Banco Macro S.A. (BMA): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la banque argentine, Banco Macro S.A. (BMA) navigue dans un écosystème complexe de défis et d'opportunités, où l'incertitude politique, la volatilité économique et les perturbations technologiques convergent pour remodeler le secteur des services financiers. Cette analyse complète du pilon dévoile les facteurs externes à multiples facettes qui influencent le positionnement stratégique de la banque, offrant une exploration nuancée de la façon dont politique, économique, sociologique, technologique, juridique et environnemental La dynamique se croit pour définir la résilience opérationnelle de Banco Macro et la trajectoire future sur l'un des marchés financiers les plus imprévisibles d'Amérique latine.

Banco Macro S.A. (BMA) - Analyse du pilon: facteurs politiques

L'instabilité politique de l'Argentine impactant les réglementations du secteur bancaire

En janvier 2024, l'Argentine connaît une volatilité politique importante avec le président Javier Milei mettant en œuvre des réformes économiques agressives. Le paysage politique du pays influence directement les réglementations bancaires à travers plusieurs canaux.

Indicateur politique	État actuel	Impact sur la banque
Indice d'incertitude politique	7.2/10	Risque réglementaire élevé
Fréquence d'intervention du gouvernement	4,5 interventions / quartier	Complexité accrue de la conformité
Taux de modification réglementaire	2.3 Modifications / mois	Adaptation constante requise

Changements potentiels dans la politique gouvernementale affectant les services financiers

La politique gouvernementale actuelle se concentre sur la libéralisation du secteur financier et la réduction de l'intervention de l'État.

• Réduction proposée des taxes de transaction bancaire
• Élimination potentielle des contrôles de capital
• Déréglementation prévue des échanges de devises étrangères

Interventions monétaires de la Banque centrale d'Argentine

La Banque centrale d'Argentine a mis en œuvre des politiques monétaires agressives pour lutter contre l'hyperinflation.

Métrique de la politique monétaire	Valeur de janvier 2024
Taux d'intérêt de base	97.5%
Expansion de la base monétaire	-12,3% de mois à l'autre
Réserves de devises étrangères	29,4 milliards de dollars

Réformes économiques en cours et implications bancaires

L'ordre économique du président Milei comprend des réformes radicales affectant le secteur bancaire.

• Privatisation potentielle des institutions financières appartenant à l'État
• Élimination proposée des taux de change multiples de devises
• Réduction planifiée de la complexité réglementaire du secteur bancaire

Facteurs de risque politiques clés pour Banco Macro S.A.:

• Environnement réglementaire imprévisible
• Impact à forte inflation sur les opérations bancaires
• Changements de politique soudaine potentielles

Banco Macro S.A. (BMA) - Analyse du pilon: facteurs économiques

Taux d'inflation élevés contestant la rentabilité des banques

Le taux d'inflation de l'Argentine atteint 142.7% En décembre 2023, créant des défis importants pour la performance financière de Banco Macro S.A. L'environnement économique hyperinflationniste a un impact direct sur la rentabilité des banques et les stratégies opérationnelles.

Année	Taux d'inflation	Impact sur le secteur bancaire
2022	95.4%	Réduit de vraies marges de prêt
2023	142.7%	Augmentation des défis opérationnels

Le peso argentin volatile créant une incertitude financière

Le peso argentin a connu une dévaluation significative, avec un taux de change officiel de ARS 1 000 = 1 USD En janvier 2024. Cette volatilité crée une incertitude financière substantielle pour les opérations de Banco Macro S.A.

Période	Taux de change peso / USD	Pourcentage de dévaluation
Janvier 2023	ARS 350 = 1 USD	185%
Janvier 2024	ARS 1 000 = 1 USD	285%

Récession économique affectant les performances du prêt

Le PIB d'Argentine a contracté par 2.5% En 2023, un impact direct sur le portefeuille de prêts de Banco Macro S.A. et la gestion des risques de crédit.

Indicateur économique	Valeur 2023	Impact sur la banque
Croissance du PIB	-2.5%	Accrue des prêts non performants
Taux de chômage	8.7%	Risque de défaut de crédit plus élevé

Fluctuation des taux d'intérêt impactant les revenus bancaires

La Banque centrale d'Argentine a maintenu un taux d'intérêt de référence de 97% En décembre 2023, créant une dynamique de flux de revenus complexe pour Banco Macro S.A.

Période	Taux d'intérêt	Impact de la marge d'intérêt net
Juin 2023	81%	Rentabilité modérée
Décembre 2023	97%	Épreuves de prêt accru

Banco Macro S.A. (BMA) - Analyse du pilon: facteurs sociaux

Adoption croissante des banques numériques parmi les jeunes données démographiques

Selon Statista, en Argentine, 72,3% des utilisateurs de banques numériques ont entre 25 et 44 ans en 2023. Banco Macro a rapporté 1,2 million d'utilisateurs de banque numérique en 2023, ce qui représente une croissance de 35% d'une année sur l'autre.

Groupe d'âge	Pénétration des banques numériques	Taux de croissance annuel
18-24 ans	42.5%	28%
25-34 ans	68.3%	41%
35 à 44 ans	55.7%	33%

Demande croissante d'inclusion financière dans les zones rurales

Banco Macro a élargi son réseau bancaire rural à 276 succursales dans les provinces argentines éloignées, couvrant 92% des municipalités rurales en 2023.

Province	Couverture bancaire rurale	Les nouveaux comptes ont ouvert
Salta	87%	24,500
Jujuy	79%	18,700
Tucumán	93%	32,100

Disparités économiques sociales influençant l'accessibilité des services bancaires

Les statistiques nationales argentines indiquent que 36,5% de la population dans les segments à faible revenu, Banco Macro offrant des programmes de micro-crédits spécialisés ciblant ces données démographiques.

Segment des revenus	Pourcentage de population	Comptes de micro-crédits
À faible revenu	36.5%	127,600
Revenu moyen	42.3%	85,300
Revenu élevé	21.2%	22,100

Changer les préférences des consommateurs vers les services bancaires mobiles et en ligne

L'application bancaire mobile de Banco Macro a atteint 850 000 utilisateurs mensuels actifs en 2023, avec 64% des transactions effectuées via des canaux numériques.

Canal bancaire	Volume de transaction	Préférence utilisateur
Application mobile	42%	850 000 utilisateurs
Plate-forme Web en ligne	22%	520 000 utilisateurs
Branches physiques	36%	210 000 utilisateurs

Banco Macro S.A. (BMA) - Analyse du pilon: facteurs technologiques

Investissement dans la transformation numérique et les solutions fintech

En 2023, Banco Macro a investi 42,7 millions de dollars dans les initiatives de transformation numérique. La banque a alloué 18,5% de son budget technologique annuel aux solutions fintech et à l'innovation numérique.

Catégorie d'investissement technologique	Montant (USD)	Pourcentage du budget technologique
Transformation numérique	$42,700,000	18.5%
Solutions fintech	$23,480,000	10.2%
Développement de plate-forme numérique	$15,960,000	6.9%

Mesures de cybersécurité améliorées pour protéger les données des clients

Investissement en cybersécurité: 17,3 millions de dollars dépensés pour les infrastructures de sécurité avancées en 2023. La Banque a mis en place des protocoles de chiffrement 256 bits et des systèmes d'authentification multi-facteurs.

Métrique de la cybersécurité	Performance de 2023
Investissement total de cybersécurité	$17,300,000
Taux de prévention des violations de données	99.87%
Niveau de chiffrement	256 bits

Mise en œuvre de l'IA et de l'apprentissage automatique dans l'évaluation des risques

Banco Macro a déployé des outils d'évaluation des risques axés sur l'IA avec un investissement de 9,6 millions de dollars. Les algorithmes d'apprentissage automatique analysent quotidiennement 2,3 millions de points de données de transaction.

Métriques d'évaluation des risques d'IA	2023 statistiques
Investissement d'IA	$9,600,000
Transactions analysées quotidiennes	2,300,000
Précision de prédiction des risques	94.5%

Développer des plateformes de banque mobile et des systèmes de paiement numérique

La banque a lancé une plateforme de banque mobile complète avec des investissements de 12,4 millions de dollars. Les transactions de paiement numérique ont augmenté de 37,2% en 2023.

Métriques des banques mobiles	Performance de 2023
Investissement de la plate-forme mobile	$12,400,000
Croissance des transactions de paiement numérique	37.2%
Utilisateurs de la banque mobile	1,480,000

Banco Macro S.A. (BMA) - Analyse du pilon: facteurs juridiques

Règlements bancaires stricts de la Banque centrale d'Argentine

Depuis 2024, Banco Macro S.A. fonctionne sous le Communication 'A' 7518 Cadre réglementaire émis par la Banque centrale d'Argentine. La banque doit maintenir les exigences de capital minimum et les normes de conformité.

Métrique réglementaire	Exigence	Banco Macro Conformité
Ratio de capital minimum	12%	14.2%
Ratio de couverture de liquidité	100%	128%
Ratio de financement stable net	100%	110%

Conformité aux directives anti-blanchiment d'argent (LMA)

Banco Macro Implements Résolution 154/2018 UIF Pour une conformité complète dans la LMA, les frais d'audit annuels estimés à 18,5 millions ARS.

Métrique de la conformité AML	2024 données
Rapports de transaction suspects	1,247
Taille de l'équipe de conformité	87 professionnels
Investissement annuel de conformité	ARS 22,3 millions

Navigation d'exigences de rapports financiers complexes

La macro de Banco adhère à Normes internationales d'information financière (IFRS) avec des mandats de reporting trimestriels et annuels.

Exigence de rapport	Fréquence	Statut de conformité
États financiers	Trimestriel	100% conforme
Dépôts réglementaires	Mensuel	100% conforme
Audit externe	Annuellement	Agréé

S'adapter à l'évolution des cadres réglementaires dans les services financiers

Banco Macro met en continu son infrastructure juridique et de conformité pour relever les défis réglementaires émergents dans le secteur financier argentin.

Mise à jour réglementaire	Date de mise en œuvre	Coût de conformité
Règlements sur les banques numériques	Janvier 2024	ARS 15,7 millions
Normes de cybersécurité	Mars 2024	ARS 12,4 millions
Protection des données client	Mai 2024	ARS 9,6 millions

Banco Macro S.A. (BMA) - Analyse du pilon: facteurs environnementaux

Engagement envers les pratiques bancaires durables

Banco Macro S.A. 44,2% de réduction des émissions directes de carbone en 2023 par rapport à sa ligne de base de 2020. La stratégie de durabilité environnementale de la banque se concentre sur la minimisation de l'impact écologique à travers ses opérations.

Métrique environnementale	Performance de 2023	Année cible
Réduction des émissions de carbone	44.2%	2025
Consommation d'énergie renouvelable	32.7%	2030
Taux de recyclage des déchets	68.5%	2025

Financement vert et évaluation des risques environnementaux

En 2023, la macro banco a alloué ARS 127,5 milliards Vers les initiatives de financement vert, avec un accent spécifique sur les stratégies d'atténuation des risques environnementaux.

Catégorie de financement vert	Montant d'investissement (ARS)	Pourcentage du portefeuille total
Projets d'énergie renouvelable	62,3 milliards	48.9%
Agriculture durable	35,6 milliards	27.9%
Transport propre	29,6 milliards	23.2%

Soutenir les investissements du projet d'énergie renouvelable

Banco Macro a investi ARS 62,3 milliards dans les projets d'énergie renouvelable en 2023, représentant un Augmentation de 37,5% de l'année précédente.

• Projets d'énergie solaire: ARS 28,7 milliards
• Investissements à l'énergie éolienne: 22,5 milliards ARS
• Développements hydroélectriques: ARS 11,1 milliards

Mise en œuvre des stratégies de gestion interne de la durabilité

La Banque a mis en œuvre des stratégies complètes de durabilité interne, réalisant 68,5% de taux de recyclage des déchets et 32,7% d'utilisation d'énergie renouvelable dans ses installations opérationnelles en 2023.

Initiative de durabilité	Statut d'implémentation	Impact des ressources
Programme d'efficacité énergétique	Entièrement implémenté	22,4% de réduction d'énergie
Transformation numérique	En cours	37,6% de réduction de l'utilisation du papier
Formation en durabilité des employés	Complété	95% de participation du personnel

Banco Macro S.A. (BMA) - PESTLE Analysis: Social factors

Persistent Public Distrust in the Financial System

You are operating in an environment where the social contract with the financial system is defintely strained. Decades of economic volatility, hyperinflation-which peaked at 211.4% in 2023-and recurrent currency devaluations have bred a deep, persistent public distrust in the Argentine peso and its banking institutions. This lack of confidence is a major headwind for deposit growth and long-term lending, as individuals and businesses habitually turn to the U.S. dollar as a store of value and a hedge against instability.

The core issue, known as dollar dependency (DD), means that while the formal economy modernizes, a significant portion of wealth is held outside the local financial system. This societal preference for foreign currency limits the private sector's access to credit, even as the government works to stabilize the economy. It's a behavioral challenge that no amount of digital innovation alone can fix.

Government Prioritizing Financial Inclusion via Digital Wallets and Instant Payments

The government's push for financial inclusion is a massive social trend that simultaneously presents a risk and an opportunity. Their strategy centers on integrating more citizens into the formal financial system, primarily through digital means. Key initiatives like Transfers 3.0 have been pivotal, mandating interoperability for all payment service providers (PSPs) and banks to accept QR codes, which means any digital wallet can pay any merchant.

This has driven massive adoption of digital payments. By mid-2024, 71% of adults held an account with a PSP, a dramatic increase from just 7% in 2019. This shift is rapidly moving transactions away from cash, with about 60% of transfers in the financial system originating from or sent to a virtual wallet (CVU) in recent months. Banco Macro must compete directly with fintechs like Mercado Pago and the bank-backed MODO platform in this fast-growing space.

BMA Serves 6.21 Million Retail Customers, with 2.6 Million Being Digital Customers

Banco Macro's customer base reflects this dual reality: a large, traditional retail footprint transitioning rapidly to digital. As of the second quarter of 2025 (2Q25), the bank served 6.21 million retail customers. This is a huge number, but the key metric is the digital penetration.

Of that total, 2.6 million are classified as digital customers. This means approximately 41.9% of the retail base is actively using digital channels, a strong indicator of successful modernization efforts. Still, it also highlights that a majority-over 3.6 million customers-rely on the bank's physical network, validating the strategy to maintain a vast branch presence.

Banco Macro S.A. Retail Customer Base (2Q25)

Customer Segment	Number of Customers	Contextual Note
Total Retail Customers	6.21 million	Reflects the bank's broad national reach across 23 provinces.
Digital Customers	2.6 million	Represents approximately 41.9% of the total retail base.
Corporate Customers	Over 212,183	Shows a significant focus beyond just the retail market.

Focus on Serving Low-Income Sectors Through a Wide Network of 491 Branches

The bank's physical infrastructure is a critical social asset, especially for its stated focus on low and mid-income individuals and small and mid-sized companies. As of 2Q25, Banco Macro operated a network of 491 branches across 23 of the 24 provinces in Argentina. This extensive reach is the largest private local bank branch network in the country, a major competitive advantage in a society where digital access is not yet universal.

This wide distribution is essential for financial inclusion, providing access to services for those in remote areas or those who are less digitally literate. It directly addresses the social need for accessibility, particularly for low-income sectors who may rely on physical branches for government benefit payments or cash transactions. The bank's strategy is inherently linked to social development, using its physical presence to bridge the digital divide while simultaneously pushing for digital adoption.

• Maintain the largest private branch network in Argentina: 491 branches.
• Serve customers across 23 of 24 provinces.
• Target low- and mid-income sectors, leveraging physical presence for inclusion.

Banco Macro S.A. (BMA) - PESTLE Analysis: Technological factors

Exponential growth of the fintech ecosystem is increasing competition for traditional banks

The rise of the Argentine financial technology (fintech) ecosystem presents a defintely material competitive pressure for traditional players like Banco Macro S.A. (BMA). This is not just a future threat; it is a current reality where fintechs are rapidly capturing market share in key segments like payments and lending.

The ecosystem is experiencing explosive growth, expanding by 11.7% in 2024 to include 383 local companies. This growth is highly diversified, with Payments and Remittances leading the verticals at a 16.9% market concentration. To put this in perspective, as of early 2025, these digital platforms have granted loans to over 6.4 million Argentines, capturing approximately 19% of the total credit in the financial system. This is a massive shift in the credit landscape.

The competition is well-funded. For example, the digital banking giant Uala secured a US$300 million Series E funding round in late 2024, valuing the company at US$2.75 billion post-money. This capital allows them to scale quickly and offer aggressive, low-cost services that directly challenge BMA's core retail business. The good news is that interoperability (Open Banking) between banks and fintechs is expected to exceed 70% by the end of 2025, forcing collaboration, but still requiring BMA to compete on user experience.

BMA's brand renewal ('Macro BMA') to strengthen its digital reach and image

In a direct response to the digital disruption, Banco Macro is executing a significant brand renewal process, rebranding as 'Macro BMA.' This is more than a logo change; it's a strategic move to modernize its image and ensure its relevance with younger, digital-native customer segments. The bank is also integrating the operations of Itaú Argentina, which will further increase its scale and presence in large urban areas, where digital adoption is highest.

Here's the quick math on BMA's digital customer base as of the second quarter (Q2) of the 2025 fiscal year:

Metric (Q2 2025)	Amount
Total Retail Customers	6.21 million
Digital Customers	2.6 million
Percentage of Digital Customers	41.87%

What this estimate hides is the need to convert the remaining 3.61 million non-digital customers to the new platform, which is a significant operational and technological undertaking. The brand renewal is critical to making that transition feel like an upgrade, not a forced migration.

Adoption of electronic payment methods like 'Transfers 3.0' gaining momentum

The national shift toward electronic payment methods, driven by the Central Bank's 'Transfers 3.0' initiative (a system that mandates interoperable QR codes), is fundamentally changing how money moves in Argentina. This trend is a massive opportunity but also a risk if BMA's platform lags.

Digital payments are becoming the norm. As of late 2024, approximately 60% of all transfers in the financial system originated from or were sent to a virtual wallet (CVU) or bank account (CBU). Interoperable QR payments alone are now reaching around 50 million transactions per month. This rapid adoption is a clear signal that the market prefers instant, seamless, and mobile-first transactions.

BMA is addressing this through its wholly-owned subsidiary, Argenpay S.A.U., which is specifically organized to develop networks for online and offline electronic payments, virtual wallets, and e-commerce. This internal capability is the bank's direct weapon against the dominant payment providers in the market.

The bank is modernizing its digital services to compete with fintech disruption

To stay competitive, BMA must continuously modernize its digital services, moving beyond simple online banking to offer a full suite of integrated financial solutions. The bank's financial performance in 2025 gives it the capital to invest, with total net income reaching Ps. 197,988,111 thousand in Q2 2025, a significant war chest for technology upgrades.

The core of this modernization effort is focused on efficiency and integration, especially following the Itaú acquisition. This includes:

• Refining the loan portfolio using machine learning (ML) and generally accepted accounting principles for financial assets (GAFF) to streamline processes.
• Integrating the acquired Itaú portfolio into the new Macro BMA framework.
• Improving operational efficiency, a challenge highlighted in the Q2 2025 results, which is a common pain point when merging large legacy systems.
• Leveraging its strong capital position-an excess capital of Ps. 3.13 trillion as of Q2 2025-to fund necessary technology investments.

The bank has the financial strength and the strategic intent (Macro BMA) to compete. The action now is to execute the digital transformation plan quickly, or the 41.87% digital customer base will start looking elsewhere.

Banco Macro S.A. (BMA) - PESTLE Analysis: Legal factors

Central Bank of Argentina (BCRA) regulates foreign exchange controls and monetary policy.

The regulatory environment for Banco Macro S.A. is fundamentally shaped by the Central Bank of Argentina (BCRA), which has been aggressively pursuing a policy of liberalization in 2025. This shift is defintely a tailwind for the entire financial sector. In April 2025, the BCRA issued Communication A 8226, which eliminated most remaining foreign exchange controls, including restrictions for individuals to access the Official Exchange Market.

More importantly for investors, the BCRA also authorized access to the foreign exchange market for the distribution of profits and dividends to non-resident shareholders, provided they correspond to retained earnings generated in fiscal years beginning on or after January 1, 2025. This clarity on capital repatriation is a huge risk reduction. As of November 2025, the BCRA is also signaling the imminent removal of the final 'cross restriction' that prevents simultaneous trading in the official and financial exchange markets.

The BCRA's monetary policy actions and their impact on the Argentine Peso are central to BMA's operating environment. Here's the quick math on the macro-legal backdrop as of late 2025:

• Total Monetary Base (11/18/2025): 40,323,072 million pesos
• Year-over-Year Inflation (October 2025): 31.3%
• Wholesale Exchange Rate (11/20/2025): 1,416.67 ARS/USD
• BCRA International Reserves (11/18/2025): 40,622 million USD

Deregulation in May 2025 raised mandatory bank information reporting thresholds significantly.

The government moved to drastically reduce the administrative burden on financial institutions and increase taxpayer privacy with the deregulation measures published on May 23, 2025, via Decree No. 353 and General Resolution 5699/2025. This means BMA and other banks now report a far smaller volume of transactions to the tax authority (now the Revenue and Customs Control Agency, or ARCA), shifting the compliance focus to only the largest operations.

The change is significant, representing a massive jump in the reporting trigger points. For example, the threshold for reporting transfers and deposits for individuals jumped from approximately ARS 1 million to ARS 50 million. This simplification helps BMA streamline its compliance operations and reduces the friction for high-net-worth clients.

Here is a breakdown of the key new reporting thresholds for banks, effective in 2025:

Transaction Type	New Threshold (General Resolution 5699/2025)	Approximate USD Equivalent
Transfers/Deposits (Individuals)	ARS 50 million	~US$50,000
Transfers/Deposits (Legal Entities)	ARS 30 million	~US$30,000
Fixed-term Deposits (Individuals)	ARS 100 million	~US$100,000
Bank Account Balances (Individuals)	ARS 50 million	~US$50,000
Cash Withdrawals (All)	ARS 10 million	~US$10,000

New anti-money laundering (AML) reforms in March 2025 expanded 'Obligated Subjects' to virtual asset service providers.

The government is tightening its anti-money laundering (AML) framework to align with international standards, particularly those from the Financial Action Task Force (FATF). In March 2025, the National Securities Commission (CNV) issued General Resolution No. 1058/2025, which implements the new Law N°27,739. This reform formally designates Virtual Asset Service Providers (VASPs)-crypto exchanges and custodians-as 'Obligated Subjects' (reporting entities) under the Financial Information Unit (UIF).

For Banco Macro, this is a mixed bag: it increases regulatory complexity in the digital finance space, but it also levels the playing field by subjecting non-bank competitors to the same rigorous AML/Know Your Customer (KYC) standards that BMA already manages. The regulation mandates registration for VASPs, though individuals with a transaction volume below 35,000 UVAs per month (approximately US$44,275) are exempt from this requirement. This shows the regulator is focused on institutional-level activity, not small retail users.

Acquisition of Itaú Argentina, approved by BCRA, is consolidating BMA's market presence.

The legal and regulatory approval for the acquisition of Itaú Argentina by Banco Macro is a finished chapter, but its effects are a major legal factor for BMA's 2025 performance. The BCRA approved the transaction, and the deal was completed on November 3, 2023. This acquisition, valued at US$50,000,000 plus a potential adjustment, was a clean, legally sanctioned consolidation move.

This deal immediately solidified Banco Macro's market position, making it the private bank with the largest net worth of national capital in the country, exceeding $4 trillion in pesos. The legal and operational integration of Itaú Argentina's assets, branches, and clients under the MACRO BMA brand is now complete. The key is that the regulatory authorities signed off, so the post-merger legal risk is low, and the focus is now purely on capturing the synergies and managing the combined client base.

Banco Macro S.A. (BMA) - PESTLE Analysis: Environmental factors

BMA aims to be the most sustainable bank, with a strategy including environmental impact.

You can see Banco Macro S.A.'s commitment to sustainability is a core part of its business outlook for 2025, not just a side project. The Bank has explicitly stated its goal is to become a sustainable business that respects the environment, which requires a transversal (across-the-board) approach to their entire operation.

This focus on environmental value creation is a direct response to investor and regulatory pressure, and it's essential for maintaining long-term financial health. The Bank's strategy involves managing both the direct impact of its operations-like its institutional carbon footprint-and the indirect impact of its lending decisions, which is where the real risk lies for a financial institution.

Honestly, environmental strategy is just good risk management now. It's that simple.

In 2024/2025, the bank began implementing IFRS S1 & S2 and SASB sustainability standards.

To back up this commitment, Banco Macro S.A. is aligning its reporting with the world's most rigorous standards, which is a significant undertaking. In 2024, the bank started implementing the International Sustainability and Climate Standards (IFRS S1 and IFRS S2). IFRS S1 sets the general requirements for disclosing sustainability-related financial information, and IFRS S2 mandates climate-related disclosures, which is critical for a bank with significant exposure to climate-sensitive sectors.

Plus, they are incorporating the Sustainability Accounting Standards Board (SASB) standards, which provide industry-specific metrics for material (financially relevant) sustainability topics. This move anticipates future regulatory requirements and gives investors the precise, comparable data they are increasingly demanding.

2024/2025 Sustainability Reporting Implementation

Standard	Focus	Implementation Status (2024/2025)
IFRS S1	General Sustainability-related Financial Disclosure	Began implementation in 2024, aligning with future requirements.
IFRS S2	Climate-related Disclosures	Began implementation in 2024, based on the TCFD framework.
SASB Standards	Industry-specific Material Sustainability Topics	Began incorporating in 2024 for better communication with investors.

The banking sector is subject to the Argentine Sustainable Finance Protocol.

The Argentine banking sector is not just making voluntary moves; it's operating within a clear, self-imposed framework. Banco Macro S.A. is a founding signatory of the Argentine Sustainable Finance Protocol, an agreement signed by 18 banks whose combined market share represents over 75% of the country's bank loans. This protocol formalizes the commitment to integrate environmental, social, and economic factors into the financial industry.

The protocol requires signatories to focus on four strategic axes, with a direct impact on environmental risk management:

• Develop internal policies for sustainable strategies.
• Create financial products for projects with positive environmental and social impact.
• Optimize risk analysis systems with an environmental and social focus.
• Promote a culture of sustainability across the organization.

This collective action means that the entire financial system is moving toward climate-risk assessment, which defintely raises the bar for all players, including Banco Macro S.A.

Exposure to the agricultural sector via its Macro Agro SAU subsidiary creates environmental risk linkage.

The Bank's deep connection to Argentina's agricultural sector is a clear environmental risk factor. The 100%-owned subsidiary, Macro Agro SAU, is a key player in cereals brokerage, directly linking the bank to the production and trading of grain and oilseeds.

For a bank, this exposure isn't just about the brokerage business; it's about the credit risk tied to climate-sensitive activities. As of 2Q25, Banco Macro S.A.'s total financing (loan book) reached Ps. 9.24 trillion, and a significant portion of its corporate lending (which accounts for 24% of private sector loans) is dedicated to the agri-business segment.

The environmental risk is amplified by the financing terms offered in 2025, which include long-term loans for agricultural machinery with terms up to 48 months in dollars and 60 months in pesos. These long-term commitments lock the bank into risk exposure for a sector highly vulnerable to climate change-related events like droughts or floods, which can severely impact crop yields and, consequently, borrower repayment capacity. The risk is real: poor harvests directly increase the potential for loan defaults in the corporate segment.