Kaio Prato

Kaio Prato asked if Banco Macro is already observing a sequential pickup in loan growth or if acceleration is expected in the second half of 2026. He also sought a breakdown of loan segments, inquiring if specific sectors are slowing down or if the trend is primarily due to lower consumer appetite.

Answer

Jorge Scarinci, CFO of Banco Macro, indicated that loan growth is expected to follow a gradual increasing trend towards the end of 2026, with Q1 typically being seasonally lowest. He identified energy (oil, gas), mining, and agribusiness as the most active sectors, while construction, infrastructure (for now), and massive consuming sectors are lagging. Juan Parma, CEO of Banco Macro, elaborated on a 'binary situation' in the economy, with winning sectors like mining, energy, agriculture, services, and retail benefiting from deregulation, while manufacturing sectors (textile, clothing, automotive) are suffering due to the opening of the economy, necessitating selective lending.

Kaio Prato asked if loan growth is already showing a sequential pickup or if it's expected to accelerate more towards the second half of 2026. He also inquired if any specific segments are experiencing a slowdown, or if the overall trend is primarily related to lower consumer appetite, seeking a breakdown between segments.

Answer

Jorge Scarinci (CFO) anticipated a gradual increase in loan growth towards the end of 2026, noting that Q1 is seasonally the lowest. Juan Parma (CEO) identified energy, mining, and agribusiness as the most active sectors. He noted lagging performance in construction, infrastructure (though with positive 2026 prospects), massive consuming sectors, and specific manufacturing sectors (textile, clothing, automotive) due to the economy's opening, emphasizing a selective lending approach.

Kaio Prato asked two questions regarding Mercado Pago: first, about the use of solid deposit growth in Brazil for funding the credit business and its potential impact on NIMI; second, about the slight increase in the early NPL ratio (15-90 days) and expectations going forward, especially given Q4 seasonality.

Answer

Fintech President Osvaldo Giménez stated that Mercado Pago is not currently using deposits for fractional banking but is pleased with deposit growth, which drives higher engagement and NPS. Regarding NPLs, he acknowledged a slight increase in early NPLs for consumer and merchant books but highlighted that credit card NPLs fell to an all-time low. He emphasized that NIMOs improved due to pricing risk accordingly, indicating a calculated and successful risk strategy.

Kaio Prato asked two questions regarding Mercado Pago: first, if the solid growth in Brazil deposits is being used for credit business funding, its extent, future usage, and NIM impact; second, about the slight increase in the early NPL ratio (15-90 days), its impact, seasonality, and future expectations.

Answer

Osvaldo Giménez, Fintech President, clarified that deposits are mostly not used for funding (no fractional banking), but their growth, especially with 'pots' and higher interest rates, significantly drives user engagement, transactions, credit product usage, and NPS. Regarding NPLs, he confirmed a slight increase in consumer and merchant books, while credit card NPLs fell to an all-time low of 4.4%. He emphasized that NIMs improved, indicating successful pricing of increased risk, which he deemed a calculated and successful strategy.

Kaio Prato of UBS Group asked for details on the credit portfolio's growth in Argentina, its asset quality amid worsening market NPLs, and the impact of new reserve requirements on money market funds.

Answer

Fintech President Osvaldo Giménez confirmed significant portfolio growth from a very small base in Argentina. He noted their asset quality has not worsened like the broader market, attributing this to the 'principality' of Mercado Pago in users' daily lives. He also stated the new reserve requirements would have a roughly 2-percentage-point impact on the annual rate paid to users in their investment accounts.

Kaio Prato asked about the company's current credit appetite, the effects of reducing micro card issuance, the go-forward strategy by region, and a noted change in the funding structure for the credit portfolio in Brazil.

Answer

Osvaldo Giménez, EVP of Fintech, stated that NPLs remain healthy and that recent credit card cohorts in Brazil show record-low defaults. He confirmed a slightly more conservative stance on lower-credit-score customers but described the tightening as minor. Martin de Los Santos, CFO, clarified that the funding strategy remains unchanged and that the observed shift in Brazil was a temporary, tactical adjustment to optimize funding costs.