Banco BBVA Argentina SA (BBAR) 2025 Q4 法說會逐字稿

Good morning, and thank you all for joining us today. After a third quarter that was marked by political instability with its consequent monetary and exchange rate tensions, the results of the midterm legislative elections reaffirmed support for the government's fiscal reform and order policy.

各位早安，感謝大家今天加入我們。在第三季因政治不穩定而導致貨幣與匯率緊張之後，中期立法選舉結果再次確認了對政府財政改革與秩序政策的支持。

This translated into a rapid normalization of financial variables, which returned to pre-event levels. BBVA Argentina continues to consolidate its growth strategy, reflecting its commitment to being a key player in Argentina's recovery of activity.

這促使金融變數迅速正常化，回到事件發生前的水準。BBVA 阿根廷持續鞏固其成長策略，展現其致力於成為阿根廷經濟活動復甦關鍵參與者的承諾。

This was achieved despite a year ultimately marked by interest rate volatility in the second half and the progressive deterioration of credit quality within specific segments of the retail portfolio.

儘管今年下半年利率波動，且零售投資組合中特定區隔的信用品質逐步惡化，我們仍達成了上述成果。

In this line, on December 22, 2025, the bank secured a credit line of up to $150 million from the International Finance Corporation. These funds allow BBVA to expand its financing capacity for small- and medium-sized enterprises, thereby reaffirming its commitment to the productive sector.

在此脈絡下，銀行於 2025 年 12 月 22 日自國際金融公司（IFC）取得最高 1.5 億美元的授信額度。這些資金使 BBVA 得以擴大對中小企業的融資能力，進一步重申其對生產部門的承諾。

BBVA Argentina's non-performing loan ratio on private loans reached 4.18% as of December 2025, a figure that remains below the system average of 5.29% for the same period.

截至 2025 年 12 月，BBVA 阿根廷私人貸款的不良貸款比率達 4.18%，仍低於同期系統平均的 5.29%。

The bank stands out for having consistently lower delinquency ratios than the sector average, which reflects the quality of its credit risk management and its prudent approach to portfolio origination.

本行一向以逾期率持續低於同業平均而突出，反映其信用風險管理品質，以及在資產組合承作上的審慎作法。

Before diving into numbers, it is important to mention that on December 10, 2025, the transaction through which BBVA Argentina acquired 50% of the share capital of FCA Compania Financiera has been closed.

在進入數字之前，需先提及：2025 年 12 月 10 日，BBVA 阿根廷收購 FCA Compania Financiera 50% 股本的交易已完成交割。

This had a ARS1 billion impact in the P&L and all balance sheet figures include FCA, including loans and deposits. Nonetheless, market shares expressed in this report and on this call do not include FCA as the consolidation was made as of the last day of December.

此交易對損益表（P&L）造成 10 億阿根廷披索（ARS）的影響，且所有資產負債表數據均已納入 FCA，包括放款與存款。然而，本報告及本次電話會議所呈現的市占率不包含 FCA，因合併係於 12 月最後一日才完成。

Moving to slide 2 to 5 of the webcast presentation, I will now comment on the bank's fourth quarter 2025 and 2025 fiscal year financial results. BBVA Argentina's inflation adjusted net income in 2025 was ARS267.4 billion, decreasing 43.2% versus 2024.

接著看網路簡報第 2 至第 5 頁，我將說明本行 2025 年第四季及 2025 會計年度的財務結果。BBVA 阿根廷 2025 年經通膨調整後的淨利為 ARS 2,674 億，較 2024 年下降 43.2%。

This implies an accumulated ROE of 7.3% and accumulated ROA of 1.1%. The year-over-year decline in results is mainly explained by the deterioration of loan loss allowances in a context of high delinquency ratios in the financial system.

這代表累計 ROE 為 7.3%，累計 ROA 為 1.1%。年度結果年減主要係因金融體系逾期率偏高的背景下，放款損失準備金惡化所致。

Also, in spite of observing a 29.4% lower net interest income as a result of lower interest rates and inflation, this should be considered in comparison to lower losses from the net monetary position, which more than offset the lower NII.

此外，儘管因利率與通膨下降而使淨利息收入（NII）減少 29.4%，但應與淨貨幣部位損失下降相對照；後者的改善幅度足以抵銷 NII 的下滑。

It is worth noting the 36.9% increase in net fee income, thanks to a proactive approach in improvements, and also in foreign currency and gold gains, the latter explained by an increase in activity after the partial lift in FX controls on April 14, 2025.

值得注意的是，淨手續費收入增加 36.9%，得益於積極推動改善；此外，外幣與黃金收益亦增加，其中黃金收益主要因 2025 年 4 月 14 日部分解除外匯管制後，業務活動提升所致。

In the fourth quarter of 2025, net income was ARS59.3 billion, increasing 44.5% quarter-over-quarter. This implied a quarterly ROE of 6.5% and a quarterly ROA of 0.9%. Quarterly results were mainly explained by higher income along with lower expenses.

2025 年第四季淨利為 ARS 593 億，較前一季成長 44.5%。這代表單季 ROE 為 6.5%，單季 ROA 為 0.9%。單季表現主要由收入增加及費用下降所帶動。

The increase in income is mainly due to one, better net interest income; and two, an increase in results from write-down of assets at amortized cost and OCI. The latter due to the sale of bonds classified in the OCI model.

收入增加主要來自兩點：第一，淨利息收入改善；第二，以攤銷後成本及其他綜合損益（OCI）衡量之資產減損回轉（或減損結果）增加。後者係因出售歸類於 OCI 模型的債券所致。

Expenses improved mainly on the side of personnel expenses and administrative expenses. These were negatively offset by, one, loan loss allowances, two, an increase in operating expenses mainly due to turnover tax, and three, lower net fee income in the quarter.

費用改善主要來自人事費用與管理費用。但上述改善被以下因素部分抵銷：第一，放款損失準備金；第二，營業費用增加（主要為營業額稅）；第三，本季淨手續費收入下降。

Net income from the net monetary position was 32% higher quarter-over-quarter, explained by a higher quarterly inflation.

淨貨幣部位之淨收益較前一季增加 32%，主要因單季通膨較高所致。

Net interest income in the quarter was ARS758.9 billion, increasing 20.2% quarter-over-quarter. After the uncertainty surrounding the midterm elections were off, average market interest rates declined.

本季淨利息收入為 ARS 7,589 億，較前一季增加 20.2%。隨著中期選舉相關不確定性消退，市場平均利率下滑。

With the liabilities repricing at a faster pace than assets, we observed the reverse effect from the one seen in the third quarter of 2025, with income from public securities and loans increasing and expenses from funding increasing, but to a much lower extent.

由於負債端重定價速度快於資產端，我們觀察到與 2025 年第三季相反的效果：公債與放款利息收入增加，資金成本亦上升，但幅度小得多。

In the year, net interest income decreased 29.4%, as mentioned before, more than offset by the lower losses on the side of the net results from the net monetary position.

全年淨利息收入如前所述下降 29.4%，但淨貨幣部位淨結果的損失減少，對其下滑形成更大幅度的抵銷。

Loan loss allowances increased 31.3% in the quarter and 181.2% accumulated year-over-year, explained by the deterioration of non-performing loans, in particular, on the retail book, which implied higher provisioning.

放款損失準備金本季增加 31.3%，累計年增 181.2%，主要因不良貸款惡化，尤其在零售放款組合，因而需要提列較高備抵。

The effect of loan loss allowances can be observed in the evolution of the cost of risk, which reached 8.11% in the fourth quarter of 2025 and 5.54% on an annual basis.

放款損失準備金的影響可從風險成本的變化看出：2025 年第四季達 8.11%，全年則為 5.54%。

During 2025, personnel and administrative expenses decreased by 11% and 12.6%, respectively. This was achieved, thanks to the active pursuit of efficiencies during the year.

2025 年期間，人事費用與管理費用分別下降 11% 與 12.6%。此成果來自全年積極追求效率提升。

During the fourth quarter of 2025, in particular, total operating expenses were ARS537.5 billion, remaining stable quarter-over-quarter.

尤其在 2025 年第四季，總營業費用為 ARS 5,375 億，較前一季維持穩定。

Both the efficiency ratio as well as the fee to expenses ratio evidence the stability and the improvements that are taking place on these lines of the income statement, and we expect them to improve even further for 2026.

效率比率以及手續費對費用比率均顯示損益表這些項目維持穩定並持續改善；我們預期 2026 年將進一步提升。

Going on to Slide 6 and 7. Private sector loans as of the fourth quarter of 2025 totaled ARS14.8 trillion, increasing 7.6% in real terms quarter-over-quarter and 47.6% year-over-year. In the quarter, growth was mainly driven by an increase in loans in pesos.

接著看第 6 與第 7 張投影片。截至 2025 年第四季，私部門放款總額為 ARS14.8 兆，按季以實質計成長 7.6%，年增 47.6%。本季成長主要由披索放款增加所帶動。

In total currency, the products that increased the most were mostly commercial loans such as financing of projects and exports and discounted instruments.

以總幣別計，增幅最大的產品多為商業放款，例如專案與出口融資，以及貼現工具。

On the peso portfolio, discounted instruments, pledged loans and credit cards stood out. Pledged loans are mainly affected by the introduction of FCA into the loan book.

在披索投資組合方面，貼現工具、質押貸款與信用卡表現突出。質押貸款主要受到 FCA 納入放款組合的影響。

In the case of consumer loans, prudency policies taken in a context of higher deterioration of non-performing loans were noticeable on this line with a 2.2% quarter-over-quarter decline.

就消費者貸款而言，在不良貸款惡化加劇的背景下所採取的審慎政策在此項目上相當明顯，按季下降 2.2%。

BBVA Argentina's consolidated market share of private sector loans reached 11.91% as of the fourth quarter of 2025, improving 64 basis points from 11.27% a year ago. As for asset quality, the NPL ratio of BBVA Argentina on private loans reached 4.18% as of December 2025.

截至 2025 年第四季，BBVA Argentina 私部門放款的合併市占率達 11.91%，較一年前的 11.27% 提升 64 個基點。就資產品質而言，截至 2025 年 12 月，BBVA Argentina 私人放款的不良貸款（NPL）比率達 4.18%。

As mentioned before, BBVA is renowned for presenting delinquency ratios spread consistently below the sector average, which reflects the quality of its credit risk management and its prudent approach to portfolio origination.

如先前所述，BBVA 以其逾期率長期穩定低於同業平均而聞名，這反映其信用風險管理品質，以及在資產組合承作上的審慎作法。

By the end of 2025, total gross loans and other financing over deposit ratio was 88%, above the 78% in December 2024. Participation of total loans over assets is 57%, the highest since 2020 and above the 51% recovery in 2024.

截至 2025 年底，總放款（毛額）及其他融資對存款比率為 88%，高於 2024 年 12 月的 78%。總放款占資產比重為 57%，為 2020 年以來最高，亦高於 2024 年回升至 51% 的水準。

As of the fourth quarter of 2025, the total NIM was 17.5%, higher than the 15.2% in the third quarter of 2025 and below the 20.2% in the fourth quarter of 2024.

截至 2025 年第四季，整體淨利差（NIM）為 17.5%，高於 2025 年第三季的 15.2%，但低於 2024 年第四季的 20.2%。

While the NIM in pesos increased by 277 basis points to 20.2% quarter-over-quarter, the NIM in dollars fell 91 basis points to 4.8%.

披索 NIM 按季上升 277 個基點至 20.2%，而美元 NIM 則下降 91 個基點至 4.8%。

In the quarter, the increase in NIM is mainly explained by a better yield on public securities and loans in pesos, while the drop in dollar NIM is explained by a higher volume and rate of interest-bearing liabilities.

本季 NIM 的上升主要可歸因於公債與披索放款收益率改善；而美元 NIM 的下滑則是因為計息負債的規模與利率上升。

In the accumulated annual comparison, although the total NIM presents a considerable drop, it should be understood that this is a consequence of the rapid decrease in inflation and therefore, the level of rates and is more than offset by the lower cost of inflation adjustment.

就年度累計比較而言，雖然整體 NIM 顯著下滑，但應理解這是通膨快速下降、因而利率水準下行的結果，且其影響已被通膨調整成本降低所大幅抵銷。

This can be seen in the adjusted NIM, which dropped from 17.30% to 13.75%.

這可從調整後 NIM 看出，其由 17.30% 降至 13.75%。

On the funding side, as of the fourth quarter of 2025, total private deposits reached ARS16.7 trillion, increasing 3.1% quarter-over-quarter, and 29.7% year-over-year.

在資金來源方面，截至 2025 年第四季，私部門存款總額達 ARS16.7 兆，按季成長 3.1%，年增 29.7%。

The bank's consolidated market share of private deposits as of the fourth quarter of 2025 reached 10.04% from 8.60% a year ago.

截至 2025 年第四季，本行私部門存款的合併市占率達 10.04%，高於一年前的 8.60%。

Private non-financial sector deposits in pesos, totaled ARS10.5 trillion, a decrease of 1.4% quarter-over-quarter, explained by a decrease in time deposits and in other deposits, including interest-bearing checking accounts. This effect was partially offset by an increase in savings accounts.

私部門非金融部門的披索存款總額為 ARS10.5 兆，按季下降 1.4%，主要因定期存款及其他存款（包括計息活期存款）減少所致。此影響部分被儲蓄存款增加所抵銷。

Private non-financial sector deposits in foreign currency expressed in pesos increased by 11.6% quarter-over-quarter. This is mainly due to an increase in savings accounts and in time deposits. In hard currency, US dollar loans increased 12.7% quarter-over-quarter and 26.6% year-over-year.

以披索表示的私部門非金融部門外幣存款按季增加 11.6%。主要原因為儲蓄存款與定期存款增加。以硬通貨計，美元放款按季增加 12.7%，年增 26.6%。

As of the fourth quarter of 2025, capital ratio reached 18.3%. The quarterly increase in the ratio was due to a 9.4% increase in Common Equity Tier 1, mainly impacted by the recovery in the value of government bonds at fair value through OCI.

截至 2025 年第四季，資本比率達 18.3%。本季比率上升係因普通股權第一類資本（CET1）增加 9.4%，主要受政府公債以透過 OCI 按公允價值衡量之價值回升所影響。

Public sector exposure, excluding Central Bank totaled ARS3.9 trillion, implying a 15.5% exposure, below the 16.4% recorded in the third quarter of 2025 and 17.9% in the fourth quarter of 2024. For the year, the drop in exposure is mainly explained by the increase in assets led by the growth of loans over that of financial instruments.

公部門曝險（不含中央銀行）合計 ARS3.9 兆，代表曝險比率為 15.5%，低於 2025 年第三季的 16.4% 與 2024 年第四季的 17.9%。就全年而言，曝險下降主要是因資產增加所致，其中放款成長快於金融工具。

It is important to highlight that more than 90% of the National Treasury's public debt portfolio in pesos is at TAMAR floating rate. These bonds represent approximately 65% of the bank's sovereign portfolio and in the context of higher real interest rates in the second half of the year added value to the financial margin.

值得強調的是，國庫以披索計價的公債投資組合中，超過 90% 採 TAMAR 浮動利率。這些債券約占本行主權投資組合的 65%，在下半年實質利率較高的背景下，為金融利差帶來增益。

In the quarter, the liquidity ratio reached a level of 44.2%. The liquidity ratio in local and foreign currency reached 37.7% and 55.2%, respectively.

本季流動性比率達 44.2%。本地幣與外幣的流動性比率分別為 37.7% 與 55.2%。

In line with our commitment of generating value for our shareholders, the bank continued the payment of dividends corresponding to the 2024 fiscal year in 10 installments, having paid 9 of the 10 installments required by the Central Bank's regulation up to the date of this report.

為履行我們為股東創造價值的承諾，本行持續以 10 期方式支付 2024 會計年度股利；截至本報告日，已依中央銀行規範完成 10 期中的 9 期支付。

This concludes our prepared remarks. We will now take your questions. Operator, please open the line for questions.

以上為我們預先準備的發言。接下來我們將回答各位的提問。接線員，請開放提問線路。