Bajio: Positioned for growth, margins set to turn; takeaways with CEO + CFO

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Bajio: Positioned for growth, margins set to turn; takeaways with CEO + CFO

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Bajio

Positioned for growth, margins set to turn;

takeaways with CEO + CFO

Maintain Rating: BUY | PO: 71.00 MXN | Price: 55.53 MXN

In-person meeting with CEO and CFO 21 May 2026

We hosted a breakfast yesterday with local investors and Bajío’s senior management, Equity

including CEO Ivan Lomelí, CFO Joaquin Dominguez, IRO Rodrigo Marimon, and Head of

Corporate Finance, Angelica Muñoz. The conversation revolved around commercial focus ErnestoResearch GabilondoAnalyst >>

on core regions, sector opportunities and structural growth drivers, expansion strategy Merrill Lynch (Mexico)

+52 55 5201 3428

and cost control discipline, as well as operating trends (NIMs, fees, asset quality). Our ernesto.gabilondo@bofa.com

Buy rating on Bajío is supported by: i) the end of the easing cycle, ii) expected double- Mario Pierry

digit earnings growth in 2027–2028 with a sustainable ~18% ROAE, iii) attractive upside Research Analyst BofAS

potential, iv) a compelling dividend yield, v) growth opportunities in macro-plazas, and vi) +1 646 743 0047

an undemanding valuation. mario.pierry@bofa.com

Antonio Ruette >>

Research AnalystExperienced leadership with strong commercial focus Merrill Lynch (Brazil)

Bajío’s new CEO brings extensive experience across the banking industry, with a +55 11 2188 4225

particular focus on Global Transaction Banking, Middle Market, and Wholesale Banking. antonio.ruette@bofa.com

His strategy centers on strengthening Bajío’s core commercial franchise while AugustoResearch UeharaAnalyst >>

deepening client relationships and expanding product capabilities. Merrill Lynch (Brazil)

+55 11 2188 4651

Growth focus on core regions and macro-plazas augusto.uehara@bofa.com