Good morning and welcome to Grupo Supervielle Second Quarter 2026 Earnings Call. I'm Ana Bartesaghi, Trasher and IRO. Today's conference call is being recorded. For the Q&A session, please ensure your full name appears on Zoom. You can ask questions by voice or through the Q&A chat box. Speaking today are Patricio Supervielle, our Chairman and CEO, Gustavo Paco Manrique, CEO of Anco Supervielle, and Mariano Biglia, our CFO. Diego Pizzulli, CEO of Invertir Online, will also be available during the Q&A session. Before we begin, please note this call may include forward-looking statements. Please refer to our earnings release and SEC filings for further details. Patricio, please go ahead.

Thank you, Ana. Good morning, everyone, and thank you for joining us today. The second quarter marked our return to profitability and further progress in transforming Supervielle. Most importantly, the changes to our operating model are beginning to translate into a structurally lower cost to serve. The right sizing program is now largely implemented and aligned to our current operating model. Reflecting the full quarterly salary savings already secured, structural return on average equity would have reached 14.4%, illustrating the earnings support provided by our leaner operating model. Our core earnings also improved. Margin benefited from funding costs declining faster than asset yields. Asset quality indicators continue to move in the right direction with NPL formation declining for a second consecutive quarter and cost of risk improving sequentially. While credit costs remain elevated, these trends reinforce our view that the peak is behind us and our collection, refinancing and underwriting initiatives are beginning to produce results. With peso credit demand still subdued, we continue to prioritize risk-adjusted returns over volume, while actively managing our funding mix and maintaining a strong liquidity position. We also made further progress across our ecosystem. The partnership with Aerolíneas Argentinas is one example of how we are strengthening the value proposition for identity customers. At the Invertiron Line, Assets Under Custody reached $3 billion, reflecting continued traction with higher value clients and deeper investment relationships. Overall, we enter the second half with a structurally leaner platform, improving credit trends and a stronger foundation for disciplined, profitable growth. Paco and Mariano will expand on this shortly. Let me turn briefly to the macro backdrop to put our second quarter performance in context. Conditions became more stable during the quarter, with sustained FX purchases since the start of the year moving net reserves into positive territory. Interest rates remain broadly stable, contributing to lower funding costs and margin recovery, while monthly inflation declined for three consecutive months. However, greater stability has not yet translated into a broad-based recovery and peso credit demand remains subdued. Policy momentum is improving visibility with structural reform Supporting a more predictable macro environment and reserve accumulation reinforcing effect stability. Argentina is undergoing a transition toward an export and investment-led growth model. Twenty-one RIGI projects have been approved, representing approximately $47 billion of planned investment, primarily in energy, mining, and infrastructure. This should create attractive financing opportunities across the broader value chain. Director General of the Government's Financial Plan for Sovereign Debt Maturities in 2026 and 2027 has also reduced near-term refinancing uncertainty. Nevertheless, the recovery remains uneven. Continued progress will depend on consistent policy execution and further strengthening the institutional framework. Maintaining fiscal discipline, advancing monetary normalization, and gradually removing remaining FX restrictions will be essential to reinforce confidence and contain volatility. Overall, the direction is constructive and should gradually support credit demand and asset quality. Supervielle enters this phase with gradually improving credit trends, a structurally leaner platform and a solid capital formation. Paco will now discuss how the bank is positioning itself to capture this opportunity through disciplined profitable growth. Paco, please go ahead.

Thank you Patricio and good morning everyone. Turning to slide 5, I will focus on how we are managing the bank today and where we see attractive growth opportunities for the second half. On the balance sheet, prudence remains our priority. Peso loan demand was soft and with system delinquencies still elevated, we choose not to chase volume. We maintain selective origination, grow transactional deposits across retail and corporate clients, and actively manage the funding mix. As margins normalize, every new loan must continue to meet our risk-adjusted return thresholds. On asset quality, delinquency and cost of risk improve sequentially, although both remain elevated. The Collegiate Refinancing and Customer Outreach Initiative launched in December are producing early results, while recent origination cohorts are performing mainly better. We will maintain this discipline as we gradually rebuild lending. On structural efficiency, the right-sizing plan is largely completed. It reflects The work we have been doing for some time to redesign the service model without compromising service quality. Analyzed personal savings are approximately $42 billion, with the full quarterly run rate benefits starting in this third quarter. Turning to growth, our focus is on expanding the loan portfolio profitability through a targeted, rather than broad-based approach. In retail, we are focused on expanding and deepening relationships across three priority segments. Payroll, Identité is our premium offer, and Senior Citizens. Our enhanced scoring capabilities allow us to identify the stronger customers and serve more of their transactional. Saving and creating needs through tailored products. In Corporate Banking, the strongest opportunities are in Vaca Muerta, Mining and Selected Regional Economies, where activity in more dynamic and US dollar loan demand remains strong. On partnerships, we recently reached an agreement with Flash Argentina S.A., a company that originated within the Mercado Libre ecosystem. through which we will finance person-to-person vehicular transactions listed on MercadoLibre starting in the fourth quarter of this year. In short, we are combining a learner-operated model, disciplined balance sheet management and sharper customer selection to resume growth where we see good credit behavior and compelling economics. With that, I will hand the call over to Mariano who will discuss our financial results and updated guidance. Thanks.

Thank you Paco, and good day to everyone. Turning to slide six, attributable net income turned positive, reaching 13 billion pesos in the second quarter, a swing of more than 31 billion pesos when compared with the loss of the 18 billion pesos in the first quarter. Excluding 23 billion pesos in after-tax extraordinary severance charges, adjusted net income reached 36 billion pesos with adjusted ROE of 12.4%. The sequential recovery was driven mainly by stronger net financial income, lower inflation adjustment, and improving credit costs. Together, these factors more than offset software fee income and modestly higher adjusted operating expenses Slide 7 takes this analysis one step further by illustrating the earnings capacity of our streamlined cost base After incorporating a full quarter of salary savings from the right-sizing actions of the second quarter, structural net income would have reached 42 billion pesos, equivalent to a structural ROE of 14.4%. Applying the same framework, structural net income for the first half would have totaled 53 billion pesos. The program reduced our workforce by 553 employees during the first half, including 262 in the second quarter. With these actions now completed, the structurally lower cost base should support continued improvement in efficiency and profitability. Turning to slide 8. Total loans declined just over 1% sequentially and increased nearly 9% year on year. Commercial lending edged higher, supported by U.S. dollar loans, which grew 6% in original currency. Retail loans, in turn, declined 2%, reflecting still soft demand and our selective approach to origination. As Paco discussed earlier, we expect retail growth to rebuild gradually as inflation declines while maintaining disciplined credit criteria and a balanced profitable portfolio mix. Turning to asset quality on slide 9, our NPL ratio improved 10 basis points sequentially to 5.5%. Meanwhile, the financial system ratio deteriorated 60 basis points to 7.6% Placing a ratio 210 basis points below the industry Quarterly NPL formation declined for the second consecutive quarter And was approximately 20% below the fourth quarter peak With retail formation down 21% Net cost of risk eased to 5.6% from 6% in the first quarter Reflecting the early benefits of our collections and refinancing initiatives, together with disciplined risk-adjusted origination Importantly, recent origination cohorts continue to perform meaningfully better Together, these trends reinforce our view that asset quality has entered a gradual improvement phase Turning to slide 11, net financial income reached 295 billion pesos, increasing 8% sequentially. Net interest margin expanded sequentially by 250 basis points to 20.3% above our full year guidance, as funding costs declined faster than yields on interest earning assets.

Recording stopped.

Moving on to the outlook for 2026, we are updating our expectations to reflect first half performance and normalizing operating conditions. On loans, we are lowering real growth expectations to between 10% and 15%. This, however, is a pickup from the 7% decline experience in the first half, driven by the initiatives Paco outlined. The mix remains skewed toward corporate lending with retail growth expected to resume as activity, employment, and disposable income improve. We are also raising our NIM guidance to a range of 17% to 19%. First half NIM of 19.7% benefited from the declining in finding costs while lag asset repricing could wait on margin in the second half. As shown on the next slide, we now anticipate net fee income to decline between 5% and 8% in real terms, as software activity weighs on banking fees. Adjusted operating expenses are now expected to decline between 6% and 4%, a greater reduction than anticipated, reflecting our successful headcount licensing plan. We are now tightening our reported ROE expectation to between 2 and 4%, consistent with a larger than originally anticipated headcount right-sizing. Excluding extraordinary severance charges related to the efficiency program, adjusted ROE is now anticipated to range between 8 and 10%. Importantly, this range does not yet reflect the full benefit of the 42 billion pesos in annualized salary savings, which will support the underlying cost structure into 2027. Finally, we are raising the CET1 guidance to a range of 12 to 14% following softer low growth. All other outlook metrics remain unchanged. This concludes our prepared remarks. We are now opening the floor for Q&A.

Thank you, Mariano. At this time, we will be conducting the Q&A session. As a reminder, to ask a question, you need to be connected to a Zoom platform. To ask a question, please press the raise your hand button. and press it again to withdraw your question. You can also send your questions in written form via the Q&A box. We will ask you to limit yourself to one question and follow up and then you can raise your hand. The first questions come from Camila Acevedo with UBS. Camila, please go ahead. Shall we? Sorry, we'll have an e-shop. That would be right this hour.

and Susana Gaviria.

We are not able to allow some of the micros.

and you can just sit and stop.

I think you have to lower the session.

He put you as a host. As a host. And as a direct host, because I think there are two options.

Yes, but I can't imagine that you have a working machine. Lower the session. Lower the session. Lower the session. Yes, for me what I have to do is lower the... La Asociación. We started with them. Eh? We started with them. Nunca nos pasó esto. Never happened this. It's happening. Vos tenés que dar de baja a tu asociación. Ah, está ahí veniendo con otra. Ah, yes. No.

Hi Camila, can you hear us?

Yes, can you hear me? Yes, I'm so sorry all of you. So thank you Camila again. Please go ahead.

No problem. Thanks everyone for the space for question. I have a question on the profitability and efficiency. So the efficiency ratio improved to 63% but would have been close to 52% excluding extraordinary severance charges. When does the company expect the full run rate benefit of the 42 billion Argentine pesos in annualized personal savings to be fully reflected in the reported efficiency metrics? And in profitability, given that the structural ROE reached 14%, how does management expect this trend to To continue throughout the year and what specific milestones should be met to sustain this recovery?

Thanks. Mariano, if you want to answer this, maybe a compliment afterwards.

Sure, Patricio. Hello, Camila. Thank you for your question. First, regarding efficiency and the capitalization of the saving costs from the retirement plans, we will start capturing the full benefits of this plan on the third quarter. As we largely finished the plan as of the end of the second quarter. So those savings that we quantified as if they were captured on the first half of the year, they will be already captured in the reported SG&A and So the reported adjusted efficiency for following quarters will be the same or not the same, and of course it will be much lower than for the first and second quarters of the year. Then, regarding ROE, as you said, and we showed on the presentation, the adjusted ROE, when we exclude severance costs, but we also account for the savings as if we had made the efficiencies from the beginning of the year, beginning of the quarter, the adjusted ROE would be 14.4%. Then, for following quarters, As I mentioned, we will continue capturing the benefits of this headcount reduction. But also, on the other side, we think margins will be more pressured in the following quarters because on the second quarter we saw a reduction, a decline in the funding cost, which we captured very well to increase the NIM or Thank you for joining us. Moving ahead, so that will partially offset the benefits of cost savings and ROE for the second part of the year will be maybe higher than on the first half, but lower if you only take the annualized second quarter. So that's why we gave the guidance of an ROE closer to 10% for the full year.

So, just to compliment and to give some context on the operational side and looking into the future, We conducted a very successful efficiency program on this Voluntary Retirement Program. And this didn't produce any type of disruption. NPS continues to improve productivity. It's becoming higher. And basically, the efficiency agenda is permanent. That's super clear. Thanks very much.

Thank you, Camila. Our next question comes from Ernesto Garilondo with Bank of America. Good morning, Ernesto. Please go ahead.

Thank you, Ana. Hi, good morning, Patricio, Paco, and Mariano. Congrats on your results, and thanks for the opportunity to ask questions. My question is related to your long road expectations, but for next year. This year is expected to be between 10 to 15. You were expecting above 20% before. And I believe this is not a specific for Supervielle. This is more for the industry. So how should we think about loan growth next year? I don't know if you have started to participate in the financing of the VG projects. Are you already perceiving the announcements of the VG projects taking place? You mentioned these 21 projects. So are they already taking place? And if you think this will be more tangible after the presidential elections next year. Again, all to understand long road trends for next year. Thank you.

I will give you first the more short-term answer. Yes, the guidance is 10% to 15% for the full year, but at this stage we are coming off from minus 7%. This implies a meaningful growth in the second half. But this is not a forecast that depends on broad macro pickup. We are counting on fourth quarter surge in demand across a series of initiatives that we control. First one is we completed a disciplined asset quality work in the first half so we know who are the good clients and which are healthy and that allow us to conduct targeted campaigns on our better performing retail sector. Second, we continue, and this is also maybe an answer to your reading question, we continue to focus on the dynamic sectors of the economy, including export industries, mining, energy, and all the value chains around them, where dollar loan is real and growing. And third, we also have specific initiatives that we are launching in this quarter, particularly Paco mentioned Flash. Flash is a new company that has grown or was born in the and Carlos Libre Ecosystem, which is a P2P financing auto loans. But on the retail side, more broadly, demand will need inflation to continue declining, and disposable income to continue improving. That's happening, and gradually we expect retail growth to build progressively rather than surge. So our guidance for this year is what we can reasonably see and where we can act upon. Regarding next year, I think the business climate will definitely be on the agenda of the RIGI agenda. It's going to be a major change. The country has record exports this year. But I think next year the trend will continue in this sense. So there will be lots of opportunities to finance the value chain of these dynamic industries. I am hopeful and I am optimistic that this will also reflect on the retail side with a better appetite for credit demand on the retail side. Of course, we will be entering an electoral year, and this will also probably affect everything, but we are optimistic, and I think 2027 will be a very good year.

Can I say something, Patricio? Yeah. Hola, Ernesto, how are you? All we know about the situation that we had in the first semester in terms of delinquency and in terms of loan growth. So looking forward, the growth we are targeting in the second half and for the next year comes from our better performing retail segments. Also, we made significant adjustments in our credit scoring models. So we are believing that we have placed a very good score. Also, the organic growth will come from strategic sectors, energy, oil and gas, mining. As you mentioned about the REGIE, basically we support all the value chains for the main REGIE projects. It's basically our targeting, it's our size for the bank. We are entering a new semester with the confidence that we have in place a new credit score and also the customer knows better their own payments and behavior. So, we are looking forward very well.

Now, this is super helpful. Thank you very much, Patricio and Paco. So, all of the VG projects that are taking place, Supervielle will Look to finance all the value chains, so you think this will be more visible in 2027, maybe after the presidential elections removing the uncertainty, and that is when we will see more tangible all these projects, right?

Yes, yes, 2027 we will see something, and then of course due to the election during October. But yes, but yes, Ernesto, our target is the value chain of those 3G projects. Basically, it's our target and our business proposition goes there.

Perfect. Thank you very much, Michael.

Thank you, Ernesto. Our next question comes from Pedro Leduc with Itaú. Good morning, Pedro. How are you? Please go ahead.

Hi Ana, hi everybody. Thank you very much for the call. Congrats on the numbers. I would like to discuss a little bit about your NIMS. You know, I'm 24% discorder. Very nice improvement. We know there are some unusual aspects about discorder. But anyway, I would like to pick your brains a little bit and how do you see this level going forward. And in trying to puzzle it together as well, Looking at it from a funding cost perspective, it was a nice improvement, but your mix in funding seems to have shifted a lot with institutional time deposits gaining a lot of share. I would imagine that they're not cheaper than the retail deposits, but maybe more duration. So help us reconcile a little bit this funding mix shift with the better names and how we should model it in the second half. Thank you.

At a high level, what you saw in the second two was active funding optimization where we adjusted both mix and the tenor of our funding to take advantage of relative pricing while our strategic focus is always on growing franchise deposits that remain unchanged. So, Mariano, maybe you can take us through the details of this funding strategy and then how this also translates and how do you reconcile also into ROE and sustaining the needs?

Sure, Patricio. Hello, Pedro. Regarding the deposits mix, as Patricio said, we see a shift, but it's mainly from corporate to institutional deposits, not from retail, and this is mainly tactical as we want to be more efficient The cost of funding, if we go to institutions, is because we see a lower cost of funding maybe compared to the largest corporates. This is not a reduction in PSMEs, balances, deposits, or retail, as I said before. So the same way we transition, which is tactical, we may transition back to and we don't change our strategy of gaining deposits from our core customers both retails and corporates. And how this translates into NIEMS and what we see going forward. We saw a very good NIEM in the second quarter which translated into good figures of ROE when adjusted for preservance costs. This level of SNIM was achieved by capturing and lowering the cost of funds. This also relates to the deposit SNIMs and to tactical movements. So that allowed us to increase spreads for the loans and our investment, our bonds portfolio. In the third quarter and the second half of the year, we see that interest rates will remain stable. And now we have a repricing on the asset side. So, NIMS will be more precious, as I also explained before, in the second half of the year. So, maybe the NIMS for the second half will be a bit lower, a bit higher than the first half of the year, but lower if you We only see the second quarter annualized terms.

To complement, if you look at our balance sheet, on the loan balance sheet, almost 65% today is corporate and 35% is retained. So clearly, this has to do with the macro context and the subdued demand on the retail side. As I mentioned before, we know now, with all the procedures we have in place, strong underwriting standards and the history of our own clients, we know where to target. So we are conscious that we want to grow on the retail side. but very responsibly in order to help the lean looking forward.

Great answer, both. Thank you.

Thank you, Pedro. We have a question now from Yuri Fernandez with JP Morgan. Good morning, Yuri.

Hey, Ana. Good to see you. Hello, everyone. Also congrats on the quarter. I have a follow-up on the means, because I got the impression from the Leduc answer that maybe second half could be better, but your guidance points to 17 to 19, the consolidated margins, and if we were to assume like the run rate you had in the first half, closer to 20, that would indicate a major drop on margins. So what are we missing here like on the means? Should it go down in the second half or should it remain, should be more resilient? Just trying to understand because I think the guidance indicates 17 to 19 on the margins. So this implies in this drop and then I can follow up. Thank you.

Yes. Hello, Yuri. Yes, that's right. Our guidance for NIMH is from 17% to 19%. So, this implies lowering the NIMH in the following quarters compared to the second quarter. If we look at the first six months of the year, maybe we will see different dynamics for the second half because on the first half we started with very high interest rates and a lot of volatility which negatively impacted the NIMH. So we are not expecting that scenario to repeat on the second half of the year. Maybe it will be higher than that first quarter and lower than the second quarter. So not necessarily, I will correct that, and not necessarily higher than the first half of the year, but it will have different dynamics. We don't expect that high volatility and a significant reduce in the funding costs. It will be more stable, but on the average of the semester in a similar level.

Okay, no, no clear. And then if I made just similar exercise, but with cost of risk and asset quality, and congrats, I think NPLs are improving, the new NPL formation is improving. Then I have just a follow up on coverage, if you can provide any kind of color. And similar exercise as margins on cost of risk, because if you take the guidance of cost of risk of 5.3 and 5.8, and we plot the run rate of the first half, It implies a very broad range on the second half. It should run between 4.8 cost of risk and 5.8 cost of risk. This quarter has been tracking around 5.6. So where should cost of risk be? Should it be closer to the low end of this kind of soft guidance or should we see maybe still a challenge to look for asset quality and cost of risk being a little bit higher? Thank you.

Well, the cost of risk, we expect, we also saw there an improvement in the second quarter, and we expect to see further improvements for the third and fourth quarter. We still are in an environment where we now, we saw a peak in the NPLs, and that translates also into We are still in a period where the SMEs were the ones who suffered on the first half of the year. It was the last part of last year and that's when we changed our credit policies and reviewed our credit models. and then SMEs who are more impacted. Now for the second half of the year, we expect that to improve gradually and also to resume growth as Patricio explained before. That will also help lower the cost of risk. But we expect to see those dynamics not much lower than 5%, although it might be held Mariano Biglia Maybe, of course, we expect it to be on the lower range, on the lower part of that range, but still with the visibility that we have is the range that we can give guidance.

I'm sorry, maybe if I may add, we decided not to change the guidance for these two metrics this quarter, maybe that's mainly because NPS and cost of risk is still high. But yes, maybe we could be expecting something to be more close to the lower end. But still very high level. So that's why this is maybe one of the only metrics we have not changed this quarter to be a bit more conservative.

Thank you, Ana. Thank you, Mariano. So basically, just summarizing the two things for risk-adjusted. Margins, maybe not as strong as this quarter, but you're very confident on the level of margins. They will not be as low as the first quarter, so something in between or maybe closer here. And cost of risk, didn't revise the guidance, still challenging outlook, but things are slightly improving, so maybe the low end of the guidance of the 5.3. Does this summary make sense? Did I get the message correct? Mariano?

It makes sense. Maybe we should have changed to be more optimistic. But this is what the management thinks. But I am more optimistic. We will see in the next quarter. We expect that it will improve the cost of risk.

No, thank you, Patricio. It's Latin America, right? Argentina. So sometimes being conservative is the right approach. Thank you very much, everyone.

Thank you Yuri for being here. Our next question comes from Pedro Van Hemden from Latin Securities. Hello, good morning Pedro.

Hello Ana, hello everyone. Thank you for taking this call. I wanted to ask on dollar lending, it's kind of 20% up here today. I wanted to ask how much runway do you see in this segment and maybe to link it with recent news that you see maybe on the press saying the government wants to attempt to change some regulations to allow banks to channel more of this dollar liquid into credit. What do you think about that? Is there room to do it?

I think that certainly for individuals, this will not happen. Dollar loans for individuals, it will not happen because I think even the president of the central bank was clear on that. There has been very bad precedents or examples, I think, in the Peruvian economy when they tried. but on corporations I think that there is a possibility that some corporations that even though they are not exporters or suppliers to exporters but they have strong business models that many of which also they are linked to or they are revalued by dollars The way they manage the business, then certainly there could be more demands on these new companies for the banking system, and we will consider it also. So, definitely... We will consider it. Because the landscape of the country is improving. We are at this stage in a record, never seen this type of exports in the country. So dollars will be flowing and next year I think it's going to be even better. So on this side, If you also see the current account of the economy is in good shape. So I think we are, there's a possibility, it's certainly in the agenda to start to lend to more companies' dollars.

Give me one minute. Hola Pedro, thank you for your paper this morning. For me, if Argentina continues with the focus on the strategic projects supported by strategic resources, I believe there is no limit for U.S. dollars loans. We have a big space for that. And as you know, we have a huge initiatives going forward. So for me, in order to strategic projects, I don't see a limit in the near future.

The opportunity and the room is very big.

Perfect. Super clear. Thank you, Paco. Thank you, Patricia. Thank you, Pedro.

Thank you, Pedro. We have a question now from Carlos Gómez-López with HSBC. Hello, good morning, Carlos.

Hello and good morning and congratulations among other things on your deposit growth, 8%. That was quite good. Two questions. One is regarding the margin and you expect the assets to reprice in the second half following the repricing of the liabilities. Does that apply to individual loans or mostly to corporate loans? And have you already seen by now, the end of the middle of August, a decline in spreads either for corporates or for individuals? And second, I would like to touch on Invertir Online. I was looking at the numbers on page 10 of your report, and I see that the number of accounts has actually declined slightly. The income has actually halved from two quarters ago. We understand this is cyclical, but we would like to know what your prospects are for this business to grow in the future. Thank you.

All right.

Do you want to go first? Hey, sure. Hello, Carlos. Thank you for your comments and your questions. Regarding the first part of your question, margins or the mean, Mariano Biglia, Julio Patricio Due to the increase in delinquency, interest rates haven't been reduced as much as the cost of funding reduced. But on the corporate side, which are more short-term loans, and it's almost two-thirds of our loan book, that's where we see the effect of this repricing. So, yes, we are seeing it since the end of the second quarter. The spreads on originations haven't been reduced. They are still the same. They are good spreads, adjusted for risk both for corporates and individuals, but from a balance sheet point of view, the repricing is faster on the corporate side.

Yes, hi Carlos, so regarding Invertir Online, something we experienced is that the decrease in activity in MAUs, monthly active users, 90 days active users, is due to a normalization in Argentina, so In our business, when there is some volatility and economic volatility, and it can be effects volatility, some high inflation or even volatility in the interest rates, we see a sharp increase in the activity and opening accounts in yield. We are comparing second quarter to first quarter. In the first quarter, especially January, part of February, we have some volatility in the interest rates market and that drove an unusual activity. What we think or we see is that The underlying trend is a more stable macroeconomic environment. So the numbers or the growth or the activity we see in the customers, especially during the second quarter, it's more like the normal situation in Argentina where interest rates, it's lower than it was in the past and with less volatility, the inflation is going down and also the FX is under control. So we think what we see in our platform is customers are staying in the platform, are less active, and they are shifting the behavior in the platform. They are from capturing short-term opportunities like this one I mentioned with the interest rates, they are starting to shift to a more and many more. Thank you very much. We think it's a good thing because we are optimistic about the future in Argentina with the stabilization of the macro and the opportunities to the capital markets. We think that the nature of a broker is to be the place for investors to analyze their savings and investments. We think that what we are seeing is more normal behavior that's

If I might compliment, if you just see what happened in the first half of the year, the Assets Under Custody for Invertir Online and as well as the assets and the management for funds has grown considerably. This is not simply revaluation of assets, but it's new money. It's new money coming from three types of clients that we are focusing on. Affluent enterprises and also IFAs. So this change of behavior of investors that Diego mentioned is translating into more assets for Invertio9. And I think this is very healthy and hopefully it will continue.

That's a very good explanation. What do you think the long-term growth rate for this business might be? You have 60,000 accounts right now. Where do you see yourself in three or five years?

We believe that the number is very good compared because we are roughly in the same amount of accounts that we have in the last period where volatility was higher. That's why I said that we are not seeing customers leaving, we are seeing them shifting. We believe that with the normalization of Argentina, probably a 10-15% growth quarter over quarter would be reachable. Also, I think we have to start to look into the AUC and AUM, as Patricia mentioned, because the activity, when you have investors instead of customers trying to capture short-term opportunities, will be... Mariano Biglia, Mariano Biglia, and now we are close to 500 million dollars in AUM in our free funds that are managed by our team. So that's part of what we are focusing on and the AUC as you mentioned before is growing also and not because of our market effect also but a net new money we are seeing in every quarter.

Thank you so much.

Thank you, Carlos. I think we're running out of time anyway. I think there is some question from a sell-side analyst, Brian Flores, who asked, which are your expectations in terms of return on equity and loan growth for 2027? What is needed in your view for loan growth to take off and be sustainable? Is there any regulation or partnership with the government that could further drive growth ahead? Or is it more dependent on organic demand supply trends? Maybe this is the rest I think have been already answered. And then I will go back to someone, another cell site which has raised its hand. We answer this one and then we end with the ones on the income.

We can answer it both, Mariano and I. But let me address the last part in terms of partnership or regulation with the government. I think that there's an important or pending agenda on mortgages or The banking industry has been advocating for a broader role for the FTS, Fondo de Garancia de Sustentabilidad, which is the Social Security of what remains of the previous and this will help develop a securitization market for newly originating mortgages, drawing on models such as Peru, Chile, or Fannie Mae or Freddie Mac. So definitely this is an agenda that is very important. Also in terms of growth expectations next year, Definitely, as Paco mentioned, we have a complete focus in export industry. We have commercial specialists that are dedicated, for instance, for oil and gas. and we have expanded considerably our commercial team for these industries and we also have people on the risk side dedicated and specialized in and the new in these new industries just to give you an example of the focus we have. So export financing and value change financing will be an important agenda for 2027. And in terms of the retail side, it will depend on Thank you very much.

I can compliment about the 2027 ROE and in effect the loan growth will be a driver of ROE improvement for 2027 because as I said before for the second part of this year we know margins will be more pressured but going into 2027 we expected to offset that with loan growth and with it the growth of the loan book also a more balanced We will also capture the full benefits of the right-sizing program that we carried out this year, the first half, and also reducing the cost of risk. So those will be the main drivers. We still haven't given guidance for 2027, but if we end the year 2026 on a range closer to 10% ROE, we would expect that 2027 to be closer to 15% and transitioning into a longer term ROE.

Okay, there is a question from Federico Cabelli from Madcap. Hello Federico, please go ahead. And then we have a follow-up from another analyst.

Hello everyone, thanks for taking my question. I had a question regarding YOL. We've seen, as you mentioned, your assets under custody grow considerably year over year, yet your net income has decreased. I wanted to ask how have you been monetizing this growing base and how do you think normalized earnings for YOL should look in the future?

So, regarding the net income, part of the growing in AUC, as you mentioned, Supervielle S.A. That's on the revenue side. On the cost side, we made some investments that we expect to... Mariano Biglia, Mariano Biglia, Mariano Biglia All the advised business like FAs, IFAs, the wealth management and also the SMEs. So we have made some investments in our platform to adapt new products and services for these kind of customers. Thank you for joining us. Thank you very much. The stabilization and normalization of the economic variables in Argentina will allow the capital market in Argentina to expand. We think it's in its infancy, so we think we are doing the right investments to capture that opportunity that will come in the future.

Okay, thank you. And I have a follow-up question. You paid for YOL $48 million in 2018. What's the book value today?

Oh, book value. Book value is more or less a bit more than that, I'd say.

Yes, and we also have the goodwill in our book value. The price paid for at that moment was mainly a goodwill which we booked We translate that to pesos at the moment. And then we are charged for inflation. And then we have the shareholders' equity of Partido Online, which accumulated profits throughout these years. So it has a higher equity value on a standalone basis. So adding up the equity value and The Goodwill Attached for Innovation The total book value in the gross balance sheet is around, I would say, $70 million.

But the equity is close to the same amount. The equity value.

The net worth. Yes, but it's because of accumulated profits.

Yes, sure.

Okay, thank you and congratulations.

Thank you Federico. We have a follow-up from Pedro Leduc from Huitzitau. Pedro, you wanted to ask any follow-up?

Yeah, just a quick one. Not particularly related to the quarter, but there's been several media reports in Argentina about the authorities considering flexibilizing the use of dollar deposits onto lenders. Yes, and I think you heard me?

Yes, I'm sorry.

Yeah, so if there was any first thoughts you have on that, if more of the dollar deposits could be used to lending, and I'm sure you are also close to the regulators, so how that discussion has been unfolding, any first thoughts, comments would be welcomed.

I think we mentioned that already that there's possibility that there would be regulations allowing or giving more flexibility to lend dollars to corporations and we will be very active on this. As a bank, we are positive, so certainly it will be in the agenda. and as I mentioned before all the export related industries are growing very fast so that's going to also be a use of proceeds for the dollar deposits. Just bear in mind that dollar deposits are Thank you very much. and on the export related industry.

Okay, thank you so much.

Thank you, Pedro. So I think now we've reached the end of the Q&A and of the earnings call. Once again, I apologize for the inconvenience we had, we experienced at the beginning of the Q&A session. Thank you for being there as well and we look forward to meeting you again In the incoming months and any additional questions you may have, please feel free to ask. Thank you.