SUPV

Business Context and Reporting Period

Company: Grupo Supervielle S.A. (Supervielle Group S.A.)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Six months ended June 30, 2026
Currency: Argentine Pesos (ARS) in homogeneous currency (thousands)
Core Business: Investment holding company with primary operations in banking (Banco Supervielle S.A.), asset management, insurance, and financial services. The Group operates in Argentina and Uruguay.

Key Financial Metrics

Material Changes vs. Prior Period

• Profitability Reversal: The Group reported a net loss of ARS 5.4 billion for the six months ended June 30, 2026, compared to a net profit of ARS 30.7 billion in the same period of 2025. This represents a significant deterioration in earnings.
• Operating Expenses: Personnel expenses increased by approximately 20.6% year-over-year (from ARS 197.4 billion to ARS 238.0 billion), and administration expenses rose by 5.8%.
• Loan Loss Provisions: Provisions for loan losses increased significantly by 34.2% to ARS 140.2 billion, reflecting higher credit risk charges compared to the prior year.
• Asset Base Contraction: Total assets decreased by approximately 4.2% from year-end 2025 (ARS 9.1 trillion) to June 30, 2026 (ARS 8.7 trillion), driven by a reduction in loans and other financing.
• Segment Performance: The "Personal and Business Banking" segment reported a net loss of ARS 124.1 billion, while the "Bank Treasury" segment generated a net income of ARS 99.8 billion.

Guidance, Outlook, Risks, and Unusual Items

• Economic Context: The Group operates in a complex environment. Inflation in the first six months of 2026 accumulated at 16.8%, a slowdown from previous years. The Central Bank of Argentina (BCRA) has shifted policy to accumulate international reserves, purchasing over USD 11 billion in the first half of 2026.
• Outlook: Management plans to continue contributing to credit generation for the Argentine economy in 2026. No specific quantitative financial guidance was provided in the filing.
• Key Risks:
  • Credit Risk: Significant exposure to the Argentine public sector (15.8% of total assets). Non-financial public sector debt instruments are temporarily excluded from IFRS 9 impairment provisions.
  • Foreign Exchange: The Group holds a net negative position in foreign currency of approximately ARS 298.2 billion, exposing it to peso depreciation.
  • Regulatory/Tax: Ongoing disputes regarding Turnover Tax (IIBB) on BCRA securities. The Group has ceased paying this tax on certain operations pending Supreme Court resolution, with a contingency provision of ARS 6.1 billion established.
• Unusual Items:
  • Treasury Shares: 14,050,492 Class B shares were automatically cancelled in June 2026 after remaining in treasury for three years without disposition. The cost of these shares (ARS 15.2 billion) restricts the distribution of unallocated earnings.
  • Subsidiary Liquidation: Bolsillo Digital S.A.U. is in dissolution and liquidation; the process is pending registration.

Investor Verification Checklist

• Credit Quality: Verify the composition of the loan portfolio, specifically the increase in Stage 2 and Stage 3 assets and the adequacy of the ARS 140.2 billion loan loss provision.
• Public Sector Exposure: Confirm the valuation methodology for the ARS 1.38 trillion exposure to the Argentine public sector, noting the temporary exemption from IFRS 9 impairment rules.
• Currency Hedging: Assess the impact of the ARS 298 billion net negative foreign currency position on future earnings given exchange rate volatility.
• Dividend Capacity: Review the impact of the ARS 15.2 billion treasury share cost restriction on the ability to distribute dividends.
• Tax Contingencies: Monitor the status of the Turnover Tax (IIBB) litigation and the potential impact of the ARS 6.1 billion provision on future cash flows.