Earnings release
Page 1
Financial Results Contact Information: investor@banorte.com investors.banorte.com +52 (55) 1670 2256 3Q25 As of September 30th, 2025
Page 2
Third Quarter 2025 2 I. Executive Summary ....................................................................................... 3 II. Management’s Discussion & Analysis ......................................................... 9 Current Events ............................................................................................................................................... 19 Bank .................................................................................................................................................................... 21 Long Term Savings ...................................................................................................................................... 29 Brokerage ......................................................................................................................................................... 32 Other Subsidiaries ........................................................................................................................................ 33 III. Sustainability Performance ......................................................................... 34 IV. General Information ...................................................................................... 36 GFNORTE’s Analyst Coverage .............................................................................................................. 36 Capital Structure ............................................................................................................................................ 36 V. Financial Statements .................................................................................... 37 Grupo Financiero Banorte ......................................................................................................................... 37 Banorte .............................................................................................................................................................. 43 Seguros Banorte ........................................................................................................................................... 49 Bineo................................................................................................................................................................... 52 Information by Segments .......................................................................................................................... 57 VI. Appendix ........................................................................................................ 63 Accounting & Regulatory Changes ....................................................................................................... 63 Notes to Financial Statements ................................................................................................................ 64 Internal Control .............................................................................................................................................. 72 Financial Situation and Liquidity ............................................................................................................. 73 Related Parties Loans ................................................................................................................................ 75 Loan or tax liabilities .................................................................................................................................... 76 People in Charge .......................................................................................................................................... 76 Board of Directors ......................................................................................................................................... 77 Compensation and Benefits ..................................................................................................................... 78 Basis for submitting and presenting Financial Statements ........................................................ 79 CNBV Indicators’ Methodology ............................................................................................................... 79 INDEX GFNORTEO GBOOY XNOR
Page 3
I. Executive Summary Third Quarter 2025 3 I. Executive Summary • GFNorte maintains solid operating trends on a cumulative basis as of 9M25, reflecting the Group’s structural strength. Compared to 9M24: Net Income +1% to Ps 42.91 billion; Group ROE at 22.3%; Bank ROE at 28.4%. • Bank’s NIM stood at 6.9% in 3Q25, up +52bps sequentially, driven by loan portfolio growth and diversification, as well as by funding cost optimization. Group’s NIM expanded +17bps in the quarter, reaching 6.3%. • Stage 1 and 2 loan portfolios, excluding government, grew 10% YoY. The consumer portfolio led the expansion: auto +31%, credit card +16%, payroll +10%, and mortgages +8%. • Risk indicators were impacted by an isolated case in the commercial portfolio. NPL ratio stood at 1.37%, maintaining structural quality across most portfolios. 12-month Cost of Risk reached 2.01%. • Bineo’s operation was reclassified as a Discontinued Item following its sale announcement, and an initial impairment loss of Ps 1.31 billion was recorded in the quarter’s Income Statement. • Banorte maintains solid capitalization and liquidity levels; CAR at 22.31%, CET1 14.82%, LCR 144.96%, and NSFR 132.74%, at the end of the third quarter. Information presented in this report reflects the deconsolidation of Bineo for the current quarter, as well as retroactively, in accordance with regulatory accounting requirements. In this regard, figures analyzed in this report are not comparable to those presented in the respective periods.
Page 4
I. Executive Summary Third Quarter 2025 4 GFNorte reports Net Income of Ps 13.01 billion as of the third quarter of 2025 (BMV: GFNORTEO; OTCQX: GBOOY; Latibex: XNOR) Grupo Financiero Banorte, S.A.B. de C.V. reported results for the period ended September 30th, 2025. During the third quarter, GFNorte delivered solid operating performance, driven by the structural strength of its various business lines, expanding margins, and disciplined expense management. Quarterly results were impacted by two special events, Bineo’s deconsolidation, which resulted in an initial impairment loss of Ps 1.31 billion, as well as the recognition of a new Stage 3 loan case in the commercial portfolio, leading to higher provisions. GFNorte reported net income of Ps 13.01 billion in the third quarter, a sequential decline (11%), with the following results and indicators: • Net Interest Income (NII) increased 2% both sequentially and YoY, driven by higher loan origination, a consumer - focused portfolio mix, and consistent funding cost optimization, all of which benefit loan margin, increasing 14% YoY. The positive evolution also reflects a lower impact from valuation adjustments, which significantly declined compared to the previous quarter. The balance sheet immunization strategy amid the easing cycle enabled margin expansion during the period. • Group’s NIM stood at 6.3% in 3Q25, 17bps higher QoQ, whereas Bank’s NIM reached 6.9% at the end of the quarter, up 52bps sequentially, as a result of effective balance sheet management, supported by the loan portfolio and funding composition. • Provisions grew 57% QoQ and 77% YoY, mainly due to reserves related to the incorporation of an isolated Stage 3 loan case in the commercial portfolio. • Non-interest income rose 28% sequentially and 464% YoY. This result was mainly related to an improvement in the technical result of the insurance business, a strong trading activity given FX volatility and rate expectations, as well as by a stable contribution from banking service fees. • Non-interest expense remained flat sequentially and increased 14% YoY, in line with the business’s growth, as well as investments in digital transformation, hyperpersonalization, and cybersecurity. Efficiency ratio stood at 35.3%, improving vs. 2Q25. • ROE reached 20.1% in 3Q25, (352bps) lower sequentially, impacted by higher provisions and the deconsolidation and initial impairment loss of Ps 1.31 billion from Bineo. Nonetheless, this indicator remains consistently high, supported by the Group’s diversification and income strength, mainly from the banking and insurance businesses. ROA ended the quarter at 2.1%. • In the first nine months of 2025, Net Interest Income grew 6% YoY; NIM stood at 6.2%, up 7bps vs. 9M24, aligned with loan volume growth and origination mix. Non-interest income rose 72% YoY, while expenses increased 14%. 9- month cumulative Net Income totaled Ps 42.91 billion, 1% higher vs. 9M24. • Subsidiaries positively contributed to the Group’s performance and strength through income diversification. Compared to 9M24, Bank’s Net Income grew 2%, Insurance 20%, Afore 7%, and the Brokerage Sector 105%. • Stage 1 and 2 loan portfolios –excluding Government – expanded 2% sequentially. During the quarter, the consumer portfolio drove growth, led by mortgages +2% or +Ps 5.24 billion and auto loans +7% or +Ps 4.21 billion, mainly supported by commercial partnerships and improved origination processes. Payroll loans rose +4%, driven by higher demand for immediate liquidity products. Credit card portfolio grew +5%, supported by higher billing and loyalty programs. In wholesale banking, commercial and corporate portfolios remained stable, supported by short -term refinancing and working capita l needs. Government loans grew +2%, reflecting monthly increases mainly from restructuring and short-term financing . Compared to 3Q24, Stage 1 and 2 loans –excluding Government – expanded +10%. Performance was driven by consumer segments: auto +31%, credit card +16%, payroll +10%, and mortgages +8%. Corporate and commercial portfolios increased +7% and +9%, respectively, reflecting caution amid trade policy uncertainty and FX appreciation, which reduced the dollar -denominated portfolio balance. Government loans declined (12%). • Stable structural asset quality. NPL ratio stood at 1.37%, increasing 25bps QoQ and 38bps YoY, impacted by the Stage 3 recognition of a commercial portfolio case during the quarter, as well as loan growth and mix. No signs of systemic, regional, or sectorial risks were identified, nor deterioration or weakening in overall asset quality trends. Cost of Risk stood at 2.69% in 3Q25, reflecting the impact of extraordinary provisions from the aforementioned case. Coverage Ratio stood at 144.2%, down from 158.5% in the previous quarter. • Core deposits remained relatively stable sequentially, with a slight seasonal decline in demand deposits, while maintaining sustained year-over-year expansion. Funding mix remains well-balanced, with a high proportion of non- interest-bearing deposits, reinforcing operational efficiency and competitiveness. Funding structure maintains a stable base of 69% demand vs. 31%-time deposits.
Page 5
I. Executive Summary Third Quarter 2025 5 • Capital and liquidity remain key pillars for the Group. Banorte’s Capital Adequacy Ratio (CAR) stood at 22.31%, Core Equity Tier 1 (CET1) at 14.82%, and the Leverage Ratio at 11.90%, levels that far exceed current regulatory limits, allowing the bank to comply with TLAC (Total Loss-Absorbing Capacity) requirements, which came into effect since December 2022 and will be fully implemented by December 2025. Liquidity Coverage Ratio and Net Stable Funding Ratio stood at 159.92% and 132.74%, respectively. To reflect Bineo’s sale process, Grupo Financiero Banorte (“ GFNorte”) recorded the deconsolidation of said entity as “Discontinued Operations” within the Income Statement and as a “Long -term asset held for sale” within the Balance Sheet. Additionally, and in compliance with the disclosure requirements set forth by accounting standard NIF-B11, Bineo’s operation was deconsolidated from GFNorte’s Financial Statements for the first quarters of 2025 and for fiscal year 2024. Therefore, figure s analyzed in this report are not comparable to those presented in the respective periods. The following adjusted analysis reflects actual variations, based on the information reported in the periods preceding 3Q25 — the quarter in which the entity was deconsolidated. Comparative Table - GFNorte,Consolidated Statement of Comprehensive Income Highlights Change (Million Pesos) 2Q25 3Q24 9M24 Interest Income 103,919 105,831 97,514 (8%) (6%) 294,439 312,429 6% Interest Expense 67,911 69,997 60,900 (13%) (10%) 191,716 203,901 6% Net Interest Income 36,008 35,834 36,615 2% 2% 102,723 108,528 6% Net Service Fees 5,302 5,072 5,111 1% (4%) 15,031 15,076 0% Premium Income Ins. & Annu. (Net) 11,381 14,448 14,019 (3%) 23% 43,572 49,792 14% Technical Reserves Ins. & Annu. 7,657 8,819 7,332 (17%) (4%) 26,565 29,630 12% Cost of Acquisition from Insurance Operations 219 162 263 63% 20% 1,327 1,431 8% Net Cost of Claims and Other Obligations 8,604 8,856 9,000 2% 5% 24,948 26,223 5% Trading Income 1,500 2,451 2,437 (1%) 62% 3,573 7,003 96% Other Operating Income (Expenses) (1,029) (812) (723) 11% 30% (2,456) (2,518) (3%) Non Interest Income 673 3,322 4,248 28% 531% 6,880 12,069 75% Total Income 36,681 39,156 40,863 4% 11% 109,603 120,597 10% Non Interest Expense 13,031 14,664 14,443 (2%) 11% 38,362 43,138 12% Provisions 4,621 5,208 8,176 57% 77% 14,343 18,833 31% Operating Income 19,030 19,284 18,244 (5%) (4%) 56,898 58,626 3% Taxes 5,182 5,317 4,544 (15%) (12%) 15,690 16,053 2% Subsidiaries' Net Income 451 390 456 17% 1% 1,355 1,254 (7%) Minority Interest 60 (261) (370) 42% 713% 99 (605) (714%) Discontinued operations - - (1,518) N.A. N.A. - (1,518) N.A. Net Income 14,238 14,618 13,008 (11%) (9%) 42,464 42,914 1% Other Comprehensive Income 3,426 778 616 (21%) (82%) 1,276 5,069 297% Comprehensive Income 17,724 15,135 13,253 (12%) (25%) 43,839 47,378 8% 3Q24 2Q25 3Q25 Change 9M24 9M25
Page 6
I. Executive Summary Third Quarter 2025 6 GFNorte-Consolidated Statement of Comprehensive Income Highlights Change (Million Pesos) 2Q25 3Q24 9M24 Interest Income 103,915 105,830 97,514 (8%) (6%) 294,433 312,424 6% Interest Expense 67,951 70,026 60,900 (13%) (10%) 191,818 203,963 6% Net Interest Income 35,964 35,804 36,615 2% 2% 102,615 108,461 6% Net Service Fees 5,304 5,079 5,111 1% (4%) 15,037 15,090 0% Premium Income Ins. & Annu. (Net) 11,381 14,448 14,019 (3%) 23% 43,572 49,792 14% Technical Reserves Ins. & Annu. 7,657 8,819 7,332 (17%) (4%) 26,565 29,630 12% Cost of Acquisition from Insurance Operations 219 162 263 63% 20% 1,327 1,431 8% Net Cost of Claims and Other Obligations 8,604 8,856 9,000 2% 5% 24,948 26,223 5% Trading Income 1,500 2,451 2,437 (1%) 62% 3,573 7,003 96% Other Operating Income (Expenses) (951) (811) (723) 11% 24% (2,315) (2,505) (8%) Non Interest Income 753 3,330 4,248 28% 464% 7,027 12,096 72% Total Income 36,717 39,134 40,863 4% 11% 109,642 120,557 10% Non Interest Expense 12,719 14,413 14,443 0% 14% 37,470 42,594 14% Provisions 4,615 5,203 8,176 57% 77% 14,336 18,820 31% Operating Income 19,383 19,518 18,244 (7%) (6%) 57,836 59,142 2% Taxes 5,288 5,327 4,544 (15%) (14%) 15,972 16,055 1% Subsidiaries' Net Income 451 390 456 17% 1% 1,355 1,254 (7%) Minority Interest 60 (261) (370) 42% 713% 99 (605) (714%) Discontinued operations (247) (224) (1,518) 578% 515% (657) (2,032) (209%) Net Income 14,238 14,618 13,008 (11%) (9%) 42,464 42,914 1% Other Comprehensive Income 3,426 778 616 (21%) (82%) 1,276 5,069 297% Comprehensive Income 17,724 15,135 13,253 (12%) (25%) 43,839 47,378 8% 3Q24 2Q25 3Q25 Change 9M259M24
Page 7
I. Executive Summary Third Quarter 2025 7 GFNorte-Consolidated Statement of Financial Position Highlights (Million Pesos) 2Q25 3Q24 Asset Under Management 4,437,289 4,893,737 5,068,957 4% 14% Stage 1 Loans 1,115,560 1,170,688 1,189,456 2% 7% Stage 2 Loans 9,777 9,903 10,407 5% 6% Stage 1 & 2 Loans (a) 1,125,337 1,180,591 1,199,863 2% 7% Stage 3 Loans (b) 11,348 13,484 16,754 24% 48% Deferred Items ( c) 2,950 3,491 3,714 6% 26% Loan Portfolio from Insur. Subs.(d) 3,756 3,993 4,113 3% 9% Total Loans (a+b+c+d) 1,143,392 1,201,558 1,224,444 2% 7% Preventive Loan Loss Reserves 20,208 21,375 24,156 13% 20% Total Loans Net 1,123,184 1,180,184 1,200,288 2% 7% Total Assets 2,420,031 2,524,481 2,509,263 (1%) 4% Total Deposits 1,124,606 1,188,431 1,161,756 (2%) 3% Total Liabilities 2,166,845 2,273,073 2,248,320 (1%) 4% Equity 253,186 251,407 260,944 4% 3% 3Q24 2Q25 3Q25 Change Profitability: NIM (1) 6.5% 6.2% 6.3% 6.2% 6.2% 6.3% NIM adjusted w/o Insurance & Annuities 6.0% 6.0% 6.4% 5.9% 6.2% ROE (2) 22.9% 23.6% 20.1% 22.7% 22.3% 22.1% ROA (3) 2.4% 2.3% 2.1% 2.3% 2.3% 2.3% Operation: Efficiency Ratio - Cost to Income (4) 34.6% 36.8% 35.3% 34.2% 35.3% 36.8% Operating Efficiency Ratio - Cost to Assets (5) 2.1% 2.3% 2.3% 2.1% 2.3% 2.3% Average LCR Banorte and SOFOM - Basel III (6) 156.3% 184.0% 159.9% 166.8% 175.8% Asset Quality: Non-Performing Loan Ratio 1.0% 1.1% 1.4% 1.0% 1.4% 1.4% Coverage Ratio 178.1% 158.5% 144.2% 178.1% 144.2% 144.2% Cost of Risk (7) 1.6% 1.7% 2.7% 1.8% 2.1% 2.0% Market References Banxico Reference Rate 10.50% 8.00% 7.50% 10.50% 7.50% TIIE 28 days (Average) 11.09% 9.03% 8.13% 11.27% 9.05% Exchange Rate Peso/Dollar 19.64 18.83 18.33 12M*9M25Financial Ratios GFNorte 9M243Q24 2Q25 3Q25 1. NIM= Annualized Net Interest Income of the period / average Earning Assets of the period. 2. ROE= Annualized Net Income of the period / average Majority Equity of the period. 3. ROA= Annualized Net Income of the period / average Total Assets of the period. 4. Cost to Income Ratio= Non-Interest Expense of the period / Total Income of the period. 5. Cost to Assets= Annualized Non-Interest Expenses of the period / average Total Assets of the period. 6. Preliminary LCR calculation. To be updated upon publication of Banco de Mexico’s official calculations. 7. Cost of Risk= Annualized Provisions of the period / average Total Loans of the period. *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). For more detail on Liquidity Coverage Ratio (LCR) See Page. 31 to 33 of the Risk Management Report
Page 8
I. Executive Summary Third Quarter 2025 8 Subsidiaries Net Income Change (Million Pesos) 2Q25 3Q24 9M24 Banco Mercantil del Norte 11,566 11,761 11,248 (4%) (3%) 33,369 34,041 2% Casa de Bolsa Banorte 196 375 118 (68%) (40%) 286 830 191% Operadora de Fondos Banorte 128 154 154 (0%) 20% 337 442 31% Afore XXI Banorte 382 319 394 24% 3% 991 1,065 7% Seguros Banorte 1,024 1,249 1,419 14% 39% 4,410 5,276 20% Pensiones Banorte 710 611 781 28% 10% 2,021 2,076 3% BAP (Holding) 1 0 0 (64%) (86%) 3 1 (75%) Leasing, Factoring and Warehousing 171 200 347 74% 102% 613 702 15% Bineo - - - N.A. N.A. - - N.A. G. F. Banorte (Holding) 61 (51) (1,453) N.A. N.A. 435 (1,519) (449%) Total Net Income 14,238 14,618 13,008 (11% ) (9% ) 42,464 42,914 1% 3Q24 2Q25 3Q25 Change 9M24 9M25 Change 2Q25 3Q24 9M24 Earnings per share (Pesos) (1) 4.938 5.196 4.624 (11%) (6%) 14.727 15.255 4% Earnings per share Basic (Pesos) (2) 5.023 5.160 4.586 (11%) (9%) 14.879 15.129 2% Dividend per Share for the period (Pesos) 0.00 9.99 0.00 N.A. N.A. 9.09 9.99 10% Payout for the period 0.0% 50.0% 0.0% N.A. N.A. 50.0% 50.0% 0% Book Value per Share (Pesos) 88.03 89.89 93.42 4% 6% 88.03 93.42 6% Outstanding Shares - (Million) (3) 2,883.5 2,813.2 2,813.2 0% (2%) 2,883.5 2,813.2 (2%) Accounting Outstanding Shares (Million) (4) 2,793.4 2,789.7 2,778.6 (0%) (1%) 2,793.4 2,778.6 (1%) Stock Price (Pesos) 139.50 171.52 184.48 8% 32% 139.50 184.48 32% P/BV (Times) 1.58 1.91 1.97 3% 25% 1.58 1.97 25% Market Capitalization (Million Dollars) 20,477 25,620 28,306 10% 38% 20,477 28,306 38% Market Capitalization (Million Pesos) 402,242 482,513 518,971 8% 29% 402,242 518,971 29% 9M24 9M252Q25 3Q25 Change Share Data 3Q24 1. Earnings per Share= Net Income of the period / outstanding shares in the National Securities Registry (RNV) 2. Earnings per Share Basic= Net Income of the period / weighted average of accounting outstanding shares 3. Outstanding Shares= Outstanding shares registered in the National Securities Registry (RNV) 4. Accounting Outstanding Shares= Outstanding shares registered – shares held in the Treasury– shares held in the Trust related to the stock-based compensation plan for employees. Share performance
Page 9
II. Management’s Discussion & Analysis Third Quarter 2025 9 II. Management’s Discussion & Analysis Figures included in this report correspond to Grupo Financiero Banorte, unless a specific subsidiary is mentioned as the source of the presented financial results. For comparison purposes, it is important to consider that GFNorte holds a 98.2618% ownership of the Bank; therefore, some figures may vary as they refer to the Group or the Bank. Net Interest Income Net Interest Income (NII) Change (Million Pesos) 2Q25 3Q24 9M24 Interest Income 103,915 105,830 97,514 (8%) (6%) 294,433 312,424 6% Interest Expense 67,951 70,026 60,900 (13%) (10%) 191,818 203,963 6% GFNORTE´s NII 35,964 35,804 36,615 2% 2% 102,615 108,461 6% Credit Provisions 4,615 5,203 8,176 57% 77% 14,336 18,820 31% NII Adjusted for Credit Risk 31,349 30,601 28,439 (7% ) (9% ) 88,279 89,641 2% Average Earning Assets 2,218,821 2,323,678 2,314,246 (0%) 4% 2,215,531 2,314,750 4% Net Interest Margin (1) 6.5% 6.2% 6.3% 6.2% 6.2% 6.3% NIM after Provisions (2) 5.7% 5.3% 4.9% 5.3% 5.2% 5.3% NIM w/o Insurance & Annuities 6.0% 6.0% 6.4% 5.9% 6.2% NIM from loan portfolio (3) 8.2% 8.4% 8.8% 8.2% 8.5% 8.4% 12M*3Q252Q253Q24 9M24 9M25 Change 1. NIM= Annualized Net Interest Income of the period / average Earning Assets of the period. 2. NIM after Provisions= Annualized Net Interest Income of the period adjusted for Credit Risks / average Earning Assets of the period. 3. NIM from Loan Portfolio= Annualized Net Interest Income from the credit portfolio of the period / average Stage 1 & 2 Loans. *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). Net interest income increased 2% sequentially and 6% compared to 9M24 , primarily supported by the neutralization of the balance sheet amid the downward interest rate cycle. The result was driven by a wider loan margin, derived from: i) dynamic credit activity, particularly in fixed -rate consumer products; and, ii) funding mix management, gradually reflecting the (250bps) decline in the reference rate over the past 12 months. As such, the benefit of lower funding costs helped absorb lower interests from floating-rate loans and offset both inflation adjustments in the annuities business and the impact of FX valuation. As a result, NIM stood at 6.3% in 3Q25, increasing 17bps vs. 2Q25, displaying also lower average earning assets. NIM of the loan portfolio reached 8.8% in the quarter, expanding 35bps sequentially. Compared to 9M24, NIM remained stable at 6.2%, and NIM of the loan portfolio reached 8.5%, increasing 30bps YoY. For more detail on Margin Sensitivity (Bank): 1) Refer to page 37 of the Risk Management Report
Page 10
II. Management’s Discussion & Analysis Third Quarter 2025 10 Loan Loss Provisions Credit Provisions Change (Million Pesos) 2Q25 3Q24 9M24 Commercial, Corporate & Government (59) 540 2,372 339% N.A. 995 3,528 255% Consumer 4,979 4,964 6,149 24% 23% 13,996 16,205 16% Charge offs, discounts and others (305) (302) (345) (15%) (13%) (656) (913) (39%) Total Credit Provisions 4,615 5,203 8,176 57% 77% 14,336 18,820 31% 3Q24 9M259M24 Change 2Q25 3Q25 Total provisions grew 57% in the quarter and 31% compared to 9M24 , mainly driven by: i) an isolated case in the commercial portfolio; ii) higher reserves in credit cards, primarily associated with Tarjetas del Futuro; and, iii) loan origination growth and mix. Out of the Ps 8.18 billion in provisions recorded during the quarter, 29% correspond to portfolio balances’ variations and the remainder to risk variations. As a result, cost of risk reached 2.7% in 3Q25 and 2.1% in 9M25, increasing 96bps vs. 2Q25 and 33bps vs 9M24. The 12-month indicator stood at 2.0% at the close of the first nine months of 2025. Non-Interest Income Non-Interest Income Change (Million Pesos) 2Q25 3Q24 9M24 Net Service Fees 5,304 5,079 5,111 1% (4%) 15,037 15,090 0% Premium Income Ins. & Annu. (Net) 11,381 14,448 14,019 (3%) 23% 43,572 49,792 14% Technical Reserves Ins. & Annu. 7,657 8,819 7,332 (17%) (4%) 26,565 29,630 12% Cost of Acquisition from Insurance Operations 219 162 263 63% 20% 1,327 1,431 8% Net Cost of Claims and Other Obligations 8,604 8,856 9,000 2% 5% 24,948 26,223 5% Trading 1,500 2,451 2,437 (1%) 62% 3,573 7,003 96% Other Operating Income (Expenses) (951) (811) (723) 11% 24% (2,315) (2,505) (8%) Non-Interest Income 753 3,330 4,248 28% 464% 7,027 12,096 72% 3Q24 2Q25 3Q25 Change 9M259M24 Non-interest income expanded 28% in the quarter, supported by a better technical result in annuities and lower reserve constitution in insurance, as well as by a solid base of income from banking services. As of 9M25, non-interest income grew 72%, driven by higher trading results, mainly from the FX market, and a better technical result in insurance and annuities. Premium income from Insurance and Annuities decreased (3%) sequentially , mainly linked with lower placement of flexible products in the insurance business. Technical reserves declined (17%), comprised of a (Ps 1.09 billion) reduction in insurance, in line with lower premium issuance during the quarter and (Ps 402 million) in annuities, reflecting an inflationary update. Acquisition costs rose 63%, driven by a higher fee scheme paid to the bank for premium placement, as well as by the business mix. Claims grew 2% vs. 2Q25. As of 9M25, premium income from Insurance and Annuities grew 14%, mostly driven by business generation in insurance, particularly in the life portfolio; consequently, technical reserves increased 12%. Claims rose 5%, associated with portfolio growth and mix. For more detail on Internal Credit Risk Models: 1) Pages 17 to 25 of the Risk Management Report
Page 11
II. Management’s Discussion & Analysis Third Quarter 2025 11 Service Fees Service Fees Change (Million Pesos) 2Q25 3Q24 9M24 Fund Transfers 668 703 705 0% 5% 1,703 2,105 24% Account Management 488 514 525 2% 8% 1,453 1,536 6% Electronic Banking Services 5,283 5,346 4,493 (16%) (15%) 15,252 15,056 (1%) Basic Banking Services Fees 6,439 6,563 5,723 (13%) (11%) 18,408 18,698 2% For Commercial and Government Loans 661 428 424 (1%) (36%) 1,856 1,277 (31%) For Consumer Loans 2,424 2,602 2,684 3% 11% 6,934 7,643 10% Fiduciary & Mortgage Appraisals 139 131 133 2% (4%) 418 378 (10%) Mutual Funds (1) 785 852 931 9% 19% 2,132 2,648 24% Trading & Financial Advisory (1) 209 224 212 (5%) 1% 480 575 20% Other Fees Charged (2) (22) (92) (72) 21% (228%) (109) (145) (33%) Fees Charged on Services 10,636 10,707 10,035 (6% ) (6% ) 30,120 31,074 3% Interchange Fees 3,819 3,723 2,925 (21%) (23%) 10,829 10,439 (4%) Other Fees Paid 1,513 1,905 1,999 5% 32% 4,254 5,545 30% Fees Paid on Services 5,332 5,628 4,924 (13% ) (8% ) 15,083 15,984 6% Net Service Fees 5,304 5,079 5,111 1% (4% ) 15,037 15,090 0% 3Q24 2Q25 3Q25 Change 9M259M24 1. Since 2Q25, charged fees on securities’ trading for customers’ accounts, are recognized in the Trading & Financial Advisory line, previously recognized in Mutual Funds. 2.Includes fees from transactions with annuities funds, warehousing services, financial advisory services, and securities trading, among others. Fees charged on services fell (6%) in the quarter, mainly associated with: i) the normalization from a higher seasonal transactionality in 2Q25 due to events such as the Hot Sale and Easter Holidays; and ii) the prioritization of efficiency and profitability with digital affiliated businesses. This was partially offset by the dynamism in consumer products, mainly credit cards, and higher acquisition in mutual funds. In 9M25 charged fees were 3% higher, mainly driven by a strong credit card origination, reflected in billing, installment promotions, and annual fees. Moreover, charged fees show ed: i) greater operation in UniTeller, resulting from MORE’s incorporation in September 2024 and FX benefit s; and, ii) higher income from mutual funds operations. On the other hand, fees paid decreased (13%) in the quarter, resulting from lower interchange fees due to reduced seasonal transactionality, as well as the effect of prioritizing efficiency and profitability in digital affiliated businesses. It is worth noting that the latter has a neutral effect on net fees. As of 9M25, fees paid expanded 6%, mainly associated with: i) higher credit origination through the external sales force; and, iii) remittances’ operation through UniTeller. As a result, net service fees increased 1% sequentially and remained stable vs. 9M24. Trading Trading Income Change (Million Pesos) 2Q25 3Q24 9M24 Currency and Metals 6,233 (7,200) (1,832) 75% (129%) 10,484 (10,294) (198%) Derivatives (2,855) 5,696 9 (100%) 100% (8,522) 8,113 195% Securities 1,428 834 699 (16%) (51%) 1,590 3,073 93% Valuation 4,805 (669) (1,124) (68% ) (123% ) 3,552 892 (75% ) Currency and Metals (3,982) 2,633 2,198 (17%) 155% (1,220) 4,298 452% Derivatives 34 (66) 305 560% 801% 44 198 347% Securities 639 551 1,051 91% 64% 1,514 1,915 27% Trading (3,309) 3,118 3,554 14% 207% 338 6,412 1796% Other financial results 4 3 8 157% 99% (317) (301) 5% Trading Income 1,500 2,451 2,437 (1% ) 62% 3,573 7,003 96% 3Q24 9M242Q25 3Q25 Change 9M25 Trading income dropped (1%) in the quarter, reflecting the FX’s impact on the valuation of foreign currency positions, mitigated by hedging instruments, higher income from the sale of government bonds in the Bank and Annuities, and gains from the unwinding of hedging derivatives.
Page 12
II. Management’s Discussion & Analysis Third Quarter 2025 12 Trading income grew 96% vs. 9M24, mainly driven by the trading operation of hedging instruments, the expiration of options, as well as the sale of government securities. This offset lower valuation of foreign currency positions. Other Operating Income (Expenses) Other Operating Income (Expenses) Change (Million Pesos) 2Q25 3Q24 9M24 Contributions to IPAB (1,201) (1,278) (1,260) (1%) 5% (3,504) (3,810) 9% Expenses Incurred in the Recovery of Credit Portfolio (393) (399) (397) (0%) 1% (1,167) (1,185) 2% Result for Foreclosed Assets 245 95 105 10% (57%) 603 377 (37%) Lease Income 91 129 113 (13%) 24% 308 332 8% From Insurance & Annuities 98 86 119 38% 21% 547 284 (48%) Others 209 556 598 8% 186% 900 1,498 66% Other Operating Income (Expenses) (951) (811) (723) (11% ) (24% ) (2,315) (2,505) 8% 3Q24 2Q25 3Q25 Change 9M259M24 Other operating (expenses) declined (11%) sequentially, mainly linked to: i ) Ps 10 million income from the sale of foreclosed assets; and, ii) additional recoveries in the bank and the leasing company. In 9M25, they grew 8%, reflecting: i) higher contributions to the IPAB, by Ps 306 million, in line with a larger deposit base; ii) lower income from the sale of foreclosed assets; and, iii) income reduction from insurance and annuities. This was partially offset by additional recoveries at the bank and liability write-offs. Non-Interest Expense Non-Interest Expense Change (Million Pesos) 2Q25 3Q24 9M24 Personnel 5,651 6,581 6,637 1% 17% 16,914 19,490 15% Professional Fees 981 1,197 1,178 (2%) 20% 3,003 3,422 14% Administrative and Promotional 1,424 1,616 1,883 17% 32% 4,206 5,133 22% Rents, Depreciation & Amortization 3,216 3,532 3,468 (2%) 8% 9,208 10,112 10% Various Taxes 718 782 711 (9%) (1%) 2,052 2,280 11% Employee Profit Sharing (PTU) 399 355 330 (7%) (17%) 1,110 1,090 (2%) Other expenses 330 349 234 (33%) (29%) 976 1,068 9% Non-Interest Expense 12,719 14,413 14,443 0% 14% 37,470 42,594 14% 3Q24 2Q25 3Q25 Change 9M259M24 Non-interest expense remained relatively stable during the quarter , despite revenue expansion, demonstrating the Group’s operational efficiency after capitalizing on technology investments and process optimization. In 9M25 expenses rose 14%, mainly driven by: i) inertial business growth; ii) organic expansion in commercial areas; iii) the scheduling of variable compensation over a larger personnel structure; and iii) the amortization of technology projects. At the end of 3Q25, the efficiency ratio stood at 35.3% , improving (149bps) vs. 2Q25, reflecting strong income generation and effective expense control. Operating expenses related to Bineo totaled Ps 790 million in 9M25; reversing the entity’s deconsolidation in periods prior to 3Q25, total expense growth would have been 12%. (For further detail on variations reversing Bineo’s deconsolidation prior to 3Q25, refer to the blue table titled “Comparative Table – GFNorte, Consolidated Statement of Comprehensive Income Highlights” within the “Executive Summary” section).
Page 13
II. Management’s Discussion & Analysis Third Quarter 2025 13 Net Income Net Income Change (Million Pesos) 2Q25 3Q24 9M24 Operating Income 19,383 19,518 18,244 (7% ) (6% ) 57,836 59,142 2% Subsidiaries' Net Income 451 390 456 17% 1% 1,355 1,254 (7%) Pre-Tax Income 19,834 19,908 18,700 (6% ) (6% ) 59,192 60,396 2% Taxes 5,288 5,327 4,544 (15%) (14%) 15,972 16,055 1% Discontinued Operations (247) (224) (1,518) 578% 515% (657) (2,032) (209%) Net income from continuing operations 14,298 14,357 12,638 (12%) (12%) 42,563 42,309 (1%) Minority Interest 60 (261) (370) (42%) (713%) 99 (605) (714%) Net Income 14,238 14,618 13,008 (11% ) (9% ) 42,464 42,914 1% Financial Instruments to Collect or Sell Valuation 1,537 584 604 4% (61%) 127 3,403 N.A. Result from valuation of instruments for cash flow hedging 1,667 440 163 (63%) (90%) 569 2,272 300% Defined remeasurements for employee benefits 19 34 35 0% 80% 58 104 81% Cumulative Translation Adjustment 315 (260) (70) 73% (122%) 426 (392) (192%) Result from valuation of reserve for unexpired risks variations in rates (112) (20) (116) (492%) (4%) 97 (319) (428%) Other Comprehensive Income 3,426 778 616 (21%) (82%) 1,276 5,069 297% Comprehensive Income 17,724 15,135 13,253 (12%) (25%) 43,839 47,378 8% 9M259M243Q24 2Q25 3Q25 Change Net income closed the quarter at Ps 13.01 billion, decreasing (11%) vs. 2Q25. During the quarter, GFNorte showed strength across all business lines, margin expansion, and disciplined expense management, reaffirming the Group’s structural strength. However, quarterly results were impacted by the deconsolidation of Bineo and higher provisions related to an isolated event. As a result, net income for 9M25 increased 1% vs. 9M24. The effective tax rate stood at 24.9% at the end of the quarter. Earnings per share for the quarter were Ps 4.62. Profitability 3Q24 2Q25 3Q25 9M24 9M25 12M* ROE 22.9% 23.6% 20.1% 22.7% 22.3% 22.1% Intangibles 15,397 13,879 11,913 15,397 11,913 Goodwill 27,978 27,905 27,644 27,978 27,644 Average Tangible Equity 199,024 199,581 211,646 199,024 211,646 ROTE 28.6% 29.3% 24.6% 28.4% 27.6% 27.4% Figures in million pesos. *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). ROE closed the quarter at 20.1%, a (352bps) sequential decline, also affected by the increase in provisions and the recognition of Bineo’s impairment loss; despite these effects, ROE remains at solid levels. As of 9M25, ROE stood at 22.3%, decreasing (40bps) vs. the same period of the previous year, also linked to the accounting effects of the deconsolidation, and supported by income diversification and the Group’s capacity to generate and preserve capital. ROTE declined (471bps) in the quarter, reaching 24.6%. 3Q24 2Q25 3Q25 9M24 9M25 12M* ROA 2.4% 2.3% 2.1% 2.3% 2.3% 2.3% Average Risk Weighted Assets (billion pesos) 973 1,014 1,023 973 1,023 RRWA 5.7% 5.7% 5.5% 5.7% 5.5% *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). ROA stood at 2.1% in 3Q25, reducing (24bps) QoQ and (28bps) YoY.
Page 14
II. Management’s Discussion & Analysis Third Quarter 2025 14 Deposits Deposits (Million Pesos) 2Q25 3Q24 Non-Interest Bearing Demand Deposits 414,735 451,902 449,913 (0%) 8% Interest Bearing Demand Deposits 296,498 335,458 304,426 (9%) 3% Global Account of deposits without movements 3,923 4,332 4,440 2% 13% Total Demand Deposits 715,156 791,692 758,778 (4%) 6% Time Deposits – Retail 313,652 336,813 345,369 3% 10% Core Deposits 1,028,808 1,128,505 1,104,148 (2%) 7% Money Market and Credit Notes Issued 113,594 72,059 68,978 (4%) (39%) Total Bank Deposits 1,142,402 1,200,564 1,173,126 (2%) 3% GFNorte’s Total Deposits 1,124,606 1,188,431 1,161,756 (2%) 3% Third Party Deposits 214,515 253,675 256,328 1% 19% Total Assets Under Management 1,356,917 1,454,238 1,429,455 (2%) 5% 3Q24 2Q25 3Q25 Change Core deposits fell (2%) in the quarter , given an expected seasonal adjustment in interest bearing demand deposits , which declined (9%), while non-interest bearing demand deposits remained relatively stable. The latter highlights improved commercial productivity, driven by targeted initiatives to attract new funding. Compared to 3Q24, core deposits grew 7%, supported by strategies focused on the personalization of our value propositions, enhancements in digital solution s’ development, and stronger engagement with SME clients driving cross-selling and stable deposits. We maintain our funding mix optimization, comprised of 69% demand deposits, out of which 59% have no cost, and 31% time deposits. Funding cost improvement reflects a coordinated effort across various areas of the Group and has also been favored by the decline in the reference rate over the past twelve months. Money market operations and credit notes issued went down ( 4%) in the quarter and ( 39%) YoY. Overall, total bank deposits declined (2%) QoQ and increased 3% YoY. Stage 1 and 2 loans Stage 1 and 2 Loans (Million Pesos) 2Q25 3Q24 Stage 1 and 2 loans Mortgages 266,770 282,567 287,802 2% 8% Auto Loans 49,808 61,032 65,245 7% 31% Credit Card 64,742 71,869 75,165 5% 16% Payroll 82,138 86,913 90,089 4% 10% Consumer 463,458 502,381 518,301 3% 12% Commercial 278,067 300,273 303,174 1% 9% Corporate 208,079 224,810 222,898 (1%) 7% Government 175,733 153,128 155,490 2% (12%) Stage 1 and 2 loans 1,125,337 1,180,591 1,199,863 2% 7% Stages 1 & 2 loans ex-Government 949,604 1,027,464 1,044,373 2% 10% 3Q24 2Q25 3Q25 Change Stage 1 and 2 loans, excluding government, grew 2% in the quarter driven by the consumer portfolio, which expanded by 3% or Ps 1 5.92 billion. The auto book stood out, growing 7% or Ps 4. 21 billion vs 2Q25, supported by partnerships with highly recognized brands in the market. Mortgages grew 2% or Ps 5.24 billion, driven by process optimization and hyperpersonalized offers that enhance the origination experience. The credit card portfolio increased 5% sequentially, boosted by promotional campaigns, increased digital activity and higher billing from high -value clients; meanwhile, payroll loans grew 4% with products that strengthen client relationships by addressing immediate liquidity needs. As for the commercial portfolio, it grew 1%, while the corporate portfolio declined (1%) displaying adjustments in business demand amid a scenario of trade uncertainty. Lastly, government lending rose 2% sequentially, driven by strategic restructurings and short-term financing. In the year, stage 1 and 2 loans, excluding government, expanded 10%, mainly supported by the consumer portfolio which grew 12%, highlighting: +8% in mortgages, benefitted by the easing cycle and strategic alliances with developers; +31% in auto loans, driven by sector resilience and a financing strategy backed by key partnerships; +16% credit cards, supported by increased digital transactionality and robust loyalty programs that have strengthened billing balances; and +10% in payroll loans, resulting from higher demand for short-term products. Furthermore, in the last twelve months the
Page 15
II. Management’s Discussion & Analysis Third Quarter 2025 15 corporate portfolio increased 7% and the commercial portfolio 9%, driven by rising demand for short-term financing in the tourism, real estate, and industrial sectors, aimed at strengthening productive capacity, though partially affected by the appreciation of the Mexican peso. Finally , the (12%) annual decline in the government book shows lower federal government activity, prepayments from subnational entities, prudential adjustments in risk appetite, and a more competitive environment. Within the commercial portfolio, SMEs stage 1 and 2 loans were 3% higher QoQ and 8% YoY, as a result of intensive commercial focus through strategic campaigns that strengthen client relationships. Its NPL ratio decreased (18bps) in the quarter, and increased 50bps in the year, ending at 1.97%. This normalization aligns with portfolio growth. SME's Loans (Million Pesos) 2Q25 3Q24 Stage 1 and 2 loans 56,557 59,814 61,319 3% 8% % of Commercial Portfolio, stage 1 and 2 loans 20.3% 19.9% 20.2% 31 bps (11 bps) % of Portfolio, stage 1 and 2 loans 5.0% 5.1% 5.1% 4 bps 8 bps NPL Ratio 1.47% 2.15% 1.97% (18 bps) 50 bps 3Q24 2Q25 3Q25 Change GFNorte’s corporate book is well diversified by industry and by region, showing low concentration risk. The 20 main private sector corporate borrowers accounted for 12.3% of the Group’s stages 1 and 2 loans, with the largest corporate exposure representing 1.6%, whereas number 20 represented 0.3%. All 20 corporates have an A1 credit rating. The government book stages 1 and 2 totaled Ps 155.49 billion, increasing 2% QoQ. GFNorte’s government portfolio is well diversified by region, showing an adequate risk profile, given that 2 6.2% of the portfolio is Federal Government exposure and 81.4% of municipal and state government loans are backed by fiduciary guarantees. Market share position (using CNBV figures as of August 2025): The system’s stages 1 and 2 loans expanded 6.7% YoY; Banorte rose 7.0%, reaching a 15.2% market share, 5bps higher in the year. • Mortgage Loans: Banorte held a 19.9% market share , increasing 43bps YoY, keeping second place in the system. • Credit Card Loans: Banorte increased its market share by 46bps in the year, ending at 11.3%. • Auto Loans: In the year, Banorte increased its market share 112bps to 19.2%, ranking third in the system. • Payroll Loans: Banorte held a 21.1% market share, increasing 13bps in the year, ranking second in the market. • Commercial Loans: Market share totaled 12.8%, (including corporate and SMEs, according to the CNBV’s classification). Market share increased 17bps in the last 12 months, maintaining second place in the system. • Government Loans: Banorte’s market share increased 94bps to 27.4%, ranking second in the banking system. Further detail on Stage 1 and 2 loans and Stage 3 loans in the Risk Management Report 1) displayed by Sector and Subsidiary, page 12 2) displayed by Federal Entities and Subsidiary, page 12 3) displayed by Remaining Term, page 13
Page 16
II. Management’s Discussion & Analysis Third Quarter 2025 16 Stage 3 Loans In the quarter, stage 3 loans increased Ps 3.27 billion, and Ps 5.41 billion YoY, mainly due to commercial and mortgage portfolios, driven by isolated client entries that do not represent sectorial or geographic trends. The annual evolution aligns with portfolio growth. Institutionally, Banorte has focused on portfolio selectivity, maintaining controlled asset quality. Stage 3 Loans (Million Pesos) 2Q25 3Q24 Credit Cards 2,038 2,339 2,426 87 388 Payroll 2,253 2,432 2,288 (144) 35 Auto Loans 278 354 340 (15) 61 Mortgages 2,038 2,279 2,604 324 566 Commercial 4,511 5,053 8,133 3,080 3,622 Corporate 223 1,022 964 (58) 741 Government 7 4 - (4) (7) Total 11,348 13,484 16,754 3,270 5,406 3Q24 2Q25 3Q25 Change NPL ratio stood at 1.37% in 3Q25, increasing 25bps QoQ and 38bps YoY, in line with co nsumer portfolio growth and reflecting specific cases in commercial and mortgage portfolios during the quarter. Group’s NPL ratio emphasizes selective risk and strict controls in origination, prevention, mitigation, and collection. Positive trends are observed in auto, payroll, and credit card products, prioritizing quality over volume. NPL Ratio 3Q24 4Q24 1Q25 2Q25 3Q25 Credit Cards 3.1% 3.1% 2.9% 3.2% 3.1% Payroll 2.7% 2.8% 2.7% 2.7% 2.5% Auto Loans 0.6% 0.5% 0.5% 0.6% 0.5% Mortgages 0.8% 0.8% 0.8% 0.8% 0.9% Commercial 1.6% 1.3% 1.4% 1.7% 2.6% SMEs 1.5% 1.4% 1.7% 2.2% 2.0% Rest of commercial 1.6% 1.3% 1.3% 1.5% 2.8% Corporate 0.1% 0.1% 0.0% 0.5% 0.4% Government 0.0% 0.0% 0.0% 0.0% 0.0% Total 1.00% 0.93% 0.92% 1.13% 1.37% Expected loss for Banco Mercantil del Norte, the Group’s largest subsidiary, was 1.8%, and the unexpected loss was 3.4%, with respect to the total portfolio as of 3Q25. Compared to 2Q25, these ratios were 1. 7% and 3.4%, respectively, and 1.6% and 3.2% twelve months ago. Quarterly changes in accounts that affect stage 3 loans balance for the Financial Group were: Regarding risk ratings, 89% of the total loan portfolio was rated as Risk A, 7% as Risk B, and 4% as Risk C, D, and E altogether. Balance as of June '25 13,484 Transfer from stage 1 + 2 Loans to stage 3 13,120 Portfolio Purchase - Renewals (12) Debt reversal - Cash Collections (2,198) Discounts (72) Charge Offs (5,649) Foreclosures - Transfer from stage 3 to stage 1 + 2 Loans (1,954) Loan Portfolio Sale - Foreign Exchange Adjustments 35 Fair Value Ixe - Balance as of September '25 16,754 (Million Pesos) Stage 3 Loan variations
Page 17
II. Management’s Discussion & Analysis Third Quarter 2025 17 Notes: 1. Figures for reserve creation and rating are as of September 30th, 2025. 2. The loan portfolio is rated pursuant to rules issued by the CNBV, in Chapter V, Second Title of General Provisions Applica ble to Credit Institutions, and it can also be rated according to internal methodologies authorized by this same regulator. The Institution uses regulatory methodologies to rate all credit portfolios. The Institution uses internal methodologies auth orized by the CNBV according to the following: for the Revolving Consumer portfolio as of January 2018, for the Auto (Individuals) portfolio as of January 2020, for the Mortgage portfolio as of July 2023, for the portfolio of commercial borrowers with sales or income greater than or equal to 14 million UDIS, from January 2019 in the Banco Mercantil del Norte subsidiary and from February 2019 in the subsidiaries Arrendadora and Factor Banorte and for the portfolio of commercial borrowers with sales or income lower to 14 million UDIS in Banco Mercantil del Norte and the subsidiary Arrendadora y Facot Banorte from August 2024 . The Institution uses risk ratings: A1; A2; B1; B2; B3; C1; C2; D and E to classify provisions according to the portfolio segment and percentage of the provisions representing the outstanding balance of the loan, and which are set forth in Fifth Section of the “Reserve creation and their classification by degree of risk” found in Chapter 5, Second Title of the aforementioned regulation. 3. The supplementary reserves established are in accordance with the general provisions applicable to credit institutions. Based on the Accounting provisions, the Institution has formal policies and procedures so that, where appropriate, those loans that have elements that justify greater potential deterioration can be migrated to a higher risk stage, even if they have not complied with such requirements, according to the Accounting Policies and Criteria applicable to the loan portfolio. As of 3Q25 the Institution did not have loans considered as stage 3 under such policies. Loan Loss Reserves and Loan Loss Provisions MIDDLE MARKET COMPANIES GOVERNMENT ENTITIES FINANCIAL INTERMEDIARIES A1 1,098,321 1,213 739 77 1,181 174 3,384 A2 38,946 173 29 4 595 17 818 B1 58,855 56 51 0 1,619 52 1,778 B2 15,888 21 - 0 783 24 828 B3 18,062 125 - 31 774 15 945 C1 18,323 236 - 1 1,014 184 1,435 C2 14,315 83 24 0 2,552 186 2,846 D 13,494 2,476 - 1 1,517 556 4,550 E 8,705 1,334 - 64 4,663 145 6,206 Total 1,284,910 5,716 843 179 14,697 1,354 22,790 Not Classified (930) BAP Sector Book 4,113 Deferred Items 3,714 Exempt - Total 1,291,808 5,716 843 179 14,697 1,354 22,790 24,156 336 1,030Preventive Reserves Risk Rating of Performing Loans as of 3Q25 - GFNorte (Million Pesos) CATEGORY LOANS LOAN LOSS RESERVES COMMERCIAL CONSUMER MORTGAGES BAP Reserves TOTAL Reserves Loan Loss Reserves (Million Pesos) Previous Period Ending Balance 21,375 Provisions charged to results 8,882 Provisions charged to retained earnings - Created with profitability margin - Reserve Portfolio Sold - Other items - Charge offs and discounts: Commercial Loans (656) Consumer Loans (4,863) Mortgage Loans (551) Foreclosed assets - (6,070) Cost of debtor support programs (17) Valorization and Others (14) Adjustments - Loan Loss Reserves at Period End 24,156 3Q25
Page 18
II. Management’s Discussion & Analysis Third Quarter 2025 18 Loan Loss Reserves as of 3Q25 totaled Ps 24.16 billion, increasing 13% vs . 2Q25. Charge-offs and discounts increased 14.6% in the quarter. Loan loss reserve coverage ratio stood at 144.2% in 3Q25, from 158.5% in 2Q25. Equity Shareholders' equity balance increased Ps 9.54 billion sequentially to Ps 2 60.94 billion. The main changes in the quarter were: net income of Ps 13.01 billion; an increase of Ps 604 million from the valuation of financial instruments to be received or sold; a decline of (Ps 1.45 billion) derived from interest on subordinated notes; and a decline of (Ps 2.25 billion) from the repurchase of equity-settled share-based payment plan. Supplementary Notes to the Financial Information The following is a breakdown of the credit notes issued by each entity: Notes Appendix 1 Grupo Financiero Banorte Notes Appendix 1 Banco Mercantil del Norte
Page 19
II. Management’s Discussion & Analysis Third Quarter 2025 19 Current Events 1. EXTEL RECOGNIZES GRUPO FINANCIERO BANORTE FOR THE EXCELLENCE OF ITS CEO, CFO, AND BOARD OF DIRECTORS IN LATIN AMERICA EX-BRAZIL On August 27th, Extel (formerly Institutional Investor), a global firm specialized in financial research, published its annual Latin America Executive Team 2025 ranking, one of the most reliable evaluations for global investors. For the fourth consecutive year, Grupo Financiero Banorte was named “Most Honored Company” in Mexico, ranking first in 7 categories within the financial sector in Latin America, excluding Brazil. This recognition highlights GFNorte’s excellence in leadership, corporate governance, ESG strategy, investor relations, and executive performance. Results were based on the opinions of 1,070 investment professionals from over 506 financial institutions. The evaluation process considered key aspects such as the Board of Directors, Chief Executive Officer, Chief Financial Officer, Head of Investor Relations, IR team and program, ESG strategy, and overall performance. The 7 categories in which GFNorte ranked first are: • Best Company Board of Directors: GFNorte • Best CEO: Marcos Ramírez Miguel • Best CFO: Rafael Arana de la Garza • Best IRO: Tomás Lozano Derbez • Best IR Team: GFNorte • Best IR Program: GFNorte • Best ESG: GFNorte 2. GFNORTE ENTERED INTO AN AGREEMENT TO SELL ALL THE SHARES REPRESENTING THE CAPITAL STOCK OF BINEO On September 4th, GFNorte informed the investor community that it entered into a share purchase agreement with Clearscope Holdings, S.A.P.I. de C.V. (“Clearscope”), a subsidiary of Klar Holdings Limited (“Klar USA”), under which Clearscope agreed to acquire, directly and indirectly, all the shares representing the capital stock of Banco Bineo, S.A., a multiple banking institution currently owned by GFNorte. The closing of this transaction is subject to various conditions, including regulatory approvals from the Ministry of Finance and Public Credit, the National Banking and Securities Commission, Banco de México, and the Mexican antitrust authority. 3. BANORTE IS RECOGNIZED AS BEST DIGITAL BANK IN MEXICO AND LATIN AMERICA, AND BEST SME BANK BY GLOBAL FINANCE On September 12th, Global Finance recognized Banorte as the Best Digital Bank in Mexico and Latin America, highlighting its leadership in innovation and customer experience. The bank’s mobile application was awarded as the best in the region, reflecting its hyperpersonalization strategy and human -digital approach. These awards position Banorte as a benchmark in digital financial services, reaffirming its commitment to excellence and technology-driven transformation centered on its clients. Additionally, on September 23rd, Banorte was awarded Best SME Bank 2026 by Global Finance for the fifth consecutive year, underscoring its commitment to small and medium -sized enterprises growth. With a 39 -year editorial trajectory marked by precision and integrity, Global Finance selected winners through a proprietary algorithm that considers criteria such as SME market knowledge, product and service offering, market positioning, and innovation, weighted by relevance. 4. GFNORTE AND GOOGLE CLOUD RENEW STRATEGIC AGREEMENT TO ACCELERATE BANKING HYPERPERSONALIZATION IN MEXICO On September 13th, Grupo Financiero Banorte and Google Cloud renewed and expanded their strategic alliance for three more years, reaffirming their commitment to innovation. This collaboration drives the bank’s digital transformation through artificial intelligence, advanced analytics, and cloud -based cybersecurity, consolidating Banorte’s position as a technology leader in the Mexican and Latin American financial sector. 5. AMIB RECOGNIZES OPERADORA DE FONDOS BANORTE FOR LEADING ESG FUND ASSETS IN 2024 During the AMIB conference held from October 9th to 11th, Operadora de Fondos Banorte was recognized for achieving the highest amount of assets under management in Environmental, Social, and Governance (ESG) themed mutual funds in 2024. This recognition —the first of its kind granted by the Mexican Association of Brokerage Institutions (AMIB) — highlights Banorte’s leadership in promoting responsible investments that generate sustainable value for Mexico.
Page 20
II. Management’s Discussion & Analysis Third Quarter 2025 20 6. BANORTE RECEIVES SAÁSIL INSIGNIA FROM CONDUSEF FOR THE MUJER PYME PRODUCT On October 13th, Grupo Financiero Banorte was awarded the Saásil Insignia by the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF), in recognition of its commitment to financial inclusion for women entrepreneurs. Through Mujer PyME Banorte, more than 3,500 entrepreneurs have accessed tailored financial solutions, resulting in loan placements of over Ps 1.5 billion. This achievement reaffirms Banorte’s leadership in driving economic development with a gender-focused approach. 7. BANORTE’S STATES & MUNICIPALITIES (GEM) GOVERNMENT BANKING WAS RECOGNIZED BY LATINFINANCE AS THE LEADER IN INFRASTRUCTURE FINANCING IN MEXICO On October 19th, LatinFinance recognized Banorte’s GEM Banking Unit for obtaining the Infrastructure Bank of the Year 2025 and Best Port Financing of the Year awards, acknowledging its outstanding role as a leading financial institution in supporting infrastructure projects in Mexico. Th is recognition includes the financing provided to Grupo CICE for the Container Terminal in the North Bay of the Port of Veracruz and reaffirms Banorte’s commitment to financing key strategic infrastructure sectors such as transportation, energy, and urban development. 8. BANORTE LINK: NEW DIGITAL APPLICATION FOR REMITTANCE TRANSFERS On October 28th, Banorte introduced Banorte Link, the new digital application for sending remittances from the United States to Mexico. It offers a fast, secure experience with no fees and a competitive exchange rate. Its goal is to generate savings for users and their beneficiaries by eliminating fees on transfers to Banorte accounts and allowing transactions at any time.
Page 21
II. Management’s Discussion & Analysis Third Quarter 2025 21 Bank Banco Mercantil del Norte (Banorte) Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position Highlights - Banorte Change (Million Pesos) 2Q25 3Q24 9M24 Net Interest Income 27,648 28,514 30,415 7% 10% 80,586 87,454 9% Non-Interest Income 4,506 5,835 5,776 (1%) 28% 13,526 16,702 23% Total Income 32,154 34,349 36,191 5% 13% 94,112 104,155 11% Non-Interest Expense 11,621 13,390 13,462 1% 16% 34,013 39,477 16% Provisions 4,471 5,160 8,101 57% 81% 14,142 18,600 32% Operating Income 16,062 15,799 14,629 (7%) (9%) 45,958 46,078 0% Taxes 4,499 4,369 3,809 (13%) (15%) 12,844 12,824 (0%) Subsidiaries & Minority Interest 208 539 627 16% 202% 846 1,389 64% Net Income 11,770 11,969 11,447 (4%) (3%) 33,960 34,643 2% Balance Sheet Stage 1 Loans 1,085,141 1,141,039 1,161,127 2% 7% 1,085,141 1,161,127 7% Stage 2 Loans 9,332 9,609 10,216 6% 9% 9,332 10,216 9% Stage 1 & 2 Loans (a) 1,094,473 1,150,647 1,171,343 2% 7% 1,094,473 1,171,343 7% Stage 3 Loans (b) 10,426 12,895 16,317 27% 57% 10,426 16,317 57% Deferred Items ( c) 3,005 3,525 3,736 6% 24% 3,005 3,736 24% Total Loans (a+b+c) 1,107,904 1,167,067 1,191,396 2% 8% 1,107,904 1,191,396 8% Preventive Loan Loss Reserves 18,950 20,553 23,456 14% 24% 18,950 23,456 24% Total Loans Net (d) 1,088,954 1,146,514 1,167,939 2% 7% 1,088,954 1,167,939 7% Total Assets 1,775,125 1,879,465 1,861,668 (1%) 5% 1,775,125 1,861,668 5% Total Deposits 1,142,380 1,200,539 1,173,126 (2%) 3% 1,142,380 1,173,126 3% Total Liabilities 1,622,462 1,721,504 1,693,447 (2%) 4% 1,622,462 1,693,447 4% Equity 152,663 157,961 168,221 6% 10% 152,663 168,221 10% 3Q24 2Q25 3Q25 Change 9M24 9M25 Profitability: NIM (1) 6.7% 6.4% 6.9% 6.4% 6.6% 6.6% NIM after Provisions (2) 5.6% 5.3% 5.1% 5.3% 5.2% 5.3% ROE (3) 31.1% 30.2% 27.0% 29.5% 28.4% 28.2% ROA (4) 2.6% 2.5% 2.5% 2.54% 2.5% 2.4% Operation: Efficiency Ratio (Cost to Income) (5) 36.1% 39.0% 37.2% 36.1% 37.9% 39.6% Operating Efficiency Ratio (Cost to Assets) (6) 2.6% 2.8% 2.9% 2.5% 2.8% 2.9% Average Liquidity Coverage Ratio for Banorte and SOFOM - Basel III (7) 156.3% 184.0% 159.9% 166.8% 175.8% Asset Quality: NPL Ratio 0.9% 1.1% 1.4% 0.9% 1.4% 1.4% Coverage Ratio 181.8% 159.4% 143.8% 181.8% 143.8% 143.8% Capitalization: Net Capital/ Credit Risk Assets 28.0% 30.3% 31.3% 28.0% 31.3% Capital Adequacy Ratio 19.2% 21.7% 22.3% 19.2% 22.3% Leverage Basic Capital/ Adjusted Assets 10.4% 11.4% 11.9% 10.4% 11.9% Financial Ratios - Banorte 3Q24 2Q25 3Q25 12M*9M24 9M25 1. NIM= Annualized Net Interest Income of the period / average Earning Assets of the period. 2. NIM after Provisions= Annualized Net Interest Income of the period adjusted for Credit Risks / average Earning Assets of the period. 3. ROE= Annualized Net Income of the period / average Majority Equity of the period. 4. ROA= Annualized Net Income of the period / average Total Assets of the period. 5. Cost to Income Ratio= Non-Interest Expense of the period / Total Income of the period. 6. Cost to Assets= Annualized Non-Interest Expenses of the period / average Total Assets of the period. 7. Preliminary LCR calculation. To be updated upon publication of Banco de Mexico’s official calculations. *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission).
Page 22
II. Management’s Discussion & Analysis Third Quarter 2025 22 Changes vs. the previous quarter Net interest income (NII) increased 7% vs 2Q25, mainly supported by: i) dynamic credit activity, particularly in fixed-rate consumer products; ii) funding mix management, partially reflecting the (50bps) decline in the reference rate during the period; and iii) the recovery in FX valuation compared to the previous quarter. Non-interest income went down (1%) sequentially, mainly driven by lower other operating income, partially offset by stable net fees and positive trading income. Net fee income remained stable sequentially, reflecting the prioritization of efficiency and profitability in digital affiliated businesses, with its respective effect on interchange fees, as well as the normalization of the high seasonal transactionality from the second quarter. Trading income rose 1% in the quarter, mainly driven by the sale of government bonds and gains from the unwinding of hedging derivatives. Other operating (expenses) grew 9% sequentially, due to lower collection rights and a reduction in liability write-offs. Non-interest expenses increased 1% during the quarter , mainly driven by the evolution of the business. Efficiency ratio stood at 37.2% in 3Q25, (179bps) lower sequentially, reflecting operational efficiency and optimization. Provisions increased 57% during the quarter, mainly associated with an isolated case in the commercial portfolio and higher reserves in credit cards, primarily in Tarjetas del Futuro . NIM adjusted for credit risk stood at 5.1% , declining (16bps) QoQ. In summary, net income for the quarter totaled Ps 11.45 billion , (4%) lower vs. 2Q25. As a result, ROE declined (324bps) QoQ, reaching 27.0%. ROA decreased (7bps), closing at 2.5% in 3Q25. Cumulative Changes vs. the previous year Net interest income (NII) increased 9% compared to 9M24, benefiting from the neutralization of the balance sheet amid the downward interest rate cycle. Loan margin expanded 14% during the period, driven by growth in consumer products— particularly fixed-rate—and a sustained reduction in funding costs. Deposit mix optimization re flects commercial efforts across various sales channels, as well as the (250bps) decline in the reference rate over the past 12 months. NIM expanded 17bps, reaching 6.6% in 9M25, reflecting the effective management of balance sheet sensitivity. Non-interest income increased 23% vs. 9M24, mainly driven by higher trading income and net fees. Income from fees charged rose 7% in 9M25, associated with: i) the increase in the fee scheme paid by Seguros Banorte to the bank for products’ distribution through bancassurance; ii) the dynamism of consumer products; and, iii) the strength of remittances’ operation, also benefited by FX. Paid fees grew 6% vs. 9M24, mainly due to: i) greater loan origination by the external sales force, especially in consumer portfolios; and, ii) remittances’ operation through UniTeller. As a result, net income from fees grew 8% vs. 9M24, with a neutral impact from the optimization of clients in digital affiliated businesses. Trading income grew 147% in the 9-month comparison, resulting from: i) gains from the unwinding of hedging derivatives; ii) options’ maturity; and, iii) sale of government instruments. This offset lower valuation of FX positions. Other operating (expenses) grew 5% in the period, mostly related to higher contributions to the IPAB, given deposit growth, partially offset by income from liability write-offs. Non-interest expense was 16% higher vs. 9M24, driven by inertial business growth, organic expansion in commercial areas, the scheduling of variable compensation over a larger personnel structure, and the amortization of technology projects. As a result, efficiency ratio stood at 37.9% at the close of 9M25, 176bps above 9M24. Provisions rose 32%, or Ps 4.46 billion, compared to 9M24, mainly associated with an isolated case in the commercial portfolio and higher reserves in credit cards. As a result, NIM adjusted for credit risks stood at 5.2% in 9M25, (10bps) below the same period of the previous year.
Page 23
II. Management’s Discussion & Analysis Third Quarter 2025 23 Net income grew 2% in 9M25, reaching Ps 34.64 billion. The result is explained by the Bank’s structural strength, with dynamic credit activity and effective funding cost management, despite higher provisions recorded in the third quarter. Overall, the Bank maintains its ability to generate value organically. ROE stood at 28.4%, declining (116bps); whereas ROA remained relatively stable at 2.5%. Equity Shareholders' equity balance amounted to Ps 168.22 billion, a Ps 10.26 billion increase compared to the previous quarter. The main changes during the quarter were: net income of Ps 11. 45 billion; an increase of Ps 427 million from the valuation of financial instruments to be received or sold; an increase of Ps 294 million from the equity-settled share- based payment plan; and a contraction of (Ps 1.47 billion) due to interest on subordinated notes. Regulatory Capital (Banorte) Banorte has fully adopted the capital requirements established to date by Mexican authorities and international standards, so-called Basel III, which came into effect in January 2013. In 2025, Banorte was confirmed as a Level II - Systemically Important Financial Institution, which implies that Banorte must maintain a 0.90 pp capital buffer. Therefore, starting on December 2019, the minimum Capital Adequacy Ratio required for Banorte amounted to 11.40% (corresponding to the regulatory minimum of 10.5% plus the 0.90 pp capital supplement), which includes a minimum requirement of Core Equity Tier 1 (CET1) of 7.90%. Banorte, as a Systemically Important Financial Institution, is subject to the net capital supplement, TLAC (Total loss - absorbing capacity), incorporated in the regulation during 2021, and effective since December 2022, with annual increases of 1.625 pp, reaching a total of 6.5 pp by December 2025, taking the minimum Capital Adequacy Ratio required for Banorte to 17.90% from 11.40%. Capitalization (Banorte) (Million Pesos) 2Q25 3Q24 Core Tier 1 138,340 142,080 152,761 8% 10% Tier 1 Capital 189,539 219,018 227,851 4% 20% Tier 2 Capital 2,211 2,074 2,111 2% (5%) Net Capital 191,750 221,092 229,961 4% 20% Credit Risk Assets 685,617 729,184 735,783 1% 7% Net Capital / Credit Risk Assets 27.97% 30.32% 31.25% 0.9 pp 3.3 pp Total Risk Assets 997,349 1,018,122 1,030,926 1% 3% Core Tier 1 13.87% 13.96% 14.82% 0.9 pp 0.9 pp Tier 1 19.00% 21.51% 22.10% 0.6 pp 3.1 pp Tier 2 0.22% 0.20% 0.20% 0.0 pp (0.0 pp) Capitalization Ratio 19.23% 21.72% 22.31% 0.59 pp 3.08 pp 3Q24 2Q25 3Q25 Change (*) The capitalization ratio of the last reporting period is the one submitted to the Mexican Central Bank. At the end of 3Q25, the preliminary Capital Adequacy Ratio (CAR) for Banorte was 22.31% considering credit, market, and operational risks, and 31.25% considering only credit risk. Moreover, Core Equity Tier 1 reached 14.82%, a level corresponding to a Systemically Important Institution Level I under the CNBV’s classification.
Page 24
II. Management’s Discussion & Analysis Third Quarter 2025 24 CAR increased +0.59 pp vs. 2Q25 due to the following effects: 3Q25 vs. 2Q25 0.59 pp 1. Net Income in 3Q25 1.10 pp 2. Other Capital Effects (1) 0.04 pp 3. Securities’ mark-to-market valuation and Hedging Derivatives (2) 0.04 pp 4. Effects in Risk Assets – Credit (Others) (3) 0.03 pp 5. Effects in Risk Assets – Operational (0.06 pp) 6. Effects in Risk Assets – Market (0.07 pp) 7. Effects in Risk Assets – Credit (Portfolio) (0.17 pp) 8. Capital Notes (0.32 pp) (1) Includes variation of permanent and intangible investments, and other variations in capital. (2) Includes hedging derivatives in positions that are not marked to market. (3) Includes issuer, counterparty, committed credit lines, and other assets. CAR increased +3.08 pp vs. 3Q24 due to the following effects: 3Q25 vs. 3Q24 3.08 pp 1. Net Income in the period 4.42 pp 2. Capital Notes (1) 1.77 pp 3. Effects in Risk Assets – Market 0.55 pp 4. Other Capital Effects (2) 0.09 pp 5. Effects in Risk Assets – Credit (Others) (3) (0.09 pp) 6. Securities’ mark-to-market valuation and Hedging Derivatives (4) (0.14 pp) 7. Effects in Risk Assets – Operational (0.21 pp) 8. Effects in Risk Assets – Credit (Portfolio) (0.88 pp) 9. Dividend to the Financial Group (5) (2.43 pp) (1) Includes the effect of Capital Notes issuance for USD 1.5 billion on November 24 th, 2024. (2) Includes variation of permanent and intangible investments, and other variations in capital. (3) Includes issuer, counterparty, committed credit lines, and other assets (4) Includes hedging derivatives in positions that are not marked to market. (5) Ps 11 billion on December 27th, 2024; and Ps 14 billion on May 2nd, 2025.
Page 25
II. Management’s Discussion & Analysis Third Quarter 2025 25 Evolution of Risk Assets (Banorte) In compliance with capitalization requirements established to date by Mexican authorities and the International Standards Basel III, Banorte classifies its Risk Assets as Credit, Market, and Operational, which are actively monitored by the Institution. Total Risk Assets as of September 2025 amounted to Ps 1.03 trillion, increasing Ps 12.80 billion vs. June 2025, and Ps 33.58 billion vs. September 2024. The evolution of Risk Assets is presented below: Risk Assets (Million Pesos) 2Q25 3Q24 Total Credit 685,617 729,184 735,783 1% 7% Credit (Loan Portfolio) 556,354 593,655 601,521 1% 8% Credit (Others) 129,263 135,529 134,262 (1%) 4% Total Market 180,523 149,290 152,671 2% (15%) Total Operational 131,209 139,649 142,473 2% 9% Total 997,349 1,018,122 1,030,926 1% 3% 3Q24 2Q25 3Q25 Change The main quarterly changes in RWAs vs. 2Q25 were: • Increase in Credit Risk Assets from credit portfolio growth and effect of internal models. • Decrease in Credit Risk Assets (Others) driven by reduction in credit lines. • Increase in Market Risk Assets due to risk band compensation. • Increase in Operational Risk Assets driven by an increase in earning assets and computable income for the Business Indicator Method. The main annual changes in RWAs vs. 3Q24 were: • Increase in Credit Risk Assets (Loan Portfolio) driven by growth in credit portfolios offset by internal models. • Increase in Credit Risk Assets (Others) driven by the effect of interest rate evolution on counterparty risk requirements for derivative transactions. • Decline in Market Risk Assets given internal balance models and stable funding. • Increase in Operational Risk Assets driven by an increase in earning assets and computable income for the Business Indicator Method. Leverage Ratio (Banorte) Leverage Ratio, according to CNBV’s regulation, is presented below: Leverage (Banorte) (Million Pesos) 2Q25 3Q24 Tier 1 Capital 189,539 219,018 227,851 4% 20% Adjusted Assets 1,822,486 1,925,516 1,915,049 (1%) 5% Leverage Ratio 10.40% 11.37% 11.90% 52 bps 150 bps 3Q24 2Q25 3Q25 Change Adjusted Assets are defined according to the General Provisions applicable to Credit Institutions.
Page 26
II. Management’s Discussion & Analysis Third Quarter 2025 26 Bineo Bineo’s operations were reclassified as a Discontinued item in the Income Statement and as a Long-term asset held for sale in the Balance Sheet. Therefore, the financial results and accounts presented in this section refer exclusively to Bineo and are no longer consolidated within the Group’s figures. Regulatory Capital (Bineo) Bineo has fully adopted the capital requirements established to date by Mexican authorities and international standards, so-called Basel III, which came into effect in January 2013. The minimum Capital Adequacy Ratio required for Bineo amounted to 10.50%, which includes a minimum requirement of Core Equity Tier 1 (CET1) of 7.00%. Capitalization (Bineo) (Million Pesos) 2Q25 3Q24 Core Tier 1 1,461 951 858 (10%) (41%) Tier 1 Capital 1,461 951 858 (10%) (41%) Tier 2 Capital 0 0 0 N.A. N.A. Net Capital 1,461 951 858 (10%) (41%) Credit Risk Assets 432 267 271 1% (37%) Net Capital / Credit Risk Assets 338.10% 355.44% 316.75% (38.7 pp) (21.4 pp) Total Risk Assets 497 343 339 (1%) (32%) Core Tier 1 293.62% 277.54% 252.86% (24.7 pp) (40.8 pp) Tier 1 293.62% 277.54% 252.86% (24.7 pp) (40.8 pp) Tier 2 0.00% 0.00% 0.00% 0.0 pp 0.0 pp Capitalization Ratio 293.62% 277.54% 252.86% (24.68 pp) (40.75 pp) 3Q24 2Q25 3Q25 Change (*) The capitalization ratio of the last reporting period is the one submitted to the Mexican Central Bank. At the end of 3Q25, the preliminary Capital Adequacy Ratio (CAR) for Bineo was 252.86% considering credit, market, and operational risks, and 316.75% considering only credit risk. Moreover, Core Equity Tier 1 reached 252.86%, a level corresponding to a Systemically Important Institution Level I under the CNBV’s classification. CAR decreased (24.68 pp) vs. 2Q25 due to the following effects: Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position Highlights - Bineo Change (Million Pesos) 2Q25 3Q24 9M24 Net Interest Income 45 30 19 (36%) (57%) 108 86 (20%) Non-Interest Income (2) (4) (2) 61% 34% (6) (8) (40%) Total Income 42 26 18 (32%) (58%) 103 78 (24%) Non-Interest Expense 389 255 226 (11%) (42%) 1,033 790 (24%) Provisions 6 5 3 (37%) (46%) 8 16 114% Operating Income (353) (234) (211) 10% 40% (938) (727) 22% Taxes (106) (10) 0 103% 100% (282) (3) 99% Subsidiaries & Minority Interest - - - N.A. N.A. - - N.A. Net Income (247) (224) (212) 6% 14% (657) (725) (10%) Balance Sheet Stage 1 Loans 38 9 4 (59%) (90%) 38 4 (90%) Stage 2 Loans 6 2 0 (80%) (92%) 6 0 (92%) Stage 1 & 2 Loans (a) 43 11 4 (63%) (91%) 43 4 (91%) Stage 3 Loans (b) 3 7 2 (67%) (3%) 3 2 (3%) Deferred Items ( c) - - - N.A. N.A. - - N.A. Total Loans (a+b+c) 46 19 7 (65%) (86%) 46 7 (86%) Preventive Loan Loss Reserves 7 7 2 (68%) (68%) 7 2 (68%) Total Loans Net (d) 39 11 4 (62%) (89%) 39 4 (89%) Total Assets 3,877 3,263 3,147 (4%) (19%) 3,877 3,147 (19%) Total Deposits 36 34 28 (19%) (22%) 36 28 (22%) Total Liabilities 295 114 80 (29%) (73%) 295 80 (73%) Equity 3,583 3,149 3,067 (3%) (14%) 3,583 3,067 (14%) 3Q24 Change 9M24 9M252Q25 3Q25
Page 27
II. Management’s Discussion & Analysis Third Quarter 2025 27 3Q25 vs 2Q25 (24.68 pp) 1. Capitalization 37.66 pp 2. Effects in Risk Assets – Operational 4.33 pp 3. Effects in Risk Assets – Market 0.51 pp 4. Effects in Risk Assets – Credit (2.56 pp) 5. Intangibles’ Recognition (2.82 pp) 6. Net Losses in 3Q25 (61.80 pp) CAR decreased (40.75 pp) vs. 3Q24 due to the following effects: 3Q25 vs 3Q24 (40.75 pp) 1. Capitalization 107.11 pp 2. Effects in Risk Assets – Credit 84.82 pp 3. Intangibles’ Recognition 4.84 pp 4. Effects in Risk Assets – Market 1.87 pp 5. Effects in Risk Assets – Operational (6.37 pp) 6. Deferred Taxes (22.14 pp) 7. Net Losses (210.88 pp) Evolution of Risk Assets (Bineo) In compliance with capitalization requirements established to date by Mexican authorities and the International Standards Basel III, Bineo classifies its Risk Assets as Credit, Market, and Operational, which are actively monitored by the Institution. Total Risk Assets as of September 2025 amounted to Ps 339 million, decreasing (Ps 3 million) vs June 2025 and (Ps 158 million) vs September 2024. The evolution of Risk Assets is presented below: Risk Assets (Million Pesos) 2Q25 3Q24 Total Credit 432 267 271 1% (37%) Credit (Loan Portfolio) 42 15 12 (23%) (72%) Credit (Others) 390 252 259 3% (33%) Total Market 7 2 2 (28%) (75%) Total Operational 58 73 67 (8%) 14% Total 497 343 339 (1%) (32%) 3Q24 2Q25 3Q25 Change The main quarterly changes in RWAs vs. 2Q25 were: • Decline in Credit Risk Assets (Loan Portfolio) in line with the decrease in the loan portfolio. • Stability in Market Risk Assets given the focus on the entity’s main operations. • Decline in Operational Risk Assets given the reduction in earning assets. The main annual changes in RWAs vs. 3Q24 were: • Decline in Credit Risk Assets (Loan Portfolio) in line with the decrease in the loan portfolio. • Decline in Market Risk Assets given the focus on the main operations of the entity. • Increase in Operational Risk Assets driven by the evolution of the Business Indicator.
Page 28
II. Management’s Discussion & Analysis Third Quarter 2025 28 Leverage Ratio (Bineo) Leverage Ratio, according to CNBV’s regulation, is presented below: Leverage(Bineo) (Million Pesos) 2Q25 3Q24 Tier 1 Capital 1,461 951 858 (10%) (41%) Adjusted Assets 2,008 1,275 1,146 (10%) (43%) Leverage Ratio 72.74% 74.56% 74.89% 33 bps 215 bps 2Q25 3Q25 Change3Q24 Adjusted Assets are defined according to the General Provisions applicable to Credit Institutions.
Page 29
II. Management’s Discussion & Analysis Third Quarter 2025 29 Long Term Savings Seguros Banorte Income Statement and Balance Sheet Highlights- Seguros Banorte Change (Million Pesos) 2Q25 3Q24 9M24 Interest Income (Net) 906 880 791 (10%) (13%) 2,772 2,672 (4%) Credit Provisions (0) 0 (0) (171%) (508%) 0 0 (100%) Premium Revenue (Net) 7,307 10,685 9,729 (9%) 33% 30,872 38,724 25% Net increase in technical reserves 1,655 4,345 3,260 (25%) 97% 11,016 17,264 57% Net Cost for Insurance Operations 951 1,169 1,321 13% 39% 3,448 4,483 30% Net Cost of Claims and Other Obligations 4,883 4,859 5,030 4% 3% 14,076 14,524 3% Trading Income 940 851 1,162 37% 24% 2,009 2,950 47% Other Operating Income (Expenses) 107 142 169 19% 58% 492 462 (6%) Total Operating Income 1,770 2,184 2,239 2% 27% 7,605 8,538 12% Non Interest Expense 443 477 438 (8%) (1%) 1,560 1,458 (7%) Operating Income 1,327 1,707 1,801 5% 36% 6,045 7,080 17% Taxes 302 456 380 (17%) 26% 1,630 1,796 10% Subsidiaries' Net Income 389 324 401 24% 3% 1,008 1,084 7% Net income from continuing operations 1,414 1,576 1,821 16% 29% 5,424 6,367 17% Minority Interest 8 8 9 8% 8% 24 26 10% Net Income 1,405 1,567 1,812 16% 29% 5,400 6,341 17% Other Comprehensive Income 9 22 21 (4%) 150% 12 26 113% Comprehensive Income 1,422 1,598 1,843 15% 30% 5,436 6,393 18% Shareholder’s Equity 25,148 24,967 26,810 7% 7% 25,148 26,810 7% Total Assets 94,526 115,442 119,192 3% 26% 94,526 119,192 26% Technical Reserves 59,502 78,017 81,198 4% 36% 59,502 81,198 36% Premiums sold 7,903 11,922 10,736 (10%) 36% 35,713 45,152 26% Coverage ratio of technical reserves 1.2 1.1 1.1 0.0 pp (0.0 pp) 1.2 1.1 (0.0 pp) Solvency capital requirement coverage ratio 9.0 5.6 7.1 1.5 pp (1.9 pp) 9.0 7.1 (1.9 pp) Coverage ratio of minimum capital 181.1 172.6 185.1 12.5 pp 4.0 pp 181.1 185.1 4.0 pp Claims ratio 86.5% 76.8% 77.9% 1.1 pp (8.7 pp) 71.1% 67.8% (3.3 pp) Combined ratio 103.2% 89.6% 93.1% 3.4 pp (10.2 pp) 84.0% 80.2% (3.8 pp) ROE 23.1% 26.0% 28.1% 2.1 pp 5.0 pp 28.4% 32.4% 4.0 pp 30.1% ROE ex-Banorte Futuro 44.3% 53.7% 54.1% 0.4 pp 9.8 pp 58.2% 65.8% 7.6 pp 60.9% 12M*3Q24 2Q25 3Q25 Change 9M24 9M25 *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). Net interest income declined (10%) in the quarter and (4%) vs. 9M24, mainly explained by lower valuation of instruments and currencies, as well as by a lower yield from financial products. Sequentially, premium income in insurance fell (9%), reflecting lower sales of flexible products during the quarter; in line, the constitution of technical reserves declined (Ps 1.09 billion) or (25%) sequentially. In 9M25, premium income rose 25%, supported by the placement of flexible products through wealth management and branches, also backed by origination in the damages segment. Technical reserves were 57% higher, mainly driven by the sale of flexible products, whose reserve is 100%. Damages and claims increased 4% in the quarter and 3% vs. 9M24, mainly impacted by the auto segment, as well as the natural growth of the business. The mix was partially offset by lower claims in damages and medical expenses. Acquisition costs show a quarterly hike of 13%, in line with the business mix and growth, and rose 30% vs. 9M24, associated with the increase in the fee scheme between the insurance company and the bank.
Page 30
II. Management’s Discussion & Analysis Third Quarter 2025 30 Net Operating Income was Ps 1.80 billion in 3Q25, 5% higher sequentially, due to higher total income, supported by trading income, as well as lower expenses. As of 9M25, it expanded by 17%, to Ps 7.08 billion, driven by higher premium income, supported by business growth, offsetting higher paid fees to the bank. Net Income for the quarter was Ps 1.81 billion, 16% higher QoQ. Quarterly Net Income from Seguros Banorte, excluding its subsidiary Afore XXI Banorte, stood at Ps 1.42 billion, contributing 10.9% of GFNorte’s net income in 3Q25. ROE for the Insurance company, excluding its subsidiary Afore XXI Banorte, rose 0.4 pp in the quarter, reaching 54.1% in 3Q25. Regarding the disclosure requested by the General Provisions applicable to the Financial Groups' holding companies, the following was presented for this reporting period: i. Risks assumed through the issuance of insurance premiums and bonds, with respect to operations and authorized branches of cancelled operations. • No cancellations were registered during 3Q25 that involved any technical risk. ii. Damages and claims, as well as compliance of reinsurers and bonding companies with their obligations. • In 3Q25, claims ratios remained under control and reinsurers complied with their obligations. iii. Costs derived from issuance of insurance policies and bonds. • There were no relevant events to disclose in 3Q25 for premium issuance. iv. Risks transfer through reinsurance and bonding contracts. • In the Damages segment, risks were transferred to reinsurers, mostly foreign reinsurers, under which there were 3 important businesses: 1 related to government, 1 to the transformation industry, and 1 to the primary industry. v. Contingencies arising from non-compliance of reinsurers and bonding companies. • There were no relevant issues related to non-compliance during 3Q25. Afore XXI Banorte Afore XXI Banorte Change (Million Pesos) 2Q25 3Q24 9M24 Net Income 778 649 802 24% 3% 2,017 2,168 7% Shareholder’s Equity 24,550 24,009 24,811 3% 1% 24,550 24,811 1% Total Assets 26,595 26,065 27,058 4% 2% 26,595 27,058 2% AUM (SIEFORE) 1,299,866 1,440,505 1,538,219 7% 18% 1,299,866 1,538,219 18% ROE 12.8% 10.9% 13.1% 2.2 pp 0.3 pp 11.3% 12.0% 0.7 pp 11.5% 3Q24 2Q25 3Q25 Change 9M259M24 12M* *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). In 3Q25, Afore XXI Banorte reported a net income of Ps 802 million, 24% higher QoQ, mainly due to the benefit from higher yields on financial products. In 9M25, net income was 7% higher, supported by an increase in fee income, given the larger base of assets under management, and higher yields on financial products ; offsetting higher expenses from business generation and other costs. ROE in 3Q25 reached 13.1%, 2.2 pp above 2Q25; in 9M25, the indicator grew 0.7 pp to 12.0%. Excluding goodwill, Return on Tangible Equity (ROTE) stood at 41.5% at the end of 3Q25. Net Income of Afore XXI Banorte represented 3.0% of the Financial Group’s net income in the third quarter.
Page 31
II. Management’s Discussion & Analysis Third Quarter 2025 31 Pensiones Banorte Income Statement and Balance Sheet Highlights- Pensiones Banorte Change (Million Pesos) 2Q25 3Q24 9M24 Interest Income (Net) 6,565 5,457 4,489 (18%) (32%) 16,394 15,360 (6%) Credit Provisions 13 9 7 (26%) (49%) 47 25 (46%) Premium Income (Net) 4,251 4,068 4,574 12% 8% 13,200 11,967 (9%) Technical Reserves 6,002 4,474 4,072 (9%) (32%) 15,549 12,367 (20%) Damages, Claims (Net) 3,720 3,997 3,969 (1%) 7% 10,886 11,714 8% Trading Income 38 8 128 1436% 236% 41 135 233% Other Operating Income (Expenses) (7) (60) (53) 11% (628%) 57 (187) (428%) Total Operating Income 1,112 994 1,090 10% (2%) 3,209 3,169 (1%) Non Interest Expense 127 135 130 (3%) 2% 399 403 1% Operating Income 985 859 960 12% (3%) 2,810 2,766 (2%) Taxes 276 250 180 (28%) (35%) 793 696 (12%) Subsidiaries' Net Income 1 2 2 (23%) 59% 4 6 38% Net Income 710 611 781 28% 10% 2,021 2,076 3% Other Comprehensive Income 3 22 32 49% 962% (3) 56 1726% Comprehensive Income 713 633 814 29% 14% 2,018 2,131 6% Shareholder’s Equity 12,072 11,288 12,102 7% 0% 12,072 12,102 0% Total Assets 272,309 285,417 290,877 2% 7% 272,309 290,877 7% Technical Reserves 257,105 269,443 273,606 2% 6% 257,105 273,606 6% Premiums sold 4,251 4,068 4,574 12% 8% 13,200 11,967 (9%) Coverage ratio of technical reserves 1.0 1.0 1.0 0.0 pp 0.0 pp 1.0 1.0 0.0 pp Solvency capital requirement coverage ratio 11.5 7.5 8.4 0.9 pp (3.1 pp) 11.5 8.4 (3.1 pp) Coverage ratio of minimum capital 54.0 48.3 51.8 3.5 pp (2.2 pp) 54.0 51.8 (2.2 pp) ROE 24.0% 22.1% 26.5% 4.5 pp 2.6 pp 23.0% 24.9% 1.9 pp 25.7% 3Q24 2Q25 3Q25 Change 9M24 9M25 12M* *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission) Net interest income declined (18%) vs. 2Q25, amounting to Ps 4.49 billion, as a result of lower valuation of inflation - indexed securities (UDIS). Compared to 9M24, it went down (6%) or (Ps 1.03 billion), out of which (Ps 1.69 billion) correspond to the valuation effect of UDIS and Ps 653 million to higher interest income. Despite a highly competitive environment, premium issuance grew 12% sequentially. Nonetheless, technical reserves declined (9%), benefited by inflation updates , and claims fell (1%). Compared to 9M24 , premium issuance decreased (9%), reflecting a highly competitive environment, and reserves fell (20%) or (Ps 3.18 billion), mainly due to higher mortality in the portfolio. Net income for the quarter rose 28% QoQ, and 3% vs. 9M24. The result of Pensiones Banorte represented 6.0% of the Financial Group’s net income in 3Q25. ROE of Pensiones Banorte stood at 26.5% in the quarter, 4.5 pp above 2Q25. With 9-month figures, it stood at 24.9%, growing 1.9 pp.
Page 32
II. Management’s Discussion & Analysis Third Quarter 2025 32 Brokerage Brokerage Sector Change (Million Pesos) 2Q25 3Q24 9M24 Net Income 324 529 272 (49%) (16%) 622 1,273 105% Shareholder’s Equity 4,797 5,393 5,667 5% 18% 4,797 5,667 18% Assets Under Management 1,410,702 1,592,497 1,685,560 6% 19% 1,410,702 1,685,560 19% Total Assets 263,677 240,865 232,895 (3%) (12%) 263,677 232,895 (12%) ROE 28.1% 40.4% 19.7% (20.7 pp) (8.5 pp) 18.4% 32.0% 13.6 pp 31.1% Net Capital (1) 3,807 4,318 4,452 3% 17% 3,807 4,452 17% 3Q25 Change 9M259M243Q24 2Q25 12M* *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). 1) Net capital structure: Core Equity= Ps 4.45 billion, Additional Capital= Ps 0 million Casa de Bolsa Banorte and Operadora de Fondos reported net income of Ps 272 million in 3Q25, (49%) lower QoQ, mainly due to a decline in trading income given a lower valuation of financial instruments. In 9M25 it increased 105%, driven by an increase in fees due to higher transaction s in mutual funds and trading of financial instruments, as well as by higher financial margin. Net income from the brokerage business in 3Q25 accounted for 2.1% of the Group’s net income. Assets Under Management At the end of 3Q25, AUMs totaled Ps 1.69 trillion, 6% higher in the quarter and 19% YoY. Assets under management by mutual funds totaled Ps 445 billion in September, representing a 24% annual increase. Assets held in fixed income funds amounted to Ps 394 billion, 6% higher in the quarter and 23% in the year. Assets held in equity funds amounted to Ps 51 billion, 8% above QoQ and 33% YoY, as of September 2025. As of 3Q25, Banorte held a 9.2% share of the mutual fund market, comprised of 10. 9% share in fixed income funds and 4.2% in equity funds.
Page 33
II. Management’s Discussion & Analysis Third Quarter 2025 33 Other Subsidiaries Other subsidiaries Change (Million Pesos) 2Q25 3Q24 9M24 Arrendadora y Factor Banorte (1) Net Income 162 187 330 77% 104% 583 646 11% Shareholder’s Equity 13,607 14,342 14,675 2% 8% 13,607 14,675 8% Loan Portfolio 51,230 47,977 48,528 1% (5%) 51,230 48,528 (5%) Non-Performing Loans 920 581 437 (25%) (52%) 920 437 (52%) Non-Performing Loan Ratio 1.8% 1.2% 0.9% (0.3 pp) (0.9 pp) 1.8% 0.9% (0.9 pp) Coverage Ratio 103.3% 83.3% 83.2% (0.2 pp) (20.1 pp) 103.3% 83.2% (20.1 pp) Loan Loss Reserves 950 485 363 (25%) (62%) 950 363 (62%) Total Assets 61,430 59,183 59,417 0% (3%) 61,430 59,417 (3%) ROE 5.0% 5.2% 9.1% 3.8 pp 4.0 pp 6.6% 6.0% (0.6 pp) 7.5% Almacenadora Banorte Net Income 9 13 17 32% 83% 30 56 87% Shareholder’s Equity 408 444 462 4% 13% 408 462 13% Inventories 800 1,389 1,352 (3%) 69% 800 1,352 69% Total Assets 1,505 2,256 2,123 (6%) 41% 1,505 2,123 41% ROE 9.3% 11.9% 15.1% 3.2 pp 5.8 pp 10.1% 17.1% 7.0 pp 12.2% 3Q25 Change 9M24 9M25 12M*3Q24 2Q25 *12-month ratios, according to the new calculation methodology of the CNBV (National Banking and Securities’ Commission). (1) Property, plant, and equipment includes pure operating lease portfolio of Ps 3.23 billion and proprietary fixed assets of Ps 398 million. Arrendadora y Factor Banorte Net income in 3Q25 totaled Ps 330 million, 77% above 2Q25, mainly due to an increase in other operating income from the sale of investment projects, as well as higher financial margin , which offset greater reserve requirements . Compared to 9M24, net income was up 11%, primarily due to a larger financial margin and other operating income from asset sales, which mitigated lower fees charged given the maturity of a portfolio. Non-performing loan ratio reached 0.9% in the quarter , (0.3 pp) lower QoQ. Coverage ratio totaled 8 3.2%, (0.2 pp) below 2Q25. Capital ratio for the quarter stood at 3 4.6%, considering total risk weighted assets of Ps 3 6.62 billion. Leverage ratio as of June and September 2025 reached 19.41% and 20.59%, considering adjusted assets of Ps 63.55 billion and Ps 65.09 billion, respectively. In 3Q25, net income from Leasing and Factoring represented 2.5% of the Group’s total results. Almacenadora Banorte Almacenadora Banorte reported net income of Ps 17 million in 3Q25, 32% higher QoQ, resulting from higher other operating income related to more commercialization, compensating lower trading income. Compared to 9M24, it rose 87%, mainly associated with higher other operating income from the recovery of merchandise , the release of accounts receivable, and lease income, in addition to an increase in storage services and higher trading income from FX valuation. ROE stood at 15.1% and the Capital Adequacy Ratio reached 106.9% from 78.6% in 2Q25, given the decrease in credit and operational risk assets, considering a Ps 423 million net capital, and negotiable certificates of deposit in active warehouses for Ps 3.10 billion.
Page 34
III. Sustainability Performance Third Quarter 2025 34 III. Sustainability Performance Below, we present the most significant ESG activities during the quarter, linking them to the 5 most material topics: i) Customer Relations, ii) Decarbonization, iii) Corporate Governance, iv) Diversity, Equity, and Inclusion, and v) Technology and Innovation. Environmental • As part of our commitment to the World Economic Forum’s One Trillion Trees platform to drive the growth of one million trees between 2025 and 2030, by the end of August, we had reached +60% of the 226,000 trees we pledged to plant by 2025. • (Material topics: Biodiversity and Ecosystems) • In collaboration with Fundación Banorte, five reforestation campaigns were carried out, planting 2,550 trees in Bosque La Primavera, Jalisco; Nevado de Toluca and Tenango del Aire, State of Mexico and Milpa Alta, Mexico City. (Material topics: Biodiversity and Ecosystems) • For the sixth consecutive year, we have responded to the Carbon Disclosure Project (CDP) questionnaire that assesses our performance in climate change, forests, water, and biodiversity. (Material topic: Corporate Governance) Social • During the third quarter of the year, we conducted 43 financial education workshops, benefiting +1,900 payroll clients across various banking segments reinforcing our value-added strategy for client retention and growth. (Material Topic: Financial Health and Education) • Fundación Banorte works for the well -being of Mexican families through initiatives focused on health, housing, education, and women's empowerment, such as: (Material Topic: Community Relations) I. Health: 23,953 medical kits delivered across 7 states. II. Nutrition: 19,216 food packages delivered across 7 states. III. Housing: 811 housing actions (improvements or expansions). IV. Education: Monthly scholarships granted to 2,363 beneficiaries of the Mil Sueños por Cumplir program. V. Yo Soy Voluntario Banorte: • 24 virtual workshops on personal finance with the participation of 48 volunteers. • Activities in various institutions with the participation of 22 volunteers. • Fundación Banorte promotes campaigns that encourage the participation of collaborators and allies to achieve a positive and sustainable social impact: • Fuerza Banorte Trust: 4,308 collaborators donating to the program. Four health campaigns were held in Mexico City’s corporate buildings, where 283 diagnostic tests were performed, and 173 medical aids were delivered to donors and their families. • ATMs: The Habitat for Humanity campaign concluded, raising MXN6 million.
Page 35
III. Sustainability Performance Third Quarter 2025 35 Governance • Our 2024 Annual Report received the platinum award at the LACP Awards, ranking 35th in the global top 100, advancing 53 positions from the previous year. It also received other prestigious recognitions, including Most Creative Report Worldwide and Most Engaging Report in the Americas. (Material topic: Corporate Governance) • In August, S&P’s Corporate Sustainability Assessment (CSA) published the results of its annual ESG evaluation. We scored 67 points, maintaining our performance from the previous year, and were included in the Sustainability Yearbook for the fourth consecutive year. (Material topic: Corporate Governance) Sustainable Business • During 3Q25, Ps 3.07 billion were allocated in 8,461 loans for the purchase of hybrid and electric vehicles. Ps 1.19 billion were evaluated, resulting in an estimated reduction of 4,306 tCO2e (emission´s reduction data is only available for 38% of the total hybrid/electric fleet). (Material topic: Decarbonization) • The 3Q25 placement of our Mujer Pyme product is Ps 531 million in 259 loans. (Material Topic: Financial Inclusion)
Page 36
IV. General Information Third Quarter 2025 36 IV. General Information GFNORTE’s Analyst Coverage In compliance with the requirements of BOLSA MEXICANA DE VALORES, S.A.B. DE C.V, we present the list of brokers who provide an analysis coverage for GFNORTEO. Capital Structure 1. Outstanding shares registered in the National Securities Registry (RNV) 2. Outstanding shares registered – shares held in the Treasury– shares held in the Trust related to the stock-based compensation plan for employees. 3. Shares from buyback program and stock-based compensation plan for employees. 4. Shares held in the Buyback program are being reclassified into Stock-based compensation plan for employees. Actinver - Buy 21-Apr-22 Autonomous Renato Meloni Buy 23-Oct-25 Barclays Brian Morton Buy 13-Oct-25 BBVA Rodrigo Ortega Buy 13-Oct-25 BofA M. Pierry/ E. Gabilondo Buy 16-Oct-25 Bradesco Marcelo Mizrahi Buy 14-Oct-25 BTG Pactual Eduardo Rosman Buy 13-Oct-25 CITI Gustavo Schroden Buy 13-Oct-25 GBM Pablo Ordoñez Buy 22-Apr-25 Goldman Sachs Tito Labarta Buy 9-Oct-25 Itaú BBA Jorge Pérez Araya Buy 19-Aug-25 JP Morgan Yuri Fernandes Buy 17-Oct-25 Monex J. Roberto Solano Buy 20-Apr-23 Punto Research Miguel Cabrera Buy 23-Jul-25 Safra Daniel Vaz Buy 28-Sep-25 UBS Thiago Batista Buy 21-Oct-25 HSBC Carlos Gómez Hold 21-Oct-25 Jefferies Iñigo Vega Hold 9-Sep-25 Kapital Alejandra Marcos Hold 22-Jul-25 Morgan Stanley Jorge Kuri Hold 14-Sep-25 Santander Andrés Soto Hold 4-Sep-25 COMPANY ANALYST RECOMMENDATION DATE SERIES O As of September 30th, 2025 Issued, Subscribed and Paid Shares (1) 2,813,156,594 Accounting Shares Outstanding (2) 2,778,623,478 Shares held in the Trust related to the stock-based compensation plan for employees 33,533,116 Shares held in GFNorte's Treasury (3) 1,000,000 - Stock-based compensation plan for employees 0 - Buyback program (4) 1,000,000 Number of Shares Holding Company Capital Structure
Page 37
V. Financial Statements Third Quarter 2025 37 V. Financial Statements Grupo Financiero Banorte GFNorte- Consolidated Statement of Comprehensive Income (Million Pesos) Interest Income 95,372 95,146 103,915 110,989 109,080 105,830 97,514 Interest Expense 60,624 63,243 67,951 74,400 73,037 70,026 60,900 Net Interest Income (NII) 34,748 31,903 35,964 36,589 36,042 35,804 36,615 Credit Provisions 4,868 4,853 4,615 5,184 5,441 5,203 8,176 Net Interest Income Adjusted for Credit Risk 29,881 27,050 31,349 31,405 30,601 30,601 28,439 Fund Transfers 476 559 668 775 698 703 705 Account Management Fees 475 490 488 500 497 514 525 Electronic Banking Services 4,841 5,128 5,283 5,683 5,216 5,346 4,493 For Commercial and Government Loans 570 624 661 601 425 428 424 Consumer Loan Fees 2,160 2,351 2,424 2,458 2,357 2,602 2,684 Fiduciary & Mortgage Appraisals 128 151 139 143 114 131 133 Mutual Funds 657 690 785 854 865 852 931 Trading & Financial Advising Fees 123 148 209 176 139 224 212 Other Fees Charged (32) (54) (22) (51) 19 (92) (72) Fees Charged on Services 9,397 10,087 10,636 11,139 10,331 10,707 10,035 Interchange Fees 3,348 3,662 3,819 4,080 3,790 3,723 2,925 Other Fees Paid 1,255 1,486 1,513 1,780 1,641 1,905 1,999 Fees Paid on Services 4,603 5,148 5,332 5,860 5,431 5,628 4,924 Net Service Fees 4,794 4,938 5,304 5,280 4,900 5,079 5,111 Premium Income Ins. & Annu. (Net) 18,231 13,961 11,381 11,721 21,325 14,448 14,019 Technical Reserves Ins. & Annu. 12,190 6,717 7,657 6,753 13,479 8,819 7,332 Cost of Acquisition from Insurance Operations 959 149 219 571 1,006 162 263 Net Cost of Claims and Other Obligations 7,817 8,527 8,604 8,551 8,367 8,856 9,000 Currency and Metals (1,432) 5,683 6,233 4,131 (1,263) (7,200) (1,832) Derivatives (759) (4,908) (2,855) 205 2,408 5,696 9 Negotiable Instruments 261 (99) 1,428 (245) 1,540 834 699 Valuation (1,930) 677 4,805 4,091 2,686 (669) (1,124) Currency and Metals 2,655 108 (3,982) (3,225) (532) 2,633 2,198 Derivatives 25 (15) 34 (198) (41) (66) 305 Negotiable Instruments 275 599 639 418 314 551 1,051 Trading 2,955 692 (3,309) (3,005) (259) 3,118 3,554 Other financial results 9 (330) 4 324 (311) 3 8 Trading Income 1,034 1,038 1,500 1,411 2,115 2,451 2,437 Contributions to IPAB (1,136) (1,167) (1,201) (1,236) (1,272) (1,278) (1,260) Expenses Incurred in the Recovery of Credit Portfolio (390) (385) (393) (441) (389) (399) (397) Result for Foreclosed Assets 144 213 245 11 177 95 105 Lease Income 95 121 91 86 90 129 113 From Insurance & Annuities 144 306 98 237 79 86 119 Others 329 362 209 371 344 556 598 Total Other Operating Income (Expense) (814) (550) (951) (972) (971) (811) (723) Total Non Interest Income 2,279 3,995 753 1,564 4,518 3,330 4,248 Total Operating Income 32,160 31,044 32,102 32,969 35,119 33,931 32,687 Personnel 5,629 5,634 5,651 6,842 6,272 6,581 6,637 Professional Fees 896 1,127 981 1,348 1,047 1,197 1,178 Administrative and Promotional Expenses 1,558 1,223 1,424 2,567 1,634 1,616 1,883 Rents, Depreciation & Amortization 2,842 3,150 3,216 3,439 3,111 3,532 3,468 Various Taxes 664 670 718 843 786 782 711 Employee Profit Sharing (PTU) 355 356 399 436 404 355 330 Other Expenses 369 277 330 309 485 349 234 Total Non Interest Expense 12,314 12,437 12,719 15,784 13,739 14,413 14,443 Operating Income 19,846 18,607 19,383 17,185 21,380 19,518 18,244 Subsidiaries' Net Income 547 357 451 358 408 390 456 Pre-Tax Income 20,394 18,964 19,834 17,543 21,788 19,908 18,700 Taxes 6,045 4,639 5,288 3,577 6,185 5,327 4,544 Discontinued Operations (188) (221) (247) (325) (289) (224) (1,518) Net income from continuing operations 14,161 14,104 14,298 13,642 15,314 14,357 12,638 Minority Interest (47) 85 60 (82) 26 (261) (370) Net Income 14,208 14,018 14,238 13,724 15,288 14,618 13,008 Financial Instruments to Collect or Sell Valuation (769) (642) 1,537 (1,910) 2,215 584 604 Result from valuation of instruments for cash flow hedging (336) (762) 1,667 (1,617) 1,670 440 163 Defined remeasurements for employees benefits 19 19 19 (916) 35 34 35 Cumulative translation adjustment (34) 144 315 148 (62) (260) (70) Result from valuation of reserve for unexpired risks variations in rates 133 76 (112) 142 (183) (20) (116) Comprehensive Income (986) (1,164) 3,426 (4,153) 3,675 778 616 Comprehensive Income 13,175 12,940 17,724 9,489 18,989 15,135 13,253 1Q24 2Q252Q24 3Q24 4Q24 1Q25 3Q25
Page 38
V. Financial Statements Third Quarter 2025 38 GFNorte -Consolidated Statement of Financial Position (Million Pesos) ASSETS Cash and Equivalents 125,072 125,894 100,108 98,704 136,906 139,682 97,537 Margin Accounts 5,120 4,747 3,935 3,998 3,569 4,165 3,781 Negotiable Instruments 357,106 360,187 399,459 400,772 409,632 423,023 437,769 Securities Available for Sale 230,955 222,090 213,788 201,079 187,613 178,873 165,534 Securities Held to Maturity 346,510 353,397 353,651 374,822 383,598 383,109 391,186 Investment in Securities 934,570 935,673 966,898 976,673 980,844 985,006 994,489 Estimate of Expected Credit Losses for Investments 164 92 90 76 74 72 69 Debtor Balance in Repo Trans, net 64,591 52,948 5,377 4,002 4,699 2,000 3,500 Securities Lending - - - - - - - For trading purposes 28,917 23,298 17,349 21,126 16,011 16,142 14,847 For hedging purposes 4,556 2,062 2,907 1,004 2,352 3,214 3,435 Transactions with Derivatives 33,473 25,360 20,256 22,130 18,364 19,356 18,282 Valuation adjustments for Asset Coverage - - - - - - - Commercial Loans 409,107 434,991 446,157 478,315 482,568 479,462 479,876 Loans to financial entities 24,947 26,735 37,315 39,171 37,496 43,551 43,961 Consumer Loans 175,923 184,427 193,528 200,754 207,633 216,574 226,682 Payroll Loans 73,552 76,937 79,366 79,431 81,876 84,236 87,006 Personal Loans 1,061 1,004 1,027 1,068 1,052 1,029 1,028 Credit Card 57,042 59,877 63,738 67,496 68,203 70,748 73,970 Auto Loans 44,269 46,610 49,397 52,759 56,502 60,562 64,677 Mortgage Loans 252,064 258,025 263,195 269,211 272,843 278,250 283,629 Medium and Residential 250,485 256,514 261,751 267,837 271,519 277,020 282,476 Low- income housing 1 1 1 1 1 1 0 Loans acquired from INFONAVIT or FOVISSSTE 1,578 1,510 1,443 1,373 1,323 1,229 1,152 Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities´ Loans 176,001 182,027 175,365 183,594 177,855 152,851 155,309 Performing Loans, Stage 1 1,038,042 1,086,206 1,115,560 1,171,045 1,178,394 1,170,688 1,189,456 Commercial Loans 1,905 1,548 2,674 1,645 2,354 2,069 2,234 Loans to financial entities - - - - 1 - 1 Consumer Loans 3,009 2,999 3,160 3,152 3,345 3,240 3,817 Payroll Loans 1,633 1,559 1,703 1,719 1,790 1,613 2,017 Personal Loans 40 43 43 47 40 35 37 Credit Card 980 1,006 1,004 949 1,040 1,122 1,195 Auto Loans 356 391 411 438 475 470 568 Mortgage Loans 3,696 3,457 3,575 3,482 3,707 4,318 4,174 Medium and Residential 3,624 3,383 3,501 3,407 3,629 4,237 4,096 Low- income housing 0 - - 0 - - - Loans acquired from INFONAVIT or FOVISSSTE 72 73 74 75 78 81 78 Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities´ Loans 416 167 368 333 312 277 181 Performing Loans, Stage 2 9,026 8,171 9,777 8,611 9,718 9,903 10,407 Commercial NPL´s 3,518 4,670 4,600 4,053 4,074 5,838 9,018 Financial Entities NPL´s 123 134 134 136 136 236 78 Consumer NPL´s 4,063 4,243 4,570 4,835 4,746 5,126 5,054 Payroll NPL´s 2,076 2,168 2,181 2,314 2,309 2,368 2,245 Personal NPL´s 44 54 72 69 73 64 43 Credit Card NPL´s 1,692 1,779 2,038 2,158 2,062 2,339 2,426 Auto NPL´s 251 243 278 294 302 354 340 Mortgage NPL´s 2,162 2,129 2,038 2,097 2,142 2,279 2,604 Medium and Residential 1,812 1,790 1,694 1,754 1,786 1,903 2,197 Low- income housing - 0 0 - - - - Loans acquired from INFONAVIT or FOVISSSTE 350 339 343 343 356 376 406 Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities PDL´s 9 8 7 4 4 4 - Non-Performing Loans, Stage 3 9,875 11,184 11,348 11,125 11,102 13,484 16,754 Loan Portfolio Valued at Fair Value - - - - - - - Deferred Items 2,489 2,800 2,950 3,132 3,217 3,491 3,714 Loans from Insur. Subsidiaries 3,554 3,669 3,756 3,812 3,873 3,993 4,113 Deffered (BAP) - - - - - - - Gross Loan Portfolio 1,062,985 1,112,031 1,143,392 1,197,726 1,206,305 1,201,558 1,224,444 Preventive Loan Loss Reserves 19,244 19,978 19,907 20,122 20,537 21,045 23,820 Loan Loss-reserve for Insurance and Bail Bond Risks 270 288 301 312 321 330 336 Net from Reserves Loan Portfolio 1,043,471 1,091,766 1,123,184 1,177,292 1,185,447 1,180,184 1,200,288 Acquired Collection Rights (net) 1,032 925 843 876 835 808 740 Total Credit Portfolio 1,044,503 1,092,691 1,124,027 1,178,168 1,186,283 1,180,991 1,201,028 Account Receivables from Insurance and Annuities 14,482 11,857 8,549 5,619 16,821 13,159 9,319 Amounts recoverable by Reinsurance and Counter-guarantee 6,882 6,798 6,246 5,661 9,070 7,968 8,009 Account Receivables from Reinsurance - - - - - - - Benef. receivab. securization transactions - - - - - - - Sundry Debtors & Other Accs Rec, Net 58,448 67,205 71,465 56,229 82,358 59,448 59,932 Inventories 592 886 800 1,219 1,504 1,389 1,352 Foreclosed Assets, Net 4,885 4,842 4,964 4,600 4,635 4,508 4,844 Advanced Payments and Other Assets 10,114 11,461 11,921 14,091 11,817 11,650 12,137 Real Estate, Furniture & Equipment, Net 30,674 30,760 30,966 31,913 31,921 32,139 32,098 Rights of Use of Intangible Assets 4,057 4,206 4,289 4,440 4,107 4,077 4,305 Investment in Subsidiaries 14,514 14,832 15,283 15,629 14,662 14,986 15,421 Long-term assets held for sale - - - - - - 1,803 Deferred Income Tax Assets (0) 2,023 1,664 5,244 2,720 2,244 1,938 Intangibles 16,763 16,063 15,397 14,898 14,522 13,879 11,913 Rights of Use of Intangible Assets - - - - - - - Goodwill 26,823 26,859 27,978 28,067 28,034 27,905 27,644 TOTAL ASSETS 2,395,399 2,435,012 2,420,031 2,471,209 2,552,759 2,524,481 2,509,263 3Q242Q241Q24 4Q24 1Q25 2Q25 3Q25
Page 39
V. Financial Statements Third Quarter 2025 39 GFNorte -Consolidated Statement of Financial Position (Million Pesos) LIABILITIES Demand Deposits 697,414 705,265 698,455 722,181 773,797 777,250 742,978 Time Deposits-Retail 317,486 343,880 371,559 363,684 357,965 366,572 377,700 Time Deposits-Money Market 7,831 6,698 3,905 1,795 6,121 5,203 1,841 Global Account of deposits without movements 3,623 3,756 3,923 4,009 4,205 4,332 4,440 Senior Unsecured Debt 46,077 45,519 46,764 41,831 35,226 35,075 34,797 Deposits 1,072,431 1,105,118 1,124,606 1,133,500 1,177,314 1,188,431 1,161,756 Due to Banks & Correspondents: - Demand Loans - - - - - - - Short Term Loans 24,589 27,781 25,441 22,196 23,854 25,894 23,644 Long Term Loans 8,005 10,994 11,706 12,865 11,722 7,878 7,709 Due to Banks & Correspondents 32,594 38,775 37,146 35,062 35,575 33,771 31,354 Technical Reserves 302,992 309,345 316,628 321,727 339,329 347,475 354,805 Non-assigned Securities for Settlement - - - - - - - Creditor Balance in Repo Trans, Net 409,317 444,159 456,823 459,441 430,144 452,201 451,561 Secs to be received in Repo Trans, Net - - - - - 0 - Collateral sold or pledged as collateral - Repos (Credit Balance) 129,105 98,061 45,892 52,704 78,182 56,691 51,706 Securities' Loans - - - - - 2 - Transactions with Derivatives - - - - - - - Other sold collateral - - - - - - - Total Collateral Sold 129,105 98,061 45,892 52,704 78,182 56,693 51,706 Derivatives - For trading purposes 22,128 21,520 18,128 22,130 14,694 9,414 7,775 For hedging purposes 1,977 2,168 1,866 3,798 1,055 356 39 Total Derivatives 24,105 23,688 19,994 25,927 15,749 9,770 7,814 Valuation adjustments for financial liability coverage - - - - - - - Obligations in securitization transactions - - - - - - (0) Payable Accountsfor Reinsurance 3,979 3,709 3,089 3,018 5,712 4,633 3,450 Lease Liabilities 4,118 4,342 4,485 4,577 4,266 4,234 4,508 Creditors for settlement of transactions 23,914 29,928 42,209 30,746 44,197 34,440 34,986 Margin Accounts Payable - - - - - - - Creditors for collateral received in cash 20,017 14,369 10,200 9,903 7,185 9,364 10,278 Contributions payable 3,035 3,152 2,712 3,719 3,593 3,358 3,328 Suppliers - - - - - - - Related Party - - - - - - - Other Creditors & Accounts Payable 36,523 38,387 28,096 32,527 42,194 32,315 36,322 Other Payable Accounts 83,490 85,836 83,218 76,896 97,169 79,477 84,913 Contributions for future capital increases pending formalization by its governing body - - - - - - - Subordinated Non Convertible Debt 54,083 59,734 52,513 86,928 85,199 78,116 76,269 Income Tax Liabilities 5,564 8,082 9,832 9,130 4,979 5,190 5,905 Employee benefit liability 10,602 10,122 11,182 12,646 11,760 11,725 13,016 Deferred Credits 1,392 1,756 1,437 1,225 1,244 1,357 1,261 TOTAL LIABILITIES 2,133,771 2,192,727 2,166,845 2,222,781 2,286,624 2,273,073 2,248,320 EQUITY Paid-in Capital 15,002 14,877 14,733 14,711 14,726 14,719 14,681 Provision for future capital increase not formalized by its governing entity 0 0 0 0 - - - Share Subscription Premiums 47,600 47,975 48,282 48,161 47,978 48,390 48,143 Finan. instr. that qualify as capital - - - - - - - Subscribed Capital 62,602 62,852 63,014 62,872 62,704 63,109 62,823 Capital Reserves 34,187 29,072 23,286 22,236 22,713 32,398 30,425 Retained Earnings 154,981 127,967 126,924 114,131 168,740 129,081 127,637 Net Income 14,208 28,226 42,464 56,188 15,288 29,906 42,914 Comprehensive Income - Valuation Adjustments for Fair Value through other (Formerly Securities Available for Sale) (2,226) (2,868) (1,331) (3,240) (1,071) (487) 117 Valuation Adjustment for Cash Flow Hedges (154) (917) 750 (866) 804 1,243 1,406 Income and expenses related to assets held for disposal - - - - - - - Defined remeasurements for employees benefits (1,928) (1,908) (1,889) (2,805) (2,770) (2,736) (2,701) Cumulative translation adjustment (143) 2 317 465 403 143 73 Res. for holding non-monetary assets - - - - - - - Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates 323 399 287 428 245 226 109 Participation in other comprehensive income of other entities - - - - - - - Earned Capital 199,248 179,973 190,808 186,537 204,352 189,774 199,981 Minority Interest (222) (539) (637) (982) (921) (1,475) (1,860) Total Equity 261,628 242,286 253,186 248,428 266,135 251,407 260,944 TOTAL LIABILITIES & EQUITY 2,395,399 2,435,012 2,420,031 2,471,209 2,552,759 2,524,481 2,509,263 3Q251Q24 2Q24 3Q24 4Q24 1Q25 2Q25 GFNorte -Consolidated Statement of Financial Position (Million Pesos) LIABILITIES Demand Deposits 603,364 643,394 675,678 678,923 697,414 Time Deposits-Retail 269,082 281,256 307,654 332,098 317,486 Time Deposits-Money Market 13,903 11,898 13,441 8,098 7,831 Global Account of deposits without movements 3,223 3,321 3,461 3,656 3,623 Senior Unsecured Debt 27,397 36,927 36,728 33,643 46,077 Deposits 916,968 976,796 1,036,961 1,056,417 1,072,431 Due to Banks & Correspondents: Demand Loans - - - - - Short Term Loans 18,365 18,004 18,341 25,731 24,589 Long Term Loans 15,738 13,174 14,129 7,410 8,005 Due to Banks & Correspondents 34,102 31,178 32,470 33,142 32,594 Technical Reserves 268,980 274,462 281,170 288,892 302,992 Non-assigned Securities for Settlement - - - - - Creditor Balance in Repo Trans, Net 337,016 371,092 365,518 381,012 409,317 Secs to be received in Repo Trans, Net - - - - - Collateral sold or pledged as collateral Repos (Credit Balance) 118,297 107,536 139,408 88,145 129,105 Securities' Loans - - - - - Transactions with Derivatives - - - - - Other sold collateral - - - - - Total Collateral Sold 118,297 107,536 139,408 88,145 129,105 Derivatives For trading purposes 23,836 24,428 26,483 21,534 22,128 For hedging purposes 2,892 2,370 3,647 2,259 1,977 Operations w/ Derivatives & Securities Total Derivatives 26,727 26,798 30,131 23,793 24,105 Valuation adjustments for financial liability coverage - - - - - Obligations in securitization transactions - - - - - Payable Accountsfor Reinsurance 2,326 2,789 2,405 2,379 3,979 Lease Liabilities 6,437 4,104 4,046 3,947 4,118 Creditors for settlement of transactions 26,129 18,019 17,483 13,148 23,914 Margin Accounts Payable - - - - - Creditors for collateral received in cash 23,173 22,488 23,200 19,747 20,017 Contributions payable 2,659 2,875 2,132 2,707 3,035 Suppliers - - - - - Related Party - - - - - Other Creditors & Accounts Payable 33,184 35,499 35,472 37,038 36,523 Other Payable Accounts 85,145 78,880 78,288 72,639 83,490 Contributions for future capital increases pending formalization by its governing body - - - - - Subordinated Non Convertible Debt 61,132 58,175 57,039 55,421 54,083 Income Tax Liabilities 10,666 6,367 6,070 6,934 5,564 Employee benefit liability 8,338 9,305 10,189 11,399 10,602 Deferred Credits 1,326 1,282 1,406 1,535 1,392 TOTAL LIABILITIES 1,877,460 1,948,764 2,045,100 2,025,654 2,133,771 EQUITY Paid-in Capital 14,968 14,968 14,971 14,988 15,002 Provision for future capital increase not formalized by its governing entity 0 0 0 0 0 Share Subscription Premiums 48,404 48,709 49,040 47,648 47,600 Finan. instr. that qualify as capital - - - - - Subscribed Capital 63,372 63,677 64,012 62,636 62,602 Capital Reserves 33,615 33,618 33,619 33,885 34,187 Retained Earnings 144,172 120,409 119,496 103,510 154,981 Net Income 13,018 26,106 39,375 52,418 14,208 Comprehensive Income Valuation Adjustments for Fair Value through other (Formerly Securities Available for Sale) (2,355) (2,215) (3,330) (1,411) (2,226) Valuation Adjustment for Cash Flow Hedges (770) (458) (1,573) 181 (154) Income and expenses related to assets held for disposal - - - - - Remeasurements defined benefits for employees (1,844) (1,822) (1,801) (1,947) (1,928) Cumulative foreign currency translation adjustment (28) (95) (72) (109) (143) Res. for holding non-monetary assets - - - - - Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates 211 204 356 189 323 Participation in other comprehensive income of other entities - - - - - Earned Capital 186,019 175,748 186,071 186,717 199,248 Minority Interest 3,180 3,189 3,184 (148) (222) Total Equity 252,570 242,614 253,267 249,206 261,628 TOTAL LIABILITIES & EQUITY 2,130,031 2,191,378 2,298,368 2,274,859 2,395,399 1Q23 2Q23 3Q23 4Q23 1Q24 GFNorte -Consolidated Statement of Financial Position (Million Pesos) LIABILITIES Demand Deposits 603,364 643,394 675,678 678,923 697,414 Time Deposits-Retail 269,082 281,256 307,654 332,098 317,486 Time Deposits-Money Market 13,903 11,898 13,441 8,098 7,831 Global Account of deposits without movements 3,223 3,321 3,461 3,656 3,623 Senior Unsecured Debt 27,397 36,927 36,728 33,643 46,077 Deposits 916,968 976,796 1,036,961 1,056,417 1,072,431 Due to Banks & Correspondents: Demand Loans - - - - - Short Term Loans 18,365 18,004 18,341 25,731 24,589 Long Term Loans 15,738 13,174 14,129 7,410 8,005 Due to Banks & Correspondents 34,102 31,178 32,470 33,142 32,594 Technical Reserves 268,980 274,462 281,170 288,892 302,992 Non-assigned Securities for Settlement - - - - - Creditor Balance in Repo Trans, Net 337,016 371,092 365,518 381,012 409,317 Secs to be received in Repo Trans, Net - - - - - Collateral sold or pledged as collateral Repos (Credit Balance) 118,297 107,536 139,408 88,145 129,105 Securities' Loans - - - - - Transactions with Derivatives - - - - - Other sold collateral - - - - - Total Collateral Sold 118,297 107,536 139,408 88,145 129,105 Derivatives For trading purposes 23,836 24,428 26,483 21,534 22,128 For hedging purposes 2,892 2,370 3,647 2,259 1,977 Operations w/ Derivatives & Securities Total Derivatives 26,727 26,798 30,131 23,793 24,105 Valuation adjustments for financial liability coverage - - - - - Obligations in securitization transactions - - - - - Payable Accountsfor Reinsurance 2,326 2,789 2,405 2,379 3,979 Lease Liabilities 6,437 4,104 4,046 3,947 4,118 Creditors for settlement of transactions 26,129 18,019 17,483 13,148 23,914 Margin Accounts Payable - - - - - Creditors for collateral received in cash 23,173 22,488 23,200 19,747 20,017 Contributions payable 2,659 2,875 2,132 2,707 3,035 Suppliers - - - - - Related Party - - - - - Other Creditors & Accounts Payable 33,184 35,499 35,472 37,038 36,523 Other Payable Accounts 85,145 78,880 78,288 72,639 83,490 Contributions for future capital increases pending formalization by its governing body - - - - - Subordinated Non Convertible Debt 61,132 58,175 57,039 55,421 54,083 Income Tax Liabilities 10,666 6,367 6,070 6,934 5,564 Employee benefit liability 8,338 9,305 10,189 11,399 10,602 Deferred Credits 1,326 1,282 1,406 1,535 1,392 TOTAL LIABILITIES 1,877,460 1,948,764 2,045,100 2,025,654 2,133,771 EQUITY Paid-in Capital 14,968 14,968 14,971 14,988 15,002 Provision for future capital increase not formalized by its governing entity 0 0 0 0 0 Share Subscription Premiums 48,404 48,709 49,040 47,648 47,600 Finan. instr. that qualify as capital - - - - - Subscribed Capital 63,372 63,677 64,012 62,636 62,602 Capital Reserves 33,615 33,618 33,619 33,885 34,187 Retained Earnings 144,172 120,409 119,496 103,510 154,981 Net Income 13,018 26,106 39,375 52,418 14,208 Comprehensive Income Valuation Adjustments for Fair Value through other (Formerly Securities Available for Sale) (2,355) (2,215) (3,330) (1,411) (2,226) Valuation Adjustment for Cash Flow Hedges (770) (458) (1,573) 181 (154) Income and expenses related to assets held for disposal - - - - - Remeasurements defined benefits for employees (1,844) (1,822) (1,801) (1,947) (1,928) Cumulative foreign currency translation adjustment (28) (95) (72) (109) (143) Res. for holding non-monetary assets - - - - - Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates 211 204 356 189 323 Participation in other comprehensive income of other entities - - - - - Earned Capital 186,019 175,748 186,071 186,717 199,248 Minority Interest 3,180 3,189 3,184 (148) (222) Total Equity 252,570 242,614 253,267 249,206 261,628 TOTAL LIABILITIES & EQUITY 2,130,031 2,191,378 2,298,368 2,274,859 2,395,399 1Q23 2Q23 3Q23 4Q23 1Q24
Page 40
V. Financial Statements Third Quarter 2025 40 GFNorte - Memorandum Accounts (Million Pesos) On behalf of Third Parties Customer's Banks 11 74 20 21 14 35 141 Dividends Receivable from Customers - - - - - - - Interest Receivable from Customers - - - - - - - Settlement of Customer Transactions (118) 178 (232) (150) 87 127 126 Customer Premiums - - - - - - - Settlement with Clients’ Foreign Currency - - - - - - - Margin Accounts in Futures’ Operations - - - - - - - Other Current Accounts - - - - - - - Customers’ Current Account (107) 253 (212) (129) 101 162 268 Client Securities Received in Custody 906,763 987,732 1,051,135 1,059,245 1,118,811 1,174,467 1,240,551 Securities and Documents Received in Guarantee - - - - - - - Client Securities Abroad - - - - - - - Clients’ Securities 906,763 987,732 1,051,135 1,059,245 1,118,811 1,174,467 1,240,551 Clients’ Repurchase Operations 263,692 255,046 254,166 250,325 247,458 231,619 220,451 Clients’ Repo Transactions w/ Securities - - - - - - - Collateral received in guarantee for customer accounts 259,568 254,832 254,028 250,038 247,285 231,504 220,288 Collateral delivered in guarantee for customer accounts 4,015 2 1 104 106 - - Purchase of Futures & Forward Contracts, national - - - - - - - Sale of Futures and Forward Contracts, national - - - - - - - Clients’ Option Purchase Operations - - - - - - - Clients’ Option Sales Operations - - Purchase Operations of derivatives - - - - - - - Clients’ Sales Operations of derivatives - - - - - - - Trusts under Management 280 266 267 265 261 223 187 Siefores shares held by employees - - - - - - - Miscellaneous accounts - - - - - - - Transactions On Behalf of Clients 527,556 510,146 508,462 500,732 495,109 463,346 440,926 Investment Bank Trans. on behalf of Third (Net) 365,085 360,959 335,674 336,778 363,949 381,905 386,430 TOTAL ON BEHALF OF THIRD PARTIES 1,799,297 1,859,090 1,895,061 1,896,626 1,977,970 2,019,879 2,068,175 Endorsement Guarantees Granted - - - - - - - Loan Obligations 471,676 533,151 582,067 572,012 588,406 595,285 603,740 Trusts 309,338 314,192 332,013 340,970 345,496 351,246 348,901 Mandates 7,172 8,477 7,619 7,867 7,662 8,524 8,343 Properties in Trusts and Warrant 316,509 322,669 339,632 348,837 353,157 359,770 357,244 Properties in Custody or Management 623,310 674,984 732,777 734,276 756,449 789,242 828,024 Shares delivered in custody or as collateral 45,942 46,392 49,442 49,442 49,842 49,842 49,970 Collateral Received 284,304 249,262 201,269 212,285 245,996 228,149 231,668 Collateral Received or sold or delivered 129,155 98,080 45,890 52,708 78,218 56,699 51,691 Assets' Deposit 3,272 3,364 2,213 3,823 4,571 5,272 4,302 Contingent Assets & Liabilities 36 37 62 30 39 48 24 Uncollected Accrued Interest from Non-Performing Loans 430 446 449 457 464 518 558 Responsibilities for bonds in force (net) - - - - - - - Recovery guarantees for bonds issued - - - - - - - Complaints received pending verification - - - - - - - Contingent claims - - - - - - - Claims paid - - - - - - - Claims cancelled - - - - - - - Recovered claims - - - - - - - Siefores' shares, own position - - - - - - - Miscellaneous accounts 666,044 692,217 683,367 726,120 720,296 612,963 607,124 TOTAL PROPRIETARY 2,540,678 2,620,603 2,637,168 2,699,991 2,797,439 2,697,789 2,734,345 1Q25 2Q25 3Q251Q24 2Q24 3Q24 4Q24
Page 41
V. Financial Statements Third Quarter 2025 41 Operation activities Net income before taxes 60,396 Adjustments for items associated with investing activities 4,866 Depreciation in property, furniture, and equipment 3,333 Amortization of intangible assets 755 Participation in the net income of other entities (1,254) Discontinued operations 2,032 Adjustments for items associated with financing activities: 4,284 Interest associated with interbank loans and loans from other organizations 2,069 Interest associated with financial instruments that qualify as a liability 2,215 Sum 9,150 Changes in operating items (19,338) Change in margin accounts (derivative financial instruments) 217 Change in investments in financial instruments (securities) (net) (14,465) Change in repo debtors (net) 502 Change in derivative financial instruments (asset) 6,279 Change in loan portfolio (net) (22,996) Change in acquired collection rights (net) 136 Change in debtors of insurance and bail-bond companies (3,700) Amounts recoverable by reinsurance and counter-guarantee (2,348) Change in inventories (133) Change in other accounts receivable (net) 1,658 Change in foreclosed assets (net) (244) Change in traditional deposits 28,256 Change in technical reserves 33,078 Changes of interbank loans and other organizations (5,777) Change in creditors by repo (7,880) Change in collateral sold or given in guarantee (998) Change in derivative financial instruments (liability) (14,355) Change in accounts payable for reinsurance and reguarantee (liability) 432 Change in hedging derivative financial instruments (of hedged items related to operating activities) Change in assets/liabilities for employee benefits 370 Change in other accounts payable 8,131 Income tax payments (17,792) Net assets from discontinued operations (3,792) Net cash flows from operating activities 50,208 Investment activities Payments for the acquisition of property, furniture and equipment (8,300) Charges for disposal of property, furniture and equipment 4,888 Payments for disposal of associates, joint ventures and other permanent investments Collections of cash dividends from permanent investments 1,443 Net cash flows from investing activities (1,989) Financial activities Lease liability payments (505) Payments associated with financial instruments that qualify as capital (4,545) Cash Dividend Payments (28,084) Payments associated with the repurchase of own shares (2,892) Payments associated with financial instruments that qualify as a liability (12,873) Interest payments for lease liability (290) Net cash flows from financing activities (49,189) Net increase or decrease in cash and cash equivalents (970) Effects of changes in the value of cash and cash equivalents (197) Cash and cash equivalents at the beginning of the period 98,704 Cash and cash equivalents at the end of the period 97,537 (20) GFNORTE - CONSOLIDATED STATEMENT OF CASH FLOWS JANUARY 1st, 2025 – SEPTEMBER 30th, 2025 (Million Pesos) (3,917)
Page 42
V. Financial Statements Third Quarter 2025 42 Balance as of December 31st, 2024 14,711 48,161 22,236 170,320 (3,240) (867) (2,805) 428 465 249,409 (981) 248,428 CHANGES STEMMING FROM STOCKHOLDERS' DECISIONS 0 0 0 0 0 0 0 0 0 0 0 Repurchase of share-based payment plan liquidable in equity instruments (30) (107) (1,810) 0 0 0 0 0 0 (1,947) 0 (1,947) Dividends Decreed by the Ordinary General Meeting of Shareholders on April 23rd 2025 0 0 0 (28,084) 0 0 0 0 0 (28,084) 0 (28,084) Creation of reserves for share buybacks 0 0 9,999 (9,999) 0 0 0 0 0 0 0 0 Total (30) (107) 8,189 (38,083) 0 0 0 0 0 (30,031) 0 (30,031) OTHER CHANGES STEMMING FROM STOCKHOLDERS' DECISIONS Effect of subsidiaries, associates, and investment companies 0 89 0 (55) (46) 0 0 0 0 (12) 0 (12) Interest on subordinated debt 0 0 0 (4,545) 0 0 0 0 0 (4,545) 0 (4,545) Total 0 89 0 (4,600) (46) 0 0 0 0 (4,557) 0 (4,557) COMPREHENSIVE INCOME: Net Income 0 0 0 42,914 0 0 0 0 0 42,914 (605) 42,309 OTHER COMPREHENSIVE INCOME Financial instruments to collect or sell valuation 0 0 0 0 3,403 0 0 0 0 3,403 0 3,403 Result from conversion of foreign operations 0 0 0 0 0 0 0 0 (392) (392) 0 (392) Cash flow hedges valuation 0 0 0 0 0 2,273 0 0 0 2,273 0 2,273 Remeasurement by result in the valuation of the unexpired risk reserve due to variation in discount rates 0 0 0 0 0 0 0 (319) 0 (319) 0 (319) Defined remeasurements for employees benefits 0 0 0 0 0 0 104 0 0 104 0 104 Total 0 0 0 42,914 3,403 2,273 104 (319) (392) 47,983 (605) 47,378 Minority Interest (274) (274) Balance as of September 30th, 2025 14,681 48,143 30,425 170,551 117 1,406 (2,701) 109 73 262,804 (1,860) 260,944 Total Stockholders' Equity Remeasurement by result in the Valuation of the unexpired Risk reserve due to Variation in discount rates Fixed Paid-in Capital Remeasurement on Defined Employee Benefits Premium from Sale of Securities Capital Reserves Retained Earnings Financial instruments to Collect or Sell Valuation Cash Flow Hedges GFNORTE - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JANUARY 1st, 2025 – SEPTEMBER 30th, 2025 (Million Pesos) CONTRIBUTED CAPITAL EARNED CAPITAL Cumulative Foreign Currency Translation Adjustment Total Majority Interest Total Minority Interest
Page 43
V. Financial Statements Third Quarter 2025 43 Banorte Banorte-Consolidated Statement of Comprehensive Income (Million Pesos) Interest Income 80,674 84,280 89,149 97,077 96,160 93,961 86,824 Interest Expense 54,587 57,429 61,501 68,147 67,635 65,447 56,409 Net Interest Income (NII) 26,087 26,851 27,648 28,930 28,525 28,514 30,415 Credit Provisions 4,910 4,761 4,471 5,222 5,339 5,160 8,101 Net Interest Income Adjusted for Credit Risk 21,177 22,090 23,177 23,708 23,186 23,354 22,314 Fund Transfers 476 559 668 775 698 703 705 Account Management Fees 475 490 488 500 497 514 525 Electronic Banking Services 4,841 5,128 5,283 5,683 5,216 5,346 4,493 For Commercial and Government Loans 417 458 390 401 423 426 423 Consumer Loan Fees 2,160 2,351 2,424 2,458 2,357 2,602 2,684 Fiduciary & Mortgage Appraisals 128 151 139 142 114 130 133 Mutual Funds - - - - - - - Trading & Financial Advising Fees - - - - - - - Other Fees Charged 869 931 982 1,201 1,328 1,252 1,330 Fees Charged on Services 9,366 10,069 10,374 11,161 10,634 10,974 10,293 Interchange Fees 3,348 3,662 3,819 4,080 3,790 3,723 2,925 Other Fees Paid 1,181 1,400 1,421 1,660 1,548 1,786 1,893 Fees Paid on Services 4,529 5,062 5,240 5,740 5,338 5,509 4,818 Net Service Fees 4,837 5,006 5,134 5,421 5,295 5,465 5,475 Currency and Metals (1,432) 5,685 6,234 4,133 (1,265) (7,209) (1,832) Derivatives (755) (4,905) (2,863) 210 2,407 5,698 12 Negotiable Instruments (234) 35 714 (740) 517 (18) (35) Valuation (2,421) 815 4,086 3,603 1,659 (1,529) (1,856) Currency and Metals 2,655 120 (3,968) (3,219) (526) 2,626 2,197 Derivatives 25 (15) 34 (198) (41) (66) 305 Negotiable Instruments 205 (86) 263 170 94 262 647 Trading 2,885 19 (3,672) (3,247) (473) 2,822 3,150 Other financial results 13 (329) 7 322 (308) (5) 10 Trading Income 477 506 421 678 878 1,288 1,303 Contributions to the IPAB (1,136) (1,167) (1,201) (1,236) (1,272) (1,278) (1,260) Expenses Incurred in the Recovery of Credit Portfolio (382) (371) (381) (431) (383) (389) (388) Acquired collection rights 98 137 121 202 134 162 142 Income from foreclosed assets 139 204 242 (162) 171 88 115 Donations (66) (56) (54) (81) (56) (32) (84) Impairment of Assets - - - - - - - Result on sale of Property, Furniture and Equipment (4) (5) 3 19 (12) 6 4 Lease Income 0 0 0 0 0 0 0 Securitization Operation Valuation Result - - - - - - - Others 421 381 222 273 334 526 470 Total Other Operating Income (Expense) (930) (877) (1,048) (1,416) (1,083) (918) (1,002) Total Non Interest Income 4,384 4,636 4,506 4,683 5,090 5,835 5,776 Total Operating Income 25,561 26,726 27,683 28,391 28,276 29,189 28,091 Personnel 4,959 4,961 4,985 6,232 5,618 5,931 5,992 Professional Fees 759 979 839 1,143 915 1,016 1,022 Administrative and Promotional Expenses 1,538 1,243 1,462 2,978 1,797 1,779 1,987 Rents, Depreciation & Amortization 2,676 2,990 3,037 3,274 2,933 3,359 3,301 Various Taxes 584 586 639 762 676 694 637 Employee Profit Sharing (PTU) 326 326 369 402 377 328 303 Other Expenses 204 259 289 297 308 282 221 Total Non Interest Expense 11,047 11,344 11,621 15,087 12,625 13,390 13,462 Operating Income 14,514 15,382 16,062 13,304 15,651 15,799 14,629 Subsidiaries' Net Income 225 53 56 40 47 64 50 Pre-Tax Income 14,739 15,434 16,118 13,344 15,697 15,863 14,679 Taxes 4,501 3,844 4,499 2,729 4,647 4,369 3,809 Net Income from Continuos Operations 10,238 11,591 11,619 10,615 11,051 11,494 10,870 Discontinued Operations - - - - - - - Net income from continuing operations 10,238 11,591 11,619 10,615 11,051 11,494 10,870 Minority Interest (236) (124) (152) (279) (176) (475) (577) Net Income 10,474 11,715 11,770 10,894 11,227 11,969 11,447 Financial Instruments to Collect or Sell Valuation (664) (546) 1,378 (1,702) 1,960 544 427 Result from valuation of instruments for cash flow hedging (342) (776) 1,696 (1,645) 1,700 447 166 Defined remeasurements for employees benefits 20 20 20 (915) 35 34 34 Cumulative translation adjustment (30) 118 295 156 (55) (232) (61) Comprehensive Income (1,016) (1,184) 3,389 (4,107) 3,639 793 566 Comprehensive Income 9,222 10,407 15,008 6,509 14,690 12,287 11,437 2Q24 3Q24 4Q24 1Q25 2Q251Q24 3Q25
Page 44
V. Financial Statements Third Quarter 2025 44 Banorte -Consolidated Statement of Financial Position (Million Pesos) ASSETS Cash and Equivalents 124,744 125,523 99,660 98,045 136,348 138,945 96,825 Margin Accounts 5,120 4,747 3,935 3,998 3,569 4,165 3,781 Negotiable Instruments 110,919 109,994 147,335 129,857 130,465 147,221 169,807 Securities Available for Sale 168,015 157,033 150,674 155,898 148,979 146,133 133,509 Securities Held to Maturity 94,921 101,890 94,941 111,477 115,957 110,689 112,769 Investment in Securities 373,855 368,917 392,950 397,232 395,402 404,042 416,086 Estimate of Expected Credit Losses for Investments 83 78 77 75 74 71 69 Debtor Balance in Repo Trans, net 125,036 98,014 45,890 52,600 78,077 56,689 51,706 Securities Lending - - - - - - - For trading purposes 28,831 23,294 17,351 21,119 15,996 16,132 14,839 For hedging purposes 4,556 2,062 2,907 1,004 2,352 3,214 3,435 Transactions with Derivatives 33,387 25,356 20,258 22,123 18,348 19,346 18,274 Operations w/Derivatives & Securities 158,423 123,370 66,148 74,722 96,425 76,035 69,980 Valuation adjustments for Asset Coverage - - - - - - - Commercial Loans 374,240 397,832 406,873 433,979 438,001 435,411 436,851 Financial Intermediaries´ Loans 42,557 46,313 55,745 57,348 55,312 59,917 62,440 Consumer Loans 175,912 184,411 193,490 200,724 207,610 216,564 226,681 Payroll Loans 73,552 76,937 79,366 79,431 81,876 84,236 87,006 Personal Loans 1,051 988 989 1,039 1,031 1,020 1,028 Credit Card 57,042 59,877 63,738 67,496 68,202 70,748 73,970 Auto Loans 44,267 46,609 49,397 52,758 56,502 60,561 64,676 Mortgage Loans 252,064 258,025 263,195 269,211 272,843 278,250 283,629 Medium and Residential 250,485 256,514 261,751 267,837 271,519 277,020 282,476 Low- income housing 1 1 1 1 1 1 0 Loans acquired from INFONAVIT or FOVISSSTE 1,578 1,510 1,443 1,373 1,323 1,229 1,152 Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities´ Loans 169,655 171,087 165,839 182,182 176,452 150,897 151,526 Performing Loans, Stage 1 1,014,428 1,057,669 1,085,141 1,143,444 1,150,220 1,141,039 1,161,127 Commercial Loans 1,395 1,363 2,602 1,425 2,241 2,053 2,224 Financial Intermediaries´ Loans - - - - 1 - 1 Consumer Loans 3,009 2,998 3,155 3,146 3,340 3,238 3,817 Payroll Loans 1,633 1,559 1,703 1,719 1,790 1,613 2,017 Personal Loans 40 42 37 40 35 33 37 Credit Card 980 1,006 1,004 949 1,040 1,122 1,195 Auto Loans 356 391 411 438 475 470 568 Mortgage Loans 3,696 3,457 3,575 3,482 3,707 4,318 4,174 Medium and Residential 3,624 3,383 3,501 3,407 3,629 4,237 4,096 Low- income housing 0 - - 0 - - - Loans acquired from INFONAVIT or FOVISSSTE 72 73 74 75 78 81 78 Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities´ Loans - - - - - - - Performing Loans, Stage 2 8,100 7,818 9,332 8,052 9,289 9,609 10,216 Commercial NPL´s 2,808 3,867 3,689 3,512 3,552 5,265 8,586 Financial Intermediaries NPL´s 119 130 130 132 132 232 74 Consumer NPL´s 4,063 4,243 4,567 4,824 4,737 5,118 5,054 Payroll NPL´s 2,076 2,168 2,181 2,314 2,309 2,368 2,245 Personal NPL´s 44 53 69 58 64 57 43 Credit Card NPL´s 1,692 1,779 2,038 2,158 2,062 2,339 2,426 Auto NPL´s 251 243 278 294 302 354 340 Mortgage NPL´s 2,162 2,129 2,038 2,097 2,142 2,279 2,604 Medium and Residential 1,812 1,790 1,694 1,754 1,786 1,903 2,197 Low- income housing - 0 0 - - - - Loans acquired from INFONAVIT or FOVISSSTE 350 339 343 343 356 376 406 Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities PDL´s 4 3 2 - - - - Non-Perfoming Loans, Stage 3 9,156 10,373 10,426 10,565 10,563 12,895 16,317 Loan Portfolio Valued at Fair Value - - - - - - - Deferred Items 2,537 2,850 3,005 3,192 3,267 3,525 3,736 Gross Loan Portfolio 1,034,221 1,078,711 1,107,904 1,165,253 1,173,338 1,167,067 1,191,396 Preventive Loan Loss Reserves 18,495 19,119 18,950 19,658 20,067 20,553 23,456 Net Loan Portfolio 1,015,726 1,059,592 1,088,954 1,145,596 1,153,271 1,146,514 1,167,939 Acquired Collection Rights (net) 1,032 925 843 876 835 808 740 Total Credit Portfolio 1,016,758 1,060,517 1,089,796 1,146,472 1,154,106 1,147,322 1,168,680 Benef. receivab. securization transactions - - - - - - - Sundry Debtors & Other Accs Rec, Net 53,257 61,115 65,416 49,179 66,659 53,670 51,134 Inventories - - - - - - - Foreclosed Assets, Net 4,809 4,769 4,892 4,533 4,568 4,440 4,784 Advanced Payments and Other Assets 4,188 4,862 4,161 5,798 5,345 4,690 4,433 Real Estate, Furniture & Equipment, Net 25,934 26,070 26,341 27,032 26,887 27,000 27,088 Rights of Use of Intangible Assets 3,948 4,091 4,195 4,363 4,032 4,012 4,245 Investment in Subsidiaries 1,433 1,446 1,502 1,537 1,468 1,465 1,494 Long-term assets held for sale - - - - - - 43 Deferred Income Tax Assets 101 2,549 1,785 3,790 1,435 983 1,015 Intangibles 13,172 12,441 11,771 11,231 10,863 10,190 9,833 Rights of Use of Intangible Assets - - - - - - - Goodwill 1,494 1,530 2,649 2,738 2,706 2,577 2,316 TOTAL ASSETS 1,787,156 1,801,868 1,775,125 1,830,596 1,909,740 1,879,465 1,861,668 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Page 45
V. Financial Statements Third Quarter 2025 45 Banorte -Consolidated Statement of Financial Position (Million Pesos) LIABILITIES Demand Deposits 701,505 709,158 711,211 739,532 791,335 787,335 754,339 Time Deposits-Retail 317,643 343,987 371,569 363,697 358,005 366,582 377,710 Time Deposits-Money Market 7,831 6,698 3,905 1,795 6,121 5,203 1,841 Global Account of deposits without movements 3,623 3,756 3,923 4,009 4,205 4,332 4,440 Senior Unsecured Debt 56,174 55,549 51,772 43,838 37,236 37,087 34,797 Deposits 1,086,776 1,119,149 1,142,380 1,152,871 1,196,902 1,200,539 1,173,126 Due to Banks & Correspondents: - Demand Loans 940 1,598 1,877 1,365 1,511 1,183 - Short Term Loans 6,155 5,939 3,895 4,007 3,551 3,037 2,645 Long Term Loans 4,383 6,995 7,120 7,692 7,599 4,386 4,700 Due to Banks & Other Correspondents 11,478 14,533 12,892 13,064 12,661 8,606 7,345 Technical Reserves - - - - - - - Non-assigned Securities for Settlement - - - - - - - Creditor Balance in Repo Trans, Net 235,095 243,129 253,674 267,192 268,980 283,496 288,712 Secs to be received in Repo Trans, Net - - - - - - - Collateral sold or pledged as collateral: - Repos (Credit Balance) 125,098 98,059 45,890 52,600 78,077 56,691 51,706 Securities' Loans - - - - - - - Transactions with Derivatives - - - - - - - Other sold collateral - - - - - - - Total Collateral sold 125,098 98,059 45,890 52,600 78,077 56,691 51,706 Derivatives - For trading purposes 22,159 21,628 18,249 22,236 14,794 9,519 7,879 For hedging purposes 1,977 2,168 1,866 3,798 1,055 356 39 Total Derivatives 24,136 23,796 20,116 26,034 15,848 9,874 7,919 Valuation adjustments for financial liability coverage - - - - - - - Obligations in securitization transactions - - - - - - (0) Payable Accountsfor Reinsurance - - - - - - - Lease Liabilities 4,005 4,222 4,386 4,496 4,188 4,163 4,443 Creditors for settlement of transactions 21,607 26,804 39,445 27,249 32,346 32,327 29,984 Margin Accounts Payable - - - - - - - Creditors for collateral received in cash 20,017 14,369 10,200 9,903 7,185 9,364 10,278 Contributions payable 1,618 1,626 1,603 2,218 1,897 1,912 2,058 Suppliers - - - - - - - Related Party - - - - - - - Other Creditors & Accounts Payable 30,099 31,375 21,523 22,267 30,210 21,583 25,556 Other Payable Accounts 73,341 74,172 72,770 61,638 71,638 65,186 67,876 Contributions for future capital increases pending formalization by its governing body - - - - - - - Subordinated Non Convertible Debt 54,083 59,734 52,513 86,928 85,199 78,116 76,269 Income Tax Liabilities 2,872 5,665 6,864 5,871 3,497 2,973 3,116 Employee benefit liability 9,650 9,051 9,897 11,259 10,757 10,710 11,919 Deferred Credits 1,130 1,131 1,081 1,076 1,061 1,150 1,016 TOTAL LIABILITIES 1,627,664 1,652,641 1,622,462 1,683,028 1,748,807 1,721,504 1,693,447 EQUITY Paid-in Capital 18,795 18,795 18,795 18,795 18,795 18,795 18,795 Provision for future capital increase not formalized by its governing entity - - - - - - - Share Subscription Premiums 4,773 5,080 5,390 5,704 5,996 6,300 6,593 Finan. instr. that qualify as capital - - - - - - - Subscribed Capital 23,567 23,875 24,184 24,499 24,791 25,094 25,388 Capital Reserves 18,959 18,959 18,959 18,959 18,959 18,959 18,959 Retained Earnings 114,036 93,053 80,993 69,062 112,309 96,762 95,293 Net Income 10,474 22,189 33,960 44,854 11,227 23,196 34,643 Comprehensive Income - Valuation Adjustments for Fair Value through other (Formerly Securities Available for Sale) (1,638) (2,182) (806) (2,508) (552) (8) 422 Valuation Adjustment for Cash Flow Hedges (159) (934) 762 (883) 816 1,264 1,429 Income and expenses related to assets held for disposal - - - - - - - Defined remeasurements for employees benefits (1,974) (1,954) (1,934) (2,849) (2,814) (2,780) (2,746) Cumulative translation adjustment (221) (103) 192 348 293 61 0 Res. for holding non-monetary assets - - - - - - - Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates - - - - - - - Participation in other comprehensive income of other entities - - - - - - - Earned Capital 139,478 129,029 132,125 126,982 140,238 137,455 148,002 Minority Interest (3,553) (3,678) (3,646) (3,914) (4,095) (4,587) (5,169) Total Equity 159,492 149,226 152,663 147,567 160,933 157,961 168,221 TOTAL LIABILITIES & EQUITY 1,787,156 1,801,868 1,775,125 1,830,596 1,909,740 1,879,465 1,861,668 3Q252Q24 3Q24 4Q24 1Q25 2Q251Q24
Page 46
V. Financial Statements Third Quarter 2025 46 Banorte - Memorandum Accounts (Million Pesos) Investment Banking transactions for third parties, net - - - - - - - TOTAL ON BEHALF OF THIRD PARTIES - - - - - - - Endorsement Guarantees Granted - - - - - - - Loan Obligations 421,539 482,871 515,900 514,486 525,736 536,485 534,921 Trusts 309,338 314,192 332,013 340,970 345,496 351,246 348,901 Mandates 7,172 8,477 7,619 7,867 7,662 8,524 8,343 Properties in Trusts and Warrant 316,509 322,669 339,632 348,837 353,157 359,770 357,244 Properties in Custody or Management 685,799 705,121 708,520 704,122 725,476 752,754 769,089 Shares delivered in custody or as collateral - - - - - - - Collateral Received 263,275 240,315 190,755 203,010 233,283 219,924 222,265 Collateral Received or sold or delivered 125,140 98,078 45,888 52,604 78,112 56,699 51,691 Deposits of assets - - - - - - - Contingent assets & liabilites 36 37 62 30 39 48 24 Uncollected Accrued Interest from Non-Performing Loans 408 421 422 426 428 479 515 Liabilities for active bonds (net) - - - - - - - Recovery guarantees for issued bonds - - - - - - - Complaints received pending verification - - - - - - - Contingent claims - - - - - - - Claims paid - - - - - - - Claims cancelled - - - - - - - Recovered claims - - - - - - - Miscellaneous accounts 613,469 632,365 625,103 665,363 658,267 543,176 542,606 TOTAL PROPRIETARY 2,426,174 2,481,877 2,426,283 2,488,878 2,574,499 2,469,335 2,478,354 3Q252Q24 3Q24 4Q24 1Q25 2Q251Q24
Page 47
V. Financial Statements Third Quarter 2025 47 Operation activities Net income before taxes 46,239 Adjustments for items associated with investing activities 3,557 Depreciation in property, furniture, and equipment 3,146 Amortization of intangible assets 571 Participation in the net income of other entities (160) Adjustments for items associated with financing activities: 2,928 Interest associated with interbank loans and loans from other organizations 616 Interest associated with financial instruments that qualify as a liability 2,312 Sum 6,485 Changes in operating items (18,606) Change in margin accounts (derivative financial instruments) 217 Change in investments in financial instruments (securities) (net) (15,930) Change in repo debtors (net) 893 Change in derivative financial instruments (asset) 6,280 Change in loan portfolio (net) (22,344) Change in acquired collection rights (net) 136 Change in other accounts receivable (net) (1,954) Change in foreclosed assets (net) (251) Change in other operating assets (net) 3,185 Change in traditional deposits 20,255 Changes of interbank loans and other organizations (6,335) Change in creditors by repo 21,520 Change in collateral sold or given in guarantee (893) Change in derivative financial instruments (liability) (14,357) Change in other operating liabilities (60) Change in hedging derivative financial instruments (3,877) Change in assets/liabilities for employee benefits 660 Change in other accounts payable 5,986 Income tax payments (11,737) Net cash flows from operating activities 34,118 Investment activities Payments for the acquisition of property, furniture and equipment (6,706) Charges for the acquisition of property, furniture, and equipment 3,794 Payments for the acquisition of associates, joint businesses, and other permanent investments (20) Charges of cash dividends coming from permanent investments 183 Net cash flows from investing activities (2,749) Financial activities Lease liability payments (511) Payments associated with financial instruments that qualify as capital (4,625) Dividends paid in cash (14,000) Payments associated with financial instruments that qualify as a liability (12,971) Interest payments for lease liability (285) Net cash flows from financing activities (32,392) Net increase or decrease in cash and cash equivalents (1,023) Effects of changes in the value of cash and cash equivalents (197) Cash and cash equivalents at the beginning of the period 98,045 Cash and cash equivalents at the end of the period 96,825 BANORTE - CONSOLIDATED STATEMENT OF CASH FLOWS JANUARY 1st, 2025 – SEPTEMBER 30th, 2025 (Million Pesos)
Page 48
V. Financial Statements Third Quarter 2025 48 Balance as of December 31st, 2024 18,795 5,704 18,959 113,916 (2,508) (883) (2,849) 347 151,481 (3,914) 147,567 CHANGES STEMMING FROM STOCKHOLDERS' DECISIONS 0 0 0 0 0 0 0 0 0 0 0 Plan based on shares payable in equity instruments 0 890 0 0 0 0 0 0 890 0 890 Dividends Decreed by the Ordinary General Meeting of Shareholders on April 23rd, 2025 0 0 0 (14,000) 0 0 0 0 (14,000) 0 (14,000) Total 0 890 0 (14,000) 0 0 0 0 (13,110) 0 (13,110) OTHER CHANGES STEMMING FROM STOCKHOLDERS' DECISIONS Interest on subordinated debt 0 0 0 (4,625) 0 0 0 0 (4,625) 0 (4,625) Effect of subsidiaries, associates, and investment companies 0 0 0 2 0 0 0 0 2 0 2 Total 0 0 0 (4,623) 0 0 0 0 (4,623) 0 (4,623) COMPREHENSIVE INCOME Net Income 0 0 0 34,643 0 0 0 0 34,643 (1,228) 33,415 OTHER COMPREHENSIVE INCOME Financial instruments to collect or sell valuation 0 0 0 0 2,930 0 0 0 2,930 0 2,930 Result from conversion of foreign operations 0 0 0 0 0 0 0 (347) (347) 0 (347) Cash flow hedges valuation 0 0 0 0 0 2,313 0 0 2,313 0 2,313 Defined remeasurements for employees' benefits 0 0 0 0 0 0 103 0 103 0 103 Total 0 0 0 34,643 2,930 2,313 103 (347) 39,642 (1,228) 38,414 Minority Interest 0 0 0 0 0 0 0 0 0 (27) (27) Balance as of September 30th, 2025 18,795 6,594 18,959 129,936 422 1,430 (2,746) 0 173,390 (5,169) 168,221 Capital Reserves Total Stockholders' Equity Financial instruments to Collect or Sell Valuation Results from Cash Flow Hedges Remeasurement on Defined Employee Benefit Cumulative Foreign Currency Translation Adjustment Total Majority Interest Minority Interest Fixed Paid-in Capital Premium from Sale of Securities CONTRIBUTED CAPITAL EARNED CAPITAL Retained Earnings (Million Pesos) BANORTE - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JANUARY 1st, 2025 – SEPTEMBER 30th, 2025
Page 49
V. Financial Statements Third Quarter 2025 49 Seguros Banorte Income Statement- Seguros Banorte (Million Pesos) Interest Income 932 937 908 984 1,003 881 792 Interest Expense 2 2 2 2 2 2 1 Monetary Positions Net Interest Income - - - - - - - Net Interest Income (NII) 931 935 906 983 1,002 880 791 Preventive Provisions for Loan Losses (0) 0 (0) 0 (0) 0 (0) Net Interest Income 931 935 906 983 1,002 880 791 Fees Charged on Services - - - - - - - Fees Paid on Services - - - - - - - Premium Revenue (Net) 15,069 8,497 7,307 8,891 18,311 10,685 9,729 Net increase in technical reserves 6,708 2,652 1,655 2,353 9,658 4,345 3,260 Net Cost for Insurance and Bond Operations 1,619 878 951 1,521 1,993 1,169 1,321 Net Cost of Claims and Other Obligations 4,345 4,848 4,883 4,797 4,635 4,859 5,030 Trading Income 438 632 940 620 937 851 1,162 Total Other Operating Income (Expenses) 149 236 107 149 151 142 169 Total Non-Interest Income 2,983 987 864 988 3,113 1,305 1,448 Total Operating Income 3,914 1,922 1,770 1,971 4,115 2,184 2,239 Personnel 143 154 142 145 128 140 127 Professional Fees 67 86 70 105 60 87 81 Administrative and Promotional 74 50 39 48 40 39 57 Rents, Depreciation & Amortization 49 41 47 48 49 47 47 Various Taxes 39 42 31 30 42 32 39 Employee Profit Sharing (PTU) 14 14 14 15 14 14 15 Other expenses 225 119 100 86 210 118 72 Total Non-Interest Expense 611 507 443 477 543 477 438 Operating Income 3,303 1,415 1,327 1,494 3,571 1,707 1,801 Subsidiaries' Net Income 320 300 389 315 359 324 401 Pre-Tax Income 3,623 1,715 1,716 1,809 3,930 2,032 2,202 Taxes 1,012 315 302 319 960 456 380 Net Income from Continuos Operations 2,611 1,399 1,414 1,489 2,970 1,576 1,821 Discontinued Operations - - - - - - - Net income from continuing operations 2,611 1,399 1,414 1,489 2,970 1,576 1,821 Minority Interest 8 7 8 6 9 8 9 Net Income 2,602 1,392 1,405 1,483 2,961 1,567 1,812 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Page 50
V. Financial Statements Third Quarter 2025 50 Seguros Banorte - Balance Sheet (Million Pesos) ASSETS Cash and Equivalents 1,487 329 136 85 237 261 1,663 Margin Accounts - - - - - - - Negotiable Instruments 39,253 42,735 46,873 52,628 56,839 63,355 66,354 Securities Available for Sale 6,741 7,157 7,088 6,282 7,493 7,187 7,709 Securities Held to Maturity (0) (0) (0) (0) (0) (0) (0) Investment in Securities 45,994 49,892 53,961 58,910 64,332 70,543 74,064 Estimate of Expected Credit Losses for Investments - - - - - - - Debtor Balance in Repo Trans, net 8,702 6,281 6,892 7,822 9,862 5,587 7,408 Securities Lending - - - - - - - For trading purposes - - - - - - - For hedging purposes - - - - - - - Transactions with Derivatives - - - - - - - Operations w/Derivatives & Securities 8,702 6,281 6,892 7,822 9,862 5,587 7,408 Valuation adjustments for Asset Coverage - - - - - - - Insurance and Bail Bond portfolio 38 40 39 43 40 40 37 Deferred Items (BAP) - - - - - - - Loan Loss-reserve for Insurance and Bail Bond Risks 38 40 39 43 40 40 37 Net Insurance and Bail Bond Loan Portfolio 0 0 0 0 0 0 0 Loan Portafolio, net 38 40 39 43 40 40 37 Net from Reserves Loan Portfolio 38 40 39 43 40 40 37 Acquired Collection Rights (net) - - - - - - - Total Credit Portfolio 38 40 39 43 40 40 37 Account Receivables from Insurance and Annuities 14,295 11,523 8,460 5,551 16,556 13,018 9,099 Amounts recoverable by Reinsurance and Counter-guarantee 6,882 6,798 6,246 5,661 9,070 7,968 8,009 Account Receivables from Reinsurance - - - - - - - Benef. receivab. securization transactions - - - - - - - Sundry Debtors & Other Accs Rec, Net 364 248 323 456 675 393 346 Inventories - - - - - - - Foreclosed Assets, Net - - - - - - - Advance Payments and Other Assets 965 1,455 2,028 2,524 1,055 1,471 1,993 Real Estate, Furniture & Equipment, Net 345 336 331 295 285 292 292 Assets for Rights of Use of Property, furniture and equipment 97 107 87 72 71 55 43 Investment in Subsidiaries 12,916 13,215 13,604 13,911 13,009 13,333 13,735 Deferred Income Tax Assets 669 832 797 794 794 794 794 Intangibles 1,555 1,594 1,622 1,643 1,668 1,686 1,711 Rights of Use of Intangible Assets - - - - - - - Goodwill - - - - - - - TOTAL ASSETS 94,310 92,650 94,526 97,766 117,653 115,442 119,192 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Page 51
V. Financial Statements Third Quarter 2025 51 Seguros Banorte - Balance Sheet (Million Pesos) LIABILITIES Technical Reserves 56,196 58,331 59,502 60,870 74,555 78,017 81,198 Non-assigned Securities for Settlement - - - - - - - Total Derivatives - - - - - - - Valuation adjustments for financial liability coverage - - - - - - - Obligations in securitization transactions - - - - - - - Payable Accountsfor Reinsurance 3,979 3,709 3,089 3,018 5,712 4,633 3,450 Lease Liabilities 102 111 91 75 74 58 45 Creditors for settlement of transactions - - - - - - - Margin Accounts Payable - - - - - - - Creditors for collateral received in cash - - - - - - - Contributions payable 1,210 1,054 883 1,179 1,520 1,253 1,065 Suppliers - - - - - - - Related Party - - - - - - - Other Creditors & Accounts Payable 3,903 3,691 3,505 3,394 4,705 4,503 4,230 Other Payable Accounts 5,113 4,745 4,388 4,572 6,224 5,756 5,294 Contributions for future capital increases pending formalization by its governing body - - - - - - - Subordinated Non Convertible Debt - - - - - - - Income Tax Liabilities 1,332 1,786 2,059 2,371 1,262 1,718 2,098 Employee benefit liability 185 187 191 206 216 224 233 Deferred Credits 51 55 58 57 60 68 64 TOTAL LIABILITIES 66,957 68,924 69,378 71,170 88,104 90,475 92,383 EQUITY Paid-in Capital 13,928 13,928 13,928 13,928 13,928 13,928 13,928 Provision for future capital increase not formalized by its governing entity 7 7 7 7 - - - Share Subscription Premiums - - - - - - - Finan. instr. that qualify as capital - - - - - - - Subscribed Capital 13,934 13,934 13,934 13,934 13,928 13,928 13,928 Capital Reserves 4,714 5,278 5,278 5,278 5,278 5,966 5,966 Retained Earnings 5,855 291 291 280 7,170 327 327 Net Income 2,602 3,995 5,400 6,883 2,961 4,528 6,341 Comprehensive Income: - Valuation Adjustments for Fair Value through other (Formerly Securities Available for Sale) (377) (456) (335) (494) (329) (288) (151) Valuation Adjustment for Cash Flow Hedges - - - - - - - Income and expenses related to assets held for disposal - - - - - - - Defined remeasurements for employees benefits (14) (14) (14) (20) (19) (19) (18) Cumulative translation adjustment 0 0 0 - - - - Res. for holding non-monetary assets - - - - - - - Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates 325 401 289 430 247 227 111 Participation in other comprehensive income of other entities - - - - - - - Earned Capital 13,105 9,495 10,909 12,356 15,307 10,742 12,576 Minority Interest 313 296 305 305 314 297 306 Total Equity 27,353 23,726 25,148 26,596 29,548 24,967 26,810 TOTAL LIABILITIES & EQUITY 94,310 92,650 94,526 97,766 117,653 115,442 119,192 1Q25 2Q25 3Q251Q24 2Q24 3Q24 4Q24
Page 52
V. Financial Statements Third Quarter 2025 52 Bineo Bineo’s operations were reclassified as a Discontinued item in the Income Statement and as a L ong-term asset held for sale in the Balance Sheet. Therefore, the financial results and accounts presented in this section refer exclusively to Bineo and are no longer consolidated within the Group’s figures. Bineo-Statement of Comprehensive Income (Million Pesos) Interest Income 28 35 45 48 37 30 19 Interest Expense (0) 0 0 0 0 0 0 Net Interest Income (NII) 28 35 45 47 37 30 19 Credit Provisions 0 1 6 9 8 5 3 Net Interest Income Adjusted for Credit Risk 28 34 39 39 29 25 16 Fund Transfers - - - - - - - Account Management Fees - 0 0 0 0 0 0 Electronic Banking Services - 0 0 - - - - For Commercial and Government Loans - - - - - - - Consumer Loan Fees 0 0 0 0 0 0 0 Fiduciary & Mortgage Appraisals - - - - - - - Mutual Funds - - - - - - - Trading & Financial Advising Fees - - - - - - - Other Fees Charged (0) (0) (0) 0 (0) (0) (0) Fees Charged on Services 0 0 0 1 0 0 0 Interchange Fees - - - - - - - Other Fees Paid 2 2 2 7 3 3 3 Fees Paid on Services 2 2 2 7 3 3 3 Net Service Fees (2) (1) (2) (7) (3) (3) (2) Currency and Metals 0 0 (0) (0) 0 (0) (0) Derivatives - - - - - - - Negotiable Instruments - - - - - - - Valuation 0 0 (0) (0) 0 (0) (0) Currency and Metals - - - - - - - Derivatives - - - - - - - Negotiable Instruments - - - - - - - Trading - - - - - - - Other financial results - - - - - - - Trading Income 0 0 (0) (0) 0 (0) (0) Contributions to the IPAB - - - - - - (0) Expenses Incurred in the Recovery of Credit Portfolio - - - - - - - Acquired collection rights - - - - - - - Income from foreclosed assets - - - - - - - Donations - (0) - (0) - - - Impairment of Assets - - - - - - - Result on sale of Property, Furniture and Equipment - - - - - - - Lease Income - - - - - - - Securitization Operation Valuation Result - - - - - - - Others 0 0 (0) 0 1 (1) 1 Total Other Operating Income (Expense) 0 (0) (0) 0 1 (1) 1 Total Non Interest Income (2) (2) (2) (6) (2) (4) (2) Total Operating Income 26 33 36 32 27 21 14 Personnel 115 104 110 99 111 42 20 Professional Fees 14 77 119 177 70 49 47 Administrative and Promotional Expenses 24 38 59 2 6 6 3 Rents, Depreciation & Amortization 99 79 46 160 81 130 128 Various Taxes 22 31 34 39 22 22 24 Employee Profit Sharing (PTU) - - - - - - - Other Expenses 19 23 22 21 18 5 4 Total Non Interest Expense 293 351 389 497 309 255 226 Operating Income (267) (318) (353) (465) (282) (234) (211) Subsidiaries' Net Income - - - - - - - Pre-Tax Income (267) (318) (353) (465) (282) (234) (211) Taxes (79) (97) (106) (141) 7 (10) 0 Net Income from Continuos Operations (188) (221) (247) (325) (289) (224) (212) Discontinued Operations - - - - - - - Net income from continuing operations (188) (221) (247) (325) (289) (224) (212) Minority Interest - - - - - - - Net Income (188) (221) (247) (325) (289) (224) (212) Financial Instruments to Collect or Sell Valuation - - - - - - - Result from valuation of instruments for cash flow hedging - - - - - - - Defined remeasurements for employees benefits 0 0 0 1 (0) (0) - Cumulative translation adjustment - - - - - - - Comprehensive Income 0 0 0 1 (0) (0) - Comprehensive Income (188) (221) (247) (324) (289) (224) (212) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Page 53
V. Financial Statements Third Quarter 2025 53 Bineo -Statement of Financial Position (Million Pesos) ASSETS Cash and Equivalents 952 1,608 1,893 1,391 1,523 1,195 1,033 Margin Accounts - - - - - - - Negotiable Instruments - - - - - - - Securities Available for Sale - - - - - - - Securities Held to Maturity - - - - - - - Investment in Securities - - - - - - - Estimate of Expected Credit Losses for Investments - - - - - - - Debtor Balance in Repo Trans, net - - - - - - - Securities Lending - - - - - - - For trading purposes - - - - - - - For hedging purposes - - - - - - - Transactions with Derivatives - - - - - - - Operations w/Derivatives & Securities - - - - - - - Valuation adjustments for Asset Coverage - - - - - - - Commercial Loans - - - - - - - Financial Intermediaries´ Loans - - - - - - - Consumer Loans 9 16 38 30 22 9 4 Payroll Loans - - - - - - - Personal Loans 9 16 38 29 22 9 4 Credit Card - - 0 1 0 - - Auto Loans - - - - - - - Mortgage Loans - - - - - - - Medium and Residential - - - - - - - Low- income housing - - - - - - - Loans acquired from INFONAVIT or FOVISSSTE - - - - - - - Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities´ Loans - - - - - - - Performing Loans, Stage 1 9 16 38 30 22 9 4 Commercial Loans - - - - - - - Financial Intermediaries´ Loans - - - - - - - Consumer Loans 0 1 6 6 5 2 0 Payroll Loans - - - - - - - Personal Loans 0 1 6 6 5 2 0 Credit Card - - - - - - - Auto Loans - - - - - - - Mortgage Loans - - - - - - - Medium and Residential - - - - - - - Low- income housing - - - - - - - Loans acquired from INFONAVIT or FOVISSSTE - - - - - - - Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities´ Loans - - - - - - - Performing Loans, Stage 2 0 1 6 6 5 2 0 Commercial NPL´s - - - - - - - Financial Intermediaries NPL´s - - - - - - - Consumer NPL´s - 0 3 11 9 7 2 Payroll NPL´s - - - - - - - Personal NPL´s - 0 3 11 9 7 2 Credit Card NPL´s - - - - - - - Auto NPL´s - - - - - - - Mortgage NPL´s - - - - - - - Medium and Residential - - - - - - - Low- income housing - - - - - - - Loans acquired from INFONAVIT or FOVISSSTE - - - - - - - Restruct. or improv. guaranteed by development banks or public trusts - - - - - - - Restruc. or improv. guaranteed by housing sub-account - - - - - - - Government Entities PDL´s - - - - - - - Non-Perfoming Loans, Stage 3 - 0 3 11 9 7 2 Loan Portfolio Valued at Fair Value - - - - - - - Deferred Items - - - - - - - Gross Loan Portfolio 9 17 46 47 36 19 7 Preventive Loan Loss Reserves 0 2 7 13 11 7 2 Net Loan Portfolio 9 15 39 33 25 11 4 Acquired Collection Rights (net) - - - - - - - Total Credit Portfolio 9 15 39 33 25 11 4 Benef. receivab. securization transactions - - - - - - - Sundry Debtors & Other Accs Rec, Net 20 22 29 35 40 28 31 Inventories - - - - - - - Foreclosed Assets, Net - - - - - - - Advanced Payments and Other Assets 70 6 3 83 88 4 45 Real Estate, Furniture & Equipment, Net 6 5 5 5 6 5 4 Rights of Use of Intangible Assets - - - - - - - Investment in Subsidiaries - - - - - - - Long-term assets held for sale - - - - - - - Deferred Income Tax Assets 53 150 256 397 390 400 399 Intangibles 1,696 1,684 1,652 1,644 1,626 1,619 1,629 Rights of Use of Intangible Assets - - - - - - - Goodwill - - - - - - - TOTAL ASSETS 2,807 3,491 3,877 3,588 3,698 3,263 3,147 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Page 54
V. Financial Statements Third Quarter 2025 54 Bineo -Statement of Financial Position (Million Pesos) LIABILITIES Demand Deposits 10 20 36 42 36 34 28 Time Deposits-Retail - - - - - - - Time Deposits-Money Market - - - - - - - Global Account of deposits without movements - - - - - - - Senior Unsecured Debt - - - - - - - Deposits 10 20 36 42 36 34 28 Due to Banks & Correspondents: - Demand Loans - - - - - - - Short Term Loans - - - - - - - Long Term Loans - - - - - - - Due to Banks & Other Correspondents - - - - - - - Technical Reserves - - - - - - - Non-assigned Securities for Settlement - - - - - - - Creditor Balance in Repo Trans, Net - - - - - - - Secs to be received in Repo Trans, Net - - - - - - - Collateral sold or pledged as collateral: - Repos (Credit Balance) - - - - - - - Securities' Loans - - - - - - - Transactions with Derivatives - - - - - - - Other sold collateral - - - - - - - Total Collateral sold - - - - - - - Derivatives - For trading purposes - - - - - - - For hedging purposes - - - - - - - Total Derivatives - - - - - - - Valuation adjustments for financial liability coverage - - - - - - - Obligations in securitization transactions - - - - - - - Payable Accountsfor Reinsurance - - - - - - - Lease Liabilities - - - - - - - Creditors for settlement of transactions - - - - - - - Margin Accounts Payable - - - - - - - Creditors for collateral received in cash - - - - - - - Contributions payable 7 10 11 13 8 9 6 Suppliers - - - - - - - Related Party - - - - - - - Other Creditors & Accounts Payable 174 139 118 137 189 37 16 Other Payable Accounts 181 150 130 150 197 46 22 Contributions for future capital increases pending formalization by its governing body - - - - - - - Subordinated Non Convertible Debt - - - - - - - Income Tax Liabilities - - - - - - - Employee benefit liability 64 92 129 137 91 33 31 Deferred Credits 0 0 0 0 0 0 0 TOTAL LIABILITIES 255 262 295 330 324 114 80 EQUITY Paid-in Capital 1,679 1,679 3,129 3,129 4,179 4,179 4,179 Provision for future capital increase not formalized by its governing entity 1,000 1,900 1,050 1,050 400 400 528 Share Subscription Premiums - - - - 4 4 5 Finan. instr. that qualify as capital - - - - - - - Subscribed Capital 2,679 3,579 4,179 4,179 4,582 4,582 4,711 Capital Reserves 4 10 10 10 10 10 10 Retained Earnings 58 52 52 52 (930) (930) (930) Net Income (188) (410) (657) (981) (289) (513) (725) Comprehensive Income - Valuation Adjustments for Fair Value through other (Formerly Securities Available for Sale) - - - - - - - Valuation Adjustment for Cash Flow Hedges - - - - - - - Income and expenses related to assets held for disposal - - - - - - - Defined remeasurements for employees benefits (1) (1) (1) 0 0 0 0 Cumulative translation adjustment - - - - - - - Res. for holding non-monetary assets - - - - - - - Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates - - - - - - - Participation in other comprehensive income of other entities - - - - - - - Earned Capital (127) (349) (596) (920) (1,209) (1,433) (1,645) Minority Interest - - - - - - - Total Equity 2,551 3,230 3,583 3,259 3,373 3,149 3,067 TOTAL LIABILITIES & EQUITY 2,807 3,491 3,877 3,588 3,698 3,263 3,147 3Q252Q24 3Q24 4Q24 1Q25 2Q251Q24
Page 55
V. Financial Statements Third Quarter 2025 55 Bineo - Memorandum Accounts (Million Pesos) Investment Banking transactions for third parties, net - - - - - - - TOTAL ON BEHALF OF THIRD PARTIES - - - - - - - Endorsement Guarantees Granted - - - - - - - Loan Obligations - - 2 5 7 - - Trusts - - - - - - - Mandates - - - - - - - Properties in Trusts and Warrant - - - - - - - Properties in Custody or Management - - - - - - - Shares delivered in custody or as collateral - - - - - - - Collateral Received - - - - - - - Collateral Received or sold or delivered - - - - - - - Deposits of assets - - - - - - - Contingent assets & liabilites - - - - - - - Uncollected Accrued Interest from Non-Performing Loans - 0 0 0 0 0 0 Liabilities for active bonds (net) - - - - - - - Recovery guarantees for issued bonds - - - - - - - Complaints received pending verification - - - - - - - Contingent claims - - - - - - - Claims paid - - - - - - - Claims cancelled - - - - - - - Recovered claims - - - - - - - Miscellaneous accounts 3,286 3,286 3,286 3,289 6,926 6,936 6,943 TOTAL PROPRIETARY 3,286 3,286 3,288 3,294 6,934 6,936 6,943 3Q252Q24 3Q24 4Q24 1Q25 2Q251Q24 Operation activities Net income before taxes (728) Adjustments for items associated with investing activities 124 Depreciation in property, furniture, and equipment 2 Amortization of intangible assets 122 Changes in operating items (175) Change in loan portfolio (net) 29 Change in other accounts receivable (net) 4 Change in other operating assets (net) 37 Change in traditional deposits (14) Change in other operating liabilities (1) Change in assets/liabilities for employee benefits (106) Change in other accounts payable (2) Change in other provisions (122) Net cash flows from operating activities (779) Investment activities Payments for the acquisition of property, furniture and equipment (1) Payments for the acquisition of intangible assets (106) Net cash flows from investing activities (107) Financial activities Contribution fo future capital increases formalized in the Shareholders' Meeting 528 Net cash flows from financing activities 528 Net increase or decrease in cash and cash equivalents (358) Cash and cash equivalents at the beginning of the period 1,391 Cash and cash equivalents at the end of the period 1,033 BINEO - STATEMENT OF CASH FLOWS JANUARY 1st, 2025 – SEPTEMBER 30th, 2025 (Million Pesos)
Page 56
V. Financial Statements Third Quarter 2025 56 Balance as of December 31st, 2024 3,129 1,050 0 10 (930) 0 3,259 CHANGES STEMMING FROM STOCKHOLDERS' DECISIONS Plan based on shares payable in equity instruments 0 0 5 0 0 0 5 Capital increases formalized by the Ordinary General Meeting of Shareholders on January 12th, 2025 1,050 (1,050) 0 0 0 0 0 Contribution for future capital increases formalized by the Ordinary General Meeting of Shareholders on February 25th, 2025 0 400 0 0 0 0 400 Contribution for future capital increases formalized by the Ordinary General Meeting of Shareholders on September 29th, 2025 0 128 0 0 0 0 128 Total 1,050 (522) 5 0 0 0 533 COMPREHENSIVE INCOME Net Income 0 0 0 0 (725) 0 (725) Total 0 0 0 0 (725) 0 (725) Balance as of September 30th, 2025 4,179 528 5 10 (1,655) 0 3,067 Prima en venta de acciones Capital Reserves Total Stockholders' Equity Remeasurement on Defined Employee Benefit Fixed Paid-in Capital Contribution fo future capital increases formalized by its governing body CONTRIBUTED CAPITAL EARNED CAPITALRetained Earnings (Million Pesos) BINEO - STATEMENT OF CHANGES IN EQUITY JANUARY 1st, 2025 – SEPTEMBER 30th, 2025
Page 57
V. Financial Statements Third Quarter 2025 57 Information by Segments GFNorte - Income Statement as of September 30th, 2025 (Million Pesos) Holding Banorte Banorte Ahorro y Previsión Arrendadora y Factor Banorte Almacenadora Banorte Casa de Bolsa Banorte Interest Income 727 276,945 18,044 3,733 82 20,234 Interest on cash and cash equivalents 629 4,314 22 1 0 228 Interest and yields in favor from margin accounts - (128) - - - 19 Interest and yields in favor from OTC collateral operations - 231 - - - - Interest and yields in favor from investments in financial instruments 97 22,282 9,820 - - 16,481 Interest and yields on repurchase agreements 0 8,500 - - - 2,360 Operations' coverage income from hedging operations - 4,252 - - - - Income from trading financial instruments - 125,623 - - - 1,118 Interest on loan portfolio with credit risk stage 1 - - - - - - Commercial loans - 34,651 - 3,373 82 - Financial entities - 3,588 - 97 - - Government entities - 12,006 - 154 - - Consumer loans - 38,345 - 0 - - Mortgage loans - 19,759 - - - - Interest on loan portfolio with credit risk stage 2 Commercial Loans - 313 - 5 - - Financial entities - 0 - - - - Government entities - - - 27 - - Consumer loans - 836 - 0 - - Mortgage loans - 300 - - - - Interest on loan portfolio with credit risk stage 3 Commercial loans - 105 - 1 - - Financial entities - 0 - - - - Government entities - - - - - - Consumer loans - 61 - - - - Mortgage loans - 74 - - - - Insurance and bond loan portfolio interest - - 888 - - - Interest on acquired collection rights - - - - - - Loan commissions - 1,449 - 73 - - Effect of loan portfolio renegotiation - 354 - 1 - - Securities' loans premiums - - 611 - - - Debt issuance premiums - - - - - - Net dividends from equity instruments - 22 37 - - 28 Income from valuation - 9 6,667 - - - Increase due interest income update - - - - - - Interest expense - 189,491 5 2,660 0 19,102 Interest on demand deposits - 12,529 - - - - Interest on time deposits - 19,302 - - - - Interest due to banks and correspondents - 616 - 2,575 0 - Interest, transaction costs, and discounts of financial instruments that qualify as liabilities - 2,312 - - - - Interest and yields charged from OTC collateral operations - 201 - - - - Premiums paid for the early redemption of financial instruments that qualify as liabilities - - - - - - Interest and yields payable in repurchase agreements - 24,252 - - - 18,001 Expenses from hedging operations - 3,743 - - - - Expenses from trading financial instruments - 122,068 - - - 1,101 Proceeds from lended securities - - - - - 0 Effect of loan portfolio renegotiation - 509 - - - - Costs expenses of granting loans - 2,502 - 13 - - Insurance and bail bond loan origination costs and expenses - - - - - - Foreign exchange valorization income - 1,062 0 72 - 0 Chargeable interest associated with the global deposit account without movements - 110 - - - - Interest on lease liabilities - 285 5 - 0 0 Increase due to update of interest expense - - - - - - Financial Margin - - - - - - Financial Margin 727 87,454 18,040 1,073 82 1,132 Allowance for loan losses 0 18,600 25 195 - - Risk adjusted net interest income 727 68,854 18,014 878 82 1,132 Commissions and fees charged on services - 31,900 - 6 - 1,352 Commissions and fees paid on services - 15,665 - 50 0 259 Premium revenue (net) - - 50,624 - - - Increase in technical reserves (net) - - 29,630 - - - Cost of acquisition for insurance and bail bonds operations (net) - - 4,491 - - - Cost of damages, claims, and other obligations - - 26,238 - - - Trading income - 3,470 3,085 1 9 415 Total other operating income (expense) 0 (3,003) 246 813 69 10 Administrative and promotional Expenses 96 39,477 1,767 858 75 1,544 Operating income 631 46,078 9,844 790 84 1,105 Subsidiaries' net income 44,433 160 1,084 (1) - 1 Pre-tax income 45,064 46,239 10,927 790 84 1,106 Taxes 118 12,824 2,490 143 28 276 Net income from continous operations 44,946 33,415 8,438 646 56 830 Discontinued Operations (2,032) - - - - - NET INCOME 42,914 34,643 8,417 646 56 830 Minority interest - (1,228) 20 (0) (0) - Other comprehensive income - - - - - - Financial instruments to collect or sell valuation 3,357 2,930 399 - - 80 Cash flow hedges valuation 2,272 2,313 - - - - Remeasurement on defined employee benefits 104 104 3 (0) (0) 0 Remeasurement by result in the valuation of the unexpired risk reserve due to variation in discount rates (319) - (319) - - - Cumulative foreign currency translation adjustment (392) (347) - - - (51) Result from holding non-monetary assets - - - - - - Participation in other comprehensive income of other entities - - - - - - Other comprehensive income 5,023 4,999 82 (0) (0) 29 COMPREHENSIVE INCOME 47,937 38,414 8,520 646 56 860
Page 58
V. Financial Statements Third Quarter 2025 58 GFNorte - Income Statement as of September 30th, 2025 (Million Pesos) Operadora de Fondos Banorte Total Charges Intercompany Eliminations Credits Intercompany Eliminations Final Balance Interest Income 9 319,774 7,351 - 312,424 Interest on cash and cash equivalents 9 5,203 861 - 4,342 Interest and yields in favor from margin accounts - (109) - - (109) Interest and yields in favor from OTC collateral operations - 231 - - 231 Interest and yields in favor from investments in financial instruments - 48,679 97 - 48,582 Interest and yields on repurchase agreements - 10,860 4,805 - 6,055 Operations' coverage income from hedging operations - 4,252 - - 4,252 Income from trading financial instruments - 126,742 - - 126,742 Interest on loan portfolio with credit risk stage 1 - - - - - Commercial loans - 38,106 - - 38,106 Financial entities - 3,685 1,177 - 2,509 Government entities - 12,160 - - 12,160 Consumer loans - 38,345 - - 38,345 Mortgage loans - 19,759 - - 19,759 Interest on loan portfolio with credit risk stage 2 Commercial Loans - 318 - - 318 Financial entities - 0 - - 0 Government entities - 27 - - 27 Consumer loans - 836 - - 836 Mortgage loans - 300 - - 300 Interest on loan portfolio with credit risk stage 3 Commercial loans - 106 - - 106 Financial entities - 0 - - 0 Government entities - - - - - Consumer loans - 61 - - 61 Mortgage loans - 74 - - 74 Insurance and bond loan portfolio interest - 888 - - 888 Interest on acquired collection rights - - - - - Loan commissions - 1,522 - - 1,522 Effect of loan portfolio renegotiation - 354 - - 354 Securities' loans premiums - 611 411 - 200 Debt issuance premiums - - - - - Net dividends from equity instruments - 88 - - 88 Income from valuation - 6,675 - - 6,675 Increase due interest income update - - - - - Interest expense - 211,259 - 7,296 203,963 Interest on demand deposits - 12,529 - 861 11,668 Interest on time deposits - 19,302 - 0 19,302 Interest due to banks and correspondents - 3,191 - 1,122 2,069 Interest, transaction costs, and discounts of financial instruments that qualify as liabilities - 2,312 - 97 2,215 Interest and yields charged from OTC collateral operations - 201 - - 201 Premiums paid for the early redemption of financial instruments that qualify as liabilities - - - - - Interest and yields payable in repurchase agreements - 42,253 - 5,216 37,038 Expenses from hedging operations - 3,743 - - 3,743 Expenses from trading financial instruments - 123,169 - - 123,169 Proceeds from lended securities - 0 - - 0 Effect of loan portfolio renegotiation - 509 - - 509 Costs expenses of granting loans - 2,515 - - 2,515 Insurance and bail bond loan origination costs and expenses - - - - - Foreign exchange valorization income - 1,134 - - 1,134 Chargeable interest associated with the global deposit account without movements - 110 - - 110 Interest on lease liabilities - 290 - - 290 Increase due to update of interest expense - - - - - Financial Margin - - - - - Financial Margin 9 108,516 7,351 7,296 108,461 Allowance for loan losses - 18,820 - - 18,820 Risk adjusted net interest income 9 89,696 7,351 7,296 89,641 Commissions and fees charged on services 2,648 35,906 4,832 - 31,074 Commissions and fees paid on services 1,855 17,829 - 1,845 15,984 Premium revenue (net) - 50,624 832 - 49,792 Increase in technical reserves (net) - 29,630 - - 29,630 Cost of acquisition for insurance and bail bonds operations (net) - 4,491 - 3,060 1,431 Cost of damages, claims, and other obligations - 26,238 - 15 26,223 Trading income 23 7,003 - - 7,003 Total other operating income (expense) (0) (1,865) 689 48 (2,505) Administrative and promotional Expenses 215 44,033 74 1,512 42,594 Operating income 609 59,142 13,777 13,777 59,142 Subsidiaries' net income 9 45,687 44,433 - 1,254 Pre-tax income 619 104,829 58,210 13,777 60,396 Taxes 177 16,055 - - 16,055 Net income from continous operations 442 88,774 58,210 13,777 44,341 Discontinued Operations - (2,032) - - (2,032) NET INCOME 442 85,534 58,210 14,380 42,914 Minority interest - (1,208) - 603 (605) Other comprehensive income - - - - - Financial instruments to collect or sell valuation - 6,766 (1,290) (4,652) 3,403 Cash flow hedges valuation - 4,585 3,304 991 2,272 Remeasurement on defined employee benefits (0) 210 106 - 104 Remeasurement by result in the valuation of the unexpired risk reserve due to variation in discount rates - (638) (319) - (319) Cumulative foreign currency translation adjustment - (790) - 398 (392) Result from holding non-monetary assets - - - - - Participation in other comprehensive income of other entities - - - - - Other comprehensive income (0) 10,133 1,800 (3,263) 5,069 COMPREHENSIVE INCOME 442 94,459 60,010 11,719 47,378
Page 59
V. Financial Statements Third Quarter 2025 59 GFNorte - Balance Sheet as of September 30th, 2025 (Million Pesos) Cash and cash equivalents 5,571 96,825 1,938 38 2 4,308 Margin accounts (derivate financial instruments) - 3,781 - - - - Investment in securities Trading financial instruments - 169,807 71,425 - - 196,271 Financial instruments to collect or sell - 133,509 7,784 - - 24,240 Financial instruments to collect principal and interest (securities) - 112,769 278,741 - - 24 Estimate of expected credit losses for investments (securities) - (69) (0) - - (0) Debtor balance in repo trans (net) - 51,706 9,395 - - - Securities lending - - - - - - Derivative financial instruments - - - - - - Transactions with derivatives for trading purposes - 14,839 - - - 358 Transactions with derivatives for hedging purposes - 3,435 - - - - Asset hedges valuation adjustments - - - - - - Loan portfolio with credit risk stage 1 Commercial loans Commercial - 436,851 - 43,025 - - Financial entities - 62,440 - 1,114 - - Government - 151,526 - 3,783 - - Consumer loans - 226,681 - 1 - - Mortgage Medium and residential - 282,476 - - - - Low-income housing - 0 - - - - Loans acquired from INFONAVIT or FOVISSSTE - 1,152 - - - - Remodeling or improvement with guarantee of the housing subaccount - - - - - - Loan portfolio with credit risk stage 1 - 1,161,127 - 47,922 - - Loan portfolio with credit risk stage 2 Commercial loans Commercial - 2,224 - 10 - - Financial entities - 1 - - - - Government - - - 181 - - Consumer loans - 3,817 - - - - Mortgage Medium and residential - 4,096 - - - - Low-income housing - - - - - - Loans acquired from INFONAVIT or FOVISSSTE - 78 - - - - Remodeling or improvement with guarantee of the housing subaccount - - - - - - Loan portfolio with credit risk stage 2 - 10,216 - 191 - - Loan portfolio with credit risk stage 3 Commercial loans Commercial - 8,586 - 433 - - Financial entities - 74 - 4 - - Government - - - - - - Consumer loans - 5,054 - - - - Mortgage - - - - - - Medium and residential - 2,197 - - - - Low-income housing - - - - - - Loans acquired from INFONAVIT or FOVISSSTE - 406 - - - - Remodeling or improvement with guarantee of the housing subaccount - - - - - - Loan portfolio with credit risk stage 3 - 16,317 - 437 - - Loan portfolio - 1,187,660 - 48,550 - - (+/-) Deffered items - 3,736 - (22) - - (-) Minus - - - - - - Allowance for loan losses - (23,456) - (363) - - Loan portfolio (net) - 1,167,939 - 48,165 - - Loan portfolio from insurance and bail bonds - - 4,113 - - - (+/-) Deffered items - - - - - - (-) Minus Loan loss-reserve for insurance and bail bond risks - - (336) - - - Total insurance and bail bond loan portfolio (net) - - 3,777 - - - Acquired collection rights (net) - 740 - - - - Loan portfolio (net) - 1,168,680 3,777 48,165 - - Benef. receivab. securization transactions - - - - - - Debtors of insurance and surety companies - - 9,319 - - - Amounts recoverable by reinsurance and counter-guarantee (net) - - 8,009 - - - Other accounts receivable (net) 0 51,134 429 1,784 655 6,154 Inventories - - - - 1,352 - Foreclosed assets (net) - 4,784 - 38 21 - Long-term assets held for sale 1,760 43 - - - - Advanced payments and other assets (net) 11 4,433 2,831 4,532 26 301 Property, furniture, and equipment (net) - 27,088 296 4,470 52 31 Assets for rights of use of property, furniture and equipment (net) - 4,245 43 - 5 13 Investment in subsidiaries 229,912 1,494 13,735 32 - 4 Deferred income tax assets 40 1,015 619 344 9 - Intagible assets (net) 90 9,833 1,716 14 1 203 Goodwill 25,329 2,316 - - - - TOTAL ASSETS 262,713 1,861,668 410,056 59,417 2,123 231,909 ASSETS Holding Banorte Banorte Ahorro y Previsión Arrendadora y Factor Banorte Almacenadora Banorte Casa de Bolsa Banorte
Page 60
V. Financial Statements Third Quarter 2025 60 GFNorte - Balance Sheet as of September 30th, 2025 (Million Pesos) Cash and cash equivalents 225 108,906 1 11,370 97,537 Margin accounts (derivate financial instruments) - 3,781 - - 3,781 Investment in securities Trading financial instruments 265 437,769 - - 437,769 Financial instruments to collect or sell - 165,534 - - 165,534 Financial instruments to collect principal and interest (securities) - 391,533 - 347 391,186 Estimate of expected credit losses for investments (securities) - (69) - - (69) Debtor balance in repo trans (net) - 61,101 - 57,601 3,500 Securities lending - - - - - Derivative financial instruments - - - - - Transactions with derivatives for trading purposes - 15,198 - 351 14,847 Transactions with derivatives for hedging purposes - 3,435 - - 3,435 Asset hedges valuation adjustments - - - - - Loan portfolio with credit risk stage 1 Commercial loans Commercial - 479,876 - - 479,876 Financial entities - 63,554 - 19,593 43,961 Government - 155,309 - - 155,309 Consumer loans - 226,682 - - 226,682 Mortgage Medium and residential - 282,476 - - 282,476 Low-income housing - 0 - - 0 Loans acquired from INFONAVIT or FOVISSSTE - 1,152 - - 1,152 Remodeling or improvement with guarantee of the housing subaccount - - - - - Loan portfolio with credit risk stage 1 - 1,209,049 - 19,593 1,189,456 Loan portfolio with credit risk stage 2 Commercial loans Commercial - 2,234 - - 2,234 Financial entities - 1 - - 1 Government - 181 - - 181 Consumer loans - 3,817 - - 3,817 Mortgage Medium and residential - 4,096 - - 4,096 Low-income housing - - - - - Loans acquired from INFONAVIT or FOVISSSTE - 78 - - 78 Remodeling or improvement with guarantee of the housing subaccount - - - - - Loan portfolio with credit risk stage 2 - 10,407 - - 10,407 Loan portfolio with credit risk stage 3 Commercial loans Commercial - 9,018 - - 9,018 Financial entities - 78 - - 78 Government - - - - - Consumer loans - 5,054 - - 5,054 Mortgage - - - - - Medium and residential - 2,197 - - 2,197 Low-income housing - - - - - Loans acquired from INFONAVIT or FOVISSSTE - 406 - - 406 Remodeling or improvement with guarantee of the housing subaccount - - - - - Loan portfolio with credit risk stage 3 - 16,754 - - 16,754 Loan portfolio - 1,236,210 - 19,593 1,216,617 (+/-) Deffered items - 3,714 - - 3,714 (-) Minus - - - - - Allowance for loan losses - (23,820) - - (23,820) Loan portfolio (net) - 1,216,104 - 19,593 1,196,511 Loan portfolio from insurance and bail bonds - 4,113 - - 4,113 (+/-) Deffered items - - - - - (-) Minus Loan loss-reserve for insurance and bail bond risks - (336) - - (336) Total insurance and bail bond loan portfolio (net) - 3,777 - - 3,777 Acquired collection rights (net) - 740 - - 740 Loan portfolio (net) - 1,220,621 - 19,593 1,201,028 Benef. receivab. securization transactions - - - - - Debtors of insurance and surety companies - 9,319 - - 9,319 Amounts recoverable by reinsurance and counter-guarantee (net) - 8,009 - - 8,009 Other accounts receivable (net) 376 60,533 - 600 59,932 Inventories - 1,352 - - 1,352 Foreclosed assets (net) - 4,844 - - 4,844 Long-term assets held for sale - 1,803 - - 1,803 Advanced payments and other assets (net) 3 12,137 - - 12,137 Property, furniture, and equipment (net) 0 31,939 203 44 32,098 Assets for rights of use of property, furniture and equipment (net) - 4,305 - - 4,305 Investment in subsidiaries 157 245,333 390 230,302 15,421 Deferred income tax assets 5 2,032 - 93 1,938 Intagible assets (net) 54 11,913 - - 11,913 Goodwill - 27,644 - - 27,644 TOTAL ASSETS 1,085 2,828,971 594 320,302 2,509,263 ASSETS Operadora de Fondos Banorte Final Balance Charges Intercompany Eliminations Credits Intercompany EliminationsTotal
Page 61
V. Financial Statements Third Quarter 2025 61 GFNorte - Balance Sheet as of September 30th, 2025 (Million Pesos) Deposits Demand deposits - 754,339 - - - - TIme deposits Time deposits-retail - 377,710 - - - - Time deposits-money market - 1,841 - - - - Senior unsecured debt - 34,797 - - - - Global account of deposits without movements - 4,440 - - - - Due to banks & correspondents Demand loans - - - - - - Short-term loans - 2,645 - 34,624 1,588 - Long- term loans - 4,700 - 7,389 - - Non-assigned securities for settlement - - - - - - Technical reserves - - 354,804 - - - Creditor balance in repo transactions (net) - 288,712 - - - 220,451 Securities to be received in repo transactions (net) - - - - - - Collateral sold or pledged as collateral - - - - - - Repos - 51,706 - - - - Securities' loans - - - - - - Transactions with derivatives - - - - - - Other sold collateral - - - - - - Derivative financial instruments For trading purposes - 7,879 - - - 246 For hedging purposes - 39 - - - - Valuation adjustments for financial liability coverage - - - - - - Payable accounts for reinsuarance and counter-guarantee entities (net) - - 3,450 - - - Obligations in securitization transactions - - - - - - Lease liabilities - 4,443 45 - 5 16 Other payable accounts Creditors of liquidation operations - 29,984 - - - 5,002 Margin accounts payable - - - - - - Creditors from collaterals received in cash - 10,278 - - - - Contributions payable 0 2,058 1,086 16 2 132 Other creditors and accounts payable 2 25,556 8,654 2,369 31 188 Financial instruments that qualify as a liability Subordinated non- convertible debt - 76,269 - - - - Income tax liabilities 18 3,116 2,525 - 21 306 Employee benefit liability 0 11,919 253 162 14 601 Deferred credits and advanced charges - 1,016 64 181 - 0 TOTAL LIABILITIES 20 1,693,447 370,882 44,742 1,661 226,941 Equity Paid-in capital Common stock 14,681 18,795 15,776 14,294 87 1,985 Additional paid- in capital 47,987 6,593 5,594 30 - 107 Provision for future capital increase not formalized by its governing entity - - - - - - Financial instruments that qualify as equity - - - - - - Earned capital Capital reserves 30,425 18,959 2,849 996 73 397 Cumulative results Retained earnings 127,682 95,293 6,402 (1,293) 244 1,537 Net income 42,914 34,643 8,417 646 56 830 Other comprehensive income Valuation of financial instruments to collect or sell 117 422 (231) - - 43 Cash flow hedges valuation 1,406 1,429 - - - - Defined remeasurements for employees benefits (2,701) (2,746) (26) 1 1 (5) Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates 109 - 110 - - - Cumulative foreign currency translation adjustment 73 0 - - - 74 Result from holding non-monetary assets - - - - - - Participation in OCI of other entities - - - - - - Majority interest 262,693 173,390 38,892 14,675 462 4,968 Minority Interest - (5,169) 282 0 0 - TOTAL EQUITY 262,693 168,221 39,174 14,675 462 4,968 TOTAL LIABILITIES AND EQUITY 262,713 1,861,668 410,056 59,417 2,123 231,909 Casa de Bolsa Banorte Almacenadora BanorteLIABILITIES & EQUITY Holding Banorte Banorte Ahorro y Previsión Arrendadora y Factor Banorte
Page 62
V. Financial Statements Third Quarter 2025 62 GFNorte - Balance Sheet as of September 30th, 2025 (Million Pesos) Deposits Demand deposits - 754,339 11,360 - 742,978 TIme deposits Time deposits-retail - 377,710 10 - 377,700 Time deposits-money market - 1,841 - - 1,841 Senior unsecured debt - 34,797 - - 34,797 Global account of deposits without movements - 4,440 - - 4,440 Due to banks & correspondents Demand loans - - - - - Short-term loans - 38,857 15,213 - 23,644 Long- term loans - 12,090 4,380 - 7,709 Non-assigned securities for settlement - - - - - Technical reserves - 354,804 - 0 354,805 Creditor balance in repo transactions (net) - 509,163 57,601 - 451,561 Securities to be received in repo transactions (net) - - - - - Collateral sold or pledged as collateral - - - - - Repos - 51,706 - - 51,706 Securities' loans - - - - - Transactions with derivatives - - - - - Other sold collateral - - - - - Derivative financial instruments For trading purposes - 8,125 351 - 7,775 For hedging purposes - 39 - - 39 Valuation adjustments for financial liability coverage - - - - - Payable accounts for reinsuarance and counter-guarantee entities (net) - 3,450 - - 3,450 Obligations in securitization transactions - - - - - Lease liabilities - 4,508 - - 4,508 Other payable accounts Creditors of liquidation operations - 34,986 - - 34,986 Margin accounts payable - - - - - Creditors from collaterals received in cash - 10,278 - - 10,278 Contributions payable 33 3,328 - - 3,328 Other creditors and accounts payable 273 37,073 752 1 36,322 Financial instruments that qualify as a liability Subordinated non- convertible debt - 76,269 - - 76,269 Income tax liabilities 13 5,998 93 - 5,905 Employee benefit liability 67 13,016 - - 13,016 Deferred credits and advanced charges - 1,261 - - 1,261 TOTAL LIABILITIES 386 2,338,079 89,761 1 2,248,320 Equity Paid-in capital Common stock 170 65,788 51,107 (0) 14,681 Additional paid- in capital 15 60,327 12,510 326 48,143 Provision for future capital increase not formalized by its governing entity - - - - - Financial instruments that qualify as equity - - - - - Earned capital Capital reserves 34 53,733 23,309 - 30,425 Cumulative results Retained earnings 37 229,902 110,503 8,238 127,637 Net income 442 87,950 45,036 - 42,914 Other comprehensive income Valuation of financial instruments to collect or sell - 351 (199) (433) 117 Cash flow hedges valuation - 2,835 (613) (2,042) 1,406 Defined remeasurements for employees benefits 2 (5,474) - 2,772 (2,701) Remeasurement by results in valuation of risk reserve in progress due to variation in discount rates - 219 110 - 109 Cumulative foreign currency translation adjustment - 147 74 - 73 Result from holding non-monetary assets - - - - - Participation in OCI of other entities - - - - - Majority interest 699 495,779 241,836 8,861 262,804 Minority Interest - (4,887) - 3,026 (1,860) TOTAL EQUITY 699 490,892 241,836 11,888 260,944 TOTAL LIABILITIES AND EQUITY 1,085 2,828,971 331,597 11,889 2,509,263 Final BalanceLIABILITIES & EQUITY Operadora de Fondos Banorte Total Charges Intercompany Eliminations Credits Intercompany Eliminations
Page 63
VI. Appendix Third Quarter 2025 63 VI. Appendix Accounting & Regulatory Changes Numbers in this section are stated in million pesos. Early termination of support programs for mortgage loan debtors On June 30 th, 2010, the Federal Government, through the SHCP (Tax and Credit Institutions Authority), signed an agreement to early terminate the support programs for the mortgage loan debtors. Therefore, as of January 1st, 2011, the Holding entity absorbed the discount that was early applied to the mortgage loan debtors enrolled in the program. The agreement established a set of payment obligations by the Federal Government payable in 5 equal annual payments ending on June 1st, 2015; day in which the bank received a last payment amounting to Ps 29 million, including a monthly interest from the day after the cutoff date until the ending month before the payment date. As of September 30th, 2025, the remaining balance of CETES ESPECIALES which have not been repurchased by the Federal Government, totaled Ps 488 million, with maturities in 2027. Changes in the Local Liquidity Regulations for Banking Institutions Aligned with the regulatory changes implemented on March 1st, 2022, the declaration of the institutions that consolidate in the calculation of the LCR and the NSFR can be found in the following link. (available only in Spanish). Intraday Liquidity Form As of January 31st, 2025, the new Intraday Liquidity Form (LID) came into effect. The objective of the new form is to provide financial institutions and regulators with monitoring tools that offer higher knowledge of intraday liquidity management by financial institutions, at the time that it provides and strengthens the supervision and management of intraday liquidity risk by implementing tools from the Basel Committee for the supervision of such risk. Starting June 2nd, 2025, the report is sent on a daily basis. Currently, no regulatory limits apply to this form. Total Loss-Absorbing Capacity As a Locally Systemically Important Entity, Banorte is subject to the Total Loss -Absorbing Capacity supplement , implemented in the regulation during 2021, and which has been coming into effect gradually since December 2022 by adding 1.625% every year to the regulatory minimum, until reaching a total of 6.50% on December 2025. Such a capital supplement will set Banorte’s regulatory minimum for the Net Capital to 17.90% from 11.40%. Currently, Banorte is fully compliant with regulatory minimums. Transition of the Equilibrium Interbank Interest Rate The Mexican Central Bank has instructed that, as of January 2 nd, 2025, the 28 -day Equilibrium Interbank Interest Rate cannot be used for new contracts; the prohibition for the 91-day and 182-day rates came into effect on January 2nd, 2024. Banorte initiated a project in 2022 aiming to prepare the bank for this transition in favor of the Funding TIIE Rate. The project was successfully completed in November 2024, ensuring that Banorte fully complies with regulatory requirements. Changes to 31 Points and New Initial Margin Circular by Banco de México During 2024–2025, changes to the 31 points for derivatives and a new initial margin circular from Banco de México came into effect. Since 2023, Banorte launched a project to carry out a comprehensively implementation of these new regulatory requirements. A s of today, all the requirements from the Central Bank have been integrated into Banorte’s risk and business infrastructure.
Page 64
VI. Appendix Third Quarter 2025 64 Notes to Financial Statements Trading Financial Instruments Book Value Interest Unrealized Gain (Loss) Market Value Government Securities 347,673 4,619 1,022 353,314 Unrestricted 28,389 1,180 648 30,218 BONDES F 1,478 14 6 1,498 BONDES M 2,445 12 10 2,467 BPA (540) - 0 (540) BREMS - - - - Government Securities 17 2 0 20 UDI Securities 2,440 24 107 2,571 CETES 19,888 1,103 355 21,346 CETES (Special) - - - - Government Eurobonds 2,383 16 142 2,541 Udibonds 11 7 27 45 Treasury Bills 217 1 0 218 Treasury Notes 50 0 2 52 Restricted 319,284 3,438 374 323,096 BONDES D 206 1 0 207 BONDES F 65,556 255 11 65,822 BONDES M 14,147 175 242 14,565 BPA 230,753 2,987 128 233,868 Government Securities 3,888 13 2 3,903 UDI Securities 0 0 0 0 CETES 3,655 - 0 3,655 Government Eurobonds - - - - Udibonds 1,078 6 (10) 1,075 Banking Securities 41,205 81 6 41,292 Unrestricted 6,348 1 1 6,350 Bank Acceptances 6 - - 6 Development Bank Securities 5 0 (0) 5 Bank Securities 15 0 0 15 Deposit Certificates 750 0 - 750 Other Banking Securities 170 1 1 172 Promissory Notes 5,402 0 0 5,402 Restricted 34,857 80 5 34,942 Development Bank Securities 10,855 16 2 10,873 Bank Securities 8,706 16 1 8,722 Deposit Certificates 13,464 46 0 13,510 Other Banking Securities 1,538 3 1 1,542 Promissory Notes 294 - 0 294 Private Securities 609 11 6 625 Unrestricted 609 11 6 625 Stock Certificates BORHIS - - - - Corporate Stock Certificates 474 9 3 486 Municipal Stock Certificates - - - - Private Eurobonds 135 2 3 139 Infrastructure and Real Estate Trusts 0 - 0 0 Other Private Securities - - - - Restricted - - - - Corporate Stock Certificates - - - - Municipal Stock Certificates - - - - Private Eurobonds - - - - Equity Financial Instruments 37,640 - 4,898 42,538 Unrestricted 37,176 - 4,899 42,075 Shares 1,473 - 1,277 2,750 Investment Company Shares 35,703 - 3,622 39,325 Restricted 464 - (1) 463 Shares 464 - (1) 463 Reasonable Value Adjustment Ixe Bank Acq - - - - Total 427,126 4,711 5,932 437,769 INVESTMENTS IN FINANCIAL INSTRUMENTS AND VALUATION EFFECTS 3Q25 (Million Pesos)
Page 65
VI. Appendix Third Quarter 2025 65 Instruments to Collect or Sell Book Value Interest Unrealized Gain (Loss) Market Value Government Securities 115,356 1,870 909 118,135 Unrestricted 48,627 277 545 49,449 BONDES F - - - - BONDES M 3,565 24 176 3,765 BPA - - - - BREMS 7,778 8 - 7,786 Government Securities 748 8 (76) 679 UDI Securities 102 4 205 311 CETES 12,493 - 18 12,511 CETES (Special) - - - - Government Eurobonds 14,698 168 (76) 14,791 Udibonds 9,243 64 297 9,605 Treasury Bills - - - - Treasury Notes - - - - Restricted 66,729 1,593 364 68,686 BONDES D - - - - BONDES F - - - - BONDES M 15,082 233 542 15,858 BPA 35,184 1,273 14 36,470 Government Securities 192 2 0 194 UDI Securities - - - - CETES - - - - Government Eurobonds 16,251 84 (194) 16,142 Udibonds 20 0 2 22 Banking Securities 29,262 220 145 29,626 Unrestricted 18,495 184 143 18,822 Bank Acceptances - - - - Development Bank Securities 4,722 64 (28) 4,757 Bank Securities 3,444 55 74 3,574 Deposit Certificates 4,642 9 (11) 4,641 Other Banking Securities 3,748 57 107 3,912 Promissory Notes 1,938 0 0 1,938 Restricted 10,767 36 2 10,805 Development Bank Securities 1,098 5 0 1,103 Bank Securities 9,669 31 2 9,701 Deposit Certificates - - - - Other Banking Securities - - - - Promissory Notes - - - - Private Securities 18,159 140 (526) 17,773 Unrestricted 13,843 108 (526) 13,425 Stock Certificates BORHIS 77 - (77) (0) Corporate Stock Certificates 10,396 50 (539) 9,907 Municipal Stock Certificates 823 8 85 916 Private Eurobonds 2,548 50 4 2,602 Infrastructure and Real Estate Trusts - - - - Other Private Securities - - - - Restricted 4,316 32 (0) 4,347 Corporate Stock Certificates 200 0 (0) 200 Municipal Stock Certificates 2,506 4 3 2,513 Private Eurobonds 1,610 28 (3) 1,634 Equity Financial Instruments - - - - Unrestricted - - - - Shares - - - - Investment Company Shares - - - - Restricted - - - - Shares - - - - Reasonable Value Adjustment Ixe Bank Acq - - - - Total 162,777 2,230 527 165,534 INVESTMENTS IN FINANCIAL INSTRUMENTS AND VALUATION EFFECTS 3Q25 (Million Pesos)
Page 66
VI. Appendix Third Quarter 2025 66 Financial instruments to Collect Principal and Interest (securities) (net) Book Value Interest Unrealized Gain (Loss) Market Value Government Securities 375,768 5,076 - 380,844 Unrestricted 314,195 4,302 - 318,497 BONDES F - - - - BONDES M 925 21 - 947 BPA - - - - BREMS - - - - Government Securities 2,079 6 - 2,085 UDI Securities 93 2 - 95 CETES - - - - CETES (Special) 36 451 - 487 Government Eurobonds 40,884 466 - 41,350 Udibonds 268,348 3,341 - 271,688 Treasury Bills - - - - Treasury Notes 1,829 15 - 1,844 Restricted 61,573 774 - 62,347 BONDES D - - - - BONDES F - - - - BONDES M 15,464 329 - 15,793 BPA - - - - Government Securities - - - - UDI Securities - - - - CETES - - - - Government Eurobonds 45,399 437 - 45,836 Udibonds 710 8 - 718 Banking Securities 1,040 10 - 1,051 Sin Restricción 1,040 10 - 1,051 Bank Acceptances - - - - Development Bank Securities - - - - Bank Securities 1,040 10 - 1,051 Deposit Certificates - - - - Other Banking Securities - - - - Promissory Notes - - - - Restricted - - - - Development Bank Securities - - - - Bank Securities - - - - Deposit Certificates - - - - Other Banking Securities - - - - Promissory Notes - - - - Private Securities 8,797 842 - 9,639 Unrestricted 6,194 838 - 7,031 Stock Certificates BORHIS 2 0 - 2 Corporate Stock Certificates 2,488 818 - 3,305 Municipal Stock Certificates 1,920 15 - 1,935 Private Eurobonds 700 5 - 705 Infrastructure and Real Estate Trusts - - - - Other Private Securities 1,084 - - 1,084 Restricted 2,603 4 - 2,608 Corporate Stock Certificates - - - - Municipal Stock Certificates 2,603 4 - 2,608 Private Eurobonds - - - - Equity Financial Instruments - - - - Unrestricted - - - - Shares - - - - Investment Company Shares - - - - Restricted - - - - Shares - - - - Reasonable Value Adjustment Ixe Bank Acq (347) - - (347) Reasonable value adjustment Ixe Bank Acq (69) - - (69) Total 385,189 5,928 - 391,117 INVESTMENTS IN FINANCIAL INSTRUMENTS AND VALUATION EFFECTS 3Q25 (Million Pesos)
Page 67
VI. Appendix Third Quarter 2025 67 Repo Creditors MV Repo Debtors VM Collateral Received/Sold in Repo Trans MV Repo Creditors Goverment Securities 3,500 44,523 393,513 Banking Securities 0 7,183 26,494 Private Securities (0) - 31,554 Total 3,500 51,706 451,561 REPURCHASE AGREEMENT OPERATIONS 3Q25 (Million Pesos) Repo Debtors Instrument Fair Value Futures TIIE 28 Futures - Forward Rate Forward - Fx Forward 276 Stock Forward - Options Rate Options 383 Fx Options 156 Warrants 4 Swaps Rate Swap 7,176 Fx Swap 6,838 Credit Swap 14 Negotiable Total 14,847 Options Rate Options - Fx Options - Swaps Rate Swap 2,121 Fx Swap 1,314 Credit Swap - Hedging Total 3,435 Position Total 18,282 DERIVATES FINANCIAL INSTRUMENTS OPERATIONS 3Q25 (Million Pesos) Creditor Balance Instrument Fair Value Futures #REF! TIIE 28 Futures - Forward Rate Forward - Fx Forward 290 Stock Forward - Options Rate Options 248 Fx Options 155 Warrants 0 Swaps Rate Swap 3,037 Fx Swap 3,996 Credit Swap 48 Negotiable Total 7,775 Options Rate Options - Fx Options - Swaps Rate Swap - Fx Swap 39 Credit Swap - Hedging Total 39 Position Total 7,814 Debtor Balance DERIVATES FINANCIAL INSTRUMENTS OPERATIONS 3Q25 (Million Pesos)
Page 68
VI. Appendix Third Quarter 2025 68 PRODUCT TYPE UNDERLYING NOTIONAL OPERATIONS FX Forwards Purchases Exchange Rate (USD/MXN) 24,727.48 263 FX Forwards Sales Exchange Rate (USD/MXN) 7,129.55 270 FX Forwards Purchases Exchange Rate (EUR/MXN) 1,879.29 2 FX Forwards Sales Exchange Rate (EUR/MXN) 1,955.54 2 FX Options Purchases Exchange Rate (Dollar) 14,419.68 206 FX Options Sales Exchange Rate (Dollar) 17,634.45 208 Interest Rate Options Purchases TIIE 36,189.33 107 Interest Rate Options Sales TIIE 52,785.47 238 Interest Rate Options Purchases LIBOR 1,635.04 3 Interest Rate Options Sales LIBOR 220.01 1 Interest Rate Options Purchases SOFR 40,378.73 71 Interest Rate Options Sales SOFR 44,827.31 88 Broker-dealer Interest Rate Options Purchases SOFR 1,611.94 1 Broker-dealer Interest Rate Options Sales SOFR 1,611.94 1 Interest Rate Swaps USD LIBOR LIBOR 73,126.80 994 Interest Rate Swaps MXN TIIE TIIE 1,682,003.70 4,887 Interest Rate Swaps USD SOFR SOFR 331,397.66 1,028 Broker-dealer Interest Rate Swaps MXN TIIE M M TIIE 16,313.35 12 Broker-dealer Interest Rate Swaps USD SOFR SOFR 5,263.77 4 Interest Rate and FX Swaps CS USDMXN VARIABLE/VARIABLE 180,233.64 185 Interest Rate and FX Swaps CS USDMXN FIX/FIX 23,225.01 27 Interest Rate and FX Swaps CS CHFMXN FIX/VARIABLE 476.69 4 Interest Rate and FX Swaps CS EURMXN FIX/FIX 16,141.49 54 Interest Rate and FX Swaps CS UDIMXN FIX/FIX 1,377.91 3 Interest Rate and FX Swaps CS GBPMXN FIX/FIX 565.88 1 Credit Derivatives CDS USD ESTADOS UNIDOS MEXICANOS 3,941.85 18 Credit Derivatives CDS USD J.P. MORGAN NY 971.71 3 Equity Options Purchases 1I_TLT_* 80.00 1 Equity Options Sales 1I_TLT_* 80.00 1 (Million Pesos) NOTIONAL PRINCIPAL AMOUNT IN DERIVATIVE OPERATIONS 3Q25 - Banorte 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Performing Loans Stage 1 & 2 Commercial Loans 322,741 341,987 0 0 126,090 140,123 448,831 482,110 Loans to Financial Entities 18,054 24,028 0 0 19,261 19,933 37,315 43,961 Consumer Loans 196,688 230,499 0 0 0 0 196,688 230,499 Mortgage Loans 266,732 287,774 38 28 0 0 266,770 287,802 Government Loans 159,243 144,684 0 0 16,490 10,806 175,733 155,490 Total 963,458 1,028,972 38 28 161,841 170,862 1,125,337 1,199,863 Past Due Loans Stage 3 Commercial Loans 3,496 8,687 0 0 1,104 331 4,600 9,018 Financial to Financial Entities 134 78 0 0 0 0 134 78 Consumer Loans 4,570 5,054 0 0 0 0 4,570 5,054 Mortgage Loans 2,035 2,601 3 2 0 0 2,038 2,604 Government Loans 7 0 0 0 0 0 7 0 Deffered Items 2,945 3,702 0 0 5 12 2,950 3,714 Total Credit Portfolio 976,645 1,049,094 41 31 162,950 171,206 1,139,636 1,220,331 Insurance and Bail Bond Portfolio 3,756 4,113 0 0 0 0 3,756 4,113 Total Propietary Loans with Insur. and Subs. 980,401 1,053,207 41 31 162,950 171,206 1,143,392 1,224,444 LOAN PORTFOLIO (Million Pesos) Local Currency UDIS Foreign Currency Total
Page 69
VI. Appendix Third Quarter 2025 69 PERIOD COST BALANCE OF LOAN PORTFOLIO FINAPE - - FOPYME - - Mortgage UDIS (5.2) 0.0 Mortgage FOVI - - (5.2) 0.0 COST OF BALANCES OF FINAPE, FOPYME, MORTGAGE UDIS AND MORTGAGE FOVI LOAN PORTFOLIOS AS OF 3Q25 - GFNorte (Million Pesos) TOTAL ASSETS INCOME TAX NET Global loss reserves loan portfolio 6,759 6,759 Non deductible provisions 2,252 2,252 Excess of accounting value over fiscal value on reposessed long-term assets (188) (188) Diminishable Employee Profit Sharing (PTU) 515 515 Advanced charged fees 1,163 1,163 Effects from valuation of instruments - - Tax losses pending amortization 243 243 Provisions for possible loss in loans 497 497 Pension funds contribution 52 52 Loss on sale of foreclosed assets and credits 1 1 Value decrease in property - - Loan interest - - Other accounts 9 9 Total Assets 11,302 11,302 LIABILITIES Pension funds contribution - - Loan portfolio acquisitions (198) (198) Projects to be capitalized (6,771) (6,771) Intangibles’ amortizations different from commercial funds - - Effects from valuation of instruments (2,095) (2,095) Intangibles’ amortizations related with clients (275) (275) Effect from other accounts (24) (24) Total Liabilities (9,364) (9,364) Assets (Liabilities) accumulated net 1,938 1,938 DEFERRED TAXES 3Q25 (Million Pesos)
Page 70
VI. Appendix Third Quarter 2025 70 Non Convertible Subordinated Bonds 2016 (D8_BNR1031_575C) USD 04-oct-16 500 9,607 1,355 15 years 5.750% 04-oct-26 04-oct-31 180 days Non Convertible Subordinated Bonds 2017 (D8_BNRP_7625C) USD 06-jul-17 550 10,077 10,073 Perpetual 7.625% 10-jan-28 Perpetual Quarterly Stock certificates 2016 (94_BINTER_16U) UDIS 13-oct-16 365 2,000 3,123 10 years 4.970% - 01-oct-26 182 days Non Convertible Subordinated Bonds 2019 (D8_BANP_75C) USD 27-jun-19 500 9,584 9,157 Perpetual 7.500% 27-jun-29 Perpetual Quarterly Non Convertible Subordinated Bonds 2020 (D2_BANOC21_999999) USD 14-jul-20 500 11,309 9,157 Perpetual 8.375% 14-oct-30 Perpetual Quarterly Stock certificates 2020 (94_BANORTE_20U) UDIS 30-sep-20 107 700 914 10 years 2.760% - 18-sep-30 182 days Non Convertible Subordinated Bonds 2021 (D2_BANOA99_999999) USD 24-nov-21 500 10,718 9,157 Perpetual 5.875% 24-jan-27 Perpetual Quarterly Non Convertible Subordinated Bonds 2021 (D2_BANOB72_999999) USD 24-nov-21 550 11,790 10,073 Perpetual 6.625% 24-jan-32 Perpetual Quarterly Stock certificates 2023 (94_BANORTE_23-3) MXN 24-feb-23 4,180 4,180 4,180 4 years TIIE+0.08% - 19-feb-27 28 days Stock certificates 2023 (94_BANORTE_23-4) MXN 25-may-23 5,277 5,277 5,277 3 years TIIE fondeo+0.30% - 21-may-26 28 days Stock certificates 2023 (94_BANORTE_23-5) MXN 25-may-23 2,387 2,387 2,387 7 years 9.410% - 16-may-30 182 days Stock certificates 2023 (94_BANORTE_24-2X) MXN 19-feb-24 3,642 3,642 3,642 7 years 9.740% - 10-feb-31 182 days Stock certificates 2023 (94_BANORTE_24UX) UDIS 19-feb-24 648 5,249 5,541 10 years 4.900% - 06-feb-34 182 days Stock certificates 2024 (94_BANORTE_23U) UDIS 25-may-23 276 2,149 2,358 10 years 4.680% - 12-may-33 182 days Stock certificates 2024 (94_BANORTE_24X) MXN 19-feb-24 4,172 4,172 4,172 4 years TIIE fondeo+0.33% - 14-feb-28 28 days Non Convertible Subordinated Bonds 2024 (D2_BANOD06_999999) USD 20-nov-24 750 15,242 13,736 Perpetual 8.375% 20-may-31 Perpetual Quarterly Non Convertible Subordinated Bonds 2024 (D2_BANOE88_999999) USD 20-nov-24 750 15,242 13,736 Perpetual 8.750% 20-may-35 Perpetual Quarterly LONG TERM DEBT AS OF SEPTEMBER 30st, 2025 - BANCO MERCANTIL DEL NORTE (Million Pesos) TERM RATE MATURITY INTEREST PAYMENTTYPE OF DEBT CURRENCY DATE OF ISSUE ORIGINAL AMOUNT ORIGINAL AMOUNT (VALUED) CURRENT AMOUNT CALLABILITY Loans from Development Banks 13,037 6,478 19,515 Loans from Public Funds 4,570 1,128 5,698 Loans from Banks 25,703 - 25,703 Loans from Fiduciary Funds 20 - 20 Provisions for Interest 9 - 9 43,340 7,606 50,947 Eliminations (19,593) Total 31,354 TOTALFOREIGN CURRENCY BANK AND OTHER ENTITIES LOANS’ AS OF 3Q25 (Million Pesos) LOCAL CURRENCY Demand Deposits Local Currency and UDIs 1.93% Foreign Currency 1.66% Time Deposits - Retail Local Currency and UDIs 6.05% Foreign Currency 2.42% Time Deposits - Money Market Local Currency and UDIs 7.29% Inmediate Redemption Loans Local Currency and UDIs - Foreign Currency - Public Funds and Development Banks Local Currency and UDIs 8.20% Foreign Currency 4.40% CORE DEPOSITS (BANORTE) DUE TO BANKS & CORRESPONDENTS (BANORTE) CORE DEPOSITS AND DUE TO BANKS & CORRESPONDENTS - INTEREST RATES 3Q25
Page 71
VI. Appendix Third Quarter 2025 71 *The Banxico MXN & USD Credit Auction and Ordinary Facility are now within the Permanent Facility according to Banxico 1/2024 circular. The credit amount of the RSP and Permanent Facility are interchangeable. Line Used % used Line Used % used Line Used % used Bank Counterparty Lines (Call Money) 218,872 3,398 1.6% 227,320 5,656 2.5% 226,926 3,109 1.4% Banxico (Repos for liquidity w ith the System of Payments) RSP* 94,489 12,027 12.7% 100,691 15,011 14.9% 102,594 7,207 7.0% Banxico Credit line w ith Government and Banking securities as collateral (Permanent Facility)* 144,081 - 0.0% 126,744 - 0.0% 134,867 - 0.0% Banxico Credit line w ith State and Municial Government securities as collateral (Extraordinary Facility) 70,166 - 0.0% 76,062 - 0.0% 76,062 - 0.0% TOTAL 527,608 15,425 2.9% 530,817 20,667 3.9% 540,449 10,316 1.9% 3Q24 2Q25 3Q25 (Million pesos) MAIN CREDIT LINES RECEIVED 3Q25 (BANORTE) Trading income Consolidated Securities - Unrealized gains 11,186 Trading financial instruments 3,073 Trading financial instruments (derivatives) 8,105 Hedging financial instruments (derivatives) 8 Impairment loss or revaluation increase (301) Result from foreign exchange valuation (10,301) Result from valuation of precious metals 6 Result from purchase/sale of securities and derivatives 2,113 Trading financial instruments 1,045 Financial instruments to collect or sell 615 Financial instruments to collect principal and interest (securities) 256 Trading financial instruments (derivatives) 1 Hedging financial instruments (derivatives) 197 Result from purchase/sale of foreign exchange 4,296 Result from purchase/sale of precious metals 2 Total 7,003 TRADING INCOME 3Q25 (Million Pesos)
Page 72
VI. Appendix Third Quarter 2025 72 Internal Control For Grupo Financiero Banorte, S.A.B. de C.V. (GFNORTE), internal control is a shared responsibility among all of its constituents; therefore, the Board of Directors, other Corporate Governance entities, the senior management team, and each one of its executives and employees are part of the Internal Control System (ICS). ICS is the general framework set forth by the Board of Directors with the objective of reaching institutional objectives through policies and monitoring activities and procedures, which have a positive impact on risk management, on the trustworthiness of financial information being generated, and on regulatory compliance. ICS establishes objectives and general guidelines which provide a framework to activities and responsibilities applicable to all personnel in charge of origination, operational processing, and execution. Such activities are monitored by teams specializing in risk monitoring and in mitigating controls. ICS is structured around three defense lines: A. First. The owners of support and business processes, who are ultimately responsible for the primary internal control function in their activities. B. Second. Risk, Credit, Legal, Controller departments and CISO, which provide permanent control and monitoring support, and C. Third. Internal Audit, with which the independence granted by its direct line of report to the Internal Audit and Corporate Practices Committee, supervises all activities and the adequate development of all functions across all areas. At GFNORTE we are convinced that having an adequate control environment is yet another competitive advantage that drives our growth and solid presence in the domestic financial market. Therefore, all executives and employees perform their daily activities with discipline as well as with strict adherence to the norm; following a philosophy of getting things done right the first time without having to rely on reviews that might be carried out by other areas. During the third quarter of 2025, there was a continuous development of activities related to strengthening control, risk evaluation and management, establishment and monitoring of controls, and quality of information assurance; highlighting the following: A. The various Corporate Governance Committees have had the required financial, economic, accounting and/or legal information for proper decision-making. B. Internal Control -related Corporate Governance documents were reviewed and updated and subsequently submitted through CAPS to the Board of Directors for approval. C. The manuals containing policies and procedures remained updated for changes in external regulations, new products, and changes in the Institution's processes or improvements to internal controls. D. The requests from different internal areas regarding internal control matters were addressed, both in support of the development of new institutional projects and those that derive from regulatory changes. E. GFNORTE’s business and operating support processes were constantly monitored through the Business Process and Management Controllers. They issue periodic compliance reports and identify areas of opportunity so that they can be remediated appropriately. F. Various activities regarding internal accounting were carried out in accordance with the work plan established at the beginning of the year. G. Effectiveness tests related to the Business Continuity Plan (the Plan) were carried out in accordance with the calendar dates and scope, approved by the corresponding Corporate Governance Committee in this area. In addition, the Plan was activated with satisfactory results in response to the events that occurred, two natural, one technological, and one caused by a massive power outage in the southeast region affecting the states of Campeche, Yucatán, and Quintana Roo. H. Revisions were carried out to ensure regulatory compliance with the requirements set forth by the Authority regarding the operation of the payment methods SPID, SPEI, CoDi and BDT. I. We continued to monitor the transactionality of client accounts for the detection of possible operations, that given its characteristics, might be related to money laundering and financing terrorism. Plus, a series of activities to strengthen the Sanctions Compliance Program have been developed following the designation by the U.S. Government of certain drug cartels as Foreign Terrorist Organizations (FTOs), including measures such as the reinforcement of institutional regulations, the review and adjustment of our risk methodologies, and the expansion of control structures dedicated to transactional monitoring.
Page 73
VI. Appendix Third Quarter 2025 73 J. Different actions were carried out to ensure the proper use of personal data. Banorte is the only bank in Mexico with Certification of Compliance with the Personal Data Protection Act. Banorte also has PCI -DSS Certifications in its Acquiring, Electronic Banking and Contact Center channels. K. The Chief Information Security Officer (CISO) submitted the Master Plan to GFNorte’s Executive Management for approval and performed his duties based on this plan, reporting findings and activity details to the CEO and the relevant Corporate Governance Committees, maintaining a matrix coordination with the Internal Control Office as part of the Internal Control System (SCI). L. Tasks were carried out to ensure compliance with the 2025 Fraud Prevention Management Plan, with updates provided to the corresponding Corporate Governance bodies. M. The follow-up to the improvement actions regarding the observations made by the different members of the SCI continued. N. Requirements from Supervisory Authorities were addressed, and all obligations to act and report under external regulation were fulfilled. Plus, ongoing ordinary inspection visits are also being attended. Financial Situation and Liquidity Treasury Policy Regulatory Framework All operations carried out by the Treasury are executed in strict accordance with regulations established by Banking Institution regulatory authorities, such as Banco de México (BANXICO), the National Banking and Securities Commission (CNBV), Ministry of Finance and Public Credit (SHCP), as well as those set forth in the Law of Credit Institutions. Moreover, the Treasury is subject to policies regarding liquidity, market, and counterparty credit risks management, annually established by the Risk Policy Committee (CPR) through the following operation parameters: Market Risk: • VaR (Value at Risk) • DV01 (sensitivity by security, term and currency) Liquidity Risk: • LCR (Liquidity Coverage Ratio) • ACLME (Regime of liabilities admission and investment in foreign currency and limit of FX risk position) • NSFR (Net Stable Funding Ratio) • Survival Horizon Credit Risk: • Counterparty Lines Capital Management: • Tier 1, Core Tier 1, and Net Capital (these are monitoring thresholds, the Treasury will set mechanisms to the extent that the Bank or any of its subsidiaries approaches the limits established by the CPR). Treasury Management To maintain a prudent A&L management strategy through stable funding sources, constitute and maintain liquid assets at optimum levels, the Treasury applies the following guidelines: 1. Diversification of funding sources in national and international markets. 2. Structure liabilities in such a way as to avoid the accumulation of maturities that significantly influence the administration and control of the Treasury’s resources. 3. Ensure liquidity by tapping mid and long-term liabilities.
Page 74
VI. Appendix Third Quarter 2025 74 4. Manage and maintain liquid assets to total assets, considering its effects on profitability and liquidity needs. 5. Determine and propose the Transfer Costs Policy, according to the current business plan. Treasury’s Funding sources Sources of financing for the Treasury are classified as follows: 1. Public: • Demand Deposits • Term Deposits 2. Market: • Commercial Paper • Cross-Currency Swaps • Deposit Certificates • Issuance Programs • Bank Loans 3. National Banks and Development Funds: • National Banks • Funds 4. Correspondent Banks: • Foreign Banks 5. Available credit lines: (available and not disposed) • Commercial paper • Call Money • Correspondent Banks Through various long-term financing programs, programs are analyzed and implemented to consolidate the debt profile. The Treasury, in coordination with the Risk Management department, monitor on a permanent basis compliance with the LCR limits set forth by the CPR and authorities. Main sources of liquidity Client deposits, including interest -bearing and non -interest-bearing demand deposits, as well as time deposits, are our main liquidity source. Regarding other liquidity sources, Banorte has diverse mechanisms to access debt and capital markets. The Institution obtains resources through the issuance of debt securities, subordinated debt (Capital Notes), and loans and facilities from other banking institutions including the Central Bank and International Banks. Liquid assets include investments in government securities and deposits held in the Central Bank and foreign banks. Main initiatives of Banorte's liquidity during 3Q25. Banorte's liquidity strategy aims to maintain adequate liquidity levels based on prevailing conditions. In this sense, management decided to preserve current liquidity levels prioritizing funding through client deposits. In July 2025, a total voluntary early redemption of Bank Securities Certificates with the ticker symbol BANORTE 24 (Ps 2.00 billion), and Structured Bank Notes with the ticker symbols BANORTE 2-25 (Ps 101 million) and BANORTE 3-25 (Ps 104 million), was carried out.
Page 75
VI. Appendix Third Quarter 2025 75 In addition, it should be noted that Banorte did not use the Mexican Central Bank’s Permanent Liquidity Facilities nor the Extraordinary Facilities during 3Q25. Detailed information regarding liquidity sources is reported in different headings of the GFNorte’s Balance Sheet in this report. Dividend Policy By Resolution of the Ordinary General Shareholders' Meeting held on April 30, 2019 , it was approved to modify the Dividend Policy, so that the dividend payment is a percentage according to the following: 1. Between 16% and up to 50% of the net income of the prior year. As reference, the previous Dividend Policy was approved in accordance with the following: a) By resolution of the Ordinary General Shareholders Meeting held on November 19, 2015, it was approved to modify the Dividend Policy so that the dividend payment is a percentage according to the following: 1. Between 16% and up to 40% of the net income of the prior year. b) By resolution of the Ordinary General Shareholders Meeting held on October 17, 2011, it contemplated the dividend payment as follows: 1. 16% of the recurring net profit in case the profit grows between 0% and 10% during the year. 2. 18% of the recurring net profit in case the profit grows between 11% and 20% during the year. 3. 20% of the recurring net profit in case the profit grows more than 21% during the year. Related Parties Loans According to Article 73 Bis of the Law of Credit Institutions, loans granted to the related parties of credit institutions cannot exceed the established limit of 35% of the basic portion of net capital. In the case of GFNorte, as of September 30th and June 30th, 2025, the amount of loans granted to third parties was as follows (billion pesos): Lender Sep-25 % Basic Equity Jun-25 % Basic Equity Banorte 35.83 16.4% 36.94 16.1% 35.83 36.94 The loans granted are under the 100% limit set forth by the LIC. Banorte As of September 30th, 2025, total loans granted to related parties, under Article 73 of the Law of Credit Institutions, was Ps 3 5.83 billion (including Ps 2.61 billion in Letters of Credit “CC”, which are registered in memorandum accounts), representing 3.1% of Banorte’ s total loan portfolio (excluding the balance of CC). Out of the total related loans balance, Ps 24.16 billion were loans granted to clients linked to members of the Board of Directors, and Ps 11.68 billion were linked to companies related to GFNorte. At the end of September 2025, there were no loans granted to clients related to shareholders. In accordance with Article 73 of the Law for Credit Institutions, the balance of GFNorte’ s related party loan portfolio for individuals and corporations at the end of September 2025 was 16.4% of Core Equity. Related party loans have been granted under market conditions and rated in accordance with the policies, procedures, and rating systems applicable to the rest of GFNorte’ s loan portfolio based on the general dispositions applicable to credit institutions regarding rating of loan portfolios issued by CNBV. Additionally, 100% of the related party loans are rated in Category "A", and most of these loans were classified as commercial loans.
Page 76
VI. Appendix Third Quarter 2025 76 As of June 30th, 2025 , total loans granted to related parties, under Article 73 of the Law of Credit Institutions, was Ps 36.94 billion (including Ps 2.92 billion in Letters of Credit “CC”, which are registered in memorandum accounts), representing 3.2% of Banorte’ s total loa n portfolio (excluding the balance of CC). Out of the total related loans balance, Ps 25.25 billion were loans granted to clients linked to members of the Board of Directors, and Ps 11.69 billion were linked to companies related to GFNorte. At the end of June 2025, there were no loans granted to clients related to shareholders. In accordance with Article 73 of the Law for Credit Institutions, the balance of GFNorte’ s related party loan portfolio for individuals and corporations at the end of June 2025 was 16.1% of Core Equity. Related party loans have been granted under market conditions and rated in accordance with the policies, procedures, and rating systems applicable to the rest of GFNorte’ s loan portfolio based on the general dispositions applicable to credit institutions regarding rating of loan portfolios issued by CNBV. Additionally, 100% of the related party loans are rated in Category "A", and most of these loans were classified as commercial loans. Loan or tax liabilities The tax credits listed below are currently in litigation: Million pesos People in Charge The undersign represents under oath that, taking into account our respective functions, we have drawn up the information relative to Grupo Financiero Banorte, which, to the best of our knowledge, reasonably reflects its financial situation. Furthermore, we express that we are no t aware that relevant information has been omitted or falsified in this quarterly report or that it contains information that may lead to errors for investors. Act. Jose Marcos Ramirez Miguel Chief Executive Officer of Grupo Financiero Banorte, S.A.B. de C.V. Eng. Rafael Arana de la Garza Chief Operating Officer & Chief Financial Officer C.P. Isaias Velazquez Gonzalez Managing Director of Internal Audit Lic. Jorge Eduardo Vega Camargo Deputy Managing Director of Comptrollership C.P.C. Mayra Nelly López Deputy Managing Director of Accounting As of September 30th, 2025 AFORE BANORTE Ps 2 Loan #4429309391 Payroll Tax of the state of Coahuila 2 PENSIONES BANORTE Ps 428 Financial year 2014 428 SEGUROS BANORTE Ps 1,256 Financial year 2014 1,256 SEGUROS BANORTE Ps 1,459 Financial year 2015 1,459 SEGUROS BANORTE Ps 2,250 Financial year 2017 2,250 SEGUROS BANORTE Ps 2,210 Financial year 2016 2,210 SEGUROS BANORTE Ps 2,693 Financial year 2018 2,693
Page 77
VI. Appendix Third Quarter 2025 77 Board of Directors The Board of Directors for the 2025 financial year was approved in the Annual General Ordinary Shareholders’ Meeting, held on April 23rd, 2025. At the end of September 2025, Grupo Financiero Banorte, S.A.B. de C.V. (“GFNorte”) Board of Directors was comprised of 14 Directors, and if the case, by their respective Alternates; out of which 9 were independent, in accordance to the following: Grupo Financiero Banorte, S.A.B. de C.V. Board of Directors DIRECTORS Mr. Carlos Hank González Chariman of the Board of Directors Mr. Juan Antonio González Moreno Director Mr. David Juan Villarreal Montemayor Director Mr. José Marcos Ramírez Miguel Director Mr. Carlos de la Isla Corry Director Mrs. Alicia Alejandra Lebrija Hirschfeld Independent D. Mr. Clemente Reyes Retana Valdés Independent D. Mrs. Mariana Baños Reynaud Independent D. Mr. Federico Carlos Fernández Senderos Independent D. Mr. David Peñaloza Alanís Independent D. Mr. José Antonio Chedraui Eguía Independent D. Mr. Alfonso de Angoitia Noriega Independent D. Mr. Thomas S. Heather Rodríguez Independent D. Mrs. Diana Muñozcano Félix Independent D. ALTERNATES Mrs. Graciela González Moreno Alternate Mr. Juan Antonio González Marcos Alternate Mr. Alberto Halabe Hamui Independent A. Mr. Gerardo Salazar Viezca Alternate Mr. Rafael Victorio Arana de la Garza Alternate Mr. Roberto Kelleher Vales Independent A. Mrs. Cecilia Goya de Riviello Meade Independent A. Mr. José María Garza Treviño Independent A. Mr. Manuel Francisco Ruiz Camero Independent A. Mr. Carlos Césarman Kolteniuk Independent A. Mr. Humberto Tafolla Núñez Independent A. Mr. Carlos Phillips Margain Independent A. Mr. Diego Martínez Rueda-Chapital Independent A. Mr. Manuel Guillermo Muñozcano Castro Independent A.
Page 78
VI. Appendix Third Quarter 2025 78 Compensation and Benefits The total amount of compensation and benefits paid to Banorte’s main officers in 2024 was approximately Ps 352.3 million. Compensations and Benefits are as follows: • Fixed Compensation: Salary. • Annual Bonus Plan for 2024: The Bonus Plan for each business area evaluates compliance with the net income budget for each particular business, as well as an evaluation of individual performance, which considers the achievement of each participant's goals and objectives. The bonus for certain departments is also adjusted based on operational risk evaluations carried out by the Control Department. Likewise, eligibility to receive the deferred variable compensation for a group of managers is determined by a risk and compliance mechanics’ review. Eligible personnel of staff areas are evaluated based on the compliance with the net income budget for the Group , as well as individual performance in accordance with the achievement of each candidate’s goals and objectives. For senior management, yearly bonuses are covered in 60% and the remaining 40% is covered in three annual installments of 13%, 13%, and 14%, respectively. • Banorte’s Long-Term Incentive Plans: Stock Options: Long-term incentive scheme consists of assigning a stock option package through a trust, with a 100% right in a period up to 4 years, for designated Officers by the Compensation Committee. Participants will be entitled to exercise a percentage of the package each year, receiving shares in its capital account. • Vacations: From 16 up to 40 working days, depending on each employee’s years of service. • Holiday Bonus: From 8 up to 23 days of salary to be paid on each anniversary of the employee, depending on the number of years of service. • Legally Mandated Christmas Bonus: Equivalent to 42 days of salary. • Savings Fund: The Institution matches the amount of the employee's contribution up to a maximum of 13% of their monthly salary in accordance with the legal limits established in the Income Tax Law. • Medical Service: Traditional Scheme: Banorte provides medical services through recognized medical institutions, obtaining efficiency in cost and service. Full Medical Insurance Scheme: Major medical expenses insurance policy. • Life Insurance: In the event of death or total incapacity, a life insurance policy provides a sum of up to 36 months’ salary. In the event of accidental death, the compensation is double, prior verification by the insurance company. • Pension and Retirement: The institution has two types of plans: one with defined benefits (Traditional and Special), and a second one with a defined contribution (Asegura tu Futuro). • Asegura tu Futuro: established since January 1st, 2001. This is a defined contribution plan, whereby a percentage of individual contributions by the employee and the company (Banorte) are deposited in a fund for withdrawal by that employee upon termination of their labor relationship. This plan has an "initial individual contribution" (only for employees hired prior to January 1st, 2001) corresponding to pension benefits for past services accumulated to the date the plan was created. The maximum monthly contribution is 10% of the gross nominal wage (5% employee and 5% company). The total amount accumulated by the Asegura tu Futuro plan for the company’s main officers amounts to Ps 257.3 million. • Board Members’ compensation for attending Board meetings: 2 Ps 50 gold coins ("Centenarios") at the value of each meeting. In 2024 it was Ps 6.7 million net.
Page 79
VI. Appendix Third Quarter 2025 79 Basis for submitting and presenting Financial Statements Grupo Financiero Banorte (GFNorte). Issues the financial statements in consolidated form with its Subsidiaries in accordance with the General Provisions Applicable to the Controlling and Sub-Controlling Companies of Financial Groups that regulate the matters that correspond jointly to the National Supervisory Commissions (the Provisions) published in the Official Gazette of the Federation on June 29, 2018 , modified through Resolution published in the same official medium on December 21, 2021 and March 14, 2025. Banorte. Issues the financial statements in consolidated form with its Subsidiaries in accordance with the General Provisions Applicable to the financial information of the Credit Institutions (the Provisions) published in the Official Gazette of the Federation on December 2, 2005, modified by means of published Resolutions in the aforementioned Official Gazette on March 3 and 28, September 15, December 6 and 8, 2006, January 12, March 23, April 26, November 5, 2007, March 10, August 22, September 19, October 14, December 4, 2008, April 27, May 28, June 11, August 12, October 16, November 9, December 1 and 24, 2009, January 27, February 10, April 9 and 15, May 17, June 28, July 29, August 19, September 9 and 28, October 25, November 26 and December 20, 2010, January 24 and 27, March 4, April 21, July 5, August 3 and 12, September 30, October 5 and 27, and December 28, 2011, June 19, July 5, October 23, November 28 and December 13, 2012, January 31, April 16, May 3, June 3 and 24, July 12, October 2 and December 24, 2 013, January 7 and 31, March 26, May 12 and 19, July 3 and 31, September 24, October 30, December 8 and 31, 2014, January 9, February 5, April 30, May 27, June 23, August 27, September 21, October 29, November 9 and 13, December 16 and 31, 2015, April 7 and 28, June 22, July 7 and 29, August 1, September 19 and 28, and December 27, 2016, January 6, April 4 and 27, May 31, June 26, July 4 and 24, August 29, October 6 and 25, December 18, 26 , and 27, 2017, January 22, March 14, April 26, May 11, June 26, July 23, August 29, September 4, October 5, November 15 and 27, 2018, April 15, July 5, October 1, and November 4 and 25, 2019, March 13, April 9, June 9, August 21, October 12, November 19, December 4, 2020, May 21, June 18, July 20 and 23, August 6, September 23, and December 15, 30, and 31 2021, May 13 and 27, June 22, September 2, October 19, 2022, January 13, April 17, September 13, 15 and 27, and Decem ber 27, 2023, February 07, 09 and 27, 2024, April 16, May 30, June 14, July 11, August 14 and 29, September 30, December 27 and 30, 2024, March 31, June 23, July 24 and September 11, 2025, respectively. GFNorte and Banorte. The financial information contained in this document has been prepared in accordance with the regulation issued by the National Banking and Securities Commission (CNBV) for the holding company and the financial entities that make up the Financial Group and the NIF issued by the Mexican Board of Standards of Financial Information, AC (CINF). The regulation of the CNBV and the NIFs differ from each other due to the specialized operations of the Credit Institutions. They also differ from the accounting principles generally accepted in the United States of America (US GAAP) and the regulations and principles established by the North American authorities for this type of financial entities. In orde r to present the information contained in an international format, the format for the classification and presentation of certain financial information differs from the format used for the financial information published in Mexico. The information contained in this document is based on the unaudited financial information of each of the entities to which it refers. CNBV Indicators’ Methodology Operating Efficiency Cost to Income Ratio = Non-Interest Expense of the period / Total Income of the period Where: Total Income = Net Interest Income + Non-Interest Income Non-Interest Income = Fees Charged – Fees Paid + Trading Income + Other Operating Income (Expenses) Operating efficiency = Annualized Non-Interest Expense of the period / average Total Assets of the period Profitability NIM = Annualized Net Interest Income of the period / average Earning Assets of the period
Page 80
VI. Appendix Third Quarter 2025 80 NIM Adjusted for Credit Risks = Annualized Net Interest Income Adjusted for Credit Risks for the period / average Earning Assets of the period Where: Performing Assets = Cash and Equivalents + Investments in Securities + Estimate of Investments in Securities + Repo Debtors + Securities to be Received in Repo Transactions + Derivatives + Valuation Adjustments for Financial Asset Hedging + Loan Book Stages 1 and 2 + Receivable Benefits for Securitization Transactions ROE = Annualized Net Income of the period / average Majority Equity of the period Where: Majority Equity = Total Equity – Minority Interest ROTE = Annualized Net Income of the period / average Tangible Majority Equity of the period Where: Tangible Majority Equity = Total Equity – Minority Interest - Intangibles - Goodwill Intangibles = Deferred Charges + Anticipated Payments + Intangible Assets + Rights of Use of Intangible Assets ROA = Annualized Net Income of the period / average Total Assets of the period Asset Quality Cost of Risk = Annualized Provisions of the period / average Total Loans of the period Non-Performing Loan Ratio = Monthly Stage 3 Loans / Monthly Stages 1+2+3 Loans Coverage Ratio = Monthly Preventive Loan Loss Reserves from the Financial Position Statement / Monthly Stage 3 Loans Taxes Tax Rate = Income Tax of the period / Operating Income of the period Liquidity Liquidity = Monthly Liquid Assets / Monthly Liquid Liabilities Where: Liquid Assets = Cash and Equivalents + Trading Financial Instruments Without Restriction + Financial Instruments to Collect or Sell Without Restriction Liquid Liabilities = Demand Deposits + Interbank and other Organisms Immediate Enforceability + Interbank and other Organisms Short-Term Loans Solvency Leverage Ratio = Monthly Total Assets / Monthly Equity Notes on Calculation Methodology: 12-Month Cumulative Calculations For ROA, ROE, ROTE, NIM, NIM Adjusted for Credit Risks, Cost of Risk, Operating Efficiency, and Cost to Income Ratio 12M, the last 12 months of the Income Statement figures are added, and the last 12 months of the Statement of Financial Position figures are averaged. 9-Month Cumulative Calculations For ROA, ROE, ROTE, NIM, NIM Adjusted for Credit Risks, Cost of Risk, and Operating Efficiency 9M, the 9 months of the Income Statement figures for the year are added and annualized (divided by 9 and multiplied times 12), and the last 9 months of the Statement of Financial Position figures are averaged.
Page 81
VI. Appendix Third Quarter 2025 81 6-Month Cumulative Calculations For ROA, ROE, ROTE, NIM, NIM Adjusted for Credit Risks, Cost of Risk, and Operating Efficiency 6M, the 6 months of the Income Statement figures for the year are added and annualized (divided by 6 and multiplied times 12), and the last 6 months of the Statement of Financial Position figures are averaged. Quarterly Calculations For ROA, ROE, ROTE, NIM, NIM Adjusted for Credit Risks, Cost of Risk, and Operating Efficiency, the 3 months of the Income Statement figures for the quarter are added and annualized (divided by 3 and multiplied times 12), and the last 3 months of the Statement of Financial Position figures are averaged. Income Statement Ratios Cumulative Tax Rate and Cost to Income Ratio : The accumulated balances to the month for which the calculation is performed are considered. Quarterly Tax Rate and Cost to Income Ratio: The quarterly balances for which the calculation is performed are considered. Statement of Financial Position Ratios Non-Performing Loans Ratio, Coverage Ratio, Liquidity Ratio, and Leverage Ratio: Figures corresponding to the month under calculation are taken from the Statement of Financial Position; as such, there is no difference in the calculation of quarterly or cumulative ratios.