Business Context and Reporting Period
Company: Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Second Quarter (2Q) and First Half (1H) ended June 30, 2026
Release Date: August 10, 2026
Accounting Basis: Hyperinflation Accounting (IAS 29) applied since 1Q20.
Grupo Supervielle is a universal financial services group headquartered in Argentina. The quarter marked a return to profitability, driven by a structural transformation of the operating model, including a 17% reduction in headcount versus year-end 2025. The macroeconomic environment showed signs of stabilization with monthly inflation moderating to below 2% in June 2026.
Key Financial Metrics
| Metric | 2Q26 | 1Q26 | 2Q25 (YoY) |
|---|---|---|---|
| Attributable Net Income | AR$12.8 billion | (AR$18.2 billion) Loss | AR$18.2 billion |
| Adjusted Net Income (excl. severance) | AR$36.2 billion | AR$43.4 billion (1H26) | N/A |
| ROAE (Return on Avg. Equity) | 4.4% | Negative | Positive |
| Adjusted ROAE | 12.4% | N/A | N/A |
| Structural ROAE (full run-rate savings) | 14.4% | N/A | N/A |
| Net Financial Income | AR$294.5 billion | AR$271.9 billion | AR$276.8 billion |
| Net Interest Margin (NIM) | 20.3% | 17.7% | 20.8% |
| Efficiency Ratio | 63.4% | 68.9% | N/A |
| Adjusted Efficiency Ratio | 52.3% | N/A | N/A |
| NPL Ratio | 5.5% | 5.6% | N/A |
| Net Cost of Risk | 5.6% | 6.0% | 5.5% |
| Total Assets | AR$8,723.0 billion | Flat QoQ | AR$8,061.0 billion (approx) |
| Total Loans | AR$4,332.0 billion | AR$4,393.0 billion | AR$3,978.0 billion (approx) |
| Total Deposits | AR$5,970.8 billion | AR$5,701.7 billion | AR$5,552.1 billion (approx) |
| CET1 Ratio | 14.2% | 15.4% | 13.9% |
Material Changes vs. Prior Period
- Profitability Recovery: The Company returned to net income of AR$12.8 billion in 2Q26, reversing a loss of AR$18.2 billion in 1Q26. Excluding extraordinary severance charges of AR$36.0 billion, Adjusted Net Income was AR$36.2 billion.
- Margin Expansion: Net Interest Margin expanded 253 basis points sequentially to 20.3%, driven by funding costs declining 28.0% QoQ faster than asset yields.
- Cost Reduction: Headcount decreased 17% year-over-year and 9.0% sequentially. The rightsizing plan generated AR$42 billion in annualized personnel savings, with full run-rate benefits expected from 3Q26.
- Asset Quality Improvement: The NPL ratio improved to 5.5% (210 bps below industry average). NPL formation declined for the second consecutive quarter, and the stock of non-performing loans in constant pesos has decreased every month since February 2026.
- Loan Portfolio Contraction: Total loans declined 1.4% sequentially due to disciplined origination and soft demand in the peso segment, though dollar-denominated loans grew 6.3%.
- Deposit Growth: Total deposits increased 4.7% sequentially, strengthening the liquidity position. The Loans-to-Deposits ratio improved to 72.6%.
Guidance, Outlook, and Risks
Management Commentary and Outlook
Management anticipates the earnings recovery to continue as the transformation of the operating model translates into a structurally lower cost to serve. The full benefit of the rightsizing plan is expected to become increasingly visible in coming quarters. The Company plans to selectively resume growth in strategic products and sectors as macroeconomic conditions normalize, maintaining a focus on disciplined risk management.
Strategic Initiatives
- Ecosystem Expansion: Launched an alliance with Aerolíneas Argentinas for the premium Identité segment and an agreement with Flash Argentina (Mercado Libre ecosystem) for secured used-vehicle financing starting 4Q26.
- Digital Shift: Continued migration of customer activity to digital and virtual hub service channels.
Risks and Contingencies
- Macroeconomic Volatility: While inflation is moderating, the recovery in economic activity remains uneven. Credit demand in the private sector is still subdued.
- Regulatory Changes: New capital framework amendments (Communication "A" 8394) become effective August 1, 2026, modifying market risk calculations and trading book allocations.
- Tax Disputes: Ongoing legal challenges regarding Turnover Tax (IIBB) on securities income in various provinces. A contingency provision of AR$6.1 billion was recorded as of June 30, 2026.
- Commercial Delinquency: Delinquency in the commercial portfolio increased during the quarter due to the lagged impact of high interest rates on SME customers, though formation remained stable.
Investor Verification Checklist
- Run-Rate Savings: Verify the realization of the AR$42 billion annualized personnel savings and the impact on the efficiency ratio in 3Q26.
- Asset Quality Trends: Monitor the NPL formation rate and the stock of non-performing loans in constant pesos to confirm the inflection point in portfolio performance.
- Loan Growth: Assess the ability to resume loan growth in strategic sectors without compromising risk-adjusted returns as the macro environment stabilizes.
- Regulatory Capital: Review the impact of the new capital framework effective August 1, 2026, on the CET1 ratio and risk-weighted assets.
- FX Exposure: Evaluate the management of foreign currency exposure and the impact of peso depreciation on liabilities versus assets.