2026
Financial Report
Grupo Financiero Galicia S.A.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryGrupo Galicia
Grupo Financiero Galicia
Buenos Aires, Argentina, May 13, 2026, Grupo Financiero Galicia S.A. ("Grupo Galicia" o "GFG", BYMA/NASDAQ: GGAL),
announced its financial results for the first quarter ended on March 31, 2026.
This report is a summary analysis of Grupo Galicia's financial condition and results of operations as of and for the periods indicated above. For a correct interpretation, this report must be read in conjunction with GFG's financial statements, as well as with all other information periodically filed with the National Securities Commission (www.cnv.gob.ar), BYMA (www.byma.com.ar) and the Nasdaq (www.nasdaq.com).
Readers of this report must note that this is a free translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish.
Conference Call
The information in this report was adjusted and restated to constant currency, in accordance with IAS 29 "Financial Information in Hyperinflationary Economies" except otherwise noted.
May 14, 2026
11:00 am (Eastern Time)
12:00 pm (Argentina)
To participate, register here.
Gonzalo Fernández Covaro
Chief Financial Officer
Pablo Firvida
Head of Investor Relations
Grupo Galicia Galicia Naranja X Galicia Seguros
Fondos FimaRelevant information ESG Regulatory changes
GlosaryWe are Argentina's leading financial services group with over 120 years of experience. Through our companies, we generate long-term, sustainable value by offering savings, investment, credit, insurance, advisory, and digital solutions for individuals, businesses, and organizations across the country.
Grupo Galicia includes Banco de Galicia y Buenos Aires S.A. (Galicia), Tarjetas Regionales S.A. (Naranja X), Sudamericana Holding S.A. (Galicia Seguros), Galicia Asset Management S.A.U. (Fondos Fima), Galicia Securities S.A.U., IGAM LLC (Inviu), and other subsidiaries.
Financial Report
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryHighlights
Ps.66,488 million
Net income for the quarter attributable to GFG
-66% vs. 1Q 2025
Ps.41.4
Net profit per share
23.3%
Capital Ratio
404
Branches and other points of sale
9,749
Employees
3.2%
ROE
-564 bp vs. 1Q 2025
39.9%
Efficiency
-870 bp vs. 1Q 2025
15.2%
Market share: Loans to the private sector(1)
15.2%
Market share: Deposits to the private sector(1)
21,076
Deposits accounts In thousands
13,465
Credit cards
In thousands
4
Market share calculated for Banco Galicia and Naranja X (Naranja Digital).
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosarySelected financial information
Selected ratios
Percentages 2026 2025 Variation (bp)
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | ||
ROA | 0.6 | (0.7) | 1.7 | 129 | (112) | |
ROE | 3.2 | (4.3) | 8.8 | 745 | (564) | |
Financial Margin | 17.8 | 16.4 | 19.3 | 145 | (142) | |
Efficiency ratio | 39.9 | 39.3 | 48.6 | 65 | (870) | |
Capital ratio | (1) | 23.3 | 23.0 | 24.4 | 31 | (104) |
NPL Ratio | 9.6 | 8.2 | 3.6 | 139 | 597 | |
Allowance for loan losses / Private-sector financing | 9.0 | 8.2 | 5.2 | 74 | 374 | |
Coverage | 93.4 | 100.1 | 143.8 | (667) | (5,039) | |
Non-accrual portfolio with guarantees to non-accrual portfolio | 5.0 | 4.0 | 4.2 | 96 | 76 | |
Cost of risk | 12.2 | 15.0 | 8.6 | (272) | 361 | |
Galicia consolidated with Naranja X.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryResults for the quarter
Resultads of the main companies
Galicia
Fondos Fima
34,375
35,820
Galicia Securities
1,456
14,088
Naranja X
(18,638)
Galicia Seguros
12,546
12,118
1Q 2026
1Q 2025
85,482
38,390
47,653
The net result for the quarter attributable to Grupo Galicia was a profit of Ps.66,488 million, which represented, on an annualized bases, an ROA of 0.6% and an ROE of 3.2%.
The aforementioned result was composed mainly of gains from Galicia, for Ps.47,653 million; Fondos Fima, for Ps.34,375 million; Galicia Seguros, for Ps.12,546 million; and Galicia Securities, for Ps.1,456 million, offset by a loss from Naranja X for Ps.18,638 million.
During the first quarter of 2026, results continued to be affected by significant loan loss provisions, which, while still remaining as the main negative effect on profits, decreased as compared to the previous quarter, reflecting improved delinquency rates. Net interest income was also affected by lower intermediation activity, showing a decline in volume. In this context, the financial margin continued its recovery compared to the previous quarter, improving towards the end of the first quarter of 2026. While the volatility of interest rates recorded during January and February temporarily affected its performance, this trend reversed in March, consolidating a level higher than that observed in the previous period. Furthermore, the seasonality inherent to the first quarter, characterized by lower transaction volume compared to the fourth quarter of 2025, is reflected in a decrease in fee income. Meanwhile, expenses reflect the efficiencies captured in the integration process.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryIncome Statement | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Net interest income | 1,595,336 | 1,715,909 | 1,407,955 | (7) | 13 |
Net fee income | 434,057 | 483,898 | 477,738 | (10) | (9) |
Net results from financial instruments | 144,626 | 204,677 | 322,812 | (29) | (55) |
Gold and foreign currency quotation differences | 116,982 | 112,039 | 21,307 | 4 | 449 |
Other operating income | 242,571 | 252,989 | 219,619 | (4) | 10 |
Insurance business results | 21,766 | (9,811) | 28,524 | (322) | (24) |
Loan loss provisions | (892,130) | (1,119,008) | (536,067) | (20) | 66 |
Net operating income | 1,663,208 | 1,640,693 | 1,941,888 | 1 | (14) |
Personnel expenses | (255,824) | (274,674) | (302,127) | (7) | (15) |
Administrative expenses | (252,147) | (310,391) | (317,693) | (19) | (21) |
Depreciations and devaluations of assets | (75,149) | (89,279) | (82,251) | (16) | (9) |
Other operating expenses | (482,447) | (643,258) | (425,445) | (25) | 13 |
Operating Income | 597,641 | 323,091 | 814,372 | 85 | (27) |
Results from the net monetary position | (528,477) | (443,646) | (520,755) | 19 | 1 |
Results from associates and joint ventures | (1,226) | 7,327 | (4,963) | (117) | (75) |
Income tax | (1,430) | 21,795 | (95,014) | (107) | (98) |
Net income / (loss) | 66,508 | (91,433) | 193,640 | (173) | (66) |
Net Income / (loss) Attributable to Non-controlling Interests | 20 | (3) | 64 | (767) | (69) |
Net Income / (loss) Attributable to Grupo Galicia | 66,488 | (91,430) | 193,576 | (173) | (66) |
Other comprehensive income / (loss) | 22,339 | 219,505 | (113,393) | (90) | (120) |
Total comprehensive income / (loss) | 88,847 | 128,072 | 80,247 | (31) | 11 |
Total comprehensive income / (loss) Attributable to Non-controlling | 21 | 3 | 62 | 600 | (66) |
Total comprehensive income / (loss) Attributable to Grupo Galicia | 88,826 | 128,069 | 80,185 | (31) | 11 |
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryGrupo Galicia
Balance Sheet | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Assets | |||||
Cash and due from banks | 6,648,382 | 10,251,703 | 7,737,950 | (35) | (14) |
Debt securities | 1,948,862 | 1,737,859 | 1,765,456 | 12 | 10 |
Net loans and other financing | 24,454,158 | 25,583,299 | 21,960,723 | (4) | 11 |
Other financial assets | 9,163,591 | 9,717,877 | 11,664,254 | (6) | (21) |
Investment in subsidiaries, associates and joint ventures | 11,207 | 14,025 | 2,550 | (20) | 339 |
Property, bank premises, equipment | 1,302,678 | 1,308,409 | 1,458,132 | - | (11) |
Intangible assets | 405,165 | 417,330 | 427,040 | (3) | (5) |
Other assets | 1,078,872 | 905,417 | 1,067,503 | 19 | 1 |
Assest from insurance and reinsurance contracts | 131,781 | 155,358 | 128,957 | (15) | 2 |
Assets available for sale | 10,467 | 10,467 | 20,912 | - | (50) |
Total assets | 45,155,163 | 50,101,744 | 46,233,477 | (10) | (2) |
Liabilities | |||||
Deposits | 25,577,481 | 30,281,271 | 25,488,145 | (16) | - |
Financing from financial entities | 1,402,693 | 965,003 | 686,436 | 45 | 104 |
Other financial liabilities | 5,356,012 | 5,424,386 | 6,521,721 | (1) | (18) |
Negotiable obligations | 1,497,326 | 1,775,526 | 1,407,534 | (16) | 6 |
Subordinated negotiable obligations | 347,826 | 411,712 | 359,950 | (16) | (3) |
Other liabilities | 1,394,565 | 1,682,274 | 1,904,262 | (17) | (27) |
Liabilities from insurance and reinsurance contracts | 990,214 | 1,062,191 | 928,038 | (7) | 7 |
Total liabilities | 36,566,117 | 41,602,363 | 37,296,086 | (12) | (2) |
Total Shareholders' equity | 8,589,046 | 8,499,381 | 8,937,391 | 1 | (4) |
Selected financial information
8
Grupo Galicia Galicia Naranja X Galicia Seguros Fondos FimaRelevant information ESG Regulatory changes
GlosarySince 1905, Galicia has supported the development of Argentina and has established itself as the leading privately owned bank with domestic capital. Through its distribution channels, including both branch-based and digital platforms, the Bank offers a broad range of financial products and services to individuals and companies nationwide. Galicia has defined customer experience and digital transformation as its strategic priorities, aiming to achieve sustainable and efficient growth.
Financial Report
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryHighlights
Ps.47,654 million
Net income for the quarter
+24% vs. 1Q 2025
25.5%
Capital Ratio
+440 bp vs. 1Q 2025
9.5%
Cost of risk
+260 bp vs. 1Q 2025
296
Branches
6,025
Employees
2.9%
ROE
+72 bp vs. 1Q 2025
44.3%
Efficiency
-1,602 bp vs. 1Q 2025
7.7%
Portfolio Quality
+500 bp vs. 1Q 2025
14.4%
Market share:
Loans to the private sector
91.4%
Coverage
-6,720 bp vs. 1Q 2025
13.9%
Market share: Deposits
to the private sector
12,122
Deposit
accounts
In thousands
92%
Digital
clients
4,936
Credit
Cards
In thousands
-80 bp vs. 1Q 2025 -280 bp vs. 1Q 2025
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryResults for the quarter
In the first quarter of 2026, Galicia recorded a net income of
Ps.47,653 million, an improvement of Ps.162,627 million compared
to the loss of Ps.114,974 million registered in the previous quarter. This result represented an annualized ROE of 2.9% and ROA of 0.5%.
Operating income was Ps.273,144 million (153%) higher compared to previous quarter, as a result of an increase in net operating income for Ps.120,266 million (11%) and an improvement in expenses decreasing 17% compared to the previous quarter, as a result of the efficiencies generated after the integration with Galicia Más.
Net operating income reached Ps.1,185,531 million, registering an increase of Ps.120,266 million (11%) compared to the previous quarter. This variation was mainly as a result of lower charges for loan-loss provisions of Ps.186,331 million (25%). This effect was partially offset by lower net interest income for Ps.91,076 million
Income Statement
(7%), mainly due to lower average trading volumes. | Depreciations and devaluations of assets | (65,140) | (80,308) | (71,729) | (19) | (9) |
Regarding the financial margin, it registered an increase compared | Other operating expenses | (308,591) | (391,313) | (297,686) | (21) | 4 |
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | |
1Q 4Q | 1Q | vs.4Q25 vs.1Q25 | ||
Net interest income | 1,183,462 1,274,538 | 1,059,592 | (7) | 12 |
Net fee income | 285,276 306,851 | 289,598 | (7) | (1) |
Net results from financial instruments | 44,893 15,514 | 172,758 | 189 | (74) |
Gold and foreign currency quotation differences | 118,346 107,461 | 20,984 | 10 | 464 |
Other operating income | 108,409 102,087 | 92,446 | 6 | 17 |
Loan-loss provisions | (554,855) (741,186) | (328,120) | (25) | 69 |
Net operating income | 1,185,531 1,065,265 | 1,307,258 | 11 | (9) |
Personnel expenses | (180,003) (194,855) | (223,419) | (8) | (19) |
Administrative expenses | (179,572) (219,708) | (237,446) | (18) | (24) |
Operating income | 452,225 | 179,081 | 476,978 | 153 | (5) |
Results from the net monetary position | (407,909) | (342,582) | (416,407) | 19 | (2) |
Results from associates and joint businesses | (818) | 3,111 | (3,135) | (126) | (74) |
Income tax | 4,155 | 45,416 | (19,047) | 91 | (122) |
Net / (loss) | 47,653 | (114,974) | 38,389 | 141 | 24 |
Other comprenhensive income / (loss) | 29,005 | 202,623 | (95,731) | (86) | (130) |
Total comprenhensive income / (loss) | 76,658 | 87,649 | (57,342) | (13) | (234) |
to the previous quarter, although its performance was affected by the interest rate volatility recorded during January and February 2026. Towards the end of the quarter, the margin consolidated its improvement, closing at 16.7%. Meanwhile, the result from government bonds showed a favorable trend towards the end of the quarter.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryProfitability and efficiency
ROA
0.5%
0.5%
(1.2)%
1Q 2026
4Q 2025
1Q 2025
Financial margin
16.7%
18.0%
15.5%
1Q 2026
4Q 2025
1Q 2025
ROE
2.9%
2.2%
1Q 2026
(6.9)%
4Q 2025
1Q 2025
Efficiency
ratio
60.3%
44.3%
46.8%
1Q 2026
4Q 2025
1Q 2025
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryYields and rates
Interest-earning assets(1) | ||||||||
Average balances: in millions of pesos. Yields and rates: annualized nominal % | 2026 | 2025 | Variation (% | bp) | |||||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | ||||
Avg Bce | Yield | Avg Bce | Yield | Avg Bce | Yield | Avg Bce | Yield | Avg Bce Yield |
In pesos 19,396,853 | 36.8 | 20,323,735 | 39.7 | 19,892,589 | 38.6 | (5) | (295) | (2) (188) |
Government securities 5,691,760 | 38.3 | 6,085,702 | 34.8 | 7,839,130 | 34.7 | (6) | 351 | (27) 360 |
Loans 13,350,134 | 38.4 | 13,925,779 | 42.9 | 11,945,152 | 41.0 | (4) | (446) | 12 (258) |
Other interest-earning assets 354,958 | (50.6) | 312,254 | (6.3) | 108,306 | 61.5 | 14 | (4,433) | 228 (11,214) |
In foreign currency 7,042,955 | 7.4 | 7,081,787 | 8.1 | 4,850,388 | 4.7 | (1) | (69) | 45 274 |
Government securities 763,448 | 5.4 | 503,796 | (1.7) | 485,867 | 2.8 | 52 | 708 | 57 255 |
Loans 6,247,208 | 7.6 | 6,547,298 | 8.2 | 4,314,879 | 4.8 | (5) | (63) | 45 274 |
Other interest-earning assets 32,298 | 21.6 | 30,693 | 143.5 | 49,642 | 7.4 | 5 | (12,199) | (35) 1,417 |
Interest-earning assets 26,439,807 | 28.9 | 27,405,522 | 31.5 | 24,742,977 | 32.0 | (4) | (260) | 7 (304) |
1. Does not include foreign currency quotation differences. Annual nominal interest rates were calculated using a 360-day denominator.
Interest-earning assets totaled Ps.26,439,807 million, registering a decrease of Ps.965,715 million (4%) compared to the previous quarter. This decrease was mainly the result of a lower volume of loans in pesos for Ps.575,645 million (4%) and of government securities in pesos for Ps.393,942 million (6%). At the same time, the volume of loans in foreign currency decreased by Ps.300,090 million (5%). These drops were partially offset by a higher volume of government securities in foreign currency for Ps.259,652 million (52%).
Regarding loans in pesos, the decrease was associated with lower demand in the Wholesale segment, along with more restrictive origination policies in the Retail segment. The decrease in government securities in pesos was partly due to sales made in March. As for interest-earning assets in foreign currency, the drop in loans is explained by the combined effect of accelerating inflation and the real appreciation of the peso. However, measured in foreign currency, these average assets registered a 6% increase during the quarter.
The average interest rate for the first quarter of 2026 was 28.9%, representing a decrease of 260 bp compared to the previous quarter. This change was mainly due to a drop in the interest rate on other interest-earning assets, both in foreign currency and pesos, which decreased by 12,199 bp and 4,433 bp, respectively, reflecting lower returns on private securities and a decrease in earnings from forward transactions. Meanwhile, the peso-denominated lending rate fell by 446 bp. These effects were partially offset by a 351 basis point increase in the interest rate on government securities in pesos and a 708 basis point increase in the interest rate on government securities in foreign currency, driven by a larger volume and better returns in the portfolio measured at fair value.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryInterest-bearing liabilities(1) | ||||||||
Average balances: in millions of pesos. Yields and rates: annualized nominal % | 2026 | 2025 | Variation (%|bp) | |||||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | ||||
Avg Bce | Yield | Avg Bce | Yield | Avg Bce | Yield | Avg Bce | Yield | Avg Bce Yield |
In pesos 10,642,798 | 23.7 | 11,340,479 | 29.1 | 9,561,493 | 29.8 | (6) | (536) | 11 (609) |
Saving accounts 1,688,064 | - | 1,770,291 | - | 1,468,116 | - | (5) | - | 15 (1) |
Time deposits 7,133,873 | 30.1 | 6,525,749 | 37.6 | 6,101,848 | 36.4 | 9 | (757) | 17 (631) |
Other Deposits 1,367,956 | 16.8 | 2,196,437 | 21.3 | 1,537,013 | 28.6 | (38) | (450) | (11) (1,179) |
Debt securities 91,846 | 40.8 | 190,440 | 46.3 | 222,525 | 40.9 | (52) | (550) | (59) (10) |
Other interest-bearing liabilities 361,060 | 30.6 | 657,562 | 43.1 | 231,991 | 42.3 | (45) | (1,247) | 56 (1,166) |
In foreign currency 12,678,106 | 1.6 | 13,169,917 | 1.7 | 8,505,397 | 1.2 | (4) | (9) | 49 37 |
Saving accounts 6,985,803 | 0.2 | 7,660,934 | 0.2 | 6,462,001 | - | (9) | 2 | 8 25 |
Time deposits 2,479,746 | 2.5 | 2,257,057 | 3.0 | 767,791 | 1.9 | 10 | (51) | 223 59 |
Other Deposits 1,546,119 | 0.7 | 1,455,666 | 0.9 | 77,660 | - | 6 | (24) | n.m 62 |
Debt securities 1,499,894 | 7.3 | 1,743,116 | 6.9 | 1,178,098 | 7.4 | (14) | 42 | 27 (8) |
Other interest-bearing liabilities 166,545 | 0.3 | 53,144 | 1.6 | 19,847 | 2.4 | 213 | (129) | 739 (211) |
Interest-bearing liabilities 23,320,904 | 11.7 | 24,510,396 | 14.3 | 18,066,889 | 16.3 | (5) | (267) | 29 (466) |
Does not include result from quotation difference. Nominal rates are calculated with a divisor of 360.
Interest-bearing liabilities reached Ps.23,320,904 million, registering a decrease of Ps.1,189,492 million (5%) compared to the previous quarter. This decrease was mainly due to a lower volume of other deposits in pesos and in saving accounts in foreign currency, for Ps.828,481 million (38%) and Ps.675,131 million (9%), respectively. These drops were partially offset by a higher volume in time deposits in pesos for Ps.608,124 million (9%).
Regarding peso deposits, the decrease is mainly due to lower institutional deposits resulting from an efficient balance sheet management in response to lower demand for peso-denominated assets. Meanwhile, the reduction in foreign currency-denominated liabilities, as well as in the case of foreign currency-denominated assets, was due to the combined effect of accelerating inflation and exchange rate fluctuations. However, measured in dollars, these average liabilities increased by 6% compared to the previous quarter.
The average interest rate on interest-bearing liabilities stood at 11.7%, registering a decrease of 267 bp compared to the previous quarter. This variation reflects a general decrease in interest rates during the quarter.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryNet interest income
Net interest income was Ps.1,183,462 million, Ps.91,076 million (7%) lower than the Ps.1,274,538 million recorded in the previous quarter.
Interest income for the quarter totaled Ps.1,869,034 million, Ps.287,621 million (13%) lower than the previous quarter. This decrease was primarily due to lower interest income from loans and other financing of Ps.244,703 million (15%).
Interest income from credit cards decreased by Ps.108,155 million (28%) due to a seasonal decrease in average volumes. At the same time, income from promissory notes dropped by Ps.92,211 million (19%) due to a decrease in average volumes and a lower interest rate for the quarter.
Additionally, there was also a lower income from government securities of 40,709 million (8%), mainly due to decreases of volume and yields in the first months of the quarter.
Interest Income
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Cash and due from banks | - | - | 31 | - | (100) |
Government securities | 439,610 | 480,319 | 522,124 | (8) | (16) |
Other financial assets | 4,573 | 1,978 | 74 | 131 | n.m. |
Loans and other financing | 1,420,357 | 1,665,060 | 1,270,028 | (15) | 12 |
Non financial public sector | 91 | 92 | 92 | (1) | (1) |
Financial sector | 44,160 | 48,837 | 20,060 | (10) | 120 |
Non-financial private sector | 1,376,106 | 1,616,131 | 1,249,876 | (15) | 10 |
Overdrafts | 147,664 | 178,051 | 112,981 | (17) | 31 |
Promissory notes | 404,048 | 496,259 | 334,431 | (19) | 21 |
Mortgage loans | 149,693 | 126,727 | 75,187 | 18 | 99 |
Pledge loans | 63,409 | 65,090 | 51,882 | (3) | 22 |
Personal loans | 303,785 | 324,215 | 332,671 | (6) | (9) |
Credit-card loans | 275,565 | 383,720 | 319,106 | (28) | (14) |
Financial leases | 5,658 | 6,396 | 5,508 | (12) | 3 |
Pre-financing and export financing | 16,473 | 25,290 | 11,172 | (35) | 47 |
Other | 9,811 | 10,383 | 6,938 | (6) | 41 |
Repurchase agreement transactions | 4,494 | 9,298 | 5,361 | (52) | (16) |
Interest income | 1,869,034 | 2,156,655 | 1,797,618 | (13) | 4 |
In millions of pesos, except otherwise noted 2026 2025 Variation (%)
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryInterest expenses totaled Ps.685,572 million, a decrease of 196,545 million (22%) compared to the previous quarter. This change was primarily due to lower interest expenses on deposits of Ps.139,679 million (18%).
Within deposits, interest on time deposits and term investments decreased by Ps.80,591 million (13%) as a result of lower interest rates during the quarter. Similarly, interest expenses on other deposits fell by Ps.59,001 million (47%), due to both a decrease in average volume and lower interest rates.
Additionally, interest on repurchase agreement transactions decreased by Ps.33,602 million (67%) due to lower average volumes during the quarter. Meanwhile, interest expenses on negotiable obligations decreased by Ps.13,834 million (32%) due to the maturity of a corporate bond in February.
Interest expenses | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Deposits | (616,120) | (755,799) | (668,609) | (18) | (8) |
Saving accounts | (4,390) | (4,477) | (1,148) | (2) | 282 |
Time deposits and term investments | (544,997) | (625,588) | (552,645) | (13) | (1) |
Other | (66,733) | (125,734) | (114,813) | (47) | (42) |
Financing from financial institutions | (8,907) | (12,642) | (6,194) | (30) | 44 |
Repurchase agreement transactions | (16,682) | (50,284) | (14,245) | (67) | 17 |
Other interest-bearing liabilities | (6,983) | (11,383) | (4,170) | (39) | 67 |
Negotiable obligations | (29,598) | (43,432) | (35,169) | (32) | (16) |
Subordinated Negotiable obligations | (7,282) | (8,577) | (9,639) | (15) | (24) |
Interest expenses | (685,572) | (882,117) | (738,026) | (22) | (7) |
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryNet fee income
Net Fee Income | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Credit cards | 127,935 | 133,735 | 129,408 | (4) | (1) |
Deposit accounts | 48,091 | 49,871 | 45,330 | (4) | 6 |
Insurance | 9,295 | 8,787 | 10,990 | 6 | (15) |
Financial fees | 912 | 151 | 540 | 504 | 69 |
Credit- related fees | 3,087 | 2,261 | 3,026 | 37 | 2 |
Foreign trade | 13,558 | 15,207 | 18,646 | (11) | (27) |
Collections | 34,945 | 40,340 | 27,853 | (13) | 25 |
Utility-Bills collection services | 20,764 | 23,046 | 24,714 | (10) | (16) |
Mutual Funds | 9,405 | 9,484 | 9,615 | (1) | (2) |
Fees from bundles of products | 42,814 | 45,868 | 34,049 | (7) | 26 |
Other | 24,937 | 27,137 | 42,190 | (8) | (41) |
Total fee income | 335,743 | 355,887 | 346,361 | (6) | (3) |
Total expenditures | (50,467) | (49,036) | (56,763) | 3 | (11) |
Net fee income | 285,276 | 306,851 | 289,598 | (7) | (1) |
Net fee income reached Ps.285,276 million, reflecting a decrease of Ps.21,575 million (7%) compared to the previous quarter. This variation was influenced by the seasonality of the first quarter, which typically shows lower transaction levels compared to the fourth quarter.
In this context, fee income decreased by Ps.20,144 million (6%). The drop was mainly due to lower credit card fees, which fell by Ps.5,800 million (4%) as a result of lower spending after the seasonal peak of the previous quarter. Similarly, collections fees decreased by Ps.5,395 million (13%) due to lower transaction volume, while utility-bills collections servicies fees fell by Ps.2,282 million (10%).
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryNet income from financial instruments
Net income from financial instruments was Ps.44,893 million, registering an increase of Ps.29,379 million (189%) compared to the Ps.15,514 million recorded in the previous quarter. This increase was primarily due to higher result from derecognition of assets for Ps.56,956 million (282%) related to the sale of government securities. In addition, the result from government securities measured at fair value increase by Ps.18,994 million (46%). This increases were partially offset by a decrease in the result from private sector securities for Ps.31,143 million due to lower returns during the quarter. As well, the result from derivative financial instruments decreases by Ps.15,426 million (46%), mainly those related to forward transactions.
Net Income from Financial Instruments | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Government securities | 60,003 | 41,009 | 110,284 | 46 | (46) |
Private sector securities | (2,679) | 28,464 | 23,286 | (109) | (112) |
Derivative financial instruments | (49,186) | (33,760) | (12,167) | 46 | 304 |
Forward transactions | (49,544) | (33,601) | (12,167) | 47 | 307 |
Rate swap | 358 | (159) | - | (325) | N/A |
Results of other financial assets/liabilities | (7) | (5) | (5) | 40 | 40 |
Results from derecognition of assets | 36,762 | (20,194) | 51,360 | (282) | (28) |
Net income from financial instruments | 44,893 | 15,514 | 172,758 | 189 | (74) |
Gold and foreign currency quotation differences
The result from quotation differences of gold and foreign currency for the quarter was a Ps.118,346 million profit, Ps.10,885 million (10%) higher than Ps.107,461 million recorded in the previous quarter.
This result includes a gain of Ps.89,966 million from foreign currency trading, Ps.28,540 million lower than the Ps.118,506 million recorded in the previous quarter. The decrease is explained by a lower level of transactional activity, given that the previous quarter had registered a higher volume of operations by retail customers.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryOther operating income
In the first quarter, other operating income amounted to Ps.108,409 million, registering an increase of Ps.6,322 million (6%) compared to the previous quarter. This higher result was mainly due to the increase in other operating results for Ps.13,820 million (26%), offset by a decrease in other adjustments and interest on miscellaneous receivables of Ps.8,475 million (17%).
Other Operating Income | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Other financial income | 27 | (127) | 3,324 | (121) | (99) |
Rental of safe deposit boxes | 15,697 | 15,515 | 17,104 | 1 | (8) |
Other fee income | 4,401 | 3,760 | 7,502 | 17 | (41) |
Other adjustments and interest on miscellaneous receivables | 21,546 | 30,021 | 31,328 | (28) | (31) |
Other | 66,738 | 52,918 | 33,188 | 26 | 101 |
Total other operating income | 108,409 | 102,087 | 92,446 | 6 | 17 |
Loan loss provisions
Loan loss provisions for the quarter totaled Ps.554,855 million, Ps.186,331 million (25%) lower than those recorded in the previous quarter.
The reduction was driven by an improvement in early delinquency indicators in the individual segment, which registered a 49% drop compared to the previous quarter. In this context, portfolio quality ended the quarter at 7.7%, while credit risk stood at 9.5%.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryPersonnel expenses
Personnel expenses reached Ps.180,003 million, registering a decrease of Ps.14,852 million (8%) compared to Ps.194,855 million registered in the previous quarter, mainly due a decrease of average staff.
Administrative expenses
Administrative expenses for the quarter reached Ps.179,572 million, registering a decrease of Ps.40,136 million (18%) compared to the previous quarter. This decrease was generally due to operational efficiencies and synergies resulting from the integration process with Galicia Más.
Administrative Expenses | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Fees and compensations for services | 8,399 | 17,825 | 15,031 | (53) | (44) |
Fees to directors and syndics | 298 | 233 | 350 | 28 | (15) |
Publicity, promotion and research expenses | 3,163 | 8,263 | 11,287 | (62) | (72) |
Taxes | 25,226 | 26,143 | 35,623 | (4) | (29) |
Maintenance and repairment of goods and IT | 63,087 | 65,751 | 69,701 | (4) | (9) |
Electricity and communications | 11,198 | 17,851 | 10,390 | (37) | 8 |
Stationery and office supplies | 600 | 773 | 1,955 | (22) | (69) |
Hired administrative services | 41,890 | 50,461 | 52,882 | (17) | (21) |
Security | 5,281 | 6,551 | 8,520 | (19) | (38) |
Insurance | 2,383 | 2,356 | 2,510 | 1 | (5) |
Other | 18,047 | 23,501 | 29,071 | (23) | (38) |
Total administrative expenses | 179,572 | 219,708 | 237,446 | (18) | (24) |
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryDepreciation and devaluation of assets
The result from depreciation and devaluation of assets reached Ps.65,140 million, registering a decrease of Ps.15,168 million (19%), compared to the previous quarter.
Other operating expenses
Other operating expenses for the quarter amounted Ps.308,591 million, a decrease of Ps.82,722 million (21%) compared to the previous quarter. This decrease was driven by lower other expenses for Ps.24,783 million (74%), lower expenses from turnover tax for Ps.22,378 million (12%), lower expenses for other provisions for Ps.16,167 million (73%) and lower other financial results for Ps.11,905 million (30%).
Other Operating Expenses | |||||
In millions of pesos, except otherwise noted | 2025 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Contribution to the Deposit Insurance Fund | 10,695 | 10,817 | 10,573 | (1) | 1 |
Other financial results | 27,762 | 39,667 | 22,047 | (30) | 26 |
Turnover tax | 159,333 | 181,711 | 132,308 | (12) | 20 |
On financial income | 132,118 | 151,492 | 109,379 | (13) | 21 |
On fees | 22,919 | 26,480 | 20,305 | (13) | 13 |
On other items | 4,296 | 3,739 | 2,624 | 15 | 64 |
Other fee-related expenses | 91,202 | 95,647 | 108,727 | (5) | (16) |
Charges for other provisions | 5,840 | 22,007 | 4,999 | (73) | 17 |
Claims | 5,185 | 8,107 | 9,516 | (36) | (46) |
Other | 8,574 | 33,357 | 9,516 | (74) | (10) |
Total other operating expenses | 308,591 | 391,313 | 297,686 | (21) | 4 |
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryIncome tax
The income tax recovery amounted to Ps.4,155 million, mainly explained by the recognition of a tax credit associated with the filing of the tax return corresponding to fiscal year 2025, due to the impact of the tax inflation adjustment.
Other comprehensive income
In the first quarter of 2026, Galicia reported other comprehensive income (OCI) of Ps.29,005 million, Ps.173,618 million less than the Ps.202,623 million profit recorded in the previous quarter. This decrease is explained by the comparison with a quarter that had recorded a high market valuation of government securities and, additionally, by the sale of part of the portfolio during the current period.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosarySelected financial information
Balance Sheet | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Assets | |||||
Cash and due from banks | 6,390,806 | 9,930,545 | 7,389,909 | (36) | (14) |
Debt securities | 1,043,350 | 860,528 | 1,043,748 | 21 | - |
Net loans and other financing | 19,537,652 | 20,080,389 | 16,690,042 | (3) | 17 |
Other financial assets | 6,895,740 | 7,211,209 | 9,814,956 | (4) | (30) |
Equity investments in subsidiaries, associates and joint businesses | 12,725 | 13,351 | 10,384 | (5) | 23 |
Property, plant and equipment | 1,202,115 | 1,201,860 | 1,346,755 | - | (11) |
Intangible assets | 346,275 | 360,878 | 371,749 | (4) | (7) |
Other assets | 525,994 | 443,982 | 708,499 | 18 | (26) |
Assets available for sale | 10,467 | 10,467 | 20,912 | - | - |
Total assets | 35,965,124 | 40,113,209 | 37,396,954 | (10) (4) | |
Liabilities | |||||
Deposits | 23,753,462 | 27,980,490 | 23,747,509 | (15) - | |
Financing from financial entities | 974,215 | 421,054 | 166,487 | 131 485 | |
Other financial liabilities | 2,373,305 | 2,250,797 | 3,420,274 | 5 | (31) |
Negotiable obligations | 1,021,834 | 1,253,967 | 1,139,573 | (19) | (10) |
Subordinated negotiable obligations | 484,971 | 564,836 | 494,239 | (14) | (2) |
Other liabilities | 688,295 | 1,050,497 | 1,350,454 | (34) | (49) |
Total liabilities | 29,296,082 | 33,521,641 | 30,318,536 | (13) | (3) |
Shareholders' equity | 6,669,042 | 6,591,568 | 7,078,418 | 1 | (6) |
Foreign currency assets and liabilities | |||||
Assets | 13,966,523 | 15,645,838 | 11,778,141 | (11) | 19 |
Liabilities | 14,248,869 | 15,925,481 | 11,677,909 | (11) | 22 |
Net forward purchases/(sales) of foreign currency (1) | 357,160 | 247,801 | (51,354) | 44 | (795) |
Net global position in foreign currency | 74,814 | (31,842) | 48,878 | (335) | 53 |
(1) Recorded as off-balance-sheet items.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryLevel of activity
FinancingAs of March 31, 2026, financing to the private sector totaled Ps.22,760,562 million, registering a decrease of Ps.835,762 million compared to the previous quarter. This variation was mainly due to a lower volume of loans in pesos for Ps.1,307,712 million. This decrease was offset by an increase in the volume of loans in foreign currency for Ps.346,680 million, equivalent to a 21% growth measured in that currency.
The market share of total loans to the private sector as of March 31, 2026, reached 14.4%, representing a decrease of 10 bp compared to the fourth quarter of 2025.
Financing to the Private Sector(1) | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
In pesos | 14,792,372 | 15,728,597 | 13,734,397 | (6) | 8 |
Loans | 10,908,343 | 12,216,055 | 11,374,999 | (11) | (4) |
UVA-adjusted loans | 2,250,428 | 2,077,028 | 1,141,568 | 8 | 97 |
Financial leases | 48,228 | 52,374 | 46,652 | (8) | 3 |
Other financing(2) | 1,585,373 | 1,383,140 | 1,171,177 | 15 | 35 |
In foreign currency | 7,968,190 | 7,867,727 | 5,569,557 | 1 | 43 |
Loans | 7,191,473 | 6,844,793 | 4,507,643 | 5 | 60 |
Financial leases | 1,590 | 2,278 | 2,595 | (30) | (39) |
Other financing(2) | 775,127 | 1,020,656 | 1,059,319 | (24) | (27) |
Total financing to the private sector | 22,760,562 | 23,596,324 | 19,303,954 | (4) | 18 |
Includes IFRS adjustments.
Includes certain off-balance sheet accounts related to guarantees granted.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryAs of March 31, 2026, the net loans and other financing portfolio totaled Ps.19,537,652 million, registering a decrease of Ps.542,737 million (3%) compared to the fourth quarter of 2025. The decrease is mainly explained by a lower volume of loans for Ps.573,034 million, mainly due to credit cards (13%) and promissory notes (3%), offset by an increase in overdrafts (33%).
Breafidown of loans and other financing | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Financial entities | 391,935 | 606,352 | 166,074 | (35) | 136 |
Loans | 391,754 | 606,352 | 166,074 | (35) | 136 |
Other financing | 181 | - | - | N/A | N/A |
Non-financial private sector and residents abroad | 20,671,109 | 20,962,383 | 17,242,521 | (1) | 20 |
Loans | 19,958,490 | 20,531,524 | 16,858,136 | (3) | 18 |
Overdrafts | 1,443,508 | 1,087,703 | 1,236,087 | 33 | 17 |
Promissory notes | 7,467,372 | 7,675,480 | 6,044,832 | (3) | 24 |
Mortgage loans | 1,089,166 | 1,178,736 | 701,884 | (8) | 55 |
Pledge loans | 659,591 | 712,905 | 590,713 | (7) | 12 |
Personal loans | 2,148,711 | 2,253,039 | 2,109,915 | (5) | 2 |
Credit-card loans | 3,930,205 | 4,537,177 | 4,391,330 | (13) | (11) |
Pre-financing and financing of exports | 1,143,527 | 918,693 | 860,481 | 24 | 33 |
Other Loans | 1,147,678 | 1,353,105 | 279,082 | (15) | 311 |
Accrued interest, adjustments and foreign currency quotation differences | 977,765 | 880,229 | 685,588 | 11 | 43 |
Documented interest | (49,033) | (65,543) | (41,776) | (25) | 17 |
Financial leases | 49,818 | 54,652 | 49,247 | (9) | 1 |
Other financing | 662,801 | 376,207 | 335,138 | 76 | 98 |
Non-financial public sector | 13,600 | 16,965 | 12,046 | (20) | - |
Total loans and other financing | 21,076,644 | 21,585,700 | 17,420,641 | (2) | 21 |
Allowances | (1,538,992) | (1,505,311) | (730,599) | 2 | 111 |
Loans | (1,521,980) | (1,487,691) | (720,377) | 2 | 111 |
Financial leases | (1,052) | (888) | (1,925) | 18 | (45) |
Other financing | (15,960) | (16,732) | (8,297) | (5) | 92 |
Net loans and other financing | 19,537,652 | 20,080,389 | 16,690,042 | (3) | 17 |
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryExposure to the Argentine public sector | |||||
Net Exposure to the Argentine Public Sector(1) | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Government securities' net Position | 6,260,919 | 7,308,995 | 7,353,918 | (14) | (15) |
Measured at fair value | 1,236,192 | 992,843 | 898,008 | 25 | 38 |
In pesos | 854,431 | 842,994 | 700,969 | 1 | 22 |
Adjusted by CER | 304,244 | 74,665 | 139,447 | 307 | 118 |
In foreign currency | 77,517 | 75,184 | 57,592 | 3 | 35 |
Measured at amortized cost | 1,374,386 | 2,894,675 | 2,743,917 | (53) | (50) |
In pesos | 49,229 | 676,664 | 338,168 | (93) | (85) |
Adjusted by CER | 956,880 | 1,793,289 | 1,062,691 | (47) | (10) |
In foreign currency | 368,277 | 424,722 | 1,343,058 | (13) | (73) |
Measured at fair value through OCI | 3,650,341 | 3,421,477 | 3,711,993 | 7 | (2) |
In pesos | 2,034,535 | 2,337,013 | 3,354,370 | (13) | (39) |
Adjusted by CER | 1,056,121 | 1,062,335 | 357,623 | (1) | 195 |
In foreign currency | 559,685 | 22,129 | - | n.m. | N/A |
Other receivables resulting from financial brofierage | 13,781 | 16,965 | 22,584 | (19) | (39) |
Loans and other financing | 13,781 | 16,965 | 12,046 | (19) | 14 |
Trust certificates of participation and securities | - | - | 10,538 | N/A | (100) |
Total exposure to the public sector | 6,274,700 | 7,325,960 | 7,376,502 | (14) | (15) |
It does not include deposits in the Central Bank, as they constitute one of the items through which Galicia complies with the minimum cash requirements.
As of March 31, 2026, net exposure to the public sector reached Ps.6,274,700 million, registering a 14% decrease compared to the fourth quarter of 2025. There were decreases registered in government securities adjusted by CER at amortized cost for Ps.836,409 million and in pesos for Ps.627,435 million.
Net exposure to the public sector represented 17% of total assets, while in the previous quarter, this exposure represented 18% of total assets.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes Glosary
Funding and liabilitiesDeposits amounted to Ps.23,753,462 million as of March 31, 2026, registering a decrease of Ps.4,227,028 million when compared to the previous quarter. This decrease is due to a drop of Ps.1,759,303 million in deposits in pesos, mainly due to the volatility of interest rates that occurred in the first months of the quarter.
Meanwhile, deposits in foreign currency decreased by Ps.2,467,725 million, primarily due to restatement effects; however, measured in original currency, the decrease was 6%.
Deposits
In millions of pesos, except otherwise noted
2026
2025
Variation (%)
1Q
4Q
1Q
vs.4Q25
vs.1Q25
In pesos
12,736,549
14,495,852
14,102,814
(12)
(10)
Current accounts
2,295,266
2,953,230
2,656,695
(22)
(14)
Saving accounts
1,816,506
2,254,610
2,068,929
(19)
(12)
Time deposits
7,094,275
7,401,408
7,055,091
(4)
1
UVA-adjusted time deposits
232,935
46,220
88,547
404
163
Other
1,086,648
1,648,436
1,946,061
(34)
(44)
Interests and adjustments
210,919
191,948
287,491
10
(27)
In foreign currency
11,016,913
13,484,638
9,644,695
(18)
14
Saving accounts
6,627,196
8,047,494
7,027,689
(18)
(6)
Time deposits
1,949,744
2,383,598
832,751
(18)
134
Other
2,436,659
3,048,169
1,782,457
(20)
37
Interests and adjustments
3,314
5,377
1,798
(38)
84
Total deposits
23,753,462
27,980,490
23,747,509
(15)
-
Total deposit accounts as of March 31, 2026, reached 12.1 million, a 1% growth compared to the fourth quarter of 2025.
The market share of private sector deposits reached 13.9% as of March 31, 2026, registering a decrease of 230 bp compared to the fourth quarter of 2025.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryFinancial Liabilities
In millions of pesos, except otherwise noted
2026
2025
Variation (%)
1Q
4Q
1Q
vs.4Q25
vs.1Q25
Financial entities
974,215
421,054
166,488
131
485
Financing from credit-card purchases
837,261
920,778
809,426
(9)
3
Negotiable obligations
1,021,834
1,253,968
1,139,572
(19)
(10)
Subordinated negotiable obligations
484,971
564,836
494,240
(14)
(2)
Creditors from purchases of foreign currency
49,029
-
1,389,052
N/A
(96)
Collections on account of third parties
639,533
470,406
401,503
36
59
Other financial liabilities
847,482
859,611
820,292
(1)
3
Total financial liabilities
4,854,325
4,490,653
5,220,573
8
(7)
Financial liabilities amounted to Ps.4,854,325 million, registering an increase of Ps.363,672 million (8%) compared to the fourth quarter of 2025. The variation was mainly due to an increase in financing received from financial entities for Ps.553,161 million (131%) and collections on account of third parties for Ps169,127 million (36%), offset by a decrease in negotiable obligations for Ps.232,134 million 19%).
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes Glosary
LiquidityLiquidity
Percentages, except otherwise noted
2026
2025
Variation (%)
1Q
4Q
1Q
vs.4Q25 vs.1Q25
Cash and due from banks
6,390,806
9,930,545
7,389,909
(36) (14)
Government securities(1)
5,790,580
6,187,942
7,082,805
(6) (18)
Call-money
54,096
(170)
24,914
(31921) 117
Overnight placements in correspondent banks
891,377
978,704
247,569
(9) 260
Repurchase agreement transactions
305,631
(475,499)
77,206
(164) 296
Other financial assets
-
-
837,798
N/A (100)
Total liquid assets
13,432,490
16,621,522
15,660,201
(19) (14)
Liquidity ratios (%)
Variation (bp)
Liquid assets as a percentage of transactional deposits
95.0
93.2
102.3
180
(730)
Liquid assets as a percentage of total deposits
56.5
59.4
65.9
(290)
(940)
They include all portfolios of public securities (fair value, amortized cost and fair value with changes in OCI), valuing them at fair value.
As of March 31, 2026, the Bank's liquid assets represented 95.0% of the Bank's transactional deposits and 56.5% of its total deposits. This ratios were 93.2% and 59.4%, respectively, in the fourth quarter of 2025.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryAsset quality
The non-accrual financing portfolio (that includes certain items of other financial assets and guarantees granted) amounted to Ps.1,757,858 million as of March 31, 2026, representing 7.7% of total financing, recording an 80 bps increase as compared to the fourth quarter of 2025.
Considering the provisions on unused balances of credit cards and overdrafts, the Bank's coverage of the non-accrual portfolio with total allowances for loan losses reached 91.4%, compared to 97.4% as of December 31, 2025.
Financing Portfolio Quality | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Non-accrual Financing | 1,757,858 | 1,639,411 | 522,651 | 7 | 236 |
With preferred guarantees | 92,001 | 67,763 | 15,642 | 36 | 488 |
With other guarantees | 43,122 | 29,857 | 22,241 | 44 | 94 |
Without guarantees | 1,622,735 | 1,541,791 | 484,768 | 5 | 235 |
Allowance for loan losses | 1,606,851 | 1,596,258 | 828,758 | 1 | 94 |
Relevant ratios (%) | Variation (bp) | ||||
NPL Ratio | 7.7 | 6.9 | 2.7 | 80 | 500 |
Allowance for loan losses to loans to the private sector | 7.1 | 6.8 | 4.3 | 30 | 280 |
Coverage | 91.4 | 97.4 | 158.6 | (600) | (6,720) |
Non-accrual loans with guarantees to non-accrual financing | 7.7 | 6.0 | 7.2 | 170 | 50 |
Cost of risk | 9.5 | 12.5 | 6.9 | (300) | 260 |
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryDuring the quarter, Ps.286,690 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.79,740 million were made.
Analysis of Loan Loss Experience | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Allowance for loan losses | |||||
At the beginning of the quarter | 1,596,259 | 1,409,514 | 630,866 | 13 | 153 |
Changes in the allowance for loan losses | |||||
Provisions charged to income | 475,115 | 661,267 | 326,327 | (28) | 46 |
Charge offs | (286,690) | (358,313) | (68,623) | (20) | 318 |
Inflation effect | (177,833) | (116,210) | (59,812) | 53 | 197 |
Allowance for loan losses at the end of the quarter | 1,606,851 | 1,596,258 | 828,758 | 1 | 94 |
Charge to the income statement | |||||
Provisions charged to income | (475,115) | (661,267) | (326,327) | (28) | 46 |
Direct charge offs | (79,740) | (79,919) | (1,793) | - | n.m. |
Bad debts recovered | 11,570 | 7,123 | 4,005 | 62 | 189 |
Net charge to the income statement | (543,285) | (734,063) | (324,115) | (26) | 68 |
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryCapitalization
The minimum capital requirement and the corresponding computable capital are presented below. Balances are disclosed in accordance with the applicable regulation in force and in currency of each period.
Regulatory Capital | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Minimum capital requirement (A) | 2,070,866 | 1,902,512 | 1,343,100 | 9 | 54 |
Allocated to credit risk | 1,830,771 | 1,635,141 | 1,121,143 | 12 | 63 |
Allocated to market risk | 36,797 | 35,935 | 20,370 | 2 | 81 |
Allocated to operational risk | 203,298 | 231,436 | 201,587 | (12) | 1 |
Computable capital (B) | 6,436,300 | 5,840,451 | 3,459,467 | 10 | 86 |
Tier I | 6,408,645 | 5,811,263 | 3,405,773 | 10 | 88 |
Tier II | 27,655 | 29,188 | 53,694 | (5) | (48) |
Excess over required capital (B) (A) | 4,365,434 | 3,937,939 | 2,116,367 | 11 | 106 |
Risfi weighted assets | 25,219,283 | 23,186,086 | 16,380,558 | 9 | 54 |
Ratios (%) | Variation (bp) | ||||
Total capital ratio | 25.5 | 25.2 | 21.1 | 33 | 440 |
Tier I capital ratio | 25.4 | 25.1 | 20.8 | 35 | 462 |
As of March 31, 2026, the computable capital amounted to Ps.6,436,300 million and the minimum capital requirement to Ps.2,070,866 million, resulting in an available margin of Ps.4,365,434 million (211%). This excess compares to Ps.3,937,939 million (207%) as of December 31, 2025.
In the quarter, the capital requirement increased by Ps.168,354 million, while computable capital increased by Ps.595,849 million compared to the previous quarter.
The total Tier 1 capital ratio stood at 25.4%, registering an increase of 462 bp compared to the first quarter of 2025 and 35 bp compared to the previous quarter. compared to the fourth quarter of 2025.
The change compared to the fourth quarter of 2025 is mainly explained by the increase in the Tier 1 capital ratio, driven by the indexation of equity and the generation of positive results during the period.
In the year-on-year comparison, the increase in the ratio is mainly due to the growth in the Tier 1 capital ratio, resulting from the incorporation of Galicia Mas into equity. This effect was partially offset by the increase in credit risk-weighted assets, the growth of which was not sufficient to reverse the improvement in the ratio.
Grupo Galicia
Galicia Naranja X Galicia Seguros Fondos FimaRelevant information ESG Regulatory changes
GlosaryNaranja X is Grupo Galicia's fintech company that develops a digital ecosystem of financial solutions-including payments, credit, savings and investment-to support customers in their everyday use of money, promoting financial inclusion through simple and accessible experiences.
Financial Report
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryHighlights1
Ps.(18,638) million
Net income for the quarter attributable to Naranja X
-122% vs. 1Q 2025
23.0%
Cost of risk
+816 bp vs. 1Q 2025
96
Branches and
other points of sale
2,582
Employees
(6.9%)
ROE
-3,642 bp vs. 1Q 2025
33.5%
Efficiency ratio
+146 bp vs. 1Q 2025
5.0%
Market share: Personal loans
7.0%
Market share: Saving accounts
8,954
Deposit accounts
In thousands
8,530
Credit cards
In thousands
Ps.2,040
Average balance of deposits
In billions
77%
Digital clients
Grupo Galicia
Galicia
Naranja X
Regulatory changes
Galicia Seguros
Relevant information
ESG
Glosary
Fondos Fima
Results for the quarter1
Income Statement
In the first quarter, Naranja X reported a net loss attributable to the company of Ps.18,638 million, representing an improvement of Ps.34,809 million compared to the fourth quarter of 2025. The quarterly result represented a negative ROA of 1.0% and a negative ROE of 6.9%.
The quarter's performance was primarily explained by an improvement in net interest income, associated with an expansion of the net financial margin due to lower funding costs. The net financial margin expanded by 316 bp, mainly driven by Naranja Digital. Additionally, loan loss provisions showed a favorable evolution, reflected in improvements in early-stage delinquency indicators (between 30 and 90 days). On the other hand, operating expenses improved on a comparable basis, driven by the implementation of efficiency plans for administrative expenses.
Conversely, fee income came in below the previous quarter, in line with the lower level of transactional activity typically associated with the seasonality of the period. Additionally, the impact of higher inflation led to an increase in the result from the net monetary position.
In millions of pesos, except otherwise noted 2026 2025 Variation (%)
19
11
350,852
375,313
416,181
Net interest income
vs.1Q25
1Q vs.4Q25
4Q
1Q
Net results from financial instruments (14,952) 31,066 75,722 (148) (120)
Net fee income 159,317 184,552 195,202 (14) (18)
Other operating income 56,483 65,428 56,476 (14) -
Gold and foreign currency quotation differences 12,730 (6,468) (6,681) 297 291
Net operating income 292,589 272,069 463,625 8 (37)
Loan loss provisions (337,170) (377,822) (207,946) (11) 62
Administrative expenses (62,982) (76,722) (70,160) (18) (10)
Personnel expenses (66,728) (67,786) (67,177) (2) (1)
Other operating expenses (121,130) (136,210) (104,800) (11) 16
Depreciations and devaluations of assets (9,409) (9,381) (9,883) - (5)
Results from the net monetary position (65,986) (58,192) (74,924) (13) 12
Net income / (loss) (18,712) (53,535) 85,364 65 (122)
Income tax 14,934 22,687 (51,317) 34 (129)
Net Income / (loss) Attributable to Naranja X (18,638) (53,447) 85,482 65 (122)
Net Income / (loss) Attributable to Non-controlling (74) (88) (118) 16 37
Other comprehensive income (4,207) 411 1,060 n.m. (497)
Total comprehensive income / (loss) to Naranja X (22,635) (53,057) 86,489 57 (126)
Total comprehensive income / (loss) (22,919) (53,124) 86,424 57 (127)
Total comprehensive income to Non-controlling Interests
(284) (67) (65) (324) (337)
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryProfitability and efficiency1
ROA
4.8%
(1.0)%
(2.6)%
1Q 2026
4Q 2025
1Q 2025
Financial margin
21.8%
23.0%
18.7%
1Q 2026
4Q 2025
1Q 2025
ROE
29.5%
(6.9)%
(19.0)%
1Q 2026
4Q 2025
1Q 2025
Efficiency
ratio
33.5%
36.7%
32.0%
1Q 2026
4Q 2025
1Q 2025
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosarySelected financial information1
Balance Sheet | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Assets | |||||
Cash and due from banks | 172,113 | 224,332 | 261,860 | (23) | (34) |
Net loans and other financing | 4,936,563 | 5,524,495 | 5,386,110 | (11) | (8) |
Other financial assets | 1,674,340 | 2,091,498 | 1,380,951 | (20) | 21 |
Property, bank premises, equipment | 88,242 | 93,412 | 98,495 | (6) | (10) |
Intangible assets | 29,631 | 28,914 | 25,685 | 2 | 15 |
Other non-financial assets | 353,383 | 259,204 | 171,278 | 36 | 106 |
Total assets | 7,254,272 | 8,221,855 | 7,324,379 | (12) | (1) |
Liabilities | |||||
Deposits | 2,158,054 | 2,758,279 | 2,015,647 | (22) | 7 |
Financing from financial entities | 438,673 | 558,519 | 637,816 | (21) | (31) |
Other financial liabilities | 2,634,295 | 2,876,746 | 2,813,994 | (8) | (6) |
Negotiable obligations | 508,324 | 572,122 | 296,294 | (11) | 72 |
Other non-financial liabilities | 421,903 | 340,246 | 342,586 | 24 | 23 |
Total liabilities | 6,161,249 | 7,105,912 | 6,106,337 | (13) | 1 |
Shareholders' equity | 1,093,023 | 1,115,943 | 1,218,042 | (2) | (10) |
Shareholders' equity attributable to Non-controlling | 1,295 | 1,579 | 1,422 | (18) | (9) |
Shareholders' equity attributable to Naranja X | 1,091,728 | 1,114,364 | 1,216,620 | (2) | (10) |
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryAsset quality1
Loan Portfolio Quality | |||||
Percentages, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Non-accrual loans | 972,002 | 805,260 | 381,916 | 21 | 155 |
Allowances for loan losses and provisions | 941,960 | 849,477 | 472,053 | 11 | 100 |
Ratios (%) | Variation (bp) | ||||
NPL Ratio | 16.9 | 13.2 | 6.6 | 365 | 1,024 |
Allowance for loan losses to loans to the private sector | 16.4 | 14.0 | 8.2 | 241 | 815 |
Coverage | 96.9 | 105.5 | 123.6 | (858) | (2,669) |
Cost of risk | 23.0 | 24.4 | 14.8 | (141) | 816 |
As of March 31, 2026, considering provisions associated with unused credit card balances, the coverage ratio stood at 96.9%, compared to 123.6% on the same date of the previous year and 105% at year-end 2025.
Grupo Galicia
Galicia
Naranja X
Galicia Seguros
Fondos Fima Relevant information ESG Regulatory changes GlosaryAnalysis of Loan Loss Experience1 | |||||
In millions of pesos, except otherwise noted | 2026 | 2025 | Variation (%) | ||
1Q | 4Q | 1Q | vs.4Q25 | vs.1Q25 | |
Allowances for loan losses | |||||
At the beginning of the quarter | 849,477 | 752,070 | 368,815 | 13 | 130 |
Changes in the allowance for loan losses | |||||
Provisions charged to income | 333,335 | 372,889 | 203,879 | (11) | 63 |
Reversals of allowances for loan losses | (6) | (5,822) | (94) | (100) | (94) |
Charge off | (164,676) | (216,707) | (66,903) | (24) | 146 |
Effect of inflation | (76,170) | (52,953) | (33,644) | 44 | 126 |
Allowance for loan losses at the end of the quarter | 941,960 | 849,477 | 472,053 | 11 | 100 |
Charge to the income statement | |||||
Provisions charged to income | (333,335) | (372,889) | (203,879) | (11) | 63 |
Direct charge offs | (3,835) | (4,933) | (4,067) | (22) | (6) |
Bad debt recovered | 5,055 | 6,805 | 7,304 | (26) | (31) |
Net charge to the income statement | (332,115) | (371,017) | (200,642) | (10) | 66 |
Grupo Galicia
Galicia Naranja XGalicia Seguros
Fondos FimaRelevant information ESG Regulatory changes
GlosarySince 1996, Galicia Seguros has offered insurance solutions, promoting comprehensive protection for individuals and assets. It specializes in personal and property insurance, offering solutions for individuals, SMEs, large corporations, and the agricultural sector.
Its offering is based on a wide range of coverages and services geared towards risk management, supported by a diversified network of channels-including bancassurance, insurance brokers, and digital channels-that facilitates access to solutions tailored to each client's needs.
Financial Report