Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: March 20, 2026
Context: This filing discloses a submission to the Argentine Securities Exchange Commission (CNV) and the National Social Security Administration (ANSES) regarding the upcoming General Shareholders' Meeting scheduled for April 8, 2026. The document details the company's shareholding structure, board composition, and proposed resolutions for the fiscal year ended December 31, 2025.
Key Financial Metrics
Retained Earnings (Dec 31, 2025): AR$ 290,438,875,537.79 (expressed in constant currency).
Proposed Dividend Distribution: AR$ 300,000,000,000 (approx. AR$ 469.20 per share).
Reserve Funds (Dec 31, 2025):
- Legal Reserve Fund: AR$ 1,400,492,599,193.07
- Optional Reserve Fund for Future Distribution: AR$ 1,345,424,206,526.36
- Reserve Fund for Dividends Pending BCRA Authorization: AR$ 342,950,576,186.97
Supervisory Committee Remuneration (FY 2025): AR$ 175,016,970 (nominal).
Independent Auditor Fees (FY 2025): AR$ 1,657,954,379 (plus VAT).
Audit Committee Budget (FY 2026 Proposal): AR$ 3,000,000.
Note: The filing does not provide specific values for total revenue, net profit, operating cash flow, or debt levels for the fiscal year 2025, as the focus is on shareholder meeting logistics and reserve allocations.
Material Changes and Shareholding Structure
Shareholding Structure (as of Feb 28, 2026):
- ANSES-F.G.S.: 29.96% participating interest (27.99% voting).
- Delfin Jorge Ezequiel Carballo: 19.30% participating interest (20.90% voting).
- Banco de Servicios y Transacciones S.A. (Trustee): 17.28% participating interest (19.65% voting).
- Foreign Stock Exchange Shareholders: 22.34% participating interest (20.87% voting).
- Mr. Guido Agustín Gallino resigned as Regular Director on August 12, 2025.
- Mr. Lucas Matías Gregorio was appointed as Regular Director on August 20, 2025, replacing Mr. Gallino.
- Nominees for re-election include Mr. Delfín Federico Ezequiel Carballo and Mr. Marcos Brito.
- Board fees decreased nominally by 9.23% compared to 2024.
- Supervisory Committee fees increased nominally by 29.62% compared to 2024.
- Auditor fees increased by 50.29% (attributed to CPI variation and slight fee adjustment).
Guidance, Outlook, and Risks
Dividend Proposal: The company proposes to release AR$ 300,000,000,000 from the Optional Reserve Fund for dividend payment (cash or in kind), subject to Central Bank of the Republic of Argentina (BCRA) authorization. The dividend is subject to a 7% withholding tax. Payment may be made in three equal monthly installments starting May 2026, per BCRA Communique "A" 8410.
Accounting Methodology: Financial statements for FY 2025 are restated in homogeneous currency (constant currency) using the national consumer price index (CPI) published by INDEC, in compliance with IAS 29 and BCRA regulations.
Risks and Contingencies:
- Regulatory Approval: Dividend distribution is contingent upon prior authorization from the BCRA.
- Related Party Transactions: The company confirmed no corporate or technical services were hired from related companies during FY 2025.
- Liquidity: Management asserts the dividend proposal preserves satisfactory liquidity and solvency ratios.
Investor Verification Checklist
- Dividend Authorization: Verify if the BCRA has granted the necessary authorization for the AR$ 300 billion dividend distribution.
- Currency Impact: Confirm the exchange rate and purchasing power implications of the dividend amount (AR$ 469.20 per share) given Argentina's inflationary environment.
- Board Composition: Review the final election results for the Board of Directors and Supervisory Committee at the April 8, 2026 meeting.
- Reserve Fund Status: Monitor the status of the "Reserve Fund for Dividends Pending Authorization" to ensure funds are not locked indefinitely.
- Auditor Continuity: Confirm the appointment of Pistrelli, Henry Martin y Asociados S.A. as the independent auditor for FY 2026.