Q4 2025 Intercorp Financial Services Inc Earnings Call

February 12, 2026

Speaker #2: Thank you for standing by . And welcome to the ifs . Fourth quarter 2025 conference call . The conference will begin in a few minutes Pardon me .

Operator: Thank you for standing by, and welcome to the IFS Q4 2025 conference call. The conference will begin in a few minutes. Pardon me. Good morning, and welcome to the Intercorp Financial Services Q4 2025 conference call. All lines have been placed on mute to prevent any background noise. Please be advised that today's conference call is being recorded. After the presentation, we will open the floor for questions, and at that time, instructions will be given as to the procedure to follow if you could like to ask a question. Also, you can submit online questions at any time today using the window on the webcast, and they will be answered after the presentation during the question and answer session. Simply type your question in the box and click Submit.

Speaker #2: Good morning , and welcome to the Intercorp Financial Services Inc. . Fourth quarter , 2025 conference call . All lines have been placed on mute to prevent any background noise .

Speaker #2: Please be advised that today's conference call is being recorded . After the presentation , we will open the floor for questions . And at that time , instructions will be given as to the procedure to follow .

Speaker #2: If you would like to ask a question . Also , you can submit questions at any time today using the window on the webcast and they will be answered after the presentation .

Speaker #2: During the question and answer session Simply type your question in the box and click submit . It is now my pleasure to turn the call over to Mr. Ivan Peill from Enspire group .

Operator: It is now my pleasure to turn the call over to Mr. Ivan Peill from InspIR Group. Sir, you may begin.

Speaker #2: Sir , you may begin .

Speaker #3: Thank you and good morning everyone . On today's call , Intercorp Financial will discuss its fourth quarter 2025 earnings . We are pleased to have with us Mr. Luis Felipe Castellanos Chief Executive Officer , Intercorp Financial Services .

Ivan Peill: Thank you, and good morning, everyone. On today's call, Intercorp Financial Services will discuss its Q4 2025 earnings. We are pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer, Intercorp Financial Services; Ms. Michela Casassa, Chief Financial Officer, Intercorp Financial Services; Mr. Carlos Tori, Chief Executive Officer, Interbank; Mr. Gonzalo Basadre, Chief Executive Officer, Interseguro; and Mr. Bruno Ferreccio, Chief Executive Officer, Inteligo. They will be discussing the results that were distributed by the company yesterday. There is also a webcast video presentation to accompany the discussion during this call. If you didn't receive a copy of the presentation or the earnings report, they are now available on the company's website, ifs.com.pe. Otherwise, if you need any assistance today, please call InspIR Group in New York on 646-940-8843.

Speaker #3: Miss Michaela Casazza , Chief Financial Officer , Intercorp Financial Services . Mr. Carlos Torri , chief executive officer , interbank Mr. Gonzalo Basadre , chief executive officer , Inter Seguro .

Speaker #3: And Mr. Bruno Ferrechio , chief executive officer and Telugu . They will be discussing the results that were distributed by the company yesterday .

Speaker #3: There is also a webcast video presentation to accompany the discussion during this call . If you didn't receive a copy of the presentation or the earnings report , they are now available on the company's website If Otherwise , if you need any assistance today , please call Enspire Group in New York on six , four , 69408843 .

Speaker #3: I would like to remind you that today's call is for investors and analysts only Therefore , questions from the media will not be taken Please be advised that forward looking statements made during this conference call These do not account for future economic circumstances .

Ivan Peill: I would like to remind you that today's call is for investors and analysts only. Therefore, questions from the media will not be taken. Please be advised that forward-looking statements made during this conference call, these do not account for future economic circumstances, industry conditions, the company's future performance, or financial results. As such, statements made are based on several assumptions and factors that could change, causing actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the earnings presentation and report issued yesterday. It is now my pleasure to turn the call over to Mr. Luis Felipe Castellanos, Chief Executive Officer of Intercorp Financial Services, for his opening remarks. Mr. Castellanos, please go ahead, sir.

Speaker #3: Industry conditions . The company's future performance or financial results . As such , statements made are based on several assumptions and factors that could change , causing actual results to materially differ from the current expectations For a complete note on forward looking statements , please refer to the earnings presentation and report issued yesterday It is now my pleasure to turn the call over to Mr. Luis Felipe Castellanos , Chief Executive Officer of Intercorp Financial Services , for his opening remarks .

Speaker #3: Mr. Castellanos , please go ahead , sir Thank you .

Luis Felipe Castellanos: Thank you. Good morning, and thank you all for joining our Q4 2025 earnings call. Thank you for your interest in IFS. We appreciate your continued support. I'm going to start with the macro front. We continue to observe a macroeconomic and political environment in Peru, marked by a positive mood. The Peruvian economy maintains its growth momentum, with expected growth of 3.3% for 2025, mainly driven by dynamic consumption-related sectors, sustained private investment, and the favorable performance of commodity prices, which continues to support the country's external accounts. Although we maintain a prudent perspective amid the international context and the election period, exchange rate strength and low country risk reflect market confidence in Peru.

Speaker #4: Good morning, and thank you all for joining our fourth quarter 2020 earnings call. Thank you for your interest in IFS. We appreciate your continued support. I'm going to start with the macro front.

Speaker #4: We continue to observe a macroeconomic and political environment in Peru marked by a positive mood . The Peruvian economy maintains its growth momentum with expected of 3.3% for 2025 , mainly driven by dynamic consumption related sectors .

Speaker #4: Sustained private investment and a favorable performance of commodity prices , which continues to support the country's external accounts . Although we maintain a prudent perspective amid the international context and the election period , exchange rate trends and low country risk reflect market confidence in Peru .

Speaker #4: That's all has appreciated by approximately 10% in the year and inflation remains stable . Position in Peru as one of the most dynamic economies in the region Looking ahead to the political transition this year , we do not expect major changes in financial stability , sound monetary management and strong institutions relating to economic resilience and prudence allow us to have a base case scenario of sustained growth , supported by the resilience of the local market and investor confidence This provides a solid foundation for long term decision making , prudent risk management and sustained investments in innovation Moving into IFS results for 2025 , we delivered record net income of $1.9 billion with recovering core results and solid profitability with our ROE of around 17% .

Luis Felipe Castellanos: The sol has appreciated by approximately 10% in the year, and inflation remains stable, positioning Peru as one of the most dynamic economies in the region. Looking ahead to the political transition this year, we do not expect major changes in financial stability. Sound monetary management and strong institutions related to economic resilience and prudence allow us to have a base case scenario of sustained growth, supported by the resilience of the local market and investor confidence. This provides a solid foundation for long-term decision-making, prudent risk management, and sustained investments in innovation. Moving into IFS results for 2025, we delivered record net income of PEN 1.9 billion, with recovering core results and solid profitability, with our ROE of around 70%, even after considering the impact of the Rutas de Lima impairment.

Speaker #4: Even after considering the impact of the Rutas de Lima impairment . These results confirm our ability to adapt quickly and keep generating value despite some headwinds in a disciplined and sustained way aligned with our long term strategy and reaffirming our commitment to long term profitability and sustainability Interbank achieved a record year with $1.4 billion in net income .

Luis Felipe Castellanos: These results confirm our ability to adapt quickly and keep generating value, despite some headwinds, in a disciplined and sustained way, aligned with our long-term strategy and reaffirming our commitment to long-term profitability and sustainability. Interbank achieved a record year with PEN 1.4 billion in net income. This was supported by a decrease in cost of risk and risk, and a risk, increase in risk-adjusted NIM. Our consumer segment is showing signs of recovery, even in the face of pension funds withdrawals, although we recognize that there is still progress to be made to reach our targets. Overall, Interbank has consolidated as the third largest bank in the system, reflecting our strong performance and disciplined approach to risk and profitability management.

Speaker #4: This was supported by a decrease in cost of risk and risk , and a risk increasing risk adjusted Nim . Our consumer segment is showing signs of recovery even in the face of pension funds withdrawals .

Speaker #4: Although we recognize that there is still progress to be made to reach our targets . Overall , interbank has consolidated at the third largest bank in the system , reflecting our strong performance and disciplined approach to risk and profitability .

Speaker #4: Management , Easypay and interbank continue to capture joint business opportunities , reinforcing our payments ecosystem while clean deepens user engagement , fostering more primary banking relationships and driving growth in our insurance company continues to grow .

Luis Felipe Castellanos: EasyPay and Interbank continue to capture joint business opportunities, reinforcing our payments ecosystem, while Plin deepens user engagement, fostering more primary banking relationships and driving growth. Interseguro, our insurance company, continues to grow its core business, with solid performance in private annuities and life insurance. In addition, Interseguro continues to leverage synergies with Inteligo to expand private annuity sales and to collaborate with Interbank to advance integrated bank insurance solutions that deliver greater value for our customers. It maintains leadership in regulated annuities and has achieved the leading position in private annuities. Inteligo, our wealth management segment, continues to grow double-digit, achieving new record high in assets under management, thanks to our clients' trust and consistent engagement. In all, IFS remains committed to our focus on profitable growth strategy, always placing our customers at the center of every decision we make.

Speaker #4: Its core business with solid performance in private annuities and life insurance . In addition , in Seguro continues to leverage synergies within to expand private annuity sales and to collaborate with interbank to advance integrated bank solutions that deliver greater value for our customers .

Speaker #4: It maintains leadership in regulated annuities and has achieved the leading position in private annuities in Telugu . Our wealth management segment continues to grow double digit , achieving new record high in assets under management .

Speaker #4: Thanks to our clients trust and consistent engagement in all IFS remains committed to our focus on profitable growth strategy , always placing our customers at the center of every decision we make We continue to reinforce this approach by prioritizing digital excellence and deepening primary customer relationships through comprehensive , data driven services and differentiated experiences .

Luis Felipe Castellanos: We continue to reinforce this approach by prioritizing digital excellence and deepening primary customer relationships through comprehensive, data-driven services and differentiated experiences. Investments in technology, GenAI, and innovation are key to maintaining our competitive advantage by enabling more personalized, efficient, and secure experiences, while strengthening productivity and delivering greater value to our customers. Looking ahead, we remain optimistic about IFS's outlook. Our platform has demonstrated resilience in downturns and is well positioned to continue executing its growth strategy, maintaining profitability and reinforcing our leadership in the dynamic Peruvian market. Now, let me pass it on to Michela for further explanation of these quarter results. Thank you.

Speaker #4: Investments in technology Gemini and innovation are key to maintaining our competitive advantage by enabling more personalized , efficient , and secure experiences while strengthening productivity and delivering greater value to our customers Looking ahead , we remain optimistic about IFS outlook Our platform has demonstrated resilience in downturns and is well positioned to continue executing its growth strategy , maintaining profitability and reinforcing our leadership in the dynamic Peruvian market Now , let me pass it on to Micaela for further explanation of this quarter results .

Speaker #4: Thank you

Speaker #5: Thank you , Luis Felipe . Good morning . Good morning everyone , and welcome to Intercorp Financial Services Inc. fourth quarter results . We would like to start with our key messages for the year in 2025 .

Michela Casassa: Thank you, Luis Felipe. Good morning, everyone, and welcome to Intercorp Financial Services' fourth quarter results. We would like to start with our key messages for the year. In 2025, we delivered a solid performance across all segments. Net income reached a record $1.9 billion, marking a 49% increase compared to the prior year. Our return on equity was also strong, standing at 16.8%. The second key message, higher-yielding loans continue the positive trend, showing an 8% growth on a year-over-year basis. Third, the risk-adjusted NIM increased 50 basis points over the year, reaching 4% in the last quarter, while we maintain a low cost of risk at 2.1% and cost of funds near 3%.

Speaker #5: We delivered a solid performance across all segments . Net income reached a record 1.9 billion . Marking a 49% increase compared to the prior year .

Speaker #5: Our return on equity was also strong , standing at 16.8% . The second key message , a higher yielding loans continue the positive trend , showing an 8% growth on a year over year basis Third , the risk adjusted Nim increased 50 basis points over the year .

Speaker #5: Reaching 4% in the last quarter , while we maintain a low cost of risk at 2.1% and cost of funds near 3% . Fourth , we continue to strengthen primary banking relationships and as a result , our retail primary banking customers grew 11% last year .

Michela Casassa: Fourth, we continue to strengthen primary banking relationships, and as a result, our retail primary banking customers grew 11% last year. Fifth, our insurance business continues to deliver solid double-digit growth, with written premiums growing by 61% year-over-year, mainly due to the growth in private annuities. And sixth, our wealth management business delivered double-digit growth in our core business, with assets under management at new record highs. Let's start with our first key message. Let me share an overview of the macro environment. The central bank has raised its GDP estimate for Peru in 2025 to 3.3%, driven by stronger-than-expected performance in primary sectors such as agriculture and mining, followed by primary manufacturing, construction, and commerce. Looking ahead to 2026, the central bank's projections have been revised upward to 3%, driven by stronger private spending.

Speaker #5: Fifth , our insurance business continues to deliver solid double digit growth with written premiums growing by 61% year over year , mainly due to the growth in private annuities .

Speaker #5: And sixth, our wealth management business delivered double-digit growth in our core business, with assets under management at new record highs. Let's start with our first key message. Let me share an overview of the macro environment.

Speaker #5: The central bank has raised its GDP estimates for Peru in 2025 to 3.3% , driven by stronger than expected performance in primary sectors such as agriculture and mining , followed by primary manufacturing , construction and commerce .

Speaker #5: Looking ahead to 2026 , the central bank's projections have been revised upward to 3% , driven by stronger private spending , macroeconomic fundamentals remain stable with inflation contained around 1.5% for 2025 .

Michela Casassa: Macroeconomic fundamentals remain stable, with inflation contained around 1.5% for 2025. The Peruvian sol has strengthened more than 10% this year, and the reference rate remains low at 4.25%, maintaining favorable financial conditions for ongoing growth. Overall, Peru is establishing itself as one of the fastest-growing economies in the region... Okay, so it seems hopefully now it's working. So let me start again with the key messages. Okay. Hello, everyone again. Sorry, it seems there was some problems, so I'm gonna start again. So starting with slide number two on the key messages, we delivered a solid performance across all segments. Net income reached a record PEN 1.9 billion, marking a 49% increase compared to the prior year. Our return on equity was also strong, standing at 16.8%.

Speaker #5: The Peruvian sol has strengthened more than 10% this year , and the reference rate remains low at 4.25% , maintaining favorable financial conditions for ongoing growth Overall , Peru is establishing itself as one of the fastest growing economies in the region Okay , so it seems .

Speaker #5: Hopefully now it's working So let me start again with the key messages in 2025 .

Speaker #4: Yeah , looks .

Speaker #6: Like there were some

Speaker #5: Okay . Hello everyone . Again sorry . It seems there was some problems . So I'm gonna start again . So starting with slide number two on the key messages , we delivered a solid performance across all segments .

Speaker #5: Net income reached a record 1.9 billion , marking a 49% increase compared to the prior year . Our return on equity was also strong , standing at 16.8% .

Speaker #5: Second key message higher yielding loans continue the positive trend , showing an 8% growth on a year over year basis . Third , risk adjusted Nim increased 50 basis points over the year , reaching 4% in the last quarter .

Michela Casassa: Second key message, higher yielding loans continue the positive trend, showing an 8% growth on a year-over-year basis. Third, risk-adjusted NIM increased 50 basis points over the year, reaching 4% in the last quarter, while we maintain a low cost of risk of 2.1%. And Ms. Michela, we can hear you. You may proceed. Okay. Thank you very much. Sorry again, everyone, for the interruption. I'm gonna start again from the key messages. So in 2025, we delivered a solid performance across all segments. Net income reached a record PEN 1.9 billion, marking a 49% increase compared to the prior year. Our return on equity was also strong, standing at 16.8%. Second key message, higher yielding loans continue the positive trend, showing an 8% growth on a year-over-year basis.

Speaker #5: While we maintained a low cost of risk of 2.1% . Luigi Was

Speaker #7: And Miss Michaela , we can hear you . You may proceed .

Speaker #5: Okay . Thank you very much . Sorry again , everyone , for the interruption . I'm going to start again from the key messages .

Speaker #5: So, in 2025, we delivered a solid performance across all segments. Net income reached a record $1.9 billion, marking a 49% increase compared to the prior year.

Speaker #5: Our return on equity was also strong , standing at 16.8% . Second key message higher yielding loans continue . The positive trend , showing an 8% growth on a year over year basis .

Speaker #5: Third, risk-adjusted NIM increased 50 basis points over the year, reaching 4% in the last quarter, while we maintained a low cost of risk at 2.1% and a cost of funds near 3%.

Michela Casassa: Third, risk-adjusted NIM increased 50 basis points over the year, reaching 4% in the last quarter, while we maintain a low cost of risk at 2.1% and cost of funds near 3%. Fourth, we continue to strengthen primary banking relationships, and as a result, our retail primary banking customers grew 11% last year. Fifth, our insurance business continues to deliver solid double-digit growth, with written premiums growing by 61% year-over-year, mainly due to the growth in private annuities. And sixth, our wealth management business delivered double-digit growth in our core business, with assets under management at new record highs. Let's start with our first key message. Let me share an overview of the macroeconomic environment.

Speaker #5: Fourth , we continue to strengthen primary banking relationships and as a result , our retail primary banking customers grew 11% last year . Fifth , our insurance business continues to deliver solid double digit growth with written premiums growing by 61% year over year , mainly due to the growth in private annuities .

Speaker #5: And sixth , our wealth management business delivered double digit growth in our core business with asset under management at new record highs Let's start with our first key message .

Speaker #5: Let me share an overview of the macroeconomic environment . The central bank has raised its GDP estimate for Peru in 2025 to 3.3% , driven by stronger than expected performance in primary sectors such as agriculture and mining , followed by primary manufacturing , construction and commerce Looking ahead to 2026 , Central bank's projections have been revised upward to 3% , driven by stronger private spending .

Michela Casassa: The central bank has raised its GDP estimate for Peru in 2025 to 3.3%, driven by stronger than expected performance in primary sectors such as agriculture and mining, followed by primary manufacturing, construction, and commerce. Looking ahead to 2026, central bank's projections have been revised upward to 3%, driven by stronger private spending. Macroeconomic fundamentals remain stable, with inflation contained around 1.5% for 2025. The Peruvian sol has strengthened more than 10% this year, and the reference rate remains low at 4.25, maintaining favorable financial conditions for ongoing growth. Overall, Peru is establishing itself as one of the fastest growing economies in the region, supported by solid domestic momentum despite internal and external challenges.

Speaker #5: Macroeconomic fundamentals remain stable , with inflation contained around 1.5% for 2025 . The Peruvian sol has strengthened more than 10% this year , and the reference rate remains low at 4.25 , maintaining favorable financial conditions for ongoing growth .

Speaker #5: Overall , Peru is establishing itself as one of the fastest growing economies in the region , supported by solid domestic momentum . Despite internal and external challenges .

Speaker #5: Additionally , the Peruvian economy holds positive prospects for the coming years as it is well positioned to meet the global demand for commodities Nevertheless , we remain cautious due to the political cycle and global market volatility On slide five , driven by a favorable macroeconomic environment , private investment continues to expand at solid levels , growing almost 10% in the first nine months of the year .

Michela Casassa: Additionally, the Peruvian economy holds positive prospects for the coming years, as it is well positioned to meet the global demand for commodities. Nevertheless, we remain cautious due to the political cycle and global market volatility. On slide five, driven by a favorable macroeconomic environment, private investment continues to expand at solid levels, growing almost 10% in the first nine months of the year and projected to reach 9.5% in the full year. This momentum is sustained primarily by the rebound in mining investment, as well as the strong performance of the non-mining sectors. For 2025, we are expecting an internal demand to expand by 5.4%, with private consumption rising to 3.6%.

Speaker #5: And projected to reach 9.5% in the full year . This momentum is sustained primarily by the rebound in mining investment , as well as the strong performance of the non-mining sectors .

Speaker #5: For 2025 , we are expecting an internal demand to expand by 5.4% , with private consumption rising to 3.6% . Looking ahead to 2026 , internal demand is expected to moderate to 3.5% , with private consumption stabilizing at 3% and private investment reaching 5% .

Michela Casassa: Looking ahead to 2026, internal demand is expected to moderate to 3.5%, with private consumption stabilizing at 3% and private investment reaching 5%. These upward adjustments reflect a resilient domestic market and continued optimism among both businesses and consumers. Business expectations remain in optimistic ranges, and consumer confidence is stable, supporting domestic demand and employment generation. Private employment and wage are both increasing, fueling consumption. Additionally, a strong pipeline of mining and infrastructure projects is planned for the coming years, further supporting growth. In this context, retail lending continues to lead system-wide loan growth. On slide six, it is noteworthy that our accumulated earnings for the year have reached an all-time high, marking a relevant increase of 49%. This is reflected in our 2025 ROE of close to 17%, demonstrating strong profitability across all business lines.

Speaker #5: This upward adjustments reflect a resilient domestic market and continued optimism among both businesses and consumers Business expectations remain in optimistic ranges , and consumer confidence is stable , supporting domestic demand and employment generation Private employment and wage are both increasing , fueling consumption Additionally , a strong pipeline of mining and infrastructure projects is planned for the coming years , further supporting growth .

Speaker #5: In this context , retail lending continues to lead system wide loan growth On slide six , it is noteworthy that our accumulated earnings for the year have reached an all time high , marking a relevant increase of 49% .

Speaker #5: This is reflected in our 2025 ROE of close to 17% , demonstrating stone profitability across all business lines . If we exclude the Rutas de Lima impairment , ROE would have been 18.5% for the year this year .

Michela Casassa: If we exclude the Rutas de Lima impairment, ROE would have been 18.5% for the year. This year, our three key business segments delivered exceptional growth. The bank achieved record earnings of $1.5 billion, driven by a combination of lower cost of risk, reduced funding costs, increased fee income, among other factors. Inteligo reported a strong 68% increase in revenues and an outstanding ROE of 21.5%. This performance was driven by growth in core operations and solid results from the investment portfolio. Finally, Interseguro grew by 36% despite the Rutas de Lima effect, due to ongoing core business growth and higher invest- ... ROE for the quarter would have reached 19.1%. Furthermore, if we set aside the effect of Rutas de Lima overall, net income would have increased by 11% quarter-over-quarter.

Speaker #5: Our three key business segments delivered exceptional growth . The bank achieved record earnings of 1.5 billion , driven by a combination of lower cost of risk , reduced funding costs , increased fee income , among other factors .

Speaker #5: In Telugu reported a strong 68% increase in revenues and an outstanding ROE of 21.5% . This performance was driven by growth in core operations and solid results from the investment portfolio Finally grew by 36% despite the Rutas de Lima effect due to ongoing core business growth and higher investment For the quarter would have reached 19.1% .

Speaker #5: Furthermore , if we set aside the effect of Rutas de Lima overall net income would have increased by 11% quarter over quarter on the banking side , the performance is driven not only by a lower cost of risk , but also by an improved net interest margin supported by better funding costs and robust growth in fee income , particularly when excluding the impact of the provision .

Michela Casassa: On the banking side, the performance is driven not only by a lower cost of risk, but also by an improved net interest margin, supported by better funding costs and robust growth in fee income. Particularly, when excluding the impact of the provision reversal from Inteligo, ex-Telefonica, in Q3, net income has increased six percent compared to the previous quarter. The bank's ROE remains stable at 16%. Both Interseguro and Inteligo's core businesses continue to deliver double-digit growth. Interseguro achieved an ROE of 32.5%, in line with higher real estate valuations. Meanwhile, Inteligo's results this quarter were impacted by a lower return from the investment portfolio... On Slide 8, we would like to highlight the positive strength of our earnings and ROEs throughout the year. As mentioned before, for the full year 2025, our ROE stands at 16.88%.

Speaker #5: Reversal from integrated ex Telefonica in the third quarter , net income has increased 6% compared to the previous quarter . The bank's ROE remains stable at 16% .

Speaker #5: Both Inter Seguro and Intelligence core businesses continue to deliver double digit growth in euro , achieved an ROE of 32.5% , in line with higher real estate valuations .

Speaker #5: Meanwhile , Interlagos results this quarter were impacted by a lower return from the investment portfolio . On slide eight . We would like to highlight the positive trend of our earnings and ROE throughout the year .

Speaker #5: As mentioned before , for the full year 2025 , our ROE stands at 16.8% . However , if we exclude the Rutas de Lima effect , ROE would have reached 18.5% overall .

Michela Casassa: However, if we exclude the Rutas de Lima effect, ROE would have reached 18.5%. Overall, this has been a solid quarter and year across all IFS business lines, with our core operations serving as the primary driver of profitability. Let's turn now to Slide 9, where we take a closer look at IFS revenues, which grew 13% year-over-year. At the bank level, top line growth has increased by 6% this year. We are beginning to see a recovery in our net interest margin, which reached 5.3% in the last quarter. This improvement is mainly driven by accelerated growth in higher-yielding loans and continued optimization of our cost of funds, together with stronger fee generation and improved FX results, fully aligned with our strategy to deepen customer relationships.

Speaker #5: This has been a solid quarter and year across all IFS business lines, with our core operations serving as the primary driver of profitability.

Speaker #5: Let's turn now to slide nine , where we take a closer look at IFS revenues , which grew 13% year over year . At the bank level .

Speaker #5: Top-line growth has increased by 6% this year. We are beginning to see a recovery in our net interest margin, which reached 5.3% in the last quarter.

Speaker #5: This improvement is mainly driven by accelerated growth in higher yielding loans and continued optimization of our cost of funds . Together with stronger fee generation and improved FX results .

Speaker #5: Fully aligned with our strategy to deepen customer relationships . This year , in turn , Seguro has demonstrated robust revenue growth of 33% , supported by an increase in insurance results of life and annuities , but also by favorable investment results .

Michela Casassa: This year, Interseguro has demonstrated robust revenue growth of 33%, supported by an increase in insurance results of life and annuities, but also by favorable investment results. Meanwhile, Inteligo grew top line 29%, thanks to a steady growth of fee income, which aligns with the positive trend in assets under management. The investment portfolio has delivered a strong 12-month return of 13.4%, marking a very good year overall. On Slide 10, IFS expenses increased by 11% in 2025, as we continue to make strategic investments to support our long-term growth ambitions. This includes accelerated investments in technology to strengthen resilience, enhance user experience, improve cybersecurity, expand our capacity, and develop GenAI capabilities, alongside ongoing efforts to strengthening leadership within key teams, reflecting our recognition of the pivotal role talent plays in delivering our strategy.

Speaker #5: Meanwhile , in Telugu grew top line 29% thanks to a steady growth of income , which aligns with the positive trend in assets under management .

Speaker #5: The investment portfolio has delivered a strong 12-month return of 13.4%, marking a very good year overall. On slide ten, IFS expenses increased by 11% in 2025.

Speaker #5: As we continue to make strategic investments to support our long term growth ambitions . This includes accelerated investments in technology to strengthen resilience , enhance user experience , improve cybersecurity , expand our capacity and develop capabilities alongside ongoing efforts to strengthening leadership within key teams .

Speaker #5: Reflecting our recognition of the pivotal role talent plays in delivering our strategy . Consequently , the cost to income ratio stands at 36.8% at IFS Now let's move to our second key message on slide 12 .

Michela Casassa: Consequently, the cost-to-income ratio stands at 36.8% at IFS. Now, let's move to our second key message. On Slide 12, we see increasing dynamism in higher real yield-yielding loans. Our total loan portfolio expanded by 4% year-over-year, which would have been 6.5%, excluding the FX effect. This positive momentum was driven by the acceleration in higher-yielding loans, which grew 8% over the past year. The robust macroeconomic activity is reflected in increased disbursement by 23% in cash loans and by 60% in small businesses. Overall, in retail banking, the mass market segment has grown steadily through the year, positively impacting the average yield, recovering around 20 basis points in the last six months. It is also worth highlighting our mortgage portfolio, which has expanded by more than 8% over the past year, surpassing market growth.

Speaker #5: We see increasing dynamism in higher real yielding loans . Our total loan portfolio expanded by 4% year over year , which would have been 6.5% excluding the effects effect .

Speaker #5: This positive momentum was driven by the acceleration in higher yielding loans , which grew 8% over the past year . The robust macro activity is reflected in increased disbursement by 23% in cash loans and by 60% in small businesses .

Speaker #5: Overall , in retail banking , the mass market segment has grown steadily through the year , positively impacting the average yield . Recovering around 20 basis points in the last six months .

Speaker #5: It is also worth highlighting our mortgage portfolio , which has expanded by more than 8% over the past year , surpassing market growth as a result , we gained ten basis points in market share .

Michela Casassa: As a result, we gained 10 basis points in market share, now exceeding 16%, firmly establishing ourselves as the third-largest player in the system. On the commercial banking side, performance was strong across all segments: corporate, midsize, and small businesses. Notably, the small business segment stood out, achieving a solid 25% growth over the year, which means we have not only replaced all of the Impulso MiPyME maturities, but also expanded more than threefold beyond that, increasing the average yield by more than 200 basis points over the past year. Excluding FX effects, overall commercial growth reached 6%. On Slide 13, we wanted to double-click on the consumer portfolio, which accelerated in the last quarter. Credit card activity continued to strengthen, supported by higher transaction volumes that reflect improved customer engagement and growing consumption trends.

Speaker #5: Now exceeding 16% , firmly establishing ourselves as the third largest player in the system . On the commercial banking side , performance was strong across all segments .

Speaker #5: Corporate , mid-sized and small businesses . Notably the small business segment stood out , achieving a solid 25% growth over the year , which means we have not only replaced all of the impulse maturities , but also expanded more than threefold beyond that , increasing the average yield by more than 200 basis points over the past year .

Speaker #5: Excluding effects , effects . Overall , commercial growth reached 6% on slide 13 , we wanted to double click on the consumer portfolio , which accelerated in the last quarter .

Speaker #5: Credit card activity continued to strengthen , supported by higher transaction volumes that reflect improved customer engagement and growing consumption trends . Overall spending increased by 8% quarter over quarter and 13% year over year , driven by more personalized communication efforts and the effective execution of targeted campaigns across key spending categories such as grocery stores , retail , e-commerce and cross-border personal loans delivered solid , balanced growth alongside a sharp improvement in profitability .

Michela Casassa: Overall, spending increased by 8% quarter-over-quarter and 13% year-over-year, driven by more personalized communication efforts and the effective execution of targeted campaigns across key spending categories, such as grocery stores, retail, e-commerce, and cross-border. Personal loans delivered solid balance growth, alongside a sharp improvement in profitability in Q4. Total balances accelerated in the last quarter at 2.3%, despite excess liquidity in the market due to pension fund withdrawals, severance deposit releases, and the December seasonality. On a year-over-year basis, balances grew 5%, highlighting resilient demand and strong commercial execution. Looking ahead, we remain optimistic about our growth prospects. Following with the third message, we see improvement in risk-adjusted NIM. On Slide 15, there is some good news to highlight in terms of this indicator.

Speaker #5: In the fourth quarter , total balances accelerated in the last quarter at 2.3% . Despite excess liquidity in the market due to pension fund withdrawals , severance deposit releases and the December seasonality .

Speaker #5: On a year over year basis , balances grew 5% , highlighting resilient demand and strong commercial execution Looking ahead , we remain optimistic about our growth prospects , following with the third message , we see improvement in risk adjusted Nim on slide 15 .

Speaker #5: There is some good news to highlight in terms of this indicator . Over the past year , we achieved a substantial improvement in our risk adjusted Nim , which rose by 50 basis points to 2 to 4% in the last quarter .

Michela Casassa: Over the past year, we achieved a substantial improvement in our risk-adjusted NIM, which rose by 50 basis points to 2 to 4% in the last quarter, and accumulated 3.7% for the full year. This marks an increase of 80 basis points compared to last year's 2.9%. Notably, the last quarter contributed a 20 basis points uplift, driven by lower cost of risk. On the funding side, we have positive news to share, as our cost of funds further declined by 10 basis points over the past quarter. While the average yield slightly decreased this past quarter, retail rates improved by 15 basis points, supported by both mass market and affluent segments. These segments continue to build momentum and make meaningful contributions to our overall performance. Furthermore, we've seen higher yielding loans.

Speaker #5: And accumulated 3.7% for the full year . This marks an increase of 80 basis points compared to last year's 2.9% . Notably , the last quarter contributed at 20 basis points .

Speaker #5: Uplift driven by lower cost of risk on the funding side , we have positive news to share as our cost of funds further declined by ten basis points over the past quarter .

Speaker #5: While the average yield slightly decreased . This past quarter . Retail rates improved by 15 basis points , supported by both mass market and affluent synchronous .

Speaker #5: These segments continue to build momentum and make meaningful contributions to our overall performance . Furthermore , we are seeing higher yielding loans . We observed an increase of more than 40 basis points in the average yield during the quarter .

Michela Casassa: We observed an increase of more than 40 basis points in the average yield during the quarter. As a direct result, our NIM increased by 10 basis points quarter-over-quarter. On slide 16, let me share a quick update on asset quality. Our quarterly cost of risk continues the trend to lower levels at 1.8% in the quarter, reaching the lowest level in 4 years, with a full year cost of risk of 2.3%. Still, current loan mix supports a low cost of risk. On the retail segment, the cost of risk continues to decrease, now standing below 4%, representing a decline of 150 basis points compared to the prior year, still below our risk appetite.

Speaker #5: As a direct result , our Nim increased by ten basis points quarter over quarter . On slide 16 . Let me share a quick update on asset quality .

Speaker #5: Our quarterly cost of risk continues the trend to lower levels at 1.8% in the quarter , reaching the lowest level in four years , with a full year cost of risk of 2.3% .

Speaker #5: Still , current loan mix supports a low cost of risk on the retail segment . The cost of risk continues to decrease . Now , standing below 4% , representing a decline of 150 basis points compared to the prior year .

Speaker #5: Still below our risk appetite , our consumer lending portfolio is performing well with cost of risk dropping from around 9% to below 7% year over year , supported by healthier customers , while new loans are showing a good performance in the new vintages on the commercial side , asset quality remains strong , with performance holding steady throughout the year .

Michela Casassa: Our consumer lending portfolio is performing well, with cost of risk dropping from around 9% to below 7% year-over-year, supported by healthier customers, while new loans are showing a good performance in the new vintages. On the commercial side, asset quality remains strong, with performance holding steady throughout the year. On top of this, the adjustment of forward-looking parameters has enabled us to release some provisions. Overall, our non-performing loans ratio continued to be healthy, and our coverage levels remain solid at approximately 140%. Looking ahead, as our consumer and small business portfolios keep expanding, now representing 22% of our total loan portfolio, we should expect the cost of risk to gradually increase. All in all, these results underscore an improving operating environment and demonstrate that our prudent approach to portfolio management is enabling us to deliver sustainable growth.

Speaker #5: On top of this , the adjustment of forward looking parameters has enabled us to release some provisions . Overall , our non-performing loans ratio continue to be healthy and our coverage levels remain solid at approximately 140% .

Speaker #5: Looking ahead, as our consumer and small business portfolios keep expanding, now representing 22% of our total loan portfolio, we should expect the cost of risk to gradually increase.

Speaker #5: All in all, these results underscore an improving operating environment and demonstrate that our prudent approach to portfolio management is enabling us to deliver sustainable growth.

Speaker #5: On slide 17 , I'd like to highlight some positive developments regarding our funding structure deposits remain a key component , accounting for approximately 81% of our total funding over the past year .

Michela Casassa: On slide 17, I'd like to highlight some positive developments regarding our funding structure. Deposits remain a key component, accounting for approximately 81% of our total funding. Over the past year, total deposits increased by 5%, and by 9% when excluding the impact of FX. Retail deposits continue the positive momentum, outpacing the overall system, particularly in savings and transactional accounts, in line with the pension fund release. On the commercial side, deposit growth has been further supported by the expansion of our payment ecosystem, resulting in a 16.5% increase in efficient commercial deposits. As a result of these trends, our cost of funds declined by twenty basis points year over year, and by an additional ten basis points in the last quarter, driven by increased deposit flows that were in line with pension funds withdrawal.

Speaker #5: Total deposits increased by 5% and by 9% when excluding the impact of of FX retail deposits continue their positive momentum , outpacing the overall system , particularly in savings and transactional accounts .

Speaker #5: In line with the pension fund release on the commercial side , deposit growth has been further supported by the expansion of our payment ecosystem , resulting in a 15.5% increase in efficient commercial deposits .

Speaker #5: As a result of these trends , our cost of funds declined by 20 basis points year over year and by an additional ten basis points in the last quarter , driven by increased deposit flows that were in line with pension funds .

Speaker #5: Withdrawal . The cost of deposits has shown a consistent improvement , with a 30 basis points reduction throughout the year . Importantly , there remains further potential for reduction as the share of efficient funding now at 40% , continues to grow , with a positive impact on the fourth quarter of the additional liquidity coming from the market .

Michela Casassa: The cost of deposits has shown a consistent improvement, with a 30 basis points reduction throughout the year. Importantly, there remains further potential for reduction as the share of efficient funding, now at 40%, continues to grow, with a positive impact on the Q4 of the additional liquidity coming from the market. Our loan-to-deposit ratio stands at 92%, which is in line with the industry average. Moving on to our digital strategy, our payment ecosystem in slide 19, with Plin and EasyPay, is driving our growth in low-cost funding. We have continued working to generate further synergies as we drive the growth of our payment ecosystem, focusing on increasing transactional volumes, offering value-added services, and leveraging EasyPay as both a distribution network for Interbank products and as a source to increase flow.

Speaker #5: Our loan to deposit ratio stands at 92% , which is in line with the industry average . Moving on to our digital strategy , our payment ecosystem in slide 19 with peeling and Ecpa is driving our growth in low cost funding .

Speaker #5: We have continued working to generate further synergies as we drive the growth of our payment ecosystem , focusing on increasing transactional volumes , offering value added services , and leveraging Easypay as both a distribution network for interbank products and as a source to increase flow .

Speaker #5: In particular, the commercial teams from both Easypay and the banks are collaborating more efficiently, allowing us to deliver integrated solutions and maximize the value we bring to our clients.

Michela Casassa: In particular, the commercial teams from both EasyPay and the bank are collaborating more efficiently, allowing us to deliver integrated solutions and maximize the value we bring to our clients. EasyPay continues to show strong momentum in the small business segment, with flows from EasyPay up 60% over the past year. This growth has contributed to the 26% in deposits, which now account for 11% of wholesale deposits, or 33% of wholesale low-cost deposits. The flow from EasyPay expanded by 35% in the same period, as Interbank share of EasyPay flows is around 40%. Over the past year, Plin transactions increased by 48%, and our digital retail customer base now stands at 84%.

Speaker #5: Easypay continues to show strong momentum in the small , small business segment , with flows from easypay up 60% over the past year .

Speaker #5: This growth has contributed to the 26% increase in deposits, which now accounts for 11% of wholesale deposits, or 33% of wholesale low-cost deposits.

Speaker #5: The flow from Easypay expanded by 35% in the same period as interbank share of flows is around 40% . Over the past year .

Speaker #5: Lean transactions increased by 48% , and our digital retail customer base now stands at 84% . In 2025 , we further enhance our offering by launching clean corridors , WhatsApp and e-commerce , reflecting our ongoing commitment to continuously introduce new features that add value to our customers We continue to drive meaningful value and strengthen primary banking relationships throughout our digital initiatives , particularly with Plin .

Michela Casassa: In 2025, we further enhanced our offering by launching Plin Corredores, Plin WhatsApp, and Plin E-commerce, reflecting our ongoing commitment to continuously introduce new features that add value to our customers. We continue to drive meaningful value and strengthen primary banking relationships throughout our digital initiatives, particularly with Plin. Over the past year, on slide 20, we have grown our retail primary banking customer base by 11%, now representing more than 35% of our total retail clients. Monthly active Plin users reached 2.6 million, each completing 33% more transactions versus last year. P2M payments remain a core driver of engagement, now accounting for 60% of all transactions. Additionally, we see good trends in our digital indicators compared to last year, as we remain focused on developing solutions that meet our customers' evolving needs.

Speaker #5: Over the past year . On slide 20 , we have grown our retail primary banking customer base by 11% . Now representing more than 35% of our total retail clients .

Speaker #5: Monthly active users reached 2.6 million each, completing 33% more transactions versus last year. P2P payments remain a core driver of engagement.

Speaker #5: Now , accounting for 60% of all transactions . Additionally , we see good trends in our digital indicators compared to last year , as we remain focused on developing solutions that meet our customers evolving needs .

Speaker #5: As a result , we've seen steady growth in digital adoption as a retail digital customer base , increased from 81 to 84% , while commercial digital clients now stand at 74% , while the latest NPS reading was 51 for retail customers and 68 for commercial clients .

Michela Casassa: As a result, we've seen steady growth in digital adoption as our retail digital customer base increased from 81% to 84%, while commercial digital clients now stand at 74%, while the latest NPS reading was 51 for retail customers and 68 for commercial clients. Enhancements include the fully redesigned BIP payments area, the launch of customizable QR codes, and then dynamic CBD for Visa credit and debit cards, as well as the integration of investment management. Additionally, the ability to perform sales directly within the app further streamlines customer interaction. These initiatives reflect our commitment to security, convenience, and innovative financial solutions, underscoring our role as a leader in shaping the future of financial services. On slide 21, in insurance, we continue to focus on enhancing the digital experience for our clients and expanding ourselves from digital channels.

Speaker #5: Advancements include the fully redesigned payments area , the launch of customizable QR codes , and the dynamic CVD for visa credit and debit cards , as well as the integration of investment management Additionally , the ability to perform sales directly within the app further streamlines customer interactions .

Speaker #5: These initiatives reflect our commitment to security , convenience , and innovative financial solutions , underscoring our role as a leader in shaping the future of financial services On slide 21 , in insurance , we continue to focus on enhancing the digital experience for our clients and expanding ourselves from digital channels .

Speaker #5: The development of internal capabilities has allowed us to increase digital sales service to 71% , and the digital premiums to grow 25% in the last year in wealth management , we are committed to continually improve in our to improve our internal app , aiming to transform it from a simple transactional tool into a comprehensive digital advisor for our mutual fund clients .

Michela Casassa: The development of internal capabilities has allowed us to increase digital self-service to 71%, and the digital premiums to grow 25% in the last year. In wealth management, we are committed to continually improve our Interfondos app, aiming to transform it from a simple transactional tool into a comprehensive digital advisor for our mutual fund clients. This has led to a steady rise in app engagement, with the number of digital users increasing by 7 points year-over-year. Additionally, digital transactions now represent 55% of all activity on the platform. Moving on to the fifth message, with double-digit growth in insurance.

Speaker #5: This has led to a steady rise in app engagement with a number of digital users increasing by seven points year over year . Additionally , digital transactions now represent 55% of all activity on the platform .

Speaker #5: Moving on to the fifth message with double digit growth in insurance . On slide 23 , we continue to see an increased stock of contractual service margin , which grew 22% year over year , mainly driven by individual life , which grew 23% in the last year , supported by strong new business generation that more than offset the monthly amortization of the CSM individual life remains a key focus for us , given its low market penetration .

Michela Casassa: On slide 23, we continue to see an increased stock of the contractual service margin, which grew 22% year-over-year, mainly driven by individual life, which grew 23% in the last year, supported by strong new business generation that more than offset the monthly amortization of the CSM. Individual life remains a key focus for us, given its low market penetration. Although traditional channels keep growing at high rates, we've been also diversifying our distribution strategy to include new channels and adjust the product to reach new segments and keep supporting growth. Additionally, short-term insurance premiums grew by over twofold, driven by disability and survivorship premiums acquired through a 2-year bidding process from the Peruvian private pension system. On the investment side, as mentioned before, the solid results were impacted by additional impairments from Rutas de Lima.

Speaker #5: Although traditional channels keep growing at high rates , we've been also diversifying our distribution strategy to include new channels and adjust the product to reach new segments and keep supporting growth .

Speaker #5: Additionally , short term insurance premiums grew by over twofold , driven by disability and survivorship premiums acquired through a two year bidding process from the Peruvian Private pension system on the investment side , as mentioned before , the solid results were impacted by additional impairment from Rutas de Lima Despite this impact , the return on the investment portfolio reached 5.3% for the whole year and would have been 6.6% without this effect Finally , wealth management continues to deliver double digit growth on slide 25 , we highlight the strong performance in our wealth management business .

Michela Casassa: Despite this impact, the return on the investment portfolio reached 5.3% for the whole year, and would have been 6.6% without this effect. Finally, wealth management continues to deliver double-digit growth. On slide 25, we highlight the strong performance in our wealth management business this year. Inteligo continues to show solid momentum. Assets under management have grown at a double-digit pace, reaching new highs and now totaling $9.1 billion, including deposits. Fee income continues to improve, up 15% year-over-year, which would have been 18% excluding the effect, adding to the positive trend in results. Now, let me move to the final part of the presentation, where we provide some takeaways. On slide 27, before we move on to our operating trends, we'd like to summarize where we are focusing our growth efforts.

Speaker #5: This year in Telugu , continues to show solid momentum asset under management have grown at a double digit pace , reaching new highs And now totaling $9.1 billion , including deposits , fee income continues to improve , up 15% year over year , which would have been 18% excluding the effects effect , adding to the positive trend in results Now let me move to the final part of the presentation , where we provide some takeaways on slide 27 before we move on to our operating trends , we'd like to summarize where we are focusing our growth efforts in commercial banking .

Michela Casassa: In commercial banking, we have seen important growth in small businesses, which increased loans by 25% year-over-year. We continue to see a strong potential in this business, given our current small market share. The commercial portfolio as a whole grew 8% year-over-year when adjusted by effects, gaining 10 additional basis points of market share. This strong performance is supported by our strategy to deepen relationships with key mid-sized company clients, unlocking additional cross-sell opportunities, and leveraging synergies with EasyPay to enhance our value proposition, especially in the small business segment, where our digital and payment capabilities set us apart. The consumer portfolio has had three consecutive quarters showing growth. At the same time, the mortgage segment continued its positive trajectory, achieving a market share above 16%.

Speaker #5: We have seen important growth in small businesses , which increased loans by 25% year over year . We continue to see a strong potential in this business given our current current small market share .

Speaker #5: The commercial portfolio as a whole grew 8% year over year when adjusted by effects , gaining ten additional basis points of market share .

Speaker #5: This strong performance is supported by our strategy to deepen relationships with key midsized company clients , unlocking additional cross-sell opportunities and leveraging synergies with Easypay to enhance our value proposition , especially in the small business segment where our digital and payment capabilities set us apart .

Speaker #5: The consumer portfolio has had three consecutive quarters showing growth at the same time , the mortgage segment continued its positive trajectory , achieving a market share above 16% in insurance .

Michela Casassa: In insurance, we're maintaining our focus on long-term products, as individual lives have shown encouraging growth this year. Finally, in wealth management, assets under management continue to grow at a healthy pace, up 16% year-over-year, reaching new record levels, a reflection of both market performance and continued client engagement. On slide 28, let me give you a review of the operating trends of 2025. Capital ratios remained at sound levels, with a total capital ratio of 16%, and Core Equity Tier 1 ratio at 12.5%. Our ROE for the year was 16.8%, surpassing our guidance for the year. For loan growth, we grew 3.7%, but 6.5% if we adjust for the FX appreciation.

Speaker #5: We're maintaining our focus on long term products as individual life has shown , encouraging growth this year . Finally , in wealth management , assets under management continue to grow at a healthy pace , up 16% year over year , reaching new record levels , a reflection of both market performance and continued client engagement .

Speaker #5: On slide 28 , let me give you a review of the operating trends of 2025 . Capital ratios remained at sound levels , with a total capital ratio of 16% and core equity tier one ratio at 12.5% .

Speaker #5: Our ROE for the year was 16.8%, surpassing our guidance for the year for loan growth. We grew 3.7%, but 6.5% if we adjust for the FX appreciation.

Speaker #5: Nim had a slight recovery over the last quarter with a full , full year ratio of 5.2% . Finally , we continue to focus on efficiency at IFS as our cost to income ratio was around 33% , 37% .

Michela Casassa: NIM had a slight recovery over the last quarter, with a full year ratio of 5.2%. Finally, we continued to focus on efficiency at IFS, as our cost-to-income ratio was around 33%, 37%, sorry. On slide 29, let's go through our expectations for 2026. For 2026, we expect ROE to be around 17%, an improvement with respect to the full year 2025, and closer to our 18% midterm term target. For loan growth, we expect a high single-digit growth above 2025 growth, driven by both commercial banking and the recovery of the consumer portfolio.

Speaker #5: On slide 29 , let's go through our expectations for 2026 . For 2026 , we expect ROE to be around 17% , an improvement .

Speaker #5: With respect to the full year 2025 and closer to our 18% mid-term term target for loan growth . We expect a high single digit growth above 2025 growth , driven by both commercial banking and the recovery of the consumer portfolio .

Luis Felipe Castellanos: ... We expect this to be above the system, with the aim to continue gaining market share in key businesses. Finally, we will continue to focus on efficiency at IFS, and we expect to maintain a cost-to-income ratio of around 37%. Let me finalize the presentation with some key takeaways. First of all, we saw solid performance across all businesses and our core operations. Second, our higher-yielding loans continue with a positive trend in both consumer and small business financing. Third, we continue to see improvement in the risk-adjusted NIM, helping profitability. Fourth, we are strengthening primary banking relationships with our retail clients. Fifth, our insurance business keeps delivering solid double-digit growth. And finally, our wealth management business continues to deliver double-digit growth as well. Thank you very much, and now we welcome any questions you may have.

Michela Casassa: ... We expect this to be above the system, with the aim to continue gaining market share in key businesses. Finally, we will continue to focus on efficiency at IFS, and we expect to maintain a cost-to-income ratio of around 37%. Let me finalize the presentation with some key takeaways. First of all, we saw solid performance across all businesses and our core operations. Second, our higher-yielding loans continue with a positive trend in both consumer and small business financing. Third, we continue to see improvement in the risk-adjusted NIM, helping profitability. Fourth, we are strengthening primary banking relationships with our retail clients. Fifth, our insurance business keeps delivering solid double-digit growth. And finally, our wealth management business continues to deliver double-digit growth as well. Thank you very much, and now we welcome any questions you may have.

Speaker #5: We expect this to be above the system with the aim to continue gaining market share in key businesses Finally , we will continue to focus on efficiency at IFS and we expect to maintain a cost income ratio of around 37% .

Speaker #5: Let me finalize the presentation with some key takeaways First of all , we saw solid performance across all businesses and our core operations Second , our higher yielding loans continue with a positive trend in both consumer and small business financing Third , we continue to see improvement in the risk adjusted mean , helping profitability Fourth , we are strengthening primary banking relationships with our retail clients Fifth , our insurance business keeps delivering solid double digit growth .

Speaker #5: And finally , our wealth management business continues to deliver to deliver double digit growth as well Thank you very much . And now we welcome any questions you may have

Speaker #2: Our apologies for the technical difficulties experienced earlier on today's call . We thank you for your patience and understanding at this time . We will open the floor for your questions First , we will take the questions from the conference call and then the webcast questions .

Operator: Our apologies for the technical difficulties experienced earlier on today's call. We thank you for your patience and understanding. At this time, we will open the floor for your questions. First, we will take the questions from the conference call and then the webcast questions. If you would like to ask a question, please press star followed by the one key on your touchtone phone. Questions will be taken in the order in which they are received. If at any time you would like to remove yourself from the questioning queue, please press star then two. Again, to ask a question, please press star, then one now. For the webcast viewers, simply type your question in the box and click Submit Question. We will pause momentarily to compile our questioners. Our first question will come from Ernesto Gabilondo with Bank of America. Please go ahead.

Speaker #2: If you would like to ask a question , please press star followed by the one key on your touch tone phone questions will be taken in the order in which they are received .

Speaker #2: If at any time you would like to remove yourself from the questioning queue , please press star . Then two again to ask a question , please press star , then one .

Speaker #2: Now and for the webcast , viewers , simply type your question in the box and click submit Questions . We will pause momentarily to compile our questioners And our first question will come from Ernesto Gabilondo with Bank of America .

Speaker #2: Please go ahead

Speaker #8: Thank you . Hi . Good morning . Felipe . Carlos . Micaela , good morning to all your team and congrats on your results .

Ernesto Gabilondo Márquez: Thank you. Hi, good morning, Luis Felipe, Carlos, Michela, and good morning to all your team, and congrats on your results. My first question will be on Rutas de Lima. Just wondering if we should continue to see further impact in 2026, or is this almost done? My second question will be on loan growth and asset quality. So as you said in the presentation, in the results, you have started to see more credit appetite towards credit cards and personal loans. So can you give us some color on what is the type of growth you're expecting for each segment? And how should that will be translated into asset quality, NPLs and cost of risk this year? Then I have a question on expenses.

Speaker #8: My first question will be on Rutas de Lima . You wondering if we should continue to see further impact in 2026 ? Or is this almost done ?

Speaker #8: My second question will be on Long road and asset quality . So as you said in the presentation , your results . You have started to see more credit appetite towards credit cards and personal loans .

Speaker #8: So, can you give us some color on what is the type of road you're expecting for each segment, and how that should be translated into asset quality, MPLs, and cost of risk?

Speaker #8: This year ? Then I have a question on expenses 2025 . You have a high single digit growth . You have been putting efforts in terms of technology , personal marketing .

Ernesto Gabilondo Márquez: In 2025, you have, like, a high single-digit growth. You have been putting efforts in terms of technology, personal marketing. So how should we think about OpEx growth this year? And my last question is on your sustainable ROE. I believe in the past, your ROE used to be at the same level of Credicorp, which now is targeting to be around 20 percent. I believe you are targeting a midterm ROE of 18. So just wondering, is there some opportunity to get your ROE more close to your peer at some point, or is something that you are not considering? And also, this 18 percent, you're expecting it to be achieved probably in 2028? That will be all for me. Thank you.

Speaker #8: So how should we think about opex growth ? This year ? And my last question is on your sustainable ROE . I believe in the past , your ROE used to be at the same level of credicorp , which now is targeting to be around 20% .

Speaker #8: I believe you are targeting a mid-term mid-term ROE of 18 . So just wondering if there is an opportunity to get ROE more close to your peer at some point , or is something that you are not considering and also this 18% you expecting it to be achieved ?

Speaker #8: Probably likely in 2028 . That will be all for me . Thank you

Speaker #4: Okay. Thank you very much. And again, also, apologies from our side for the technical difficulties. We're looking into what happened.

Luis Felipe Castellanos: Okay, Ernesto, thank you very much, and again, also apology from our side for the technical difficulties. We're looking into what happened, but going back to your question, Ernesto, thanks again. I'm gonna go briefly like a summary, and then we'll pass it on to the team members so they can make more specific comments. On Rutas de Lima, based on the info that we have, I think this is again, we've done close to 80% in provision or impairment. By now, with information we have, where the legal proceedings are, what we expect is going to happen going forward, we feel pretty comfortable that this should be the effect, and in 2026, we shouldn't see anything else.

Speaker #4: But going going back to your question . So thanks . Thanks again . I'm going to go briefly like a summary . And then we'll pass it on to the team members so they can make more specific comments on Lima based on the info that we have , I think this , this this is this is again , we've done close to 80% in , in , in provision or impairment by now with information we have with the legal proceedings are what do we expect is going to happen going forward ?

Speaker #4: We feel pretty comfortable that this should be a defect and 2026 , we shouldn't see anything else . They might be some positive developments that change this in the medium term , but for the short term , I think that's we feel pretty confident that this is a that impact that will go through our books related to this name in terms of loan growth .

Luis Felipe Castellanos: There might be some, like, positive developments that change this in the medium term, but for the short term, I think that's we feel pretty confident that this is the impact that will go to our books related to this name. In terms of loan growth, I think it's encouraging what we've seen in the last Q. Again, especially higher-yielding loans are starting to pick up. We do expect this trend to continue through next year. And overall, if those loans start picking up as we hope, then obviously the cost of risk related to those higher-yielding loans will come with that portfolio, no? Then in terms of expenses, I think we will continue to invest.

Speaker #4: I think it's it's encouraging . What we've seen in the last Q again , especially higher yielding loans are , are are starting to pick up .

Speaker #4: We do expect this trend to continue through next year . And overall , if those those loans start picking up , as we hope , then obviously the cost of risk related to those higher yielding loans will will come with that portfolio .

Speaker #4: No . Then in terms of expenses , I think we will continue to invest . So overall in the three businesses , we keep strengthening our teams , we keep investing in technology , and we're seeing more more volume overall .

Luis Felipe Castellanos: So overall, in the three businesses, we keep strengthening our teams, we keep in investing in technology, and we're seeing more, more volume overall. So comparing the trend is going to be very similar to this year, okay? And lastly, in terms of the ROE, our midterm view is, again, 80%+. No, we're not getting married to any specific number. Obviously, if the Peruvian system evolves away, we expect we should see similar numbers to pre-pandemic, but we're taking it slowly, because again, political issues has made the nature of growth in Peru not as strong as we had before, no? So while that continues to unveil, we keep kind of a optimistic, conservative approach towards growth.

Speaker #4: So so probably the trend is going to be very similar to to this year . Okay . And lastly , in terms of the ROE , our mid-term view is again 80% plus .

Speaker #4: No we're not getting a married to any specific number Obviously , if the Peruvian system evolves away , we expect we should see similar numbers to pre-pandemic .

Speaker #4: But we're taking it slowly because again Political issues has a made the nature of growth in Peru not as strong as as as we had before .

Speaker #4: So while that continues to to unveil we we we have kind of a optimistic conservative approach towards growth . But obviously if 20% ROE is achievable , we we do think we have a platform .

Luis Felipe Castellanos: But obviously, if 20% ROE is achievable, we do think we have a platform that could take advantage of that. Now, let me stop, and I'm gonna pass it on specifically for your questions 1 and 2 to Ivan and Carlos afterwards, to see if there's anything that they wanna comment. First, Gonzalo, anything more that you would like to say on Rutas de Lima? You're mute, I think, Gonzalo.

Speaker #4: But that that that could take advantage of that of of of that . Now let me stop . And I'm going to pass it on specifically for your question one and two to design .

Speaker #4: And Carlos afterwards to see if there's anything that they want to compliment first , Gonzalo , anything more that you would like to say on Ruta de Lima You're muted .

Speaker #4: I think Gonzalo Yes . Hi , everybody . During our last call , we mentioned that after the closing of the tolls , we will do an additional charge on on Rutas de Lima in the fourth quarter .

Gonzalo Basadre: Yes. Hi, everybody. During our last call, we mentioned that after the closing of the tolls, we will do an additional charge on Rutas de Lima in Q4. And we reviewed, and we think we have a very conservative value in what's left on the investment. It's around 20%. With the information we have now, we think that there doesn't... There won't be any additional charges on that investment.

Speaker #4: And we reviewed and we think we have a very conservative value in what's left on the investment . It's around 20% . With information .

Speaker #4: We have now . We think that there there doesn't there won't be any additional charges on that investment Okay . So that's that's a good .

Luis Felipe Castellanos: Okay. So that's good. Now, Carlos, can you help us going a little bit more detail in the detail in terms of loan growth and asset quality as by Ernesto?

Speaker #4: Now, Carlos, can you help us learn a little bit more in detail in terms of loan growth and asset quality as, as I, Ernesto.

Speaker #4: Yeah . Thank you . Absolutely . Hello . Thanks for your question . So regarding loan growth , particularly higher yielding loan growth , which is credit cards and personal loans and SMEs , we have started that a 25 I would say more on the second half of 2025 .

Carlos Tori: Yeah, thank you. Absolutely. Hello, Ernesto. Thanks for your question. So regarding loan growth, particularly higher yielding loan growth, which is credit cards and, and personal loans and SMEs, we have started growing that 25, I would say more on the second half of 2025. However, the market kind of—it's been mixed because of the AFP withdrawals. So a lot of the, of the growth that we had was amortized by the clients towards November and December. That was an effect that kind of curtailed our growth. But we still grew in personal loans and credit cards around 2.3%, 2.5% on our last quarter. We expect that to continue and accelerate in 2026.

Speaker #4: However , the market kind of it's been mixed because of the withdrawals . So a lot of the of the growth that we had was amortized by the client towards November and December .

Speaker #4: That was an effect that kind of curtailed our growth . But we still grew up in personal loans and credit cards Around 2.3% , 2.5% .

Speaker #4: And on the last quarter , we expect that to continue . And accelerate in 2026 . A on the based on the things that we're doing and our risk for appetite , but also on the on the fact liquidity that Michela mentioned from the from the FSA .

Carlos Tori: On the basis of the things that we're doing and our risk appetite, but also on the fact that this is liquidity that Michela mentioned from the AFPs. What this will do, it would probably increase cost of risk slightly. Not because we want to increase cost of risk per se, obviously, but because it's a more efficient frontier in terms of profitability and risk, no? So we will probably go closer. We-- The last quarter was below 2%, our cost of risk, and we will probably get closer to 2, 2.5 or so, something around our historic environment. So, I think that that answers the... I don't know, Ernesto, if you have any follow-up questions on that?

Speaker #4: What this will do, it will probably increase cost of risk slightly, not because we want to increase cost of risk per se.

Speaker #4: Obviously, but because it's a more efficient frontier in terms of profitability and risk. So, we will probably go closer. In the last quarter, it was below 2%.

Speaker #4: Our cost of risk, and we will probably get closer to 2.5 or something around our historic environment. So I think that that answers that. I don't know if you have any follow-up questions on that.

Speaker #8: No , no . Yes . Excellent . So it is around 2.5% for this year . And in terms of long growth , you were saying more relevant , increase these high yield loans .

Ernesto Gabilondo Márquez: No, no. Yes, excellent. So, cost of risk around 2.5% for this year. And in terms of loan growth, you were saying, more gradual increase to these high-yield loans. What about corporate loans? I believe, maybe after the election, they can start to pick up. So just wondering how you're seeing that, that segment.

Speaker #8: What about corporate loans? I believe maybe after the elections they can start to pick up. So just wondering how you're seeing that segment.

Speaker #4: All right . Just to be clear , the cost of risk is not a target . It's a it's probably it's a it's a trend that will happen as you get a higher yielding loans corporate loans .

Carlos Tori: All right. Just to be clear, the cost of risk is not a target. It's probably a trend that will happen as you get higher-yielding loans. Corporate loans, as you know, we have good relationships with the main clients in Peru. We work closely with them in short term and long term. Corporate growth will depend on mainly two things: the amount of CapEx that goes on, and probably there have been good CapEx in 2025. It'll probably slow a little bit until we have more vision on the elections, but there's a lot of things coming in. And then bond offerings, right? As long as there's more bond offerings, the banks kind of shrink.

Speaker #4: As you know we have good relationships with the main clients in Peru . We work closely with them in short term and long term .

Speaker #4: Corporate growth will depend mainly on two things: the amount of CapEx that goes on, and probably there has been good CapEx in 2025.

Speaker #4: It will probably slow a little bit until we have more more vision on the elections . But but there's a lot of things coming in .

Speaker #4: And then bond offerings . Right ? As long as there's more bond offerings , the bank , the bank kind of shrinks . So we foresee some growth just because the economy will grow and there will be investment , but it won't be necessarily our leading portfolio

Carlos Tori: So we foresee some growth, just because the economy will grow and there will be investment, but it won't be necessarily our leading portfolio.

Speaker #8: Perfect . Well , thank you very much . Just a follow up . In terms of the ROE , because In the comment about the ROE , it was like a stopped the the ordeal .

Ernesto Gabilondo Márquez: Perfect. No, thank you very much. Just, just to follow up in terms of the ROE, because the talking about the ROE, it was like stopped, the audio. So if you can repeat again, how you're seeing the evolution of the ROE, and do you think at some point the 20% could be reachable?

Speaker #8: So if you can repeat again how you're seeing the evolution of ROE . And if you think at some point the 20% could be reachable .

Speaker #6: Yeah .

Luis Felipe Castellanos: Yeah. Thank you, Ernesto. So again, the ROE, if you see the way we look at ROE, okay, and so Inteligo and Interseguro are already operating at ROEs north of 20%, no? The one that is growing and recovering is the bank, and that pace of recovery will depend on how fast we can rebuild more relevance of the consumer and higher yielding book. Okay? So again, we do see an 18%+ ROE in the medium term as this book continues to evolve. And as we continue gaining efficiency and scale, the 20%+ is, I think, achievable as long as the Peruvian economy continues to perform well. And so yeah, we're not saying it's not achievable.

Speaker #9: I think you . So again , the , the the the ROE if you see the way we look at ROE okay . So in Telugu and in Seguro are already operating at ROE north of 20% .

Speaker #9: The one that's growing and recovering is the bank . And that pace of recovery will depend on how fast we can rebuild a more relevance of the consumer .

Speaker #9: And higher yielding book . Okay , so again , we do see an 18% plus ROE in the medium term as this book continues to evolve and as we continue gaining efficiency scale , the 20% plus is , I think is achievable as long as the Peruvian economy continues to perform well .

Speaker #9: And so so yeah , we're not saying it's not achievable . However , in the medium term we do need to see that higher yielding book to recover .

Luis Felipe Castellanos: However, in the medium term, we do need to see the higher yielding book to recover, so the ROE of the bank, with that improvement, to be able to push towards north of 18% ROEs.

Speaker #9: So, the ROE of the bank, with that improvement, to be able to push towards north of 18% ROE.

Speaker #8: Perfect . Very helpful . Thank you very much .

Ernesto Gabilondo Márquez: Perfect. No, very helpful. Thank you very much.

Speaker #9: Thank you . Next

Luis Felipe Castellanos: Thank you, Ernesto.

Speaker #2: The next question will come from Daniela Miranda with Santander . Please go ahead

Operator: The next question will come from Daniella Miranda with Santander. Please go ahead.

Speaker #10: Good morning . Phillip Gonzalez . Thanks for taking my question Two very quick ones from my side . The first one is we noticed there was no formal guidance provided on Nim .

Danele Miranda: Good morning, Felipe, Michela, Carlos, Bruno, and Ernesto. Thanks for taking my question. Two very quick ones from my side. The first one is, we noticed there was no formal guidance provided on NIM. Could you share some additional color on how you're thinking about NIM in 2026? And also we continue to see volatility in the results of Interseguro and Inteligo. What is your medium-term profitability outlook for these businesses? And are there any specific initiatives on the way to help mitigate this earnings volatility? Thank you.

Speaker #10: Could you share some additional color on how you're thinking about it ? Meaning 2026 ? And also we continue to see volatility in the results of Inter Seguro and in the vivo .

Speaker #10: What is your medium term profitability outlook for these businesses . And are there any specific initiatives on the way to help mitigate these earnings volatility .

Speaker #9: Thank you. Okay. Thank you. I'm going to start by your question number two again. Our medium-term and our structural profitability for both businesses is 20%.

Luis Felipe Castellanos: Okay, thank you. I'm gonna start by your question number 2. Again, our medium term, and our, you know, structural profitability for both businesses is 20%. Obviously, the especially Interseguro, is like investment related, so whatever happens with the market, will have an influence, in the results. That's why you see a little bit more volatility. The same happens, especially with the prop book of Inteligo, that we do have a nice fee business growing and very stable, but then, our book brings in some volatility that is dependent on the evolution of the market in terms of investment results. No?

Speaker #9: Obviously the especially in Seguro is like in investment related . So whatever happens with the market will have an influence in the results .

Speaker #9: That's why you see a little bit more volatility . Same happens especially with the with the prop book of of of intelligence that we have a mixed strategy there .

Speaker #9: As you know , we do have a nice fee business growing in very stable . But then our our book brings in some volatility .

Speaker #9: That is dependent on on on the evolution of market in terms of , of investment results . No , but but what we do see 20% ROE for those businesses year in , year out and going forward .

Luis Felipe Castellanos: But we do see 20% ROE for those businesses year in, year out, and going forward, and that's kind of the structural view that we have on it. In terms of NIM, again, I'm gonna let Michela go over that answer, but as long as the higher yielding book continues to get more relevance, NIM should continue to improve. So that's what we're expecting for next year, but maybe Michela can help us with a little bit more detail on that.

Speaker #9: And that's kind of the structural view that we have on it . In terms of Nim . Again , I'm gonna let Michela go over that answer .

Speaker #9: But as long as the the higher yielding book continues to get more relevance , Nim should continue to improve . So that's what do we expecting for next year ?

Speaker #9: But maybe Michela can help us with a little bit more detail on that .

Speaker #5: Yeah , just to add that as , as the higher yielding loan portfolio growth that should positively impact yield on loans and we also expect an additional improvement of cost of funds , not as big as we have seen in 2025 , because I guess a portion of that was also related to decreasing rates .

Michela Casassa: Yeah, just to add that as the higher yielding loan portfolio grows, that should positively impact yield on loans. And we also expect an additional improvement of cost of funds, not as big as we have seen in 2025, because I guess a portion of that was also related to decreasing rates. But we still see potential for further decreasing cost of funds as we continue to improve the mix of the efficient funding, you know, with all the things that we are doing, both in retail banking, but also with the payment ecosystem, with EasyPay and commercial banking. So NIM should slightly increase during 2026. Now, we saw it already in the last quarter, 10 basis points, so we should see a further improvement in NIM and in risk-adjusted NIM throughout 2026.

Speaker #5: But we still see potential for further decrease in cost of funds as we continue to improve the mix of the efficient funding with all the things that we're doing , both in retail banking , but also with the payment ecosystem , with Easypay and commercial banking .

Speaker #5: So Nim should slightly increase during 2026 . Now we saw it already in the last quarter , ten basis points . So we should see a further improvement in Nim and in risk adjusted Nim throughout 2026 .

Speaker #9: Thank you .

Luis Felipe Castellanos: Thank you, Michela.

Speaker #10: Very clear . Thank you .

Danele Miranda: Very clear. Thank you.

Speaker #9: Thank you .

Luis Felipe Castellanos: Thank you.

Speaker #2: The next question will come from Yuri Fernandez with JP Morgan . Please go ahead .

Operator: The next question will come from Yuri Fernandes with JP Morgan. Please go ahead.

Speaker #11: Thank you . Good morning and congrats for for for the quarter or for the year . I have a question regarding your deposits for use .

Yuri Fernandes: Thank you. Good morning, and congrats for the quarter or for the year. I had a question regarding your deposits. For you to deliver the higher single digits loan growth, how do you imagine your funding also growing, right? And this year, deposits, they are growing less, right? They are growing, I don't know, 5 above loans, but I think this is not enough for a 90. So just checking here, like in the years, I guess there was a good improvement in funding cost, right? Like, more expensive institutional funding were growing, you're more retail deposits. So basically you're focusing in cheaper funding lines. And now the message from Michela from the past answer was that margins will expand on the asset side, right, on the mix.

Speaker #11: Deliver a high single digits loan growth . How do you imagine your your funding also growing right . And this year deposits are growing less right .

Speaker #11: They're growing I don't know five above loans . But I think this is not enough for a nine . So just checking here in the years I guess there was a good improvement in funding cost , right .

Speaker #11: Like more expensive funding . We're growing or more retail deposits . So basically we're focusing in cheaper funding lines . And now the message from Michela from the past answer was that margins will expand on the asset side .

Speaker #11: Right on the mix . So just checking the liabilities , you know , should we see maybe for you to deliver the funding growth you need a higher funding cost for you .

Yuri Fernandes: So just checking the liabilities, you know, should we see maybe for you to deliver the funding growth, you need a higher funding cost for you into 2026? And then just a follow-up on Ernesto, many questions just on the ROE. This was a part of 19% ROE, right? If you adjust for Rutas de Lima, that hopefully it's getting over, given the, the amount of exposure you have. Why not more than 17 ROE for the next year? If insurance and the other business are running already at 20, it's a better year. Why not a higher ROE for you? Thank you.

Speaker #11: You 2026 and then just a follow up on many questions , just on the ROE . This was a part of 19% ROE .

Speaker #11: Right . If you adjust for Ruta de Lima that hopefully it's getting over . Given that the amount of exposure you have , why not more than 17 ROE for the next year ?

Speaker #11: If insurance and the other businesses are running already at 20 , it's a better year . While not a high ROE for year .

Speaker #11: Thank you .

Speaker #9: Okay . And thank you , Yuri for for your questions . And let me go over the last one again a again it will depend on if you see the bank is around to continue to recover .

Luis Felipe Castellanos: Okay. Thank you, Yuri, for your questions. Let me go over the last one again. Again, it will depend on if you see the bank is around to continue to recover, okay? The ROE of Interbank is the one that obviously Inteligo had a soft ROE quarter, very strong year. But again, it will depend on the pace of recovery of the higher yielding book of the bank. So, more than 70% that is achievable, it is achievable, but it depends on many situations. So that's why we're guiding at around 70%. It's an electoral year, so the pace of recovery is still to be seen.

Speaker #9: Okay . The roe of interbank is the one that obviously Intel had a soft ROE quarter . Very strong year . But again , it will depend on the pace of recovery of the higher yielding book of the bank .

Speaker #9: So more than 17% that is achievable . It is achievable . But but it depends on many situations . So that's why we're guiding around 70% .

Speaker #9: It's an electoral year . So the pace of recovery is is is still to be seen . Again . We've seen that we've had releases of pension funds .

Luis Felipe Castellanos: Again, we've seen that we've had releases of pension funds that is curtailing our ability to grow as strong as we want. So we are probably in the conservative side in terms of what will happen. If the opportunity for growth are there in the book, we will take advantage of that, and that should have a positive impact in NIM, in ROE as well, and in NIM for the bank. But again, we feel more comfortable in looking at a smooth recovery, not an aggressive recovery. Okay? And then in terms of deposits, yeah, we are focusing very much on low-cost deposits.

Speaker #9: That is curtailing our ability to growth as strong as we wanted . So we are probably in the conservative side in terms of what will happen if the opportunity for growth are growth , are there in that book , we will take advantage of that .

Speaker #9: And and that should have a positive impact in Nim , as in Roe as well . And Nim for , for for the bank .

Speaker #9: But again , we feel more comfortable in looking at that smooth recovery . Not an aggressive recovery . Okay . And then in terms of deposits , yeah , we are focusing very much on low cost deposit deposits .

Speaker #9: I guess our our retail banking platform allow us to continue growing there . And also the strategy that we're deploying with Easypay is key for that .

Luis Felipe Castellanos: I guess our, our retail banking platform allow us to continue growing there, and also the strategy that we're deploying with EasyPay is key for that. So we do expect this to continue growing in next year and having an impact in our cost of funds base. But let me pass it on to Carlos, so he can connect this with the strategy that we are deploying, so you can have a more ample picture.

Speaker #9: So we do expect this to continue growing in the next year . And having an impact in our cost of funds base . But let me pass it on to Carlos so he can connect this with the strategy that we are deploying .

Speaker #9: So so you can have a more ample picture .

Speaker #4: Yeah . Thank you . Felipe and Yuri . Yes I mean a little more detail on what Luis Felipe said , but as you can see , our loan to deposits is low .

Carlos Tori: Yeah, thank you, Luis Felipe and Yuri. Yes, I mean, a little more detail on what Luis Felipe said, but as you can see, our loan to deposits is low. The Q4 was 92%. We've been growing deposits, but more than focusing on overall deposits, we've been focusing on low funding or low-cost deposits, and that has grown more this year than the last. And that, as Luis Felipe mentioned, comes from two, in two ways. Retail continue to grow, well, across the years, and 2025 wasn't an exception. Obviously, at the end of the year, helped by the pension fund, but we also get some of that in January and February. So we will continue getting that. And the other source of funding is the payments ecosystem.

Speaker #4: The fourth quarter was 92% . We've been growing deposits , but more than focusing on overall deposits , we've been focusing on low , low funding or low cost deposits .

Speaker #4: And that has grown more this year than the last . And that , as I mentioned , comes from 2 in 2 ways retail continue to grow well across the years .

Speaker #4: Really 2025 was an exception . Obviously , at the end of the year , helped by the by the pension funds , but we also get some of that in January and February .

Speaker #4: So we will continue getting that . And the other source of funding is the payments ecosystem , spleen . It's the funds that come from ACP to the accounts at the bank .

Carlos Tori: It's Plin, it's EasyPay, the funds that come from EasyPay to the accounts of the bank. Expect that to continue. So we will continue to grow low-cost funding. Maybe the overall size of deposits would help the cost of funding and NIM. So that's kind of the strategy.

Speaker #4: That to continue . So we will continue to grow low cost funding . Maybe the overall size of deposits Would help the cost of funding and a Nim .

Speaker #4: So that's kind of the the strategy .

Speaker #11: No , no , thank you very much , Carlos . And Luis Felipe for the answers .

Yuri Fernandes: No, thank you very much, Carlos and Luis Felipe, for the answers.

Speaker #9: Thank you Yuri .

Luis Felipe Castellanos: Thank you, Yuri.

Speaker #2: The next question will come from Carlos Gomez with HSBC . Please go ahead .

Operator: The next question will come from Carlos Gomez with HSBC. Please go ahead.

Speaker #12: Good morning . Congratulations and thank you for taking my questions . The first one is actually another way of asking the same thing .

Carlos Gómez-López: Good morning. Congratulations, and thank you for taking my questions. The first one is actually another way of asking the same thing everybody has asked you. We are obviously in an upswing for retail and for demand. And I guess my question is: To what extent do you think this is temporary because of releases from the pension funds or other factors, or it's a permanent upswing? Essentially, how long do you think that the good times are going to last? You probably don't have an answer, but I would like to know what your best guess is. Second, referring to Plin, I was trying to find some numbers, but I don't see them in the presentation.

Speaker #12: Everybody has asked you . We are obviously in an upswing for retail and for demand . And I guess my question is to what extent do you think this is a because of releases from the pension funds or other factors , or it's a permanent option essentially .

Speaker #12: How long do you think that the good times are going to last? You probably don't have an answer, but I would like to know what your best case is.

Speaker #12: Second , referring to clean . I was trying to find some numbers , but I don't . I don't see them in the presentation .

Speaker #12: What would you say the market share of clean is today, and what is your market share within clean? Thank you.

Carlos Gómez-López: What would you say the market share of Plin is today, and what is your market share within Plin? Thank you.

Speaker #9: Okay . We hope that good times last for for for many months or years going ahead . But Carlos what we think is let's see again the the the pension fund releases and and the severance deposit releases actually is a stopper to to to loan growth .

Luis Felipe Castellanos: Okay. We hope that good times last for many months or years going ahead. But, Carlos, what we think is... Let's see. Again, the pension fund releases and the severance deposit releases actually is a stopper to loan growth, okay? Because people use those funds obviously for some consumption, so there's activity, but also to repay debt or not get into more personal loans. So when that dries up, and we do expect that to happen starting Q2 of this year, then probably we will going to see a more strong demand for personal loans in the portfolio and in the system as a whole. No?

Speaker #9: Okay . Because use those funds obviously for some consumption . So their activity but also to repay debt or not get into into more personal loans .

Speaker #9: So when that that dries up and we do expect that to happen starting the second quarter of this year , then probably we we will see a more strong demand for personal loans in the portfolio and in the system as a whole .

Speaker #9: No . So so it's a little bit cumbersome , but but that , that releases of actually stop a little bit . The growth profile of of the portfolio .

Luis Felipe Castellanos: So, it's a little bit cumbersome, but the releases of funds actually stop a little bit the growth profile of the portfolio, okay? Now, we are seeing good macro numbers in Peru. The sentiment is positive. The confidence index are at high levels. The labor numbers are looking good. The consumption indexes are also stronger. So there's a structural improvement in Peru's macro front that is having a positive impact in terms of growth as well. And we do expect that to continue during this year, and hopefully it will flow through to 2007 and moving forward again. That, the big question mark is, is Peru going to have noise on the elections of April?

Speaker #9: Okay . Now we are seeing good macro numbers in Peru . The sentiment is positive that the confidence index are at high levels .

Speaker #9: The the labor numbers are looking good . The indexes are also stronger . So there's a structural improvement in Peru's macro front . That is having a positive impact in terms of growth as well .

Speaker #9: A we and we do expect that to continue during this year and hopefully it will flow through to 2007 and moving forward again , that the big question mark is , is Peru going to have a noise , on the elections of April ?

Speaker #9: Is it going to be something similar to what we had before ? We don't think so . Our base case is that that is not going to be the situation .

Luis Felipe Castellanos: Is it gonna be something similar to what we had before? We don't think so. Our base case is that that is not gonna be the situation. But again, we know Peru, and we cannot discard that the volatility for the political situation will be there, and let's see how elections at the end evolve, no? There's some noise right now, actually, in the political front. Peru has become a surprise in terms of political instability. That is not affecting economic numbers, but obviously, given that it's an electoral year, there could be some investments being delayed, investor confidence coming down, consumer sentiment changing, routes because of this potential noise, no?

Speaker #9: But again , we know Peru and we cannot discard that . The volatility for the political situation will be there . And let's see how elections at the end evolve .

Speaker #9: No , there's there's some noise right now actually in the political front , Peru has become a surprise in terms of of political instability that a is not affecting economic numbers .

Speaker #9: But obviously , given that it's an electoral year , there could be some investments being delayed . Investor confidence coming down , consumer sentiment changing , routes because of this potential noise .

Speaker #9: So so that's the only a question mark that we have . But we do see that the structural improvement of the macro front , coupled with the strong commodity prices , position Peru to continue having a strong currency , low inflation and accelerated growth on that backdrop , and the financial system and IFS and interbank itself should continue to benefit from from that environment And then regarding , let me pass on to Carlos that has a little bit more detail on that .

Luis Felipe Castellanos: So, so that's the only question mark that we have, but we do see that the structural improvement of the macro front, coupled with the strong commodity prices, position Peru to continue having strong currency, low inflation, and accelerated growth, no? On that backdrop, the financial system and IFS and Interbank itself should continue to benefit from, from that environment. And then regarding Plin, let me pass it to Carlos that has a little bit more detail on that. Carlos?

Speaker #9: Carlos .

Speaker #4: Excellent . Yeah . The reason we don't disclose market share in clean and JP because there's no official source for market shares . We build an estimation based on what our competitors say in the market .

Carlos Tori: Excellent. Yeah, the reason we don't disclose market shares in Plin and Yape is because there's no official source for market shares. We build an estimation based on what our competitors say in the market. So we kind of, we believe Plin currently has about 16% of the P2P and P2M market. So P2P is person to person, and then also using Plin to pay at a merchant. We believe Plin is somewhere around 15%, and Interbank is a little bit over half of that. That's our estimation. I think it's well-founded, but it's not, there's no definite source on it. We do see growth above 40, 50% per year. We continue to see very healthy growth in terms of users and in terms of transactions per user.

Speaker #4: So we kind of we believe a clean currently has about 15% of the P2P and P2P market . So P2P is person to person .

Speaker #4: And then also, using clean to pay at a merchant, we believe is somewhere around 15%. And Interbank is a little bit over half of that.

Speaker #4: So that's , that's that's our estimation . I think it's well founded , but it's not there's no definite source on it . We do see growth above 40 , 50% per year .

Speaker #4: We continue to see very healthy growth in terms of users and in terms of transactions per user . So it's been growing and it's contributing to our ecosystem .

Carlos Tori: So, it's been growing, and it's contributing to our ecosystem. So, yeah, I don't know. I think that's as much as I can share. I don't think I can share more, but that should give you a sense-

Speaker #4: So yeah , I don't know . I think that's as much as I can share . I don't think I can share more .

Speaker #4: But but that should give you a sense of where we're at .

Luis Felipe Castellanos: Mm-hmm.

Carlos Tori: of where we're at.

Alonso Aramburu: Could you remind us? I mean, there's no official information, but as far as we know, there are two of you, and you have your numbers. So, as long as Yape gives theirs, you should have a full picture, or are we missing somebody? Are we missing some other operator? And over time, is the market share of Plin increasing or decreasing? How do you see this market evolving?

Speaker #12: Could you remind us ? I mean , there's no other information , but as far as we know , there are two of you , and you have your numbers .

Carlos Gómez-López: Could you remind us? I mean, there's no official information, but as far as we know, there are two of you, and you have your numbers. So, as long as Yape gives theirs, you should have a full picture, or are we missing somebody? Are we missing some other operator? And over time, is the market share of Plin increasing or decreasing? How do you see this market evolving?

Speaker #12: So , so as long as as JP gives theirs , you should have a full picture . Or are we missing somebody ? Are we missing some other some other operator and over time is your is the market share of clean increasing or decreasing ?

Speaker #12: How do you see this market evolving

Speaker #4: Okay . So is there a few like there's other banks that are not part of clean or JP . That's one . And they go through the CCE and we're all interconnected .

Carlos Tori: Okay, so yes, there is a few, like, there's other banks that are not part of Plin or Yape. That's one, and they go through the CCE, and we're all interconnected, so that's one part. It's a small part. It's the main are Yape and Plin. What I don't get to see, and I only get to see on the reports, is when Yape sends to another Yape user. We don't see that. We only see when Yape sends to Plin and when Plin sends to Yape. That's the reason we don't see the exact share. So there's a mix of the players that are not Plin or Yape, and then there's a on us or on them transactions.

Speaker #4: So that's one part . It's a small part . It's the main link . What I don't get to see and I only get to to see on on the report is when .

Speaker #4: JP sends to another JP user , we don't see that . We only see when JP sends to clean and when clean sends to JP .

Speaker #4: That's a reason we don't see the exact share . So . So there's there's a mix of that of the players that are not a clean JP .

Speaker #4: And then there's a on us or on them transactions . And then in terms of of share yes we are growing . It's still small .

Carlos Tori: And then, in terms of share, yes, we are growing. It's still small, so we think there's a lot more potential to grow faster and to continue to grow. But yeah, we're growing.

Speaker #4: So, we think there's a lot more potential to grow faster and to continue to grow. But yeah, we're growing.

Speaker #9: Yeah . And I think that something very , very positive is that we do see that our customers that use clean have much more activity with us , more principality .

Luis Felipe Castellanos: Yeah, and I think that something very, very positive is that we do see that our customers that use Plin have that much more activity with us, more principally. Now we become a principal bank. NPS is higher, and obviously churn is smaller, no? So the numbers are adding up nicely in terms of building up on the strategy that the bank is deploying.

Speaker #9: We we become a principal bank . NPS is higher and obviously churn is smaller . So so the numbers are up nicely in terms of building up on the strategy that the bank is deploying .

Carlos Tori: Absolutely.

Carlos Gómez-López: Absolutely.

Speaker #13: Thank you . Thank you , thank you Carlos .

Alonso Aramburu: Thank you.

Carlos Gómez-López: Thank you.

Carlos Tori: Thank you.

Luis Felipe Castellanos: Thank you, Carlos.

Speaker #2: The next question will come from Alonso Aramburu with BTG . Please go ahead .

Operator: The next question will come from Alonso Aramburu with BTG. Please go ahead.

Speaker #14: Yes . Hi . Good morning and thank you for the call . I wanted to maybe double click on the performance on consumer loans dynamics .

Alonso Aramburu: Yes, hi, good morning, and thank you for the call. I wanted to maybe double-click on the performance on consumer loans. Dynamics clearly are better than at the last couple of quarters, but if you look at your market share, you've been losing market share roughly 1 point in the last twelve months. So maybe you can comment on the competitive dynamics. What are you seeing? Who's gaining share? Is it related to payroll loans where you've seen negative growth over the past twelve months? And have you seen any change in this trend for 2026? Thank you.

Speaker #14: Clearly are better than the last couple of quarters . But if you look at your market share , you've been losing market share roughly one point in the last 12 months .

Speaker #14: So maybe you can comment on the competitive dynamics . What are you seeing ? Who's gaining share ? Is it related to payroll loans ?

Speaker #14: Where you you've seen negative growth over the past 12 months ? And if you're seeing any change in this trend for 2026 , thank you .

Speaker #9: Yeah . Thank you , thank you . Alonso . Yeah I think payroll deductible loans . No to public sector employees . That's that's a market for us is not growing that much .

Luis Felipe Castellanos: Yeah, thank you. Thank you, Alonso. Yeah, I think, payroll-deductible loans, no, to public sector employees, that's a market that for us is not growing that much. You have identified it well, and it obviously has an impact. And then I think that, we've been digesting what happened in 2023 and 2024. So we're coming back to market. It's probably a little bit later than some of the competitors, but again, we've been in this business for many years. We know how cyclicality can be, and we've been working in making sure that the equation adds up, no?

Speaker #9: You do have identified it . Well and obviously has an impact . And then I think that we've been digesting the what happened into 23 and 24 .

Speaker #9: So we've coming back to market . It's probably a little bit later than some of the competitors . But but again , we've been in this business for many years .

Speaker #9: We know how cyclicality can be . And we've been working in making sure that the equation adds up . No , and so , so so we are returning with a little bit more of risk appetite .

Luis Felipe Castellanos: And so we're returning with a little bit more of risk appetite, but obviously we've been strengthening our underwriting standards and working through our models in order to make sure that we don't face any issues in the near term or medium term, no? So that's probably adding all up; you'll see the results that we have seen, especially in the first half of the year. But as Carlos mentioned, we've seen acceleration in the third and especially in the fourth quarter, in terms of velocity of growth, no? But I'm gonna pass it to Carlos, so he can complement a little bit more on that specific competitive dynamics that we're seeing. Carlos?

Speaker #9: But obviously we've been strengthening our underwriting standards and working through our models in order to make sure that we don't face any issues in the near term or medium term.

Speaker #9: No . So so that's probably adding all up . You'll see the results that we have seen , especially in the first half of the year .

Speaker #9: But as Carlos mentioned , we've seen acceleration in the third and especially in the fourth quarter in terms of velocity of growth , no , but I'm going to Carlos so he can complement a little bit more on that specific competitive dynamics that we're seeing .

Speaker #9: Carlos .

Speaker #4: Oh , absolutely . I think there's two different . So convenient . No payroll loans have their own environment . We we're the leaders there .

Carlos Tori: Oh, absolutely. I think there's two different. So convenios, no payroll loans, have their own environment. We, we're the leader there. We obviously it's a good market, but it grows slower than the rest of the market. Being the leader, we're looking at keeping the relationship with our clients, the economics, and that has a much different relations or performance compared to loans and credit cards, no? So where we stopped in 2023, 2024 was loans and credit cards, and as Luis Felipe mentioned, we started to grow again and increase our risk appetite in 2025.

Speaker #4: We obviously it's a good market but it grows slower than the rest of the market . Being the leader . We're looking at keeping the relationship with our clients .

Speaker #4: The economics and that has a much different relations or performance compared to to loans and credit cards . No . So where we stopped in 2023 , 24 was loans and credit cards .

Speaker #4: And as Luis Felipe mentioned , we started to grow again . And increase our risk appetite . In 2025 , we will continue to do that , but we want to do it in a very responsible way .

Carlos Tori: We will continue to do that, but we want to do it in a very responsible way, as you know, in the consumer book, big spikes in growth never end up well. So we've been doing it well, we've been growing. You would've seen a lot more growth if it wasn't for the AFP withdrawals. I think that's a little something that set us back a little bit in terms of growth, but not in terms of usage of our credit cards, the usage of our payment solutions. We continue to see growth and engagement there. So we're very positive that over the next couple of months, we will have growth and recuperate some market share.

Speaker #4: As you know , in the book , Big Spikes in Growth never turn a very calm , a nerve , a end up well .

Speaker #4: So we've been doing it well . We've been growing . You would have seen a lot more growth if it wasn't for the ASP withdrawals .

Speaker #4: I think that's a little something that set us back a little bit in terms of growth , but not in terms of usage of our credit card usage of our payment solutions .

Speaker #4: We continue to see growth and engagement there . So we're very positive that over the next couple of months , we will have growth and recuperate some some market share .

Carlos Tori: As we mentioned earlier, we're at the beginning of this cycle, and it's early, and we know how to do this, and we feel comfortable that the engagement and our value proposition is working well. And it's a matter of increasing the risk in the portfolio slightly, and you will see the growth. So that's kind of the way that we're looking at it. The convenios portfolio has a whole different environment, and that should be more stable. The other portfolio that's growing is SMEs, and that's higher yielding as well. And that kind of, at the end of the day, takes a little bit or brings in a little bit of the yield that is not growing with the payroll loans portfolio.

Speaker #4: As we mentioned earlier , we're at the beginning of this cycle and it's early and we will we know how to do this and we feel comfortable that the engagement and our value proposition is working well .

Speaker #4: And it's a matter of increasing the risk in the portfolio slightly, and you will see the growth. So that's kind of the way we're looking at it.

Speaker #4: The portfolio has a whole different environment . And that should be more stable . The other portfolio that that's growing is SMEs and that's higher yielding as well .

Speaker #4: And that kind of, at the end of the day, takes a little bit or brings in a little bit of the yield. That is not with the loans portfolio.

Speaker #14: Great . Thank you for the color

Operator: Great. Thank you for the call.

Alonso Aramburu: Great. Thank you for the call.

Speaker #13: Thank you . Alonso .

Luis Felipe Castellanos: Thank you, Alonso.

Speaker #2: Next question . The next question will come from Mora with Credit Corp Capital . Please go ahead

Operator: The next question will come from Daniel Mora with Credit Corp Capital. Please go ahead.

Speaker #15: Hi . Good morning and thank you for the presentation . I have just one follow up question . The normalized ROE in 2025 was close to 18.5% .

Daniel Mora: Hi, good morning, and thank you for the presentation. I have just one follow-up question. The normalized ROE in 2025 was close to 18.5%. So I'm wondering now, or I would just to clarify, what is stopping IFS from reaching similar-- a similar figure and achieve an, an 18% ROE, besides the Rutas de Lima, which we don't expect more additional impairment. What will be those factors, that do you expect that will not repeat this year and that favor 2025 results? And thus, what will be the ROE expectations for each company in the 17% ROE scenario for this year? Thank you so much.

Speaker #15: So I'm wondering or I will just to clarify what is stopping IFS from reaching similar a similar figure and achieve an percent ROE besides the Ruta de Lima in which we don't expect more additional impairment , what will be those factors that do you expect that will not repeat this year and that favor 2025 results and thus , what will be the ROE expectations for each company in the 17% ROE scenario for this year ?

Speaker #15: Thank you so much .

Speaker #9: Thank you Daniel . Yeah . Well I'm going to go again . So it was a very strong year for some of our investments , especially in in Telugu .

Luis Felipe Castellanos: Thank you, Daniel. Yeah, well, I'm gonna go again. So, it was a very strong year for some of our investments, especially in Inteligo. And also at some investment we have at holding company level that's closely there. So that was very positive. And again, the more stable, sustainable, higher ROE will have to come from the continued recovery of the bank, while the consumer and higher yielding loans book recover. For instance, if you see that last Q ROE for Interbank itself was like around 16%, so that needs to continue into a more positive way. And that will come again as a result of a higher yielding loans building up in our portfolio, and that's a process that Carlos just explained.

Speaker #9: And also at some investments we have in company level that is closer . Is there . So so so that was a very positive .

Speaker #9: And again the more stable sustainable a higher ROE will have to come from the continued recovery of the bank while the consumer and higher yielding loans book recover .

Speaker #9: For instance , if you see that last Q ROE for interbank itself was like around 16% . So that needs to continue into an more positive way .

Speaker #9: And that will come again as a result of a higher yielding loans building up in our portfolio . And that's the process that Carlos just explained .

Speaker #9: So that's what's holding us back a little bit in terms of how fast we can achieve that medium term objective . So , so , so , so I hope that answers your question .

Luis Felipe Castellanos: So that's what's holding us back a little bit in terms of how fast we can achieve that medium term objective. So I hope that answers your question, no?

Speaker #13: No .

Speaker #15: Yeah . Perfect . Thank you so much . Thank

Daniel Mora: Yeah, perfect. Thank you so much. Thank you.

Luis Felipe Castellanos: Yeah, perfect. Thank you so much. Thank you.

Speaker #13: Thank you

Luis Felipe Castellanos: Thank you.

Speaker #2: At this time we will take webcast questions . I will now turn the call over to Mr. Ivan Peill from inspire Group

Operator: At this time, we will take webcast questions. I will now turn the call over to Mr. Ivan Peill from InspIR Group.

Speaker #3: Thank you . Operator . first comes from Shane Matthews of White Oak Investors . Hello . Congratulations on the results . As you increase the share of higher risk loans , do you expect to maintain the same level of coverage of 2025 ?

Carlos Tori: Thank you, operator. The first question comes from Shane Matthews of White Oak Investors. Hello, congratulations on the results. As you increase the share of higher risk loans, do you expect to maintain the same level of coverage of 2025?

Ivan Peill: Thank you, operator. The first question comes from Shane Matthews of White Oak Investors. Hello, congratulations on the results. As you increase the share of higher risk loans, do you expect to maintain the same level of coverage of 2025?

Speaker #13: Okay .

Luis Felipe Castellanos: Okay, thanks for your question. I'm gonna pass it on to Michela. I'm assuming, yes, the coverage comes in line with higher provisions due to a cost of risk improving because of those loans. But that mathematics in terms of coverage, Michela maybe can help me.

Speaker #9: Thanks for your question . I'm going to pass it on to to Micaela . I'm assuming . Yes , the coverage comes in line with higher higher provisions due to the cost of risk improving because of those loans .

Speaker #9: But that mathematics in terms of coverage , Micaela , maybe can help me .

Speaker #5: No , no . Yes . No , not not much to add . Actually . Yes . As Carol mentioned before , no .

Operator: No, no, yes, not, not, not much to add, actually. Yes, as, as Carlos mentioned before, you know, with increasing the high-yielding loan portfolio, we should see an increase in Cost of Risk, and the levels of coverage, which should remain very similar, not to the ones that you see in 2025.

Michela Casassa: No, no, yes, not, not, not much to add, actually. Yes, as, as Carlos mentioned before, you know, with increasing the high-yielding loan portfolio, we should see an increase in Cost of Risk, and the levels of coverage, which should remain very similar, not to the ones that you see in 2025.

Speaker #5: We're increasing the high-yielding loan portfolio. We should see an increase in cost of risk and the levels of coverage, which should remain very similar to the ones that you see in 2025.

Speaker #3: The next question comes from a above Nani , also of White Oak . Investors given it is election year , what are the key risks that you would watch out for ?

Ivan Peill: The next question comes from Anand Bhavnani, also of White Oak Investors: Given it is election year, what are the key risks that you would watch out for?

Speaker #9: Okay , and I thank thanks very much for for that question . I guess I'm going to put it in two fronts . Okay .

Luis Felipe Castellanos: Okay, Anand, thanks very much for that question. I guess I'm gonna put it in two fronts, okay? Yes, it's an election year. Again, we don't see big disruptions coming into the market, no. Our base case is of continued stability through growth, whatever. What we've seen in previous elections is some candidates that are not market friendly start to rise up in terms of the polls. And then people start losing confidence and investments start getting delayed, you know? So that's kind of a risk that we see to growth in the coming months, that something changes in terms of the political environment and some radical proposal or not market friendly type of disruption becomes a risk in the political scenario.

Speaker #9: Yes , it's an election year . And again , we we don't see big disruptions coming into the market . No other . Again , our base case is of continuous stability through growth .

Speaker #9: Whatever what we've seen in previous elections is some candidates that are not market friendly start to rise up in terms of the polls .

Speaker #9: And then people start losing confidence and investments start getting delayed . So that's kind of a risk that we see to growth in the coming months .

Speaker #9: That's changes in terms of the political environment and some radical proposal or not , market friendly type of disruption becomes a risk in the in the political scenario .

Luis Felipe Castellanos: So that is the election period itself, no? And so people will delay, and companies will delay some decisions because of this. And then the second front is what actually happens, who gets elected, you know? And again, the risk is for someone that is not market friendly, being elected and trying to change certain things that support growth or stability, the currency being stable, or issues that will come with inflation. So basically, that's the risk. It's a political risk of somebody changing the rules of the game. The probability is not high, but again, we are in Peru, and we've gone through some volatility because of this, before, no? So that is kind of the way we see it.

Speaker #9: So that is the election period itself . No . And so people will delay and companies will delay some decisions because of this .

Speaker #9: And then the second front is what actually happens . Who gets elected . No . And again the risk is for some one that is not market friendly , being elected and trying to to to change certain things that support growth or stability .

Speaker #9: The currency being a stable or issues that will come with inflation . So basically that's the risk is a political risk of somebody changing the rules of the game .

Speaker #9: And the probability is not high . But again , we're in Peru and we've gone through some volatility because of this before . So so so that that is kind of the way we see it .

Speaker #9: So we need to see what happens in elections and what happens in the actual a candidate being being elected as president . Now again , our base case is of continued stability .

Luis Felipe Castellanos: So we need to see what happens in elections and what happens in the actual candidate being elected as president. Now, again, our base case is of continued stability, continued growth, continued strength. I guess Peru has proven that their economic-related institutions are very solid, very well respected. They do their work pretty well, even under the previous election and when President Castillo was elected, that was not touched, that is not changed. So we feel very, very confident on that, continue to working out, you know, with strong superintendency, strong central bank, strong minister of economy and finance. But again, it's... Those are the political risks that we are looking at, you know? So I hope that answered your question on that front.

Speaker #9: Continued growth and continued strength . I guess Peru has proven that their economic related institutions are very solid , very well respected . They do do their work pretty well , even under the previous election .

Speaker #9: And when President Castillo was elected , that was not touched . That is not not , not changed . So we feel very , very confident on that .

Speaker #9: Continue to work it out . No strong super , super superintendency , strong central bank , strong . Minister of Economy and Finance .

Speaker #9: But again it's it's those are the political risks that we are looking at . No . And so I hope that answers your question on that front

Speaker #3: We have a follow up question from Anand . But Nani of White Oak Investors . Given the boom in copper and lower price of oil , do you anticipate GDP growth to have upside risk and inflation to have downside potential ?

Ivan Peill: We have a follow-up question from Anand Bhavnani of White Oak Investors: Given the boom in copper and lower price of oil, do you anticipate GDP growth to have upside risk and inflation to have downside potential? Can both of which be a tailwind to help you do better?

Speaker #3: Can both of which be a tailwind to help you do better ?

Speaker #9: Yes, obviously, those are positive factors that could influence stronger performance of the Peruvian economy. Obviously, that would help the currency to continue in its strength.

Luis Felipe Castellanos: Yes, obviously, those are positive factors that could influence stronger performance of the Peruvian economy. Obviously, that would help the currency to continue in its strength, strong pattern. As Michela mentioned, the Peruvian sol has appreciated 10% this year. We don't foresee if the commodity prices continue to be strong, probably the sol will continue to follow that path. Inflation will continue under control, and having a good export results and low cost of energy would help improve some productivity, and that should have a positive wind towards our economic performance as a whole. And the Peruvian financial system should be a multiplier of that.

Speaker #9: Strong pattern . As Michela mentioned , that the Peruvian has a 10% this year . We don't foresee a If the commodity prices continue to be strong , probably the soul will continue to follow that path .

Speaker #9: Inflation will continue under control and having no a good export results and low cost of energy would help improve some productivity and that should have a positive winds towards our economic performance as a whole .

Speaker #9: And the Peruvian financial system should be a multiplier of that. And again, Interbank and we have a platform that can definitely look at the opportunities that that positive situation approach.

Luis Felipe Castellanos: And again, in Interbank and in Tesoro, Interbank, we have a platform that can definitely look at the opportunities that that positive situation approach, no? So there's an upside risk on that front that we are prepared to take advantage of, and obviously, we're looking very detailed on those opportunities. Now, again, the big question mark can be the political situation, but that's going to clear up in a couple of months, you know? So we'll have a more clear picture probably for the next quarterly call.

Speaker #9: So there's there's an upside risk on that front that we are prepared to to take advantage of . And obviously we're looking very detailed on those opportunities .

Speaker #9: Now again , the big question mark can be the political situation , but that's going to clear up in a couple of months .

Speaker #9: So we'll have a more clear picture probably for the next quarter

Speaker #3: At this time, there are no further questions. I would like to turn the call over to the operator.

Ivan Peill: At this time, there are no further questions. I would like to turn the call over to the operator.

Speaker #2: Thank you . And we are not showing any audio questions as well . So I would like to turn the floor back to Miss Kasasa for any closing remarks .

Operator: Thank you. We are not showing any audio questions as well. I would like to turn the floor back to Ms. Casassa for any closing remarks.

Speaker #5: Okay . Thank you very much , everyone , for being with us today . Sorry again for the inconvenience . And we hope to see you all on the next quarterly conference call .

Michela Casassa: ... Okay, thank you very much, everyone, for being with us today. Sorry again for the inconvenience, and we hope to see you all on the next quarterly conference call. Thanks again. Bye, everybody.

Michela Casassa: Okay, thank you very much, everyone, for being with us today. Sorry again for the inconvenience, and we hope to see you all on the next quarterly conference call. Thanks again. Bye, everybody.

Speaker #5: Thanks again Bye everybody

Operator: This concludes today's conference call. You may now disconnect.

Q4 2025 Intercorp Financial Services Inc Earnings Call

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