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: Three months ended March 31, 2026
Business Overview: The Group is an investment holding company whose primary asset is its controlling stake in Banco Supervielle S.A. It operates through segments including Personal and Business Banking, Corporate Banking, Bank Treasury, Insurance, and Asset Management. The financial statements are presented in thousands of Argentine pesos in homogeneous currency, adjusted for inflation.

Key Financial Metrics

Material Changes vs. Prior Period

• Profitability Reversal: The Group reported a net loss of ARS 17.1 billion for Q1 2026, a significant deterioration from the net income of ARS 11.3 billion in Q1 2025. This shift was driven primarily by a loss from subsidiaries (specifically Banco Supervielle S.A.) and increased operating expenses.
• Loan Loss Provisions: Provisions for loan losses increased by approximately 60% year-over-year, rising from ARS 42.2 billion to ARS 67.6 billion, reflecting higher credit risk expectations.
• Expense Growth: Personnel expenses rose to ARS 111.2 billion (from ARS 90.1 billion), and other operating expenses increased to ARS 54.6 billion (from ARS 44.8 billion).
• Balance Sheet Contraction: Total assets decreased by approximately ARS 372 billion (4.3%) from year-end 2025 to March 31, 2026, largely due to a reduction in loans and other financing.
• Exchange Rate Impact: The Group recorded a positive exchange rate difference on gold and foreign currency of ARS 38.3 billion, partially offsetting a negative result from exposure to changes in the purchasing power of the currency of ARS 41.6 billion.

Guidance, Outlook, Risks, and Unusual Items

• Economic Context: Management notes a consolidation of macroeconomic stability in Argentina, with monthly inflation at 3.4% in March 2026 and year-on-year inflation at 32.6%. GDP growth is projected at 3.6% for 2026.
• Outlook: The Group plans to continue contributing to credit generation for the Argentine economy in 2026.
• Key Risks:
  • Credit Risk: Significant exposure to the Argentine public sector (approx. 13% of total assets). Non-financial public sector debt instruments are temporarily excluded from IFRS 9 impairment provisions.
  • Tax Disputes: Ongoing legal challenges regarding Turnover Tax (IIBB) on securities and Central Bank instruments. A contingency provision of ARS 5.5 billion was established as of March 31, 2026.
  • Foreign Currency: The Group maintains a net negative position in foreign currency of approximately ARS 244.8 billion.
• Unusual Items:
  • Treasury Shares: The Group holds 4.94 million Class B shares in treasury. The cost of these shares (ARS 14.3 billion) restricts the distribution of unallocated earnings.
  • Stock Options: A stock option plan was approved in May 2025; expense recognized for Q1 2026 was ARS 1.1 billion.

Investor Verification Checklist

• Subsidiary Performance: Verify the specific drivers of the ARS 28.1 billion loss reported by Banco Supervielle S.A. for the period, as this is the primary contributor to the Group's net loss.
• Credit Quality Trends: Review the migration of loans between IFRS 9 stages (Stage 1 to Stage 2/3) to assess the sustainability of the increased loan loss provisions.
• Public Sector Exposure: Confirm the valuation methodology for the ARS 1.1 trillion exposure to government securities and treasury bonds, noting the temporary exemption from IFRS 9 impairment rules.
• Tax Contingency: Monitor the status of the Turnover Tax (IIBB) litigation and the adequacy of the ARS 5.5 billion provision.
• Liquidity Position: Assess the impact of the ARS 282 billion net decrease in cash and cash equivalents on the Group's ability to meet short-term obligations.