Grupo Supervielle S.A. (SUPV): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Grupo Supervielle S.A. following those choppy Q3 2025 results, trying to see past the noise. Honestly, mapping out their business model shows a classic Argentine balancing act: they are driving a massive AR$7,458.1 billion asset base while pushing hard on digital transformation via their SuperApp, all while managing the high cost of funding that comes with elevated real interest rates this year. It's a complex play involving everything from specialized corporate lending in Oil & Gas to securing a solid US$1.2 billion in foreign currency deposits for stability. Dive below to see exactly how their nine building blocks-from key activities like growing the loan book 8% QoQ to their revenue streams-are set up to perform in this environment.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Grupo Supervielle S.A. has locked in as of late 2025 to execute its strategy. These aren't just names on a slide; they represent concrete financial commitments and strategic access points.

The partnership with IDB Invest is a major component for funding growth in the SME sector. This agreement, announced in September 2025, is structured to inject significant capital into the economy.

Partner Entity	Purpose/Focus	Financial Commitment/Structure	Date Announced
IDB Invest (and JICA Trust Fund)	Boost SME lending and productive development	Total credit line up to US$250 million	September 17, 2025
IDB Invest (Tranche A)	Direct funding for SME financing	US$50 million loan with a 3-year term and fixed interest rate	September 17, 2025
JICA Trust Fund (Tranche A)	Direct funding for SME financing	US$50 million loan with a 3-year term and fixed interest rate	September 17, 2025
Institutional Investors (Tranche B)	Funding via loan participations	Approximately US$150 million	September 17, 2025

This IDB Invest transaction is noted as the largest ever carried out by IDB Invest with a financial institution in Argentina to date. The funds are specifically aimed at expanding access to longer-term financing, with a focus on export-oriented value chains.

Brand visibility and client engagement are enhanced through a high-profile sports alliance.

• Argentine National Soccer Team: Grupo Supervielle S.A. became a Regional Sponsor of the Argentine National Soccer Teams in October 2025.
• Client Benefits: This alliance provides Supervielle clients access to exclusive experiences and benefits related to the team and the upcoming 2026 FIFA World Cup.

Regulatory compliance and operational standards are intrinsically linked to the Central Bank of Argentina (BCRA), which dictates accounting frameworks.

• Accounting Standards: Grupo Supervielle S.A.'s financial statements published in Argentina are issued under IFRS as adopted by the BCRA, with specific exceptions noted for IFRS 9 regarding public sector debt instruments and expected credit loss.
• Inflation Accounting: Financial statements as of March 31, 2025, have been restated pursuant to IAS 29 and BCRA Communication "A" 7211, which mandates inflation adjustment.
• Capital Requirements: The Bank implements disclosure requirements related to Pillar III of Basel II, taking into account BCRA communications for qualitative and quantitative disclosures.

Digital platform development relies on external technology partners, evidenced by recent ecosystem integrations.

• SuperApp Milestone: The Supervielle mobile app, part of the SuperApp journey, received Special Recognition as an Outstanding Project in Latin America at the CLAB Congress in November 2025.
• E-commerce Integration: In May 2025, the bank launched Tienda Supervielle on Mercado Libre, becoming the first bank to have an official online store hosted on the platform, fully accessible through the Supervielle mobile app.

The alliance with Mercado Libre serves as a concrete example of strategic alliances for new distribution channels, expanding the digital ecosystem.

Finance: draft 13-week cash view by Friday.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Key Activities

You're looking at the core actions Grupo Supervielle S.A. is taking to drive value right now, late in 2025, navigating a complex Argentine market. Here's the quick math on what they are actively doing.

Managing a loan book that grew 8% QoQ in Q3 2025

The bank is focused on growing its credit portfolio, even while tightening standards in some areas. The loan book expanded by a solid 8% quarter-over-quarter in the third quarter of 2025, showing momentum despite the challenging macroeconomic backdrop. This growth contributed to Total Assets reaching AR$7,458.1 billion as of September 30, 2025, a 16.6% quarter-over-quarter increase.

Key loan book metrics for Q3 2025:

• Loan book growth: 8% QoQ in real terms.
• Total Loans as of September 30, 2025: AR$3,406.0 billion.
• Loan book expansion over 18 months: 151.0%.
• Loans to Deposits Ratio: stood at 67.3% as of September 30, 2025.

Executing digital transformation via the SuperApp platform

Grupo Supervielle S.A. continues to push its digital ecosystem, which is central to client engagement and cross-selling. The SuperApp platform evolution is a key activity, aiming to integrate banking, insurance, and online investing.

Digital engagement highlights include:

• Tienda Supervielle (official online store on Mercado Libre) logged over 500,000 sessions to date (as of Q2 2025).
• The bank maintains a nationwide presence with branches plus a virtual hub, mobile, and online banking capabilities.

Treasury management of government securities and liquidity

Managing liquidity and the investment portfolio is critical, especially given the Central Bank's high reserve requirements. A significant portion of the QoQ asset expansion was driven by treasury activities.

Treasury/Liquidity Metric (QoQ Change)	Value/Amount
Total Assets Increase	16.6%
Cash and Due from Banks Increase	51.7%
Government Securities Increase	AR$186.4 billion
Total Deposits Increase	14.9%

The increase in government securities was partly due to the Central Bank allowing these to meet additional reserve requirements.

Expanding corporate lending, especially in Oil & Gas and mining sectors

Corporate lending is the primary driver of loan book expansion. Corporate loans grew by 12% QoQ in Q3 2025. The outlook for the remainder of 2025 projects loan growth to be led by this segment.

Sector-specific focus areas include:

• Oil & Gas: Growth expected from this sector, supported by a new branch annex opened in Añelo, Neuquén, in September 2025.
• Mining: Private investments in mining are noted as changing economic dynamics in provinces like Jujuy, Salta, and Mendoza.

Cross-selling banking products to IOL invertironline's 544K clients

The investment platform, Invertironline (IOL), is a key channel for cross-selling the broader banking franchise offerings. The active client base for IOL is reported at 544K customers.

The growth in the investment platform client base is a direct measure of this activity:

• IOL active client base: 544K.
• IOL active client base increase: 4% QoQ (as of Q3 2025).

If onboarding takes 14+ days, churn risk rises. Finance: draft 13-week cash view by Friday.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Key Resources

You're looking at the core assets Grupo Supervielle S.A. (SUPV) relies on to execute its business strategy as of late 2025. These are the tangible and intangible foundations supporting its operations across Argentina.

The balance sheet strength is central. As of September 30, 2025, Total Assets stood at AR\$7,458.1 billion, reflecting a significant increase of 16.6\% quarter-over-quarter and 42.0\% year-over-year.

This asset base is supported by a strong capital position. The Common Equity Tier 1 (CET1) Ratio was 13.2\% at the end of Q3 2025, though it improved to 14.5\% in October 2025. This capital buffer is key for navigating the current macro environment.

The funding base is a critical resource, showing strong customer confidence. Total Deposits reached AR\$5,059.8 billion in real terms as of September 30, 2025, a 14.9\% increase sequentially and a 39.6\% rise year-on-year.

Here's a quick look at how the balance sheet components stacked up at the end of the third quarter of 2025:

Metric	Value as of September 30, 2025
Total Assets	AR\$7,458.1 billion
Total Deposits (Real Terms)	AR\$5,059.8 billion
Loans	AR\$3,406.0 billion
CET1 Ratio	13.2\%
Foreign Currency Deposits	US\$1.2 billion

The core deposit base includes a record amount of foreign currency funding, which is a testament to client trust during volatility. Foreign currency deposits hit a record US\$1.2 billion, growing 31\% quarter-on-quarter and 56\% year-on-year. These dollar deposits made up 34\% of total deposits by the quarter's end.

Grupo Supervielle S.A. (SUPV) maintains a significant physical and digital footprint for client reach. This infrastructure is a major asset for distribution and service delivery.

• Nationwide network includes 130 bank branches, virtual hubs, and digital channels.
• The network serves approximately 2 million active clients.
• IOL invertironline, the online brokerage platform, saw its active client base increase by 4\% quarter-on-quarter.

The company also has a substantial loan portfolio, which amounted to AR\$3,406.0 billion as of September 30, 2025. Anyway, the Loans to Deposits Ratio was 67.3\% at that date, down from 71.7\% in the prior quarter.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Grupo Supervielle S.A. over the competition in Argentina's tough market. The value proposition centers on offering stability, specialized access, and modern digital convenience across its universal financial services platform.

Universal financial services across banking, insurance, and wealth management

Grupo Supervielle S.A. positions itself as a universal financial services group, meaning you can handle most of your financial life in one place, from basic banking to more complex needs. This breadth is key to deepening customer relationships and capturing more wallet share.

The group's activities span the full spectrum, evidenced by specific financial reporting lines:

• Income from core banking services, including net financial margin.
• Reported Income from insurance activities in the consolidated results.
• Revenue streams supported by growing asset management fees.

Access to dollar-denominated deposits for stability in a volatile market

In an environment where local currency stability is a constant worry, offering dollar-denominated products is a major draw. Grupo Supervielle S.A. has aggressively grown this segment by offering remunerated accounts, which pay interest daily, to attract and retain these crucial dollar funds.

Here's the quick math on their success in attracting dollar funding as of the end of the third quarter of 2025:

Metric	Value (as of September 30, 2025)	Comparison
Foreign Currency Deposits (Total)	US$1.2 billion	N/A
FX Deposits Growth (QoQ)	30.9%	Outperformed industry growth of 10.1% QoQ
FX Deposits Growth (YoY)	55.8%	Outperformed industry growth of 8.1% YoY
FX Deposits as % of Total Deposits	34%	Up from 27% as of June 30, 2025

This focus on USD deposits provides a more stable funding base for the bank, especially when local currency liquidity is tight due to high reserve requirements.

Specialized credit solutions for corporate and SME growth (e.g., Oil & Gas)

Grupo Supervielle S.A. is strategically pivoting toward lending, offering specialized credit to drive corporate and Small and Medium Enterprise (SME) growth. They are clearly targeting sectors showing resilience or potential, like Oil & Gas.

The loan book expansion reflects this focus:

• Loan book increased by 8% quarter-over-quarter in Q3 2025.
• Corporate loans grew by 12% quarter-over-quarter in Q3 2025.
• Management projects real loan growth for the remainder of 2025 between 35-40%.
• SME checking account balances saw a surge of 43% in dollars in Q2 2025.

The bank is definitely positioning its credit offering to capture the anticipated recovery, expecting growth mainly from corporates and SMEs post-elections.

Digital-first experience through the evolving SuperApp platform

The digital ecosystem is a core differentiator, moving beyond a simple mobile app to a comprehensive SuperApp experience that drives daily engagement. They are integrating services where customers already spend time.

Digital traction metrics show this commitment:

• AI-powered WhatsApp interactions surpassed 150,000 in July 2025.
• The bank became the first to establish an official online store on Mercado Libre.
• Tienda Supervielle on Mercado Libre recorded 500,000 sessions by June 2025.
• Investment transactions via the app (powered by IOL) attracted 4,700 clients placing $28 million in time deposits in Q2 2025.

This digital integration helps reinforce primary banking relationships, so you're not just a transaction point.

Payroll and pension accounts for stable, lower-risk retail clients

Securing payroll and pension accounts is vital because these clients bring stable, lower-risk flows of funds, which is especially valuable when managing asset quality deterioration in the broader retail segment. Grupo Supervielle S.A. is uniquely offering daily interest on both Payroll and SME accounts, in both pesos and U.S. dollars, to lock in this client base.

The reliance on this segment for lending stability is clear:

Metric	Data Point (as of Q1 2025)	Significance
Loans to Payroll/Pension Clients	53% of total retail loan portfolio	Core retail lending base
Personal Loans to Payroll Customers	88% of personal loans granted	High concentration in the most stable retail segment
AR\$ Savings Account Growth (QoQ)	13%	Outpaced market by 3.5 percentage points in Q2 2025

This focus on high-quality retail flows helps mitigate the rising NPL ratio, which hit 3.9% in Q3 2025, up from 0.8% in Q3 2024.

Finance: draft 13-week cash view by Friday.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Customer Relationships

You're looking at how Grupo Supervielle S.A. (SUPV) connects with and serves its customer base as of late 2025. It's a blend of traditional, in-person support and aggressive digital moves, all aimed at locking in primary banking relationships in a tough economic climate.

The firm's approach to customer relationships is built around targeted segmentation and digital convenience, while still leaning on its physical footprint for high-value interactions. This is evident in the introduction of a cluster-based strategy in the first quarter of 2025, designed to sharpen the value proposition for both retail and commercial customers to gain principality with them and attract new ones.

For complex needs, you still have the physical network. Grupo Supervielle S.A. maintains a high-touch service model through its 130 bank branches, which are primarily located in the Autonomous City of Buenos Aires, Greater Buenos Aires, and the Argentine provinces of Mendoza and San Luis. This physical presence supports the 1.9 million active clients served by the network as of August 2025.

The push for digital self-service is centered on the SuperApp, which is key to their ecosystem strategy. A major milestone in this journey was the launch of Tienda Supervielle on Mercado Libre in the first quarter of 2025, making them the first bank to host an official online store on that platform, fully accessible through the mobile app. This is part of broader Super App fintech initiatives aimed at deepening funding and fee income.

A significant driver for deepening primary banking relationships is the innovative remunerated account offering. Supervielle is the only bank in Argentina offering daily interest on both Payroll and SME accounts, available in both pesos and U.S. dollars, which started in April 2025. This strategy is showing traction, helping to attract dollar-denominated deposits. The success is clear in the growth of foreign currency deposits, which reached 34% of total deposits at the end of the third quarter of 2025, up from 27% at the end of the second quarter of 2025.

For the corporate segment, the relationship model remains more traditional but is showing strong results. Growth in the third quarter of 2025 was led by the corporate segment, with corporate loans expanding by 12% quarter-over-quarter. This suggests dedicated corporate banking relationship managers are effectively driving origination in that area, even as retail origination standards were tightened.

Here's a quick look at some key relationship and network metrics as of mid-to-late 2025:

Metric Category	Specific Metric	Value as of Late 2025
Physical Reach	Bank Branches	130
Client Base	Active Clients (as of Aug 2025)	1.9 million
Digital Engagement	Supervielle on Mercado Libre Launch	Q1 2025
Deposit Strategy	Remunerated Account Launch	April 2025
Funding Mix	FX Deposits as % of Total Deposits (Q3-end 2025)	34%
Corporate Banking	Corporate Loan QoQ Growth (Q3 2025)	12%

The firm is actively managing its customer base through these distinct channels. You can see the focus on retaining and growing high-value deposits through the remunerated accounts, which is a direct relationship play.

• Cluster-based strategy introduced to strengthen value proposition across retail and commercial segments.
• Remunerated accounts offer daily interest on both peso and U.S. dollar accounts for Payroll and SME customers.
• The bank is the only one in Argentina offering daily interest on both peso and U.S. dollar remunerated accounts for Payroll and SME clients.
• Digital ecosystem expansion includes the Super App and the Tienda Supervielle presence on Mercado Libre.
• Corporate segment led loan growth in Q3 2025.

The operational control over costs also reflects a relationship focus, as personnel and administrative expenses declined 12% year-to-date in real terms as of Q3 2025. That's defintely a sign of efficiency supporting the service model.

Finance: draft 13-week cash view by Friday.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Channels

You're looking at how Grupo Supervielle S.A. gets its value propositions to the customer base across Argentina. It's a mix of old-school presence and aggressive digital adoption, which is key in this market.

The physical footprint remains significant, anchoring the service network. As of late 2025 reporting periods, Grupo Supervielle S.A. maintains a core physical branch network of 130 locations across Argentina. This is supplemented by recent expansion, with reports in November 2025 noting the network also includes 2 branch annexes, such as the one opened in Añelo, Province of Neuquén, to support the Oil & Gas industry. The overall network, including digital and commercial partnerships, serves approximately 1.9 million active clients as of the third quarter of 2025.

Digital channels are clearly where the growth story is focused. The SuperApp and online banking platforms are central to the strategy of enabling anywhere banking. The digital customer base saw strong penetration, with 881,507 customers being digital as of June 30, 2025, which represented 67% of the segment's portfolio at that time. This digital push is supported by modern engagement tools.

Here's a quick look at the digital reach metrics we have for mid-to-late 2025:

• Digital customers as of June 30, 2025: 881,507
• Digital penetration of segment portfolio (June 30, 2025): 67%
• AI-powered WhatsApp interactions (July 2025): Over 150,000 sessions
• Clients using IOL via the bank's app for time deposits (Q2 2025): 4,700

For investment services, the platform IOL invertironline, which is positioned as the broker N.º 1 in Argentina, is integrated directly. This allows for cross-selling investment products through the main banking application. The investment activity through the bank's app shows tangible results in funding.

IOL Investment Channel Metric	Value	Context/Date
Clients placing time deposits via bank app	4,700	Q2 2025
Time deposits placed via bank app	$28 million	Q2 2025
Percentage of those deposits that were new	30%	Q2 2025
IOL customers (Total)	24K	Data point from an earlier slide snapshot
IOL customers (Total)	544K	Data point from a later slide snapshot

Virtual branches and call centers provide the necessary remote service layer to support the high volume of digital interactions. This complements the physical network, especially for complex transactions or customer support when digital self-service isn't enough. The company continues to invest in scaling the SuperApp, which is the hub for many of these remote services.

Finally, commercial partnerships are vital for extending reach, particularly in specialized financing areas. This includes the subsidiary MILA, which specializes in car loan financing. Furthermore, strategic alliances support lending capacity, such as the agreement announced in September 2025 with IDB Invest and others to boost SME financing with a credit line of up to US$250 million. This partnership is structured with Tranche A totaling US$100 million (US$50 million from IDB Invest and US$50 million from the JICA Trust Fund) and Tranche B for approximately US$150 million via loan participations.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Customer Segments

You're looking at the client base for Grupo Supervielle S.A. as of late 2025; it's a mix of corporate, retail, and investment-focused groups, all served across their integrated platforms.

The overall client reach for Grupo Supervielle S.A. was reported at 2 million active clients as of April 2025.

The breakdown of the core banking and digital investment client base as of June 30, 2025, looks like this:

Segment Category	Specific Metric	Number/Amount (as of 2Q25/3Q25)
Banco Supervielle Clients	Bank Total Customers	1.3 million
IOL invertironline Clients	Active Customers	544K customers
Total Ecosystem Clients (Reported)	Total Active Clients (April 2025)	2 million

Corporate and SME clients are a key focus for near-term loan growth, especially following the midterm elections.

• Loan growth in 4Q25 and early 2026 is anticipated to come mainly from corporates and SMEs.
• Specific sector focus includes the oil and gas chain.
• Grupo Supervielle S.A. opened a branch annex in Añelo, Province of Neuquén, to support the Oil & Gas industry development.
• A branch was also opened where the mining ecosystem in San Juan is located.
• The company announced an agreement with IDB Invest for a credit line of up to US$250 million to boost SME lending.

For retail individuals, Grupo Supervielle S.A. targets deepening primary banking relationships.

• The strategy involves expanding the remunerated accounts offering to the entire IOL ecosystem, which currently includes payroll clients.
• Retail loan growth is expected to resume later, picking up in 2Q26 as conditions improve.

High-net-worth individuals are served through wealth management services, though specific client counts weren't detailed in the latest reports, the Assets Under Management (SAM) for IOL was reported at AR$2,378.9 billion in nominal terms for 2Q25.

Institutional investors are targeted for funding and treasury products, which is a critical component for balance sheet leverage.

• Grupo Supervielle S.A. will tap international debt markets if conditions allow.
• The bank secured facilities up to ARS270 million from multilaterals with a three-year term, focused on SMEs.
• Banco Supervielle S.A. issued an Obligación Negociable (ON) with a minimum subscription of USD 1,200.
• This specific ON offered an estimated annual rate of 5.00% in USD, with capital and interest paid at maturity in November 2025.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Cost Structure

You're looking at the cost side of Grupo Supervielle S.A. (SUPV)'s operations as of late 2025, and honestly, the numbers from the third quarter tell a story of significant pressure, especially from funding and credit risk.

The cost of funding was a major headwind. The monetary tightening implemented to stabilize the exchange rate resulted in unsustainably high real interest rates. This dynamic meant that deposit rates adjusted almost immediately, but loan repricing lagged because of longer duration. This funding cost pressure was quantified by an impact of AR$56.1 billion in the third quarter alone. Furthermore, the mortgage loan portfolio, denominated in UVA (Unit of Constant Value), was negatively affected by the sharp increase in real interest rates, leading to a negative spread that caused an additional reduction in the net financial margin of around AR$17.7 billion in 3Q25.

Credit quality costs also rose substantially. Loan Loss Provisions (LLPs) totaled AR$58.3 billion in 3Q25. This represented a significant increase, up 23.8% quarter-over-quarter and 330.1% year-over-year, reflecting the continued expansion of the loan book since March 2024, particularly in retail lending which carries higher provisioning requirements. The Non-Performing Loan (NPL) ratio reflected this stress, rising to 3.9% in 3Q25, up from 2.7% in 2Q25 and 0.8% in 3Q24. The net cost of risk for the quarter was reported at 6.4%.

Personnel and administrative expenses show a commitment to operational efficiency, though this was partially offset by other cost drivers. The company is targeting a decline in these expenses in real terms of 8% to 10% for the full year 2025. In 3Q25 specifically, personnel, administrative expenses, and Depreciation & Amortization (D&A) saw a 1.3% reduction quarter-over-quarter. Overall operating expenses declined 2% quarter-on-quarter and 12% year-to-date in real terms.

The pressure on the top line, with the net financial margin falling to AR$125.0 billion in 3Q25 (down 41.0% year-over-year), directly impacted the efficiency ratio. The efficiency ratio for 3Q25 stood at 95.8%, a sharp deterioration from 60.9% in 2Q25 and 64.1% in 3Q24. For the nine-month period ending 3Q25, the efficiency ratio was 68.8%.

Regarding technology and digital transformation investment costs, while specific figures aren't broken out in the immediate summary data, the management commentary emphasized maintaining a tight control on costs, including non-staff expenses, and reinforcing the focus on operational efficiencies to help mitigate the margin compression. This suggests a disciplined approach to ongoing technology investments.

Here's a quick look at the key cost and efficiency metrics from 3Q25:

Metric	Value (3Q25)	Comparison Point	Change/Context
Loan Loss Provisions (LLPs)	AR$58.3 billion	N/A	Up 330.1% YoY
Efficiency Ratio	95.8%	60.9% (2Q25)	Signaling cost pressure
Personnel & Admin Expense Target	Decline of 8% to 10%	Real terms (Full Year 2025)	Reflects structural initiatives
Funding Cost Impact	AR$56.1 billion	3Q25 only	Due to high real interest rates
NPL Ratio	3.9%	0.8% (3Q24)	In line with retail delinquency trends
Net Financial Margin	AR$125.0 billion	AR$212.0 billion (3Q24)	Down 41.0% YoY

The cost structure is clearly dominated by the cost of risk and the high cost of funding in the prevailing macroeconomic setting. You can see the impact across several areas:

• High cost of funding due to elevated real interest rates in 2025.
• Loan Loss Provisions (LLPs) totaling AR$58.3 billion in 3Q25.
• Personnel and administrative expenses, targeted to decline 8% to 10% in real terms.
• Technology and digital transformation investment costs managed under a tight control framework.
• High efficiency ratio of 95.8% in 3Q25, signaling cost pressure.

Finance: draft 13-week cash view by Friday.

Grupo Supervielle S.A. (SUPV) - Canvas Business Model: Revenue Streams

You're looking at how Grupo Supervielle S.A. brings in money, which is critical given the volatile Argentine economic backdrop we saw through the third quarter of 2025. The revenue streams are heavily weighted toward traditional banking activities, but the performance of each component shifted quite a bit due to monetary policy.

The core of the income generation remains the spread on lending and deposit activities, though the environment in 3Q25 put significant pressure on this. For instance, the Net Financial Margin (NFI) for the third quarter of 2025 was reported at AR$125.0 billion, which was a sequential decrease from AR$219.8 billion in 2Q25. This squeeze was largely due to higher funding costs adjusting almost immediately to high interest rates while loan repricing lagged, plus a negative spread impact of around AR$17.7 billion from the UVA mortgage portfolio.

Still, the underlying business activity shows some growth drivers. The loan portfolio expanded by 8% in real terms as of 3Q25. Client-related net financial income, which covers interest income from your lending book, actually rose 17% sequentially in the third quarter.

Here's a quick look at the key financial figures related to revenue generation as of the latest reporting:

Revenue Component	Metric/Period	Amount/Value
Net Financial Income (NFI)	3Q25	AR$125.0 billion
Adjusted Net Financial Income	3Q25	AR$95.8 billion
Net Interest Margin (NIM)	3Q25	10.8%
Net Fee Income Growth Forecast	Full Year 2025 (Real Terms)	5%
Loan Portfolio Growth	3Q25 (Real Terms)	8%

Beyond the core interest margin, Grupo Supervielle S.A. relies on fees and trading gains. The projection for Net Fee Income growth for the full year 2025 is set at 5% in real terms. This fee income is supported by several activities:

• Interest income from personal, secured, and commercial loans, which contributed to the 17% sequential rise in client-related net financial income.
• Commission income from insurance and brokerage services, with the IOL segment posting record results in October 2025.
• Gains from treasury portfolio and government securities trading, though yields were noted as lower in 3Q25 context compared to prior periods that saw extraordinary gains.

To be defintely clear, the nine-month performance for 9M25 showed a net loss of AR$26.9 billion, contrasting sharply with the net income of ARS 118,304.4 million in 9M24. Finance: draft 13-week cash view by Friday.