Grupo Financiero Banorte (GFNORTEO) Corporate presentation summary

Business overview and strategy

• Operates a leading, diversified financial franchise in Mexico with strong retail, wholesale, and digital banking platforms, as well as insurance and pension businesses.

• Maintains solid asset quality, high liquidity, and strong capitalization, supported by independent corporate governance and a digital-first strategy.

• Has evolved from a regional bank to the second largest national financial group through organic growth, acquisitions, and digital transformation.

• Focuses on client-centric solutions, leveraging analytics and partnerships (e.g., Rappi) for hyper-personalization and digital engagement.

• Business mix includes banking, wealth management, insurance, pension funds, and digital ventures, with ongoing divestitures and strategic partnerships.

Financial performance and profitability

• Net income grew 68% from 2021 to 2025 (~14% CAGR), driven by diversification, disciplined growth, and scalable profitability.

• Maintains resilient net interest margin (NIM) through market cycles, with group NIM at 6.1% in 2Q26 and stable post-provision margins.

• Core banking fees and digital transactions continue to grow, with mobile transactions up 29% YoY and net fees up 17% YoY.

• Efficiency ratio (cost-to-income) improved to 36.2% in 2Q26, reflecting strategic IT investments and operational discipline.

• Sustained profitability with ROE at 25.7%, ROA at 2.3%, and recurring net income of 58,788 million pesos in 2Q26.

Digital transformation and customer experience

• Digital transformation drives transaction growth, with Banorte Movil transactions up 37% YoY and 70% of customers using digital channels.

• Customer satisfaction metrics improved across digital and physical channels, with NPS scores above 80 and rapid digital onboarding processes.

• RappiCard integration shows positive unit economics, high engagement among younger users, and multiproduct cross-sell potential.