others | 23,204 | 206,924 |
Minus: Allowance for Loan Losses | (1,522,117) | (1,199,088) |
Total | 811,499,351 | 675,450,563 |
Related party information is disclosed in Note 35. Changes in Allowance for Loan Losses for other financial assets are disclosed in Schedule R. | ||
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
NOTE 6. LOANS AND OTHER FINANCINGThe composition of the Loans and Other Financing portfolio as of period closing is detailed below:
Item | 06.30.26 | 12.31.25 |
Non-Financial Public Sector | 17,621,671 | 18,111,621 |
Argentine Central Bank | 181,663 | - |
Financial Institutions | 537,249,692 | 726,936,495 |
Loans | 537,323,475 | 727,372,938 |
Allowances | (73,783) | (436,443) |
Non-Financial Private Sector and Residents Abroad | 26,777,190,187 | 27,374,518,762 |
Loans | 29,177,925,324 | 29,237,027,236 |
Advances | 1,681,821,452 | 1,157,984,502 |
Overdrafts | 8,206,803,318 | 8,173,924,862 |
Mortgage | 1,132,843,735 | 1,258,476,931 |
Pledges | 697,561,982 | 761,132,159 |
Personal | 3,235,744,251 | 3,448,797,160 |
Credit cards | 9,577,786,040 | 10,985,177,503 |
Other Loans | 3,402,267,892 | 2,426,434,583 |
Accrued Interest, Adjustments and Exchange Rate Differences on Foreign | 1,288,150,692 | 1,095,076,671 |
Documented Interests | (45,054,038) | (69,977,135) |
Finance Leases | 47,097,827 | 58,348,264 |
Other Financing | 486,078,461 | 566,787,072 |
Allowances | (2,933,911,425) | (2,487,643,810) |
Total | 27,332,243,213 | 28,119,566,878 |
The classification of Loans and Other Financing, by status and guarantees received, is shown in detail in Schedule B. The concentration of Loans and Other Financing is detailed in Schedule C.
The breakdown per terms of Loans and Other Financing is detailed in Schedule D. Changes in the Allowance for Loan Losses and Other Financing are detailed in Schedule R. Related party information is disclosed in Note 35.
NOTE 7. FINANCIAL ASSETS PLEDGED AS COLLATERALThe Financial Assets Pledged as Collateral valuated in accordance with their underlying asset for the period/fiscal year under analysis are detailed below:
Item | 06.30.26 | 12.31.25 |
Deposits as Collateral | 697,771,337 | 655,302,140 |
Special Accounts as Collateral: Argentine Central Bank | 510,194,563 | 577,155,788 |
Forward Purchases of Monetary Regulation Instruments | 978,492,408 | 519,938,108 |
Total | 2,186,458,308 | 1,752,396,036 |
Restricted availability assets are detailed in Note 36.2. |
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
NOTE 8. INVESTMENTS IN EQUITY INSTRUMENTSThe Group's Investments in Equity Instruments are detailed in Schedule A.
NOTE 9. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES | ||||
9.1. | Consolidated Companies | |||
The interest and shareholding percentages in companies over which the Group exerts control, and which are consolidated by | ||||
the Group, are detailed below: | ||||
06.30.26 | 12.31.25 | |||
Company | Direct and Indirect Holding | Interest | Direct and Indirect Holding | Interest |
Banco de Galicia y Buenos Aires S.A. | 754,748,461 | 99.9982 % | 754,748,461 | 99.9982 % |
Galicia Asset Management S.A.U. | 158,500,537 | 100.00 % | 158,500,537 | 100.00 % |
Galicia Broker Asesores de Seguros S.A. | 71,310 | 99.99 % | 71,310 | 99.99 % |
Galicia Capital US LLC | 1,000 | 100.00 % | 1,000 | 100.00 % |
Galicia Holdings US Inc. | 1,000 | 100.00 % | 1,000 | 100.00 % |
Galicia Investments LLC | 100 | 100.00 % | 100 | 100.00 % |
Galicia Retiro Compañía de Seguros S.A.U. | 1,933,542,601 | 100.00 % | 1,933,542,601 | 100.00 % |
Galicia Securities S.A.U. | 95,392,000 | 100.00 % | 95,392,000 | 100.00 % |
Galicia Seguros S.A.U. | 846,328,042 | 100.00 % | 846,328,042 | 100.00 % |
Galicia Ventures Corp. | 10,000 | 100.00 % | 10,000 | 100.00 % |
Galicia Ventures LP | 1,000 | 100.00 % | 1,000 | 100.00 % |
Galicia Warrants S.A. | 1,000,000 | 100.00 % | 1,000,000 | 100.00 % |
GGAL Seguros S.A. | 37,855,000 | 100.00 % | 37,855,000 | 100.00 % |
GGAL Seguros de Retiro S.A. | 49,803,430 | 100.00 % | 49,803,430 | 100.00 % |
IGAM LLC | 100 | 100.00 % | 100 | 100.00 % |
INVIU S.A.U. | 809,611,333 | 100.00 % | 809,611,333 | 100.00 % |
INVIU Capital Markets Limited | 1 | 100.00 % | 1 | 100.00 % |
INVIU Manager Investment Ltd. | 1 | 100.00 % | 1 | 100.00 % |
INVIU México S.A.P.I. de C.V. | 1,500 | 100.00 % | 1,500 | 100.00 % |
INVIU Perú S.A.B. S.A.C. | 2,439,992 | 100.00 % | 2,439,992 | 100.00 % |
INVIU Technology Limited | 1 | 100.00 % | 1 | 100.00 % |
INVIU Uruguay Agente de Valores S.A.U. | 300,000,000 | 100.00 % | 300,000,000 | 100.00 % |
Vestly Advisory LLC | 100 | 100.00 % | 100 | 100.00 % |
Vestly Asset Management LLC | 100 | 100.00 % | 100 | 100.00 % |
Vestly Capital LLC | 100 | 100.00 % | 100 | 100.00 % |
Vestly Group Corp. | 10,000 | 100.00 % | 10,000 | 100.00 % |
Vestly México S.A. de C.V. | 1,500 | 100.00 % | 1,500 | 100.00 % |
Naranja Digital Compañía Financiera S.A.U. | 26,816,107,017 | 100.00 % | 26,816,107,017 | 100.00 % |
NHI(UK) Limited | 19,000,000 | 100.00 % | 19,000,000 | 100.00 % |
N-xers S.A. de C.V. | 405,816,000 | 100.00 % | 405,816,000 | 100.00 % |
Sudamericana Holding S.A. | 358,395,538 | 100.00 % | 358,395,538 | 100.00 % |
Signed for the purpose of identification with | Signed for the purpose of identification with | |||
our report dated August 25, 2026 | our report dated August 25, 2026 | |||
PRICE WATERHOUSE & CO. S.R.L. | ||||
Company | Direct and Indirect Holding | 06.30.26 Interest | Direct and Indirect Holding | 12.31.25 Interest |
Seguros Galicia S.A. | 66,055,068,160 | 99.44 % | 66,055,068,160 | 99.44 % |
Tarjeta Naranja S.A.U. | 2,896 | 100.00 % | 2,896 | 100.00 % |
Tarjetas Regionales S.A. | 1,756,704,458 | 100.00 % | 1,756,704,458 | 100.00 % |
Well Assistance S.A.U. | 100,000 | 100.00 % | 100,000 | 100.00 % |
Basic information related to the consolidated companies as of June 30, 2026 is detailed below:
Company Assets Liabilities SE Income
Banco de Galicia y Buenos Aires S.A. 41,048,005,253 33,800,214,877 7,247,790,376 209,439,370
Galicia Asset Management S.A.U. 169,194,512 36,096,338 133,098,174 74,941,113
Galicia Broker Asesores de Seguros S.A. 13,842,147 5,530,153 8,311,994 3,405,302
Galicia Capital US LLC 10,132,876 1,805,808 8,327,068 1,395,114
Galicia Holdings US Inc. 8,831,732 - 8,831,732 416,636
Galicia Investments LLC 82,656 - 82,656 (8,749)
Galicia Retiro Compañía de Seguros S.A.U. 3,352,076 137,485 3,214,591 318,826
Galicia Securities S.A.U. 332,610,440 258,227,781 74,382,659 9,233,048
Galicia Seguros S.A.U. 81,017,964 19,797,153 61,220,811 (1,994,734)
Galicia Ventures Corp. 1,131,477 30 1,131,447 (48,217)
Galicia Ventures LP 8,265,560 - 8,265,560 (874,884)
Galicia Warrants S.A. 17,523,410 5,759,420 11,763,990 842,706
GGAL Seguros S.A. 379,781,566 298,923,501 80,858,065 9,653,182
GGAL Seguros de Retiro S.A. 561,271,337 482,617,293 78,654,044 17,339,811
IGAM LLC 24,490,203 4,202 24,486,001 (3,203,581)
INVIU S.A.U. 230,006,502 216,899,788 13,106,714 (2,037,855)
INVIU Capital Markets Limited 2,625,604 585,413 2,040,191 (693,157)
INVIU Manager Investment Ltd. 1,306,906 1,227,237 79,669 269,127
INVIU México S.A.P.I. de C.V. 113 - 113 2
INVIU Perú S.A.B. S.A.C. 1,742,881 332,144 1,410,737 (896,599)
INVIU Technology Limited 690,355 402,607 287,748 37,483
INVIU Uruguay Agente de Valores S.A.U. 8,128,309 2,366,939 5,761,370 111,754
Vestly Asset Management LLC 873,428 642,717 230,711 70,592
Vestly Capital LLC 2,838,847 - 2,838,847 (134,670)
Vestly Group Corp. 2,841,561 2,966 2,838,595 (169,917)
Vestly México S.A. de C.V. 108 - 108 2
Naranja Digital Compañía Financiera S.A.U. | 2,997,671,133 | 2,653,658,572 | 344,012,561 | 96,388,601 |
NHI(UK) Limited | 25,561,723 | 109,356 | 25,452,367 | (6,586,627) |
N-xers S.A. de C.V. | 27,833,243 | 1,040,531 | 26,792,712 | (6,933,404) |
Sudamericana Holding S.A. | 284,112,319 | 439,518 | 283,672,801 | 35,711,280 |
Seguros Galicia S.A. 382,186,744 338,544,956 43,641,788 6,491,171
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Company Assets Liabilities SE Income |
Tarjeta Naranja S.A.U. 4,686,922,479 3,884,010,190 802,912,289 (80,054,806) |
Tarjetas Regionales S.A. | 1,202,158,356 | 26,774,746 | 1,175,383,610 | 11,288,945 |
Well Assistance S.A.U. | 2,166,432 | 788,607 | 1,377,825 | 618,492 |
- Corporate Restructuring
On February 3, 2025, the Boards of Directors of the subsidiaries Banco Galicia, Galicia Asset Management S.A.U., Sudamericana Holding S.A., and GGAL Holdings S.A. decided to initiate the necessary procedures to carry out a Corporate Restructuring. The objective is to improve the organization and use of resources, as well as to achieve a more effective and efficient technical and administrative management.
The Corporate Reorganization will consist of a spin-off-merger and mergers by absorption, in accordance with the provisions of: (a) articles 88, first paragraph, section I, and 82 of the General Corporations Law No. 19,550, as amended ("Ley General de Sociedades N° 19,550" - "LGS"), (b) Articles 146, 151 and 152 of General Resolution 15/2024 of the IGJ, and (c) to frame it as three simultaneous and concatenated tax-free corporate reorganizations between entities of the same economic group under Article 80 of the Income Tax Law, text ordered by Decree 824/2019, as amended (the "LIG").
As a result, GGAL Holdings S.A. will be spun off, dissolved without liquidation, and absorbed through a merger by Banco Galicia, Galicia Asset Management S.A.U., and Sudamericana Holding S.A.
In this way, GGAL Holdings S.A. will transfer:
99.985% of its shares in Banco GGAL S.A. to Banco Galicia.
56.439% of its shares in GGAL Asset Management S.A. to Galicia Asset Management S.A.U.
98% of its shares in GGAL Seguros S.A. and GGAL Seguros de Retiro S.A., and 100% of its shares in GGAL Participaciones S.A.U. to Sudamericana Holdings S.A.
On the other hand, the mergers by absorption contemplated in the Corporate Restructuring will be carried out as follows:
Unification of the banking business: Banco Galicia will absorb Banco GGAL S.A., which will be dissolved without liquidation, resulting in a single banking entity.
Unification of the mutual fund management business: Galicia Asset Management S.A.U. will absorb GGAL Asset Management S.A., which will be dissolved without liquidation, thus consolidating the business into a single entity.
Absorption of GGAL Participaciones S.A.U.: Sudamericana Holdings S.A. will absorb GGAL Participaciones S.A.U., which will be dissolved without liquidation.
On April 23, 2025, the Shareholders' Meetings of Banco Galicia, Galicia Asset Management S.A.U., and Sudamericana Holding
S.A. approved the comprehensive corporate reorganization within the framework of an economic group, pursuant to Article 80 of the Income Tax Law (restated 2019).
Additionally, as a result of the reorganization, Articles 1 and 4 of the Corporate Bylaws were amended to reflect the change of name from Banco de Galicia y Buenos Aires S.A.U. to Banco de Galicia y Buenos Aires S.A., and the increase in share capital to 101 ordinary shares with a nominal value of one peso and five votes per share, and 754,761,922 ordinary shares with a nominal value of one peso and one vote per share. All shares are book-entry shares.
Furthermore, the Shareholders' Meeting of Galicia Asset Management S.A.U. approved a capital increase of ARS 54,687, raising the share capital from ARS 103,813 to ARS 158,501, and the issuance of 54,687,482 ordinary shares with a nominal value of one peso each and one vote per share (Class "B" shares), with a total share premium of ARS 28,161,993.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Lastly, the Shareholders' Meeting of Sudamericana Holding S.A. approved a capital increase of ARS 246,344, raising the share capital from ARS 112,052 to ARS 358,396, and the issuance of 246,343,511 ordinary shares with a nominal value of one peso each and one vote per share (Class "B" shares), with a total share premium of ARS 105,745,127.
On May 22, 2025, the Central Bank of Argentina (BCRA) issued Resolution "RESOL-2025-122-E-GDEBCRA-SDD
BCRA", authorizing Banco de Galicia y Buenos Aires S.A.U., under the terms of Article 7 of the Financial Institutions Law, to merge by absorption, in its capacity as the absorbing entity, to merge by absorption with Banco GGAL S.A., pursuant to the "Preliminary Commitment for Spin-off-Merger and Merger by Absorption", which was to be completed within 180 days from that date.On June 19, 2025, the relevant procedures before the competent authorities were completed. As a result, the BCRA issued Communication "C" No. 100461, formalizing the merger by absorption of Banco GGAL S.A., whose branches were integrated into those of Banco de Galicia y Buenos Aires S.A.
Consequently, as of June 23, 2025, Banco Galicia and Banco GGAL S.A. (formerly HSBC Bank Argentina S.A.) began operating as a unified financial entity, integrating the operations previously carried out by Banco GGAL S.A., which was dissolved - without liquidation- as part of the Corporate Reorganization process. Additionally, the public offering authorization previously granted to Banco GGAL S.A. by the National Securities Commission was transferred to Banco Galicia.
On August 22, 2025, the corporate reorganizations of Galicia Asset Management S.A.U. and Sudamericana Holding S.A. were registered with the Public Registry of Commerce.
- Investments in associates
Banco Galicia, together with other financial institutions, has formed a company named Play Digital S.A. which corporate purpose is to develop and market a payment solution linked to the bank accounts of the financial system users, which will significantly enhance their payment experience. The Board of Directors of said company is composed of key personnel of Banco Galicia; therefore, as it has significant influence, it is valued using the equity method.
Company
Interest %
Location
06.30.26
12.31.25
Play Digital S.A.
19.7900 %
City of Buenos Aires
3,582,745
3,877,144
The changes of said investment are as follows:
Company
12.31.25
Share profit
06.30.26
Play Digital S.A.
3,877,144
(294,399)
3,582,745
Total
3,877,144
(294,399)
3,582,745
Basic information related to the associate Play Digital S.A. as of March 31, 2026, stated in closing currency, is detailed below:
Company
Assets
Liabilities
SE
Income
Play Digital S.A.
49,756,703
31,654,718
18,101,985
5,722,597
- Participations in joint ventures
On February 25, 2025, Grupo Financiero Galicia and Banco Santander S.A. entered into an agreement to establish a joint venture aimed at promoting the growth and expansion of Nera's business, with the holding company incorporated in Spain. The joint venture comprises Agri Tech Investments Argentina S.A.U. ("Nera Argentina"), Nera Paraguay S.A. and Nera Uruguay S.A.
As a result of entering into this agreement, Grupo Financiero Galicia and Banco Santander S.A. exercise joint control over Nera Agro Holding S.L. (formerly Agri Tech Investments LLC), as decisions regarding the relevant activities of the entity require the unanimous consent of both parties. Each party holds a 50% ownership interest, which is measured using the equity method.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Company % Controlling interest Location 06.30.26 12.31.25 |
Nera Agro Holding S.L. 50.00 % Spain 10,694,089 11,096,429 |
The changes of said investment are as follows: | |||
Company | 12.31.25 | Share profit | 06.30.26 |
Nera Agro Holding S.L. | 11,096,429 | (402,340) | 10,694,089 |
Total | 11,096,429 | (402,340) | 10,694,089 |
Basic information related to the associate as of June 30, 2026, stated in closing currency, is detailed below:
Company | Assets | Liabilities | SE | Income |
Nera Agro Holding SL | 21,400,731 | 12,552 | 21,388,179 | (804,680) |
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
NOTE 10. PROPERTY, PLANT AND EQUIPMENTThe changes in Property, Plant and Equipment are detailed below:
Item | Value at the beginning of the fiscal year | Estimated useful life, in years | Recognition | Derecognitio n | Transfers | Accumulated | Transfers | Depreciation Derecognition | For the fiscal year | At closing | 06.30.26 | Residual Value 12.31.25 |
Measurement at Cost | ||||||||||||
Real Property | 1,148,261,083 | 50 | 1,925,652 | (1,203,612) | (9,731,001) | (202,616,323) | 1,542,336 | 188,441 | (16,239,808) | (217,125,354) | 922,126,768 | 945,644,760 |
Furniture and Facilities | 330,786,941 | 10 | 7,377,389 | (5,516,443) | 3,538,930 | (223,371,238) | (143,462) | 3,926,683 | (12,283,242) | (231,871,259) | 104,315,558 | 107,415,703 |
Machines and Equipment | 926,092,375 | 3 and 5 | 52,645,337 | (63,514,192) | 6,570,048 | (689,621,156) | 144,411 | 62,427,266 | (52,149,355) | (679,198,834) | 242,594,734 | 236,471,219 |
Vehicles | 14,713,309 | 5 | 527,282 | (1,513,797) | - | (8,700,914) | - | 974,194 | (1,008,180) | (8,734,900) | 4,991,894 | 6,012,395 |
Right of Use of Real Property (**) | 272,197,153 | 5 and 10 | 10,761,217 | (20,455,518) | - | (219,525,094) | - | 18,990,331 | (15,961,651) | (216,496,414) | 46,006,438 | 52,672,059 |
Sundry | 97,585,566 | 5 y 10 | - | (7,562,726) | 3,081,157 | (65,051,135) | - | 7,181,674 | (3,352,627) | (61,222,088) | 31,881,909 | 32,534,431 |
Work in Progress | 16,170,470 | - | 11,591,394 | (200,957) | (13,977,985) | - | - | - | - | - | 13,582,922 | 16,170,470 |
Total | 2,805,806,897 | 84,828,271 | (99,967,245) | (10,518,851) | (1,408,885,860) | 1,543,285 | 93,688,589 | (100,994,863) | (1,414,648,849) | 1,365,500,223 | 1,396,921,037 | |
(*) The useful lifetime of the right of use of real property is individually defined, based on each lease agreement. (**) The addition of contracts for rights of use of real property generates a liability for leases payable. See Note 15.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
The changes in investment properties are detailed below:
Item | Value at the beginning of the fiscal year | Estimated useful life, in years | Recognition | Derecognitio n | Transfers | Accumulated | Transfers | Derecognition | For the fiscal year | Depreciation At closing | 06.30.26 | Residual Value 12.31.25 |
Measurement at Cost | ||||||||||||
Real Property | 27,645,374 | 50 | - | - | - | (3,936,094) | - | - | (266,300) | (4,202,394) | 23,442,980 | 23,709,280 |
Total | 27,645,374 | - | - | - | (3,936,094) | - | - | (266,300) | (4,202,394) | 23,442,980 | 23,709,280 | |
The book values of the assets do not exceed the recoverable values. The investment properties are included in Other Non-financial Assets.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
NOTE 11. INTANGIBLE ASSETSThe changes in Intangible Assets are detailed below:
Item | Value at the beginning of the fiscal year | Estimated useful life, in years | Recognition | Derecognition | Transfers | Accumulated | Derecognition | Depreciation For the fiscal year | Transfers | At closing | 06.30.26 | Residual Value 12.31.25 |
Measurement at Cost | ||||||||||||
Licenses and Patents | 492,956,043 | 5 | 21,709,043 | (14,536,105) | (4,579,967) | (420,890,971) | 16,747,711 | (21,434,063) | - | (425,577,323) | 69,971,691 | 72,065,072 |
Other Intangible Assets | 861,079,442 | 5(*) | 34,733,490 | (1,027,480) | - | (487,583,470) | - | (50,611,524) | - | (538,194,994) | 356,590,458 | 373,495,972 |
Total | 1,354,035,485 | 56,442,533 | (15,563,585) | (4,579,967) | (908,474,441) | 16,747,711 | (72,045,587) | - | (963,772,317) | 426,562,149 | 445,561,044 | |
(*) The estimated useful lifetime may vary based on the analysis of the useful lifetime of each asset.
The book values of Intangible Assets do not exceed the recoverable values.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
NOTE 12. ASSETS/LIABILITIES FROM INSURANCE AND REINSURANCE CONTRACTSThe Assets and Liabilities related to insurance and reinsurance contracts, at the end of the period/fiscal year closing, are detailed below:
Item | Life | Non-Life | 06.30.26 |
Insurance contract assets | 15,500,395 | 11,082,912 | 26,583,307 |
Insurance contract liabilities | (240,459,975) | (769,365,175) | (1,009,825,150) |
Reinsurance contract assets 24,670 47,722,501 47,747,171
Item | Life | Non-Life | 12.31.25 |
Insurance contract assets | 37,866,599 | 37,122,188 | 74,988,787 |
Insurance contract liabilities | (268,268,845) | (865,777,955) | (1,134,046,800) |
Reinsurance contract assets 56,495 90,822,299 90,878,794
NOTE 13. NON-CURRENT ASSETS HELD FOR SALEThe Group has classified the following assets as Assets Held for Sale and Discontinued Operations:
Item | 06.30.26 | 12.31.25 |
Real Property | 11,175,134 | 11,175,282 |
Total | 11,175,134 | 11,175,282 |
NOTE 14. DEPOSITS The composition of Deposits at period/fiscal year closing is detailed below: | ||
Item | 06.30.26 | 12.31.25 |
In Argentine pesos | 16,699,568,259 | 18,083,290,986 |
Checking Accounts | 2,307,046,964 | 2,979,554,555 |
Savings Accounts | 5,876,373,274 | 6,125,277,425 |
Time Deposits | 8,096,602,844 | 8,621,569,241 |
Time Deposits - Units of Purchasing Value | 191,365,161 | 49,346,834 |
Others | 93,390,998 | 94,322,893 |
Interest and Adjustments | 134,789,018 | 213,220,038 |
In Foreign Currency | 12,335,224,669 | 14,246,138,156 |
Checking Accounts | 148,305 | 4 |
Savings Accounts | 9,182,139,403 | 11,678,084,479 |
Time Deposits | 3,123,982,180 | 2,540,975,879 |
Others | 23,872,098 | 21,346,536 |
Interest and Adjustments | 5,082,683 | 5,731,258 |
Total | 29,034,792,928 | 32,329,429,142 |
The concentration of Deposits is detailed in Schedule H. | ||
The breakdown of Deposits for remaining terms is detailed in Schedule I. |
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Related party information is disclosed in Note 35. | ||
NOTE 15. OTHER FINANCIAL LIABILITIES The item composition at period/fiscal year closing is detailed below. | ||
Item | 06.30.26 | 12.31.25 |
Creditors for Purchases with Pending Settlement | 134,194,929 | 46,714,077 |
Collections and Other Transactions on Behalf of Third Parties | 385,239,288 | 463,980,099 |
Obligations for Purchase Financing | 3,888,303,003 | 4,440,378,004 |
Creditors for Purchase of Foreign Currency with Pending Settlement | 3,707,550 | - |
Accrued Fees Payable | 40,322,697 | 32,848,514 |
Sundry Items subject to Minimum Cash | 151,275,101 | 82,682,321 |
Sundry Items Not Subject to Minimum Cash | 540,474,919 | 624,262,878 |
Leases Payable | 43,679,803 | 51,642,263 |
Financial Liabilities for Guarantees and Sureties Granted (Financial Collateral Contracts) | 5,439,851 | 11,470,122 |
Cash and Cash Equivalents for Spot Purchases or Sales Pending Settlement | 143,852,921 | 983,048 |
Other Financial Liabilities | 94 | 17,307 |
Total | 5,336,490,156 | 5,754,978,633 |
Related party information is disclosed in Note 35. | ||
NOTE 16. FINANCING FROM THE ARGENTINE CENTRAL BANK AND OTHER FINANCIAL The item composition at period/fiscal year closing is detailed below. | INSTITUTIONS | |
Item | 06.30.26 | 12.31.25 |
Argentine Central Bank Financing | 1,491,388 | 2,779,060 |
Correspondent's Office | 5,926,462 | 42,106,957 |
Local Financial Institutions Financing | 649,960,116 | 728,128,078 |
Foreign Financial Institutions Financing | 212,193,253 | 255,651,111 |
International Institutions Financing | 1,762,783 | 1,618,740 |
Total | 871,334,002 | 1,030,283,946 |
The breakdown of Financing from the Argentine Central Bank and other Financial Institutions per remaining terms is detailed in Schedule I.
Related party information is disclosed in Note 35.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
NOTE 17. ISSUED DEBT SECURITIESThe current Global Issuance Programs for Debt Securities are detailed below:
Company
Authorized Amount(*)
Type of Debt Security
Approval Date by Program Term the S. Meeting/
Bo
CNV Approval
ard of Directors
Grupo Financiero Galicia S.A.
Simple, non-
US$ 100,000 convertible into shares
03.09.09 ratified on
5 years
08.02.12
Resolution No. 16,113 dated 04.29.09 and extended by: Resolution No. 17,343 dated 05.08.14, Resolution No. DI-2019-63-APN-
GE
CNV dated 08.06.19 and Resolution N° DI-2024-47-APN-GE CNV dated 06.18.24.Authorization of Increase, Resolution No. 17,064 dated 04.25.13.
Banco de Galicia y Buenos Aires S.A.
US$
2,100,000
Simple, non-convertible into shares,
subordinated or not, adjustable or not, with or without
5 years
Resolution No. 15,228 dated 11.04.05 and extended by Resolution No. 16,454 dated 11.11.10,
04.28.05, 04.14.10, Resolution No. 17,883 dated 11.20.15 and 04.29.15, 11.09.16, Resolution No. DI-2020-53-APN-GE CNV dated
04.28.20 and 11.24.20. Increase of the amount approved by
03.25.25 Resolutions No. 17,883 dated 11.20.15, No. 18,081
dated 06.10.16, No. 18,840 dated 01.26.17 and
No. 19,520 dated 05.17.18.
US$ 1,000,000
Banco de Galicia y Buenos Aires S.A.
Simple, non-convertible into shares
- 04.25.19
Frequent Issuer Registration No. 11, granted by Resolution No. RESCFC-2019-2055-APN-
DIR
CNV, dated 11.13.19 of the CNV's Board of Directors. Decrease of the amount approved by Resolution No. DI-2023-23-APN-GE CNV dated05.24.23. Increase of the amount approved by Resolution No. DI-2024-23-APN-GE
CNV dated 04.26.24.Banco de Galicia y Buenos Aires S.A. (**)
US$
300,000
Simple, non-convertible into shares,
subordinated or not, adjustable or not, with or without
Resolution No. 15,654 dated 06.14.07 and extended by Resolution No. 16,842 dated
04.30.07, 05.02.12, 06.29.12, Resolution No. 18,642 dated 05.04.17
5 years 12.14.17, 02.28.18 dated 06.03.22. Increase of the amount approved
04.24.16, 01.26.17, and Resolution No. DI-2022-29-APN-GE CNV
and 04.08.22 by
Resolutions RESFC-2018-19399-APN-
DIR CNV dated 03.15.18. Decrease of the amount approved by Resolutions DI-2022-29-APN-GE CNV dated 06.03.22.
S.A.U.
Tarjeta Naranja US$ 1,000,000
Simple, non-convertible into shares
5 years
07.14.05, 03.03.06,
10.31.07, 04.01.11,
03.08.12, 03.19.15
and 04.04.18
Resolution No. 15,220 dated 10.26.05 and extended by Resolution No. 17,676 dated 05.21.15 and Regulation No. DI2020-20- APNGE
CNV dated 03.18.20. Increase in the amount approved by Resolutions No. 15,361 dated 03.23.06, No. 15,785 dated 11.16.07, No. 16,571 dated 05.24.11,No. 16,822 dated 05.23.12 and 19,508 dated
05.10.18.
Tarjeta Naranja S.A.U.
US$
600,000
Simple, non-convertible into shares
Frequent Issuer Registration granted by Provision
-
05.19.22 No. DI-2022-39-APN-GE CNV dated 07.22.22
approved by Resolutions DI-2024-25-APN-GE CNV dated 04.26.24.
(*) Or its equivalent in any other currency. In thousands of USD:
(**) Corresponds to the program of Banco GGAL S.A. arising from the merger.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Among the Global Programs detailed in the preceding chart, the following issuances of Issued Non- subordinated Debt securities, net of repurchase of own Debt Securities, are effective as of June 30, 2026:
Company | Placement Date | Class No. | NV | Term | Maturity Date | Rate | Book value (*) at 06.30.26 |
In Argentine pesos | |||||||
Banco de Galicia y Bs.As. S.A. | 06.03.26 | XXXII Serie I | 156,553,655 | 12 months | 06.05.27 | Tamar + 3,25% | 153,087,299 |
Tarjeta Naranja S.A.U. | 04.29.25 | LXIV Serie III | 85,072,998 | 366 days | 04.30.26 | Tamar + 4,50% | 48,763,589 |
Tarjeta Naranja S.A.U. | 11.26.25 | LXVI Serie I | 81,764,469 | 369 days | 11.30.26 | Tamar + 4,50% | 57,175,491 |
Tarjeta Naranja S.A.U. | 05.22.26 | LXVII Serie I | 157,273,294 | 367 days | 05.24.27 | Tamar + 4,50% | 120,831,736 |
In foreign Currency | |||||||
Banco de Galicia y Bs.As. S.A. | 10.03.24 | XVI | 325,000 | 48 months | 10.10.28 | 7.75 % | 482,573,385 |
Banco de Galicia y Bs.As. S.A. | 08.12.25 | XXIX | 110,914,898 | 382 days | 08.31.26 | 6.25 % | 166,371,855 |
Banco de Galicia y Bs.As. S.A. | 11.12.25 | XXX | 144,323,518 | 381 days | 11.30.26 | 6.00 % | 200,648,129 |
Banco de Galicia y Bs.As. S.A. | 12.18.25 | XXXI | 71,863,952 | 373 days | 11.30.26 | 5.50 % | 105,892,689 |
Banco de Galicia y Bs.As. S.A. | 06.03.26 | XXXII Serie II | 53,059 | 24 months | 06.05.28 | 4.75 % | 77,998,282 |
Banco de Galicia y Bs.As. S.A. | 06.03.26 | XXXII Serie III | 36,728 | 18 months | 12.05.27 | 3.00 % | 23,521,669 |
Tarjeta Naranja S.A.U. | 11.20.25 | LXVI Serie II | 90,095 | 278 days | 08.31.26 | 6.50 % | 134,797,442 |
Tarjeta Naranja S.A.U. | 05.22.26 | LXVII Serie II | 115,084 | 276 days | 02.22.27 | 5.00 % | 171,460,851 |
Tarjeta Naranja S.A.U. | 05.22.26 | LXVII Serie III | 13,850 | 549 days | 11.22.27 | 4.00 % | 16,841,044 |
Total | 1,759,963,461 |
(*) Includes principal and interest.
Application of Proceeds from the Debt Securities
In compliance with the provisions of the National Securities Commission (CNV) Revised Text 2013, Title II, Chapter V, Section III, Article 15, it is hereby reported that there were no proceeds from debt securities issuances during the current fiscal year pending approval by the CNV.
Among the Global Programs detailed in the preceding chart, the following issuances of Issued Non- subordinated Debt Securities, net of repurchase of own Debt Securities, were effective as of December 31, 2025:
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Company | Placement Date | Class No. | NV | Term | Maturity Date | Rate | Book value (*) at 12.31.25 |
In Argentine pesos | |||||||
Banco de Galicia y Bs.As. S.A. | 02.06.2025 | XXI | 79,786,900 | 12 months | 02.10.26 | Tamar + 2,75% | 93,648,505 |
Banco de Galicia y Bs.As. S.A. | 04.29.2025 | XXV | 53,701,755 | 12 months | 04.30.26 | Tamar + 3,50% | 60,905,601 |
Tarjeta Naranja S.A.U. | 04.29.2025 | LXIV Serie III | 85,072,998 | 366 days | 04.30.26 | Tamar + 4,50% | 98,966,800 |
Tarjeta Naranja S.A.U. | 08.28.2025 | LXV Serie I | 59,967,719 | 273 days | 05.28.26 | Tamar + 9,00% | 50,214,542 |
Tarjeta Naranja S.A.U. | 11.26.2025 | LXVI Serie I | 81,764,469 | 369 days | 11.30.26 | Tamar + 4,50% | 61,029,146 |
In foreign Currency | |||||||
Banco de Galicia y Bs.As. S.A. | 10.03.2024 | XVI | 325,000 | 48 months | 10.10.28 | 7.75 % | 558,623,971 |
Banco de Galicia y Bs.As. S.A. | 05.23.2025 | XXVIII | 31,296 | 367 days | 05.29.26 | 5.90 % | 53,523,510 |
Banco de Galicia y Bs.As. S.A. | 08.12.2025 | XXIX | 110,914,898 | 382 days | 08.31.26 | 6.25 % | 192,804,967 |
Banco de Galicia y Bs.As. S.A. | 11.12.2025 | XXX | 144,323,518 | 381 days | 11.30.26 | 6.00 % | 233,052,423 |
Banco de Galicia y Bs.As. S.A. | 12.18.2025 | XXXI | 71,863,952 | 373 days | 11.30.26 | 5.50 % | 120,798,982 |
Tarjeta Naranja S.A.U. | 04.25.2025 | LXIV Serie I | 32,684 | 731 days | 04.30.27 | 7.90 % | 56,505,381 |
Tarjeta Naranja S.A.U. | 08.28.2025 | LXV Serie II | 95,711 | 273 days | 05.28.26 | 7.40 % | 163,570,381 |
Tarjeta Naranja S.A.U. | 11.20.2025 | LXVI Serie II | 90,095 | 278 days | 08.31.26 | 6.50 % | 151,994,423 |
Total | 1,895,638,632 |
(*) Includes principal and interest.
The repurchases of own Debt securities as of the indicated dates are detailed below:
Company | Class No. | NV as of 06.30.26 | Book value (*) at 06.30.26 |
Banco de Galicia y Bs.As. S.A. | XVI | 4,455 | 3,918,296 |
Banco de Galicia y Bs.As. S.A. | XXIX | 165,897 | 1,905,042 |
Banco de Galicia y Bs.As. S.A. | XXX | 9,937 | 14,946,768 |
Banco de Galicia y Bs.As. S.A. | XXXI | 491 | 758,833 |
Banco de Galicia y Bs.As. S.A. | XXXII Serie I | 1,600,000 | 2,651,906 |
Banco de Galicia y Bs.As. S.A. | XXXII Serie II | 80,268 | 882,837 |
Banco de Galicia y Bs.As. S.A. | XXXII Serie III | 33,153 | 31,015,492 |
Tarjeta Naranja S.A.U. | LXIV Serie III | - | 471,515 |
Tarjeta Naranja S.A.U. | LXVI Serie I | 5,502,000 | 5,879,139 |
Tarjeta Naranja S.A.U. | LXVI Serie II | 4 | 5,619 |
Tarjeta Naranja S.A.U. | LXVII Serie I | 13,278,858 | 15,296,341 |
Tarjeta Naranja S.A.U. | LXVII Serie II | 156 | 236,642 |
Tarjeta Naranja S.A.U. | LXVII Serie III | 2,347 | 3,698,193 |
Total | 81,666,623 |
(*) Includes principal and interest.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
Company | Class No. | NV as of 12.31.25 | Book value (*) at 12.31.25 |
Banco de Galicia y Bs.As. S.A. | XXI | 2,196,696 | 2,896,590 |
Banco de Galicia y Bs.As. S.A. | XXV | 3,700,000 | 4,147,417 |
Banco de Galicia y Bs.As. S.A. | XXX | 8,259,529 | 12,639,947 |
Banco de Galicia y Bs.As. S.A. | XVI | 83 | 86,423 |
Banco de Galicia y Bs.As. S.A. | XXVIII | 57 | 82,216 |
Banco de Galicia y Bs.As. S.A. | XXIX | 4,776 | 377,821 |
Banco de Galicia y Bs.As. S.A. | XXXI | 1,032 | 1,540,810 |
Tarjeta Naranja S.A.U. | LXIV Serie III | 5,120,816 | 6,121,653 |
Tarjeta Naranja S.A.U. | LXIV Serie I | 42 | 66,441 |
Tarjeta Naranja S.A.U. | LXVI Serie I | 9,670,050 | 10,433,324 |
Tarjeta Naranja S.A.U. | LXV Serie I | 5,594,031 | 6,618,491 |
Tarjeta Naranja S.A.U. | LXV Serie II | 927 | 1,189,190 |
Total | 46,200,323 |
(*) Includes principal and interest.
Related party information is disclosed in Note 35.
The issuance of Debt Securities with remaining terms is detailed in Schedule I.
NOTE 18. NET CURRENT INCOME TAX LIABILITIESThe balances recorded in these items correspond to the amount of the income tax provision, net of advances made and other credits on account of this tax.
Tax Inflation AdjustmentLaw 27,430 introduced a modification in which it established that the subjects referred to in paragraphs a) to e) of Article 53 of the current Income Tax Law, for the purpose of determining the taxable net earnings, should deduct or incorporate to the tax income of the fiscal year being settled, the tax inflation adjustment. Said adjustment would be applicable in the fiscal year where a variation percentage of the consumer price index is verified, greater than one hundred percent (100%), accumulated in the thirty-six (36) months prior to the closing of the fiscal year being settled.
For the fiscal years beginning on or after January 1, 2021, the positive or negative inflation adjustment, as the case may be, to be calculated, would be charged its entirety (100%),without any deferral in the fiscal year in which it is generated.
Banco Galicia, considering the case law on this matter as evaluated by its legal and tax advisors, filed its annual income tax return for fiscal year 2025 before the Tax and Customs Collection and Control Agency (Agencia de Recaudación y Control Aduanero - "ARCA"), considering the full impact of the tax inflation adjustment.
Tax RateOn June 16, 2021, Law 27,630 was enacted, which establishes for capital companies a structure of staggered rates for income tax with three segments in relation to the level of accumulated taxable net earnings, applicable for the years fiscal years started on or after January 1, 2021, inclusive. The rates within this procedure are as follows:
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
For fiscal years commenced from 01.01.26 through 12.31.26:
Accumulated Taxable Net More than ARS | Earnings To ARS | ARS Payable | Plus % | On the excess of ARS | |
- | 133,514 | - | 25 % | - | |
133,514 | 1,335,142 | 33,379 | 30 % | 133,514 | |
1,335,142 | Onwards | 393,867 | 35 % | 1,335,142 | |
For fiscal years commenced from 01.01.25 through | 12.31.25: | ||||
Accumulated Taxable Net Earnings More than ARS To ARS | ARS Payable | Plus % | On the excess of ARS | ||
- 101,680 | - | 25 % | - | ||
101,680 1,016,796 | 25,420 | 30 % | 101,680 | ||
1,016,796 Onwards | 299,955 | 35 % | 1,016,796 | ||
The amounts provided for above will be adjusted annually based on the annual variation of the Consumer Price Index (CPI) provided by the National Institute of Statistics and Censuses (INDEC), corresponding to the month of October of the year prior to the adjustment, with respect to the same month of the previous year.
The Group has recorded in these financial statements the impacts generated by this change.
During the third quarter, the Group recognized an increase in deferred tax assets, derived from the accounting results for the period reflected in future tax credit estimates. This increase generated an income tax recovery in that quarter. Actual future results may differ from the estimates and assessments made to date, which will have an impact on the determination of the Group's income tax.
Dividend tax: it is established that dividends or profits distributed to individuals, undivided estates or foreign beneficiaries will be taxed at the rate of 7%.
NOTE 19. SUBORDINATED DEBT SECURITIESAmong the Global Programs detailed in Note 17, at the closing of the period/fiscal year, the following issuances of issued Subordinated Debt Securities, non-convertible into shares, are in force:
Company
Placement
Date
Currency
Class No.
NV
Term
Maturity
Date
Rate uthorized by CNV
Issuance
A
Book value (*) Book value (*) at 06.30.26 at 12.31.25
Banco de Galicia y Bs.As. S.A.
07.19.16 US$ II
Thousands of US$250,000
120 (1) 07.19.26
(2)
06.23.16 382,726,101 439,563,561
months
(*) Includes principal and interest.
Principal was repaid in full at maturity on July 19, 2026. The principal and interest amounts paid totaled US$250,000 thousand and US$9,957 thousand, respectively.
Annual fixed rate of 8,25% from the date of issuance until July 19, 2021, this date included, and margin to be added to the Benchmark Readjustment annual nominal rate of 7,156% until the maturity date. Said interest agreed upon will be paid semiannually, on January 19 and July 19 from 2017 onwards.
Company Class No. NV | as of 06.30.26 | Book value (*) at N | V as of 12.31.25 | Book value (*) at 12.31.25 |
Banco de Galicia y Bs.As. II | 645 | 1,043,475 | 733 | 1,291,659 |
The repurchases of own Debt securities as of the indicated dates are detailed below:
06.30.26
S.A.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
As at June 30, 2026, the Group has in its portfolio non-convertible, subordinated, privately placed debt securities issued by the absorbed company Banco GGAL S.A. with a nominal value of US$100,000 thousand.
Related party information is disclosed in Note 35.
The issuance of Debt Securities with remaining terms is detailed in Schedule I.
NOTE 20. SHAREHOLDERS' EQUITY 20.1. Capital Stock:As of June 30, 2026, the capital stock amounts to ARS 1,606,254, which is subscribed and paid in. It is composed of 281,221,650 class "A" ordinary shares with a par value of ARS 1 each and 5 votes per share and 1,325,032,079 class "B" ordinary shares with a par value of ARS 1 each and 1 vote per share.
The evolution of share capital, as of the indicated dates, is detailed below:
Shares Share Capital Class Quantity Par value per Votes per Issued i Pending r Allocated Paid-in Unpaid share share Outstanding Portfolio ssuance o distribution | |||||||
Class "A" | 281,221,650 | ARS 1 | 5 | 281,222 | - - - | 281,222 | - |
Class "B" | 1,325,032,079 | ARS 1 | 1 | 1,325,032 | - - - | 1,325,032 | - |
06.30.26 | 1,606,253,729 | 1,606,254 | - - - | 1,606,254 | - | ||
12.31.25 | 1,606,253,729 | 1,606,254 | - - - | 1,606,254 | - | ||
12.31.24 | 1,588,513,701 | 1,588,514 | - - - | 1,588,514 | - | ||
On February 13, 2025, 17,740,028 Class B ordinary shares were issued, each with a nominal value of one peso (NV ARS 1) and entitled to one vote per share. This issuance allowed Grupo Galicia to pay and capitalize the credits in favor of HSBC related to the transaction's price adjustment.
The capital increase amounted to ARS 100,962,767 (equivalent to ARS 148,271,226 in closing currency), and the related expenses amounted to ARS 674,103 (equivalent to ARS 989,968 in closing currency), being deducted from the share premium.
On May 7, 2025, the aforementioned capital increase was registered with the Public Registry of Commerce. There are no own shares in the Company's portfolio.
In Argentina, the Company's shares are quoted in Bolsas y Mercados Argentinos S.A. (BYMA) and A3 Mercados S.A.. Likewise, the shares are listed in the United States of America on the National Association of Securities Dealers Automated Quotation (NASDAQ), under the American Depository Receipt (ADRs) program, of which The Bank of New York Mellon acts as the depositary agent.
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
20.2. Other Reserves: | ||
The item composition at period/fiscal year closing is detailed below: | ||
Item | 06.30.26 | 12.31.25 |
Legal Reserve | 273,092,485 | 261,638,879 |
Other Reserves | 4,920,383,488 | 4,929,315,334 |
Statutory Reserve | 338 | 221 |
Optional Reserve (*) | 5,055,997,507 | 5,064,929,470 |
Regulatory Reserve | (135,614,357) | (135,614,357) |
Total | 5,193,475,973 | 5,190,954,213 |
(*) At the end of the quarter, it includes an optional reserve for new business development and companies support of | ARS1,339,781,561. | |
The breakdown of Income is detailed below: Net Income from Interest, Net Fee Income, and Net Income from Financial Instruments measured at Fair Value through Profit or Loss, as of the given dates:
Three months as of 06.30.26 Six months as of 06.30.26 | ||||
Items | Net Financial Income/ (Expense) | OCI | Net Financial Income/ (Expense) | OCI |
By measuring Financial Assets at fair value through profit or loss | 249,293,207 | (57,538,288) | 421,868,286 | (4,819,711) |
Income from Government Securities | 186,282,132 | (57,538,288) | 329,397,130 | (4,819,711) |
Income from Corporate Securities | 59,519,692 | - | 88,919,469 | - |
Income from Derivative Financial Instruments | 1,650,883 | - | 1,717,925 | - |
Forward Transactions | 2,178,878 | - | 577,273 | - |
Interest rate swap | 2,180,496 | - | 2,562,719 | - |
Options | (2,708,491) | - | (1,422,067) | |
Income from Other Financial Assets | (47,885) | - | (54,624) | - |
Income from Loans and Other Financing | (1) | - | - | - |
Non-Financial Sector | (1) | - | - | - |
Others | (1) | - | - | - |
Income from sale or derecognition of Financial Assets at fair value | 1,888,386 | - | 1,888,386 | - |
For Financial Liabilities measured at Fair Value through Profit or Loss | (21,047,446) | - | (82,267,621) | - |
(Expense) from Derivative Financial Instruments | (21,047,446) | - | (82,267,621) | - |
Forward Transactions | (21,047,446) | - | (82,267,621) | - |
Total | 228,245,761 | (57,538,288) | 339,600,665 | (4,819,711) |
Signed for the purpose of identification with Signed for the purpose of identification with our report dated August 25, 2026 our report dated August 25, 2026
PRICE WATERHOUSE & CO. S.R.L.
