Banco Macro: Upgraded earnings and ROE upside ahead; strong balance sheet reinforces Buy

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Banco Macro: Upgraded earnings and ROE upside ahead; strong balance sheet reinforces Buy

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Banco Macro

Upgraded earnings and ROE upside ahead;

strong balance sheet reinforces Buy

Reiterate Rating: BUY | PO: 19,642.00 ARS | Price: 13,010.00 ARS

Raising earnings estimates after 1Q26 results 28 May 2026

Following the 1Q26 results and incorporating constant figures as of 2Q26, we have Equity

raised our 2026–2027 earnings estimates by 19% on average, driven by stronger NII

growth and lower recurring operating expenses, partly offsetting higher-than-expected

Key Changesprovisions. We now expect Banco Macro to deliver a 2026 recurring ROAE of 8.7% (vs.

~8% guidance). Looking ahead, we project average earnings growth of 62% in 2027– (ArP) Previous Current

2028, supported by positive real loan growth, improving asset quality, efficiency gains Price Obj. 17,600.00 19,642.00

(from headcount and branch reductions), and lower monetary losses. 2026E Rev (m) 5,022,319.5 5,487,908.3

2027E Rev (m) 5,275,802.0 5,527,215.1

2026 ROAE guidance with upside risks; above peers 2028E Rev (m) 5,967,308.2 6,133,890.8

Management reiterated its expectation for real adjusted ROAE (excluding non-recurring 2026E EPS 723.21 876.58

restructuring costs) of around 8% in 2026. However, it highlighted that 1Q performance 2027E EPS 1,288.17 1,558.77

was encouraging relative to guidance, expects another strong quarter in 2Q26, and will 2028E EPS 2,031.21 2,268.56

evaluate an upward revision of ROAE guidance in the next conference call. Notably, 1Q 2026E DPS 289.70 295.09

recurring ROAE of ~11% was well above the low single-digit levels of peers. Our new

recurring earnings estimate of ARS$560bn is already above company guidance. Ernesto Gabilondo >>

A stronger balance sheet vs.