ggal-20241231

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 31, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 6-K

__________________________

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the month of March, 2025

Commission File Number 000-30852

__________________________

GRUPO FINANCIERO GALICIA SA

(The "Registrant")

__________________________

GALICIA FINANCIAL GROUP

(Translation of Registrant’s name into English)

REPUBLIC OF ARGENTINA

(Jurisdiction of incorporation or organization)

Grupo Financiero Galicia SA

Tte. Gral. Juan D. Perón 430, 25th floor

C1038AAJ - Buenos Aires, Argentina

(Address of principal executive offices)

Gonzalo Fernández Covaro, Chief Financial Officer

Tel: 54 11 4343 7528, investors@gfgsa.com

Tte. Gral. Juan D. Perón 430, 25th floor C1038AAJ Buenos Aires, Argentina

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

__________________________

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F o

Indicate by check mark whether by furnishing the information contained in this form, the Registrant is also thereby furnishing the information to the Securities and Exchange Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes o No x

If “Yes” is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82-

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-284113) OF GRUPO FINANCIERO GALICIA SA AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OF FURNISHED.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		GRUPO FINANCIERO GALICIA S.A.
		(Registrant)

Date: March 31, 2025	By:	/s/ Fabián E. Kon
		Name: Fabiám E. Kon
		Title: Chief Executive Officer

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GRUPO FINANCIERO GALICIA S.A. AND SUBSIDIARIES


INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID NUMBER: 1349)			F-1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION			F-3
CONSOLIDATED STATEMENT OF INCOME			F-5
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME			F-7
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY			F-8
CONSOLIDATED STATEMENT OF CASH FLOWS			F-11
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS			F-12

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Grupo Financiero Galicia S.A.

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of financial position of Grupo Financiero Galicia S.A. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of income, other comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

These consolidated financial statements are responsibility of the Company’s management. Our responsibility is to express opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are a matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.

Valuation of the expected credit loss allowance

As described in Notes 2.b and 45 to the consolidated financial statements, the Company’s expected credit loss allowance was Ps. 709,331,237 thousand as of December 31, 2024. Management assesses impairment by estimating the expected credit loss allowance in accordance with IFRS 9. Management’s models to determine the expected credit loss allowance involve significant judgement in relation to making assumptions about macroeconomic scenarios to determine the forward-looking factor.

The principal considerations for our determination that the valuation of the expected credit loss allowance is a critical audit matter are: (i) the significant judgment by management in assessing impairment by estimating the expected credit losses; and (ii) the audit procedures performed related to the assessment of the valuation of the expected credit loss allowance involved significant auditor judgment and effort, as well as the use of professionals with specialized skill and knowledge.

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among others; (i) evaluating the reasonableness of the process followed by management to develop macroeconomic scenarios; (ii) evaluating the reasonableness of the historical and projected macroeconomic data in the scenarios developed by management; and (iii) testing the completeness and accuracy of the data provided by management. Professionals with specialized skill and knowledge were used to assist in the evaluation of the reasonableness of the process and the projected macroeconomic scenarios.

Purchase price allocation in the business combination process of GGAL Holdings S.A.

As described in Note 2.e. and 15.3. to the consolidated financial statements, Grupo Financiero Galicia S.A. acquired, directly and indirectly, 100% of GGAL Holdings S.A. On December 6, 2024, the business combination was materialized through the transfer of the participation and the fair value of the net assets acquired was Ps. 1,793,241,094. The Company applied IFRS 3 “Business Combinations” which establishes the purchase method as the methodology for accounting for business acquisitions. Under this method, the Company's assets acquired, and liabilities assumed are measured at fair value. In estimating the fair value of an asset or liability, the Company uses market-observable data to the extent available. When Level 1 data are unavailable, the Company estimates the fair value of an asset or liability by converting future amounts (e.g., cash flows or income and expenses) to a single present value (i.e., discounted). Management's cash flow projections for the acquired intangible assets involve significant judgments and estimates such as discount rates, revenue growth rates and attrition rates for the various identified intangibles.

The principal considerations for our determination that the purchase price allocation in the business combination process of GGAL Holdings S.A. is a critical audit matter are: (i) the significant judgment by management in the determination of the fair value of the assets and liabilities acquired that do not have observable input data in the market to make the estimation which involve significant judgments and estimates related to discount rates, revenue growth rates and attrition rates for the various identified intangibles; and (ii) the audit procedures performed related to the assessment of the valuation of those assets and liabilities involved significant auditor judgment and effort, as well as the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of the assets and liabilities acquired. These procedures also included, among others; (i) reading the purchase agreement; (ii) testing management’s process for developing the fair value estimate (iii) evaluating the appropriateness of the methods used by management; (iv) testing the completeness and accuracy of the underlying data used in the methods; and (v) evaluating the reasonableness of the significant assumptions used by management related to revenue growth rates and discount rates for fair value estimations. Evaluating management’s assumptions related to discount rates, revenue growth rates and attrition rates involved considering (i) the current and past performance of the GGAL Holdings S.A. business; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness and consistency of the fair value estimation models and methods and (ii) the reasonableness of key assumptions such as discount rates, revenue growth rates and attrition rates.


/s/ PRICE WATERHOUSE & Co. S.R.L.

/s/ MARIA MERCEDES BAÑO (Partner)
María Mercedes Baño

Buenos Aires, Argentina

March 28, 2025.

We have served as the Company’s auditor since 1999.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024, IN COMPARATIVE FORMAT

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


Items	Notes	12.31.24	12.31.23
Assets
Cash and Due from Banks	3, 4 and 5	6,744,840,168	4,346,311,187
Cash		2,901,506,133	2,407,778,353
Financial Institutions and Correspondents		3,843,334,035	1,938,532,834
Argentine Central Bank (BCRA)		3,648,616,219	1,787,000,124
Other, Local and Foreign Financial Institutions		194,717,816	151,532,710
Debt Securities at fair value through profit or loss	3, 4 and 6	1,508,649,114	1,303,957,419
Derivative Financial Instruments	3, 4 and 7	4,161,315	76,849,407
Repurchase Transactions	3, 4 and 8	—	2,548,194,271
Other Financial Assets	3, 4 and 9	1,736,380,010	387,844,721
Loans and Other Financing	3, 4 and 10	14,388,091,921	6,708,657,840
Non-financial Public Sector		8,145,078	1,003,557
Argentine Central Bank (BCRA)		—	88,839
Other Financial Institutions		164,350,429	59,446,218
Non-financial Private Sector and Residents Abroad		14,883,296,443	6,938,130,259
Expected credit loss allowance		(667,700,029)	(290,011,033)
Other Debt Securities	3, 4 and 11	4,480,705,390	4,194,855,555
Financial Assets Pledged as Collateral	3, 4 and 12	1,484,416,075	939,774,618
Current Income Tax Assets	13	209,238	4,455,198
Investments in Equity Instruments	3, 4 and 14	42,086,831	20,987,008
Equity investments in Associates and Joint Ventures	15	4,087,764	5,771,514
Property, Plant and Equipment	16 and 17	995,520,817	773,625,233
Intangible Assets	18	304,486,250	269,188,109
Deferred Income Tax Assets	19 and 41	408,019,786	413,214,124
Insurance Contract Assets	20	34,243,987	21,388,018
Reinsurance Contract Assets	20	54,457,819	62,315,290
Other Non-financial Assets	21	313,097,320	169,305,385
Non-current Assets Held for Sale	22	14,525,567	163,149
Total Assets		32,517,979,372	22,246,858,046

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024, IN COMPARATIVE FORMAT

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


Items	Notes	12.31.24	12.31.23
Liabilities
Deposits	3, 4 and 23	18,634,330,825	12,429,468,649
Non-financial Public Sector		283,718,050	144,093,049
Financial Sector		990,775	6,050,937
Non-financial Private Sector and Residents Abroad		18,349,622,000	12,279,324,663
Liabilities at fair value through profit or loss	3, 4 and 24	9,005,522	107,760,501
Derivative Financial Instruments	3, 4 and 7	7,672,255	26,651,539
Repurchase Transactions	3, 4 and 8	389,701,262	50,839,676
Other Financial Liabilities	3, 4 and 25	3,562,811,596	2,772,848,068
Financing Received from the Argentine Central Bank and Other Financial Institutions	3, 4 and 26	441,780,166	300,794,066
Debt Securities	3, 4 and 27	1,009,506,228	201,900,664
Current Income Tax Liabilities	41	160,798,656	593,189,308
Subordinated Debt Securities	3, 4 and 28	266,114,122	447,750,094
Provisions	29 and 46	396,593,485	44,397,524
Deferred Income Tax Liabilities	19 and 41	137,158,651	37,793,610
Insurance Contracts Liabilities	20	666,142,182	230,177,313
Reinsurance Contracts Liabilities	20	—	4,711,617
Other Non-financial Liabilities	30	772,620,342	605,751,710
Total Liabilities		26,454,235,292	17,854,034,339
Shareholders’ Equity
Capital Stock	31	1,588,514	1,474,692
Paid-in capital		697,387,566	17,281,187
Capital Adjustments		1,582,407,426	1,582,407,426
Reserves	31	3,340,430,291	3,256,865,444
Retained Deficit		(1,202,786,619)	(1,204,807,991)
Other Comprehensive Income		19,813,616	5,171,442
Income for the Year		1,624,744,805	734,238,287
Shareholders’ Equity Attributable to Parent Company´s Owners		6,063,585,599	4,392,630,487
Shareholders’ Equity Attributable to Non-controlling Interests	50	158,481	193,220
Total Shareholders’ Equity		6,063,744,080	4,392,823,707

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF INCOME

FOR THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2024

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


Items	Notes	12.31.24	12.31.23	12.31.22
Interest Income	32	8,244,240,311	10,353,121,006	4,861,512,645
Interest Expense	32	(3,094,427,693)	(6,590,849,696)	(3,827,249,694)
Net Income from Interest		5,149,812,618	3,762,271,310	1,034,262,951
Fee Income	32	1,271,266,296	1,190,600,233	1,101,953,875
Fee related Expenses	32	(179,401,749)	(163,995,347)	(182,824,923)
Net Fee Income		1,091,864,547	1,026,604,886	919,128,952
Net Income from Financial Instruments Measured at Fair Value through Profit or Loss	32	866,960,910	596,449,655	2,292,844,318
Income from Derecognition of Assets Measured at Amortized Cost		205,334,870	91,693,820	4,051,402
Exchange rate differences on foreign currency	33	154,842,323	1,333,961,415	136,464,335
Other Operating Income	34	488,418,535	831,336,610	500,385,074

Insurance Business Result	35	16,029,355	79,141,918	87,268,855
Impairment Charge	36	(862,799,436)	(415,237,812)	(355,595,908)
Net Operating Income		7,110,463,722	7,306,221,802	4,618,809,979
Personnel Expenses	37	(1,031,478,806)	(765,351,351)	(657,052,537)
Administrative Expenses	38	(754,026,392)	(642,891,354)	(608,416,422)
Depreciation Expenses	39	(188,067,489)	(183,528,111)	(189,044,003)
Other Operating Expenses	40	(1,260,006,573)	(1,231,597,862)	(862,995,830)
Loss on net monetary position		(2,384,891,465)	(3,306,755,066)	(1,853,855,679)
Operating Income		1,491,992,997	1,176,098,058	447,445,508
Share of profit from Associates and Joint Ventures(*)	15	719,230,179	6,380,449	(2,992,233)
Income before Taxes from Continuing Operations		2,211,223,176	1,182,478,507	444,453,275
Income Tax from Continuing Operations	41	(586,613,614)	(448,245,698)	(115,069,558)
Net Income from Continuing Operations		1,624,609,562	734,232,809	329,383,717
Net Income for the Year		1,624,609,562	734,232,809	329,383,717
Net Income for the Year Attributable to parent company´s owners		1,624,744,805	734,238,287	329,383,656
Net Income for the Year Attributable to Non-controlling Interests	50	(135,243)	(5,478)	61

(*) Includes bargain purchase gain on acquisition of subsidiaries. See Note 15.3.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF INCOME

FOR THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2024


Items	Notes	12.31.24	12.31.23	12.31.22
Earnings per Share
Net Income Attributable to parent company´s owners		1,624,744,805	734,238,287	329,383,656
Net Income Attributable to parent company´s owners Adjusted by dilution effects		1,624,744,805	734,238,287	329,383,656
Weighted-Average of Ordinary Shares Outstanding for the Year		1,483,089	1,474,692	1,474,692
Diluted Weighted-Average of Ordinary Shares Outstanding for the Year		1,483,089	1,474,692	1,474,692
Basic Earnings per Share	43	1,095.51	497.89	223.36
Diluted Earnings per Share	43	1,095.51	497.89	223.36

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2024

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


Items	Notes	12.31.24	12.31.23	12.31.22
Net Income for the Year		1,624,609,562	734,232,809	329,383,717
Items of Other Comprehensive Income (OCI) that may be Reclassified to Profit or Loss for the Year
Foreign Currency Adjustment		169,535	1,897,035	1,267,159
Income / (Expense) from Financial Instruments at Fair Value through OCI (Item 4.1.2a, IFRS 9)		14,471,807	1,462,341	(7,658,510)
Fair Value through OCI	32	34,696,839	2,042,346	(7,202,683)
Income tax	41	(20,225,032)	(580,005)	(455,827)
Other Comprehensive (Expense)		—	—	(122,295)
Other Comprehensive (Expense)		—	—	(151,550)
Income tax	41	—	—	29,255
Total Other Comprehensive Income / (Expense) that may be Reclassified to Profit or Loss for the Year		14,641,342	3,359,376	(6,513,646)
Total Other Comprehensive Income / (Expense)		14,641,342	3,359,376	(6,513,646)
Total Other Comprehensive Income / (Expense) Attributable to Parent company´s owners		14,642,174	3,359,376	(6,513,646)
Total Other Comprehensive (Expense) Attributable to Non-controlling Interests	50	(832)	—	—
Total Comprehensive Income		1,639,250,904	737,592,185	322,870,071
Total Comprehensive Income Attributable to Parent company´s owners		1,639,386,979	737,597,663	322,870,010
Total Comprehensive (Expense) / Income Attributable to Non-controlling Interests	50	(136,075)	(5,478)	61

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024, AND ENDED DECEMBER 31, 2024, IN COMPARATIVE FORMAT

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


		Capital Stock	Paid-in Capital		Other Comprehensive Income		Reserves
Changes	Notes	Outstanding	Share Premium	Equity Adjustments	Accumulated Profit from Financial Instruments at Fair Value through OCI	Other	Legal Reserve	Others Reserves	Retained Earnings	Total Shareholders’ Equity Attributable to parent company´s owners	Total Shareholders’ Equity Attributable to Non-Controlling Interests	Total Shareholders’ Equity
Balances as of 12.31.23		1,474,692	17,281,187	1,582,407,426	2,001,565	3,169,877	64,285,781	3,192,579,663	(470,569,704)	4,392,630,487	193,220	4,392,823,707
April 30, 2024 Shareholder´s Meeting
Reserve creation		—	—	—	—	—	36,610,846	602,251,251	(638,862,097)	—	—	—
Distribution of Profits
Cash dividends	42 and 50	—	—	—	—	—	—	(555,297,250)	(93,354,818)	(648,652,068)	(169)	(648,652,237)

August 20, 2024 Shareholder´s Meeting
Capital increase	31	113,822	680,106,379	—	—	—	—	—	—	680,220,201		680,220,201
Business combination	15	—	—	—	—	—	—	—	—	—	101,505	101,505
Total Comprehensive Income for the Year
Net Income for the Year	43 and 50	—	—	—	—	—	—	—	1,624,744,805	1,624,744,805	(135,243)	1,624,609,562
Other Comprehensive Income for the Year		—	—	—	14,472,639	169,535	—	—	—	14,642,174	(832)	14,641,342
Balances as of 12.31.24		1,588,514	697,387,566	1,582,407,426	16,474,204	3,339,412	100,896,627	3,239,533,664	421,958,186	6,063,585,599	158,481	6,063,744,080

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024, AND ENDED DECEMBER 31, 2024, IN COMPARATIVE FORMAT

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


		Capital Stock	Paid-in Capital		Other Comprehensive Income		Reserves
Changes	Notes	Outstanding	Share Premium	Equity Adjustments	Accumulated Profit (Loss) from Financial Instruments at Fair Value through OCI	Other	Legal Reserve	Others Reserves	Retained Earnings	Total Shareholders’ Equity Attributable to parent company's owners	Total Shareholders' Equity Attributable to Non-Controlling Interests	Total Shareholders’ Equity
Balances as of 12.31.22		1,474,692	17,281,187	1,582,407,426	539,224	1,272,842	46,837,382	3,334,568,280	(855,840,028)	4,128,541,005	128	4,128,541,133
25 April, 2023 Shareholder´s Meeting
Reserve creation		—	—	—	—	—	17,448,399	275,812,729	(293,261,128)	—	—	—
Distribution of Profits
Use of Reserve and distribution of cash dividends	42	—	—	—	—	—	—	(417,801,355)	(55,706,835)	(473,508,190)	(128)	(473,508,318)
Other reserves		—	—	—	—	—	—	9	—	9	—	9
Business combination	15	—	—	—	—	—	—	—	—	—	198,698	198,698
Total Comprehensive Income for the Year
Net Income for the Year	43 and 50	—	—	—	—	—	—	—	734,238,287	734,238,287	(5,478)	734,232,809
Other Comprehensive Income for the Year		—	—	—	1,462,341	1,897,035	—	—	—	3,359,376	—	3,359,376
Balances as of 12.31.23		1,474,692	17,281,187	1,582,407,426	2,001,565	3,169,877	64,285,781	3,192,579,663	(470,569,704)	4,392,630,487	193,220	4,392,823,707

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Continued)

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024, AND ENDED DECEMBER 31, 2024, IN COMPARATIVE FORMAT

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


		Capital Stock	Paid-in Capital		Other Comprehensive Income		Reserves
Changes	Notes	Outstanding	Share Premium	Equity Adjustments	Accumulated Profit (Loss) from Financial Instruments at Fair Value through OCI	Other	Legal Reserve	Others Reserves	Retained Earnings	Total Shareholders’ Equity Attributable to parent company's owners	Total Shareholders' Equity Attributable to Non-Controlling Interests	Total Shareholders’ Equity
Balances as of 12.31.21		1,474,692	17,281,187	1,582,407,426	8,197,734	127,978	25,848,204	3,152,007,454	(765,440,127)	4,021,904,548	67	4,021,904,615
26 April, 2022 Shareholder´s Meeting
Reserve creation		—	—	—	—	—	20,989,178	182,560,785	(203,549,963)	—	—	—
Distribution of Profits
Distribution of cash dividends	42	—	—	—	—	—	—	—	(216,233,594)	(216,233,594)	—	(216,233,594)
Other Reserves		—	—	—	—	—	—	41	—	41	—	41
Total Comprehensive Income for the Year
Net Loss for the Year	43 and 50	—	—	—	—	—	—	—	329,383,656	329,383,656	61	329,383,717
Other Comprehensive Income for the Year		—	—	—	(7,658,510)	1,144,864	—	—	—	(6,513,646)	—	(6,513,646)
Balances as of 12.31.22		1,474,692	17,281,187	1,582,407,426	539,224	1,272,842	46,837,382	3,334,568,280	(855,840,028)	4,128,541,005	128	4,128,541,133

____________________

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2024

Figures Stated in Thousands of Argentine Pesos (Ps.), Except as Otherwise Stated


Items	Notes	12.31.24	12.31.23	12.31.22
CASH FLOWS FROM OPERATING ACTIVITIES
Income before Taxes from Continuing Operations		2,211,223,176	1,182,478,507	444,453,275
Adjustment to Obtain the Operating Activities Flows:
Impairment Charge	36	862,799,436	415,237,812	355,595,908
Depreciation Expenses	39	188,067,489	183,528,111	189,044,003
Loss on Net Monetary Position		2,384,891,465	3,306,755,066	1,853,855,679
Exchange rate differences on foreign currency		(154,842,323)	(1,333,961,415)	(136,464,335)
Other Operations	5	1,375,315,028	2,868,186,198	1,356,565,466
Net (Increases)/Decreases from Operating Assets:
Debt securities measured at fair value through profit or loss		(262,493,457)	(757,165,727)	229,206,832
Derivative Financial Instruments		72,688,092	(54,282,647)	(6,093,407)
Repurchase Transactions		556,657,851	33,059,726	1,750,301
Other Financial Assets		(1,340,797,363)	26,656,699	(56,028,467)
Loans and Other Financing
- Non-financial Public Sector		(7,052,682)	6,750,387	(8,722,311)
- Other Financial Institutions		194,324,062	(122,044,299)	120,425,218
- Non-financial Private Sector and Residents Abroad		(8,456,233,548)	1,273,274,699	948,865,880
Other Debt Securities		(285,849,835)	(1,708,313,091)	(1,240,127,980)
Financial Assets Pledged as Collateral		(544,641,457)	91,683,570	(566,010,506)
Investments in Equity Instruments		(25,616,082)	(8,013,823)	1,353,845
Other Non-financial Assets		(148,790,433)	(74,490,946)	(23,583,017)
Non-current Assets Held for Sale		(14,362,418)	(154,664)	196
Net Increases/(Decreases) from Operating Liabilities:
Deposits
- Non-financial Public Sector		139,625,001	(138,759,743)	(59,621,423)
- Financial Sector		(5,060,162)	1,291,987	2,267,627
- Non-financial Private Sector and Residents Abroad		6,070,297,337	(1,958,512,482)	898,937,860
Liabilities at fair value through profit or loss		(98,754,979)	107,230,046	(469,165)
Derivative Financial Instruments		(18,979,284)	15,163,201	2,081,426
Other Financial Liabilities		802,977,780	421,263,633	(228,448,540)
Provisions		352,195,961	(25,145,129)	11,663,657
Other Non-financial Liabilities		565,392,399	164,648,065	22,912,736
Income Tax Payments		(910,198,927)	(285,588,833)	(206,106,971)
NET CASH GENERATED BY OPERATING ACTIVITIES (A)		3,502,782,127	3,630,774,908	3,907,303,787
CASH FLOWS FROM INVESTMENT ACTIVITIES
Payments:
Purchase of PP&E and Intangible Assets (*)		(214,703,494)	(161,185,469)	(125,659,425)
Capital Contributions and purchase of shares in Investments in Subsidiaries, Associates, and Joint Ventures		(3,281,546)	(5,489,070)	(5,271,783)
Payments for business combinations	15	—	(24,280,274)	—
Collections:
Sale of PP&E and Intangible Assets		6,734,212	10,486,399	4,122,281
Dividends earned		4,516,259	2,210,468	—
Purchase of HSBC Argentina Holdings S.A. and subsidiaries net of cash acquired (**)	15	1,071,913,608	—	—

NET CASH GENERATED BY / (USED IN) INVESTMENT ACTIVITIES (B)		865,179,039	(178,257,946)	(126,808,927)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments:
Debt Securities		(213,006,389)	(342,298,892)	(272,202,167)
Loans from Local Financial Institutions		(840,944,036)	(731,092,446)	(348,739,772)
Dividends paid (***)	42	(614,943,495)	(390,397,788)	(144,189,862)
Leases payments	16	(13,014,252)	(13,877,834)	(18,141,992)
Transaction costs related to issuance of shares		(979,257)	—	—
Collections:
Debt Securities		1,074,416,027	163,367,920	457,242,271
Loans from Local Financial Institutions		1,021,996,169	813,956,353	508,865,006

NET CASH GENERATED BY / (USED IN) FINANCING ACTIVITIES (C)		413,524,767	(500,342,687)	182,833,484
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (D)		1,231,304,144	2,251,747,191	1,219,237,625
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)		6,012,790,077	5,203,921,466	5,182,565,969
MONETARY LOSS RELATED TO CASH AND CASH EQUIVALENTS		(5,721,451,589)	(7,085,880,226)	(4,665,540,502)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	5	7,115,077,075	8,997,035,835	8,480,010,368
CASH AND CASH EQUIVALENTS AT END OF THE YEAR	5	7,406,415,563	7,115,077,075	8,997,035,835

(*) In purchases of Property, plant and equipment, $1,954,579 were eliminated, corresponding to contracts for rights of use of real estate and $(36,274) for cancellation of contracts for rights of use of real estate, corresponding to non-cash transactions.

(**)Cash payment for the purchase of HSBC Argentina Holdings S.A. and subsidiaries was $(364,027,564), net of cash and cash equivalent acquired for the purchase of $1,435,941,172 (Note 15).

(***)|Dividends paid in 2023 include the last installment paid in January 2023 of the dividend approved by the Ordinary and Extraordinary Shareholders' Meeting held on April 26, 2022.

The accompanying Notes and Schedules are an integral part of these consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos (Ps.) and Thousands of U.S. Dollars (US$), Except as Otherwise Stated


NOTE 1. ACCOUNTING POLICIES AND BASIS FOR PREPARATION

Grupo Financiero Galicia S.A. (hereinafter, “the Company”, and jointly with its subsidiaries, “the Group”) is a financial services holding company incorporated on September 14, 1999, under the laws of Argentina. The Company’s main asset is its interest in Banco de Galicia y Buenos Aires S.A.U. (hereinafter, “Banco Galicia” or “the Bank”) which is a private bank offering a wide range of financial services, both to individuals and companies. Likewise, the Company has a controlling interest in: Tarjetas Regionales S.A. (hereinafter, “Naranja X”), which maintains investments related to the issuance of credit cards and services for managing personal and commercial finance; Sudamericana Holding S.A., a company engaged in the insurance business; Galicia Asset Management S.A.U., a mutual fund management company; Galicia Warrants S.A., a warrant issuing company; IGAM LLC, a company engaged in assets management; Galicia Securities S.A.U. a settlement and compensation agent and Trading Agent – Own Portfolio; Agri Tech Investments LLC, a company that seeks to provide a digital ecosystem that optimizes agricultural management in a practical and integrated way; Galicia Investments LLC and Galicia Ventures LP, companies dedicated to facilitating investment initiatives within the Open Innovation and Corporate Venturing program; and Galicia Holdings US Inc., parent company of Galicia Capital US LLC, a company dedicated to reaching new customers by incorporating a wide range of financial instruments and enabling the development of innovative credit products.

As a result of the acquisition of the HSBC Argentina Holdings S.A. and subsidiaries, the Group also controls, directly and indirectly, GGAL Holdings S.A., Banco GGAL S.A., GGAL Participaciones S.A.U., GGAL Asset Management S.A. S.G.F.C.I., GGAL Seguros S.A. and GGAL Seguros de Retiro S.A.

These consolidated financial statements were approved and authorized for publication through Minutes of Board of Directors’ Meeting No. 735 dated March 28, 2025.

1.1. BASIS FOR PREPARATION

These consolidated financial statements have been prepared in accordance and in compliance with IFRS Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and the interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC). All the IFRSs in force as of the date of preparation of these consolidated financial statements have been applied.

In Argentina, the Group is subject to the provisions of Article 2, Section I, Chapter I of Title IV: Periodic Information Regime of the National Securities Commission (CNV) regulations and it is required to present its financial statements in accordance with the valuation and disclosure criteria set forth by the Argentine Central Bank.

The Group has presented its local financial statements under rules of the Argentine Central Bank on February 28, 2025, those rules are based on IFRS Accounting Standards, with certain exceptions. Shareholders’ equity under the rules of the Argentine Central Bank is presented in Note 52.8.

Management believes that these consolidated financial statements fairly present the Group’s financial position, financial performance and cash flows, in accordance with IFRS.

The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Groups´ accounting policies.

The areas involving a greater degree of judgment or complexity, or areas where assumptions and estimates are significant for the consolidated financial statements are disclosed in Note 2.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(a) Going Concern

As of the date of these consolidated financial statements, there are no uncertainties related to events or conditions that may cast significant doubt upon the Group´s ability to continue as a going concern.

(b) Measurement Unit

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be restated in terms of the current measurement unit as of the reporting period-end, irrespective of whether they are based on the historical cost or the current cost method. Accordingly, in general terms, non-monetary items should be adjusted for inflation occurring since the acquisition date or since the revaluation date, as the case may be. These requirements are also applicable to the comparative information reported in the financial statements. According to IAS 29, monetary assets and liabilities are not required to be restated, for they are stated in the measurement unit as of the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted on the basis of such agreements. Non-monetary items measured at their fair values at the end of the reporting period, such as net realizable value or otherwise, will not be restated. The other non-monetary assets and liabilities will be restated by applying a general price index. The income (loss) from the net monetary position will be charged to net income for the reporting period in a separate item.

In order to conclude whether a given economy qualifies as hyperinflationary pursuant to the terms of IAS 29, the standard sets forth certain factors that should be considered, including a three-year cumulative inflation rate reaching or exceeding 100%.

The Group has applied IAS 29, Financial Reporting in hyperinflationary Economy, in preparing these consolidated financial statements for all years presented.

These consolidated financial statements are based on a historical cost.

The Group has applied the following standards for the first time as of January 1, 2024:


Amendments to IAS 1 - Presentation of Financial Statements on the Classification of Liabilities.
Item			The amendments to IAS 1 clarify that liabilities will be classified as current or non-current depending on the rights that exist at the end of the reporting period. This classification is not affected by the entity's expectations or events that occurred after the reporting date, it also clarifies what IAS 1 refers to when it refers to the “settlement” of a liability.
Publication date			November 2022.
Effective date			As of January 2024.
Impact			The application of this standard did not have a significant impact on the Group's financial statements.


Amendments to IFRS 16 - Leaseback.
Item			These amendments include requirements for leaseback transactions in IFRS 16 in order to explain how an entity accounts for a leaseback after the transaction date. Leaseback transactions where some or all of the lease payments are variable payments that do not depend on an index or rate are likely to be affected.
Publication date			September 2022.
Effective date			As of January 2024.
Impact			The application of this standard did not have a significant impact on the Group's financial statements.

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Amendments to IAS 7 and IFRS 7 - Disclosures about Supplier Financing Arrangements (SFAs)

Item			These amendments include specific disclosures about vendor financing arrangements (SFAs) in order to assess how they affect an entity's liabilities, cash flows, and liquidity risk. As well as to increase the transparency of these agreements.
Publication date			May 2023.
Effective date			As of January 2024.
Impact			The application of this standard did not have a significant impact on the Group's financial statements.

(d) New accounting standards and amendments issued by the IASB that have not been adopted by the Group

The new standards, amendments and interpretations published are detailed below; however, they have not yet come into force for fiscal years commenced January 1, 2024, and have not been early adopted by the Group:


Amendments to IAS 21 - Lack of Exchangeability
Item			The amendment provides guidance for entities to apply a consistent approach to the assessment of whether a currency is convertible at the measurement date and for a specific purpose, and if not, the determination of the exchange rate to be used for measurement purposes and the disclosures to be provided in their financial statements. A currency is convertible when there is the possibility of exchanging it for another currency, with normal administrative delays, and the transaction occurs through markets or exchange mechanisms that create enforceable rights and obligations.
Publication date			August 2023.
Effective date			As of January 2025.
Impact			It is estimated that the application of this standard will not have a significant impact on the Group's financial statements.


Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
Item			The IASB issued targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments: (a) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; (b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion.
Publication date			May 2024.
Effective date			As of January 2026.
Impact			It is estimated that the application of this standard will not have a significant impact on the Group's financial statements.


IFRS 18, ‘Presentation and Disclosure in Financial Statements’
Item			This is the new standard on presentation and disclosure in financial statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: (i) the structure of the statement of profit or loss with defined subtotals; (ii) requirement to determine the most useful structure summary for presenting expenses in the statement of profit or loss (iii) required disclosures in a single note within the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and (iv) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
Publication date			April 2024.
Effective date			As of January 2027, its early application is allowed.
Impact			The Group is currently assessing the impacts of applying the new standard on the Group’s consolidated financial statements.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’
Item			This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements; and it applies instead the reduced disclosure requirements in IFRS 19. IFRS 19’s reduced disclosure requirements balance the information needs of the users of eligible subsidiaries’ financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if: (i) it does not have public accountability; and (ii) it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.
Publication date			May 2024.
Effective date			As of January 2027, its early application is allowed.
Impact			The Group is currently assessing the impacts of applying the new standard on the Group’s consolidated financial statements.

There are no other IFRS or IFRIC interpretations that are not effective and that are expected to have a significant impact on the Group.

1.2. CONSOLIDATION

Subsidiaries are those entities, including structured entities, where the Group is in control because (i) it has the power to direct relevant activities of the investee, which significantly affect its returns; (ii) it has exposure, or rights, to variable returns for its interest in the investee; and (iii) it has the ability to use its power over the investee to affect the amount of the investor’s returns. The existence and effect of the substantive rights, including potential voting rights, are considered when evaluating whether the Group has control over another entity. For a right to be substantive, the holder must have the practical ability to exercise it whenever necessary to make decisions on the direction of the relevant activities of the entity. The Group may be in control of an entity even when possessing less than the majority of the voting rights.

Likewise, the protective rights of other investors, such as those related to substantive changes in the activities of the investee or applied only in exceptional circumstances, do not prevent the Group from having control over an investee. The subsidiaries are consolidated from the date the control is transferred to the Group, and they cease to be consolidated as of the date on which the control ceases.

The subsidiaries which have been consolidated in these Consolidated Financial Statements are detailed in Note 15.

For the purpose of consolidating its financial statements, the Group used the subsidiaries’ financial statements for the year ended December 31, 2024. The accounting policies applied by Sudamericana Holding SA., GGAL Seguros S.A. and GGAL Seguros de Retiro S.A. are established by the National Insurance Superintendency and have been adjusted to those applied by the Group in preparing its consolidated financial statements.

Intercompany transactions, balances and unrealized gains on transactions between Group’s companies were eliminated. See Note 51.

Non-controlling interest in the results and equity of consolidated subsidiaries are shown separately in the consolidated statement of income, consolidated statement of other comprehensive income, consolidated statement of changes in shareholder’s equity and consolidated statement of financial position, respectively.

In accordance with the provisions of IFRS 3 “Business combinations”, the acquisition method is used to account for the acquisition of subsidiaries. The identifiable assets and liabilities acquired, and contingent liabilities assumed in a business combination are measured at their fair values on the acquisition date. The group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.

The consideration transferred in a business combination is measured at the fair value of the assets transferred by the acquirer, the liabilities assumed by the acquirer with the previous owners of the investee, and the equity instruments issued by the acquirer. The transaction costs are recognized as expenses in the periods in which the costs have been incurred and

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the services have been received, except for the transaction costs incurred to issue equity instruments that are deducted from equity, and the transaction costs incurred to issue debt that are deducted from their carrying amount.

The excess of:

•the consideration transferred,

•the amount of any non-controlling interest in the acquired entity, and

•the acquisition-date fair value of any previous equity interest in the acquired entity

over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.

1.3. TRANSACTIONS WITH NON-CONTROLLING INTEREST

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized within equity attributable to owners of the Group.

1.4. ASSOCIATES

Associates are entities over which the Group has significant direct or indirect influence, but not control; generally, this implies holding between 20 and 50 percent of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. The carrying amount of the associates includes the goodwill identified in the acquisition less the accumulated impairment losses, if any. Dividends received from associates reduce the carrying amount of the investment. Other changes subsequent to the acquisition of the Group’s interest in the net assets of an associate are recognized as follows: (i) the Group’s interest in the profits or losses of the associates is accounted under Share of Profit from Associates and Joint Ventures in the consolidated statement of income and (ii) the Group’s interest in other comprehensive income is recognized in the consolidated statement of other comprehensive income and presented separately. However, when the Group’s share in losses in an associate equal or exceeds its interest in it, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealized profits on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of impairment in the transferred asset.

1.5. SEGMENT REPORTING

An operating segment is a component of an entity (a) that conducts business activities from which it can earn revenues and incur expenses (including revenues and expenses related to transactions with other components of the same entity); (b) whose operating income is regularly reviewed by the Group´s CODM (chief operating decision maker) to make decisions about the resources to be allocated to the segment and assess its performance; and (c) for which confidential financial information is available.

Segment reporting is presented consistently with the internal reports submitted to the Board of Directors (CODM of the Group), which is responsible for making the Group’s strategic decisions, allocating resources and assessing the performance of the operating segments.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.6. FOREIGN CURRENCY TRANSLATION

(a) Functional Currency and Presentation Currency

The figures included in the consolidated financial statements of the Group´s entities are stated in their functional currency, that is, the currency used in the primary economic environment where it operates. The consolidated financial statements are stated in Argentine pesos (Ps.), which is the Group’s functional and presentation currency.

(b) Transactions and Balances

The transactions in foreign currency are translated into the functional currency using the exchange rate at the dates of the transactions. Profits and losses in foreign currency resulting from the settlement of these transactions and the translation of monetary assets and liabilities in foreign currency at closing exchange rate, are recognized under “Exchange rate differences on gold and foreign currency” in the statement of income.

Assets and liabilities in foreign currency are measured at the reference exchange rate of the US dollar defined by the Argentine Central Bank at the closing of operations on the last business day of each month.

As of December 31, 2024, and December 31, 2023, balances in U.S. Dollars were translated at the reference exchange rate (Ps.1,032.50 and Ps.808.48, respectively) established by the Argentine Central Bank. Foreign currencies other than the US dollar have been translated into this currency using exchange rates reported by the Argentine Central Bank.

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position,

•income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions). Subsequently, the converted balances were adjusted for inflation in order to present them in the measuring unit current at the end of the reporting period, and

•all resulting exchange differences are recognized in other comprehensive income.

When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

1.7. CASH AND DUE FROM BANKS

The item Cash and Due from Banks, includes cash on hand, demand deposits held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, which are short-term instruments with maturity less than three months from the origination date.

The assets disclosed under cash and due from banks are accounted for at their amortized cost which approximates its fair value.

1.8. FINANCIAL INSTRUMENTS

Initial Recognition

The Group recognizes a financial asset or liability in its consolidated financial statements, as appropriate, when it becomes part of the contractual clauses of the financial instrument. Purchases and sales are recognized at the trading date when the Group buys or sells the instruments.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Upon initial recognition, the Group measures financial assets or liabilities at fair value, plus or less, for instruments not recognized at fair value through profit or loss, transaction costs that are directly attributable to the acquisition, such as fees and commissions.

When the fair value of financial assets and liabilities differs from the transaction price on initial recognition, the Group recognizes the difference as follows:

a. When the fair value is evidenced by a quoted price in an active market for an identical asset or liability or based on a valuation technique that only uses data from observable markets, the difference is recognized as profit or loss.

b. In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is individually determined. It is either amortized over the life of the instrument until its fair value can be determined using market observable inputs, or realized through settlement.

Financial Assets

a. Debt Securities

The Group considers as debt securities those instruments considered financial liabilities for the issuer, such as loans, government and private securities, bonds and accounts receivable from customers.

Classification

As established by IFRS 9, the Group classifies financial assets according to how they are subsequently measured: at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on:

•the Group’s business model to manage financial assets; and

•the characteristics of contractual cash flows of the financial asset.

Business Model

The Business Model refers to the way in which the Group manages a set of financial assets to reach a specific business objective. It represents the way the Group manages its financial instruments to generate cash flows.

Business models that the Group can follow are listed below:

•Hold the instruments to collect its contractual cash flows;

•Hold the instruments in the portfolio to collect contractual cash flows and, in turn, sell them when deemed convenient; or;

•Hold the instruments for trading.

The Group’s Business Model does not depend on the intentions that it may have for an individual instrument. Therefore, this condition is not an instrument-by-instrument classification approach, but it is determined from a higher level of aggregation.

The Group only reclassifies an instrument when, and only when, the business model for managing financial assets is modified. The reclassification is made as of the beginning of the year in which the change occurs. Such change is not expected to be frequent, and changes have not been recorded during this fiscal year.

Characteristics of Contractual Cash Flows

Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Group assesses whether the financial instruments’ cash flows represent solely payments of principal and interest. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial asset shall be classified and measured at fair value through profit or loss.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Based on the foregoing, there are three categories of Financial Assets:

(i) Financial assets measured at amortized cost:

Financial assets are measured at amortized cost when:

(a) the financial asset is held within a business model whose objective is to hold financial assets to collect contractual cash flows; and

(b) the contractual conditions of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the outstanding principal amount.

These financial instruments are initially recognized at fair value plus the incremental and directly attributable transaction costs and are subsequently measured at amortized cost.

The amortized cost of a financial asset is equal to its acquisition cost less its accumulated amortization plus accrued interest (calculated according to the effective interest method), net of any impairment loss.

(ii) Financial assets at fair value through other comprehensive income:

Financial assets are measured at fair value through other comprehensive income when:

(a) the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

(b) the contractual conditions of the financial asset give rise, on specified dates, to cash flows which are solely payments of principal and interest on the outstanding amount.

These instruments are initially recognized at their fair value plus the incremental and directly attributable transaction costs and are subsequently measured at fair value through other comprehensive income. Profits and losses arising from the changes in fair value are included in other comprehensive income within a separate equity component. Impairment losses or reversals, income for interest and exchange profits and losses are recognized through profit or loss. Upon its sale or disposal, the accumulated profit or loss previously recognized through other comprehensive income is reclassified to the statement of income.

(iii) Financial assets at fair value through profit or loss:

Financial assets at fair value through profit or loss comprise:

• Instruments held for trading;

•Instruments specifically designated at fair value through profit or loss; and

•Instruments whose contractual terms do not represent cash flows that are solely payments of principal and interest on the outstanding amount.

These financial instruments are initially recognized at fair value and any gain or loss is recognized in the statement of income as they are realized.

The Group classifies a financial instrument as held for trading if it is acquired or incurred for the main purpose of selling or repurchasing it in the short term, or if it is part of a portfolio of financial instruments that are jointly managed and for which there is evidence of short-term earnings, or is a derivative financial instrument not designated as a hedging instrument. Derivative instruments and held-for-trading securities are classified as held for trading and measured at fair value.

b. Equity Instruments

Equity instruments are instruments that do not contain a contractual obligation to pay cash or any other financial asset and that evidence a residual interest in the issuer’s net assets.

Such instruments are measured at fair value through profit and loss, except where the Group’s management has elected, at initial recognition, to irrevocably designate an equity investment at fair value through other comprehensive income. This option is available when instruments are not held for trading. The gains or losses of these instruments are recognized in

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other comprehensive income and are not subsequently reclassified to profit or loss, including on disposal. Dividends that result from such instrument will be charged to income when the Group’s right to receive payments is established.

Financial Liabilities

Classification

The Group classifies their financial liabilities at amortized cost, using the effective interest rate method, except for:

•Financial liabilities measured at fair value through profit or loss, including derivative financial instruments.

•Liabilities arising from the transfer of financial assets not complying with the derecognition criteria.

•Financial guarantee contracts.

•Loan commitments at a lower than market rate.

Financial liabilities measured at fair value through profit or loss: the Group may choose to use, at the beginning, the irrevocable option to designate a liability at fair value through profit or loss, if, and only if, in doing so, it reflects a better measurement of financial information because:

• the Group eliminates or significantly reduces measurement or recognition inconsistency which would otherwise be exposed in the valuation;

•if financial assets and liabilities are managed and their performance is assessed on a fair value basis, according to a documented investment or risk management strategy; or

•a host contract contains one or more embedded derivative instruments, and the Group has opted for designating the entire contract at fair value through profit or loss.

Financial guarantee contracts: Financial guarantee contracts are those contracts requiring the issuer to make specific payments to reimburse the holder for the loss incurred when a specific debtor does not comply with its payment obligation on maturity, in accordance with the original or amended terms of a debt instrument.

Financial guarantee contracts are initially measured at fair value, and subsequently measured at the higher of the amount of the loss allowance and the amount initially recognized less, when appropriate, the cumulative amount of income recognized.

Derecognition of Financial Instruments

Financial Assets

A financial asset or, where applicable, a part of a financial asset or a part of a group of similar financial assets, is derecognized when: (i) the rights to receive cash flows from the asset have expired; or (ii) the Group has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay all of the cash flows received immediately to a third party under a pass-through agreement; and all the risks and rewards of the asset have also been substantially transferred, or, in case all the risks and rewards of the asset had not been substantially transferred or retained, the control of the asset has been transferred.

When the contractual rights of receiving the cash flows generated by the asset have been transferred, or a transfer agreement has been executed, the entity assesses if it has retained, and to what extent, the risks and awards inherent in asset ownership. When substantially all the risks and rewards inherent in asset ownership have not been transferred or retained, nor has control of the asset been transferred, the asset continues to be recognized to the extent of its continued involvement over it.

In this case, the related liability is also recognized. The transferred asset and the related liability are measured in such a way so as to reflect the rights and obligations that the Group had retained.

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A continuing involvement that takes the form of a collateral on the transferred asset is measured as the smallest amount between (i) the original carrying amount of the asset, and (ii) the maximum amount of consideration received that would be required to be returned.

Financial Liabilities:

A financial liability is derecognized when the obligation, has been cancelled, or has expired. When an existing financial liability is exchanged by another of the same borrower under significantly different conditions, or the conditions are significantly modified, such exchange or modification is treated as a derecognition of the original liability and a new liability is recognized, the difference between the carrying value of the initial financial liability and the consideration paid is recognized in the Consolidated Statement of Income. When the conditions of the renegotiation are not significantly different or the conditions are not substantially modified, the cash flows of the modified financial liabilities are discounted at the effective interest rate of the original contract.

1.9. DERIVATIVE FINANCIAL INSTRUMENTS

Derivative Financial instruments, including foreign currency contracts, futures, forward contracts, interest rate swaps, cross currency swaps, interest rate options and foreign currency options are recorder at their fair value.

All derivative financial instruments are recorded as assets when the fair value is positive and as liabilities when the fair value is negative, against the agreed price. The changes in the fair value of derivative financial instruments are recognized in profit or loss.

In these consolidated financial statements, the Group has not applied hedge accounting.

1.10. REPURCHASE TRANSACTIONS

Reverse Repurchase Transactions

According to the derecognition principles in IFRS 9, these transactions are considered as secured borrowings, since the risk has not been transferred to the counterpart.

Financing granted through reverse repurchase transactions are recorded under “Repurchase Transactions” accounts, classified by counterparty and considering the asset received as collateral.

At the closing of each month, accrued interest receivable is imputed to the “Repurchase Transactions” account with offsetting entry in “Interest Income”.

The underlying assets received for the reverse repurchase transactions will be recorded in Off-Balance Sheet Items. The assets received and sold are derecognized at the end of the repo transaction, and an in-kind liability is recorded to reflect the obligation to deliver the security disposed of.

Repurchase Transactions

Financing received through repurchase transactions are recorded under “Repurchase Transactions” accounts, classified by counterparty and considering the asset pledged as collateral.

In these transactions, when the receiver of the underlying asset obtains the right to sell it or pledge it as collateral, this is reclassified to the “Financial Assets Pledged as Collateral” accounts.

At the closing of each month, accrued interest payable is imputed to the “Repurchase Transactions” account with offsetting entry in “Interest Expenses”.

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1.11. EXPECTED CREDIT LOSS ALLOWANCE

The Group assesses on a forward-looking basis the expected credit loss (“ECL”) associated with its debt instruments assets carried at amortized cost and FVOCI, together with the exposure arising from loan commitments and financial guarantee contracts. The Group recognizes a loss allowance for such losses at each reporting date. The measurement of ECL reflects:

•An unbiased and probability-weighted amount is determined by evaluating a range of possible outcomes,

•The time value of money, and

•Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

Note 45 provides more detail of how the expected credit loss allowance is measured.

1.12. LEASES

1.12.1. Lease activities of the Group

The Group is the lessee of various properties to be used in its ordinary course of business. Lease contracts are generally made for fixed periods, from 1 to 20 years, but in some cases, there may be price agreements for shorter periods with extension options. Lease terms are individually negotiated and contain a wide range of different terms and conditions.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

•fixed payments (including in-substance fixed payments), less any lease incentives receivable;

•variable lease payments based on an index or a rate, initially measured using the index or rate on the initial date;

•amounts expected to be payable by the lessee under residual value guarantees;

•the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and

•payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease, if it can be determined; or otherwise, the Group’s incremental borrowing rate will be applied, which is the rate that the lessee would have to pay to borrow the necessary funds to obtain an asset of similar value to the right-of- use asset, in a similar economic environment with similar terms, security and conditions.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period, to produce a constant, periodic interest rate on the remaining balance of the liability for each period.

Right-of-use assets are measured at their cost, comprising the following:

•the amount of the initial measurement of the lease liability;

•any lease payment made on or before the initial date, less any lease incentives received;

•any initial direct cost; and

•restoration and dismantling costs.

Right-of-use assets are depreciated over the shorter of the asset useful life and the lease term on a straight-line method.

The Group is exposed to possible future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate become effective, the lease liability is reassessed and adjusted to the right-of-use asset.

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Payments related to short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less that do not contain a bargain purchase option. Low-value assets are mainly small physical spaces to place equipment which are owned by the Group.

1.12.2. Extension and Termination Options

The extension and termination options that are included in several Property, Plant and Equipment leases were considered to determine the term of the lease. These options are used to maximize the operational flexibility in terms of managing the assets used in our operations. Most of the extension and termination options held are exercisable only by the Group and not by the respective lessor.

1.13. PROPERTY, PLANT AND EQUIPMENT

Assets are measured at their acquisition or construction cost, net of accumulated depreciations and/or accumulated impairment losses, if any. The cost includes the expenses directly attributable to the acquisition or construction of the items.

Property, Plant and Equipment acquired through business combinations were initially valued at the estimated fair value at the acquisition date.

Subsequent costs are included in the value of the asset or are recognized as a separate asset, as appropriate, if and only if they are likely to generate future economic benefits for the Group, and its cost can be reasonably measured. When improvements are made to the asset, the carrying amount of the replaced asset is derecognized, the new asset being amortized for the remaining useful life.

Repair and maintenance costs are recognized in the consolidated statement of income for the year in which they are incurred.

The depreciation of these assets is calculated using the straight-line method to allocate their cost over, their estimated useful lives. If an asset includes significant components with different useful lives, they are recognized and depreciated as separate items.

The residual values of Property, Plant and Equipment, the useful lives and the depreciation methods are reviewed and adjusted if necessary, at the closing date of each fiscal year, or when there is evidence of impairment.

The book value of the Property, Plant and Equipment is immediately reduced to its recoverable amount when it is greater than the estimated recoverable value.

Profits and losses from the sale of Property, Plant and Equipment items are determined by comparing the proceeds from the disposal to the carrying amount of the respective asset and are charged to income.

For certain properties, which are not in use, an impairment was recognized as their carrying amount exceeded the fair value. The determination of the fair values as at 31 October 2024 was performed by external valuers. The external valuers used the ‘direct comparison’ methodology for the calculation of the property valuations. This method of calculating fair value corresponds to Level 3. As at 31 December 2024, the Group has recognized impairment on the value of real estate in the amount of Ps.2,004,137.

1.14. INTANGIBLE ASSETS

1.14.1. Licenses

Licenses acquired individually are initially valued at cost, while those acquired through business combinations are recognized at their estimated fair value at the acquisition date.

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At the closing date of these consolidated financial statements, intangible assets with a finite useful life are presented net of accumulated depreciation and/or accumulated impairment losses, if any. These assets are subject to impairment tests annually, or when there is evidence of impairment.

The licenses acquired by the Group have been classified as intangible assets with a finite useful life, being amortized on a straight-line basis over the period of the license.

Intangible assets with an indefinite useful life are the assets arising from contracts or other legal rights, that can be renewed without significant cost, and for which, based on an analysis of all relevant factors, there is no foreseeable limit of the period along which the asset is expected to generate net cash flows for the Group. These intangible assets are not amortized, but are subject to impairment tests, annually or when there is evidence of impairment, either individually or at the level of the cash generating unit. The determination of the indefinite useful life is annually reviewed to confirm if it continues being applicable.

1.14.2. Software

The costs related to software maintenance are recognized as expense when incurred. The development, acquisition and implementation costs that are directly attributable to software design and testing, identifiable and monitored by the Group, are recognized as assets.

The costs incurred in software development, acquisition or implementation, recognized as intangible assets, are amortized by applying the straight-line method over their estimated useful lives.

1.14.3. Core Deposits

Core deposits intangible was identified as part of the GGAL Holdings S.A. acquisition (Note 15.3). This asset was not recognized in GGAL Holdings S.A.'s financial statements. Fair value was determined using the cost savings method under the income approach. Cost savings were calculated by comparing the cost of existing deposits (including the cost of maintaining them) with the cost of obtaining alternative funds from a mix of diversified funding sources available to market participants. The core deposits intangible asset represents the present value of the cost savings expected to be realized over the deposits' remaining useful life. The valuation of the intangible asset includes assumptions consistent with how a market participant would estimate fair values, such as growth and attrition rates and projected fee and interest income, as well as deposit-related costs and discount rates. Depreciation was based on the terms of the core deposits identified at the acquire.

1.15. ASSETS HELD FOR SALE

The assets, or group of assets, classified as available for sale in accordance with the provisions of IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations,” are disclosed separately from the rest of the assets.

Non-current assets or disposal groups (including the loss of control over a subsidiary) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. In order for an asset to be classified as held for sale, it must meet the following conditions:

•it must be available for immediate sale in its current condition;

•Management must be committed to a plan to sell the asset and must have initiated an active program to locate a buyer and complete the plan;

•the asset must be actively marketed for sale at a reasonable price in relation to its current fair value;

•the sale is expected to be completed within 12 months from its reclassification date; and

•it is unlikely that the plan will be significantly changed or withdrawn.

The assets, or groups of assets, classified as held for sale in accordance with the provisions of IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, are measured at the lower of their carrying amount and fair value less costs to sell and are restated in accordance with Note 22.

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Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale.

1.16. IMPAIRMENT OF NON-FINANCIAL ASSETS

Assets with indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or, at least, on an annual basis.

Depreciation and impairment losses are recognized when the carrying amount exceeds their recoverable value. The recoverable value of assets is the greater of the net amount that it would obtain from its sale, or its value in use. For the impairment tests, the assets are grouped at the lowest level where they generate identifiable cash flows (cash generating units). The carrying amount of non-financial assets other than goodwill over which depreciation and impairment have been recorded, are reviewed at each reporting date for verifying possible depreciation and impairment reversals.

1.17. TRUST ASSETS

The assets held by the Group in its trustee role are not reported in the consolidated statement of financial position, because the Group is not in control of the trust or the risks and rewards of the underlying assets. Fees received from trust activities are recorded in Fee Income.

1.18. OFFSETTING

Financial assets and liabilities are offset by reporting the net amount in the Consolidated Statement of Financial Position only when there is a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

1.19. FINANCING RECEIVED FROM THE ARGENTINE CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS

The amounts owed to other Financial Institutions are recorded at the time the principal is disbursed to the Group. Non-derivative financial liabilities are measured at amortized cost. If the Group repurchases its own debt, it is eliminated from the consolidated financial statements, and the difference between the residual value of the financial liability and the amount paid is recognized as a financial income or expense.

1.20. PROVISIONS AND CONTINGENCIES

In accordance with IFRS a provision will be recognized when:

a.an Entity has a current obligation (either legal or implicit) as a consequence of a past event;

b.it is probable that an outflow of resources embodying future economic benefits will be required to settle the obligation; and

c.the amount can be reliably estimated.

The Group will be deemed to have a constructive obligation if (a) as a result of past practices or public policies the Group has assumed certain responsibilities; and (b) as a result, it has created expectations that it will comply with those obligations. The Group recognizes the following provisions:

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•For labor, civil, and commercial lawsuits: These are determined based on attorneys’ reports on the status of the lawsuits and estimates of the potential for losses the Group may face, as well as past experience with these types of lawsuits.

•For miscellaneous risks: these are established to address contingent situations that could give rise to obligations for the Group. The estimated amounts consider the likelihood of their occurrence, taking into account the opinions of the Group's legal and professional advisors.

•Termination benefits: Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

The amount recognized as provision must be the best estimate of the disbursement needed to cancel such obligation, at the end of the year being reported.

When the financial effect of the discount is significant, the provision amount should be the present value of the expected disbursements required to settle the obligation using a pre-tax interest rate that reflects current market conditions regarding the time value of money and the risks specific to that obligation. The increase in the provision due to the passage of time would be recognized in the net financial results line of the income statement.

The Group does not account for positive contingencies, except those arising from deferred taxes and those whose realization is virtually certain.

As of the date of issue of these consolidated financial statements, Group Management understands that no elements have been presented that would allow determining the existence of other contingencies that could materialize and generate a negative impact on these consolidated financial statements other than those detailed in Notes 29 and 46.

1.21. OTHER NON-FINANCIAL LIABILITIES

Non-financial accounts payable are accrued when the counterparty has complied its contractual obligations under the contract, and they are measured at amortized cost.

1.22. DEBT SECURITIES AND SUBORDINATED DEBT SECURITIES

The Group’s Debt Securities and Subordinated Debt Securities are measured at amortized cost. If the Group purchases its own debt, the obligation in Liabilities related to such debt securities is considered extinguished, and, therefore, it is derecognized. If the Group repurchases its own debt, this is eliminated from the Consolidated Financial Statements, and the difference between the residual value of the financial liability and the amount paid is recognized as a financial income or expense.

1.23. ASSETS AND LIABILITIES ARISING FROM INSURANCE AND REINSURANCE CONTRACTS

On January 1, 2023, the Group adopted IFRS 17 ‘Insurance Contracts’.

Insurance contracts

Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder by agreeing to compensate the policyholder if a specific uncertain future event adversely affects the policyholder. In making this assessment, all material rights and obligations, including those arising from laws or regulations, are considered on a contract-by-contract basis. The Group uses its judgment to assess whether a contract transfers insurance risk (i.e., whether there is a scenario with commercial substance in which the Group has the possibility of a loss on a present value basis) and whether the insurance risk accepted is significant.

Separation of components

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Contracts that have a legal form of insurance but do not transfer significant insurance risk and expose the Group to financial risks are classified as investment contracts and follow the accounting for financial instruments under IFRS 9. The Group has assessed whether its contracts accept significant insurance risk from another party by agreeing to compensate the insurance policyholder if an uncertain future event occurs that adversely affects it.

Aggregation level

The grouping of contracts in units of account is made according to the types of products, onerousness and year of underwriting; since they have similar risks, they are managed together and no portfolio of contracts may contain contracts issued more than one year apart.

The Group classifies a portfolio of insurance contracts as onerous or non-onerous based on the expected profitability at the policy or contract level at the time of recognition.

Recognition of insurance and reinsurance contracts

IFRS 17 includes three measurement models, reflecting a different degree of policyholder involvement in the investment performance or overall performance of the insurance entity: the General Measurement Model (GMM, also known as the Building Block Approach (BBA)), the Variable Fee Approach (VFA) and the Premium Allocation Approach (PAA).

Measurement of Insurance and Reinsurance Contracts

Liability for remaining coverage under the GMM/VFA

The liability for remaining coverage (LRC) under the GMM consists of the fulfillment cash flows related to future services and the contractual service margin (CSM). The fulfillment cash flows represent the risk adjusted present value of Group’s rights and obligations to the policyholders, comprising the building blocks of estimates of expected future cash flows, discounting, and an explicit risk adjustment for nonfinancial risk. The CSM represents the unearned profit from in-force contracts that an entity will recognize as it provides services over the coverage period. Each building block is measured separately, both on initial recognition and for subsequent measurement.

Estimated of expected cash flows: comprise the estimation of future cash flows discounted to reflect the time value of money, the financial risk associated, and a risk adjustment for non-financial risk that would represent the compensation required for the uncertainty associated with the amount and timing of the expected cash flows.

The CSM represents the unearned profit and results in no income or expense at initial recognition when the group of contracts is profitable. The CSM is adjusted at each subsequent reporting period for changes in fulfillment cash flows relating to future service (e.g. changes in noneconomic assumptions, including mortality and morbidity rates). For initial recognition of onerous groups of contracts and when groups of contracts become onerous subsequently, losses are recognized in insurance service expense immediately.

For groups of contracts measured using the VFA, changes in the Group’s share of the underlying items, and economic experience and economic assumption changes adjust the CSM, whereas these changes do not adjust the CSM under the GMM, but are recognized in profit or loss as they arise.

The CSM is systematically recognized in insurance revenue to reflect the insurance contract services provided.

Risk adjustment for non financial risk

The risk adjustment for non-financial risk is the compensation the Group requires for bearing the uncertainty about the amount and timing of cash flows arising from insurance risk and other non-financial risks such as lapse risk and expense risk. It measures the degree of variability of expected future cash flows and the Group's specific price for assuming that risk and reflects the Group's degree of risk aversion. The resulting risk adjustment corresponds to a confidence level of 75% .

Discount rate

IFRS 17 requires a measurement of the present value of future cash flows, for which it is necessary to define discount rates that reflect the time value of money. Without precise guidelines, the standard refers to bottom-up and top-down approaches, respectively.

The bottom-up approach is based on a risk-free curve to which an illiquidity premium is added; the top-down approach is based on a measure of return on a linked portfolio of assets, from which the associated credit risk is subtracted.

The Group has defined a methodology for the determination of discount rates, taking into account the general indications of the standard.

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For the long term insurance business acquired in 2024 the Group has used the following yield curves to discount the estimate of future cash flows:


Currency	Ps.		US$		Ps, CER
Maturity (years)	12.31.24		12.31.24		12.31.24
1	32.55	%	4.50	%	7.53	%
2	31.16	%	4.41	%	8.26	%
3	29.07	%	4.38	%	8.10	%
4	26.64	%	4.36	%	7.53	%
5	24.78	%	4.34	%	7.41	%
6	22.93	%	4.37	%	7.28	%
7	21.26	%	4.37	%	7.15	%
8	20.10	%	4.40	%	7.12	%
9	19.22	%	4.38	%	7.12	%
10	18.43	%	4.39	%	7.03	%
15	14.74	%	4.45	%	5.52	%
20	12.60	%	4.42	%	4.46	%
25	11.32	%	4.30	%	3.82	%
30	10.47	%	4.15	%	3.39	%
35	9.87	%	4.05	%	3.08	%
40	9.42	%	3.98	%	2.85	%
45	9.07	%	3.93	%	2.68	%
50	8.80	%	3.89	%	2.53	%

For P&C business business the Group has used the following yield curves to discount the estimate of future cash flows:


Currency	Ps.		Ps.
Maturity (years)	12.31.24		12.31.23
1	24.9	%	181.4	%
2	21.9	%	101.7	%
3	19.9	%	74.7	%
4	18.2	%	60.3	%
5	16.5	%	52.3	%
10	10.8	%	37.4	%

Mortality Tables – Life business

The Group derives mortality rates assumptions from the tables that are detailed in this note. An investigation into the Group’s experience is performed, and statistical methods are used to adjust the mortality tables to produce the probability-weighted expected mortality rates in the future over the duration of the insurance contracts.

The mortality assumptions were based on mortality tables CSO2001 and AR2010 for the insurance business acquired in 2024.

For the remaining life business the mortality assumptions were based on mortality tables GAM83.

Simplified Model

The Simplified Model has been applied for contracts of a coverage period of one year or less, or in those contracts with a duration of more than one year, a material valuation other than the General Model is not expected to occur.

Under the simplified approach, the Group assumes that such contracts are not onerous at initial recognition, unless facts and circumstances indicate otherwise. If facts and circumstances indicate that some contracts are onerous, an additional

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assessment is made to distinguish onerous from non-onerous contracts. For non-onerous contracts, the Group assesses the likelihood of changes in the applicable facts and circumstances in subsequent periods to determine whether the contracts have a significant possibility of becoming onerous.

Under this model, the remaining hedge liability consists of the premiums received (collected), less the insurance acquisition cash flows paid, plus or minus the allocation to income of the premiums or expected acquisition cash flows, respectively. The allocation to income is made on a straight-line basis over the period of coverage of the contract, in the event that the accrual of income is also straight-line. The Group has chosen to defer acquisition costs, although there is an option to recognize such costs as they are incurred.

The Group does not adjust the remaining hedge liability for insurance contracts issued for the effect of the time value of money because the insurance premiums expire within the coverage period of the contracts, which is one year or less.

Groups of contracts measured under the simplified model have an incurred claims liability calculated in a manner similar to that of the General Model. For contracts measured under the simplified method, the incurred claims liability is measured similarly to the measurement under the general model. Future cash flows are adjusted for the time value of money, as certain insurance contracts issued by the Group and measured under the PAA typically have a settlement period longer than one year. In addition, the risk adjustment for non-financial risk is applied to the present value of estimated future cash flows and reflects the compensation the Group requires for bearing the uncertainty about the amount and timing of non-financial risk cash flows as the Group fulfills insurance contracts. The risk adjustment for LIC corresponds to a confidence level in the range of 65% to 67%.

Reinsurance

In general, the Group values reinsurance contracts under the Simplified Model, valuing the asset for remaining coverage of contracts with a coverage period equal to or less than one year, or in those contracts with a duration of more than one year, but which are not expected to result in a valuation significantly different from that of the General Model. This method also includes the asset for claims incurred.

Insurance service results

Insurance revenue reflects the consideration to which the Group expects to be entitled in exchange for the provision of coverage and other insurance contract services. Insurance service expenses comprise claims incurred and other insurance service expenses incurred, and losses on onerous groups of contracts and reversals of such losses.

The Group applies the accounting policy set out in IFRS 17.86 and presents the financial performance of groups of reinsurance contracts held on a net basis in net income (expense) from reinsurance contracts held.

As a general rule, for the presentation of financial income or expense from insurance contracts arising as a result of the effect of the time value of money and the effect of financial risk disclosed in "Other Operating Expenses", the Group does not disaggregate changes in the risk adjustment for non-financial risk between insurance service result and insurance financial income or expense.

The Group includes all insurance financial income or expense for the period in profit or loss.

1.24. SHAREHOLDERS’ EQUITY

Shareholders’ equity accounts are restated in accordance with Note 1.1.b., except for the item “Capital Stock”, which is carried at face value. The restatement adjustment is included in “Equity Adjustments”.

Ordinary shares are classified in Shareholders’ Equity and remain recorded at their nominal value. When any company forming part of the Group buys Company shares (treasury shares in portfolio), the payment made, including any costs directly attributable to the transaction (net of taxes) is deducted from the Shareholders’ Equity until the shares are canceled or sold.

1.25. PROFIT RESERVES

According to Art. 70 of the General Companies Act, the Company and its subsidiaries, except Banco Galicia, Banco GGAL S.A. and Naranja Digital Compañía Financiera S.A.U., must transfer to Legal Reserve 5% of the profit for the year, until said reserve reaches 20% of the capital stock plus the balance of the Equity Adjustment account.

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Regarding Banco Galicia, Banco GGALS.A. and Naranja Digital Compañía Financiera S.A.U., in accordance with the regulations established by the Argentine Central Bank, it is required to allocate to Legal Reserve 20% of the profits for the year, net of the eventual adjustments of previous fiscal years, if applicable. However, for the allocation of Other Reserves, the Financial Institutions must comply with the Argentine Central Bank provisions of the Amended Text on income distribution detailed in Note 52.

1.26. DIVIDENDS DISTRIBUTION

The dividends distribution to the Group’s shareholders is recognized as a liability in the consolidated financial statements in the year in which the dividends are approved by the Group’s shareholders.

1.27. REVENUE RECOGNITION

Financial income and expenses are recorded for all debt instruments according to the effective interest rate method, by which all gains and losses that are an integral part of the effective interest rate of the transaction are deferred.

The income included in the effective interest rate includes disbursements or income related to the creation or acquisition of a financial asset or liability, such as, for example, the preparation and processing of the documents necessary to conclude the transaction and the compensation received by the granting of credit agreements. The Group records all its non-derivative financial liabilities at amortized cost, except those included in the item “Liabilities at Fair Value through Profit or Loss” which are measured at fair value.

Fees received by the Group for the origination of syndicated loans are not part of the effective interest rate of the product and are recognized in the consolidated statement of income at the time the service is provided, to the extent the Group does not retain part of it, or this is maintained in the same conditions as the rest of the participants. Commissions and fees earned by the Group on negotiations in third parties’ transactions are not part of the effective interest rate either, and are recognized at the time the transactions are executed.

IFRS 15 establishes the principles that an entity shall apply to recognize revenue and cash flows from contracts with customers.

The amount that should be recognized will be the amount that reflects the consideration to which the entity expects to be entitled in exchange for the services delivered to customers.

The Group’s income from services is recognized in the statement of income to the extent the performance obligations are complied with, thus deferring those revenues related to customer loyalty programs; a contract liability is recognized based on the fair value of each point and on the basis of the likelihood of redemption, based on past experience. Revenue is recognized when the points are redeemed or when they expire.

Retail product and service fees related to savings and checking account operations are charged monthly, safe deposit box fees are charged quarterly, credit card renewal fees are charged annually, and bond and stock transactions are charged on each transaction.

Additionally, wholesale product fees related to account maintenance and inter-house deposits and withdrawals are charged monthly, and foreign trade transactions are charged on each transaction. These fees are recognized in the income statement in the years in which the services are provided, regardless of when they are received.

Below is a summary of the main commissions earned by the Bank:

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Commissions						Earning Frequency
Retail Products and Services
Savings Accounts						Monthly
Checking Accounts						Monthly
Credit-card Renewal						Annual
Safe Deposit Boxes						Quarterly
Bonds and Shares Transactions						On each transaction
Wholesale Products
Account Maintenance						Monthly
Inter-house deposist and withhdrawals						Monthly
Foreign Trade Transactions						On each transaction

1.28. INCOME TAX

The Income tax expense for the year comprises the current and the deferred taxes. Income tax is recognized in the statement of income, except when there are items that must be directly recognized in other comprehensive income. In this case, income tax liability related to such items is also recognized in this Statement.

The current income tax expense is calculated based on the tax laws enacted, or substantially enacted as of the date of the consolidated financial statements in the countries where the Group operates and generates taxable income. The Group periodically assesses the position assumed in tax returns as regards the situations in which tax laws are subject to interpretation. Likewise, when applicable, the Group sets up provisions on the amounts that it expects to be paid to tax authorities.

Deferred income tax is determined by the liability method on the temporary differences arising from the carrying amount of assets and liabilities and their tax base. However, the deferred tax that arises from the initial recognition of an asset or a liability in a transaction not corresponding to a business combination, which at the time of the transaction does not affect neither the profit nor the accounting or taxable loss, is not recorded. Deferred tax is determined using tax rates (and legislation) that have been enacted as of the date of the financial statements and are expected to be applicable when the deferred tax assets are realized, or the deferred tax liabilities are settled.

Deferred tax assets are recognized only to the extent future tax benefits are likely to arise against which the temporary differences might be offset.

The Group recognizes a deferred tax liability for taxable temporary differences related to investments in subsidiaries and affiliates, unless the following two conditions are met:

(i) the Group controls the timing on which temporary differences will be reversed, and.

(ii) such temporary differences are not likely to be reversed in the foreseeable future.

The balances of deferred income tax assets and liabilities are offset when a legal right exists to offset current tax assets against current tax liabilities and to the extent such balances are related to the same tax authority of the Group or its subsidiaries, where tax balances are intended to be, and may be, settled on a net basis.

1.29. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the income attributable to parent company’s owners by the weighted average number of ordinary shares outstanding during the financial year.

Diluted earnings per share is calculated by adjusting the figures used in the determination of basic earnings per share assuming the conversion of all dilutive potential ordinary shares.

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NOTE 2. CRITICAL ACCOUNTING ESTIMATES

The preparation of consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the accounting standards to define the Group’s accounting policies.

Additionally, conditions related to non-financial assets are monitored to determine if they require a review of the remaining depreciation period, or if they indicate an impairment in value that can not be recovered.

The Group has identified the following areas involving a greater degree of judgment or complexity, or areas where the assumptions and estimates are significant to the consolidated financial statements, and which are essential to understand the underlying accounting/financial reporting risks.

a. FAIR VALUE OF LEVEL 3 FINANCIAL INSTRUMENTS

The fair value of financial instruments classified as level 3 are not listed in active markets and is therefore determined by using valuation techniques. The valuation of level 3 financial instruments involves one or more inputs which are unobservable and significant to their fair value measurement. The Group uses valuation models and unobservable inputs, including projected cash flows, discount rates and volatilities and correlations relating to interest rates and spreads, to estimate the fair value of level 3 financial instruments. These valuation techniques require management to make significant estimates and judgments.

b. VALUATION OF THE EXPECTED CREDIT LOSS ALLOWANCE

The Group records the allowance for loan losses under the expected credit losses (ECL) method included in IFRS 9. The most significant judgments of the model relate to making assumptions about macroeconomic scenarios to determine the forward looking factor. A high degree of uncertainty is involved in making estimations using assumptions that are highly subjective and very sensitive to the risk factors.

c. IMPAIRMENT OF NON-FINANCIAL ASSETS AND PROPERTY, PLANT AND EQUIPMENT

Intangible assets with finite useful lives and property, plant and equipment are amortized or depreciated on a straight-line basis during their estimated useful life. The Group monitors the conditions related to these assets to determine whether the events and circumstances require a review of the remaining amortization or depreciation term, and whether there are factors or circumstances indicating impairment in the value of the assets that cannot be recovered.

The Group has applied judgment to identify impairment indicators for property, plant and equipment and intangible assets. Grupo Galicia has determined impairment indicators for its real estate assets this year due to a decrease in their market value and has recorded an impairments loss of Ps.19,103,328 for certain properties not assigned to its main operations, included in the “Other non-financial assets” and “Property, plant and equipment” lines of the consolidated statement of financial position. At the end of this year, the carrying amounts did not exceed their recoverable value, determined as the higher of their fair value less costs to sell and their value in use.

d. INCOME TAX AND DEFERRED TAX

Significant judgment is required when determining current and deferred tax assets and liabilities. The current income tax is accounted according to the amounts expected to be paid; while deferred income tax is accounted on the basis of temporary differences between carrying amount of assets and liabilities and their tax base, at the rates expected to be in force at the time of their reversal.

A deferred tax asset is recognized when future taxable income is expected to exist to offset such temporary differences, based on Management’s assumptions about the amounts and timing of such future taxable income. Actual results may differ from these estimates, for instance, changes in the applicable tax laws or the outcome of the final review of the tax returns by the tax authorities and tax courts.

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Future taxable income and the number of tax benefits likely to be available in the future are based on a medium-term business plan prepared by management, on the basis of expectations which are deemed reasonable.

e. PURCHASE PRICE ALLOCATION IN THE BUSINESS COMBINATION PROCESS OF GGAL HOLDINGS S.A.

IFRS 3 "Business Combinations" establishes the purchase method as the methodology for accounting for business acquisitions. Under this method, the Company's assets acquired and liabilities assumed are measured at fair value. In estimating the fair value of an asset or liability, the Company uses market-observable data to the extent available. When Level 1 data are unavailable, the Company estimates the fair value of an asset or liability by converting future amounts (e.g., cash flows or income and expenses) to a single present value (i.e., discounted). Detailed information regarding the valuation techniques and assumptions used to determine the fair value of various assets and liabilities is disclosed in Note 15.3. Management's cash flow projections for the acquired intangible assets involve significant judgments and estimates such as discount rates, revenue growth rates and attrition rates for the various identified intangibles.


NOTE 3. FINANCIAL INSTRUMENTS

Schedule P “Categories of Financial Assets and Liabilities”, discloses the measurement categories and fair value hierarchies for financial instruments.

As of the indicated dates, the Group maintains the following portfolios of financial instruments:


Portfolio of Instruments as of 12.31.24	Fair Value through Profit or Loss	Amortized Cost	Fair Value through OCI
Assets
Cash and Due from Banks	—	6,744,840,168	—

Argentine Central Bank’s Notes (*)	2,594,477	—	—
Government Securities (*)	1,377,242,413	—	—
Corporate Securities (*)	128,812,224	—	—
Derivative Financial Instruments	4,161,315	—	—

Other Financial Assets	333,431,624	1,402,948,386	—
Loans and Other Financing	24,845,169	14,363,246,752	—
Other Debt Securities	—	2,180,297,530	2,300,407,860
Financial Assets Pledged as Collateral	16,812,161	1,337,483,673	130,120,241
Investments in Equity Instruments	42,086,831	—	—
Liabilities
Deposits	—	18,634,330,825	—
Liabilities at fair value through profit or loss	9,005,522	—	—
Derivative Financial Instruments	7,672,255	—	—
Repurchase Transactions	—	389,701,262	—
Other Financial Liabilities	—	3,562,811,596	—
Financing Received from the Argentine Central Bank and Other Financial Institutions	—	441,780,166	—
Debt Securities	—	1,009,506,228	—
Subordinated Debt Securities	—	266,114,122	—

(*) Recorded in Debt Securities at fair value through profit or loss.

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Portfolio of Instruments as of 12.31.23	Fair Value through Profit or Loss	Amortized Cost	Fair Value through OCI
Assets
Cash and Due from Banks	—	4,346,311,187	—
Argentine Central Bank’s Bills (*)	—	688,829,173	—
Government Securities (**)	1,247,412,362	—	—
Corporate Securities (**)	56,545,057	—	—
Derivative Financial Instruments	76,849,407	—	—
Repurchase Transactions	—	2,548,194,271	—
Other Financial Assets	107,359,282	280,485,439	—
Loans and Other Financing	—	6,708,657,840	—
Other Debt Securities	—	3,459,581,060	46,445,322
Financial Assets Pledged as Collateral	78,513,193	861,261,425	—
Investments in Equity Instruments	20,987,008	—	—
Liabilities
Deposits	—	12,429,468,649	—
Liabilities at fair value through profit or loss	107,760,501	—	—
Derivative Financial Instruments	26,651,539	—	—
Repurchase Transactions	—	50,839,676	—
Other Financial Liabilities	—	2,772,848,068	—
Financing Received from the Argentine Central Bank and Other Financial Institutions	—	300,794,066	—
Debt Securities	—	201,900,664	—
Subordinated Debt Securities	—	447,750,094	—

(*) Recorded in Other Debt Securities.

(**) Recorded in Debt Securities at fair value through profit or loss.


NOTE 4. FAIR VALUES

The Group classifies the fair values of the financial instruments in 3 levels, according to the quality of the data used for their determination

Fair Value Level 1: The fair value of financial instruments traded in active markets (as publicly traded derivative instruments, debt securities or instruments available for sale) is based on the quoted market prices as of the date of the reporting period. If the quoted price is available within the 5 business days of the valuation date, and there is an active market for the instrument, this will be included in Level 1.

Fair Value Level 2: The fair value of financial instruments not traded in active markets, for example, over-the-counter derivatives, is determined using valuation techniques that maximize the use of observable inputs. If all the significant inputs required to obtain the fair value of a financial instrument are observable, the instrument is included in Level 2. If all or some of the inputs required to determine the price are not observable, the instrument will be included in Level 3.

Fair Value Level 3: If one or more relevant inputs are not based on observable market data, the instrument is included in Level 3.

Valuation Techniques

The valuation techniques to determine fair values include:

•Market prices for similar instruments.

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•Determining the estimated present value of instruments.

The valuation technique to determine the fair value Level 2 is based on data other than the quoted price included in Level 1, which are directly observable for assets or liabilities, both directly (i.e., prices) and indirectly (i.e., deriving from prices).

Financial instruments classified as level 3 mainly include equity instruments for which the fair value was calculated with the assistance of independent appraisers using methods of future discounted cash flows involving a combined income and market approach.

The valuation technique to determine the fair value of other Level 3 financial instruments is based on a method that compares the existing spread between the curve of sovereign bonds and the average yield of primary offerings, for different segments, according to the different risk ratings. If there are no representative primary offerings during the month, the following alternatives will be used:

(i)Secondary market prices of instruments under the same conditions, which had quoted in the evaluation month.

(ii)prior month bidding and/or secondary market prices, which will be taken based on their representativeness.

(iii)prior month spread applied to the sovereign curve.

(iv)A specific margin is applied, defined according to historical yields of instruments under the same conditions.

As stated above, the rates and spreads to be used to discount future cash flows and originate the price of the instrument are determined.

All the modifications to the valuation methods are previously discussed and approved by the Group’s key personnel.

The Group’s financial instruments measured at fair value at the end of the reporting period are detailed below:


Portfolio of Instruments as of 12.31.24	Fair Value Level 1	Fair Value Level 2	Fair Value Level 3
Assets
Argentine Central Bank’s Bills and Notes	2,594,477	—	—
Government Securities	1,336,468,161	11,436,616	29,337,636
Corporate Securities	57,153,467	67,266,711	4,392,046
Derivative Financial Instruments	—	4,161,315	—
Other Debt Securities	1,392,979,157	905,077,075	2,351,628
Other Financial Assets	314,343,062	43,423	19,045,139
Loans and Other Financing	—	24,845,169	—
Financial Assets Pledged as Collateral	31,805,950	115,126,452	—
Investments in Equity Instruments	9,621,984	—	32,464,847
Total Assets	3,144,966,258	1,127,956,761	87,591,296
Liabilities
Liabilities at fair value through profit or loss (*)	9,005,522	—	—
Derivative Financial Instruments	—	7,672,255	—
Total Liabilities	9,005,522	7,672,255	—
Total	3,135,960,736	1,120,284,506	87,591,296

(*)They include the operations of obligations for operations with Government Securities of third parties.

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Portfolio of Instruments as of 12.31.23	Fair Value Level 1	Fair Value Level 2	Fair Value Level 3
Assets

Government Securities	1,245,382,006	2,030,356	—
Corporate Securities	54,966,212	1,038,406	540,439
Derivative Financial Instruments	44,981	76,804,426	—
Other Debt Securities	23,173,542	23,271,780	—
Other Financial Assets	107,312,374	46,908	—
Financial Assets Pledged as Collateral	78,513,193	—	—
Investments in Equity Instruments	5,900,805	—	15,086,203
Total Assets	1,515,293,113	103,191,876	15,626,642
Liabilities
Liabilities at fair value through profit or loss (*)	107,760,501	—	—
Derivative Financial Instruments	—	26,651,539	—
Total Liabilities	107,760,501	26,651,539	—
Total	1,407,532,612	76,540,337	15,626,642

(*)Include the operations of obligations for operations with Government Securities of third parties.

The evolution of instruments included in Level 3 Fair Value is detailed below:


Level 3	12.31.23	Transfers(*)	Recognition	Derecognition	Income (Loss)	Inflation Effect	12.31.24
Government Securities	—	25,384,435	7,052,429	(1,673,561)	3,503,160	(4,928,827)	29,337,636
Corporate Securities	540,439	3,394,123	4,799,804	(3,054,708)	(246,313)	(1,041,299)	4,392,046
Other Debt Securities	—	—	2,259,271	—	92,357	—	2,351,628
Other Financial Assets	—	—	20,858,985	(2,384,898)	571,052	—	19,045,139
Investments in Equity Instruments	15,086,203	—	17,102,204	(4,085,495)	15,157,983	(10,796,048)	32,464,847
Total	15,626,642	28,778,558	52,072,693	(11,198,662)	19,078,239	(16,766,174)	87,591,296

(*)Include the movements of levels of financial instruments classified as fair value Level 3, as described below.

The Group's policy is to recognize transfers at the end of each month between fair value levels for the transfer to Level 3 of instruments that do not have observable market prices and for the movement to Level 1 of instruments that have observable market prices at the end of each month. Transfers are also recognized for those cases in which an instrument, in order to obtain a representative price by accruing an IRR, was categorized as Level 2.

The transfers occurred due to the transfer to Level 3 of the instruments that do not have observable market prices at the end of the period for a total of Ps.30,926,616, due to the transfer to Level 1 of the instruments that were in Level 3 for a total of Ps.(1,670,804) and due to the transfer to Level 2 of the instruments that were in Level 3 for a total of Ps.(477,254).


Level 3	12.31.22	Transfers(*)	Recognition	Derecognition	Income (Loss)	Inflation Effect	12.31.23
Government Securities	—	5,988,275	2,312,780	(10,856,632)	3,485,860	(930,283)	—
Corporate Securities	4,236,417	4,042,597	21,631,121	(20,775,504)	2,938,629	(11,532,821)	540,439


Investments in Equity Instruments	14,446,855	—	1,750,680	(5,676,623)	22,299,346	(17,734,055)	15,086,203
Total	18,683,272	10,030,872	25,694,581	(37,308,759)	28,723,835	(30,197,159)	15,626,642

(*)Include the movements of levels of financial instruments classified as fair value Level 3, as described below.

The transfers occurred due to the movement to Level 3 of instruments that do not have observable valuation prices at the end of the period, totaling Ps.6,414,506; the movement to Level 1 of instruments that were previously in Level 3 but had

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observable market quotations at the end of the period, totaling Ps.(812,584), and the movement to Level 2 of instruments that were in Level 3, and for which, to obtain a representative price, the last market yield to maturity (YTM) was accrued, totaling Ps.4,428,950.

The Group included below the fair value of the instruments not carried at fair value as of the year-end.


Items of Assets/Liabilities as of 12.31.24	Book Value	Fair Value	Fair Value Level 1	Fair Value Level 2	Fair Value Level 3
Assets
Cash and Due from Banks	6,744,840,168	6,744,840,168	6,744,840,168	—	—

Loans and Other Financing	14,363,246,752	14,438,918,642	—	—	14,438,918,642
Other Financial Assets	1,402,948,386	1,421,155,861	1,371,997,694	—	49,158,167
Other Debt Securities	2,180,297,530	2,014,450,028	683,870,212	—	1,330,579,816
Financial Assets Pledged as Collateral	1,337,483,673	1,290,610,111	1,290,610,111	—	—
Liabilities
Deposits	18,634,330,825	18,635,672,511	—	3,111,703,299	15,523,969,212
Repurchase Transactions	389,701,262	389,701,262	389,701,262	—	—
Financing Received from the Argentine Central Bank and Other Financial Institutions	441,780,166	440,770,191	—	11,181	440,759,010
Debt Securities	1,009,506,228	1,006,040,757	1,004,186,145	—	1,854,612
Subordinated Debt Securities	266,114,122	263,546,251	—	—	263,546,251
Other Financial Liabilities	3,562,811,596	3,543,405,982	—	293,015,504	3,250,390,478


Items of Assets/Liabilities as of 12.31.23	Book Value	Fair Value	Fair Value Level 1	Fair Value Level 2	Fair Value Level 3
Assets
Cash and Due from Banks	4,346,311,187	4,346,311,187	4,346,311,187	—	—
Repurchase Transactions	2,548,194,271	2,548,194,271	2,548,194,271	—	—
Loans and Other Financing	6,708,657,840	6,717,719,873	—	—	6,717,719,873
Other Financial Assets	280,485,439	297,387,677	221,389,593	—	75,998,084
Other Debt Securities	4,148,410,233	4,149,343,309	3,506,891,991	57,801,762	584,649,556
Financial Assets Pledged as Collateral	861,261,425	861,386,841	861,386,841	—	—
Liabilities
Deposits	12,429,468,649	12,430,948,423	—	—	12,430,948,423
Repurchase Transactions	50,839,676	50,839,676	—	—	50,839,676
Financing Received from the Argentine Central Bank and Other Financial Institutions	300,794,066	299,955,874	—	—	299,955,874
Debt Securities	201,900,664	198,526,846	164,879,524	—	33,647,322
Subordinated Debt Securities	447,750,094	437,890,437	—	—	437,890,437
Other Financial Liabilities	2,772,848,068	2,771,813,716	—	—	2,771,813,716


NOTE 5. CASH AND CASH EQUIVALENTS

Cash equivalents are held to meet short-term payment commitments, rather than for investment or similar purposes. A financial asset is classified as cash equivalent if it can be readily convertible into a certain amount of cash and its risk of

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changes in value is immaterial. Accordingly, an investment with original maturity of three months or less is classified as cash equivalent. Equity interests are excluded from cash equivalents.

Cash and cash equivalents break down as follows:


	12.31.24	12.31.23	12.31.22
Cash and Due from Banks	6,744,840,168	4,346,311,187	3,034,943,050
Argentine Central Bank’s Bills and Notes Maturing up to 90 days(1)	—	57,801,762	4,883,653,261
Receivables from Repurchase transactions(2)	—	2,527,420,963	780,411,901
Loans to Financial Institutions(3)	41,300,000	13,065,818	35,728,771
Overnight Placements in Foreign Banks(3)	309,275,889	38,281,798	170,829,526
Mutual Funds(4) (5)	113,976,549	106,238,623	71,604,603
Time Deposits Maturing up to 90 days(1)	—	25,956,924	19,864,723
Transactions for Cash Sales of Government Securities to be settled with the B.C.R.A. (4)	197,022,957	—	—
Total Cash and Cash Equivalents	7,406,415,563	7,115,077,075	8,997,035,835

(1)Included within Debt Securities at Fair Value through Profit or Loss.

(2)Included within Repurchase Transactions.

(3)Included within Loans and Other Financing.

(4)Included within Other Financial Assets.

(5)Mutual funds are comprised of assets with a liquidity of less than 3 months.

The reconciliation of financing activities as of December 31, 2024, 2023 and 2022 is presented below:


Item	Balances at 12.31.23	Cash flow payments	Cash flow receipts	Other movements	Balances at 12.31.24
Lease Liabilities	64,154,942	(13,014,252)	—	2,574,925	53,715,615
Debt Securities	201,900,664	(213,006,389)	1,074,416,027	(53,804,074)	1,009,506,228
Subordinated Debt Securities	447,750,094	—	—	(181,635,972)	266,114,122
Financing Received from the Argentine Central Bank and Other Financial Institutions	300,794,066	(840,944,036)	1,021,996,169	(40,066,033)	441,780,166
Total	1,014,599,766	(1,066,964,677)	2,096,412,196	(272,931,154)	1,771,116,131


Item	Balances at 12.31.22	Cash flow payments	Cash flow receipts	Other movements	Balances at 12.31.23
Lease Liabilities	52,050,060	(13,877,834)	—	25,982,716	64,154,942
Debt Securities	456,405,788	(342,298,892)	163,367,920	(75,574,152)	201,900,664
Subordinated Debt Securities	307,906,125	—	—	139,843,969	447,750,094
Financing Received from the Argentine Central Bank and Other Financial Institutions	254,097,186	(731,092,446)	813,956,353	(36,167,027)	300,794,066
Total	1,070,459,159	(1,087,269,172)	977,324,273	54,085,506	1,014,599,766


Item	Balances at 12.31.21	Cash flow payments	Cash flow receipts	Other movements	Balances at 12.31.22
Lease Liabilities	57,879,022	(18,141,992)	—	12,313,030	52,050,060
Debt Securities	369,494,858	(272,202,167)	457,242,271	(98,129,174)	456,405,788
Subordinated Debt Securities	347,088,279	—	—	(39,182,154)	307,906,125
Financing Received from the Argentine Central Bank and Other Financial Institutions	313,323,507	(348,739,772)	508,865,006	(219,351,555)	254,097,186
Total	1,087,785,666	(639,083,931)	966,107,277	(344,349,853)	1,070,459,159

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The composition of the item "Other Operations" within the section of adjustments to obtain activities cash flows is detailed below:


Items	12.31.24	12.31.23	12.31.22
Monetary position	3,336,560,124	3,779,125,160	2,811,684,823
Exchange rate	(1,076,461,821)	(917,785,776)	(1,082,773,290)
Others non-cash items	(884,783,275)	6,846,814	(372,346,067)
Total	1,375,315,028	2,868,186,198	1,356,565,466

Non-cash transactions:

On December 6, 2024 Grupo Financiero Galicia S.A. and Banco Galicia acquired, directly and indirectly, 99.99383% of the capital stock and votes of HSBC Bank Argentina S.A. and 100% of HSBC Argentina Holdings S.A., HSBC Participaciones (Argentina) S.A., HSBC Global Asset Management S.A., HSBC Seguros de Vida (Argentina) S.A. and HSBC Seguros de Retiro (Argentina) S.A. for a total amount of Ps.1,163,250,415, Ps. 364,027,564 of which were cash consideration and Ps.799,222,851 were non-cash consideration comprised as follow: (Note 15).

•Issuance of shares of Ps.681,199,458,

•Issuance of a Negotiable Obligation without public offering in favor of HSBC Latin America B.V. in the amount of Ps.82,436,043 (US81,158, at the exchange rate in effect on the cancellation date),

•Liability in favor of HSBC Latin American B.V. in the amount of Ps.14,544,551 (US$14,319, at the exchange rate in effect on the cancellation date) and,

•Effects of inflation: Ps.21,042,799.

The risk analysis for cash and cash equivalents is presented in Note 45. Related parties information is disclosed in Note 51.


NOTE 6. DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The Group’s debt securities at fair value through profit or loss are detailed in Schedule A.

The credit quality of debt securities is disclosed in Note 45.


NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS

FORWARD EXCHANGE CONTRACT WITH NO DELIVERY OF THE UNDERLYING ASSET

The Electronic Open Market (Mercado Abierto Electrónico, MAE) and the Rosario Forward Market (ROFEX) have trading areas for the closing, recording and settlement of forward financial transactions between their Agents, including Banco Galicia and Banco GGALS.A. In general, the settlement of these transactions is made without delivering the underlying asset. The settlement is carried out daily in Argentine pesos for the difference, if any, between the closing price traded of the underlying asset and the closing price or value of the underlying asset of the previous day, the price difference impacting on Income.

The transactions are recorded in Off-balance Sheet Items The accrued balances pending settlement are disclosed in the “Derivative Financial Instruments” line, in Assets and/or Liabilities, as appropriate.

PURCHASE - SALE TAKEN WITH DELIVERY OF THE UNDERLYING ASSET

Between July 2022 and 2024, the Argentine Central Bank conducted auctions for put option bids on securities issued by the National Treasury. Put option contracts were non-transferable and such options may be exercised at any time, from 5 business days after the security settlement until the date established in the option term. The call premiums of the options were set by the Argentine Central Bank prior to the bids, and auctions end by price acceptance.

The exercise price arised from the nominal rates traded for the underlying asset the day before the exercise date, considering the highest rate between the average rate traded on the day and the closing value for the market with the

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highest volume traded between Argentine Stock Exchanges and Markets (Bolsas y Mercados Argentinos, BYMA) and MAE, plus an additional charge set by the Argentine Central Bank.

In July 2024, the Argentine Central Bank offered Financial Entities the possibility to terminate the liquidity options on public securities. These options were terminated by the Entity for the full nominal value at an amount equivalent to the premium in pesos agreed upon at the time, proportional to the number of remaining days until the expiration of each contract, and increased in accordance with the variation of the CER index from the date it was paid until the settlement date of the termination.

The transactions are recorded in Off-Balance Sheet Items, at exercise price. The balances for the transaction premiums are exposed in Assets, in the “Derivative Financial Instruments” line.

The amounts of transactions as of December 31, 2024, and 2023 are as follows:

Underlying Asset

Type of Settlement

12.31.24(*)

12.31.23(*)

Currency Forward Transactions

Purchases

Foreign currency

Daily difference

925,042,689

1,420,757,835

Sales

Foreign currency

Daily difference

599,043,771

1,286,410,551

Customers´ Purchases

Foreign currency

Daily difference

168,821,690

183,146,399

Customers´ Sales

Foreign currency

Daily difference

435,931,586

118,984,925

Repurchase Transactions

Forward Purchases

Government Securities

With delivery of the underlying asset

195,223,252

51,320,184

Forward Sales

Government Securities

With delivery of the underlying asset

246,937,431

2,625,740,781

Options

Put options taken

Government Securities

With delivery of the underlying asset

—

5,365,848,773

(*)Notional values.

For further details, refer to Schedule O.


NOTE 8. REPURCHASE TRANSACTIONS

As of the indicated dates, the Group maintains the following repurchase transactions:


	12.31.24	12.31.23
Debtors for Reverse Repurchase Transactions of Government Securities	—	2,527,420,963
Interest Accrued Receivable for Reverse Repurchase Transactions	—	20,773,308
Total Repurchase Transactions—Assets	—	2,548,194,271


	12.31.24	12.31.23
Creditors for Repurchase Transactions of Government Securities	388,945,477	50,497,619
Interest Accrued Payable for Repurchase Transactions	755,785	342,057
Total Repurchase Transactions—Liabilities	389,701,262	50,839,676

The notional values of the assets transferred in repurchase transactions are presented in Note 7 and Schedule O.

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	12.31.24	12.31.23
Reverse Repurchase Transactions recorded in Off-Balance Sheet Items	—	2,541,780,399
Forward purchases for Repurchase transactions recorded in Financial Assets Pledged as Collateral	—	41,138,167


NOTE 9. OTHER FINANCIAL ASSETS

As of the indicated dates, the balances of “Other Financial Assets” were as follows:


	12.31.24	12.31.23
Receivables from Spot Sales of Foreign Currency Pending Settlement	43,359,487	25,328,841
Receivables from Spot Sales of Government Securities Pending Settlement	1,178,670,402	69,412,927
Sundry Debtors	151,294,848	150,137,547
Mutual Funds	313,861,686	107,238,596
Premiums from financial guarantee contracts	9,010,842	12,098,268
Interest accrued receivable	21,450,357	24,736,872
Fiduciary Participation Certificates	19,569,938	120,687
Balances from claims pending recovery	57,093	8,545
Others	568,979	—
Minus: Allowances	(1,463,622)	(1,237,562)
Total	1,736,380,010	387,844,721

The credit rating quality analysis of Other Financial Assets as of December 31, 2024, was as follows:


	Debtors for Sale of Foreign Currency	Debtors for Cash sale of Government Securities to be Settled	Sundry Debtors	Mutual Funds	Premiums from financial guarantee contracts	Interest accrued receivable	Fiduciary participation certificates	Balances from claims pending recovery
Not yet due	43,359,487	1,178,670,402	151,253,042	313,861,686	9,010,842	21,450,357	19,569,938	626,072
Impaired/Uncollectible	—	—	41,806	—	—	—	—	—
Allowances	—	—	(1,463,622)	—	—	—	—	—
Total	43,359,487	1,178,670,402	149,831,226	313,861,686	9,010,842	21,450,357	19,569,938	626,072

The main factors considered by the Group to determine the impaired assets are their due date status and the possibility to realize the related collateral, if appropriate.

Related-party information is disclosed in Note 51.

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NOTE 10. LOANS AND OTHER FINANCING

The composition of the Loans and Other Financing portfolio as of the indicated dates is detailed below:


	12.31.24	12.31.23
Non-financial Public Sector	8,145,078	1,003,557
Argentine Central Bank	—	88,839
Financial Institutions	164,350,429	59,446,218
Loans	164,350,429	59,446,218
Non-financial Private Sector and Residents Abroad	14,883,296,443	6,938,130,259
Loans	14,505,135,102	6,693,166,667
Advances	626,409,093	260,991,087
Notes	3,927,828,023	1,532,749,306
Mortgage Loans	317,644,027	82,566,893
Pledge Loans	397,641,851	98,194,742
Personal Loans	1,763,502,535	556,878,251
Credit Card Loans	6,164,899,626	3,717,156,355
Other Loans	888,761,448	108,081,910
Accrued Interest, Adjustments and Quotation Differences Receivable	453,200,330	364,965,325
Documented Interest	(34,751,831)	(28,417,202)
Financial Leases	31,859,811	13,922,116
Other Financing	346,301,530	231,041,476
Less: Allowances	(667,700,029)	(290,011,033)
Total	14,388,091,921	6,708,657,840

Classification of Loans and Other Financing as per situation and guarantees received, is detailed in Schedule B.

The concentration of Loans and Other Financing is detailed in Schedule C.

The breakdown by maturity term of Loans and Other Financing is detailed in Schedule D.

The risk analysis for Loans and Other Financing is presented in Note 45.

Related parties information is disclosed in Note 51.


NOTE 11. OTHER DEBT SECURITIES

The Group’s “Other Debt Securities” are detailed in Schedule A.

The risk analysis for Other Debt Securities is presented in Note 45.

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NOTE 12. FINANCIAL ASSETS PLEDGED AS COLLATERAL

The Financial Assets Pledged as Collateral valuated in accordance with their underlying asset for the years under analysis are detailed below:


	12.31.24	12.31.23
Deposits as Collateral	567,506,287	624,608,667
Special Accounts as Collateral—Argentine Central Bank	470,298,830	213,352,982

Forward Purchases of monetary regulatory instruments	446,679,274	101,828,646
Less: Allowances	(68,316)	(15,677)
Total	1,484,416,075	939,774,618

The restricted availability assets are detailed in Note 52.2.


NOTE 13. CURRENT INCOME TAX ASSETS

As of the indicated dates, the balances of Current Income Tax Assets correspond to:


	12.31.24	12.31.23
Tax Advances	209,238	4,455,198
Total	209,238	4,455,198


NOTE 14. INVESTMENTS IN EQUITY INSTRUMENTS

The Group’s “Investments in Equity Instruments” are detailed in Schedule A.

Prisma Medios de Pago S.A. (Prisma)

On October 1, 2021, within the framework of the divestment commitment assumed by Prisma Medios de Pago S.A. ("Prisma") and its shareholders before the National Commission for the Defense of Competition, the Bank, together with all other Prisma’s Class B shareholders, notified AL ZENITH (Netherlands) B.V. (a company linked to Advent International Global Private Equity), the exercise of the put option contemplated in the sale agreement entered into in February 2019. As a result of the exercise of the put option, the process to sell the remaining 49% shareholding in Prisma to AL ZENITH (Netherlands) B.V. was initiated.

In March 2022, the Bank executed the sale of the remaining 49% of Banco Galicia´s shareholding in Prisma to AL ZENITH (Netherlands) B.V. representing 7.4% of Prisma's share capital. The final sale price contemplated in the new sale agreement signed by the parties amounted to US$54,358 to be paid as follows: (i) 30% in Pesos, adjusted by a UVA rate plus a nominal annual rate of 15% and (ii) 70% in US Dollars at a nominal annual rate of 10% within a term of six years.

As a result of the aforementioned sale, as of December 31, 2024, Banco de Galicia y Buenos Aires S.A. maintains a credit in Units of Purchasing Value (Unidades de Valor Adquisitivo, UVA) that represents Ps. 16,917,838, net of provisions, and, in dollars, for Ps.29,958,883. On the other hand, Banco GGAL S.A. has a credit in UVA that represents Ps.17,243,019 and, in dollars, for Ps. 13,489,572.


NOTE 15. EQUITY INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

15.1 Equity Investments in Subsidiaries

The interest and shareholding percentages in companies over which the Group exerts control, and which are consolidated by the Group, are detailed below:

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	Direct and Indirect Shareholding		Equity Investment %
Company	12.31.24	12.31.23	12.31.24		12.31.23
Agri Tech Investments Argentina S.A.U.	199,937	199,937	100.00	%	100.00	%
Agri Tech Investments LLC	100	100	100.00	%	100.00	%
Banco de Galicia y Buenos Aires S.A.U.	668,549,353	668,549,353	100.00	%	100.00	%
Banco GGAL S.A.	1,244,048,856	—	99.99	%	—	%
Galicia Asset Management S.A.U.	20,000	20,000	100.00	%	100.00	%
Galicia Broker Asesores de Seguros S.A.	71,310	71,310	99.99	%	99.99	%
Galicia Capital US LLC	1,000	1,000	100.00	%	100.00	%
Galicia Holdings US Inc.	1,000	1,000	100.00	%	100.00	%
Galicia Investments LLC	100	100	100.00	%	100.00	%
Galicia Retiro Compañía de Seguros S.A.U.	27,727,278	27,727,278	100.00	%	100.00	%
Galicia Securities S.A.U.	95,392,000	95,392,000	100.00	%	100.00	%
Galicia Seguros S.A.U.	1,830,887	1,830,887	100.00	%	100.00	%
Galicia Ventures LP	1,000	1,000	100.00	%	100.00	%
Galicia Warrants S.A.	1,000,000	1,000,000	100.00	%	100.00	%
GGAL Asset Management S.A. S.G.F.C.I.	1,791,487	—	100.00	%	—	%
GGAL Holdings S.A.	748,712,987,065	—	100.00	%	—	%
GGAL Participaciones S.A.U.	11,513,929	—	100.00	%	—	%
GGAL Seguros S.A.(*)	37,855,000	—	100.00	%	—	%
GGAL Seguros de Retiro S.A.(*)	49,803,430	—	100.00	%	—	%
IGAM LLC	100	100	100.00	%	100.00	%
INVIU S.A.U.	809,611,333	809,611,333	100.00	%	100.00	%
INVIU Capital Markets Limited	1	1	100.00	%	100.00	%
INVIU Manager Investment Ltd.	1	—	100.00	%	—	%
INVIU México S.A.P.I. de C.V.	1,500	—	100.00	%	—	%
INVIU Perú S.A.B. S.A.C.	2,439,992	—	100.00	%	—	%
INVIU Technology Limited	1	1	100.00	%	100.00	%
INVIU Uruguay Agente de Valores S.A.	300,000,000	300,000,000	100.00	%	100.00	%
Naranja Digital Compañía Financiera S.A.U.	1,712,567,500	1,712,567,500	100.00	%	100.00	%
Nera Paraguay S.A.	1,000	—	100.00	%	—	%
Nera Uruguay S.A.	30,133	10,000	100.00	%	100.00	%
NHI(UK) Limited	19,000,000	—	100.00	%	—	%
N-xers S.A. de C.V.	405,816,000	—	100.00	%	—	%
Sudamericana Holding S.A.	32,717,429	32,717,429	100.00	%	100.00	%
Sudamericana Seguros Galicia S.A.(*)	4,512,697,946	4,512,697,946	99.43	%	99.43	%
Tarjeta Naranja S.A.U.	2,896	2,896	100.00	%	100.00	%
Tarjetas Regionales S.A.	1,756,704,458	1,756,704,458	100.00	%	100.00	%
Vestly Asset Management LLC	100	—	100.00	%	—	%
Vestly México S.A. de C.V.	1,500	—	100.00	%	—	%
Well Assistance S.A.U.	100,000	100,000	100.00	%	100.00	%

(*) As of the date of issuance of these financial statements, the process of change of name is pending approval by the Superintendence of Insurance of the Nation.

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The following are the balances of subsidiaries, according to IFRS as of the indicated dates:


	12.31.24
Company	Assets	Liabilities	Shareholders’ Equity	Net Income (Loss) (*)
Agri Tech Investments Argentina S.A.U.	3,114,186	1,741,064	1,373,122	(3,431,240)
Agri Tech Investments LLC	1,524,248	141,392	1,382,856	(2,202,291)
Banco de Galicia y Buenos Aires S.A.U.	21,650,681,532	17,253,665,742	4,397,015,790	1,356,024,083
Banco GGAL S.A. (**)	5,647,423,202	4,166,011,683	1,481,411,519	(163,741,840)
Galicia Asset Management S.A.U.	85,453,480	31,889,854	53,563,626	68,249,556
Galicia Broker Asesores de Seguros S.A.	2,852,977	957,757	1,895,220	2,495,730
Galicia Capital US LLC	3,725,503	1,499,906	2,225,597	(1,256,211)
Galicia Holdings US Inc.	5,159,572	—	5,159,572	(1,907,343)
Galicia Investments LLC	24,377	—	24,377	(11,859)
Galicia Retiro Compañía de Seguros S.A.U. (***)	6,123,205	5,690,298	432,907	(1,278,348)
Galicia Securities S.A.U.	164,158,102	126,695,334	37,462,768	24,260,559
Galicia Seguros S.A.U. (***)	49,381,380	24,932,086	24,449,294	3,046,917
Galicia Ventures LP	2,437,740	—	2,437,740	(1,038,355)
Galicia Warrants S.A.	12,393,562	3,895,833	8,497,729	1,035,508
GGAL Asset Management S.A. S.G.F.C.I. (**)	22,644,857	4,798,219	17,846,638	635,271
GGAL Holdings S.A. (**)	1,632,063,244	3,951,695	1,628,111,549	(171,064,849)
GGAL Participaciones S.A.U. (**)	7,324,678	1,794,674	5,530,004	(2,667,809)
GGAL Seguros S.A. (**)	238,346	185,847	52,499	6,911
GGAL Seguros de Retiro S.A. (**)	353,192	318,621	34,571	2,766
IGAM LLC	20,595,120	2,926	20,592,194	(11,659,852)
INVIU S.A.U.	126,139,846	116,905,609	9,234,237	(7,642,233)
INVIU Capital Markets Limited	2,253,594	258,501	1,995,093	112,382
INVIU Manager Investment Ltd.	122,030	23,230	98,800	(3,872)
INVIU México S.A.P.I. de C.V.	79	—	79	68
INVIU Perú S.A.B. S.A.C.	682,068	178,185	503,883	(132,770)
INVIU Technology Limited	255,705	154,687	101,018	95,768
INVIU Uruguay Agente de Valores S.A.	3,076,758	1,549,649	1,527,109	2,954
Naranja Digital Compañía Financiera S.A.U.	1,614,738,510	1,530,604,194	84,134,316	50,857,429
Nera Paraguay S.A.	141,392	—	141,392	(27,244)
Nera Uruguay S.A.	2,086	21,511	(19,425)	(18,940)
NHI(UK) Limited	20,658,177	—	20,658,177	59,600
N-xers S.A. de C.V.	20,658,671	—	20,658,671	40,638
Sudamericana Holding S.A. (***)	41,668,374	1,100,635	40,567,739	(16,612,088)
Sudamericana Seguros Galicia S.A. (***)	255,113,689	243,338,811	11,774,878	(22,332,429)
Tarjeta Naranja S.A.U.	3,456,748,840	2,790,209,417	666,539,423	185,514,733
Tarjetas Regionales S.A.	806,800,441	19,010,578	787,789,863	233,403,856
Vestly Asset Management LLC	103	—	103	16
Vestly México S.A. de C.V.	75	—	75	65
Well Assistance S.A.U. (***)	72,518	21,826	50,692	45,623

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____________________

(*) Income attributable to the shareholders of the parent.

(**)Results corresponding to the month of December 2024.

(***) Results for the 12-month period ended December 31, 2024.


	12.31.23
Company	Assets	Liabilities	Shareholders’ Equity	Net Income (Loss) (*)
Agri Tech Investments Argentina S.A.U.	6,070,588	1,969,979	4,100,609	(1,701,770)
Agri Tech Investments LLC	2,838,253	—	2,838,253	(2,986,672)
Banco de Galicia y Buenos Aires S.A.U.	18,864,751,990	15,268,463,041	3,596,288,949	613,295,953
Cobranzas Regionales S.A.	—	—	—	(8,089,091)
Galicia Asset Management S.A.U.	62,663,964	20,772,640	41,891,324	53,790,630
Galicia Broker Asesores de Seguros S.A. (**)	3,577,650	1,169,454	2,408,196	3,194,838
Galicia Capital US LLC	88,029	—	88,029	(34,097)
Galicia Holdings US Inc.	88,046	88,029	17	9
Galicia Investments LLC	17,404	—	17,404	(15,681)
Galicia Retiro Compañía de Seguros S.A.U. (**)	8,451,130	6,739,874	1,711,256	236,888
Galicia Securities S.A.U.	126,175,880	101,518,888	24,656,992	27,834,277
Galicia Seguros S.A.U. (**)	49,883,027	19,139,515	30,743,512	15,356,894
Galicia Ventures LP	1,740,428	—	1,740,428	479,324
Galicia Warrants S.A.	12,151,596	4,131,353	8,020,243	364,780
IGAM LLC	26,120,664	4,900	26,115,764	3,246,941
INVIU S.A.U.	108,729,756	91,853,286	16,876,470	1,216,462
INVIU Capital Markets Limited	39,646	37	39,609	20,476
INVIU Technology Limited	6,076	—	6,076	(5,357)
INVIU Uruguay Agente de Valores S.A.	4,049,539	2,525,385	1,524,154	(811,524)
Naranja Digital Compañía Financiera S.A.U.	535,268,142	502,628,998	32,639,144	(14,720,325)
Nera Uruguay S.A.(****)	—	1,152	(1,152)	562
Sudamericana Holding S.A. (**)	70,783,767	5,421,927	65,361,840	25,393,345
Sudamericana Seguros Galicia S.A.(*****)	346,735,388	312,628,081	34,107,307	991,253
Tarjeta Naranja S.A.U.	2,412,434,597	1,896,651,108	515,783,489	62,132,198
Tarjetas Regionales S.A.	597,497,533	24,681	597,472,852	33,623,203
Well Assistance S.A.U. (***)	1,206	7,232	(6,026)	(6,026)

____________________

((*) Income attributable to the shareholders of the parent.

(**) Net income for the nine-month period ended September 30, 2023.

(***) Net income for the twelve-month period ended December 31, 2023.

(****) Net income for the six-month period ended December 31, 2023.

(*****) Net income for the three-month period ended December 31, 2023.

Corporate Reorganization

Tarjeta Naranja S,A.U. and Cobranzas Regionales S.A.

On July 14, 2023, the Group decided to initiate the necessary steps to carry out a merger by absorption (the “Merger”), whereby Tarjeta Naranja S.A.U. (absorbing company) absorbs Cobranzas Regionales S.A. (absorbed company) effective as from October 1, 2023.

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The Merger was carried out within the provisions established in Article 80, Paragraph c), and concordant articles of the Income Tax Law No. 20,628 (Ordered Text of 2019) and its regulations, with the aim, inter alia, of: (i) unifying the administration and management of both companies, with the consequent optimization of services and reduction of costs, (ii) unifying the commercial and marketing programs, (iii) increasing synergy and efficiency to provide a better and more effective customer service and a more efficient rendering of services, (iv) strengthening the payment pooling business within the economic group with the commercial experience Tarjeta Naranja S.A.U. has with its network of physical branch offices (more than 150 throughout the country), and (v) improving the organization and use of resources.

The Prior Merger Agreement was executed by the parties on December 4, 2023, having been approved by the Boards of Directors of Tarjeta Naranja S.A.U. (absorbing company) and Cobranzas Regionales (absorbed company) on the same date.

Participation in other controlled companies

During the first quarter of 2023, the Board of Directors of Grupo Financiero Galicia S.A. decided to create two companies, Galicia Investments LLC in the state of Delaware, in the United States of America, and Galicia Ventures LP in Ontario, Canada, in order to facilitate the investment initiatives within the open innovation and corporate venturing program.

On October 11, 2023, the Group acquired 99.434% of the capital stock of Seguros Sura S.A., an insurance company with insurance solutions and services for individuals and families, SMEs, large companies and the agricultural and livestock segment, served by a broad network of insurance advisors (see Note 15.3 - Business combinations).

On October 23, 2023, the Board of Directors of the Company decided to create two companies in the United States of America, Galicia Holdings US Inc. in the state of Delaware, controlling Galicia Capital US LLC, in the state of Florida, a company aimed at attracting new customers by incorporating a wide range of financial instruments and enabling the development of innovative credit products.

On April 9, 2024, Grupo Galicia entered into a share purchase agreement with HSBC Latin America B.V. (“HLA”), under which it simultaneously acquired the shareholdings that HLA directly held in HSBC Argentina Holdings S.A., HSBC Participaciones (Argentina) S.A., and HSBC Bank Argentina S.A. (together with HSBC Argentina Holdings S.A. and HSBC Participaciones (Argentina) S.A.) (see Note 15.3- Business combinations).

On November 19, 2024, the Board of Directors of the Company together with its subsidiary Tarjetas Regionales S.A. resolved the creation of a company based in the United Mexican States called N-XERS S.A. de C.V.. This new company is controlled by NHI(UK) Limited, a subsidiary of Tarjetas Regionales S.A.

15.2 Equity Investments in Associates

Banco Galicia, together with other financial entities, has set up Play Digital S.A. a company whose purpose is to develop and market a payment solution linked to the bank accounts of the financial system users in order to significantly improve their payment experience. The board of directors of said company is made up of key personnel of Banco Galicia, therefore, having significant influence, the investment is measured by the equity method.


Company	Equity Investment %		Place of Business	12.31.24	12.31.23
Play Digital S.A.	19.75	%	CABA	4,087,764	5,771,514

The movements of such investment are as follows:


Company	12.31.23	Contributions	Purchase of shares	Profit Sharing in income (loss) for the Year	12.31.24
Play Digital S.A.	5,771,514	568,795	3,042,092	(5,294,637)	4,087,764

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Company	12.31.22	Contributions	Sales of shares	Profit Sharing in income (loss) for the Year	12.31.23
Play Digital S.A.	4,521,578	5,238,895	250,178	(4,239,137)	5,771,514

The basic information regarding Grupo Financiero Galicia’s associates is detailed as follows:

Profit Sharing in income (loss) for the Year (*)

Company

Assets

Liabilities

Shareholders’
Equity

Net Income
(Loss)

Play Digital S.A.

33,650,370

23,314,600

10,335,770

(15,706,485)

(*) Balances according to financial statements as of September 31, 2024, restated in closing currency.

For more details see Schedule E.

15.3 Business combinations

Sudamericana Seguros Galicia S.A. (ex Seguros Sura S.A.)

On August 11, 2023 Sudamericana Holding S.A. entered into a share purchase agreement with Suramericana S.A. and Santa María del Sol S.A.U. (collectively “the seller”), whereby they agreed to sell their entire shareholding in Seguros Sura S.A. after approval of such transaction by the Argentine Superintendency of Insurance (Superintendencia de Seguros de la Nación, SSN).

On September 21, 2023, the SSN approved the transaction and, as a consequence, on October 11, 2023, it was materialized through the transfer of 4,512,697,946 ordinary shares with a nominal value of Ps.1 (expressed in Argentine pesos) and with one vote per share, representing 99.43% of the capital and votes of Sudamericana Seguros Galicia S.A. (formerly Seguros Sura S.A.).

The acquiree company is an insurance company that offers insurance solutions and services for individuals and families, large companies and the agricultural and livestock segment, served by a broad network of insurance advisors who make it possible to achieve more than half of the insurer's turnover. The incorporation of the aforementioned company complements the marketing of insurance, which until now was only channeled through the Bank. Seguros Sura S.A. has 775,000 customers and 13 branch offices in the country and a network of approximately 5,000 insurance producers.

The acquired business generated, from the insurance activity, income for the Group amounting to Ps.64,299,530 and a loss of Ps.(985,642) for the period from the acquisition date to December 31, 2023. If such acquisition had occurred on January 1, 2023, the income would have amounted to Ps.236,304,077 and the loss would have amounted to Ps.(9,346,437).

The consideration paid for the business combination amounted to Ps.24,280,276.

The fair value of the net assets acquired as at September 30, 2023 amounted to Ps.34,899,862.

Due to the strategy of concentrating its operations in fewer countries and the need to sell the company in Argentina, the

seller accepted the consideration paid. Since the latter is lower than the amount of net assets acquired, the Group recorded a gain of Ps.10,619,586 in “Share of profit from Associates and Joint Ventures.”

The Assets and Liabilities arising from the acquisition are detailed below:

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Item			Fair value
Assets
Cash and Due from Banks			5,566,223
Investments			167,389,692
Property, Plant and Equipment			5,159,816

Reinsurance Contract Assets			34,983,523
Other Assets			26,928,803
Total Assets			240,028,057
Liabilities
Provisions			1,223,339
Insurance Contracts Liabilities			185,364,707

Other Liabilities			18,341,451
Total Liabilities			204,929,497
Net Assets			35,098,560
Non-controlling Interest (*)			(198,698)
Net Assets Acquired			34,899,862

(*) Non-controlling Interest is proportionate to Purchase Price Allocation.

GGAL Holdings S.A. (ex HSBC Argentina Holdings S.A.)

On April 9, 2024, Banco Galicia together with Grupo Financiero Galicia S.A. entered into a share purchase agreement with HSBC Latin America B.V. (“HLA”) pursuant to which they simultaneously acquire the equity interests that HLA currently holds directly in HSBC Argentina Holdings S.A., HSBC Participaciones (Argentina) S.A. and HSBC Bank Argentina S.A. (together with HSBC Argentina Holdings S.A. and HSBC Participaciones (Argentina) S.A., the “Direct Participation”.

On September 12, 2024, the Central Bank of Argentina issued Resolution No. 309, approving the acquisition by Banco Galicia and Grupo Financiero Galicia S.A. of HSBC Latin America B.V.'s (“HLA”) shareholding in HSBC Argentina Holdings S.A., HSBC Participaciones (Argentina) S.A. and HSBC Bank Argentina S.A. through a share purchase agreement.

Banco Galicia was the purchaser of 57.89% of the Direct Equity Interests, and Grupo Financiero Galicia S.A. was the purchaser of the remaining 42.11%.

Banco Galicia and Grupo Financiero Galicia S.A. simultaneously acquired, directly and indirectly, 99.99383% of the capital stock and voting rights of HSBC Bank Argentina S.A., and 100% of HSBC Argentina Holdings S.A., HSBC Participaciones (Argentina) S.A., HSBC Global Asset Management S.A., HSBC Seguros de Vida (Argentina) S.A., and HSBC Seguros de Retiro (Argentina) S.A.

On December 6, 2024, it was materialized through the transfer of the Direct Participation according to the following detail:


			Grupo Financiero Galicia S.A.			Banco de Galicia y Buenos Aires S.A.
				42.11	%		57.89	%
Acquired company	Capital Stock	Total shares acquired	Shares	% of ownership		Shares	% of ownership
GGAL Holdings S.A. (ex - HSBC Argentina Holdings S.A.)	1,184,364,392	1,180,367,030	497,052,556	41.968	%	683,314,474	57.695	%
GGAL Participaciones S.A.U. (ex - HSBC Participaciones S.A.)	11,513,929	65,222	27,465	0.239	%	37,757	0.328	%
Banco GGAL S.A. (ex - HSBC Bank Argentina S.A.)	1,244,125,589	103,739	43,684	0.004	%	60,055	0.005	%

Additionally, Grupo Financiero Galicia S.A. acquired a subordinated debt issued by Banco GGAL S.A. (formerly HSBC Bank Argentina S.A.) in favor of HSBC Latin America Holdings (UK) Limited, for a N.V. of US$100,000.

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The acquired business has 101 branches, whose geographic distribution is very similar to that of Grupo Galicia. In terms of revenue synergies, this transaction incorporates 593,330 individual and 10,141 corporate customers. In addition, a significant portion of these customers belong to the most attractive high-income segments with higher value generation and high transactionality.

As a result, Grupo Galicia became the largest private financial group in Argentina, confirming its commitment to the sustainable development and growth of the country. This transaction allows the group to generate economies of scale and strengthen its value proposition based on our three strategic pillars -experience, growth and profitability-. In this way, we will continue to differentiate ourselves from our competitors, improve the daily lives of our customers and complement our product offering, generating capabilities for the development of our businesses and stakeholders.

Furthermore, the acquisition of life and pension insurance businesses represents a strategic move in the insurance sector, adding two high-potential product segments to the group’s portfolio. This opportunity represents an excellent proposition to continue adding assets and businesses, strengthening the group’s economic and financial position, solvency and liquidity, and the sustainability of the organization.

The acquired business generated revenue for the Group of Ps. 68,940,102 and a result (loss) of Ps.(170,185,166) for the period from the acquisition date to December 31, 2024.

If the acquisition had taken place on January 1, 2024, the revenue would have been Ps 1,588,425,956, and the result would have been a profit of Ps. 42,686,474.

The transaction amount at the closing currency exchange rate amounted to Ps.1,163,250,415.

The fair value of the acquired net assets at the closing currency exchange rate amounts to Ps.1,793,241,094, as detailed below:


Item			Fair value
GGAL Holdings S.A. (ex - HSBC Argentina Holdings S.A.)			1,793,057,450
GGAL Participaciones S.A.U. (ex - HSBC Participaciones S.A.)			46,438
Banco GGAL S.A. (ex - HSBC Bank Argentina S.A.)			137,206
Total			1,793,241,094

The fair value of the net assets acquired is currently under review and could be subject to changes within one year from the date of acquisition, in accordance with IFRS 3, however, it is estimated that no significant variations will arise from the aforementioned review.

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Item			Fair Value
Assets
Cash and Due from Banks			1,310,884,991
Debt Securities at Fair Value through Profit or Loss			85,941,022
Derivative Financial Instruments			7,156,180
Repurchase Transactions			1,496,333
Other Financial Assets			289,188,864
Loans and Other Financing			2,067,304,949

Other Debt Securities			1,379,504,388
Financial Assets Pledged as Collateral			162,330,005

Investments in Equity Instruments			10,108,406
Investment in Associates and Joint Ventures			108,427,963
Property, Plant and Equipment			214,331,665
Intangible Assets Core Deposits			37,027,487
Intangible Assets			18,660,007
Deferred Income Tax Assets			67,021,832
Other Non-financial Assets			103,888,529
Non-current Assets Held for Sale			14,504,969
Total Assets			5,877,777,590
Liabilities
Deposits			3,475,435,914
Derivative Financial Instruments			5,188,139
Repurchase Transactions			12,199,674
Other Financial Liabilities			236,486,532
Financing from the Argentine Central Bank and Other Financial Institutions			6,315,307
Subordinated Debt Securities			94,534,136
Provisions			29,118,510
Deferred Income Tax Liabilities			44,918,911
Other Non-Financial Liabilities			180,237,868
Total Liabilities			4,084,434,991
Net Assets			1,793,342,599
Non-controlling Interest (*)			(101,505)
Net assets acquired			1,793,241,094

(*) Non-controlling Interest is proportionate to Purchase Price Allocation.

The acquisition of the business at a value lower than its market value was due to a combination of strategic and negotiation factors. The seller’s intention to concentrate its operations in fewer countries led them to sell their companies in Argentina and accept the price paid. This purchase represents an investment that allows us to obtain valuable assets and key capabilities at a reduced cost, thus strengthening our competitive position. Since the price paid is lower than the fair value of the assets acquired, Grupo Galicia recorded a gain of Ps.724,524,816 in “Share of profit from Associates and Joint Ventures”.

On December 6, 2024, Grupo Galicia cancelled its obligations with HLA for a total of Ps. 1,132,623,107. This settlement was made through a bank transfer of Ps. 354,443,055, the issuance of shares for Ps. 681,199,458 (see Note 31), the issuance of a non-publicly offered negotiable obligation for Ps. 82,436,043 (US$81,158, at the exchange rate in effect on

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the settlement date) (see Note 27), and a liability of Ps. 14,544,551 (US$14,319.03, at the exchange rate in effect on the settlement date). The last two amounts correspond to the price adjustment agreed upon in the transaction.

Corporate Restructuring - GGAL Holdings S.A. (ex HSBC Argentina Holdings S.A.)

As part of the corporate restructuring of GGAL Holdings S.A., the following transactions took place:

On December 26, 2024, Grupo Financiero Galicia S.A. acquired 3,997,362 shares of GGAL Holdings S.A. from GGAL Participaciones S.A. On the same date, it acquired shares of GGAL Participaciones S.A. from Banco GGAL S.A. Additionally, Galicia Asset Management S.A.U. acquired Banco GGAL S.A.'s 43.5608% stake in GGAL Asset Management S.A. S.G.F.C.I.

On December 30, 2024, Banco Galicia and Grupo Financiero Galicia S.A. contributed all of their shares in GGAL Participaciones S.A. to GGAL Holdings S.A. in kind, with GGAL Participaciones S.A. becoming GGAL Participaciones S.A.U. This modification was registered with the Public Registry of Commerce on February 3, 2025.

Corporate Reorganizations

On February 3, 2025, the Boards of Directors of the companies involved resolved to initiate the necessary steps to carry out a corporate reorganization. The objective is to improve the organization and use of resources, as well as to achieve a more effective and efficient technical and administrative management.

The Corporate Reorganization will consist of a spin-off-merger and mergers by absorption, in accordance with the provisions of: (a) Article 88, first paragraph, subsection I, and Article 82 of the General Companies Law No. 19,550, and its amendments ("LGS"), (b) Articles 146, 151, and 152 of General Resolution 15/2024 of the IGJ, and (c) framing it as three simultaneous and interconnected business reorganizations free of taxes between entities of the same economic group under Article 80 of the Income Tax Law, consolidated text by Decree 824/2019 and its amendments (the "LIG"). See Note 54.


NOTE 16. LEASES

This Note provides information for leases where the Grupo is the lessee:

(i) Amounts recognized in the Statement of Financial Position:


	12.31.24	12.31.23
Right-of-use asset (1)	56,361,689	38,708,760
Real estate	56,361,689	38,708,760
Lease Liabilities (2)	(53,715,615)	(64,154,942)

(1) Recorded in Property, Plant and Equipment.

(2) Recorded in Other Financial Liabilities, see Note 25.

Additions to the right-of-use assets during the financial year were Ps.10,620,359.

The maturity of lease liabilities is disclosed in Note 45.

(ii) Amounts recognized in the Statement of Income:


	12.31.24	12.31.23
Charge for depreciation of right-of-use assets (1)(2)	(12,625,116)	(14,722,407)
Interest Expenses (3)	(5,665,756)	(7,413,608)
Expenses related to short-term leases (4)	(131,442)	(469,656)
Expenses related to low-value assets leases (4)	(1,293,315)	(1,134,640)
Sublease Income (5)	212,852	153,669

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(1)Depreciation for right of use of Real Property.

(2)Recorded in Depreciation Expenses, see Note 39.

(3)Recorded in Other Operating Expenses, Lease Interest, see Note 40.

(4)Recorded in Administrative Expenses, see Note 38.

(5)Recorded in Other Operating Income, see Note 34.

The roll forward of right -of-use assets and lease liabilities during the years 2024 and 2023 is as follows:


Right-of-use assets	12.31.24	12.31.23
Balances at the beginning of the year	38,708,760	50,131,785
Acquisitions through business combinations (*)	23,311,209	—
Additions	10,620,359	11,510,237
Cancellation of contracts	(3,653,523)	(8,210,855)
Depreciation of the year	(12,625,116)	(14,722,407)
Balances at the end of the year	56,361,689	38,708,760

(*) See Note 15


Lease liabilities(1)	12.31.24	12.31.23
Balances at the beginning of the year	64,154,942	52,050,060
Acquisitions through business combinations	14,696,639	—
New contracts	10,620,359	11,510,237
Cancellation of contracts	(3,892,573)	(8,210,855)
Lease payments	(13,014,252)	(13,877,834)
Leases financial cost	5,665,756	7,413,608
Translation differences and inflation adjustment	(24,515,256)	15,269,726
Balances at the end of the year	53,715,615	64,154,942

(1)Recorded in the item Other Financial Liabilities, see Note 25.

The total cash flows related to leases was Ps.13,014,252.


NOTE 17. PROPERTY, PLANT AND EQUIPMENT

Changes in “Property, Plant and Equipment” are detailed in Schedule F.

The carrying amounts of “Property, Plant and Equipment” do not exceed their recoverable values.


NOTE 18. INTANGIBLE ASSETS

Changes in “Intangible Assets” are detailed in Schedule G.

The carrying amounts of “Intangible Assets” do not exceed their recoverable values.

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NOTE 19. DEFERRED INCOME TAX ASSETS/LIABILITIES

Changes in “Deferred Income Tax Assets and Liabilities” during the fiscal years ended December 31, 2024, and December 31, 2023, are as follows:

Deferred Income Tax Assets


Item	12.31.23	Inclusions (*)	Charge to Income	12.31.24
Valuation of Securities	324,671,889	—	(324,671,889)	—

Other Financial Assets	—	7,337,459	28,865,989	36,203,448
Loans and Other Financing	115,224,202	18,392,182	68,316,974	201,933,358


Tax Loss Carryforwards	5,338,044	40,510,513	16,330,788	62,179,345
Insurance Contract Assets	3,805,069	—	(3,805,069)	—
Reinsurance Contract Assets	—	—	15,367,777	15,367,777


Other Financial Liabilities	1,531,055	—	688,771	2,219,826

Subordinated Debt Securities	—	3,107,934	(42,122)	3,065,812
Provisions	26,290,773	4,076,235	61,567,129	91,934,137
Insurance Contracts Liabilities	38,932	—	(38,932)	—
Reinsurance Contracts Liabilities	51,934,491	—	1,142,815	53,077,306
Other Non-financial Liabilities	29,940,328	4,723,918	64,674,518	99,338,764
Foreign Currency Exchange Differences	217,798	—	(46,173)	171,625
Inflation adjustment deferral	3,698,554	523,954	(3,551,397)	671,111
Others	—	—	9,832,966	9,832,966
Totals	562,691,135	78,672,195	(65,367,855)	575,995,475
Net deferred tax assets in subsidiaries with net liability position	(149,477,011)	—	(18,498,678)	(167,975,689)
Deferred tax assets	413,214,124	78,672,195	(83,866,533)	408,019,786

(*) See Note 15.3.

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Deferred Income Tax Liabilities


Item	12.31.23	Inclusions (*)	Charge to Income	12.31.24
Valuation of Securities	(1,985,620)	(22,608,465)	(107,500,569)	(132,094,654)
Derivate Instruments	(1,690,497)	—	3,384,039	1,693,542
Other Financial Assets	(8,948,032)	—	594,773	(8,353,259)

Property, Plant and Equipment	(86,519,312)	16,549,372	(5,793,787)	(75,763,727)
Intangible Assets	(66,418,997)	12,599,631	23,110,266	(30,709,100)

Insurance Contract Assets	—	—	(5,075,159)	(5,075,159)
Reinsurance Contract Assets	(15,813,202)	—	—	(15,813,202)
Other Non-financial Assets	(1,043,018)	(4,153,914)	(8,054,099)	(13,251,031)

Other Financial Liabilities	—	3,104,817	(6,762,877)	(3,658,060)
Debt Securities	(179,246)	—	(443,712)	(622,958)
Subordinated Debt Securities	(8,954)	—	8,954	—


Reinsurance Contracts Liabilities	(1,142,815)	—	(17,198,669)	(18,341,484)
Other Non-financial Liabilities	—	—	(657,972)	(657,972)

Inflation adjustment deferral	(10,538)	—	6,120	(4,418)
Others	(3,510,390)	—	1,027,532	(2,482,858)
Totals	(187,270,621)	5,491,441	(123,355,160)	(305,134,340)
Net deferred tax liabilities in subsidiaries with net asset position	149,477,011	—	18,498,678	167,975,689
Deferred tax liabilities	(37,793,610)	5,491,441	(104,856,482)	(137,158,651)

(*) See Note 15.3.

Deferred Income Tax Assets


Item	12.31.22	Inclusions (*)	Charge to Income	12.31.23
Valuation of Securities	1,059,688	—	323,612,201	324,671,889


Loans and other financing	137,451,052	—	(22,226,850)	115,224,202


Tax Loss Carryforwards	14,284,863	—	(8,946,819)	5,338,044
Insurance Contract Assets	193,886	—	3,611,183	3,805,069

Other Non-financial Assets	10,870,174	—	(10,870,174)	—

Other Financial Liabilities	3,091,009	—	(1,559,954)	1,531,055


Provisions	35,029,229	3,503,170	(12,241,626)	26,290,773
Insurance Contracts Liabilities	38,932	—	—	38,932
Reinsurance Contracts Liabilities	—	29,760,535	22,173,956	51,934,491
Other Non-financial Liabilities	20,996,456	2,428,796	6,515,076	29,940,328
Foreign Currency Exchange Differences	43,236	—	174,562	217,798
Inflation adjustment deferral	19,894,874	663,212	(16,859,532)	3,698,554
Others	235,527	—	(235,527)	—
Totals	243,188,926	36,355,713	283,146,496	562,691,135
Net deferred tax assets in subsidiaries with net liability position	(193,779,889)	—	44,302,878	(149,477,011)
Deferred tax assets	49,409,037	36,355,713	327,449,374	413,214,124

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(*) See Note 15.3.

Deferred Income Tax Liabilities


Item	12.31.22	Inclusions (*)	Charge to Income	12.31.23
Valuation of Securities	(64,920,254)	368,674	62,565,960	(1,985,620)
Derivative Instruments	(3,145,016)	—	1,454,519	(1,690,497)
Other Financial Assets	(3,901,452)	(3,215,188)	(1,831,392)	(8,948,032)

Property, Plant and Equipment	(98,018,005)	(6,463,751)	17,962,444	(86,519,312)
Intangible Assets	(64,985,459)	—	(1,433,538)	(66,418,997)


Reinsurance Contract Assets	—	—	(15,813,202)	(15,813,202)
Other Non-financial Assets	(1,345,182)	—	302,164	(1,043,018)


Debt Securities	(508,417)	—	329,171	(179,246)
Subordinated Debt Securities	(61,446)	—	52,492	(8,954)


Reinsurance Contracts Liabilities	—	—	(1,142,815)	(1,142,815)
Other Non-financial Liabilities	(31,567)	(126,845)	158,412	—

Inflation adjustment deferral	(35,672)	—	25,134	(10,538)
Others	—	(3,607,424)	97,034	(3,510,390)
Totals	(236,952,470)	(13,044,534)	62,726,383	(187,270,621)
Net deferred tax liabilities in subsidiaries with net asset position	193,779,889	—	(44,302,878)	149,477,011
Deferred tax liabilities	(43,172,581)	(13,044,534)	18,423,505	(37,793,610)

(*) See Note 15.3.

In addition, the expiration dates of tax loss carryforwards are as follows:


Year of Generation	Amount	Year Due	Deferred Tax Assets
2019	39,475	2024	9,869
2020	5,873,700	2025	2,053,891
2021	14,754,018	2026	5,096,030
2022	24,624,804	2027	8,353,104
2023	1,502,489	2028	379,335
2024	144,478,471	2029	46,287,116
	191,272,957		62,179,345

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NOTE 20. ASSETS/LIABILITIES FOR INSURANCE AND REINSURANCE CONTRACTS

Assets and Liabilities related to insurance and reinsurance contracts as of the indicated dates are detailed as follows:


			Total as
	Life	Non Life	12.31.24
Insurance contract assets	15,412,158	18,831,829	34,243,987
Insurance contract liabilities	(464,689,583)	(201,452,599)	(666,142,182)
Reinsurance contract assets	262,975	54,194,844	54,457,819


			Total as
	Life	Non Life	12.31.23
Insurance contract assets	3,304,030	18,083,988	21,388,018
Insurance contract liabilities	(5,099,737)	(225,077,576)	(230,177,313)
Reinsurance contract assets	—	62,315,290	62,315,290
Reinsurance contract liabilities	(998,629)	(3,712,988)	(4,711,617)


	12.31.24	12.31.23
Insurance contract assets	34,243,987	21,388,018
Insurance contract liabilities	(666,142,182)	(230,177,313)
Liabilities for remaining coverage	(406,484,650)	43,156,717
Estimates of the present value of cash flows	(295,148,267)	(3,996,947)
Risk adjustment	(56,513,275)	(189,413)
Contractual service margin	(102,426,121)	(2,781,673)
Loss component	(1,357,122)	(928,065)
Premium reserve - Simplified Model	48,960,135	51,052,815
Liabilities for incurred claims	(225,413,545)	(251,946,012)
Estimates of the present value of cash flows	(221,324,498)	(248,130,456)
Risk adjustment	(4,089,047)	(3,815,556)
Reinsurance contract assets	54,457,819	62,315,290
Reinsurance contract liabilities	—	(4,711,617)
Liabilities for remaining coverage	18,806,448	9,408,290



Premium reserve - Simplified Model	18,806,448	9,408,290
Liabilities for incurred claims	35,651,371	48,195,383
Estimates of the present value of cash flows	35,502,256	48,051,193
Risk adjustment	149,115	144,190

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	LRC		LIC
	Excluding LC	LC	Present value of future cash flows	Risk adj. for non-fin. risk	Total
Opening insurance contract assets	32,342,203	(836,715)	(9,825,388)	(292,082)	21,388,018
Opening insurance contract liabilities	11,742,579	(91,350)	(238,305,068)	(3,523,474)	(230,177,313)
Net balance as at December 31, 2023	44,084,782	(928,065)	(248,130,456)	(3,815,556)	(208,789,295)
Insurance revenue	376,467,586	—	—	—	376,467,586
Incurred claims and other directly attributable expenses	—	—	(298,316,959)	(2,462,709)	(300,779,668)
Changes that relate to past service – changes in the FCF relating to the LIC	—	—	15,001,112	339,691	15,340,803
Losses on onerous contracts and reversal of those losses	—	(930,942)	—	—	(930,942)
Insurance acquisition cash flows amortization	(81,971,233)	—	—	—	(81,971,233)
Insurance service expenses	(81,971,233)	(930,942)	(283,315,847)	(2,123,018)	(368,341,040)
Insurance service result	294,496,353	(930,942)	(283,315,847)	(2,123,018)	8,126,546
IAS 29 + Finance expenses from insurance contracts held	(60,948,075)	501,885	84,966,654	1,849,527	26,369,991
Total amounts recognized in comprehensive income	233,548,278	(429,057)	(198,349,193)	(273,491)	34,496,537
Cash flows
Premiums received	(298,944,297)	—	—	—	(298,944,297)
Claims and other directly attributable expenses paid	—	—	225,155,151	—	225,155,151
Insurance acquisition cash flows	56,097,053	—	—	—	56,097,053
Total cash flows	(242,847,244)	—	225,155,151	—	(17,692,093)
Acquisitions	(439,913,344)	—	—	—	(439,913,344)
Net balance as at December 31, 2024	(405,127,528)	(1,357,122)	(221,324,498)	(4,089,047)	(631,898,195)
Closing insurance contract liabilities	(449,045,121)	(1,354,612)	(211,813,016)	(3,929,433)	(666,142,182)
Closing insurance contract assets	43,917,593	(2,510)	(9,511,482)	(159,614)	34,243,987
Net balance as at December 31, 2024	(405,127,528)	(1,357,122)	(221,324,498)	(4,089,047)	(631,898,195)

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	LRC		LIC
	Excluding LC	LC	Present value of future cash flows	Risk adj. for non-fin. risk	Total
Opening reinsurance contract assets	17,163,386	407,238	44,672,218	72,448	62,315,290
Opening reinsurance contract liabilities	(8,162,334)	—	3,378,975	71,742	(4,711,617)
Net balance as at December 31, 2023	9,001,052	407,238	48,051,193	144,190	57,603,673
Reinsurance expenses	(23,127,311)	—	—	—	(23,127,311)
Incurred claims recovery	—	—	27,011,242	58,709	27,069,951
Changes that relate to past service - changes in the FCF relating to incurred claims recovery	—	—	4,119,202	27,976	4,147,178
Loss recovery component	—	(187,009)	—	—	(187,009)
Net income (expenses) from reinsurance contracts held	(23,127,311)	(187,009)	31,130,444	86,685	7,902,809
IAS 29 + Finance results from reinsurance contracts held	(1,130,942)	(220,229)	(27,806,381)	(81,760)	(29,239,312)
Total amounts recognized in comprehensive income	(24,258,253)	(407,238)	3,324,063	4,925	(21,336,503)
Cash flows
Premiums paid net of ceding commissions and other directly attributable expenses paid	34,063,649	—	—	—	34,063,649
Recoveries from reinsurance	—	—	(15,873,000)	—	(15,873,000)
Total cash flows	34,063,649	—	(15,873,000)	—	18,190,649
Acquisitions	—	—	—	—	—
Net balance as at December 31, 2024	18,806,448	—	35,502,256	149,115	54,457,819
Closing reinsurance contract liabilities	—	—	—	—	—
Closing reinsurance contract assets	18,806,448	—	35,502,256	149,115	54,457,819
Net balance as at December 31, 2024	18,806,448	—	35,502,256	149,115	54,457,819

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	LRC		LIC
	Excluding LC	LC	Present value of future cash flows	Risk adj. for non-fin. risk	Total
Opening insurance contract assets	15,485,537	—	(7,416,071)	(456,661)	7,612,805
Opening insurance contract liabilities	(3,599,162)	—	(5,191,812)	(68,088)	(8,859,062)
Net balance as at December 31, 2022	11,886,375	—	(12,607,883)	(524,749)	(1,246,257)
Insurance revenue	208,578,621	—	—	—	208,578,621
Incurred claims and other directly attributable expenses	—	—	(104,951,243)	714,079	(104,237,164)
Charges that relate to past service - changes in the FCF relating to the LIC	—	—	(2,283,441)	—	(2,283,441)
Losses on onerous contracts and reversal of those losses	—	(928,065)	—	—	(928,065)
Insurance acquisition cash flows amortization	(20,594,786)				(20,594,786)
Insurance service expenses	(20,594,786)	(928,065)	(107,234,684)	714,079	(128,043,456)
Insurance service result	187,983,835	(928,065)	(107,234,684)	714,079	80,535,165
IAS 29 + Finance expenses from insurance contracts held	(11,837,999)	—	3,396,133	187,140	(8,254,726)
Total amounts recognized in comprehensive income	176,145,836	(928,065)	(103,838,551)	901,219	72,280,439
Cash flows
Premiums received	(213,278,546)	—	—	—	(213,278,546)
Claims and other directly attributable expenses paid	—	—	84,907,613	—	84,907,613
Insurance acquisition cash flows	33,912,164	—	—	—	33,912,164
Total cash flows	(179,366,382)	—	84,907,613	—	(94,458,769)
Acquisitions	35,418,953	—	(216,591,635)	(4,192,026)	(185,364,708)
Net balance as at December 31, 2023	44,084,782	(928,065)	(248,130,456)	(3,815,556)	(208,789,295)
Closing insurance contract liabilities	11,742,579	(91,350)	(238,305,068)	(3,523,474)	(230,177,313)
Closing insurance contract assets	32,342,203	(836,715)	(9,825,388)	(292,082)	21,388,018
Net balance as at December 31, 2023	44,084,782	(928,065)	(248,130,456)	(3,815,556)	(208,789,295)

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	LRC		LIC
	Excluding LC	LC	Present value of future cash flows	Risk adj. for non-fin. risk	Total
Opening reinsurance contract assets	(281,767)	—	474,690	22,153	215,076
Opening reinsurance contract liabilities	—	—	—	—	—
Net balance as at December 31, 2022	(281,767)	—	474,690	22,153	215,076
Reinsurance expenses	(12,920,613)	—	—	—	(12,920,613)
Incurred claims recovery	—	—	10,759,453	(11,154)	10,748,299
Changes that relate to past service - changes in the FCF relating to incurred claims recovery	—	—	371,829	—	371,829
Loss recovery component	—	407,238	—	—	407,238
Net income (expenses) from reinsurance contracts held	(12,920,613)	407,238	11,131,282	(11,154)	(1,393,247)
IAS 29 + Finance results from reinsurance contracts held	9,508,109	—	8,954,262	(15,041)	18,447,330
Total amounts recognized in comprehensive income	(3,412,504)	407,238	20,085,544	(26,195)	17,054,083
Cash flows
Premiums paid net of ceding commissions and other directly attributable expenses paid	8,231,713	—	—	—	8,231,713
Recoveries from reinsurance	—	—	(2,880,723)	—	(2,880,723)
Total cash flows	8,231,713	—	(2,880,723)	—	5,350,990
Acquisitions	4,463,610	—	30,371,682	148,232	34,983,524
Net balance as at December 31, 2023	9,001,052	407,238	48,051,193	144,190	57,603,673
Closing reinsurance contract liabilities	(8,162,334)	—	3,378,975	71,742	(4,711,617)
Closing reinsurance contract assets	17,163,386	407,238	44,672,218	72,448	62,315,290
Net balance as at December 31, 2023	9,001,052	407,238	48,051,193	144,190	57,603,673

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Expected recognition of the contractual service margin

An analysis of the expected recognition of the CSM remaining at the end of the reporting period in profit or loss is provided in the following table:


Number of years until expected to be recognized			Total CSM for insurance contracts issued(*)
1			(10,016,017)
2			(9,664,340)
3			(8,520,060)
4			(7,572,240)
5			(6,773,986)
6–10			(24,587,984)
>10			(34,341,447)
Total as at December 31, 2024			(101,476,074)

(*) Figures refers to acquired business in 2024, the remaining operation was not disclosed as it is not material.


NOTE 21. OTHER NON-FINANCIAL ASSETS

“Other Non-financial Assets” break down as follows:


	12.31.24	12.31.23
Payments on behalf of third parties	16,454,024	13,063,080
Advances of fees to Directors and Syndics	1,992,844	40,302
Advances to Personnel	27,900,697	398,795
Tax Credits	110,870,461	34,843,862
Payments made in Advance	75,850,104	61,556,442
Advances for Purchase of Assets	5,965,294	9,079,029
Investment properties (*)	11,588,672	11,545,661
Other Sundry Assets Measured at Cost	41,688,046	26,163,437
Assets Taken in Defense of Credits	438,339	438,341
Contract Assets	18,054,033	5,357,774
Others	2,294,806	6,818,662
Total	313,097,320	169,305,385

____________________


(*)			Changes in “Investment Properties” are detailed in Schedule F.

Related-party information is disclosed in Note 51.


NOTE 22. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

The Group has classified the following assets as “Assets Held for Sale and Discontinued Operations”:


	12.31.24	12.31.23
Property, Plant and Equipment
Real Estate	14,525,567	163,149
Total	14,525,567	163,149

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


NOTE 23. DEPOSITS

Deposits break down as follows as of the indicated dates:


	12.31.24	12.31.23
In Pesos	10,902,212,782	8,518,215,663
Checking Accounts	2,001,075,325	1,442,250,764
Savings Accounts	4,396,956,345	3,880,354,057
Time Deposits	4,110,005,621	2,124,155,164
Time Deposits – UVA	88,749,469	93,470,111
Others	70,979,805	664,304,482
Interest and Adjustments	234,446,217	313,681,085
In Foreign Currency	7,732,118,043	3,911,252,986
Savings Accounts	7,165,198,636	3,468,517,671
Time Deposits	546,277,380	402,901,170
Others	19,570,214	38,948,429
Interest and Adjustments	1,071,813	885,716
Total	18,634,330,825	12,429,468,649

The concentration of deposits is detailed in Schedule H.

The breakdown of deposits by remaining term is detailed in Schedule I.

The breakdown of deposits by sector is detailed in Schedule P.

Related-party information is disclosed in Note 51.


NOTE 24. LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

“Liabilities measured at fair value through profit or loss” are detailed in Schedules I and P. They include liabilities for transactions with third-party government securities.

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NOTE 25. OTHER FINANCIAL LIABILITIES

The account breaks down as follows as of the indicated dates:


	12.31.24	12.31.23
Creditors for Purchase to be Settled	37,476,044	36,309,500
Collections and Other Transactions on Behalf of Third Parties	287,843,529	285,249,785
Obligations for Purchase Financing	2,443,246,153	1,625,618,695
Creditors for Purchase of Foreign Currency to be Settled	62,925,375	79,424,440
Accrued Fees Payable	18,535,536	22,026,180
Sundry Items Subject to Minimum Cash	79,234,565	37,243,225
Sundry Items not Subject to Minimum Cash	492,085,669	604,260,651
Financial Liabilities for guarantees and sureties granted (financial guarantee contracts)	11,937,367	14,831,306
Cash or equivalents for purchases or cash sales to be settled	7,227,499	843,264
Lease Liabilities	53,715,615	64,154,942
Other Financial Liabilities(*)	68,584,244	2,886,080
Total	3,562,811,596	2,772,848,068

(*) Includes the PCE of contingent commitments and revocable agreed-upon current account advances.

The breakdown of Other Financial Liabilities per remaining terms is detailed in Schedule I.


NOTE 26. FINANCING RECEIVED FROM THE ARGENTINE CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS

The account breaks down as follows as of the indicated dates:


	12.31.24	12.31.23
Argentine Central Bank Financing	351,376	420,073
Correspondents	8,262,146	2,208,979
Financing from Local Financial Institutions	413,790,475	222,168,724
Financing from Foreign Financial Institutions	18,003,821	67,648,038
Financing from International Financial Institutions	1,372,348	8,348,252
Total	441,780,166	300,794,066

The breakdown of loans per remaining terms is detailed in Schedule I.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The following table details the credit lines with local and international financial institutions and entities as of the indicated dates:

Financial Institutions and/or Agencies

Placement Date

Currency

Term(*)

Rate(*)

Maturity

Amount as
of
12.31.24(**)

Local Institutions

BICE

Sundry Dates

Ps.

1646 days

40.00

Sundry Dates

39,076,777

Agreements with Banks(1)

Sundry Dates

Ps.

218 days

40.23

Sundry Dates

359,388,689

Calls taken with entities within the private sector

12.26.24

Ps.

7 days

32.00

01.02.25

5,000,000

Calls taken with entities within the private sector

12.27.24

US$

7 days

3.00

01.03.25

10,325,009

Argentine Central Bank

12.30.24

Ps.

3 days

0.00

01.02.25

351,376

International Institutions

Correspondents

12.30.24

US$

3 days

0.00

01.02.25

8,262,146

Pre-financing

Sundry Dates

US$

129 days

6.95

Sundry Dates

19,376,169

Total

441,780,166

(*) Weighted average.

(**) It includes principal and interest.

(1) Mainly correspond to Naranja X’ credit lines.

Financial Institutions and/or Agencies

Placement Date

Currency

Term(*)

Rate(*)

Maturity

Amount as
of
12.31.23(**)

Local Institutions

BICE

Sundry Dates

Ps.

1668 days

9.9

Sundry Dates

10,566,640

BICE

Sundry Dates

US$

1748 days

9.4

Sundry Dates

2,898,767

Agreements with Banks(1)

Sundry Dates

Ps.

234 days

133.1

Sundry Dates

206,029,289

Calls taken with entities within the private sector

12.29.23

Ps.

4 days

80.0

01.02.24

2,674,028

Argentine Central Bank

12.29.23

Ps.

4 days

—

01.02.24

420,073

International Institutions

Correspondents

12.29.23

US$

4 days

—

01.02.24

2,208,979

IFC

Sundry Dates

US$

2266 days

8.5

Sundry dates

5,868,608

Pre-financing

Sundry Dates

US$

182 days

5.6

Sundry dates

70,127,682

Total

300,794,066

(*) Weighted average.

(**) It includes principal and interest.

(1) Mainly correspond to Naranja X’ credit lines.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


NOTE 27. DEBT SECURITIES

The following is a breakdown of the Global Programs for the Issuance of Debt securities outstanding:

Company

Authorized
Amount(*)

Type of Debt Securities

Program
Term

Approval Date
by
Shareholders’
Meeting

CNV Approval

Grupo Financiero Galicia S.A.

US$

100,000

Simple debt securities not convertible into shares

5 years

03.09.09 confirmed on 08.02.12

Resolution No. 16113 dated 04.29.09 and extended by Resolution No. 17343 dated 05.08.14, Provision No. DI-2019-63-APN-GE#CNV dated 08.06.19 and Provision No. DI-2024-47-APN-GE#CNV dated 06.18.24. Authorization of Increase, Resolution No. 17,064 dated 04.25.13

Banco de Galicia y Buenos Aires S.A.U.

US$

2,100,000

Simple debt securities, not convertible into shares, subordinated or not, to be adjusted or not, secured or unsecured.

5 years

04.28.05, 04.14.10, 04.29.15, 11.09.16 and 04.28.20

Resolution No. 15228 dated 11.04.05 and extended through Resolution No. 16454 dated 11.11.10 and Resolution No. 17883 dated 11.20.15 and Resolution No. DI-2020-53-APN-GE#CNV dated 11.24.20. Increase of the amount approved by Resolutions No. 17883 dated 11.20.15, No. 18081 dated 06.10.16, No. 18480 dated 01.26.17 and No. 19520 dated 05.17.18

Banco de Galicia y Buenos Aires S.A.U.

US$

1,000,000

Simple debt securities not convertible into shares

—

04.25.19

Frequent Issuer Registration No. 11, granted by Resolution No. RESCFC-2019-2055-APN-DIR#CNV, dated 11.13.19 of CNV´s Board of Directors. Decrease in the amount approved by resolution No. DI-2023-23-APN-GE#CNV dated 05.24.23. Increase in the amount approved by resolution No. DI-2024-23-APN-GE#CNV dated 04.26.24.

Tarjeta Naranja S.A.U.

US$

1,000,000

Simple debt securities, not convertible into shares

5 years

03.08.12

Resolution No. 15220 dated 07.14.05 and extended through Resolution No. 17676 dated 05.21.15 and No. DI2020-20-APNGE#CNV dated 03.18.20. Increase of the amount approved by Resolutions No. 15.361 dated 03.23.06, 15.785 dated 11.16.07, 16.571 dated 05.24.11, 16.822 dated 05.23.12 and 19.508 dated 05.10.18

Tarjeta Naranja S.A.U.

US$

250,000

Simple debt securities, not convertible into shares

—

05.19.22

Frequent Issuer Registration, granted by Resolution No.DI-2022-39-APN-GE#CNV, dated 07.22.22 of CNV´s Board of Directors

(*) Or its equivalent in any other currency.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The Company has the following Unsubordinated Debt securities outstanding issued under the Global Programs detailed in the table above as of December 31, 2024, net of repurchases of Own Debt:


Company	Placement Date	Currency	Class N°	Face Value	Term	Maturity Date	Rate		Book Value(*) as of 12.31.24
Banco de Galicia y Bs.As. S.A.U.	09.17.24	Ps.	XIV	44,640,963	6 months	05.08.25	Badlar + 4.50%		45,351,190
Banco de Galicia y Bs.As. S.A.U.	09.17.24	Ps.	XV	42,106,850	6 months	03.31.25	Badlar + 3.95%		46,432,570
Banco de Galicia y Bs.As. S.A.U.	12.02.24	Ps.	XVIII	23,476,247	147 days	04.30.25	3.00%		23,084,218
Banco de Galicia y Bs.As. S.A.U.	12.20.24	Ps.	XX	35,088,750	12 months	12.27.25	Tamar + 2.70%		32,031,766
Tarjeta Naranja S.A.U.	02.05.24	Ps.	LXI	35,000,000	366 days	02.05.25	Badlar + 3.50%		36,259,719
Tarjeta Naranja S.A.U.	08.26.24	Ps.	LXII	35,000,000	270 days	05.23.25	Badlar + 5.50%		30,055,537


Banco de Galicia y Bs.As. S.A.U.	10.03.24	US$	XVI	325,000	48 months	10.10.28	7.75	%	336,672,600
Banco de Galicia y Bs.As. S.A.U.	11.01.24	US$	XVII	83,478	177 days	04.30.25	2.00	%	85,223,086
Banco de Galicia y Bs.As. S.A.U.	12.02.24	US$	XIX	97,749	6 months	06.04.25	4.25	%	100,089,757
Tarjeta Naranja S.A.U.	11.26.24	US$	LXIII	179,163	367 days	11.28.25	6.25	%	183,526,025
Total									918,726,468

(*) It includes principal and interest.

On June 21, 2018, Banco de Galicia y Buenos Aires S.A.U. issued the “Green Bond” which was entirely acquired by the International Finance Corporation. The Green Bond is a 7-year facility, with interest payable every six months. The Green Bond has a 36-month grace period in respect of the repayment of principal, followed by payments in 9 installments due every six months. As of December 31, 2024, the carrying amount of the Green Bond totals Ps.6,984,323, and it amounted to Ps.33,833,286 as of December 31, 2023.

On December 6, 24, Grupo Financiero Galicia S.A. issued a Negotiable Obligation without public offering in favor of HSBC Latin America B.V. for the amount of US$81,158 (Ps.83,795,437), which was cancelled on February 13, 2025, with the proceeds of the capital increase (See Notes 31 and 54).

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The Company has the following Unsubordinated Debt Securities outstanding issued under the Global Programs detailed in the table above as of December 31, 2023, net of repurchases of Own Debt:


Company	Placement Date	Currency	Class N°	Face Value	Term	Maturity Date	Rate		Book Value(*) as of 12.31.23
Tarjeta Naranja S.A.U.	01.31.22	Ps.	LI Serie II	3,284,942	730 days	01.31.24	Badlar + 6.00%		5,995,209
Tarjeta Naranja S.A.U.	04.07.22	Ps.	LIII Serie II	4,192,612	730 days	04.07.24	Badlar + 5.25%		8,112,949
Tarjeta Naranja S.A.U.	07.05.22	Ps.	LIV Serie II	4,779,859	730 days	07.05.24	Badlar + 4.99%		13,447,877
Tarjeta Naranja S.A.U.	08.09.22	Ps.	LV Serie II	10,141,234	548 days	02.09.24	Badlar + 3.00%		13,492,443
Tarjeta Naranja S.A.U.	02.03.23	Ps.	LVII	12,512,200	365 days	02.03.24	Badlar + 4.50%		24,235,400
Tarjeta Naranja S.A.U.	04.27.23	Ps.	LVIII	12,214,678	366 days	04.27.24	Badlar + 5.00%		10,106,996
Tarjeta Naranja S.A.U.	07.27.23	Ps.	LIX	12,072,087	366 days	07.27.24	Badlar + 5.00%		27,169,188
Tarjeta Naranja S.A.U.	11.03.23	Ps.	LX	27,381,323	366 days	11.03.24	Badlar + 5.00%		52,182,610



Tarjeta Naranja S.A.U.	03.22.22	US$	LII	7,500	770 days	04.30.24	5	%	13,324,706

Total									168,067,378

(*) It includes principal and interest.

The repurchases of Own Debt securities as of the indicated dates are as follows:


Company	ON Class	Nominal Value as of 12.31.24	Book Value(*) as of 12.31.24
Banco de Galicia y Bs.As. S.A.U.	XIV	1,700,000	1,850,876
Banco de Galicia y Bs.As. S.A.U.	XV	330,000	390,885
Banco de Galicia y Bs.As. S.A.U.	XVI	311	391,127
Banco de Galicia y Bs.As. S.A.U.	XVII	1,231	1,489,740

Banco de Galicia y Bs.As. S.A.U.	XIX	881	1,060,133
Banco de Galicia y Bs.As. S.A.U.	XX	2,250,000	2,250,000









Tarjeta Naranja S.A.U.	LXI	854,376	966,325
Tarjeta Naranja S.A.U.	LXII	1,027,871	1,071,600
Tarjeta Naranja S.A.U.	LXIII	848	1,020,504
Total			10,491,190

(*) It includes principal and interest.

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Company	ON Class	Nominal Value as of 12.31.23	Book Value(*) as of 12.31.23
Tarjeta Naranja S.A.U.	LI Serie II	97,911	255,622
Tarjeta Naranja S.A.U.	LIII Serie II	50,000	140,556
Tarjeta Naranja S.A.U.	LIV Serie II	83,000	232,992
Tarjeta Naranja S.A.U.	LV Serie II	50,000	126,129
Tarjeta Naranja S.A.U.	LVII	50,000	127,936
Tarjeta Naranja S.A.U.	LVIII	49,625	130,369
Tarjeta Naranja S.A.U.	LIX	2,026,702	5,334,238
Tarjeta Naranja S.A.U.	LX	7,665,541	19,822,653





Total			26,170,495

(*) It includes principal and interest.

Related-party information is disclosed in Note 51.

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NOTE 28. SUBORDINATED DEBT SECURITIES

Subordinated Debt Securities with Public Offering

The Company has the following subordinated debt securities not convertible into shares issued under the Global Programs detailed in Note 27 as of the close of the fiscal year:

Company

Placement Date

Currency

ON Class

Nominal Value

Term

Maturity
Date

Rate

Book Value
as of 12.31.24(*)

Book Value
as of 12.31.23(*)

Banco de Galicia y Buenos Aires S.A.U.

07.19.16

US$

US$250,000

120 months

(1)

07.19.26

(2)

266,114,122

447,750,094


(*)			It includes principal and interest.
(1)			Amortization shall be fully made upon maturity, on July 19, 2026, unless redeemed, at the issuer’s option, fully at a price equal to 100% of the outstanding principal plus accrued and unpaid interest.
(2)			Fixed 8.25% rate p.a. (as from the issuance date to July 19, 2021, inclusively); and margin to be added to the nominal Benchmark Readjustment Rate of 7.156% p.a. to the due date of Debt securities. Such interest shall be payable semiannually on January 19 and July 19 as from 2017.

The net proceeds from this issuance of debt securities was applied to investments in working capital, loans, other loans and other uses envisaged by the provisions of the Law on Debt securities and the Argentine Central Bank regulations.

The repurchases of Own Subordinated Debt securities as of the indicated dates are as follows:


Company	ON Class	Nominal Value as of 12.31.23	Book Value(*) as of 12.31.23
Banco de Galicia y Buenos Aires S.A.U.	II	2,000	4,734,826
Total			4,734,826

Subordinated Negotiable Obligations without public offering

On October 30,17, Banco GGAL S.A. (formerly - HSBC Bank Argentina S.A.) issued, in favor of HSBC Latin America Holdings (UK) Limited, simple Negotiable Obligations, not convertible into shares, subordinated, without public offer, for a nominal value of US$100,000, bearing an interest rate of 5.25% per annum and maturing on October 30, 27. As a result of the business combination described in Note 15, these shares were acquired by Grupo Galicia.

Related-party information is disclosed in Note 51.


NOTE 29. PROVISIONS

The account breaks down as follows as of the indicated dates:


	12.31.24	12.31.23

For Termination Benefits(*)	321,731,661	8,740,620
Others	74,861,824	35,656,904
Total	396,593,485	44,397,524

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objective in mind, a restructuring plan has been communicated to the employees, which will have different stages of execution. Based on this plan, the Group made a provision for the Restructuring Plan for Ps.287,485,252 as of December 31, 2024, which was charged to income within the Personnel Benefits line.

Changes in the “Provisions” account for fiscal year 2024 are detailed in Schedule J.

See Note 46 for further details.


NOTE 30. OTHER NON-FINANCIAL LIABILITIES

The account breaks down as follows as of the indicated dates:


	12.31.24	12.31.23
Creditors for sale of assets	6,677,930	5,739,505
Tax withholdings and collections payable	202,368,594	153,942,596
Payroll and Social Contributions Payable	215,579,703	170,967,900
Withholdings on Payroll Payable	12,288,549	4,600,738
Fees to Directors and Syndics	8,983,474	3,323,069
Value-Added Tax	46,232,491	33,107,813
Sundry Creditors	141,873,411	106,783,048
Taxes Payable	120,465,148	113,762,387
Obligations Arising from Contracts with Customers (*)	7,815,426	7,888,897
Retirement payment orders pending settlement	1,516,564	1,049,176
Other Non-financial Liabilities	8,819,052	4,586,581
Total	772,620,342	605,751,710

(*)Including Liabilities for Quiero! Customer Loyalty Program and Liabilities for Rewards System.

Contract liability resulting from contracts with customers includes the liabilities for the “Quiero!” Customers Loyalty Program. The Group estimates the fair value of the points assigned to customers under the above-mentioned program. This value is estimated by means of the use of a mathematical model that considers certain assumptions of redemption rates, the fair value for the exchanged points based on the combination of available products and the customers’ preferences, as well as breakage. As of December 31, 2024, Ps.550,290 was recorded for non-exchanged points, whereas as of December 31, 2023, such amount totaled Ps.4,901,981.

Banco GGAL S.A. offers the Rewards System, which allows customers to redeem their points for travel on the airlines and destinations of their choice. In addition, the points can be used to obtain orders in well-known chains and shopping centers, as well as products from the traditional catalog. As of December 31, 2024, Ps.2,953,437 has been recorded for this liability.

The following table shows the estimated use of the liabilities recorded as of this fiscal year-end.


	Terms
Item	Up to 12 Months	Up to 24 Months	Over 24 Months	Total
Liabilities –“Quiero!” Customers Loyalty Program	33,149	517,141	—	550,290
Rewards System Liabilities	2,295,537	657,900	—	2,953,437

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NOTE 31. CAPITAL STOCK

As part of the acquisition of HSBC's businesses in Argentina, the Ordinary and Extraordinary Shareholders' Meeting of Grupo Financiero Galicia S.A., held on August 20, 2024, resolved to approve the increase in share capital through the issuance of up to a maximum of 115,582,280 Class B ordinary, book-entry shares, with one (1) vote per share and a nominal value of $1 (one peso) each, and with dividend rights on the same terms as the ordinary, book-entry shares in circulation at the time of issuance.

On October 17, 2024, through Joint Resolution No. RESFC-2024-22904-APN-DIR#CNV, the Board of Directors of the CNV authorized the public offering of 115,582,280 Class B ordinary, book-entry shares, with a nominal value of one peso (NV $1) each, with one vote per share.

On December 5, 2024, 113,821,610 Class B ordinary shares, with a nominal value of one peso (VN $1) each, with one vote per share, were issued. These new shares were delivered on December 6, 2024, to HSBC Holding plc as payment for the aforementioned acquisition.

The capital increase amounted to Ps. 681,199,458, and the related expenses amounted to Ps. 979,257, being deducted from the additional paid-in capital.

On December 27, 2024 the aforementioned capital increase was registered in the Public Registry of Commerce.

Additionally, the mentioned Shareholders' Meeting held on August 20, 2024, resolved to approve a second capital increase, up to a maximum, in combination with the first increase, of 162,035,894 Class B ordinary, book-entry shares, with one (1) vote per share and a nominal value of $1 (one peso) each, and with dividend rights on the same terms as the ordinary, book-entry shares in circulation at the time of issuance.

This second capital increase was carried out in order to use the amount of the Pre-emptive Subscription Offer to make a total or partial payment of the HSBC Loans, in benefit of HSBC Latin America B.V. and HSBC Latin America Holdings (UK) Limited, as a consequence of the transaction price adjustment determined on December 6, 2024.

On February 13, 2025, 17,740,028 Class B ordinary shares, with of one peso (VN $1) each, with one vote per share, were issued, allowing Grupo Galicia to pay and capitalize the credits in benefit of HSBC for the price adjustment of the transaction.

This increase is pending registration with the Public Registry of Commerce at the date of issuance of these consolidated financial statements (see Note 54).

The capital stock structure is detailed in Schedule K.

The Company has no treasury shares in portfolio.

The Company’s shares are listed on Bolsas y Mercados Argentinos (BYMA), Mercado Abierto Electrónico S.A. (MAE) and the National Association of Securities Dealers Automated Quotation (NASDAQ).


NOTE 32. INCOME STATEMENT BREAKDOWN

Breakdown of: Interest Income, Fee Income and Net Income from Financial Instruments Measured at Fair Value through Profit or Loss are detailed in Schedule Q.


NOTE 33. EXCHANGE RATE DIFFERENCES ON FOREIGN CURRENCY

The account breaks down as follows as of the indicated dates:


Arising from:	12.31.24	12.31.23	12.31.22
For Trading of foreign currency	77,896,419	56,419,107	58,035,625
For Valuation of Assets and Liabilities in Foreign Currency	76,945,904	1,277,542,308	78,428,710
Total	154,842,323	1,333,961,415	136,464,335

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NOTE 34. OTHER OPERATING INCOME

The account breaks down as follows as of the indicated dates:


	12.31.24	12.31.23	12.31.22

Other Adjustments and Interest on sundry Credits	94,819,108	463,044,677	251,820,425
Rental of Safety Deposit Boxes	32,910,007	26,705,074	27,162,133
Other Financial Income	27,966,270	24,539,176	7,453,362
Other Income from Services	203,939,849	157,422,406	119,594,784

Reversed allowances	1,079,684	55,440,738	440,440
Others	127,703,617	104,184,539	93,913,930
Total	488,418,535	831,336,610	500,385,074


NOTE 35. INSURANCE BUSINESS RESULT

The following items are included in the account as of the indicated dates:


	12.31.24	12.31.23	12.31.22
Insurance revenue	376,467,586	208,578,621	151,320,367
Insurance service expense	(368,341,040)	(128,043,456)	(59,333,774)
Net expenses from reinsurance contracts held	7,902,809	(1,393,247)	(4,717,738)
Total	16,029,355	79,141,918	87,268,855


NOTE 36. IMPAIRMENT CHARGE

The following items are included in the account as of the indicated dates:


	12.31.24	12.31.23	12.31.22
Expected credit loss allowance	(851,233,409)	(402,578,462)	(336,521,693)
Direct charge offs	(11,566,027)	(12,659,350)	(19,074,215)
Total	(862,799,436)	(415,237,812)	(355,595,908)

The changes in the expected credit loss allowance between the beginning and the end of the annual period are detailed in Note 45.


NOTE 37. PERSONNEL EXPENSES

The following are the items included in the account as of the indicated dates:


	12.31.24	12.31.23	12.31.22
Payroll	(418,640,653)	(404,137,702)	(371,375,897)
Social Contributions on Payroll	(99,575,723)	(94,885,738)	(88,535,077)
Personnel Compensations and Rewards	(478,044,645)	(219,361,618)	(164,038,318)
Services for Personnel	(15,440,532)	(17,903,783)	(18,271,984)
Other Short-term Personnel Expenses	(16,358,760)	(27,843,321)	(13,311,763)
Other Long-term Personnel Expenses	(3,418,493)	(1,219,189)	(1,519,498)
Total	(1,031,478,806)	(765,351,351)	(657,052,537)

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NOTE 38. ADMINISTRATIVE EXPENSES

The Group presented its statement of comprehensive income by function. Under this method, expenses are classified according to their function as part of the item “Administrative Expenses”.

The table below provides the required additional information about expenses by nature and function as of the indicated dates:


	12.31.24	12.31.23	12.31.22
Fees and Remunerations for Services	(67,280,150)	(45,105,922)	(51,392,861)
Directors’ and Syndics’ Fees	(9,841,347)	(7,877,919)	(8,449,390)
Advertising and Marketing	(37,685,592)	(31,143,629)	(28,949,697)
Taxes	(212,319,260)	(192,064,786)	(159,961,480)
Maintenance and Repairs of Assets and Systems	(121,588,331)	(92,014,006)	(94,599,000)
Electricity and Communications	(33,109,406)	(29,783,895)	(31,498,594)
Representation and Travel Expenses	(2,290,037)	(1,761,481)	(1,580,029)
Stationery and Office Supplies	(3,629,722)	(3,028,330)	(2,240,855)
Rentals	(1,424,757)	(1,377,061)	(2,399,789)
Administrative Services under Contract	(140,283,538)	(115,254,675)	(111,046,638)
Security	(17,550,631)	(15,265,927)	(14,439,558)
Insurance	(5,696,412)	(4,589,771)	(5,456,024)
Armored Transportation Services	(36,291,935)	(39,385,423)	(37,888,307)
Others	(65,035,274)	(64,238,529)	(58,514,200)
Total	(754,026,392)	(642,891,354)	(608,416,422)


NOTE 39. DEPRECIATION EXPENSES

The account breaks down as follows as of the indicated dates:


	12.31.24	12.31.23	12.31.22
Depreciation of Property, Plant and Equipment	(88,263,545)	(94,104,250)	(100,733,930)
Amortization of Organization and Development Expenses	(92,153,068)	(88,232,317)	(86,116,497)
Depreciation of other intangible assets	(1,723,770)	(2,395)	(2,394)
Others (*)	(5,927,106)	(1,189,149)	(2,191,182)
Total	(188,067,489)	(183,528,111)	(189,044,003)

(*) "Other" include the depreciation of various assets and losses from sale or depreciation of property, plant and equipment.

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NOTE 40. OTHER OPERATING EXPENSES

The account breaks down as follows as of the indicated dates:


	12.31.24	12.31.23	12.31.22
Turnover Tax	(564,903,468)	(725,942,012)	(514,484,027)
Contributions to the Deposit Insurance Scheme	(17,113,743)	(19,013,070)	(19,777,778)
Charges for Other Provisions	(103,691,642)	(29,914,287)	(29,447,541)
Claims	(24,397,566)	(33,856,221)	(41,005,572)
Other Financial Expenses	(106,362,334)	(77,302,747)	(82,603)
Interest on leases	(5,665,756)	(7,413,608)	(7,751,978)
Credit-card-relates expenses	(141,724,864)	(109,773,940)	(82,880,137)
Other Expenses from Services	(231,032,134)	(207,433,846)	(147,130,750)
Others	(65,115,066)	(20,948,131)	(20,435,444)
Total	(1,260,006,573)	(1,231,597,862)	(862,995,830)


NOTE 41. INCOME TAX/DEFERRED TAX

The following is a reconciliation of income tax charged to income as of December 31, 2024, as compared to the previous fiscal year:


	12.31.24	12.31.23	12.31.22
Income Before Income Tax for the Year	2,246,089,550	1,186,417,888	438,366,201
Current Tax Rate	35%	35%	35%
Income for the Year at Tax Rate	(786,131,343)	(415,246,261)	(153,428,170)
Permanent Differences at Tax Rate
- Income for Equity Instruments	251,730,563	2,233,157	(1,047,282)
- Untaxed Income	3,870,468	16,174,322	188,636
- Donations and Other Non-deductible Expenses	(1,264,047)	(1,389,003)	(176,552)
- Other	(258,587,437)	(15,786,215)	(8,727,332)
- Inflation effect	(677,116,204)	(820,227,848)	(550,847,401)

- Tax inflation adjustment	860,659,354	785,416,145	598,541,971
Total Income Tax Charge for the Year	(606,838,646)	(448,825,703)	(115,496,130)


	12.31.24	12.31.23	12.31.22
Current Income Tax	(270,216,700)	(641,811,863)	(111,606,951)
Deferred Tax Charge(*)	(188,723,015)	345,872,879	21,350,822
Update of the charge tax for inflation effects	(148,680,687)	(155,968,146)	(22,170,686)
Tax Return adjustment from previous fiscal year	781,756	3,081,427	(3,069,315)
Total Income Tax Charge for the Year	(606,838,646)	(448,825,703)	(115,496,130)

(*)See Note 19.

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	12.31.24	12.31.23	12.31.22
Current Income Tax	(270,216,700)	(641,811,863)	(111,606,951)
Tax Advances	109,418,044	48,622,555	51,931,738
Current Income Tax Liabilities	(160,798,656)	(593,189,308)	(59,675,213)

Tax Inflation Adjustment

•Law 27,430 introduced an amendment establishing that the subjects referred to in paragraphs a) to e) of Article 53 of the current Income Tax Act, for the purposes of determining the net taxable earnings, should deduct or incorporate the tax inflation adjustment to the tax income for the fiscal year being settled. Said adjustment would be applicable in the fiscal year where a variation percentage of the consumer price index is verified, greater than one hundred percent (100%), accumulated in the thirty-six (36) months prior to the closing of the fiscal year being settled.

•For fiscal years commencing on or after January 1, 2021, the inflation adjustment would be charged in full (100%), with no deferral at all. In this regard, the whole inflation adjustment calculated for this year has to be included in the current fiscal year.

Tax rates

On June 16, 2021, Law 27,630 was enacted establishing a new graduated income tax rate structure for capital companies, with three segments in relation to the level of accumulated taxable net earnings, to be applied for fiscal years commencing on or after January 1, 2021, this date included.

The new tax rate in the framework of this treatment are:

For the fiscal year beginning on 01.01.24 and ended 12.31.24:


Accumulated taxable net earnings
Over Ps.	At Ps.	Will pay Ps	Plus %		On the surplus of Ps.
—	34,704	—	25	%	—
34,704	347,035	8,676	30	%	34,704
347,035	Onwards	102,375	35	%	347,035

For the fiscal year beginning on 01.01.23 and ended 12.31.23:


Accumulated taxable net earnings
Over Ps.	At Ps.	Will pay Ps	Plus %		On the surplus of Ps.
—	14,301	—	25	%	—
14,301	143,012	3,575	30	%	14,301
143,012	Onwards	42,189	35	%	143,012

The amounts provided for above will be adjusted annually, based on the annual variation of the CPI provided by INDEC, corresponding to the month of October of the year prior to the adjustment, with respect to the same month of the previous year.

Dividend tax: it is established that dividends or profits distributed to individuals, undivided estates or foreign beneficiaries will be taxed at the rate of 7%.

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NOTE 42. DIVIDENDS

The Ordinary and Extraordinary Shareholders' Meeting held on April 30, 2024 approved the distribution of cash dividends in the amount of Ps.65,000,000 (equivalent to Ps.93,354,818 at December 31, 2024), which represented Ps.44.08 (amount stated in Argentine pesos) per share.

In addition, at said Meeting, the use of the Reserve for the eventual distribution of profits for up to Ps.386,635,827 (equivalent to Ps.555,297,250 at December 31, 2024) was approved, delegating to the Board of Directors the power to pay it on one or more occasions, subject to approval and to the terms and conditions that the subsidiary Banco Galicia obtains from the Argentine Central Bank with respect to the payment of dividends.

Dividend payments made are detailed below:


Date of payment	Amount	Amount in closing currency
05.14.24	65,000,000	82,340,110
05.23.24	140,261,066	177,678,641
06.28.24	146,118,828	176,997,779
07.24.24	152,806,782	177,926,965

The Ordinary and Extraordinary Shareholders' Meeting held on April 25, 2023, approved the distribution of cash dividends in the amount of Ps.10,000,000 (equivalent to Ps.55,706,835 at December 31, 2024), which represented Ps.6.78 (figure expressed in Argentine pesos) per share.

Additionally, at the same Shareholders´ Meeting, the distribution of cash dividends in the amount of Ps.75,000,000 (equivalent to Ps.417,801,355 on December 31, 2024) was approved, delegating to the Board of Directors the power to pay it on one or more occasions until the annual meeting that discusses the income of the current fiscal year.

Dividend payments made are detailed below:


Date of payment	Amount	Amount in closing currency
05.09.23	35,000,000	166,888,953
06.12.23	12,500,000	56,255,526
07.10.23	12,500,000	52,899,153
08.08.23	12,500,000	47,045,876
09.11.23	12,500,000	41,725,925

The Ordinary and Extraordinary Shareholders’ Meeting held on April 26, 2022, approved the distribution of cash dividends in the amount of Ps.11,000,000 (equivalent to Ps.125,187,865 on December 31, 2024), which represented Ps.7.46 (figure expressed in Argentine pesos) per share. On May 9, 2022, the aforementioned dividends were paid to the Company's shareholders.

Additionally, at the same Shareholders´ Meeting, the distribution of cash dividends in the amount of Ps.8,000,000 (equivalent to Ps.91,045,729 at December 31, 2024) was approved, delegating to the Board of Directors the power to partially pay it twice in the months of September 2022 and January 2023.

Dividend payments made are detailed below:

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Date of payment	Amount	Amount in closing currency
05.09.22	11,000,000	112,373,922
09.12.22	4,000,000	31,816,177
01.09.23	4,000,000	25,583,181


NOTE 43. EARNINGS PER SHARE

Earnings per share are calculated by dividing income attributable to parent company´s owners by the weighted average number of outstanding ordinary shares during the year. As the Group does not have preferred shares or debt convertible into shares, basic earnings are equal to diluted earnings per share.


	12.31.24	12.31.23	12.31.22
Net Income for the Year Attributable to Parent Company´s Owners	1,624,744,805	734,238,287	329,383,656
Weighted Average Ordinary Shares	1,483,089	1,474,692	1,474,692
Earnings per Share	1,095.51	497.89	223.36


NOTE 44. SEGMENT REPORTING

The Group determines segments based on management reports that are reviewed by the Board of Directors and updated as they show changes.

Reportable segments are one or more operating segments with similar economic characteristics, distribution channels and regulatory environments.

Below there is a description of each business segment’s composition:

a.Bank: It represents the banking business operation results, including Banco de Galicia y Buenos Aires S.A.U. and Banco GGAL S.A.

b.Naranja X: This segment represents the results of operations of brand credit cards, consumer finance and digital banking services business. Includes the results of operations of Tarjetas Regionales S.A. consolidated with its subsidiaries, as follows: Cobranzas Regionales S.A., Naranja Digital Companía Financiera S.A.U.,Tarjeta Naranja S.A.U. and NHI UK Limited. At of 12.31.21, it incorporated the results of Ondara S.A., liquidated in the previous financial year.

c.Insurance: This segment represents the results of operations of the insurance companies’ business and includes the results of operations of Sudamericana Holding S.A. consolidated with its subsidiaries, as follows: Galicia Retiro Cía. de Seguros S.A.U., Galicia Seguros S.A.U., Galicia Broker Asesores de Seguros S.A., Well Assistance S.A.U., Sudamericana Seguros Galicia S.A. (formerly Seguros SURA S.A.), GGAL Seguros de Retiro S.A. and GGAL Seguros de Personas S.A.

d.Other Businesses: This segment shows the results of operations of Galicia Asset Management S.A.U., Galicia Warrants S.A., Galicia Securities S.A.U., Agri Tech Investments LLC, Agri Tech Investments Argentina S.A.U., IGAM LLC, Inviu S.A.U., INVIU Uruguay Agente de Valores S.A., Galicia Investments LLC, Galicia Ventures LP, Galicia Holdings LLC, GGAL Holdings S.A., GGAL Participaciones S.A.U. and Grupo Financiero Galicia S.A., the last net of eliminations of the income from equity investments.

e.Adjustments: This segment includes consolidation adjustments and eliminations of transactions among subsidiaries. See Note 51.5.

The operating income (loss) of the Group’s different operating segments is monitored separately in order to make decisions on resource allocation and the evaluation of each segment’s performance. Segment performance is evaluated based on operating income or losses and is consistently measured with the operating income and losses of the consolidated income statement.

Intersegment transactions are at arm’s length similarly to transactions performed with third parties. Income, expenses and income (losses) resulting from the transfers among operating segments are then eliminated from consolidation.

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The relevant segment reporting as of the indicated dates is as follows:


	Bank	Naranja X	Insurance	Other Businesses	Adjustments	Total as of 12.31.24
Net Income from interest	4,098,346,047	980,723,750	48,406,373	(1,122,542)	23,458,990	5,149,812,618
Net fee Income	625,600,646	465,648,303	—	9,017,470	(8,401,872)	1,091,864,547
Net Income from Financial Instruments measured at fair value through Profit or Loss	615,209,804	107,187,647	24,402,583	125,110,234	(4,949,358)	866,960,910
Income from Derecognition of Assets Measured at Amortized Cost	177,696,357	27,638,513	—	—	—	205,334,870
Exchange rate Differences on Foreign Currency	141,859,694	3,011,398	5,486,244	4,484,987	—	154,842,323
Other Operating Income	204,887,219	111,937,427	18,559,887	169,922,256	(16,888,254)	488,418,535

Insurance Business Result	—	—	1,142,761	—	14,886,594	16,029,355
Impairment Charge	(508,665,890)	(354,059,699)	(122,840)	48,993	—	(862,799,436)
Personnel Expenses	(810,888,389)	(171,347,355)	(18,863,308)	(30,379,754)	—	(1,031,478,806)
Administrative Expenses	(523,332,478)	(196,257,679)	(6,402,080)	(29,093,668)	1,059,513	(754,026,392)
Depreciation Expenses	(156,595,062)	(29,316,937)	(281,755)	(1,873,735)	—	(188,067,489)
Other Operating Expenses	(825,674,278)	(263,419,759)	(118,143,100)	(52,816,697)	47,261	(1,260,006,573)
Loss on net monetary position	(1,972,790,608)	(364,590,391)	19,753,841	(67,264,307)	—	(2,384,891,465)
Operating Income	1,065,653,062	317,155,218	(26,061,394)	126,033,237	9,212,874	1,491,992,997
Share of profit from Associates and Joint Ventures	668,785,101	—	—	50,445,078	—	719,230,179
Income before Taxes from Continuing Operations	1,734,438,163	317,155,218	(26,061,394)	176,478,315	9,212,874	2,211,223,176
Income Tax from Continuing Operations	(449,076,292)	(89,600,049)	176,691	(48,113,964)	—	(586,613,614)
Net Income from Continuing Operations	1,285,361,871	227,555,169	(25,884,703)	128,364,351	9,212,874	1,624,609,562
Net Income for the Year	1,285,361,871	227,555,169	(25,884,703)	128,364,351	9,212,874	1,624,609,562
Other Comprehensive Income (Loss)	14,950,289	(433,927)	552,096	(427,116)	—	14,641,342
Total Comprehensive Income Attributable to Parent company´s owners	1,300,322,262	227,121,242	(25,206,634)	127,937,235	9,212,874	1,639,386,979
Total Comprehensive (Expense) / Income Attributable to Non-controlling Interests	(10,102)	—	(125,973)	—	—	(136,075)

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	Bank	Naranja X	Insurance	Other Businesses	Adjustments	Total as of 12.31.23
Net Income from interest	3,183,580,468	567,510,963	17,641,358	(523,548)	(5,937,931)	3,762,271,310
Net fee Income	634,363,687	405,580,444	—	8,592,962	(21,932,207)	1,026,604,886
Net Income from Financial Instruments measured at fair value through Profit or Loss	254,406,328	210,881,387	(25,293,252)	145,779,888	10,675,304	596,449,655
Income from Derecognition of Assets Measured at Amortized Cost	92,217,350	(538,889)	—	15,359	—	91,693,820
Exchange rate Differences on Foreign Currency	1,159,858,719	10,745,228	118,552,884	44,804,584	—	1,333,961,415
Other Operating Income	607,184,737	85,485,614	26,036,634	128,955,612	(16,325,987)	831,336,610

Insurance Business Result	—	—	46,263,229	—	32,878,689	79,141,918
Impairment Charge	(273,838,471)	(141,401,919)	2,578	—	—	(415,237,812)
Personnel Expenses	(547,795,208)	(169,148,481)	(27,727,540)	(20,680,122)	—	(765,351,351)
Administrative Expenses	(445,472,178)	(167,090,794)	(14,922,481)	(17,203,254)	1,797,353	(642,891,354)
Depreciation Expenses	(152,696,232)	(26,518,495)	(2,636,604)	(1,676,780)	—	(183,528,111)
Other Operating Expenses	(893,682,457)	(228,695,671)	(77,408,491)	(31,814,906)	3,663	(1,231,597,862)
Loss on net monetary position	(2,665,086,462)	(490,135,833)	(42,373,755)	(109,159,016)	—	(3,306,755,066)
Operating Income	953,040,281	56,673,554	18,134,560	147,090,779	1,158,884	1,176,098,058
Share of profit from Associates and Joint Ventures	(4,239,137)	—	10,619,586	—	—	6,380,449
Income before Taxes from Continuing Operations	948,801,144	56,673,554	28,754,146	147,090,779	1,158,884	1,182,478,507
Income Tax from Continuing Operations	(338,127,643)	(26,781,840)	(3,982,527)	(79,353,688)	—	(448,245,698)
Net Income from Continuing Operations	610,673,501	29,891,714	24,771,619	67,737,091	1,158,884	734,232,809
Net Income for the Year	610,673,501	29,891,714	24,771,619	67,737,091	1,158,884	734,232,809
Other Comprehensive Income (Loss)	—	1,030,238	432,222	1,896,916	—	3,359,376
Total Comprehensive Income Attributable to Parent company´s owners	610,673,501	30,921,952	25,209,319	69,634,007	1,158,884	737,597,663
Total Comprehensive (Expense) / Income Attributable to Non-controlling Interests	—	—	(5,478)	—	—	(5,478)

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	Bank	Naranja X	Insurance	Other Businesses	Adjustments	Total as of 12.31.22
Net Income from interest	523,638,369	456,666,063	64,979,451	3,212,630	(14,233,562)	1,034,262,951
Net fee Income	557,326,164	381,814,663	—	158,541	(20,170,416)	919,128,952
Net Income from Financial Instruments measured at fair value through Profit or Loss	2,172,501,553	90,709,333	(43,876,575)	58,196,614	15,313,393	2,292,844,318
Income from Derecognition of Assets Measured at Amortized Cost	4,164,256	(112,854)	—	—	—	4,051,402
Exchange rate Differences on Foreign Currency	131,213,697	(886,435)	30,658	6,106,415	—	136,464,335
Other Operating Income	336,877,909	77,949,482	11,317,578	91,724,438	(17,484,333)	500,385,074
Insurance Business Result	—	—	53,655,172	—	33,613,683	87,268,855
Impairment Charge	(239,780,771)	(115,823,295)	8,158	—	—	(355,595,908)
Personnel Expenses	(453,280,282)	(165,652,070)	(25,116,817)	(13,003,368)	—	(657,052,537)
Administrative Expenses	(429,770,904)	(151,808,733)	(12,859,462)	(17,569,181)	3,591,858	(608,416,422)
Depreciation Expenses	(150,548,349)	(34,008,213)	(3,795,223)	(692,218)	—	(189,044,003)
Other Operating Expenses	(621,047,523)	(229,751,495)	(159,612)	(12,147,681)	110,481	(862,995,830)
Loss on net monetary position	(1,506,965,773)	(282,129,933)	(13,208,382)	(51,551,591)	—	(1,853,855,679)
Operating Income	324,328,346	26,966,513	30,974,946	64,434,599	741,104	447,445,508
Share of profit from Associates and Joint Ventures	(2,992,233)	—	—	—	—	(2,992,233)
Income before Taxes from Continuing Operations	321,336,113	26,966,513	30,974,946	64,434,599	741,104	444,453,275
Income Tax from Continuing Operations	(42,640,102)	(13,258,116)	(14,589,724)	(44,581,616)	—	(115,069,558)
Net Income from Continuing Operations	278,696,011	13,708,397	16,385,222	19,852,983	741,104	329,383,717
Net Income for the Year	278,696,011	13,708,397	16,385,222	19,852,983	741,104	329,383,717
Other Comprehensive Income (Loss)	(7,656,870)	(95)	(123,841)	1,267,160	—	(6,513,646)
Total Comprehensive Income Attributable to Parent company´s owners	271,039,141	13,708,302	16,261,320	21,120,143	741,104	322,870,010
Total Comprehensive (Expense) / Income Attributable to Non-controlling Interests	—	—	61	—	—	61

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	Bank	Naranja X	Insurance	Other Businesses	Adjustments	Total as of 12.31.24
ASSETS
Cash and Due from Banks	6,588,047,395	66,070,133	9,762,362	235,674,513	(154,714,235)	6,744,840,168
Debt Securities at fair value through profit or loss	1,023,365,014	—	424,083,629	71,691,661	(10,491,190)	1,508,649,114
Derivative Financial Instruments	5,626,911	—	—	—	(1,465,596)	4,161,315
Repurchase Transactions	40,785,490	—	—	—	(40,785,490)	—
Other Financial Assets	613,563,759	853,041,161	154,260,395	123,177,581	(7,662,886)	1,736,380,010
Loans and Other Financing	11,036,306,147	3,464,446,144	(33,515,671)	20,141,309	(99,286,008)	14,388,091,921
Other Debt Securities	4,154,827,523	250,448,473	75,429,394	95,318,797	(95,318,797)	4,480,705,390
Financial Assets Pledged as Collateral	1,238,749,890	225,337,389	—	20,328,796	—	1,484,416,075
Current Income Tax Assets	—	—	209,238	—	—	209,238
Investments in Equity Instruments	31,425,453	—	2,488,994	8,172,384	—	42,086,831
Equity Investments in Associates and Joint Ventures	4,087,764	—	—	—	—	4,087,764
Property, Plant and Equipment	917,500,761	69,005,503	6,365,263	2,649,290	—	995,520,817
Intangible Assets	265,095,514	17,735,154	18,067,228	3,588,354	—	304,486,250
Deferred Income Tax Assets	222,318,224	77,804,312	96,188,791	11,708,459	—	408,019,786
Insurance Contract Assets	—	—	34,243,987	—	—	34,243,987
Reinsurance Contract Assets	—	—	54,457,819	—	—	54,457,819
Other Non-financial Assets	237,904,273	20,944,849	7,369,255	46,878,795	148	313,097,320
Non-current Assets Held for Sale	14,525,567	—	—	—	—	14,525,567
TOTAL ASSETS	26,394,129,685	5,044,833,118	849,410,684	639,329,939	(409,724,054)	32,517,979,372
LIABILITIES
Deposits	17,378,047,938	1,418,238,049	—	—	(161,955,162)	18,634,330,825
Liabilities at Fair Value Through Profit or Loss	—	—	—	12,116,753	(3,111,231)	9,005,522
Derivative Financial Instruments	4,797,852	4,340,000	—	—	(1,465,597)	7,672,255
Repurchase Transactions	389,701,262	40,785,342	—	—	(40,785,342)	389,701,262
Other Financial Liabilities	1,419,475,588	1,919,065,188	37,313	225,502,602	(1,269,095)	3,562,811,596
Financing Received from the Argentine Central Bank and Other Financial Institutions	82,391,477	454,185,521	—	13	(94,796,845)	441,780,166
Debt Securities	683,302,271	252,899,710	—	83,795,437	(10,491,190)	1,009,506,228
Current Income Tax Liabilities	81,579,588	44,504,186	6,933,578	27,781,304	—	160,798,656
Subordinated Debt Securities	361,432,919	—	—	—	(95,318,797)	266,114,122
Provisions	413,788,805	1,626,599	(22,434,183)	3,612,264	—	396,593,485
Deferred Income Tax Liabilities	114,278,817	—	14,305,416	8,574,418	—	137,158,651
Insurance Contracts Liabilities	—	—	666,187,711	—	(45,529)	666,142,182

Other Non-financial Liabilities	524,396,579	123,537,008	62,954,127	62,217,894	(485,266)	772,620,342
TOTAL LIABILITIES	21,453,193,096	4,259,181,603	727,983,962	423,600,685	(409,724,054)	26,454,235,292

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	Bank	Naranja X	Insurance	Other Businesses	Adjustments	Total as of 12.31.23
ASSETS
Cash and Due from Banks	4,188,667,935	42,463,054	9,812,240	177,067,961	(71,700,003)	4,346,311,187
Debt Securities at fair value through profit or loss	1,007,305,189	137,984,315	150,303,337	39,269,897	(30,905,319)	1,303,957,419
Derivative Financial Instruments	76,804,426	14,111,085	—	3,321	(14,069,425)	76,849,407
Repurchase Transactions	2,364,736,275	230,018,939	—	—	(46,560,943)	2,548,194,271
Other Financial Assets	267,276,125	14,216,182	33,720,018	94,130,942	(21,498,546)	387,844,721
Loans and Other Financing	4,859,705,420	1,982,953,390	—	9,458,631	(143,459,601)	6,708,657,840
Other Debt Securities	3,901,910,148	258,000,246	34,945,161	—	—	4,194,855,555
Financial Assets Pledged as Collateral	841,194,576	69,430,612	—	29,149,430	—	939,774,618
Current Income Tax Assets	—	—	4,235,799	219,399	—	4,455,198
Investments in Equity Instruments	15,019,739	—	247,151	5,720,118	—	20,987,008
Equity Investments in Associates and Joint Ventures	5,771,514	—	—	—	—	5,771,514
Property, Plant and Equipment	687,117,868	70,979,889	13,996,002	1,531,474	—	773,625,233
Intangible Assets	223,991,532	19,123,690	21,567,486	4,505,401	—	269,188,109
Deferred Income Tax Assets	284,442,441	63,976,804	61,195,643	3,599,236	—	413,214,124
Insurance Contract Assets	—	—	21,388,018	—	—	21,388,018
Reinsurance Contract Assets	—	—	62,315,290	—	—	62,315,290
Other Non-financial Assets	122,268,878	15,485,744	5,223,132	26,327,648	(17)	169,305,385
Non-current Assets Held for Sale	163,149	—	—	—	—	163,149
TOTAL ASSETS	18,846,375,215	2,918,743,950	418,949,277	390,983,458	(328,193,854)	22,246,858,046
LIABILITIES
Deposits	12,074,934,919	447,706,526	—	13,432	(93,186,228)	12,429,468,649
Liabilities at Fair Value Through Profit or Loss	107,760,501	—	—	—	—	107,760,501
Derivative Financial Instruments	40,720,964	—	—	—	(14,069,425)	26,651,539
Repurchase transactions	50,839,676	46,560,943	—	—	(46,560,943)	50,839,676
Other Financial Liabilities	1,450,529,836	1,162,565,179	—	176,299,550	(16,546,497)	2,772,848,068
Financing Received from the Argentine Central Bank and Other Financial Institutions	94,764,542	330,220,974	—	1,192,788	(125,384,238)	300,794,066
Debt Securities	33,833,286	194,237,871	—	—	(26,170,493)	201,900,664
Current Income Tax Liabilities	514,149,428	21,659,160	19,466,723	37,913,997	—	593,189,308
Subordinated Debt Securities	452,484,920	—	—	—	(4,734,826)	447,750,094
Provisions	37,680,533	4,725,061	1,772,256	219,674	—	44,397,524
Deferred Income Tax Liabilities	—	—	28,205,468	9,588,142	—	37,793,610
Insurance Contracts Liabilities	—	—	230,186,289	—	(8,976)	230,177,313
Reinsurance Contracts Liabilities	—	—	4,711,617	—	—	4,711,617
Other Non-financial Liabilities	410,764,436	110,455,888	60,767,478	25,296,136	(1,532,228)	605,751,710
TOTAL LIABILITIES	15,268,463,041	2,318,131,602	345,109,831	250,523,719	(328,193,854)	17,854,034,339

The information by geographic segments as of the indicated dates is presented below:

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	Argentina	Uruguay	Adjustments	Total as of 12.31.24
Net Income from interest	5,126,353,628	—	23,458,990	5,149,812,618
Net fee Income	1,103,793,075	(3,526,656)	(8,401,872)	1,091,864,547
Net Income from Financial Instruments measured at fair value through Profit or Loss	868,316,086	3,594,182	(4,949,358)	866,960,910
Income from Derecognition of Assets Measured at Amortized Cost	205,334,870	—	—	205,334,870
Exchange rate Differences on Foreign Currency	154,496,339	345,984	—	154,842,323
Other Operating Income	502,921,074	2,385,715	(16,888,254)	488,418,535

Insurance Business Result	1,142,761	—	14,886,594	16,029,355
Impairment Charge	(862,799,436)	—	—	(862,799,436)
Personnel Expenses	(1,030,261,991)	(1,216,815)	—	(1,031,478,806)
Administrative Expenses	(754,199,232)	(886,673)	1,059,513	(754,026,392)
Depreciation Expenses	(187,977,455)	(90,034)	—	(188,067,489)
Other Operating Expenses	(1,260,053,834)	—	47,261	(1,260,006,573)
Loss on net monetary position	(2,384,445,707)	(445,758)	—	(2,384,891,465)
Operating Income	1,482,620,178	159,945	9,212,874	1,491,992,997
Share of profit from Associates and Joint Ventures	719,230,179	—	—	719,230,179
Income before Taxes from Continuing Operations	2,201,850,357	159,945	9,212,874	2,211,223,176
Income Tax from Continuing Operations	(586,613,614)	—	—	(586,613,614)
Net Income from Continuing Operations	1,615,236,743	159,945	9,212,874	1,624,609,562
Net Income for the Year	1,615,236,743	159,945	9,212,874	1,624,609,562
Other Comprehensive Income (Loss)	14,817,273	(175,931)	—	14,641,342
Total Comprehensive Income Attributable to Parent company´s owners	1,630,190,091	(15,986)	9,212,874	1,639,386,979
Total Comprehensive (Expense) / Income Attributable to Non-controlling Interests	(136,075)	—	—	(136,075)

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


	Argentina	Uruguay	Adjustments	Total as of 12.31.23
Net Income from interest	3,768,209,241	—	(5,937,931)	3,762,271,310
Net fee Income	1,049,742,504	(1,205,411)	(21,932,207)	1,026,604,886
Net Income from Financial Instruments measured at fair value through Profit or Loss	584,935,051	839,300	10,675,304	596,449,655
Income from Derecognition of Assets Measured at Amortized Cost	91,693,820	—	—	91,693,820
Exchange rate Differences on Foreign Currency	1,333,613,657	347,758	—	1,333,961,415
Other Operating Income	847,082,359	580,238	(16,325,987)	831,336,610

Insurance Business Result	46,263,229	—	32,878,689	79,141,918
Impairment Charge	(415,237,812)	—	—	(415,237,812)
Personnel Expenses	(764,539,687)	(811,664)	—	(765,351,351)
Administrative Expenses	(643,504,010)	(1,184,697)	1,797,353	(642,891,354)
Depreciation Expenses	(183,508,477)	(19,634)	—	(183,528,111)
Other Operating Expenses	(1,231,594,929)	(6,596)	3,663	(1,231,597,862)
Loss on net monetary position	(3,305,506,451)	(1,248,615)	—	(3,306,755,066)
Operating Income	1,177,648,495	(2,709,321)	1,158,884	1,176,098,058
Share of profit from Associates and Joint Ventures	6,380,449	—	—	6,380,449
Income before Taxes from Continuing Operations	1,184,028,944	(2,709,321)	1,158,884	1,182,478,507
Income Tax from Continuing Operations	(448,245,698)	—	—	(448,245,698)
Net Income from Continuing Operations	735,783,246	(2,709,321)	1,158,884	734,232,809
Net Income for the Year	735,783,246	(2,709,321)	1,158,884	734,232,809
Other Comprehensive Income (Loss)	1,461,579	1,897,797	—	3,359,376
Total Comprehensive Income Attributable to Parent company´s owners	737,250,303	(811,524)	1,158,884	737,597,663
Total Comprehensive (Expense) / Income Attributable to Non-controlling Interests	(5,478)	—	—	(5,478)

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	Argentina	Uruguay	Adjustments	Total as of 12.31.24
ASSETS
Cash and Due from Banks	6,898,275,244	1,279,159	(154,714,235)	6,744,840,168
Debt Securities at fair value through profit or loss	1,518,721,246	419,058	(10,491,190)	1,508,649,114
Derivative Financial Instruments	5,626,911	—	(1,465,596)	4,161,315
Repurchase Transactions	40,785,490	—	(40,785,490)	—
Other Financial Assets	1,744,042,896	—	(7,662,886)	1,736,380,010
Loans and Other Financing	14,487,322,864	55,065	(99,286,008)	14,388,091,921
Other Debt Securities	4,576,024,187	—	(95,318,797)	4,480,705,390
Financial Assets Pledged as Collateral	1,483,426,659	989,416	—	1,484,416,075
Current Income Tax Assets	209,238	—	—	209,238
Investments in Equity Instruments	42,086,831	—	—	42,086,831
Equity Investments in Associates and Joint Ventures	4,087,764	—	—	4,087,764
Property, Plant and Equipment	995,196,224	324,593	—	995,520,817
Intangible Assets	304,486,250	—	—	304,486,250
Deferred Income Tax Assets	408,019,786	—	—	408,019,786
Insurance Contract Assets	34,243,987	—	—	34,243,987
Reinsurance Contract Assets	54,457,819	—	—	54,457,819
Other Non-financial Assets	313,085,619	11,553	148	313,097,320
Non-current Assets Held for Sale	14,525,567	—	—	14,525,567
TOTAL ASSETS	32,924,624,582	3,078,844	(409,724,054)	32,517,979,372
LIABILITIES
Deposits	18,796,285,987	—	(161,955,162)	18,634,330,825
Liabilities at Fair Value Through Profit or Loss	12,116,753	—	(3,111,231)	9,005,522
Derivative Financial Instruments	9,137,852	—	(1,465,597)	7,672,255
Repurchase Transactions	430,486,604	—	(40,785,342)	389,701,262
Other Financial Liabilities	3,563,708,240	372,451	(1,269,095)	3,562,811,596
Financing Received from the Argentine Central Bank and Other Financial Institutions	536,577,011	—	(94,796,845)	441,780,166
Debt Securities	1,019,997,418	—	(10,491,190)	1,009,506,228
Current Income Tax Liabilities	160,798,656	—	—	160,798,656
Subordinated Debt Securities	361,432,919	—	(95,318,797)	266,114,122
Provisions	396,593,485	—	—	396,593,485
Deferred Income Tax Liabilities	137,158,651	—	—	137,158,651
Insurance Contracts Liabilities	666,187,711	—	(45,529)	666,142,182

Other Non-financial Liabilities	771,906,899	1,198,709	(485,266)	772,620,342
TOTAL LIABILITIES	26,862,388,186	1,571,160	(409,724,054)	26,454,235,292

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	Argentina	Uruguay	Adjustments	Total as of 12.31.23
Cash and Due from Banks	4,416,145,396	1,865,794	(71,700,003)	4,346,311,187
Debt Securities at fair value through profit or loss	1,334,862,738	—	(30,905,319)	1,303,957,419
Derivative Financial Instruments	90,915,511	3,321	(14,069,425)	76,849,407
Repurchase Transactions	2,594,755,214	—	(46,560,943)	2,548,194,271
Other Financial Assets	409,343,267	—	(21,498,546)	387,844,721
Loans and Other Financing	6,852,094,715	22,726	(143,459,601)	6,708,657,840
Other Debt Securities	4,194,855,555	—	—	4,194,855,555
Financial Assets Pledged as Collateral	938,332,944	1,441,674	—	939,774,618
Current Income Tax Assets	4,455,198	—	—	4,455,198
Investments in Equity Instruments	20,987,008	—	—	20,987,008
Equity Investments in Associates and Joint Ventures	5,771,514	—	—	5,771,514
Property, Plant and Equipment	773,042,047	583,186	—	773,625,233
Intangible Assets	269,186,312	1,797	—	269,188,109
Deferred Income Tax Assets	413,214,124	—	—	413,214,124
Insurance Contract Assets	21,388,018	—	—	21,388,018
Reinsurance Contract Assets	62,315,290	—	—	62,315,290
Other Non-financial Assets	169,283,327	22,075	(17)	169,305,385
Non-current Assets Held for Sale	163,149	—	—	163,149
TOTAL ASSETS	22,571,111,327	3,940,573	(328,193,854)	22,246,858,046
Deposits	12,522,654,877	—	(93,186,228)	12,429,468,649
Liabilities at Fair Value Through Profit or Loss	107,760,501	—	—	107,760,501
Derivative Financial Instruments	40,720,964	—	(14,069,425)	26,651,539
Repurchase Transactions	97,400,619	—	(46,560,943)	50,839,676
Other Financial Liabilities	2,788,826,452	568,113	(16,546,497)	2,772,848,068
Financing Received from the Argentine Central Bank and Other Financial Institutions	426,178,304	—	(125,384,238)	300,794,066
Debt Securities	228,071,157	—	(26,170,493)	201,900,664
Current Income Tax Liabilities	593,189,308	—	—	593,189,308
Subordinated Debt Securities	452,484,920	—	(4,734,826)	447,750,094
Provisions	44,397,524	—	—	44,397,524
Deferred Income Tax Liabilities	37,793,610	—	—	37,793,610
Insurance Contracts Liabilities	230,186,289	—	(8,976)	230,177,313
Reinsurance Contracts Liabilities	4,711,617	—	—	4,711,617
Other Non-financial Liabilities	605,438,953	1,844,985	(1,532,228)	605,751,710
TOTAL LIABILITIES	18,179,815,095	2,413,098	(328,193,854)	17,854,034,339


NOTE 45. CAPITAL MANAGEMENT AND RISK POLICIES

The tasks related to risk information and internal control of each of the companies controlled by Grupo Financiero Galicia are defined and carried out rigorously by each of them.

Corporate risk management is monitored by the Audit Committee, which as well gathers and analyzes the information submitted by the main controlled companies.

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As concerns risks, Banco Galicia embraces a policy that takes into consideration several aspects of the business and operations, abiding by the main guidelines of internationally accepted standards.

The specific function of the integral management of risks faced by Banco Galicia has been assigned to the Risk Area Management, ensuring its independence from the rest of the business areas by depending directly on the Bank’s General Management. Likewise, in order to have timely information and an agile and efficient structure that allows responding and adapting to the prevailing macro and microeconomic variables, the functions of granting and recovering credits, both for companies and individuals, are in charge of managements directly reporting to the Area, thus seeking greater efficiency in decision-making.

Additionally, the control and prevention of the risks of money laundering, terrorist financing, and other illicit activities, are in charge of the Prevention of Money Laundering Management, reporting to the Board of Directors, thus ensuring the Board of Directors is fully knowledgeable of the risks the Bank is exposed to, being in charge of designing and proposing the required policies and procedures for their identification, evaluation, follow-up, control, and mitigation.

The Risk Appetite framework has been specified as the risk level that would eventually be assumed in order to meet the business objectives. This specified Risk Appetite framework counts on different levels of risk acceptance, both in individual and consolidated terms. The Risk Appetite monitors, through a series of metrics and associated thresholds, the main risks assumed by the Bank, and divides them into the following dimensions: (i) Capital Risk (or Solvency); (ii) Financial Risk; (iii) Credit Risk; (iv) Operational Risk; (v) Cybersecurity. It should be noted that the last two dimensions also include monitoring the Reputational and Technological Risks.

Additionally, the Risks Area Management monitors the risk appetite set up, and conducts prospective analysis of the risk levels, aligning the management to the strategy and the business plan defined by the Board of Directors. It also promotes corporate policies aimed at mitigating verified (or potential) deviations from the accepted risk levels.

Capital Management

The Company’s goals are to generate returns to its shareholders, benefits to other groups of interest and keep the best capital structure. The latter will be given by the needs for investment in subsidiaries and new ventures, keeping the expected profitability levels and complying with the liquidity and solvency goals set.

Banco Galicia’s subsidiary determines the minimum capital requirement for each risk, in accordance with Argentine Central Bank regulations. The capital risk management is cross-sectional with respect to the other risks. Senior management is responsible for monitoring, overseeing, adjusting and ensuring compliance with its stated goals concerning capital management.

The Capital Adequacy Assessment Process (Proceso de Evaluación de Suficiencia de Capital—PESC) (reflected in the Capital Adequacy Report—IAC, as per its acronym in Spanish) enables to assess the relationship between own resources available and necessary resources to maintain an appropriate risk profile. This process also allows for the identification of both the economic capital needs and the sources to meet such needs.

To perform stress tests, four scenarios with different likelihood of occurrence are defined, which could affect the solvency and liquidity. The most likely to occur scenarios are used in management stress testing and are referred to when defining Risk Appetite thresholds. The least-likely to occur or least-severe scenarios are used in developing the Recovery Plan, which specifies the protocol defined for situations or events that may compromise the Bank’s operational capacity.

As of December 31, 2024, and December 31, 2023, Banco Galicia complied with the minimum capital requirement established by the Argentine Central Bank regulations. The balances of these items for Banco Galicia are detailed below, in accordance with the regulations and the currency in force each year.

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Computable Regulatory Capital (RPC, as per the initials in Spanish) is made up of Core Capital and Supplementary Capital. Banco Galicia’s balance for such items as of December 31, 2024, and December 31, 2023, is as follows:


	12.31.24	12.31.23
Basic Shareholders’ Equity	6,170,810,792	1,600,079,694
(Deductible Items)	(982,150,688)	(304,644,028)
Equity Tier 1	5,188,660,104	1,295,435,666
Complementing shareholders’ Equity	51,625,000	80,848,330
Equity Tier 2	51,625,000	80,848,330
Regulatory Capital (RPC)	5,240,285,104	1,376,283,996

The breakdown of the minimum capital requirement determined for the Group is shown below:


	12.31.24	12.31.23
Credit Risk	1,431,086,626	288,667,341
Market Risk	71,490,398	52,837,873
Operational Risk	479,696,205	112,505,729
Minimum Capital Requirement	1,982,273,229	454,010,943
Integration	5,240,285,104	1,376,283,996
Excess	3,258,011,875	922,273,053

Financial Risks

Financial risk is a phenomenon inherent to the financial brokerage activity. The exposure to the different financial risk factors is a natural circumstance that cannot be completely avoided without affecting the Group’s long-term economic viability. However, the lack of management regarding risk exposures is one of the most significant short-term threats. Risk factors need to be identified and managed within a specific policy framework and policies are adopted that consider the risk profile and appetite to achieve long-term strategic objectives.

Market Risk

The “price risk” is the possibility of incurring losses as a consequence of the variation of the market price of financial assets whose value is subject to negotiation. Financial assets subject to “trading” or allocated to “own positions” will be government and private debt securities, shares, currencies, derivatives and debt instruments issued by the Argentine Central Bank.

Brokerage/trading transactions that are allowed and regulated by the Policy are as follows:

•Brokerage of Government and Provincial Securities.

•Brokerage of Currencies on the Spot and Futures Markets

•Brokerage of Interest Rate Derivatives. Interest Rate Futures and Interest Rate Swaps.

•Brokerage of Debt Instruments Issued by the Argentine Central Bank.

•Brokerage of Third-party Debt securities.

•Brokerage of Shares.

For the fiscal year 2024, a limit of 2.25% of TIER1 was set for all operations, with a closing amount of Ps.29,147,302.

At the close of the fiscal year, Banco Galicia's trading portfolio position exposed to price variations amounted to Ps. 3,332,111,000 (Ps. 993,445,000 of fixed income and Ps. 2,338,666,000 of currency). For each percentage of negative variation in prices, the impact on results was a decrease of Ps. 33,321,000.

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Additionally, for the fiscal year 2024, a limit of Ps. 9,292,500 was set for all the operations of Banco GGAL S.A. As of 12.31.2024, the bank's trading portfolio position exposed to price fluctuations was Ps. 50,228,726 in Fixed Rate. For each percentage of negative price variation, the impact on results was a decrease of Ps. 1,944.

The “price risk” (market) is daily managed according to the strategy approved, the purpose of which is to keep the Group present in the different currencies, variable- and fixed-income and derivatives markets, while obtaining the maximum return as possible on brokerage, without exposing the latter to excessive risk levels. Finally, the designed policy contributes to providing transparency and facilitates the perception of the risk levels to which it is exposed. In order to measure and monitor risks derived from the variation in the price of financial instruments that form the trading or brokerage securities portfolio, a model known as “Value at Risk” (also known as “VaR”) is used. This model determines the possible loss that could be generated by different financial instruments at each time under the following critical parameters.

Currency Risk

The composition of Assets and Liabilities in domestic currency and foreign currency exposes the Bank’s financial position to the so-called “Currency Risk”, as a consequence of market fluctuations in the prices of the different currencies in which Financial Assets and Liabilities are nominated.

The Group’s exposure to the foreign exchange risk as of year-end by type of currency is shown below:


	Balances as of 12.31.24
Currency	Monetary Financial Assets (*)	Monetary Financial Liabilities (**)	Derivatives	Net Position
US Dollar	9,614,818	(9,253,012)	283,581	645,387
Euro	24,278	(13,881)	—	10,397
Canadian Dollar	1,800	(47)	—	1,753
Real	351	—	—	351
Swiss Franc	360	(376)	—	(16)
Others	2,014	(588)	—	1,426
Total	9,643,621	(9,267,904)	283,581	659,298

(*) Includes the following items: Cash and Due from Banks, Debt Securities at fair value through profit or loss, Derivative Financial Instruments, Repurchase Transactions, Other Financial Assets, Loans and Other Financing, Other Debt Securities, Financial Assets Pledged as Collateral and Investments in Equity Instruments.

(**) Includes the following items: Deposits, Liabilities at fair value through profit or loss, Derivative Financial Instruments, Repurchase Transactions, Other Financial Liabilities, Financing Received from the Argentine Central Bank and Other Financial Institutions, Debt Securities and Subordinated Debt Securities.


	Balances as of 12.31.23
Currency	Monetary Financial Assets (*)	Monetary Financial Liabilities (**)	Derivatives	Net Position
US Dollar	6,371,912	(4,920,469)	134,136	1,585,579
Euro	65,431	(12,142)	—	53,289
Canadian Dollar	1,797	(163)	—	1,634
Real	762	—	—	762
Swiss Franc	886	(651)	—	235
Others	2,123	(91)	—	2,032
Total	6,442,911	(4,933,516)	134,136	1,643,531

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(*) Includes the following items:Cash and Due from Banks, Debt Securities at fair value through profit or loss, Derivative Financial Instruments, Repurchase Transactions, Other Financial Assets, Loans and Other Financing, Other Debt Securities, Financial Assets Pledged as Collateral and Investments in Equity Instruments.


			Balances as of 12.31.24		Balances as of 12.31.23
Currency	Change		Income (Loss)	Shareholders’ Equity	Income (Loss)	Shareholders’ Equity
US Dollar	10	%	64,539	709,926	158,558	1,744,137
	-10	%	(64,539)	580,848	(158,558)	1,427,021
Euro	10	%	1,040	11,437	5,329	58,618
	-10	%	(1,040)	9,357	(5,329)	47,960
Canadian Dollar	10	%	175	1,928	163	1,797
	-10	%	(175)	1,578	(163)	1,471
Real	10	%	35	386	76	838
	-10	%	(35)	316	(76)	686
Swiss Franc	10	%	(2)	(18)	24	259
	-10	%	2	(14)	(24)	211
Others	10	%	143	1,569	203	2,235
	-10	%	(143)	1,283	(203)	1,829

Interest Rate Risk

The different sensitivity of assets and liabilities to changes in “market interest rates” exposes the Group to the “interest rate risk”. It is the risk that the financial margin and the economic value of equity may vary as a consequence of fluctuations in market interest rates. The magnitude of such variation is associated with the sensitivity to interest rates of the structure of the Group’s assets and liabilities.

This risk factor (the change in interest rates) has an impact on two key variables: the “Net Financial Income (Expense)” and the “Present Value of Shareholders’ Equity”.

These methodologies imply a “short-term” approach (RFN), for which a “base case scenario” is submitted to a 400 basis points “interest rates” shock for Argentine pesos, and 200 basis points for Dollars and CER/UVA, and the variation of the Net Financial Income is estimated and compared with the limits assigned to said changes in the variables subject to control. For “long-term approach” (VP), statistical simulations of interest rates are performed, and a “critical” scenario is obtained, arising from the exposure to the interest rate risk presented by the balance sheet structure. The economic capital is obtained from the difference resulting from the “critical” scenario and the balance sheet market value, within a 99.5% confidence interval.

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The Group’s exposure to the interest rate risk is detailed below. This table shows the residual value of assets and liabilities, classified by the sooner of the interest renegotiation date or the maturity date.


	Term (in Days)
Assets and Liabilities at Variable Rate	Up to 30	From 30 to 90	From 90 to 180	From 180 to 365	More than 365	Total
As of 12.31.24
Total Financial Assets	9,219,630,136	2,502,217,479	2,456,120,724	1,756,606,570	9,319,610,037	25,254,184,946
Total Financial Liabilities	15,980,969,770	988,877,285	765,238,898	170,878,735	5,880,311,019	23,786,275,707
Net Amount	(6,761,339,634)	1,513,340,194	1,690,881,826	1,585,727,835	3,439,299,018	1,467,909,239
As of 12.31.23
Total Financial Assets	11,110,373,006	1,200,849,527	1,014,404,944	713,551,537	5,297,282,907	19,336,461,921
Total Financial Liabilities	11,040,230,501	666,825,393	234,770,244	151,575,793	3,982,375,327	16,075,777,258
Net Amount	70,142,505	534,024,134	779,634,700	561,975,744	1,314,907,580	3,260,684,663

The table below shows the sensitivity to potential additional changes in interest rates in the next fiscal year, considering the breakdown as of December 31, 2024. The percentage change budgeted by the Group for fiscal year 2024 was determined considering 100 bps and changes are considered reasonably possible on the basis on an observation of market conditions.


	Additional Changes to the Interest Rate	Increase/(Decrease) in Income before Income Tax in Pesos	Increase/(Decrease) in Shareholders’ Equity in %
Decrease in Interest Rate	-100 bp	6,408,630	0.4	%
Increase in Interest Rate	100 bp	(5,143,453)	(0.4)	%

Liquidity Risk

It contemplates the risk that the Group is unable to offset or liquidate a position at market value because:

•the assets that are part thereof do not have a sufficient secondary market; or

•market changes.

In measuring and daily following up the “stock liquidity” an internal model is used, which contemplates the characteristics of behavior of the Group’s main funding sources. Based on the Group’s experience in connection with the changes in deposits and other liabilities, this model determines the “liquidity requirements” applied to liabilities subject to the policy and give rise to the “Management Liquidity Requirement”. In determining these liquid resources, the remaining term of liabilities is also contemplated, as well as the currency in which they are denominated. The resulting liquidity requirement is allocated to “eligible assets” set by the policy. The management liquidity requirement, along with the legal minimum cash requirements, are part of the total liquidity available.

Daily liquidity management is supplemented by the estimated available funds or needs for the day, considering the opening balance of Argentine Central Bank’s account, deducting the daily minimum requirement, and including the main movements for the day. The latter results in the overestimated/underestimated balance that will be considered by operators in order to place funds or meet the financing needs.

The monthly liquidity follow-up and control from the “flow” standpoint, called “liquidity mismatch/liquidity gap”, are performed by estimating the accumulated mismatches within the first year as a percentage of total liabilities. The gap methodology used (contractual gaps) is consistent with the best international practices in the field.

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In addition, the concentration of deposits is followed up and measured. In order to mitigate this risk factor, the policy designed restricts the involvement of two groups of customers to the total deposits: the first 10 customers and second 50 customers.

The table below shows an analysis of maturities of assets and liabilities, determined based on the remaining period as of December 31, 2024, and December 31, 2023, based on undiscounted cash flows:


	Less than 1 Month	1 to 6 Months	6 to 12 Months	12 Months to 5 Years	More than 5 Years	Total as of 12.31.24
Assets
Debt Securities measured at Fair Value through Profit or Loss	1,485,258,885	3,651,463	3,159,235	26,449,024	9,958,608	1,528,477,215
Derivative Financial Instruments	4,161,315	—	—	—	—	4,161,315

Other Financial Assets	1,916,450,677	1,239,122	1,501,717	36,687,449	—	1,955,878,965
Loans and Other Financing	19,506,763,411	5,569,902,799	2,462,830,730	3,918,693,071	807,432,050	32,265,622,061
Other Debt Securities	4,501,540,086	872,932	3,268,891	2,093,541	—	4,507,775,450
Financial Assets Pledged as Collateral	1,484,416,075	—	—	—	—	1,484,416,075
Investments in Equity Instruments	42,086,831	—	—	—	—	42,086,831
Liabilities
Deposits	17,989,740,395	637,490,242	56,949,446	2,563,048	—	18,686,743,131
Liabilities at fair value through profit or loss	9,005,522	—	—	—	—	9,005,522
Derivative Financial Instruments	5,451,239	1,820,652	400,364	—	—	7,672,255
Repurchase Transactions	389,701,262	—	—	—	—	389,701,262
Other Financial Liabilities	2,886,381,893	587,800,901	4,525,950	1,730,402	4,474,871	3,484,914,017
Lease liabilities	16,032,305	3,671,682	4,769,813	35,958,833	544,392	60,977,025
Financing Received from the Argentine Central Bank and Other Financial Institutions	145,884,917	238,005,390	78,687,076	32,687,640	7,480,320	502,745,343
Debt Securities	17,816,575	496,965,121	239,119,435	421,554,276	—	1,175,455,407
Subordinated Debt Securities	10,233,053	—	10,233,053	277,384,338	—	297,850,444

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	Less than 1 Month	1 to 6 Months	6 to 12 Months	12 Months to 5 Years	More than 5 Years	Total as of 12.31.23
Assets
Debt Securities measured at Fair Value through Profit or Loss	1,278,621,871	21,349,104	45,365,216	4,810,268	—	1,350,146,459
Derivative Financial Instruments	76,849,407	—	—	—	—	76,849,407
Repurchase Transactions	2,647,539,877	—	—	—	—	2,647,539,877
Other Financial Assets	296,577,249	3,916,209	4,714,909	121,986,184	—	427,194,551
Loans and Other Financing	10,400,536,645	2,958,092,270	952,724,748	836,743,620	309,336,467	15,457,433,750
Other Debt Securities	4,203,751,927	3,495,243	3,926,082	13,976,607	—	4,225,149,859
Financial Assets Pledged as Collateral	939,774,618	—	—	—	—	939,774,618
Investments in Equity Instruments	20,987,009	—	—	—	—	20,987,009
Liabilities
Deposits	12,298,906,038	383,279,219	47,563,773	157,484	—	12,729,906,514
Liabilities measured at Fair Value trough Profit or Loss	107,760,501	—	—	—	—	107,760,501
Derivative Financial Instruments	26,651,539	—	—	—	—	26,651,539
Repurchase transactions	50,839,676	—	—	—	—	50,839,676
Other Financial Liabilities	2,371,347,117	342,123,294	6,194,735	18,606,615	7,658,967	2,745,930,728
Lease Liabilities	1,760,943	4,573,060	6,103,592	14,636,102	15,842,291	42,915,988
Financing Received from the Argentine Central Bank and Other Financial Institutions	136,469,253	188,088,109	52,082,917	9,637,894	—	386,278,173
Debt Securities	34,703,265	153,129,186	41,791,353	17,117,212	—	246,741,016
Subordinated Debt Securities	32,933,667	—	17,155,767	466,283,726	—	516,373,160

Credit Risk

Credit risk arises from the possibility of suffering losses due to a debtor’s or counterparty’s noncompliance with its contractual obligations. It is the one that requires the greatest need for capital, including that arising from the risk of individual and sectorial concentration, which represents supplementary approximations to the intrinsic credit risk.

Accordingly, the Group uses credit assessment and risk monitoring tools that allow the entity to manage risks in a streamlined and controlled manner and that foster the adequate diversification of portfolios, both on an individual basis and by economic sector, thus controlling its exposure to potential risks.

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The credit quality of debt securities as of December 31, 2024, is as follows:


	Government Securities
Rating	Government Bonds	Provincial Bonds	Autonomous City of Buenos Aires Bonds	Treasury Bills	Argentine Central Bank’s Bills	Foreign government bonds	Private Securities	Total as of 12.31.24
AAA	—	—	—	—	—	26,942,895	13,691,975	40,634,870
AAA(arg)	—	—	—	—	—	—	20,926,229	20,926,229
Aaa.ar	—	—	—	—	—	—	21,093,752	21,093,752
AA+	—	—	—	—	—	—	11,430,455	11,430,455
AA+(arg)	—	—	—	—	—	—	2,519,677	2,519,677
AA+.ar	—	—	—	—	—	—	59,935	59,935
AA(arg)+	—	—	—	—	—	—	4,073,152	4,073,152
AA	—	—	—	—	—	—	9,914,211	9,914,211
AA(arg)	—	—	—	—	—	—	10,372,309	10,372,309
AA.ar	—	—	—	—	—	—	45,789	45,789
AA-	—	—	—	—	—	—	312,350	312,350
AA-(arg)	—	—	—	—	—	—	285,264	285,264
AA(arg)-	—	—	—	—	—	—	101,887	101,887
A+	—	—	—	—	—	—	3,058,577	3,058,577
A+.ar	—	—	—	—	—	—	808,572	808,572
A1(arg)	—	—	—	—	—	—	473,738	473,738
A1(arg)+	—	—	—	—	—	—	4,145,188	4,145,188
A1+	—	—	—	—	—	—	3,658,075	3,658,075
A-1.ar	—	—	—	—	—	—	4,091,749	4,091,749
A	—	—	—	—	—	—	125,950	125,950
A(arg)	—	—	—	—	—	—	3,364,133	3,364,133
A2(arg)	—	—	—	—	—	—	224,602	224,602
A-	—	—	—	—	—	—	280,981	280,981
A-(arg)	—	—	—	—	—	—	344,611	344,611
A-.ar	—	—	—	—	—	—	962,162	962,162
BBB+	—	—	—	—	—	—	288,182	288,182
BBB(arg)	—	—	—	—	—	—	2,828	2,828
BB(arg)	—	—	—	—	—	—	12,011	12,011
raB+	—	—	—	—	—	—	703,078	703,078
B	—	—	—	—	—	—	1,249	1,249
B-	—	—	—	—	—	—	111	111
BB-	—	—	—	—	—	—	8,858,583	8,858,583
CCC+	—	—	—	—	—	—	28	28
CCC	919,962,513	48,620,216	4,089,407	377,627,382	2,594,477	—	1,102,144	1,353,996,139
C(arg)	—	—	—	—	—	—	31,336	31,336
D(arg)	—	—	—	—	—	—	1,447,351	1,447,351
Total	919,962,513	48,620,216	4,089,407	377,627,382	2,594,477	26,942,895	128,812,224	1,508,649,114

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The credit quality of debt securities as of December 31, 2023, is as follows:


	Government Securities
Rating	Government Bonds	Provincial Bonds	Autonomous City of Buenos Aires Bonds	Treasury Bills	Argentine Central Bank’s Bills	Foreign government bonds	Private Securities	Total as of 12.31.23
AAA	—	43,962	—	—	—	34,659,533	27,587,456	62,290,951
AA+	—	—	4,988,997	—	—	—	1,089,844	6,078,841
AA	—	138,768	—	—	—	—	14,757,523	14,896,291
AA-	1,138,327	—	—	—	—	—	372,077	1,510,404
A+	—	—	—	—	—	—	5,652,721	5,652,721
A1	—	—	—	—	—	—	264,263	264,263
A	—	—	—	—	—	—	3,365,456	3,365,456
A2	—	—	—	—	—	—	583,602	583,602
A-	—	1,685,305	—	—	—	—	1,365,731	3,051,036
BBB-	—	2	—	—	—	—	—	2
B1	—	369,109	—	—	—	—	—	369,109
BB-	—	—	—	—	—	—	1,414,198	1,414,198
CCC	1,190,786,516	—	—	13,601,843	—	—	92,186	1,204,480,545



Total	1,191,924,843	2,237,146	4,988,997	13,601,843	—	34,659,533	56,545,057	1,303,957,419

Summary of credit risk

The following disclosures present the gross carrying amount of financial instruments to which the impairment requirements in IFRS 9 are applied and the associated allowance for loan losses.

Those credits that do not have reasonable expectations of recovering the contractual cash flows are eliminated from the Group’s assets and are recognized in “Off-balance Items”.

The credit quality related to loans granted is detailed in Schedule B.

The breakdown by term of “Net Loans and Other Financing” is detailed in Schedule D.

Impairment of financial assets

The “Expected Credit Loss” (“ECL”) model applies to financial assets which are measured at both amortized cost and fair value through OCI.

The standard establishes a "three stages" model for impairment based on changes in credit quality since initial recognition. Stage 1 includes financial assets with normal or no significant risk associated; Stage 2 includes financial assets for which a significant increase in credit risk (“SICR”) has been identified but they are not yet deemed to be credit-impaired, and Stage 3 comprises financial assets which are defaulted and/or subject to serious risk of impairment.

To calculate the provisions for credit impairment risk, IFRS 9 differentiates between each of the three stages. The resulting concepts are explained as follows:

•Expected Credit Losses within a 12-month period: possible events of default within the 12 months following the date of the presentation of financial statements. Assets included in Stage 1 have their ECL measured at 12-month ECL.

•Lifetime Expected Credit Losses: ECL during the active period of the financial asset, which results of calculating the probability of default of an asset throughout its life, up until its maturity. Instruments in Stage 2 or 3 have their ECL measured based on lifetime ECL.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

A pervasive concept in measuring ECL in accordance with IFRS 9 is that it should consider forward looking information. The Group has included below an explanation on how it has incorporated this in its ECL models.

Grouping of instruments for losses measured on a collective basis

The ECLs are estimated both individually and collectively. The objective of the Group's individual estimate is to estimate expected losses for certain impaired loans or for those loans that require specific treatment.

The population of individual cases can be divided as follows:

•For impaired loans that meet the following conditions: commercial portfolio, debt of more than one million dollars, and BCRA classification "C" or higher, an individual report is prepared in which the recovery expectation and its complement, the LGD, are analyzed to determine the expected loss.

•For loans with specific analyses, when it is detected that there are cases in which the collective model does not reflect the expected loss expectation, the estimate is made individually. In addition to what was mentioned in the first point, a PD estimate is also made.

For expected credit loss provisions modelled on a collective basis, a grouping of exposures is performed based on shared risks characteristics, such that risk exposures within group are homogeneous. In performing this grouping, there must be sufficient information for the group to be statistically credible. Where sufficient information is not available internally, the Group has considered benchmarking internal/external supplementary data to use for modelling purposes.

The Group has identified four groupings: Retail, Retail-like, Wholesale and Naranja X, amongst these four segments the Group estimates parameters in a more granular way based on the shared risk characteristics.

Stage classification

Each subsidiary of Grupo Galicia classifies financial instruments subject to impairment under IFRS 9 in stages, as follows:

•Stage 1: in the case of retail portfolios, it includes every operation up to 30 days past due. In the case of wholesale portfolios, it considers every client whose BCRA situation indicates a normal status (A1) (i.e. low risk of bankruptcy).

•Stage 2: considers two groups:

◦For retail and retail like Portfolios between 31 and 90 days past due. For wholesale it considers credit ratings for which the risk of default has increased significantly (B).

◦Probability of Default (“PD”) or Score with impairment risk.

•Stage 3: For retail portfolios, it includes every operation amounting 90 or more days past due. For wholesale portfolios, it considers every client whose BCRA situation indicates serious risk of bankruptcy (C, D, E). Furthermore, this stage also includes refinanced transactions originated more than 90 days past due or with another transaction in force within the last 24 months.

Significant Increase in credit risk

The Group considers a financial instrument to have experienced a significant increase in credit risk when any of the following conditions exist:

____________________


1			The analysis of the customer’s cash flow shows that it is capable of attend adequately all its financial commitments.

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Retail Portfolio

BCRA situation			Extra conditions to be considered stage 2
A, B1			- Cure (*)
			- Between 30 and 90 past due days
			- Probability of Default (“PD”) or Score (**) with impairment risk
C			- It does not apply to defaulted clients

Retail-like Portfolio

BCRA situation			Extra conditions to be considered stage 2
A, B1			- Cure (*)
			- Between 30 and 90 past due days
			- Probability of Default (“PD”) or Score (**) with impairment risk
C			- It does not apply to defaulted clients

Wholesale Portfolio

BCRA situation			Extra conditions to be considered stage 2
A			- Cure (*)
			- BCRA situation B1
			- Probability of Default (“PD”) or Score (**) with impairment risk
C			- It does not apply to defaulted clients


(*)			It refers to customers who have been in stage 3 and back to stage 1, the entity has decided to keep them in stage 2.
(**)			Internal scoring.

Definition of Default

A financial asset is in default whenever a payment is more than 90 days past due, or if the Company considers the payment will not be fully reimbursed.

The credit analysis for wholesale loans is not the same as for retail loans, Grupo Galicia’s definition of default for wholesale portfolios is based on a credit analysis of the individual borrower.

The default definition has been applied consistently to model the Probability of Default (PD), Exposure at Default (EAD) and Loss given Default (LGD) throughout the Group’s expected loss calculations:

•Probability of Default (“PD”): it represents the likelihood of a borrower defaulting on its financial obligation (as per the definition of default included above), either over the next 12 months or the remaining lifetime of the obligation.

•Exposure at the moment of Default (“EAD”): it is based on the amounts the Group expects to be owed at the time of default, over the next 12 months or over the remaining lifetime. For example, for a revolving commitment, the Group includes the current draw down balance plus any further amount that it is expected to be drawn up to the current contractual limit by the potential time of default.

•Loss given Default (“LGD”): this represents Grupo Galicia’s expectation of effective loss from the total exposure at default. Its value changes according to the counterparty, seniority of the claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per Peso of exposure at the time of default and is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage loss expected to be incurred if default occurs within the next 12 months and lifetime LGD

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is the percentage loss expected to be incurred if default occurs during the remaining life of the financial instrument.

The ECL is determined by projecting the PD, LGD, and EAD for each future month and for each individual exposure or group segment. These three components are multiplied and adjusted for the probability of survival (i.e., the exposure has not been prepaid or entered default in a prior month). This effectively calculates an ECL for each future month, which is then discounted to the filing date and aggregated. The discount rate used in calculating the ECL is the original effective interest rate or an approximation thereof.

An instrument is considered to no longer be in default when it no longer meets any of the default criteria above mentioned.

Methodology for Expected Credit Loss estimation

Expected credit loss impairment allowances recognized in the financial statements reflect the effect of a range of possible economic outcomes, calculated on a probability-weighted basis, based on the economic scenarios described below. The recognition and measurement of expected credit losses (‘ECL’) involves the use of significant judgment and estimation. It is necessary to formulate multiple forward-looking economic forecasts and incorporate them into the ECL estimates. Grupo Galicia uses a standard framework to form economic scenarios to reflect assumptions about future economic conditions, supplemented with the use of management judgment, which may result in using alternative or additional economic scenarios and/or management adjustments.

IFRS 9 establishes the following standards regarding the estimation of credit loss:

•An unbiased weighted probability index determined by the evaluation of different outcomes.

•Time value of money

•Reasonable and sustainable information available at no additional cost or effort that provides evidence to support forecasts, as well as present conditions and past events.

According to IFRS 9, Grupo Galicia prepared three different scenarios with different probabilities: a base scenario with 70% probability of occurrence, a pessimistic scenario with 15% probability of occurrence and an optimistic scenario with 15% probability of occurrence.


Scenario Probabilities	Base		Optimistic		Pessimistic
Retail, Retail like and Wholesale	70	%	15	%	15	%
Naranja	70	%	15	%	15	%

In order to take time value of money into account, Grupo assumes expected losses will take place according to the PD behavior.

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GRUPO FINANCIERO GALICIA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Key macroeconomic variables used in the scenarios described below are shown in the table:


Macroeconomic Variable Projections (%)		QI - 2025(*)		QII - 2025 (*)		QIII - 2025 (*)		QIV - 2025 (*)
GDP	Base	3.7	%	7.1	%	5.0	%	5.9	%
	Optimistic	4.2	%	8.1	%	6.6	%	8.0	%
	Pessimistic	1.6	%	2.9	%	-1.1	%	-2.2	%
Unemployment Rate	Base	-8.6	%	-7.5	%	-2.9	%	-1.7	%
	Optimistic	-13.8	%	-12.7	%	-8.5	%	-7.3	%
	Pessimistic	17.5	%	19.0	%	24.8	%	26.4	%
Real Salary	Base	14.8	%	7.1	%	4.9	%	4.9	%
	Optimistic	16.7	%	9.0	%	7.3	%	8.1	%
	Pessimistic	12.4	%	1.1	%	-4.2	%	-7.1	%
Badlar rate	Base	-62.3	%	-7.9	%	-25.3	%	-21.7	%
	Optimistic	-74.0	%	-37.8	%	-50.7	%	-49.7	%
	Pessimistic	-52.9	%	44.2	%	22.4	%	34.8	%
Consumer Price Index (CPI)	Base	56.8	%	40.5	%	32.1	%	27.3	%
	Optimistic	53.6	%	34.8	%	24.1	%	17.2	%
	Pessimistic	68.5	%	62.3	%	64.2	%	70.2	%

(*) These variations were calculated based on annual basis.

Grupo Galicia has also carried out sensitivity analysis to assess the impact of volatility on macroeconomic variables on the result of the expected credit losses.


Scenario 1 (change in the probability of the macroeconomic scenarios)	Base scenario		Sensitivity
Regular scenario	70	%	45	%
Positive scenario	15	%	10	%
Negative scenario	15	%	45	%
Grupo Financiero Galicia ECL	709,331,237		757,951,958
Retail, Retail like and Wholesale ECL	453,144,951		499,750,516
Naranja ECL	256,186,286		258,201,442


Scenario 2 (change in forecast GDP, inflation, nominal exchange rate, unemployment, current account)	Regular scenario		Positive scenario		Negative scenario
Macroeconomic scenario probability	70	%	15	%	15	%

			Sensitivity
GDP	1	%	1	%	1	%
Unemployment Rate	10	%	10	%	10	%
Real Salary	-5	%	-5	%	-5	%
Badlar rate	5	%	2	%	5	%
CPI	2	%	2	%	2	%
Grupo Financiero Galicia ECL			711,094,139
Retail, Retail like and Wholesale RCL			452,892,697
Naranja ECL			258,201,442

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Maximum exposure to credit risk

Unless identified at an earlier stage, all financial assets are deemed to have suffered a significant increase in credit risk when they are 30 days past due (“DPD”) and are transferred from stage 1 to stage 2. The following disclosure presents the ageing of stage 2 financial assets. It distinguishes those assets that are classified as stage 2 when they are less than 30 days past due (1-29 DPD) from those that are more than 30 DPD (30 and >DPD). Past due financial instruments are those loans where customers have failed to make payments in accordance with the contractual terms of their facilities.

The following table contains an analysis of the credit risk exposure of financial instruments for which an ECL allowance is recognized.


	Retail Portfolio
	December 31, 2024				December 31, 2023
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month ECL	Lifetime ECL	Lifetime ECL	Total	Total
Days past due
0	4,656,644,832	217,842,645	39,913,921	4,914,401,398	2,122,664,791
1-30	141,708,368	42,799,786	11,421,813	195,929,967	56,582,477
31-60	—	62,234,203	10,189,157	72,423,360	19,971,141
61-90	—	29,348,133	19,263,986	48,612,119	17,078,626
Default	—	—	136,138,315	136,138,315	84,953,354
Gross Carrying amount	4,798,353,200	352,224,767	216,927,192	5,367,505,159	2,301,250,389
Loss allowance	(177,751,593)	(40,375,315)	(149,614,406)	(367,741,314)	(155,554,256)
Net Carrying amount	4,620,601,607	311,849,452	67,312,786	4,999,763,845	2,145,696,133


	Retail like Portfolio
	December 31, 2024				December 31, 2023
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month ECL	Lifetime ECL	Lifetime ECL	Total	Total
Days past due
0	2,283,979,966	43,243,937	8,101,152	2,335,325,055	1,421,577,886
1-30	25,152,242	6,241,972	2,661,554	34,055,768	21,989,447
31-60	—	3,043,171	499,279	3,542,450	6,478,366
61-90	—	2,031,944	1,136,135	3,168,079	4,388,811
Default	—	—	18,149,796	18,149,796	24,575,499
Gross Carrying amount	2,309,132,208	54,561,024	30,547,916	2,394,241,148	1,479,010,009
Loss allowance	(16,005,417)	(4,431,838)	(16,494,146)	(36,931,401)	(29,432,061)
Net Carrying amount	2,293,126,791	50,129,186	14,053,770	2,357,309,747	1,449,577,948

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	Wholesale Portfolio
	December 31, 2024				December 31, 2023
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month ECL	Lifetime ECL	Lifetime ECL	Total	Total
Days past due
A	7,555,015,491	1,989,176	—	7,557,004,667	8,996,946,711
B1	898,210,483	1,776,056	189,553	900,176,092	4,862,555
Default	—	—	28,033,596	28,033,596	2,963,199
Gross Carrying amount	8,453,225,974	3,765,232	28,223,149	8,485,214,355	9,004,772,465
Loss allowance	(36,580,258)	(365,151)	(11,526,827)	(48,472,236)	(23,415,568)
Net Carrying amount	8,416,645,716	3,400,081	16,696,322	8,436,742,119	8,981,356,897


	Naranja X
	December 31, 2024				December 31, 2023
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month ECL	Lifetime ECL	Lifetime ECL	Total	Total
Days past due
0	3,024,782,355	185,296,862	75,423	3,210,154,640	1,901,746,803
1-30	164,448,403	36,823,076	20,931	201,292,410	83,542,584
31-60	—	105,632,364	47,583	105,679,947	26,897,608
61-90	—	72,772,775	1,422,237	74,195,012	11,093,212
Default	—	—	129,310,422	129,310,422	39,864,792
Gross Carrying amount	3,189,230,758	400,525,077	130,876,596	3,720,632,431	2,063,144,999
Loss allowance	(108,875,413)	(65,327,342)	(81,983,531)	(256,186,286)	(92,766,769)
Net Carrying amount	3,080,355,345	335,197,735	48,893,065	3,464,446,145	1,970,378,230


	Retail Portfolio
	December 31, 2023				December 31, 2022
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month	Lifetime	Lifetime	Total	Total
Days past due
0	1,661,141,387	442,799,373	18,724,031	2,122,664,791	944,489,597
1-30	28,563,596	24,814,727	3,204,154	56,582,477	25,830,575
31-60	—	17,545,729	2,425,412	19,971,141	9,460,281
61-90	—	11,867,353	5,211,273	17,078,626	6,593,090
Default	—	—	84,953,354	84,953,354	59,849,441
Gross Carrying amount	1,689,704,983	497,027,182	114,518,224	2,301,250,389	1,046,222,984
Loss allowance	(32,885,912)	(33,333,052)	(89,335,292)	(155,554,256)	(132,444,735)
Net Carrying amount	1,656,819,071	463,694,130	25,182,932	2,145,696,133	913,778,249

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	Retail like Portfolio
	December 31, 2023				December 31, 2022
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month	Lifetime	Lifetime	Total	Total
Days past due
0	1,198,081,512	216,806,103	6,690,271	1,421,577,886	723,871,047
1-30	10,546,131	9,693,744	1,749,572	21,989,447	7,801,817
31-60	—	5,572,328	906,038	6,478,366	1,643,773
61-90	—	3,234,143	1,154,668	4,388,811	1,122,820
Default	—	—	24,575,499	24,575,499	9,447,989
Gross Carrying amount	1,208,627,643	235,306,318	35,076,048	1,479,010,009	743,887,446
Loss allowance	(5,836,074)	(5,081,800)	(18,514,187)	(29,432,061)	(17,936,844)
Net Carrying amount	1,202,791,569	230,224,518	16,561,861	1,449,577,948	725,950,602


	Wholesale Portfolio
	December 31, 2023				December 31, 2022
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month	Lifetime	Lifetime	Total	Total
Days past due
A	8,832,948,834	163,997,877	—	8,996,946,711	2,179,730,806
B1	—	4,842,841	19,714	4,862,555	910,121
Default	—	—	2,963,199	2,963,199	3,096,934
Gross Carrying amount	8,832,948,834	168,840,718	2,982,913	9,004,772,465	2,183,737,861
Loss allowance	(16,665,627)	(4,651,647)	(2,098,294)	(23,415,568)	(10,667,498)
Net Carrying amount	8,816,283,207	164,189,071	884,619	8,981,356,897	2,173,070,363


	Naranja X
	December 31, 2023				December 31, 2022
	ECL Staging
	Stage 1	Stage 2	Stage 3
	12-month	Lifetime	Lifetime	Total	Total
Days past due
0	1,890,843,075	10,903,728	—	1,901,746,803	718,386,434
1-30	80,429,278	3,113,306	—	83,542,584	34,271,433
31-60	—	26,897,608	—	26,897,608	10,288,175
61-90	—	11,093,212	—	11,093,212	5,385,482
Default	—	—	39,864,792	39,864,792	16,826,950
Gross Carrying amount	1,971,272,353	52,007,854	39,864,792	2,063,144,999	785,158,474
Loss allowance	(54,475,076)	(13,428,932)	(24,862,761)	(92,766,769)	(40,860,416)
Net Carrying amount	1,916,797,277	38,578,922	15,002,031	1,970,378,230	744,298,058

The Grupo Galicia employs a range of policies and practices to mitigate credit risk. The most common of these is accepting collateral for loans or funds advanced. The Group has internal policies on the acceptability of specific classes of collateral.

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The Grupo Galicia policies regarding obtaining collateral have not significantly changed during the reporting period and there has been no significant change in the overall quality of the collateral held by the Group since the prior period.

This table provides information on balance sheet items and their collateral in offsets as well as loan and other credit-related commitments.

Assets Subject to Impairment


Item	Carrying Amount	Loss Allowances	Net Gross Carrying Amount	Collateral´s Fair Value
Advances	626,409,093	(9,486,373)	616,922,720	—
Documents	3,927,828,023	(13,868,245)	3,913,959,778	—
Mortgage Loans	317,644,027	(9,100,058)	308,543,969	861,771,410
Pledge Loans	397,641,851	(13,265,367)	384,376,484	493,646,489
Personal Loans	1,763,502,535	(203,144,302)	1,560,358,233	—
Credit Card Loans	6,164,899,626	(378,741,237)	5,786,158,389	—
Financial Leases	31,859,811	(889,857)	30,969,954	—
Other Financial Assets	1,404,412,008	(1,463,622)	1,402,948,386	—
Other Debt Securities	2,194,682,315	(14,384,785)	2,180,297,530	—
Financial Assets Pledged as Collateral	1,337,551,989	(68,316)	1,337,483,673	—
Others	1,801,161,815	(64,919,075)	1,736,242,740	1,894,287,111
Total as of December 31, 2024	19,967,593,093	(709,331,237)	19,258,261,856	3,249,705,010

The following table shows information about the mortgage portfolio LTV distribution.


Mortgages Portfolio -LTV Distribution			Exposure
Lower than 50%			354,981
50 to 60%			126,083
60 to 70%			93,982
70 to 80%			141,114
80 to 90%			17,975
90 to 100%			6,446
Higher than 100%			11,123
Total			751,704

Evolution of the exposure to credit risk and the related allowances

The credit risk allowance recognized in the fiscal year is affected by a variety of factors, such as:

•transfers between Stage 1 and Stages 2 or 3 because the financial instruments experience significant credit risk increases (or decreases), or become impaired in the period, with the corresponding “increase” (or “decrease”) between the 12-month and Lifetime ECL;

•additional allocations for new financial instruments recognized during the fiscal year, as well as reversals of allowances for loan losses for financial instruments derecognized in the fiscal year;

•impact on ECL measurements of changes in PD, EAD and LGD in the fiscal year, arising from the periodic update of inputs to the models;

•impact on ECL measurement due to changes in models and assumptions;

•impacts due to passing of time resulting from an update to the present value;

•local currency translations for assets denominated in foreign currency and other changes;

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•financial assets derecognized during the period and application of allowances related to assets derecognized in the balance sheet during the fiscal year; and

The following tables explain the changes in the loss allowance between the beginning and the end of the fiscal year due to these factors:


	Stage 1	Stage 2	Stage 3
Retail Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2023	32,885,912	33,333,052	89,335,292	155,554,256
Inflation effect	(35,689,230)	(22,075,621)	(61,270,709)	(119,035,560)
Financial instruments arising from business combinations (*)	3,836,677	—	1,569,520	5,406,197
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(627,926)	627,926	—	—
Transfer from Stage 1 to Stage 3	(524,271)	—	524,271	—
Transfer from Stage 2 to Stage 1	7,455,588	(7,455,588)	—	—
Transfer from Stage 2 to Stage 3	—	(917,003)	917,003	—
Transfer from Stage 3 to Stage 2	—	5,833,372	(5,833,372)	—
Transfer from Stage 3 to Stage 1	615,299	—	(615,299)	—
New Financial Assets Originated or Purchased	117,458,914	30,311,546	147,301,539	295,071,999
Changes in PDs/LGDs/EADs	52,900,396	5,217,019	2,944,972	61,062,387
Foreign exchange and other movements	4,736,622	1,359,856	134,126,858	140,223,336
Write-offs	(852,166)	—	(80,112,376)	(80,964,542)
Other movements with no P&L impact
Financial assets collected during the year	(4,444,222)	(5,859,244)	(79,273,293)	(89,576,759)
Loss Allowance as of December 31, 2024	177,751,593	40,375,315	149,614,406	367,741,314

(*) See Note 15 business combinations.

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	Stage 1	Stage 2	Stage 3
Retail Like Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2023	5,836,074	5,081,800	18,514,187	29,432,061
Inflation effect	(5,223,505)	(3,182,189)	(10,880,281)	(19,285,975)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(90,506)	90,506	—	—
Transfer from Stage 1 to Stage 3	(23,417)	—	23,417	—
Transfer from Stage 2 to Stage 1	646,130	(646,130)	—	—
Transfer from Stage 2 to Stage 3	—	(119,396)	119,396	—
Transfer from Stage 3 to Stage 2	—	124,378	(124,378)	—
Transfer from Stage 3 to Stage 1	35,217	—	(35,217)	—
New Financial Assets Originated or Purchased	15,684,854	3,650,459	13,836,792	33,172,105
Changes in PDs/LGDs/EADs	1,062,314	346,491	464,097	1,872,902
Foreign exchange and other movements	(183,846)	554,681	24,999,373	25,370,208
Write-offs	—	—	(12,918,990)	(12,918,990)
Other movements with no P&L impact
Financial assets collected during the year	(1,737,898)	(1,468,762)	(17,504,250)	(20,710,910)
Loss Allowance as of December 31, 2024	16,005,417	4,431,838	16,494,146	36,931,401


	Stage 1	Stage 2	Stage 3
Wholesale Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2023	16,665,627	4,651,647	2,098,294	23,415,568
Inflation effect	(11,455,823)	(2,380,758)	(1,111,728)	(14,948,309)
Financial instruments arising from business combinations (*)	1,826,769	—	3,367,419	5,194,188
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(2)	2	—	—
Transfer from Stage 1 to Stage 3	(2)	—	2	—
Transfer from Stage 2 to Stage 1	199,526	(199,526)	—	—
Transfer from Stage 2 to Stage 3	—	(907,436)	907,436	—
Transfer from Stage 3 to Stage 2	—	—	—	—
Transfer from Stage 3 to Stage 1	—	—	—	—
New Financial Assets Originated or Purchased	54,631,501	119,278	5,927,393	60,678,172
Changes in PDs/LGDs/EADs	(1,022,663)	238,388	(106,143)	(890,418)
Foreign exchange and other movements	(15,983,090)	(11,953)	3,764,928	(12,230,115)
Write-offs	(400,593)	—	(951,203)	(1,351,796)
Other movements with no P&L impact
Financial assets collected during the year	(7,880,992)	(1,144,491)	(2,369,571)	(11,395,054)
Loss Allowance as of December 31, 2024	36,580,258	365,151	11,526,827	48,472,236

(*) See Note 15 business combinations.

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	Stage 1	Stage 2	Stage 3
Naranja X	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2023	54,475,076	13,428,932	24,862,761	92,766,769
Inflation effect	(43,345,065)	(15,737,972)	(19,358,780)	(78,441,817)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(1,599,127)	1,599,127	—	—
Transfer from Stage 1 to Stage 3	(1,595,711)	—	1,595,711	—
Transfer from Stage 2 to Stage 1	3,593,796	(3,593,796)	—	—
Transfer from Stage 2 to Stage 3	—	(661,754)	661,754	—
Transfer from Stage 3 to Stage 2	—	3,571	(3,571)	—
Transfer from Stage 3 to Stage 1	136,872	—	(136,872)	—
New Financial Assets Originated or Purchased	77,559,529	72,610,161	50,705,819	200,875,509
Changes in PDs/LGDs/EADs	91,836,389	8,389,571	42,570,850	142,796,810


Other movements with no P&L impact
Financial assets collected during the year	(72,186,346)	(10,710,498)	(18,914,141)	(101,810,985)
Loss Allowance as of December 31, 2024	108,875,413	65,327,342	81,983,531	256,186,286


	Stage 1	Stage 2	Stage 3
Retail Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2022	93,582,059	70,859,938	119,783,536	284,225,533
Inflation effect	(66,097,728)	(60,853,385)	(129,588,497)	(256,539,610)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(3,819,979)	3,819,979	—	—
Transfer from Stage 1 to Stage 3	(1,841,501)	—	1,841,501	—
Transfer from Stage 2 to Stage 1	4,987,863	(4,987,863)	—	—
Transfer from Stage 2 to Stage 3	—	(2,907,166)	2,907,166	—
Transfer from Stage 3 to Stage 2	—	1,965,532	(1,965,532)	—
Transfer from Stage 3 to Stage 1	2,008,876	—	(2,008,876)	—
New Financial Assets Originated or Purchased	29,112,092	33,238,891	129,721,728	192,072,711
Changes in PDs/LGDs/EADs	(7,649,601)	(1,340,917)	(6,673,941)	(15,664,459)
Foreign exchange and other movements	(9,669,785)	7,715,897	19,521,190	17,567,302
Other movements with no P&L impact
Financial assets collected during the year	(7,726,384)	(14,177,854)	(44,202,983)	(66,107,221)
Loss Allowance as of December 31, 2023	32,885,912	33,333,052	89,335,292	155,554,256

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	Stage 1	Stage 2	Stage 3
Retail Like Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2022	30,245,310	5,790,026	18,708,295	54,743,631
Inflation effect	(19,782,379)	(6,482,858)	(23,946,248)	(50,211,485)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(874,517)	874,517	—	—
Transfer from Stage 1 to Stage 3	(184,304)	—	184,304	—
Transfer from Stage 2 to Stage 1	393,832	(393,832)	—	—
Transfer from Stage 2 to Stage 3	—	(176,802)	176,802	—
Transfer from Stage 3 to Stage 2	—	53,581	(53,581)	—
Transfer from Stage 3 to Stage 1	48,557	—	(48,557)	—
New Financial Assets Originated or Purchased	6,874,793	5,691,370	28,143,512	40,709,675
Changes in PDs/LGDs/EADs	323,041	94,052	(548,200)	(131,107)
Foreign exchange and other movements	(444,249)	970,228	3,534,565	4,060,544
Other movements with no P&L impact
Financial assets collected during the year	(10,764,010)	(1,338,482)	(7,636,705)	(19,739,197)
Loss Allowance as of December 31, 2023	5,836,074	5,081,800	18,514,187	29,432,061


	Stage 1	Stage 2	Stage 3
Wholesale Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2022	19,063,344	2,892,147	1,838,744	23,794,235
Inflation effect	(16,710,074)	(4,970,731)	(2,647,839)	(24,328,644)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(239,412)	239,412	—	—
Transfer from Stage 1 to Stage 3	(40,071)	—	40,071	—
Transfer from Stage 2 to Stage 1	625	(625)	—	—
Transfer from Stage 2 to Stage 3	—	—	—	—
Transfer from Stage 3 to Stage 2	—	—	—	—
Transfer from Stage 3 to Stage 1	—	—	—	—
New Financial Assets Originated or Purchased	27,265,894	3,527,250	4,558,298	35,351,442
Changes in PDs/LGDs/EADs	(278,565)	51,194	(591,416)	(818,787)
Foreign exchange and other movements	(4,917,268)	3,991,185	111,589	(814,494)
Other movements with no P&L impact
Financial assets collected during the year	(7,478,846)	(1,078,185)	(1,211,153)	(9,768,184)
Loss Allowance as of December 31, 2023	16,665,627	4,651,647	2,098,294	23,415,568

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	Stage 1	Stage 2	Stage 3
Naranja X	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2022	53,397,449	22,359,808	35,921,402	111,678,659
Inflation effect	(59,367,108)	(20,170,910)	(30,221,707)	(109,759,725)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(927,246)	927,246	—	—
Transfer from Stage 1 to Stage 3	(1,101,022)	—	1,101,022	—
Transfer from Stage 2 to Stage 1	830	(954,950)	954,120	—
Transfer from Stage 2 to Stage 3	2,619,814	(2,620,870)	1,056	—
Transfer from Stage 3 to Stage 2	—	107,567	(107,567)	—
Transfer from Stage 3 to Stage 1	724,550	—	(724,550)	—
New Financial Assets Originated or Purchased	21,940,069	6,498,670	9,464,262	37,903,001
Changes in PDs/LGDs/EADs	34,206,010	15,476,254	33,591,671	83,273,935
Foreign exchange and other movements	6,946,311	1,118,138	1,004,250	9,068,699
Other movements with no P&L impact
Financial assets collected during the year	(3,964,581)	(9,312,021)	(26,121,198)	(39,397,800)
Loss Allowance as of December 31, 2023	54,475,076	13,428,932	24,862,761	92,766,769


	Stage 1	Stage 2	Stage 3
Retail Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2021	77,211,783	132,321,224	202,910,025	412,443,032
Inflation effect	(47,988,338)	(63,513,869)	(99,304,050)	(210,806,257)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(2,621,375)	2,621,375	—	—
Transfer from Stage 1 to Stage 3	(1,378,949)	—	1,378,949	—
Transfer from Stage 2 to Stage 1	7,761,296	(7,761,296)	—	—
Transfer from Stage 2 to Stage 3	—	(3,773,245)	3,773,245	—
Transfer from Stage 3 to Stage 2	—	3,776,154	(3,776,154)	—
Transfer from Stage 3 to Stage 1	6,061,686	—	(6,061,686)	—
New Financial Assets Originated or Purchased	73,299,228	55,462,314	65,877,304	194,638,846
Changes in PDs/LGDs/EADs	6,181,401	7,557,380	(9,804,651)	3,934,130
Foreign exchange and other movements	(13,817,392)	(27,167,530)	10,400,776	(30,584,146)
Other movements with no P&L impact
Financial assets collected during the year	(11,127,281)	(28,662,569)	(45,610,222)	(85,400,072)
Loss Allowance as of December 31, 2022	93,582,059	70,859,938	119,783,536	284,225,533

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	Stage 1	Stage 2	Stage 3
Retail Like Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2021	3,405,161	17,982,265	34,469,275	55,856,701
Inflation effect	(8,878,083)	(7,764,004)	(16,150,832)	(32,792,919)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(71,949)	71,949	—	—
Transfer from Stage 1 to Stage 3	(18,140)	—	18,140	—
Transfer from Stage 2 to Stage 1	308,305	(308,305)	—	—
Transfer from Stage 2 to Stage 3	—	(83,086)	83,086	—
Transfer from Stage 3 to Stage 2	—	314,864	(314,864)	—
Transfer from Stage 3 to Stage 1	223,526	—	(223,526)	—
New Financial Assets Originated or Purchased	32,673,906	4,304,453	13,858,547	50,836,906
Changes in PDs/LGDs/EADs	4,802,019	1,192,781	(171,256)	5,823,544
Foreign exchange and other movements	(854,359)	(9,107,742)	(3,256,122)	(13,218,223)
Other movements with no P&L impact
Financial assets collected during the year	(1,345,076)	(813,149)	(9,604,153)	(11,762,378)
Loss Allowance as of December 31, 2022	30,245,310	5,790,026	18,708,295	54,743,631


	Stage 1	Stage 2	Stage 3
Wholesale Portfolio	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2021	19,354,513	4,226,108	9,638,780	33,219,401
Inflation effect	(9,290,704)	(2,185,649)	(3,186,956)	(14,663,309)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(15,956)	15,956	—	—
Transfer from Stage 1 to Stage 3	(4,902)	—	4,902	—
Transfer from Stage 2 to Stage 1	421,161	(421,161)	—	—
Transfer from Stage 2 to Stage 3	—	(311)	311	—
Transfer from Stage 3 to Stage 2	—	—	—	—
Transfer from Stage 3 to Stage 1	—	—	—	—
New Financial Assets Originated or Purchased	21,490,869	2,641,612	1,004,463	25,136,944
Changes in PDs/LGDs/EADs	(20,195)	(217,992)	(658)	(238,845)
Foreign exchange and other movements	(518,837)	431,102	945,758	858,023
Other movements with no P&L impact
Financial assets collected during the year	(12,352,605)	(1,597,518)	(6,567,856)	(20,517,979)
Loss Allowance as of December 31, 2022	19,063,344	2,892,147	1,838,744	23,794,235

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	Stage 1	Stage 2	Stage 3
Naranja X	12-month	Lifetime	Lifetime	Total
Loss Allowance as of December 31, 2021	75,000,670	16,609,699	35,632,090	127,242,459
Inflation effect	(42,613,401)	(13,517,596)	(23,878,897)	(80,009,894)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2	(1,542,535)	1,542,535	—	—
Transfer from Stage 1 to Stage 3	(1,849,606)	—	1,849,606	—
Transfer from Stage 2 to Stage 1	1,085,859	(1,085,859)	—	—
Transfer from Stage 2 to Stage 3	—	(1,646,783)	1,646,783	—
Transfer from Stage 3 to Stage 2	—	104,494	(104,494)	—
Transfer from Stage 3 to Stage 1	143,005	—	(143,005)	—
New Financial Assets Originated or Purchased	25,827,343	27,854,758	43,827,972	97,510,073
Changes in PDs/LGDs/EADs	(11,445,197)	(1,163,465)	(2,610,302)	(15,218,964)
Foreign exchange and other movements	12,839,097	(1,572,216)	5,776,524	17,043,405
Other movements with no P&L impact
Financial assets collected during the year	(4,047,786)	(4,765,759)	(26,074,875)	(34,888,420)
Loss Allowance as of December 31, 2022	53,397,449	22,359,808	35,921,402	111,678,659

The following table further explains changes in the gross carrying amount of specific segment portfolio to help explain their significance to the changes in the loss allowance:


	Stage 1	Stage 2	Stage 3
Retail Portfolio	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2023	1,689,704,983	497,027,182	114,518,224	2,301,250,389
Financial instruments arising from business combinations (*)	975,212,868	—	20,538,817	995,751,685
Transfers:
Transfers from Stage 1 to Stage 2	(18,861,883)	18,861,883	—	—
Transfers from Stage 1 to Stage 3	(10,818,757)	—	10,818,757	—
Transfers from Stage 2 to stage 1	151,799,213	(151,799,213)	—	—
Transfers from Stage 2 to Stage 3	(7,170,381)	(7,042,005)	14,212,386	—
Transfers from Stage 3 to Stage 2	252,780	8,369,863	(8,622,643)	—
Transfers from Stage 3 to Stage 1	1,032,465	—	(1,032,465)	—
Financial assets derecognized during the period other than write-offs	(135,290,496)	(44,842,663)	(40,329,319)	(220,462,478)
New financial assets originated or purchased	1,475,782,247	211,684,576	162,696,530	1,850,163,353
Financial instruments written off	—	—	(80,374,955)	(80,374,955)
Foreign exchange and other movements	1,590,476,853	88,750,728	86,431,768	1,765,659,349
Inflation Effect	(913,766,692)	(268,785,584)	(61,929,908)	(1,244,482,184)
Gross carrying amount as of December 31, 2024	4,798,353,200	352,224,767	216,927,192	5,367,505,159

(*) See Note 15.3 business combinations.

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	Stage 1	Stage 2	Stage 3
Retail like Portfolio	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2023	1,208,627,643	235,306,318	35,076,048	1,479,010,009
Transfers:
Transfers from Stage 1 to Stage 2	(3,823,006)	3,823,006	—	—
Transfers from Stage 1 to Stage 3	(938,507)	—	938,507	—
Transfers from Stage 2 to Stage 1	29,159,159	(29,159,159)	—	—
Transfers from Stage 2 to Stage 3	—	(1,637,655)	1,637,655	—
Transfers from Stage 3 to Stage 2	—	270,275	(270,275)	—
Transfers from Stage 3 to Stage 1	89,700	—	(89,700)	—
Financial assets derecognized during the period other than write-offs	(407,988,731)	(69,267,883)	(13,425,728)	(490,682,342)
New financial assets originated or purchased	2,053,412,344	38,868,969	22,932,530	2,115,213,843
Financial instruments written off	—	—	(17,282,520)	(17,282,520)
Foreign exchange and other movements	84,203,105	3,607,630	20,000,052	107,810,787
Inflation Effect	(653,609,499)	(127,250,477)	(18,968,653)	(799,828,629)
Gross carrying amount as of December 31, 2024	2,309,132,208	54,561,024	30,547,916	2,394,241,148


	Stage 1	Stage 2	Stage 3
Wholesale Portfolio	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2023	8,832,948,834	168,840,718	2,982,913	9,004,772,465
Financial instruments arising from business combinations (*)	1,138,872,612	—	16,887,006	1,155,759,618
Transfers:
Transfers from Stage 1 to Stage 2	(1)	1	—	—
Transfers from Stage 1 to Stage 3	(31)	—	31	—
Transfers from Stage 2 to Stage 1	6,196,842	(6,196,842)	—	—
Transfers from Stage 2 to Stage 3	—	(8,244,035)	8,244,035	—
Transfers from Stage 3 to Stage 2	—	—	—	—
Transfers from Stage 3 to Stage 1	—	—	—	—
Financial assets derecognized during the period other than write-offs	(5,471,912,996)	(61,192,037)	(1,745,877)	(5,534,850,910)
New financial assets originated or purchased	10,971,156,450	1,477,762	6,608,639	10,979,242,851
Financial instruments written off	—	—	(892,339)	(892,339)
Foreign exchange and other movements	(2,247,296,351)	386,444	(2,248,140)	(2,249,158,047)
Inflation Effect	(4,776,739,385)	(91,306,779)	(1,613,119)	(4,869,659,283)
Gross carrying amount as of December 31, 2024	8,453,225,974	3,765,232	28,223,149	8,485,214,355

(*) See Note 15.3 business combinations.

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	Stage 1	Stage 2	Stage 3
Naranja X	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2023	1,971,272,353	52,007,854	39,864,792	2,063,144,999
Transfers:
Transfers from Stage 1 to Stage 2	(12,770,835)	12,770,835	—	—
Transfers from Stage 1 to Stage 3	(38,305,040)	—	38,305,040	—
Transfers from Stage 2 to Stage 1	14,759,121	(14,759,121)	—	—
Transfers from Stage 2 to Stage 3	—	(2,481,735)	2,481,735	—
Transfers from Stage 3 to Stage 2	—	5,660	(5,660)	—
Transfers from Stage 3 to Stage 1	192,046	—	(192,046)	—
Financial assets derecognized during the period other than write-offs	(80,920,208)	(11,383,036)	(19,396,365)	(111,699,609)
New financial assets originated or purchased	2,307,609,490	389,160,324	88,178,138	2,784,947,952
Financial instruments written off	(20,942,123)	(844,684)	(528,543)	(22,315,350)

Inflation Effect	(951,664,046)	(23,951,020)	(17,830,495)	(993,445,561)
Gross carrying amount as of December 31, 2024	3,189,230,758	400,525,077	130,876,596	3,720,632,431


	Stage 1	Stage 2	Stage 3
Retail Portfolio	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2022	2,339,947,657	403,340,415	144,148,141	2,887,436,213
Transfers:
Transfers from Stage 1 to Stage 2	(82,107,527)	82,107,527	—	—
Transfers from Stage 1 to Stage 3	(17,532,738)	—	17,532,738	—
Transfers from Stage 2 to Stage 1	35,059,750	(35,059,750)	—	—
Transfers from Stage 2 to Stage 3	—	(10,196,605)	10,196,605	—
Transfers from Stage 3 to Stage 2	—	2,635,996	(2,635,996)	—
Transfers from Stage 3 to Stage 1	2,689,387	—	(2,689,387)	—
Financial assets derecognized during the period other than write-offs	(210,204,266)	(44,407,609)	(28,912,157)	(283,524,032)
New financial assets originated or purchased	622,403,211	254,822,742	70,122,081	947,348,034
Foreign exchange and other movements	581,740,313	117,603,201	4,615,130	703,958,644
Inflation Effect	(1,582,290,804)	(273,818,735)	(97,858,931)	(1,953,968,470)
Gross carrying amount as of December 31, 2023	1,689,704,983	497,027,182	114,518,224	2,301,250,389

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	Stage 1	Stage 2	Stage 3
Retail like Portfolio	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2022	1,956,306,607	107,506,020	29,819,534	2,093,632,161
Transfers:
Transfers from Stage 1 to Stage 2	(48,269,113)	48,269,113	—	—
Transfers from Stage 1 to Stage 3	(2,824,566)	—	2,824,566	—
Transfers from Stage 2 to Stage 1	12,070,599	(12,070,599)	—	—
Transfers from Stage 2 to Stage 3	—	(1,207,086)	1,207,086	—
Transfers from Stage 3 to Stage 2	—	102,830	(102,830)	—
Transfers from Stage 3 to Stage 1	143,617	—	(143,617)	—
Financial assets derecognized during the period other than write-offs	(405,893,292)	(14,868,985)	(7,046,012)	(427,808,289)
New financial assets originated or purchased	943,590,233	159,860,035	23,661,734	1,127,112,002
Foreign exchange and other movements	83,060,757	19,233,755	5,099,397	107,393,909
Inflation Effect	(1,328,092,545)	(72,983,419)	(20,243,810)	(1,421,319,774)
Gross carrying amount as of December 31, 2023	1,210,092,297	233,841,664	35,076,048	1,479,010,009


	Stage 1	Stage 2	Stage 3
Wholesale Portfolio	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2022	6,130,242,819	40,513,105	2,759,002	6,173,514,926
Transfers:
Transfers from Stage 1 to Stage 2	(19,324,455)	19,324,455	—	—
Transfers from Stage 1 to Stage 3	(827,236)	—	827,236	—
Transfers from Stage 2 to Stage 1	26,739	(26,739)	—	—
Transfers from Stage 2 to Stage 3	—	—	—	—
Transfers from Stage 3 to Stage 2	—	—	—	—
Transfers from Stage 3 to Stage 1	—	—	—	—
Financial assets derecognized during the period other than write-offs	(1,380,151,469)	(7,676,634)	(32,781,148)	(1,420,609,251)
New financial assets originated or purchased	8,564,249,142	112,584,971	2,963,199	8,679,797,312
Foreign exchange and other movements	(299,582,764)	31,624,995	31,087,648	(236,870,121)
Inflation Effect	(4,161,683,942)	(27,503,435)	(1,873,024)	(4,191,060,401)
Gross carrying amount as of December 31, 2023	8,832,948,834	168,840,718	2,982,913	9,004,772,465

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	Stage 1	Stage 2	Stage 3
Naranja X	12-month	Lifetime	Lifetime	Total
Gross carrying amount as of December 31, 2022	2,184,988,983	83,447,355	62,123,619	2,330,559,957
Transfers:
Transfers from Stage 1 to Stage 2	(15,517,320)	15,517,320	—	—
Transfers from Stage 1 to Stage 3	(17,003,866)	—	17,003,866	—
Transfers from Stage 2 to Stage 1	11,349,797	(11,349,797)	—	—
Transfers from Stage 2 to Stage 3	—	(3,567,519)	3,567,519	—
Transfers from Stage 3 to Stage 2	—	207,794	(207,794)	—
Transfers from Stage 3 to Stage 1	1,288,873	—	(1,288,873)	—
Financial assets derecognized during the period other than write-offs	(9,366,170)	(9,025,568)	(17,306,843)	(35,698,581)
New financial assets originated or purchased	1,298,871,922	33,428,801	18,147,626	1,350,448,349

Inflation Effect	(1,483,339,866)	(56,650,532)	(42,174,328)	(1,582,164,726)
Gross carrying amount as of December 31, 2023	1,971,272,353	52,007,854	39,864,792	2,063,144,999

Use of information

Grupo Financiero Galicia, according to IFRS 9 standards, uses all information available, past, present and future to identify and estimate expected credit loss.

Operational Risk

The operational risk management is understood as the identification, assessment, monitoring, control and mitigation of this risk. It is an ongoing process carried out throughout the Group, which fosters a risk management culture at all organization levels through an effective policy and a program led by Senior Management.

Identification

The starting point of the operational risk management is the identification of risks and their association with the controls established to mitigate them, considering internal and external factors that may affect the process development. The results of this exercise are entered into a log of risks, which acts as a central repository of the nature and status of each risk and controls thereof.

Assessment

Once risks have been identified, the size in terms of impact, frequency and likelihood of risk occurrence is determined, considering the existing controls. The combination of impact with likelihood of occurrence determines the risk exposure level. Finally, the estimated risk levels are compared to pre-established criteria, considering the balance of potential benefits and adverse results.

Monitoring

The monitoring process allows detecting and correcting the possible deficiencies in operational risk management policies, processes and procedures and their update.

Risk Control and Mitigation

The control process ensures compliance with internal policies and analyzes risks and responses to avoid, accept, mitigate or share them, by aligning them with the risk tolerance defined.

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IT Risk

The Group manages the IT risk inherent to its products, activities and business processes. It also manages the risk associated with the material information systems, technology and information security processes. It also covers the risks derived from subcontracted activities and from services rendered by providers.

Reputational Risk

The reputational risk may result from the materialization of other risks: Legal, Compliance, Operational, Technological, Strategic, Market, Liquidity, Credit, etc.

The groups of interest are at the core of management, being considered upon establishing any type of mitigation measure.

Banco Galicia’s reputational risk management function was allocated to the Compliance Management Division, seeking to obtain a more comprehensive vision and be able to make immediate decisions that protect the entity’s image and reputation by using tools that enable to monitor and follow up to the perception of different groups of interest.

Banco Galicia defined an internal policy to reduce the occurrence of reputational events with negative impact, by defining a governance model with roles and responsibilities, and identifying critical scenarios that require management and visibility.

Contacts have been established with key business areas, devising a work scheme based on synergy and ongoing communication in order to spread the risk culture across the organization.

The Reputational Crisis Committee is in charge of becoming aware of the events that may affect the Bank’s reputation. In the face of an event of such characteristics, all the necessary information is gathered in the shortest time possible in order to be able to make assertive decisions, formally declare the crisis situation, if appropriate, and define the action plan to alleviate the crisis. In addition, such committee determines the communication strategy to be followed, considering the groups of interest involved. Finally, the strategy and related actions are followed to tackle the crisis.

Strategic Risk

Strategic risk is that which arises from an inappropriate business strategy or an adverse change in forecasts, parameters, goals and other functions that support such strategy.

It represents the possibility of fluctuations in placements that prevent Banco Galicia or its subsidiaries from obtaining the expected results of operations. These potential affected results of operations would give rise to lower income or higher costs regardless of what was budgeted.

Money Laundering and Terrorist Financing Risk

As regards the control and prevention of asset laundering and funding of terrorist activities, Banco Galicia complies with the regulations set forth by the Argentine Central Bank, the Financial Information Unit and Law No. 25246, as amended, which creates the Financial Information Unit (UIF), within the purview of Argentina’s Ministry of Treasury and Public Finance with functional autarchy. The Financial Information Unit is in charge of analyzing, addressing and reporting the information received, in order to prevent and avoid both asset laundering and funding of terrorist activities.

The Bank has promoted the implementation of measures designed to fight against the use of the international financial system by criminal organizations. For such purposes, Banco Galicia has control policies, procedures and structures that are applied using a “risk-based approach”, which allow for the monitoring of transactions, pursuant to the “customer profile” (defined individually based on the information and documentation related to the economic and financial condition of the customer), in order to detect such transactions that should be considered unusual, and to report them to the UIF in applicable cases. The Anti-Money Laundering Management Division (“PLA”, as per its initials in Spanish) is in charge of managing this activity, through the implementation of control and prevention procedures as well as the communication thereof to the rest of the organization by drafting the related handbooks and training all employees. In addition, the management of this risk is regularly reviewed by Internal Audit.

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The Bank has appointed a director as Compliance Officer, pursuant to Resolution 121/11, as amended, handed down by the UIF, who shall be responsible for ensuring compliance with and implementation of the proceedings and obligations on the issue.

The Bank contributes to the prevention and mitigation of risks from these transaction-related criminal behaviors, by being involved in the international regulatory standards adoption process.

Cybersecurity Risk

The use of technologies in place facilitates us a significant number of tools that expedite and improve the Bank’s processes, having a positive impact on our products and services. However, along with the above-mentioned benefits, risks and/or threats related to these new opportunities provided by digital technologies appear.

The cybersecurity-related risk is a matter inherent to the introduction of these new technologies. On one hand, such risk management stands out among Banco Galicia’s main goals, and, on the other, all the personnel’s as well as customers’ awareness of the considerations as regards the use of the above-mentioned technologies. In this respect, it is vital for the organization to understand thoroughly its internal processes, the tools used and the available techniques to mitigate cybersecurity-related risks.


NOTE 46. CONTINGENCIES AND COMMITMENTS

a) Tax Issues

At the date of these consolidated financial statements, provincial tax collection authorities, as well as tax collection authorities from the Autonomous City of Buenos Aires, are in the process (in different degrees of completion) of conducting reviews and assessments mainly in respect of matters resulting from applying turnover tax.

These proceedings and their possible effects are constantly being monitored. Even though it is considered that it has complied with its tax liabilities in full pursuant to current regulations, the provisions deemed adequate pursuant to the evolution of each proceeding have been set up.

Banco Galicia has filed to the Customs Collection and Control Agency (Agencia de Recaudación y Control Aduanero, ARCA (formerly AFIP)) several claims for refund of the Income Tax paid in excess for the fiscal years 2014, 2015, 2016, 2017, 2018, 2019, 2021 and 2022, for the amounts of Ps.433,815, Ps.459,319, Ps.944,338, Ps.866,842, Ps.3,646,382, Ps.4,403,712, Ps.629,837 and Ps.4,039,802, respectively. These claims are based on Argentine jurisprudence that establishes the unconstitutionality of the rules disabling the application of the tax inflation adjustment, resulting in confiscatory situations. Considering the delay in the resolution by the Federal Administration of Public Revenue, the corresponding judicial claims were filed.

Identical claims were filed by other Group subsidiaries before the ARCA: Tarjetas Cuyanas S.A., (Tarjeta Naranja S.A.U. predecessor company), for 2014 and 2016 periods, for an amount of Ps.145,478, nominal value; Tarjeta Naranja S.A.U., for 2014 and 2016 periods, for a total amount of Ps.580,164, nominal value; and for 2015, 2017, and 2018 periods, for an amount of Ps.149,763, Ps.326,498, and Ps.973,843, nominal value, respectively. Considering the delay in the resolution by the Customs Collection and Control Agency, the corresponding judicial claims were filed. On May 26, 2020, Tarjeta Naranja S.A.U. filed before the AFIP a claim for the repetition of the Income Tax corresponding to 2019 period for

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Ps.1,364,949 in nominal value. Regarding the lawsuit filed by Tarjeta Naranja S.A.U. for fiscal year 2018, a favorable first instance ruling was obtained on August 14, 2024.

Additionally, GGAL Holdings S.A., another subsidiary of the Group, has filed with ARCA several income tax reimbursement claims for the tax years 2014, 2015, 2016, 2017 and 2018 in the amounts of Ps.642,172, Ps.399,912, Ps.969,912, Ps.571,573 and Ps.1,287,536, respectively.

At the closing of these Financial Statements, the Group does not record contingent assets derived from the aforementioned presentations.

b) Consumer Protection Associations

Consumer Protection Associations, on behalf of consumers, have filed claims against Banco Galicia and GGAL Holdings S.A. regarding the collection of certain fees, interest rates and financial charges.

The Group believes that the resolution of these controversies will not have a significant impact on its financial condition.

c) Penalties Imposed on Banco de Galicia y Buenos Aires S.A.U. and Summary Proceedings Commenced by the Argentine Central Bank

The penalties imposed and the summary proceedings commenced by the Argentine Central Bank are detailed in Note 52.

The provisions for contingencies recorded are as follows:


	12.31.24	12.31.23
Other Contingencies	74,751,634	35,159,822
For Commercial Lawsuits/Legal matters	30,935,841	23,013,889
For Labor Lawsuits	850,850	1,949,318
For Claims and Credit Cards	200	436
For Guarantees Granted	—	2,488
For Other Contingencies	42,964,743	10,193,691
For Termination Benefits(*)	321,731,661	8,740,620
Difference for Dollarization of Judicial Deposits—Communication “A” 4686	110,190	497,082

Total	396,593,485	44,397,524

(*) As a result of the acquisition of the companies of GGAL Holdings S.A. (formerly HSBC Argentina Holdings S.A.) (see Note 15.3), a merger by absorption process will be carried out as described in Note 54, with the purpose of optimizing operations and resources, providing a unified service proposal to customers. The purpose of this process is to achieve operating efficiency, maximization of resources and market consolidation, with the main objective of creating a more agile and effective structure that responds to the challenges of the Argentine market. With this objective in mind, a restructuring plan has been communicated to the employees, which will have different stages of execution. Based on this plan, the Group made a provision for the Restructuring Plan for Ps.287,485,252 as of December 31, 2024, which was charged to income within the Personnel Benefits line.


NOTE 47. OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

Financial assets and liabilities are offset, and the net amount is reported in the statement of financial position where the Group currently has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

The disclosures in the following tables include financial assets and liabilities that:

•are offset in the Group’s consolidated statement of financial position; or

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•are subject to a netting agreement or similar agreement that covers similar financial instruments, regardless of whether they are offset in the consolidated statement of financial position.

Financial instruments such as loans and deposits are not disclosed in the following tables since they are not offset in the consolidated statement of financial position.

The financial instruments subject to offsetting, master netting agreements and similar agreements as of December 31, 2024 and 2023 are as follows:


	Offsetting effects on Statement of Financial Position			Related amounts not offset
12.31.24	Gross Amount	Offset Amount	Net amounts in Statement Financial Position	Subject to netting agreements	Total Net Amount
Financial Assets
Derivate Instruments	5,629,415	—	5,629,415	(4,050,966)	1,578,449
Transfers from customers of other banks(*)	79,748,440	(7,549,202)	72,199,238	(30,257,540)	41,941,698
Consumption of foreign cards(*)	49,880,317	—	49,880,317	(16,761,918)	33,118,399
Total	135,258,172	(7,549,202)	127,708,970	(51,070,424)	76,638,546
Financial Liabilities
Derivate Instruments	4,741,593	—	4,741,593	(4,050,966)	690,627
Transfers from customers of other banks(**)	40,249,552	(7,549,202)	32,700,350	(30,257,540)	2,442,810
Consumption of foreign cards(**)	16,761,918	—	16,761,918	(16,761,918)	—
Total	61,753,063	(7,549,202)	54,203,861	(51,070,424)	3,133,437

(*) Included within Loans and Other Financing.

(**) Included within Other Non-financial Liabilities.


	Offsetting effects on Statement of Financial Position			Related amounts not offset
12.31.23	Gross Amount	Offset Amount	Net amounts in Statement Financial Position	Subject to netting agreements	Total Net Amount
Financial Assets
Derivate Instruments	17,606,446	—	17,606,446	(12,589,754)	5,016,692
Transfers from customers of other banks(*)	45,192,225	—	45,192,225	(26,584,027)	18,608,198
Consumption of foreign cards(*)	27,176,890	—	27,176,890	(4,364,694)	22,812,196
Total	89,975,561	—	89,975,561	(43,538,475)	46,437,086
Financial Liabilities
Derivate Instruments	14,083,858	—	14,083,858	(12,589,756)	1,494,102
Transfers from customers of other banks(**)	26,584,027	—	26,584,027	(26,584,027)	—
Consumption of foreign cards(**)	4,364,694	—	4,364,694	(4,364,694)	—
Total	45,032,579	—	45,032,579	(43,538,477)	1,494,102

(*) Included within Loans and Other Financing.

(**) Included within Other Non-financial Liabilities.

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NOTE 48. OFF-BALANCE SHEET ITEMS

In the normal course of business and in order to meet customers’ financing needs, off-balance sheet transactions are performed. These instruments expose the Group to the credit risk, in addition to loans recognized in assets. These financial instruments include credit lending commitments, letters of credit reserve, guarantees granted and acceptances.

The same credit policies for agreed credits, guarantees and loan granting are used. Outstanding commitments and guarantees do not represent an unusually high credit risk.

Agreed Credits

They are commitments to grant loans to a customer in a future date, subject to compliance with certain contractual agreements that usually have fixed maturity dates or other termination clauses and may require a fee payment.

Commitments are expected to expire without resorting to them. The total amounts of agreed commitments do not necessarily represent future cash requirements. Each customer’s solvency is assessed case by case.

Guarantees Granted

The issuing bank commits to reimbursing the loss to the beneficiary if the secured debtor does not comply with its obligation upon maturity.

Export and Import Documentary Credits

They are conditional commitments issued by the Group to secure a customer’s compliance towards a third party.

Responsibilities for Foreign Trade Transactions

They are conditional commitments for foreign trade transactions.

Our exposure to credit loss upon the other party’s default in the financial instrument is represented by the contractual notional amount of the same investments.

The credit exposure for these transactions is detailed below.


	12.31.24	12.31.23
Agreed Credits	1,074,772,568	535,330,124
Documentary Export and Import Credits	122,192,456	39,797,296
Guarantees Granted	921,976,047	833,054,835
Liabilities for Foreign Trade Operations	74,062,851	39,884,227

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The expected credit loss related to the items mentioned above as of the indicated dates were as follows:


	12.31.24	12.31.23
For Agreed Credits	971,628	386,184
For Documentary Export and Import Credits	2,078,499	59,532
For Guarantees Granted	13,567,486	2,998,996
For Liabilities for Foreign Trade Operations	571,978	106,901

The fees and commissions related to the items mentioned above as of the indicated dates were as follows:


	12.31.24	12.31.23
For Agreed Credits	2,385,476	606,565
For Documentary Export and Import Credits	2,494,531	1,448,202
For Guarantees Granted	4,625,901	3,940,261

The credit risk of these instruments is essentially the same as that involved in lending credit facilities to customers.

To grant guarantees to our customers, we may require counter-guarantees, which, classified by type, amount to:


	12.31.24	12.31.23
Other Preferred Guarantees Received	26,407,391	37,051,033
Other Guarantees Received	—	25,606,866

Additionally, checks to be debited and credited, as well as other elements in the collection process, such as, notes, invoices, and miscellaneous items, are recorded in memorandum accounts until the related instrument is approved or accepted.

The risk of loss in these offsetting transactions is not significant.


	12.31.24	12.31.23
Values to be Debited	263,244,959	170,747,872
Values to be Credited	244,610,277	161,700,972
Values for Collection	1,463,581,534	1,142,081,953

The Group acts as trustee by virtue of trust agreements to secure obligations derived from several agreements between parties. The amounts of trust funds and securities held in custody as of the indicated dates are as follows:


	12.31.24	12.31.23
Trust Funds	22,836,175	40,035,484
Securities Held in Escrow	43,772,195,927	37,434,596,185

These trusts are not included in the consolidation since the Group does not exert control on them.


NOTE 49. TRANSFER OF FINANCIAL ASSETS

All portfolio sales carried out by the Group are without recourse; therefore, they all qualify for the full derecognition of financial assets.

When this derecognition takes place, the difference between the book value and the value in the offsetting entry is charged to Income.

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NOTE 50. NON-CONTROLLING INTEREST

The following tables provide information about each subsidiary that has a non-controlling interest.

The non-controlling equity investment percentages and votes as of the indicated dates are as follows:


Company	Place of Business	12.31.24		12.31.23
Galicia Broker Asesores de Seguros S.A.	CABA -Argentina	0.01	%	0.01	%
Sudamericana Seguros Galicia S.A.	CABA -Argentina	0.57	%	0.57	%
Banco GGAL S.A.	CABA -Argentina	0.01	%	—	%

Changes in the Group’s non-controlling interests as of the indicated dates were as follows:


Company	Balance as of 12.31.23	Purchases / Contributions / Sales	Cash Dividends	Profit Sharing in income (loss) for the Year	Balance as of 12.31.24
Galicia Broker Asesores de Seguros S.A.	134	—	(169)	140	105
Sudamericana Seguros Galicia S.A.	193,086	—	—	(126,113)	66,973
Banco GGAL S.A.	—	101,505	—	(10,102)	91,403
Total	193,220	101,505	(169)	(136,075)	158,481


Company	Balance as of 12.31.22	Purchases / Contributions / Sales	Cash Dividends	Profit Sharing in income (loss) for the Year	Balance as of 12.31.23
Galicia Broker Asesores de Seguros S.A.	128	—	(128)	134	134
Sudamericana Seguros Galicia S.A.	—	198,698	—	(5,612)	193,086
Total	128	198,698	(128)	(5,478)	193,220


Company	Balance as of 12.31.21	Purchases / Contributions / Sales	Cash Dividends	Profit Sharing in income (loss) for the Year	Balance as of 12.31.22
Galicia Broker Asesores de Seguros S.A.	67	—	—	61	128
Total	67	—	—	61	128

Summary information on subsidiaries is detailed in Note 15.


NOTE 51. RELATED PARTY TRANSACTIONS

Related parties are considered to be natural and legal persons that directly or indirectly exercise control over the Entity or are controlled by it; subsidiaries, associates and affiliates; members of the Board of Directors, trustees and senior management personnel; natural persons holding similar positions in financial institutions or complementary service companies; corporations or sole proprietor ships over which key personnel may exercise significant influence or control; and spouses, partners and relatives up to the second degree of consanguinity or first degree of affinity of all natural persons directly or indirectly linked to the Group.

The Group controls another entity when it has power over the financial and operational decisions of other entities, and in turn, obtains benefits from it.

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On the other hand, the Group considers that it has joint control when there is an agreement between the parties on the control of a common economic activity.

Finally, those cases in which the Group has significant influence are due to its ability to participate in the company's financial policy decisions and operations. Shareholders with a stake equal to or greater than 20% of the total voting power of the Group or its subsidiaries are considered to have significant influence. To determine these situations, not only legal aspects are considered, but also the nature and substance of the relationship.

Additionally, the key personnel of the Group’s Management (members of the Board of Directors and Managers) and the entities over which the key personnel can exert significant influence or control are considered related parties.

51.1. Controlling Entity

The Group is controlled by:

Name

Nature

Principal Line of Business

Place of Business

Equity Investment %

EBA Holding S.A.

51.82% of voting rights

Financial and Investment
Operations

Autonomous City of Buenos Aires – Argentina

17.70%

As a result of the capital increase of the Company, carried out on 02.13.25, EBA Holding S.A.'s shareholding amounts to 51.48% of the voting rights and 17.51% of the capital. See Note 54.

51.2. Key Personnel’s Compensation

The compensation earned by the Group’s key personnel as of December 31, 2024 and December 31, 2023 amounts to Ps.44,688,594 and Ps.34,169,229 respectively.

51.3. Key Personnel’s Structure

Key personnel’s structure as of the indicated dates is as follows:


	12.31.24	12.31.23
Regular Directors	131	99
General Manager	6	1
Area and department Managers	177	96
Total	314	196

51.4. Related Party Transactions

The following table shows the total credit assistance granted by the Group to key personnel, syndics, majority shareholders, as well as all individuals who are related to them by a family relationship of up to the second degree of consanguinity or first degree by affinity (pursuant to the Argentine Central Bank’s definition of related individual) and any entity affiliated with any of these parties, not required to be consolidated.


	12.31.24	12.31.23
Total Amount of Credit Assistance	45,679,298	39,614,198
Number of Addressees (quantities)	326	266
- Natural Persons	269	218
- Legal Entities	57	48
Average Amount of Credit Assistance	140,121	148,926
Maximum Assistance	13,953,698	10,720,085

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Financial assistance, including the one that was restructured, was granted in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other non-related parties. Besides, this financial assistance did not involve more than the normal risk of loan losses or present other unfavorable features.

In compliance with the provisions of Communication “A” 7404 of the BCRA, the total amount of financial assistance for all items granted to the group of persons related by a personal relationship, under the terms set forth in section 1.2.2.2.2. on “Large exposures to Credit Risk” rules, amounts to:


Financial Institution	Ratio with respect to Tier 1 Capital		12.31.24
Banco de Galicia y Buenos Aires S.A.U.	0.50	%	15,972,335
Banco GGAL S.A.	0.04	%	495,658

The information about the credit assistance granted to affiliates based on the quality of receivables, their documentation and preferred guarantees is stated in Schedule N.

51.5. Amounts of Related Party Transactions

The amounts of related party transactions conducted as of the indicated dates are as follows:


	12.31.24	12.31.23
Assets
Cash and Due from Banks	154,714,235	71,700,003
Debt Securities at Fair Value through Profit or Loss	10,491,190	30,905,319
Derivative Financial Instruments	1,465,596	14,069,425
Repurchase Transactions	40,785,490	46,560,943
Other Financial Assets	7,662,886	21,498,546
Loans and Other Financing	99,286,008	143,459,601
Other Debt Securities	95,318,797	—

Other Non-financial Assets	(148)	17
Total Assets	409,724,054	328,193,854
Liabilities
Deposits	161,955,162	93,186,228
Liabilities at fair value through profit or loss	3,111,231	—
Derivative Financial Instruments	1,465,597	14,069,425
Repurchase Transactions	40,785,342	46,560,943
Other Financial Liabilities	1,269,095	16,546,497
Financing Received from the Argentine Central Bank and other Financial Institutions	94,796,845	125,384,238
Debt Securities Issued	10,491,190	26,170,493
Subordinated Debt Securities	95,318,797	4,734,826
Liabilities for Insurance Contracts	45,529	8,976
Other Non-financial Liabilities	485,266	1,532,228
Total Liabilities	409,724,054	328,193,854

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	12.31.24	12.31.23	12.31.22
Income (Loss)
Net Income (Loss) from Interest	(23,458,990)	5,937,931	14,233,562
Net Fee Income (Expense)	8,401,872	21,932,207	20,170,416
Net Income from Financial Instruments Measured at Fair Value through Profit or Loss	4,949,358	(10,675,304)	(15,313,393)
Other Operating Income (Expense)	16,888,254	16,325,987	17,484,333

Insurance Business Result	(14,886,594)	(32,878,689)	(33,613,683)
Administrative Expenses	(1,059,513)	(1,797,353)	(3,591,858)
Other Operating Expenses	(47,261)	(3,663)	(110,481)
Total Income	(9,212,874)	(1,158,884)	(741,104)


NOTE 52. ADDITIONAL INFORMATION REQUIRED BY THE ARGENTINE CENTRAL BANK

52.1. CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM

Law No. 24485 and Decree No. 540/95 established the creation of the Deposit Insurance System to cover the risk attached to bank deposits, in addition to the system of privileges and safeguards envisaged in the Financial Institutions Law.

The National Executive Branch through Decree No. 1127/98 established the maximum amount for this insurance system to demand deposits and time deposits denominated either in Pesos and/or in foreign currency. Such limit was set as from January 1, 2023 at Ps.6,000. This amount was increased to Ps.25,000 as from April 1, 2024.

This system does not cover deposits made by other financial institutions, deposits made by parties related to the Bank, either directly or indirectly, deposits of securities, acceptances or guarantees and those deposits set up at an interest rate exceeding the one established regularly by the Argentine Central Bank.

Deposits acquired through endorsement, placements made as a result of incentives other than interest rates and locked-up balances from deposits and other excluded transactions are also excluded. This system has been implemented through the creation of the Deposit Insurance Fund (“FGD”), which is managed by a company called Seguros de Depósitos S.A. (“SEDESA”). SEDESA’s shareholders are the Argentine Central Bank and the financial institutions in the proportion determined for each one by the Argentine Central Bank based on the contributions made to the fund.

The monthly contribution institutions should make to the FGD is 0.015% on the monthly average of total deposits.

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52.2. RESTRICTED ASSETS

As of December 31, 2024, and 2023, the ability to freely dispose of the following assets is restricted, as follows:

Banco de Galicia y Buenos Aires S.A.U.

a) Cash and Government Securities


	12.31.24	12.31.23
For transactions in ROFEX, MAE and BYMA	87,598,988	157,239,028
For appraisals from repo transactions	21,691,472	5,702,243
For debit / credit cards transactions	109,354,431	47,628,324
For attachments	13,058	22,549
Liquid offsetting entry required to operate as CNV agent	2,091,800	1,646,946
For contribution to M.A.E.’ s Joint Guarantee Fund (Fondo de Garantía Mancomunada)	—	—
Guarantees for the Regional Economies Competitiveness Program	7,844	295,433
For other transactions (includes guarantees linked to rental contracts)	236,024	403,161
For forward purchases of repurchase transactions	195,223,252	51,320,186
For surety guarantees	43,408,838	369,887,551

b) Special Guarantees Accounts

Special guarantee accounts have been opened at the Argentine Central Bank as collateral for transactions involving electronic clearing houses, checks for settling debts and other similar transactions as of the indicated dates, which amount to:


	12.31.24	12.31.23
Escrow Accounts	266,554,216	207,071,703

c) Equity Investments

The account “Equity Investments” includes 1,222,406 non-transferable non-endorsable registered ordinary shares in Electrigal S.A., the transfer of which is subject to approval by the national authorities, according to the terms of the previously executed concession contract.

d) Contributions to Risk Fund

Banco de Galicia y Buenos Aires S.A.U., in its capacity as sponsoring partner in Garantizar S.G.R. Risk Fund, Don Mario S.G.R. and Móvil S.G.R., is committed to maintaining the contributions made to them for two (2) years.


	12.31.24	12.31.23
Fondo de Riesgo Garantizar SGR	20,951,027	7,149,239
Don Mario SGR	2,200,000	1,742,109
Movil SGR	2,532,700	2,395,400
Potenciar S.G.R.	5,018,353	2,609,577
Bind Garantías S.G.R.	550,000	108,882
Aval Ganadero S.G.R.	480,000	—
Riesgo de Campo Aval S.G.R.	100,000	—

BANCO GGAL S.A.

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a) Cash and Government Securities


	12.31.24	12.31.23
For transactions in ROFEX, MAE and BYMA	142,148,672	—
For appraisals from repo transactions	22,493,276	—
For credit cards transactions	34,057,006	—
For attachments	653,157	—
Liquid offsetting entry required to operate as CNV agent	305,927	—
For other transactions (includes guarantees linked to rental contracts)	141,197	—
For surety guarantees	114,223,237	—

b) Special Guarantees Accounts


	12.31.24	12.31.23
Escrow Accounts	110,404,547	—

INVIU S.A.U.


	12.31.24	12.31.23
Liquid offsetting entry required to operate as CNV agents	413,658	666,511
Guarantees linked to surety bonds	1,347,196	1,512,253
Surety	—	14,806

Tarjeta Naranja S.A.U.


	12.31.24	12.31.23
Attachments arising from judicial cases	—	1,345
Guarantees linked to rental contracts	23,639	17,292

Galicia Asset Management S.A.U.


	12.31.24	12.31.23
Liquid offsetting entry required to operate as collective investment products administration agents of mutual funds, as required by CNV(*)	753,391	570,151


(*)			As of December 31, 2024, it corresponds to 16,000,000 shares of Fima Mix I Mutual Fund.

GGAL Asset Management S.A.S.G.F.C.I.


	12.31.24	12.31.23
Liquid offsetting entry required to operate as collective investment products administration agents of mutual funds, as required by CNV(*)	8,607,993	—


(*)			As of December 31, 2024, it corresponds to 36,789,288,310 shares of HF Pesos Plus Class I Mutual Fund and 8,203,562,470 shares of HS Pesos Class I Mutual Fund.

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Galicia Securities S.A.U.


	12.31.24	12.31.23
For transactions in the market	1,350,896	25,238,786
Liquid offsetting entry required to operate as CNV agents	476,000	431,773
Guarantees linked to surety bonds	286,588	494,293

Naranja Digital Compañía Financiera S.A.U.


	12.31.24	12.31.23
Escrow Accounts	93,340,066	10,609,723

The total amount of restricted assets for the reasons stated above in the aforementioned controlled companies, as of the indicated dates, is as follows:


	12.31.24	12.31.23
Total Restricted Assets	1,289,038,449	894,779,264

52.3. TRUST ACTIVITIES

a) Trust Contracts for Purposes of Guaranteeing Compliance with Obligations:

Purpose: In order to guarantee compliance with contractual obligations, the parties to these agreements have agreed to deliver to Banco de Galicia y Buenos Aires S.A.U., as fiduciary property, amounts to be applied according to the following breakdown:


Date of Contract	Trustor	Balances of Trust Funds	Maturity (*)
11.23.11	Exxon Mobil	283,890	04.19.25
09.12.14	Coop. de Trab. Portuarios	7,392	09.12.26
03.08.23	Fondo Anticiclico Agroalim	835	06.30.25
12.12.23	Fondo Fiduciario Aceitero	852	06.30.25
Total		292,969

____________________


(1)			These amounts shall be released monthly until settlement date of trustor obligations or maturity date, whichever occurs first.

b) Financial Trust Contracts:

Purpose: To administer and exercise the fiduciary ownership of the trust assets until the redemption of debt securities and participation certificates:


Contract date	Trust	Balances of Trust Funds	Maturity (*)
12.06.06	GAS I	1,044,258	12.31.25
05.14.09	GAS II	21,333,619	12.31.25
06.08.11	MILA III	135,152	12.31.25
09.01.11	MILA IV	30,177	12.31.25
Total		22,543,206


(*)			Estimated date since maturity date shall occur at the time of the distribution of all of trust assets.

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52.4. COMPLIANCE WITH THE REGULATIONS

52.4.1. Agents – Minimum Liquidity requirement

Banco de Galicia y Buenos Aires S.A.U.

Within the framework of CNV Resolution No. 622/13, Banco de Galicia y Buenos Aires S.A.U. has been duly registered with such agency in the following categories: Escrow Agent for Collective Investment Products in the Financial Trustors’ Registry No. 54, and Settlement and Integral Compensation Agent No. 22 (AlyC and AN—INTEGRAL).

As of December 31, 2024, for the Escrow Agent for Collective Investment Products in the Financial Trustors’ Registry, the required Shareholders’ Equity amounts to Ps.1,235,808, and the minimum required offsetting entry is Ps.617,904.

For AlyC and AN—INTEGRAL, said requirement amounts to Ps.611,855, with the minimum offsetting entry required of Ps.305,927.

The Entity integrated these requirements with the Bono República Argentina in Pesos with Adjustment for CER, maturing on June 30, 2026, valued at amortized cost for the sum of Ps.2,091,800 whose fair value amounts to the sum of Ps.1,786,400, which are held in escrow in Caja de Valores (Principal 100100).

Banco GGAL S.A.

Considering the operations currently carried out by the Entity, and in accordance with the different categories of agents established by Resolution No. 622/13 of the CNV, the Entity registered with such Agency for the following categories of agents: “Custody Agent of Collective Investment Products of Collective Investment Mutual Funds FCI No. 2” and “Settlement and Clearing Agent - own No. 167”.

Pursuant to such Resolution, the Minimum Net Equity to operate in the above mentioned categories amounts to 470,350 Units of Purchasing Value (Unidades de Valor Adquisitivo, UVA) equivalent to Ps.611,855.

As of December 31, 2024, the net worth of the Bank amounts to Ps.1,448,114,297, complying with the minimum requirement set forth by the CNV. Additionally, it complies with the liquid counterparty requirement, corresponding to 50% of the amount of the minimum net worth of each of the agent categories.

The entity integrated such requirements with available assets in pesos and other currencies amounting to Ps.123,677 and assets in local instruments amounting to Ps.182,250.

Galicia Asset Management S.A.U.

In accordance with the requirements set forth in CNV Resolution No. 622/13, the minimum Shareholders’ Equity required to operate as Escrow Agent for Collective Investment Products, Mutual Funds amounts to Ps.1,443,944 and the minimum offsetting entry amounts to Ps.721,972.

The Company’s Shareholders’ Equity as of December 31, 2024, exceeds the minimum required by the aforementioned Resolution.

Galicia Asset Management S.A.U. integrated said requirement with 16,000,000 shares of Fondo Fima Mix I C, equivalent to Ps.753,391.

GGAL Asset Management S.A.S.G.F.C.I.

In accordance with the requirements set forth in CNV Resolution No. 622/13, the minimum Shareholders’ Equity required to operate as Escrow Agent for Collective Investment Products, Mutual Funds amounts to Ps.637,417 and the minimum offsetting entry amounts to Ps.318,708.

The Company’s Shareholders’ Equity as of December 31, 2024, exceeds the minimum required by the aforementioned Resolution.

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GGAL Asset Management S.A.S.G.F.C.I. integrated said requirement with 36,789,288,310 shares of HF Pesos Plus Class I , equivalent to Ps. 7,990,754 and 8,203,562,470 HF Pesos Class I, equivalent to Ps. 617,239, amounting to 8,607,993.

Galicia Securities S.A.U.

Within the framework of CNV General Resolution No. 622/13, the Company has been duly registered with said agency in the following categories: “Settlement and Offsetting Agent (ALyC and AN Own Portfolio)” and “Comprehensive Mutual Funds Placement and Distribution Agent.”

In accordance with the requirements set forth, for an ALyC and AN Own Portfolio the Shareholders’ Equity must be equivalent to 470,350 Units of Purchasing Value (Unidades de Valor Adquisitivo, UVA). As of December 31, 2024, said requirement amounted to Ps.611,855, and the minimum offsetting entry required was Ps.305,928. For Comprehensive Mutual Funds Placement and Distribution Agent, said requirement amounts to Ps.212,689, and the minimum offsetting entry required is Ps.106,345.

As of December 31, 2024, the Company’s Shareholders’ Equity amounted to Ps.37,462,767 and the offsetting entry would be comprised of government securities amounting to Ps.476,000.

INVIU S.A.U.

In accordance with the requirements set forth in General Resolution No. 622/13, for an ALyC and AN Integral the Shareholders’ Equity must be equivalent to 470,350 Units of Purchasing Value (UVA), with said requirement amounting to Ps.611,855 as of December 31, 2024, and a minimum offsetting entry required of Ps.305,928. For Comprehensive Mutual Funds Placement and Distribution Agents, said requirement amounts to Ps.212,689, and the minimum offsetting entry required is Ps.106,345.

As of December 31, 2024, the Company’s Shareholders’ Equity amounted to Ps.9,234,237 and the offsetting entry would be integrated with a demand account with an amount of Ps.939,262.

52.4.2. Custodial Agent of Collective Investment Products Corresponding to Mutual Funds

Banco de Galicia y Buenos Aires S.A.U.

Likewise, in compliance with Art. 7 of Chapter II, Title V of said resolution, Banco Galicia in its capacity as Escrow Agent for Collective Investment Products of Mutual Funds (depositary company): “Fima Acciones”, “Fima P.B. Acciones”, “Fima Renta en Pesos”, “Fima Ahorro Pesos”, “Fima Renta Plus”, “Fima Premium”, “Fima Ahorro Plus”, “Fima Capital Plus”, “Fima Abierto Pymes”, “Fima Mix I”, "Fima Mix II", “Fima Renta Fija Internacional”, “Fima Sustentable ASG”, “Fima Acciones Latinoamericanas US$”, “Fima Renta Fija Dólares” and “Fima Mix Dólares”, it is hereby stated that the total quantity held in escrow as of December 31, 2024 is 104,969,157,902 shares, their cash value being Ps.7,351,166,378, which is reflected in the account “Depositors of Securities Held in Escrow.”

As of December 31, 2023, securities held in escrow amounted to the quantity of 83,582,052,338 shares and their cash value was Ps.7,586,753,148.

Banco GGAL S.A.

Likewise, in compliance with Art. 7 of Chapter II, Title V of said resolution, Banco GGAL S.A: in its capacity as Escrow Agent for Collective Investment Products of Mutual Funds (depositary company): “HF Pesos”, “HF Pesos Plus”, “HF Infraestructura PPEReI”, “HF Renta Fija Argentina”, “HF Acciones Líderes”, “HF Retorno Total”, “HF Renta Fija Estratégica”, “HF Desarrollo Abierto Pymes”, “HF Pesos Renta Fija”, “HF Acciones Argentinas”, “HF Balanceado”, “HF Renta Dólares”, “HF Infraestructura II”, “Roble Ahorro en Dólares” y “HF Multimercado”, it is hereby stated that the total quantity held in escrow as of December 31, 2024 is 72,706,042,952 shares, their cash value being Ps.1,381,767,813, which is reflected in the account “Depositors of Securities Held in Escrow.”

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The balances of the Mutual Funds as of the indicated dates are detailed as follows:


Mutual Fund	12.31.24	12.31.23
FIMA Acciones	117,873,897	61,788,858
FIMA P.B. Acciones	66,209,741	35,511,988
FIMA Renta en pesos	119,738,966	176,670,712
FIMA Ahorro pesos	415,250,320	129,588,399
FIMA Renta Plus	90,075,495	120,459,157
FIMA Premium	5,749,292,091	6,272,606,897
FIMA Ahorro Plus	387,791,494	217,618,163
FIMA Capital Plus	143,282,624	488,517,665
FIMA Abierto PyMES	12,870,522	14,803,442
FIMA Mix I	28,447,819	40,530,460
FIMA Mix II	8,940,774	9,172,893
FIMA Renta Fija Internacional	4,043,978	10,358,711
FIMA Sustentable ASG	3,304,506	7,970,711
FIMA Acciones Latinoamericanas Dólares	394,745	1,155,092
Fima Renta Fija Dólares	64,889,444	—
Fima Mix Dólares	138,759,962	—
HF Pesos	869,702,819	—
HF Pesos Plus	187,761,382	—
HF Infraestructura PPEReI	70,483,370	—
HF Renta Fija Argentina	37,426,227	—
HF Acciones Líderes	34,715,393	—
HF Retorno Total	32,498,546	—
HF Renta Fija Estratégica	31,224,063	—
HF Desarrollo Abierto Pymes	27,822,970	—
HF Pesos Renta Fija	27,593,819	—
HF Acciones Argentinas	23,184,604	—
HF Balanceado	22,877,939	—
HF Renta Dólares	8,392,265	—
HF Infraestructura II	7,658,623	—
Roble Ahorro en Dólares	424,761	—
HF Multimercado	1,032	—
Total	8,732,934,191	7,586,753,148

All the transactions detailed above are recorded in off-balance sheet items—securities held in custody.

The mutual funds detailed above have not been consolidated as the Group is not a controlling company thereof, since the depository role does not imply in this case:

•power over the trust to run material activities;

•exposure or right to variable returns;

•capacity to have influence on the amount of returns to be received for the involvement.

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52.4.3. Storage of Documents

Pursuant to General Resolution No. 629 of the CNV, Banco de Galicia y Buenos Aires S.A.U. notes that it has supporting documents regarding accounting and management transactions, which are stored at AdeA (C.U.I.T. No. 30-68233570-6), Plant III located at Ruta Provincial 36 km 31.5 No. 6471 (CP 1888) Bosques, Province of Buenos Aires, with legal domicile at Av. Juramento 1775, 4th. floor, (CP 1428), Autonomous City of Buenos Aires.

Banco GGAL S.A. notes that it has supporting documents regarding accounting operations and management transactions which are in the custody of Iron Mountain Argentina S.A. (CUIT No. 30-68250405-2), located at different addresses: Amancio Alcorta 2482 - Autonomous City of Buenos Aires, Av. Pedro de Mendoza 2147 - Autonomous City of Buenos Aires, Azara 1245 - Autonomous City of Buenos Aires and San Miguel de Tucumán 601 Spegazzini - Province of Buenos Aires.

52.5. COMPLIANCE WITH MINIMUM CASH REQUIREMENTS:

The minimum cash regulation establishes the minimum amount of cash that financial entities must maintain, in accordance with the rules established by Argentine Central Bank, in order to ensure the liquidity of the financial system. The following are the concepts considered by the Group for the integration of the minimum cash, according to the existing regulations.

As of December 31, 2024, the balances recorded as computable items are as follows:

For Banco de Galicia y Buenos Aires S.A.U.:


	Currency
Item	Ps.	US$	Euros(*)
Checking Accounts held in Argentine Central Bank	401,290,322	2,514,959	26
Escrow Accounts held in Argentine Central Bank	236,972,526	9,490	—

National Treasury Bonds in Argentine Pesos computable for minimum cash	237,799,213	—	—

Government Securities	637,561,720	—	—
Total for integration Minimum Cash	1,513,623,781	2,524,449	26

(*) Stated in thousands of US$.

For Banco GGAL S.A.:


	Currency
Item	Ps.	US$	Euros(*)
Checking Accounts held in Argentine Central Bank	46,852,460	413,948	—

Special Guarantee Accounts benefiting electronic clearinghouses	98,835,616	11,205	—



Total for integration Minimum Cash	145,688,076	425,153	—

(*) Stated in thousands of US$.

52.6. PENALTIES IMPOSED ON BANCO DE GALICIA Y BUENOS AIRES S.A.U. AND BANCO GGAL S.A. AND SUMMARY PROCEEDINGS COMMENCED BY THE ARGENTINE CENTRAL BANK, THE FINANCIAL INFORMATION UNIT (UIF, SPANISH ACRONYM) AND THE NATIONAL SECURITIES COMMISSION (CNV, SPANISH ACRONYM).

Penalties Imposed on Banco de Galicia y Buenos Aires S.A.U. existing as of December 31, 2024:

UIF Proceedings -Docket 867/13.

▪Penalty Notification date: June 19, 2020.

▪Reason of the Penalty: Reason of the Penalty: alleged non-compliance with the provisions of Article 21 of the Anti-Money Laundering Law and alleged non-compliance with the provisions of UIF Resolution No. 121/11, especially with the provisions of Article 13 (paragraph j), Article 14 (paragraph h); Article 21 (paragraph a); Article 23, and Article 24 (paragraphs d and e). These objections are related to the risk matrix and the transactions

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monitoring system regarding prevention of money laundering and terrorist financing and required information allegedly missing.

▪Amount applied and responsible persons receiving penalties: penalties for global amounts of Ps.440 applied to the Bank and eight Directors.

▪Status of the Case: On September 14, 2020, the direct appeal to the penalty was filed before the National Court of Appeals for Federal Administrative Disputes of the Federal Capital, under the terms of Article 25 of Law No. 25,246, amended by Law No. 24,144; Room III, where the proceeding is pending, was designated to issue judgment. On November 30, 2023, Room III of the National Court of Appeals for Federal Administrative Matters decided to reject the direct appeal filed, with costs awarded. Against this last decision, on December 15, 2023, a Federal Extraordinary Appeal was filed, which was declared inadmissible by the Court on February 22, 2024. On February 29, 2024, an appeal was filed against that decision before the Supreme Court of Justice of the Nation, but no decision has been rendered so far.

UIF Summary Proceeding - Docket No. 127/18.

▪Penalty Notification date: April 18, 2022.

▪Imputation of Charges: alleged breaches in the determination of customer profile, deficiencies in the implementation of technological tools and monitoring and in the parameterization of alerts, as well as the alleged untimeliness of an STR filed and failure to file an STR of a customer; this in alleged violation of Articles 20 bis, 21 Paragraphs a) and b), and 21 bis of Law No. 25,246; and Articles 3 (Paragraph g); 21 (Paragraphs g and j); 22 (Paragraph a-); 23; 24 (Paragraphs d-, e- and f-); and 34 of UIF Resolution No. 121/2011, as amended.

▪Defendants: the Bank and seven Directors.

▪Status of the case: on July 1, 2022, the defense and presentation of evidence was filed together with several motions. On February 17, 2023, it was decided to proceed to the admittance of evidence, which was subsequently produced. On April 14, 2023, notice was served to present the argument on the merits of the evidence, which was presented on April 28, 2023. On December 26, 2024, due to the issuance of Resolution UIF No. 90/2024, a request was made for the defendants to be admitted to the “abbreviated procedure”, requesting the UIF to settle the charges filed. Thus, on February 3, 2025, the UIF made the settlement for the four charges involved, estimating them in the amount of Ps.9,135 for the bank and the same amount for the members of the administrative body, resulting in a total amount to be paid of Ps.18,269.

Summary Proceeding No. 1613.

▪Date of notification of the opening of the summary proceeding: August 24, 2023.

▪Imputation of Charges: alleged violation of the provisions of the Ordered Text of the rules on the “Regulation of the bank checking account”, according to Communication “A” 4971. OPASI Circular 2 - 402. Schedule. Section 7, Paragraph 7.3, Points 7.3.1.5 -in accordance with the provisions of Section 8, Points 8.2.3-, 7.3.3.2 i) and 7.3.3.2 iii) (as supplemented and amended) due to an alleged failure to ratify in court the report of loss and an inadequate report of the checks in the Information Regimes regarding two checks corresponding to a customer which were rejected due to an “Order not to pay - With funds”.

▪Defendants: the Bank, three Managers and a Check Processing Leader.

▪Status of the Case: On September 12, 2023, a general reply was filed by all the defendants, and on September 25, 2023, additional personal replies were filed. On February 29, 2024, it was resolved to open the summary to evidence, rejecting part of it -with respect to which a reservation was formulated- and admitting the rest. After the evidence was favorably provided, on April 12, 2024, it was resolved to close the proof period, and a ten-day transfer was granted in order to argue on the merits of the evidence, and the argument was filed on April 26, 2024.

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On December 10, 2024 the BCRA issued the final resolution rejecting the evidence offered and imposing a warning to the defendants. There is currently a term to appeal this decision before the presidency of the agency.

Summary Proceeding No. 1620.

▪Date of notification of the opening of the summary proceeding: December 18, 2023.

▪Imputation of Charges: alleged violation of the provisions of the Ordered Text of the “Minimum Standards on Internal Controls for Financial Institutions”, according to Communication “A” 6552, Circular CONAU 1 - 1289, Schedule I, Section I - Basic Concepts-, Point 1 - Internal Control, and Section IV - Design and Documentation of Controls-, Point 1 - Responsibilities in the Design and Implementation of Controls-, as supplemented and amended; and the Ordered Text of the rules on “Guidelines for Risk Management in Financial Institutions”, according to Communication “A” 5398, Circular RUNOR 1 - 1013, Schedule, Section 1 - Risk Management Processes-, Point 1.1. -Scope of the Guidelines-, Point 1.4. -General Principles-, Sub-point 1.4.3, and Section 6 -Operational Risk Management-, Point 6.1.2., as supplemented and amended, due to alleged failures in internal controls and deficiencies in the management of the financial entity between 09.02.19 and 08.05.22 .

▪Defendants: the Bank, and nineteen officers (Directors, Syndics, Managers and Tribe Leaders).

▪Status of the Case: on February 2, 2024, a general defense was filed by all the defendants and on March 7, 8 and 20, additional personal defenses were filed. On April 24, 2024, it was resolved to open the summary to evidence, rejecting part of it -with respect to which a reservation and a request for reconsideration was filed- and admitting the rest. On May 30, 2024 it was resolved to close the proof period, and a ten-day transfer was granted in order to file an argument on the merits of the evidence, and the argument was filed on June 13, 2024, with no further developments.

Summary Proceeding No. 7732.

▪Date of notification of the opening of the summary proceeding: August 8, 2022.

▪Imputation of Charges: Having carried out exchange operations carried out by customers without the prior approval of the Argentine Central Bank in alleged violation of art. 1, sections e) and f) of the Criminal Exchange Law (O.T. by Executive Order No. 480/95), integrated with the regulations of points 5, 6, 9, 10, 15 and 18 of Communication “A” 6770, Communication “A” 6815, Communications “C” 43716, 49077, 50737, 52384, 52388, 57618, 62862, 66581, 66582, 67343, 70322, 81561, 82665 and 84797, amending and supplementary.

▪Defendants: the Bank, General manager, Area managers and other officials.

▪Status of the case: On February 28, 2023, the global reply of all the defendants was filed. The statute of limitations of the action was raised. On June 15 and 26, 2023, the defendants' individual pleadings were filed. On August 14, 2023, the defense of lack of action filed with respect to two of the defendants was rejected, and on August 17, 2023, we filed a reservation with respect to this resolution. On January 25, 2024 the BCRA rejected the plea of lack of action filed with respect to another of the individuals charged, a resolution with respect to which we filed a reservation on February 5, 2024, which was filed on April 3 of the same year. On May 29, 2024, the opening of the evidence period was ordered and the proposed measures (testimonial, informative and expert) were produced. On December 23, 2024, the proof period was ordered to close and on February 3, 2025, the pleading was presented with the merits of the evidence, without any further developments.

Summary CNV No. 87/2024.

▪Date of notification of the opening of the summary proceeding: April 30, 2024.

▪Imputation of Charges: Alleged violation of Article 117, Paragraph “b”, of Law No. 26,831, as amended, Article 2°, Paragraphs “a”, “b” and “c”, Section II, Chapter III, Title XII, of the CNV Regulations (consolidated text of 2013 and amendments), and Article 59 of Law No. 19,550, based on a report prepared by the Argentine Central Bank and sent to the CNV, which indicates that it has detected a series of transactions that, affecting the volumes

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and prices considered, could have induced a distorted application of Communication “A” 7546 and complementary notes in the execution of put options that have the Argentine Central Bank as the acquiring party. In their report, they state that in spite of the difficulties to accurately establish the valuations of bonds with hybrid characteristics, such as dual bonds, accentuated by the low liquidity and a discontinuous distribution of the curve, the put options executed could not have been exercised at the resulting levels if there had not been transactions carried out on February 19 and 20, 2024 by the Bank and its related companies Galicia Securities S.A.U. and Inviu S.A.U. The transactions between the aforementioned companies allegedly allowed the exercise of the liquidity option (PUT) of the Dual Bond (TDE25) for NV Ps. 113 million according to Communication “A” 7546 and complementary notes, in apparent excess for an amount of Ps. 23,072,000 in relation to the amount that would have corresponded if an extrapolated price had been applied. The result generated by such transaction was registered under the line “Net Income from Financial Instruments at Fair Value through Profit or Loss” in the Statement of Income.

▪Defendants: six Regular Directors and the three Regular Syndics of the Bank, three Regular Directors and the three Regular Syndics of Galicia Securities S.A.U. in office at the time of the facts, and five Regular Directors and the three Regular Syndics of INVIU S.A.U. in office at the time of the facts.

▪Status of the case: During the period, the pertinent answers to the charge have been presented; on the other hand, the Argentine Central Bank debited the amount of Ps. 28,837,892 voluntarily offered by the Entity as full compensation for the alleged damage and interest, without prejudice to the defense arguments, or recognition of facts or rights, a situation that has been notified to the CNV. On November 15, 2024, the opening of the proceedings was ordered, and the measures offered are currently in the process of production.

Financial Summary No. 1631 (BCRA File No. EX2024-00152644-GDEBCRA#BCRA).

▪Date of notification of the opening of the summary: October 23, 2024.

▪Imputation of Charges: alleged management and/or internal control failures and weaknesses of the financial institution in apparent violation of the provisions in: (i) certain sections of the Consolidated Text of the "Minimum Standards on Internal Controls for Financial Entities" and its complementary and amended provisions; (ii) certain provisions of the Orderly Text of the “Norms on Guidelines for Risk Management in Financial Institutions”, as supplemented and amended; and (iii) certain provisions of the Orderly Text of the “Norms on Guidelines for Corporate Governance in Financial Institutions”, and its complementary and amended provisions. This, based on the transactions carried out between February 19, 2024 and February 21, 2024 by the Bank and its related companies Galicia Securities S.A.U. and INVIU S.A.U. with the Dual Bond (TDE25) and the subsequent execution of the liquidity option (put).

▪Defendants: the Bank, seven directors, the General Manager, the former manager of the Financial Banking Area, the former manager of Trading & Global Markets, the former Trading Team Leader of the Trading & Global Markets Management and three traders of the Trading & Global Markets Management.

▪Status of the case: during the month of November, the corresponding disclosures have been presented by the Bank as well as to the Directors and the General Manager, with no further developments to date.

As of the date of preparation of these Consolidated Financial Statements, provisions have been made, the impact of which is registered in the line “Other Operating Expenses” in the Statement of Income, based on the opinion of our legal advisors, without excluding the possibility of changes in the situation that may occur in the future based on the progress of the case.

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Penalties Imposed on Banco GGAL S.A. existing as of December 31, 2024

Summary No. 4774.

▪Date of notification of the opening of the summary proceeding: October 20, 2011.

▪Imputation of Charges: Alleged non-compliance with the provisions of BCRA Communication "A" 4359 due to discrepancies in real estate purchase transactions carried out by non-residents between the amounts received by the Entity and the amounts in the deeds.

▪Defendants: Banco GGAL S.A. (formerly HSBC Bank Argentina S.A.), and 4 individuals.

▪Status of the Case: On April 6, 2017, the defendants were acquitted of all charges, and on May 18, 2017, the Court of Appeals upheld the acquittal. On July 13, 2017, the extraordinary appeal filed by the Prosecutor was granted. On October 29, 2024, the Supreme Court issued a ruling ordering the suspension of the extraordinary appeal due to the statute of limitations. Therefore, it returned the proceedings to the court of origin for review.

Summary No.1426.

▪Date of notification of the opening of the summary proceeding: February 2, 2015.

▪Imputation of Charges: The charge is for failure to comply with regulations governing the decentralization of information technology and information systems activities abroad, as well as failure to meet minimum management, implementation, and control requirements.

▪Defendants: Banco GGAL S.A. (formerly HSBC Bank Argentina S.A.), and 7 individuals.

▪Status of the Case: On July 29, 2019, a fine of Ps.945,000 was imposed against the Bank and fines were imposed on the individuals. On March 26, 2021, the Court of Appeals revoked the fines imposed on the Bank and the individuals. The BCRA filed an extraordinary appeal against this ruling, which is pending resolution before the Supreme Court of Justice of the Nation.

Summary No.7539.

▪Date of notification of the opening of the summary proceeding: March 3, 2021.

▪Imputation of Charges: The Entity is charged with alleged non-compliance with the criminal exchange regime in connection with international transfers made by customers in 2019.

▪Defendants: Banco GGAL S.A. (formerly HSBC Bank Argentina S.A.), and 3 individuals.

▪Status of the Case: On April 7, 2021, the Bank and the individuals answered to the defense. On December 9, 2024, the Court issued a judgment freely absolving the accused individuals of guilt and charges and declaring the Bank exempt from liability. Said sentence is not final, it could be appealed by the Public Prosecutor.

Summary No.8064.

▪Date of notification of the opening of the summary proceeding: August 29, 2023.

▪Imputation of Charges: The Bank is charged with alleged noncompliance with the criminal exchange regime in connection with international transfers made in 2020 by customers.

▪Defendants: Banco GGAL S.A. (formerly HSBC Bank Argentina S.A.), and 4 individuals.

▪Status of the Case: On October 4, 2023, the Entity and individuals responded to the releases.

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Summary UIF Expt. No.174/15.

▪Imputation of Charges: The entity is accused of alleged deficiencies in the Prevention Manual, in certain files and in some specific operations of former clients.

▪Defendants: Members of the Board of Directors at the date of the events.

▪Status of the Case: On November 17, 2020, the Entity was notified of Resolution UIF 47/20 in the framework of the summary 174/15 in which a fine of Ps.550 was imposed. On December 30, 2024 the Court of Appeals confirmed the fines imposed. As of the date of these financial statements, such resolution is not final. The Entity's management and its legal advisors consider that there would be no significant adverse equity effects that could result from the final outcome of such actions.

Summary CNV No.631/2014.

▪Imputation of Charges: The Bank is charged with alleged formal breaches in the corporate books of Financial Trust (the Bank in its capacity as trustee).

▪Defendants: Members of the Board of Directors and Syndics at the date of the events.

▪Status of the Case: On March 6, 2019, the Bank was notified of the Resolution of the CNV in the framework of the summary 631/2014 which imposes a fine of Ps.200 to be applied to the Bank. On March 11, 2021, the Court of Appeals revoked the fine and the CNV filed an extraordinary appeal against such ruling, which was rejected on August 13, 2021. CNV filed a complaint appeal before the Argentine Supreme Court of Justice. On December 17, 2020, the Entity was notified of the Resolution of the CNV in the framework of the summary 632/14 in which a fine of Ps.500 thousand was imposed to be applied to the Entity jointly and severally with the directors and trustees at the time of the facts. On December 21, 2021, the Court of Appeals confirmed the fine sanction and ordered the CNV to determine the amount since the fine that the CNV had taken as an aggravating element to sanction (fine of the summary 631/2014) was later revoked. The extraordinary appeal against the resolution of the Court of Appeals was rejected and the Entity filed on July 5, 2022 a complaint appeal before the Supreme Court of Justice of the Nation.

The Group considers that the resolution of these proceedings will not have significant impact on its equity.

52.7. ISSUANCE OF DEBT SECURITIES

The issuance of debt securities is detailed in Notes 27 and 28.

52.8. RESTRICTIONS FOR DIVIDEND DISTRIBUTION

Pursuant to Section 70 of the General Corporations Law, Grupo Financiero Galicia S.A. should transfer 5% of the net income for the year to the Legal Reserve until 20% of the capital stock is reached, plus the balance of the Capital Adjustment account.

With respect to Banco Galicia, Banco GGAL S.A. and Naranja Digital Compañía Financiera S.A.U., the Argentine Central Bank regulations require that 20% of the profits shown in the Income Statement at fiscal year-end, plus (or less), the adjustments made in previous fiscal years and, less, if any, the loss accumulated at previous fiscal year-end, be allocated to the legal reserve.

This proportion applies regardless of the ratio of the Legal Reserve fund to Capital Stock. Should the Legal Reserve be used to absorb losses, earnings shall be distributed only if the value of the Legal Reserve reaches 20% of the Capital Stock plus the Capital Adjustment.

The Argentine Central Bank sets rules for the conditions under which financial institutions can make distributions of profits. According to these rules, profits can be distributed as long as results of operations are positive after deducting not only the Reserves, which may be legally and statutory required, but also the following items from Retained Income: The

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difference between the carrying amount and the fair value of public sector assets and/or debt instruments issued by the Argentine Central Bank not valued at fair price, the amounts capitalized for lawsuits related to deposits and any unrecorded adjustments required by the external auditors or the Argentine Central Bank.

Moreover, in order that a financial institution be able to distribute profits, such institution must comply with the capital adequacy rule, i.e. with the calculation of minimum capital requirements and the regulatory capital.

For these purposes, this shall be done by deducting from its assets and Retained Income all the items mentioned in the paragraph above. Moreover, in such calculation, a financial institution shall not be able to compute the temporary reductions that affect minimum capital requirements, computable regulatory capital or its capital adequacy.

The Argentine Central Bank established that a capital conservation margin must be maintained in addition to the minimum capital requirement, equivalent to 3.5% of risk-weighted assets. Said margin must exclusively be integrated with level I, net of items deductibles. Income distribution will be limited when the level and composition of the institution’s Regulatory Capital puts said distribution within the range of the capital conservation margin.

The Argentine Central Bank provided that income distribution must be performed with its prior authorization.

The Argentine Central Bank established that, from 01.01.23 until 12.31.2, the financial institutions may distribute income for up to 40% of the accumulated income, with prior authorization by said Institution. In turn, said distribution must be in 6 equal, monthly and consecutive installments.

Communication "A" 7984 established that as from 01.01.24 and until 12.31.24, financial institutions authorized by the Argentine Central Bank may distribute profits in 6 equal, monthly and consecutive installments for up to 60% of the amount that would have corresponded if the rules on "Distribution of profits" had been applied.

Communication "A" 8214 established that until 12.31.25, financial institutions authorized by the Argentine Central Bank may distribute profits in 10 equal, monthly and consecutive installments (as from 06.30.25 and not before the penultimate business day of the following months) for up to 60% of the amount that would have corresponded if the rules on "Distribution of profits" had been applied.

Tarjeta Naranja S.A.U.’s Ordinary and Extraordinary Shareholders’ Meeting held on March 16, 2006, decided to set the maximum limit for the distribution of dividends at 25% of the realized and liquid profits of each fiscal year. This restriction shall remain in force as long as the company’s Shareholders’ Equity is below Ps.300,000 (Ps.112,666,306 in closing currency).

The Group may pay dividends to the extent that it has distributable retained earnings and distributable reserves calculated in accordance with the rules of the Argentine Central Bank. Therefore, retained earnings included in the consolidated financial statements may not be wholly distributable.

The Group has presented its local financial statements under these rules on February, 28 2025.

Shareholders’ equity under the rules of the Argentine Central Bank comprise the following captions:


			12.31.24
Share Capital			1,588,514
Additional paid in Capital			697,387,566
Adjustments to shareholders´ equity			1,582,407,426
Legal reserve			89,286,802
Distributable reserves			2,050,288,809
Non distributable reserves			1,618,596,208
Profit for the year			36,346,891
Total Shareholder’s equity under the rules of the Argentine Central Bank			6,075,902,216

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The Board of Directors proposes that the profit for fiscal year, which as of December 31, 2024 amounts to Ps.1,618,596,208, be allocated to: (i) 5% to the constitution of the Legal Reserve; (ii) the payment of a cash dividend in an amount such that, adjusted for inflation, results in the sum of Ps.88,000,000; (iii) the payment of an additional cash dividend of Ps.$300,000,000 subject to the approval and conditions that Banco Galicia obtains from the BCRA, which may result in a different dividend amount; and (iv) the remaining balance to the constitution of a Special Discretionary Reserve for eventual dividend distribution.

52.9. CAPITAL MANAGEMENT AND CORPORATE GOVERNANCE TRANSPARENCY POLICY

Grupo Financiero Galicia S.A.

Board of Directors

Grupo Financiero Galicia S.A.’s Board of Directors is the Company’s highest management body. It is made up of nine directors and three alternate directors, who must have the necessary knowledge and skills to clearly understand their responsibilities and duties within the corporate governance, and to act with the loyalty and diligence of a good businessman.

As set out in its bylaws, the term of office for both directors and alternate directors is three (3) years; they are partially changed every year and may be reelected indefinitely.

The Company complies with the appropriate standards regarding total number of directors, as well as the number of independent directors. Furthermore, its bylaws provide for the flexibility necessary to adapt the number of directors to the possible changes in the conditions in which the Company carries out its activities, from three (3) to nine (9) directors.

The Board of Directors complies, in every relevant respect, with the recommendations included in the Code on Corporate Governance as Schedule IV to Title IV of the regulations issued by the National Securities Commission (Text amended in 2013).

Likewise, controls are carried out on the application of corporate governance policies defined by regulations in force, through the Executive Committee, the Nomination and Compensation Committee, the Audit Committee, the Disclosure Committee, and the Ethics, Conduct and Integrity Committee. The Committees periodically reports to the Board of Directors, who becomes aware of the decisions of each Committee, and the relevant matters are recorded in the Minutes of their meetings.

Executive Committee

In July 2018, Grupo Financiero Galicia S.A.’s Board of Directors approved the creation of the Executive Committee, along with its governing rules and regulations. It is made up of five directors, and the purpose of its creation is to contribute to the conduction of the Company’s ordinary business and the efficient performance of the Board of Directors’ duties.

Nominations and Compensation Committee

The objective behind the creation of this Committee is to facilitate the analysis and monitoring of several issues based on good corporate governance practices; it is composed of five directors, two of them independent.

Its main duty is to support the Company’s Board of Directors in preparing the candidates appointment proposal to occupy positions on said Board of Directors.

Audit Committee

The Audit Committee set by Capital Markets Law No. 26831 and the CNV’s regulations is formed by three directors, two of whom are independent, and meets the requirements set out in U.S. Sarbanes-Oxley Act.

Such Committee’s mission is to provide the Board of Directors with assistance in overseeing the financial statements, as well as in the task of controlling Grupo Financiero Galicia and its subsidiaries.

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Committee for Information Integrity

The Committee for Information Integrity was created in compliance with the recommendations of U.S. Sarbanes Oxley Act, and is made up of the General Manager, the Administrative and Finance Manager and two supervisors of the Administrative and Finance Division.

Its most important duties are monitoring the Company’s internal controls, reviewing the financial statements and other information published, preparing Board of Directors’ reports with the activities carried out by the Committee. Its operation has been adapted to local laws and it currently performs important administrative and reporting duties, which are used by the Board of Directors and the Audit Committee, contributing to the transparency of the information provided to markets.

Ethics, Conduct and Integrity Committee

The objective behind the Ethics, Conduct and Integrity Committee is to promote compliance with standards, principles of good conduct, and the Code of Ethics.

Basic Holding Structure

Grupo Financiero Galicia S.A. is a company whose sole purpose is to conduct financial and investment activities as per Section 31 of the General Corporations Law. That is to say, it is a holding company whose activity involves managing its equity investments, assets and resources.

Therefore, Grupo Financiero Galicia S.A. directly and indirectly holds those equity interests in companies that carry out activities defined as non-supplementary.

Grupo Financiero Galicia S.A. has a reduced structure due to its nature as holding company of a group of financial services. Accordingly, certain typical organizational aspects of large operating companies are not applicable thereto.

To conclude, one should note that Grupo Financiero Galicia S.A. is under the control of a pure holding company, EBA Holding S.A., which has the number of votes necessary to hold the majority of votes at the Shareholders’ Meetings, although it does not have any managerial functions over the former.

Compensation Systems

Directors’ compensation is defined by the General Shareholders’ Meeting and is fixed within the limits established by law and the corporate bylaws.

The Audit Committee expresses its opinion on whether compensation proposals for Directors are reasonable, taking into consideration market standards.

Business Conduct Policy

The Company has consistently shown respect for the rights of its shareholders, reliability and accuracy in the information provided, transparency as to its policies and decisions, and caution with regard to the disclosure of strategic business issues.

Code of Ethics

Grupo Financiero Galicia S.A. has a Code of Ethics formally approved that guides its policies and activities. It considers business objectivity and conflict-of-interests related-aspects, and how the employee should act upon identifying a breach of the Code of Ethics.

Banco de Galicia y Buenos Aires S.A.U.

Banco Galicia’s Board of Directors is the Company’s highest management body. As of the date of preparation of these consolidated financial statements, it is made up of seven directors and four alternate directors, who have the necessary

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knowledge and skills to clearly understand their responsibilities and duties within the corporate governance, and act with the loyalty and diligence of a good businessman.

Banco Galicia complies with the appropriate standards regarding total number of directors, as well as number of independent directors. Furthermore, its bylaws provide for the flexibility necessary to adapt from three (3) to nine (9) directors to the possible changes in the conditions in which the Bank carries out its activities.

The General Shareholders’ Meeting has the power to establish the number of directors, both independent and non-independent ones, and appoint them. Out of the seven directors, one of them is independent. In addition, two of the alternate directors are independent. The independence concept is defined in the regulations set forth by the CNV and the Argentine Central Bank regulations.

As regards prevention of conflicts of interest, the provisions set forth in the General Corporations Law and the Capital Markets Law are applicable.

As set out in the bylaws, the term of office for both directors and alternate directors is three years; two thirds of them (or a fraction of at least three) are changed every year and may be reelected indefinitely.

The Board of Directors’ meeting is held at least once a week and when required by any director. The Board of Directors is responsible for the Bank’s general management and makes all the necessary decisions to such end. The Board of Directors’ members also take part, to a greater or lesser extent, in the commissions and committees created. Therefore, they are continuously informed about the Bank’s course of business and become aware of the decisions made by such bodies, which are transcribed into minutes.

Additionally, the Board of Directors receives a monthly report prepared by the General Manager, the purpose of which is to report the material issues and events addressed at the different meetings held between the General Manager and Senior Management. The Board of Directors becomes aware of such reports, as evidenced in the minutes.

In connection with directors’ training and development, the Bank has a program, which is reviewed every nine months, whereby they regularly attend courses and seminars of different kinds and subjects.

According to the activities carried out by the Bank, effective laws and corporate strategies, the following committees have been created to achieve an effective control over all activities performed by the Bank:

•Risk and Capital Allocation Committee

It is in charge of approving and analyzing capital allocation, establishing risk policies and monitoring the Bank’s risk.

•High Credit Committee

This committee’s function is to approve and sign credit ratings and grant transactions related to high-risk groups and customers, i.e., greater than 2.5% of the Bank’s individual Computable Regulatory Capital, clients included in Communication "A" 2373 of Credit Graduation or its modifications, clients of the public sector whose risk level exceeds 0.05% of the individual RPC of the Bank, loans to financial institutions (local or foreign) and related customers, in which case two thirds of the Board of Directors is required to participate.

•Low Credit Committee

This committee’s function is to approve and sign the credit ratings and grant transactions related to medium-risk groups and customers, equal to amounts greater than 1% of the Bank’s individual Computable Regulatory Capital.

•Asset and Liability Management Committee

It is in charge of analyzing the fundraising and its placement in different assets, the follow-up and control of liquidity, interest-rate and currency mismatches, and management thereof.

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•Information Technology Committee

This Committee is in charge of supervising and approving the development plans of new systems and their budgets, as well as supervising these systems’ budget control. It is also responsible for approving the general design of the systems’ structure, the main processes thereof and the systems implemented, as well as monitoring the quality of the Bank’s systems, within the policies established by the Board of Directors.

•Audit Committee

The Audit Committee is responsible for helping the Board of Directors, in performing the control function of the Bank and its controlled companies and the companies in which it owns a stake, in order to fairly ensure the following objectives:

•Effectiveness and efficiency of operations;

•Reliability of the accounting information;

•Compliance with applicable laws and regulations; and

•Compliance with the goals and strategy set by the Board of Directors.

•Committee for the Control and Prevention of Money Laundering and Funding of Terrorist Activities (CPLA/FT, as per its initials in Spanish)

It is in charge of planning, coordinating, and ensuring compliance with the policies on anti-money laundering and funding of terrorist activities set and approved by the Board of Directors.

•Committee for Information Integrity

It is in charge of encouraging compliance with the provisions of Sarbanes-Oxley (2002).

•Human Resources and Governance Committee

It is in charge of presenting the succession of the General Manager and Division Managers, analyzing and establishing the General Manager’s and Division Managers’ compensation, and monitoring the performance matrix of Department and Division Managers.

•Performance Reporting Committee

It is in charge of monitoring the performance and results of operations and evaluating the macro situation.

•Liquidity Crisis Committee

It is in charge of evaluating the situation upon facing a liquidity crisis and deciding the steps to be implemented to tackle it.

•Compliance Committee

It is in charge of instilling respect for Banco Galicia’s rules, code of conduct and ethics, and mitigating the compliance risk, by defining policies and establishing controls and reports in the best interests of the Bank and its employees, shareholders, and customers.

•Committee for the Protection of Users of Financial Services

It is responsible for following up on the activities developed by Banco Galicia’s management involved in user protection internal processes to ensure adequate compliance with legal and regulatory standards.

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The Bank considers the General Manager and Division Management reporting to the General Manager as Senior Management. These are detailed as follows:

•Retail Banking Division

•Wholesale Banking Division

•Financial Banking Division

•Products and Technology Division

•People Division

•Risk Division

•Finance and Strategic Planning Division

Senior Management’s main duties are as follows:

•Ensure that the Bank’s activities are consistent with the business strategy, the policies approved by the Board of Directors and the risks to be assumed.

•Implement the necessary policies, procedures, processes and controls to manage operations and risks cautiously, meet the strategic goals set by the Board of Directors and ensure that the latter receives material, full and timely information so that it may assess management and analyze whether the responsibilities assigned are effectively fulfilled.

•Monitor the managers from different divisions, in line with the policies and procedures set by the Board of Directors and establish an effective internal control system.

Basic Holding Structure

The Bank’s majority shareholder is Grupo Financiero Galicia S.A., which has full control of its shares and votes. In turn, the Bank holds equity investments in supplementary companies as shareholders of the parent, as well as non-controlling interests in companies whose controlling company is its own shareholders of the parent. From a business point of view, this structure allows the Bank to take advantage of significant synergies that guarantee the loyalty of its customers and additional businesses. All business relationships with these companies, whether permanent or occasional in nature, are fostered under the normal and usual market conditions and this is true when the Bank holds either a majority or minority interest.

Business Conduct Policy and/or Code of Ethics

The Bank has a formally approved Code of Ethics that guides its practices and activities. It considers aspects related to objectivity, transparency and honesty in business, and contains guidelines on how the employee should act in the event of non-compliance with it or with our internal policies, giving intervention to the Conduct Committee.

Information Related to Personnel Economic Incentive Practices

The Human Resources and Governance Committee, composed of two (2) Directors, the General Manager and the Organizational Development and Human Resources Division Manager, is in charge of establishing the compensation policy for Banco Galicia’s personnel.

It is the policy of Banco Galicia to manage the full compensation of its personnel based on the principles of fairness, meritocracy, and justice, within the framework of the legal regulations in force.

The aim of this policy is to provide an objective and fair basis, through the design and implementation of tools for the management of the fixed and variable compensation paid to each employee, based on the scope and complexity of each

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position’s responsibilities, individual performance with regard to compliance thereof, contribution to the Bank’s results and conformity to market values, with the purpose of:

•Attracting and creating loyalty with regard to quality personnel suitable for the achievement of the business strategy and goals.

•Being an individual motivation means.

•Easing the decentralized management of compensation administration.

•Allowing the effective budget control of personnel costs.

•Guaranteeing the internal fairness in order to monitor and ensure both external and internal fairness with regard to the payment of fixed and variable compensation. The Compensation and People Analytics area uses and puts at the disposal of the Senior Management and the Human Resources Committee market surveys published by consulting firms specialized in compensation issues, pursuant to the market positioning policies defined by the management division for the different corporate levels.

With the purpose of gearing individuals towards the achievement of attainable results that contribute to the global performance of the Bank/Area, and to the increase in motivation for the common attainment of goals, differentiating individual contribution, Banco Galicia has different variable compensation systems:

1)Business Incentives and/or Incentives through Commissions system for business areas.

2)Annual Bonus System for management levels, officers and the rest of the employees who are not included in the business incentives system. The annual bonus is determined based on individual performance and the Bank’s results and is paid in the first quarter of the next fiscal year. To determine the variable compensation for the Senior Management and Middle Management, the Bank uses the Management Performance Assessment System. This system has been designed including both qualitative and quantitative KPI (Key Performance Indicators). Criteria are all quantitative, and built considering at least three characteristics:

a)Results.

b)Business volume or size.

c)Projections: Indicators that protect the business for the future (For example: Quality, internal and external customer satisfaction, risk coverage, work environment, etc.).

The significance or impact of each of them is monitored and adjusted yearly pursuant to the strategy approved by the Board of Directors.

The interaction among these three aspects seeks to make incentives related to results and growth consistent with the risk thresholds determined by the Board of Directors. In turn, there is no deferred payment of variable compensation subject to the occurrence of future events or in the long term, taking into consideration that the business environment in the Argentine financial system is characterized by being mainly transactional, with lending and borrowing transactions with a very short seasoning term.

Annual budget and management control – the latter carried out monthly in a general manner and quarterly in a more detailed manner—include different risk ratios, including the ratio between compensation and risks undertaken. Variable compensation is only paid in cash. There are no share-based payments. Every change to this policy is submitted to Banco de Galicia y Buenos Aires S.A.’s Human Resources Committee for its consideration.

Banco GGAL S.A.

Board of Directors

The Bank is managed and administered by a Board of Directors composed of not less than three (3) nor more than seven (7) regular members, who are elected by the Stockholders' Meeting, which establishes their number for each fiscal year. The Board of Directors also elects alternate members, whose number may be equal to or less than that of the regular members.

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The Board of Directors has the broadest powers and attributions for the management, organization and administration of the Bank, with no other limitations than those resulting from the legislation in force and the Bylaws. The Shareholders' Meeting approves the management of the Board of Directors and fixes the directors' fees at the time of approval of the annual financial statements. Directors serve for one fiscal year, and may be reelected indefinitely, as decided by the Shareholders' Meeting. The term of office of each director is understood to be extended until the day on which he/she is reelected or his/her replacement is appointed. The Board of Directors meets validly with the absolute majority of its members and resolves by a majority of the members present.

As of December 31, 2024, the Board of Directors is composed of five (5): three (3) Regular Directors and two (2) Alternate Directors, appointed by the Ordinary and Extraordinary General Shareholders' Meeting held on December 6, 2024 and the Board of Directors' meeting for distribution and acceptance of positions held on the same date.

As of the date of issuance of the Financial Statements, the working committees and commissions operating in the Bank are as follows:

•Audit Committee

•Anti-Money Laundering and Terrorism Financing Committee

•Risk Management Committee

•Governance, Technology and Information Security Committee

•Stress Testing Committee

•Treasury Product Valuation Committee

•Customer Experience Committee

•Assets and Liabilities Committee

•Legal and Compliance Working Group

The Bank informs that the Senior Management is composed of:

•General Manager

•Retail Banking

•Wholesale Banking

•Treasury and Markets

•Operations, Services and Technology

•Internal Audit

•Administration and Finance

•Risk and Regulatory Compliance

•Human Resources

•Legal Matters

•Corporate Planning and Sustainability

•Internal and External Communications

Basic Holding Structure

The Bank's total authorized and issued capital stock amounts to Ps.1,244,126 and is divided into two classes of shares, Class “A” and “B”, all of which are common shares with a par value of Ps.1, of which 852,117,003 shares are Class “A” shares and 392,008,586 shares are Class “B” shares.

Each Class “A” share entitles the holder to one vote, and each Class “B” share entitles the holder to five votes. Class “B” shares may be converted into Class “A” shares in accordance with article 7 of the Bank's bylaws. The two classes of shares have identical rights in all other respects. The Bank's bylaws authorize the issuance of preferred shares, but no preferred shares have been issued to date.

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Code of Ethics

The Bank has a Code of Conduct that sets out the ethical principles and rules that must govern the actions of its officers and employees, always within the framework of compliance with the regulations governing banking activities. The Code of Conduct establishes high standards of personal integrity to which all members of the Bank must adhere, both in the conduct of the Bank's business and in personal and financial matters. These standards will govern acts of competition, the prevention of corruption and other illegal or unethical practices.

The Code of Conduct is published on the corporate intranet, updated annually and approved by the Board of Directors. All employees are required to read the Code of Conduct annually to confirm that they have read any changes.

Conflicts of Interest

The Bank has established procedures to identify and manage conflicts of interest. These procedures include organizational and administrative provisions to protect the interests of clients. The procedures are designed to identify and manage the various types of conflicts of interest that may arise. The conflict of interest policy is communicated to all employees and is included in the Code of Conduct, which is available to all employees on the Bank's intranet.

In addition, the Board of Directors approves the document entitled "Memorandum for Directors", which includes a section entitled "Conflicts of Interest" describing the process for reporting and approving conflicts or potential conflicts of interest of directors.

Qualitative information

Information on its economic incentive practices for employees:

(a) Information on the decision-making process used to determine the incentive policy.

Description, composition and responsibilities of the bodies that oversee compensation.

Compensation and incentive initiatives and policies, as well as succession plans, subject to review by the Board, as follows:

•Reviews and provides input on human resources policies, initiatives, actions and implementation plans, including compensation and incentive policies.

•Drives major human resources-related programs and decisions, and provides support and guidance to the HR function in the execution and management of these programs.

•Provides feedback, approval (where appropriate) and common criteria on strategic goals and priorities for Human Resources. This forum is an integral part of human resources governance as it provides a structured way to measure internal customer feedback and satisfaction with services, ensure alignment between business and strategy, and foster collaboration with key stakeholders.

•Reviews and approves results and changes to fixed and variable compensation models.

b) Key features of the system design:

Information on the design and structure of the compensation processes:

Proposed salary actions are approved by the Head of each Business/Support Unit and the Human Resources Manager and submitted to the Board of Directors for validation.

Any such action must be included in the annual budget established the previous year. Human Resources Management is responsible for the application of the Bank's compensation policy, while Internal Audit Management monitors compliance.

Total compensation is managed in line with market trends and employee performance. It is important to note that almost all of the Bank's employees are covered by collective bargaining agreements and are therefore subject to salary negotiations.

The Company's compensation practices include a variable component. The main variable schemes are: a) RBWM IF, paid quarterly, bonus scheme corresponding to the commercial and administrative platform working in the retail banking branch network, and b) General Bonus, paid annually, for the rest of the Bank's effective population.

For certain functions considered to be significant risk takers, a percentage of the variable compensation is paid in the form of restricted shares with deferred vesting.

The average ratio between fixed and variable compensation varies according to the hierarchical level, the plan and the budget defined for each period.

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Description of the measures by which current and future risks are taken into account in the compensation process:

At the Bank, risk appetite describes the amount and type of risk the Bank is prepared to take in the execution of its strategy, with the objective of ensuring that the underlying business activity is prudently managed and controlled. Risks should be commensurate with returns: returns should be commensurate with the risks taken and in line with strategic plans and risk management policies.

Risk appetite is set in the context of how the bank defines and measures different types of risk. The RAS feeds into the Control Panel, which is taken into account in the analysis of variable compensation for the relevant period.

In addition, to ensure that compensation is aligned with business strategy, performance measurement takes into account not only annual but also long-term objectives and full compliance with the Bank's values.

Description of the ways in which the Bank seeks to link performance over the performance period to pay levels:

An employee's variable compensation is determined based on the following:

1.Company performance: the measurement of profit before tax (which includes provisions) is one of the main indicators,

2.Performance of the Business/Support Unit to which the employee belongs,

3.Individual performance, measured through a dashboard of financial and non-financial objectives, including compliance with the Bank's internal rules and applicable laws,

4.Comparison with market compensation levels, and

5.The allocated budget.

The measurement of the achievement of objectives is used to evaluate both individual and business unit/support unit performance and, consequently, affects the determination of variable compensation. In addition, any violation or non-compliance with rules or behavior that is not in line with the Bank's values is also taken into account in the evaluation and determination of variable compensation.

Bonuses are determined on the basis of actual results achieved and previously verified in accounting terms, including the write-off of provisions, and there is no guaranteed minimum.

Description of the different forms of variable remuneration used by the Bank and the justification for their use:

The Bank uses cash and deferred shares as forms of variable compensation. The combination of cash and shares only applies to employees defined as MRTS (Material Risk Takers).

Gender policies and practices implemented

The Group's Diversity strategy is made up of 2 lines of work: gender and disability.

This strategy has as its main objective the search for representation of women at all levels of the organization and the hiring of people with disabilities.

The Group uses the main initiatives, guidelines, standards and international certifications on gender as a guide; United Nations Global Compact; UNEP FI Principles for Responsible Banking (PRB); United Nations Women's Empowerment Principles (WEPs).

The Group's Diversity strategy is composed of 5 work areas: (i) Gender, (ii) Disability, (iii) Generations, (iv) Socioeconomic Vulnerability and (v) Sexual diversity, which each company addresses according to the particularities of its own culture and problems in greater or lesser depth.

The main objective of this strategy is to:

•Promote and guarantee equal opportunities and the strategic role of women in business,

•promote an integration that respects gender equity in its subsidiaries, both in the Board of Directors and in the Supervisory Committee,

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•favor and promote the inclusion and job training of people with disabilities,

•favor and promote training for the first job of young people from socioeconomically vulnerable households,

•generate initiatives to favor the adaptation of the people working in the Group to the new needs of the market and to prevent the generation of situations of Ageism, and

•promoting respect for sexual, affective and gender diversity, inclusion and non-discrimination of LGBTIQ+ people.

As of December 31, 2024, the percentage (%) of women in the Group is as follows:


Conformation of women in the Group	Total	Women	% of women
Regular and Alternate Directors (1)	14	2	14	%
Regular and Alternate Trustees (2)	6	1	17	%
General, area and department Managers	183	59	32	%
Rest of collaborators	8,980	4,453	50	%
Total	9,183	4,515	49	%

(1) It corresponds to the Board of Directors of Grupo Financiero Galicia S.A.

(2) It corresponds to the Supervisory Committee of Grupo Financiero Galicia S.A.


NOTE 53. ECONOMIC CONTEXT WHERE THE GROUP OPERATES

The Group operates in a complex economic context, both in the national and international spheres.

Regarding the international sphere, the year 2025 started off more volatile for international markets due to trade conflicts arising from the tariffs announced by Trump. While the measures imposed on Canada and Mexico were postponed to April, the announcements against Chinese and European imports and commodities in general generated uncertainty in the markets. Meanwhile, tariffs of 25% on steel and aluminum imports have already been confirmed. These measures could affect the Federal Reserve's target disinflationary path, leading investors to expect the first rate cut to come at the June meeting. Given this scenario, the volatility of stock indices has stood out since the beginning of the year, with the United States lagging behind the stock markets of China and Europe so far in 2025.

At the local level, during 2024, the Gross Domestic Product (GDP) accumulated a decline of 1.7% compared to the same period in 2023. The retraction was explained by investment (-17.8%), private consumption (-4.2%) and public consumption (-3.2%). Exports, on the other hand, grew by 23.2%. In seasonally adjusted terms, during fourth quarter GDP grew 1.4% compared to the third quarter of 2024.

On a year-over-year basis, inflation for 2024 closed at 117.8%, showing a sustained slowdown throughout last year. In February 2025, the monthly inflation rate was 2.4%, while the year-over-year rate reduced to 66.9%.

As of December 29, 2023, the exchange rate stood at Ps./US$ 808.5, rising to Ps./US$ 1,032.5 by December 30, 2024, according to BCRA Communication “A” 3500. Throughout 2024 and January 2025, the official exchange rate followed a 2% monthly crawl. However, effective February 1, 2025, the Central Bank adjusted the pace of depreciation to 1% per month. As of March 25, 2025, the exchange rate reached Ps./US$ 1,071.6.

In 2024, the current account of the Foreign Exchange Balance posted a surplus of US$ 1.695 billion, while the capital and financial account registered inflows totaling US$ 4,370 billion during the same period.

International reserves rose by US$ 6,539 billion in 2024, primarily driven by Central Bank purchases of foreign currency from the private sector, which totaled US$ 18,710 billion. However, by March 25, 2025, reserves declined to US$ 26,441 billion, representing a US$ 3,171 billion decrease compared to year-end 2024.

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As of December 30, 2024, private sector dollar deposits totaled US$ 31,442 billion, an increase of US$ 15,639 billion from year-end 2023. This surge is partially attributed to Stage 1 of the asset regularization process carried out between mid-August and early November. By March 20, 2025, private sector foreign currency deposits had declined slightly to US$ 29,620 billion.

Dollar-denominated credit to the private sector rose significantly, reaching US$ 10,829 billion by the end of 2024, an increase of US$ 7,419 billion year-over-year. As of the latest available data, the balance had increased further to US$ 14,296 billion, up US$ 3,467 billion from the previous year-end.

The Central Bank implemented a series of benchmark rate reductions throughout 2024 and continued easing into 2025. The benchmark rate fell from approximately 100% at the start of 2024 to 32% by December 6. On January 31, 2025, an additional rate cut brought the yield on Liquidity Treasury Bills to 29%.

In early October 2024, the Central Bank introduced a new interest rate for wholesale fixed-term deposits exceeding Ps. 1 billion, with 30–35 day maturities. This rate, the Argentine Wholesale Rate (TAMAR), stood at 31.5% as of March 21, 2025.

In fiscal terms, the Non-Financial Public Sector recorded a primary surplus of Ps. 10.41 trillion in 2024, equivalent to 1.8% of GDP. The financial surplus reached Ps. 1.76 trillion (0.3% of GDP), driven by a 27.5% real reduction in expenditures, which more than offset a 4.9% real decline in revenues. In February 2025, the primary surplus amounted to Ps. 1.18 trillion (0.14% of GDP), while the financial surplus stood at Ps. 310.7 billion (0.04% of GDP).

At the end of January, the government announced a temporary reduction in export duties on key agricultural commodities, including soybeans, soybean by-products, wheat, barley, sorghum, corn, and sunflower—effective from January 27 to June 30, 2025. Additionally, export duties were permanently eliminated for regional economies.

The context of volatility and uncertainty continues as of the issuance date of these condensed consolidated interim financial statements.

The Group’s Management permanently monitors the evolution of the variables that affect their business to define their course of action and identify the potential impacts on their equity and financial position. These consolidated financial statements must be read in the light of these circumstances.


NOTE 54. SUBSEQUENT EVENTS

Irrevocable Contributions

On January 24, 2025, Tarjetas Regionales S.A. made a contribution to Naranja Digital Compañía Financiera S.A.U. for the amount of Ps.24,800.

On January 24, 2025, Grupo Financiero Galicia S.A. made a contribution in favor of its subsidiary Galicia Investments LLC for the amount of US$5,000.

On January 24, 2025, Grupo Financiero Galicia S.A. made a contribution in favor of the subsidiary Galicia Ventures LP in the amount of US$495,000.

Dividends

On March 18, 2025, Galicia Warrants S.A. held an Ordinary Shareholders’ Meeting, at which shareholders approved the payment of a cash dividend in the amount of Ps.1,000,000.

Debt Securities

On February 6, 2025, Banco de Galicia y Buenos Aires S.A.U. issued and placed Class XXI Debt Security. The aforementioned issuance was made for an amount of Ps.79,786,900, maturing 12 months from the issuance date. Interest will be accrued at Tamar rate plus a 2.75% margin, to be paid quarterly.

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On February 6, 2025, Banco de Galicia y Buenos Aires S.A.U. issued and placed Class XXII Debt Security. The aforementioned issuance was made for an amount of US$73,823, maturing 6 months from the issuance date. Interest will be accrued at 4.15% margin, to be paid together with the full principal amount at maturity.

On 25 February, the issuance in US dollars of Class XXIII notes with a face value of up to US$150,000,000 was approved under the frequent issuer regime. The issue is pending.

Shareholders' meetings

Grupo Financiero Galicia S.A.

The Ordinary and Extraordinary Shareholders's Meeting held on August 20, 2024 resolved to approve a second share capital increase, in order to use the proceeds of the Pre-emptive Subscription Offer to make a total or partial payment of the HSBC Loans, in benefit of HSBC Latin America, in benefit of HSBC Latin America. Preferential Subscription Offer to make a total or partial payment of the HSBC Loans, in benefit of HSBC Latin America B.V. and HSBC Latin America Holdings (UK) Limited, as a consequence of the price adjustment of the transaction determined on December 6, 2024.

On February 13, 2025, 17,740,028 Class B ordinary shares were issued, with one (1) vote per share and a nominal value of $1 (one peso) each, allowing Grupo Galicia to cancel the obligations to HSBC mentioned in the preceding paragraph.

Sudamericana Holding S.A.

On February 13, 2025, an Extraordinary Shareholders' Meeting of Sudamericana Holding S.A. was held. At the aforementioned Meeting, among other items, it was resolved:

•to capitalize the Equity Adjustments by Ps. 76,496 and issue 76,495,766 ordinary, non-transferable registered shares, with one (1) vote per share and nominal value of $1 (one peso) each;

•to capitalize the contribution of Ps. 1,030 made by Banco de Galicia y Buenos Aires S.A.U., issuing 2,838,832 and an share premium of Ps. 1,027,161.

Corporate Reorganizations

On February 3, 2025, the Boards of Directors of Banco de Galicia y Buenos Aires S.A.U., Banco GGAL S.A., Galicia Asset Management S.A.U., GGAL Asset Management S.A.S.G.F.C.I., Sudamericana Holding S.A., GGAL Participaciones S.A.U. and GGAL Holdings S.A. resolved to initiate the necessary steps to carry out a Corporate Reorganization. The objective is to improve the organization and utilization of resources, as well as achieve more effective and efficient technical and administrative management. The Corporate Reorganization will consist of a spin-off-merger and mergers by absorption, in accordance with the dispositions of: (a) article 88, first paragraph, section I, and the article 82 of the General Companies Law No. 19,550, and its amendments ("LGS"), (b) articles 146, 151 and 152 of General Resolution 15/2024 of the IGJ, and (c) frame it as three simultaneous and concatenated tax-free business reorganizations between entities of the same economic group in accordance with the article 80 of the Income Tax Law, text ordered by Decree 824/2019 and its amendments (the "LIG").

As a result of this process, GGAL Holdings S.A. will be spun off, dissolved without liquidation, and absorbed as a result of a merger by Banco Galicia, Galicia Asset Management S.A.U., and Sudamericana Holding S.A.

GGAL Holding S.A. will transfer:

•99.985% of the shares in Banco GGAL S.A. to Banco de Galicia y Buenos Aires S.A.U.

•56.439% of the shares in GGAL Asset Management S.A S.G.F.C.I. to Galicia Asset Management S.A.U.

•98% of the shares in GGAL Seguros S.A. to Sudamericana Holding S.A.

•98% of the shares in GGAL Seguros de Retiro S.A. to Sudamericana Holding S.A.

•100%, of the shares in GGAL Participaciones S.A.U. to Sudamericana Holding S.A.

The mergers and acquisitions contemplated in the Corporate Reorganization will be carried out as follows:

•Unification of the banking business: Banco Galicia will absorb Banco GGAL S.A., which will be dissolved without liquidation, resulting in a single banking entity.

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•Unification of the mutual fund management business: Galicia Asset Management S.A.U. will absorb GGAL Asset Management S.A., which will be dissolved without liquidation, thus consolidating the business into a single entity.

•Absorption of GGAL Participaciones S.A.U.: Sudamericana Holdings S.A. will absorb GGAL Participaciones S.A.U., which will be dissolved without liquidation.

Agreements

On February 25, 2025, Grupo Financiero Galicia S.A. and Banco Santander S.A. celebrated an agreement for the implementation of a joint venture in order to enhance the growth and expansion of Nera's business.

The joint venture companies are Agri Tech Investments Argentina S.A.U. (‘Nera Argentina’), Nera Paraguay S.A. and Nera Uruguay S.A. As a result of this agreement, it was decided to set up a holding company in Spain, which will control the joint venture companies, and in which Grupo Galicia and Banco Santander S.A. will share equal political and economic control.

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE A – BREAKDOWN OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


	Holdings
		Carrying Amount
Item	Fair Value Level	12.31.24	12.31.23
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS		1,508,649,114	1,303,957,419
Argentine		1,481,706,219	1,269,297,886
Government Securities		1,350,299,518	1,212,752,829
Argentine Government Bonds	Level 1	910,618,286	1,191,924,703
Argentine Government Bonds	Level 2	9,343,886	139
Argentine Government Bonds	Level 3	341	—
Provincial Government Bonds	Level 1	17,190,191	206,930
Provincial Government Bonds	Level 2	2,092,730	2,030,217
Provincial Government Bonds	Level 3	29,337,295	—
City of Buenos Aires Bonds	Level 1	4,089,407	4,988,997
Treasury Bills	Level 1	377,627,382	13,601,843

Argentine Central Bank’s Notes		2,594,477	—
Notes	Level 1	2,594,477	—
Corporate Securities		128,812,224	56,545,057
Debt Securities	Level 1	57,153,467	54,966,212
Debt Securities	Level 2	67,140,761	645,007
Debt Securities	Level 3	4,225,756	540,439

Debt Securities of Financial Trusts	Level 2	125,950	393,399
Debt Securities of Financial Trusts	Level 3	166,290	—
From Abroad		26,942,895	34,659,533
Government Securities		26,942,895	34,659,533
Treasury Bills	Level 1	26,942,895	34,659,533
OTHER DEBT SECURITIES		4,480,705,390	4,194,855,555
Measured at Fair Value through OCI		2,300,407,860	46,445,322
Argentine		2,300,407,860	46,445,322
Government Securities		2,295,014,026	23,173,542
Argentine Government Bonds	Level 1	520,853,624	22,283,492
Argentine Government Bonds	Level 2	386,730,893	—
Argentine Government Bonds	Level 3	2,351,628	—
Treasury Bills	Level 1	872,125,533	265,058
Treasury Bills	Level 2	512,952,348	—
Provincial Government Bonds	Level 1	—	624,992

Argentine Central Bank’s Bills		—	23,271,780
Liquidity Bills	Level 2	—	23,271,780
Corporate Securities		5,393,834	—
Debt Securities	Level 2	5,393,834	—
Measurement at Amortized Cost		2,180,297,530	4,148,410,233
Argentine		2,180,297,530	4,148,410,233
Government Securities		2,169,666,357	3,438,883,282
Argentine Government Bonds		2,052,527,174	2,676,241,140
Treasury Bills		131,523,884	772,546,524
Allowance for Uncollectible Accounts Risk		(14,384,701)	(9,904,382)
Argentine Central Bank’s Bills		—	688,829,173
Internal Bills		—	688,829,173
Corporate Securities		10,631,173	20,697,778
Debt Securities		10,576,623	20,083,656
Debt Securities of Financial Trusts		—	443,110
Others		54,634	171,012
Allowance for Uncollectible Accounts Risk		(84)	—
INVESTMENTS IN EQUITY INSTRUMENTS		42,086,831	20,987,008
Measured at Fair Value through profit or loss		42,086,831	20,987,008
Argentine		36,800,570	17,424,905
Shares	Level 1	8,241,627	4,233,385
Shares	Level 3	28,558,943	13,191,520
From Abroad		5,286,261	3,562,103
Shares	Level 1	1,380,357	1,667,420
Shares	Level 3	3,905,904	1,894,683

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE B – CLASSIFICATION OF LOANS AND OTHER FINANCING BY STATUS AND GUARANTEES RECEIVED

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Item	12.31.24	12.31.23
COMMERCIAL PORTFOLIO
In Normal Situation	4,839,043,824	2,091,036,422
With Preferred Guarantees and Counter-guarantees “A”	135,627,016	61,837,736
With Preferred Guarantees and Counter-guarantees “B”	161,968,647	79,158,189
Without Preferred Guarantees or Counter-guarantees	4,541,448,161	1,950,040,497
With Special Follow-Up – In Observation	3,138,240	4,862,729

With Preferred Guarantees and Counter-guarantees “B”	—	1,678,814
Without Preferred Guarantees or Counter-guarantees	3,138,240	3,183,915
With Problems	17,329,718	—

With Preferred Guarantees and Counter-guarantees “B”	15,424,618	—
Without Preferred Guarantees or Counter-guarantees	1,905,100	—
High Insolvency Risk	1,362,758	1,008,219
Without Preferred Guarantees or Counter-guarantees	1,362,758	1,008,219
Uncollectible	—	1,941,117
Without Preferred Guarantees or Counter-guarantees	—	1,941,117
TOTAL COMMERCIAL PORTFOLIO	4,860,874,540	2,098,848,487

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE B – CLASSIFICATION OF LOANS AND OTHER FINANCING BY STATUS AND GUARANTEES RECEIVED (Continued)

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Item	12.31.24	12.31.23
CONSUMER AND HOUSING PORTFOLIO
Normal Performance	10,709,965,694	5,724,473,747
With Preferred Guarantees and Counter-guarantees “A”	270,757,452	80,045,391
With Preferred Guarantees and Counter-guarantees “B”	822,693,084	312,004,794
Without Preferred Guarantees or Counter-guarantees	9,616,515,158	5,332,423,562
Low Risk	350,388,108	94,272,565
With Preferred Guarantees and Counter-guarantees “A”	712,932	649,140
With Preferred Guarantees and Counter-guarantees “B”	7,592,541	2,408,202
Without Preferred Guarantees or Counter-guarantees	342,082,635	91,215,223
Low Risk - Under special treatment	708,791	—

With Preferred Guarantees and Counter-guarantees “B”	378,536	—
Without Preferred Guarantees or Counter-guarantees	330,255	—
Medium Risk	194,424,034	69,259,779
With Preferred Guarantees and Counter-guarantees “A”	242,686	98,712
With Preferred Guarantees and Counter-guarantees “B”	2,763,121	2,355,689
Without Preferred Guarantees or Counter-guarantees	191,418,227	66,805,378
High Risk	149,952,056	87,266,073
With Preferred Guarantees and Counter-guarantees “A”	185,979	330,798
With Preferred Guarantees and Counter-guarantees “B”	3,205,477	1,938,495
Without Preferred Guarantees or Counter-guarantees	146,560,600	84,996,780
Uncollectible	60,104,148	35,382,822
With Preferred Guarantees and Counter-guarantees “A”	249,667	69,841
With Preferred Guarantees and Counter-guarantees “B”	2,062,409	1,720,814
Without Preferred Guarantees or Counter-guarantees	57,792,072	33,592,167
TOTAL CONSUMER AND HOUSING PORTFOLIO	11,465,542,831	6,010,654,986
GRAND TOTAL(1)	16,326,417,371	8,109,503,473

(1)Reconciliation between Schedule B and Statement of Financial Position:


	12.31.24	12.31.23
Loans and Other Financing	14,388,091,921	6,708,657,840
Other Debt Securities	4,480,705,390	4,194,855,555
Agreed Credits and Guarantees Granted Accounted Off-Balance Sheet	1,118,231,354	912,736,358
Plus, Allowances for Uncollectible Accounts	667,700,113	290,011,031
Plus, Adjustments to the IFRS based accounting framework, not Computable for the Statement of Debtors’ Financial Position	166,705,791	194,225,287
Minus Others Non-computable for the Statement of Debtors’ Financial Position	(30,336,815)	(16,824,821)
Minus Government Securities Measured at Fair Value through OCI	(4,464,680,383)	(4,174,157,777)
Total	16,326,417,371	8,109,503,473

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE C – CONCENTRATION OF LOANS AND OTHER FINANCING

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


	LOANS
	12.31.24			12.31.23
Number of Customers	Outstanding Balance	% of Total Portfolio		Outstanding Balance	% of Total Portfolio
10 Largest Customers	1,117,378,360	7	%	527,731,419	7	%
next 50 Largest Customers	1,629,647,219	10	%	667,915,293	8	%
next 100 Largest Customers	830,552,378	5	%	427,231,042	5	%
Rest of Customers	12,748,839,414	78	%	6,486,625,719	80	%
TOTAL(1)	16,326,417,371	100	%	8,109,503,473	100	%

(1)Reconciliation between Schedule C and Statement of Financial Position:


	12.31.24	12.31.23
Loans and Other Financing	14,388,091,921	6,708,657,840
Other Debt Securities	4,480,705,390	4,194,855,555
Agreed Credits and Guarantees Granted Accounted Off-Balance Sheet	1,118,231,354	912,736,358
Plus, Allowances for Uncollectible Accounts	667,700,113	290,011,031
Plus, Adjustments to the IFRS based accounting framework, not Computable for the Statement of Debtors’ Financial Position	166,705,791	194,225,287
Minus Others Non-computable for the Statement of Debtors’ Financial Position	(30,336,815)	(16,824,821)
Minus Government Securities Measured at Fair Value through OCI	(4,464,680,383)	(4,174,157,777)
Total	16,326,417,371	8,109,503,473

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE D – BREAKDOWN MATURITY TERM OF LOANS AND OTHER FINANCING

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated

The following table shows the total contractual cash flows of loans and other financing, including interest and other expenses to be accrued until contractual maturity, according to the remaining terms to maturity.


		Terms Remaining to Maturity
Item	Past-due Loan Portfolio	1 Month	3 Months	6 Months	12 Months	24 Months	Over 24 Months	Total
Non-financial Public Sector	—	10,985,161	—	1,938,381	—	—	—	12,923,542
Financial Sector	1,208,754	18,744,914	50,730,585	15,443,611	8,291,716	3,609,197	259,977	98,288,754
Non-financial Private Sector and Residents Abroad	439,749,441	6,400,609,035	2,649,343,591	2,566,855,795	2,261,716,431	2,001,699,959	1,994,843,619	18,314,817,871
TOTAL	440,958,195	6,430,339,110	2,700,074,176	2,584,237,787	2,270,008,147	2,005,309,156	1,995,103,596	18,426,030,167

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE E – DETAIL OF INTERESTS IN OTHER COMPANIES

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


	Shares							Data from the last financial statement
Denomination	Class	Nominal Value per Share	Votes per Share	Quantity	12.31.24	12.31.23	Principal Line of Business	Year- end Date	Capital	Shareholders´ Equity	Net Income / (Loss)
In complementary service companies
Associates and Joint Ventures
Argentine
Play Digital S.A.	Ord. Esc.	1	1	1,079,329,677	4,087,764	5,771,514	Services	09.30.24	5,429,001	10,335,770	(15,706,485)
TOTAL					4,087,764	5,771,514

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE F – CHANGES IN PROPERTY, PLANT AND EQUIPMENT

FOR THE FISCAL YEARS ENDED DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


								Depreciation					Net Book Value as of
Item	Value at Beginning of Fiscal Year	Estimated Useful Life in Years	Additions	Acquisitions through business combinations	Disposals	Transfers	Impairment (Loss)	Accumulated	Transfers	Disposals	For the Fiscal Year	At Fiscal Year-end	12.31.24	12.31.23
Measurement at Cost
Real Estate	663,816,693	50	13,094,298	129,827,458	—	(22,116,456)	(2,004,137)	(104,839,449)	3,373,007	1,298,154	(14,440,639)	(114,608,927)	668,008,929	558,977,244
Furniture and Facilities	168,763,464	10	8,580,534	23,545,347	(2,849,409)	5,436,343	—	(122,446,882)	786	1,491,425	(10,950,520)	(131,905,191)	71,571,088	46,316,582
Machines and Equipment	433,411,652	3 and 5	68,365,333	36,133,579	(10,228,872)	4,141,152	—	(344,031,862)	(2,351,636)	9,240,034	(47,033,293)	(384,176,757)	147,646,087	89,379,790
Vehicles	7,431,914	5	1,397,235	1,117,477	(959,193)	(337,446)	—	(3,910,552)	251,517	705,730	(1,284,048)	(4,237,353)	4,412,634	3,521,362
Right of use of real property	125,158,381	(*)	10,620,359	23,311,209	(12,258,459)	—	—	(86,449,621)	—	8,604,936	(12,625,116)	(90,469,801)	56,361,689	38,708,760
Sundry	57,628,082	5 and 10	67,776	395,573	(2,955,088)	1,340,261	—	(41,604,205)	(51,670)	2,272,966	(3,827,724)	(43,210,633)	13,265,971	16,023,877
Work in Progress	20,697,618	—	32,862,897	912	(860,139)	(18,446,869)	—	—	—	—	—	—	34,254,419	20,697,618
Total	1,476,907,804		134,988,432	214,331,555	(30,111,160)	(29,983,015)	(2,004,137)	(703,282,571)	1,222,004	23,613,245	(90,161,340)	(768,608,662)	995,520,817	773,625,233

(*) The useful life of the rights of use of real estate is defined individually on the basis of each lease contract.


						Depreciation					Net Book Value as of
Item	Value at Beginning of Fiscal Year	Estimated Useful Life in Years	Additions	Disposals	Transfers	Accumulated	Transfers	Disposals	For the Fiscal Year	At Fiscal Year-end	12.31.23	12.31.22
Measurement at Cost
Real Estate	656,846,031	50	8,477,611	(124,313)	(1,382,636)	(92,031,824)	204,260	124,312	(13,136,197)	(104,839,449)	558,977,244	564,814,207
Furniture and Facilities	156,336,096	10	4,239,715	(555,981)	8,743,634	(108,269,176)	(4,321,333)	292,660	(10,149,033)	(122,446,882)	46,316,582	48,066,920
Machines and Equipment	423,714,835	3 and 5	34,728,157	(30,311,545)	5,280,205	(327,056,081)	4,321,333	29,836,155	(51,133,269)	(344,031,862)	89,379,790	96,658,754
Vehicles	5,904,772	5	2,031,772	(504,630)	—	(3,172,250)	—	375,766	(1,114,068)	(3,910,552)	3,521,362	2,732,522
Right of use of real property	147,786,613	(*)	11,510,237	(34,138,469)	—	(97,654,828)	—	25,927,614	(14,722,407)	(86,449,621)	38,708,760	50,131,785
Sundry	56,271,997	5 and 10	692,413	(2,124,064)	2,787,736	(39,353,648)	—	1,410,921	(3,661,478)	(41,604,205)	16,023,877	16,918,349
Work in Progress	6,097,320	—	16,443,004	(89,959)	(1,752,747)	—	—	—	—	—	20,697,618	6,097,320
Total	1,452,957,664		78,122,909	(67,848,961)	13,676,192	(667,537,807)	204,260	57,967,428	(93,916,452)	(703,282,571)	773,625,233	785,419,857

(*) The useful life of the rights of use of real estate is defined individually on the basis of each lease contract.

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE F – CHANGES IN INVESTMENT PROPERTIES

FOR THE FISCAL YEARS ENDED DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated

Changes in investment properties recorded in the “Other Non-financial Assets” account are detailed below.


						Depreciation					Net Book Value as of
Item	Value at Beginning of Fiscal Year	Estimated Useful Life in Years	Additions	Disposals	Transfers	Accumulated	Transfers	Disposals	For the Fiscal Year	At Fiscal Year-end	12.31.24	12.31.23
Measurement at Cost
Real Estate Leased	13,495,000	50	—	—	291,895	(1,949,339)	11,139	—	(260,023)	(2,198,223)	11,588,672	11,545,661
Total	13,495,000		—	—	291,895	(1,949,339)	11,139	—	(260,023)	(2,198,223)	11,588,672	11,545,661


						Depreciation					Net Book Value as of
Item	Value at Beginning of Fiscal Year	Estimated Useful Life in Years	Additions	Disposals	Transfers	Accumulated	Transfers	Disposals	For the Fiscal Year	At Fiscal Year-end	12.31.23	12.31.22
Measurement at Cost
Real Estate Leased	12,834,919	50	660,081	—	—	(1,697,607)	—	—	(251,732)	(1,949,339)	11,545,661	11,137,312
Total	12,834,919		660,081	—	—	(1,697,607)	—	—	(251,732)	(1,949,339)	11,545,661	11,137,312

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE G – CHANGES IN INTANGIBLE ASSETS

FOR THE FISCAL YEARS ENDED DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


								Amortization					Net Book Value as of
Item	Value at Beginning of Year	Estimated Useful Life in Years	Additions	Acquisitions through business combinations	Disposals	Transfers	Impairment (Loss)	Accumulated	Disposals	For the Fiscal Year	Transfers	At Fiscal Year-end	12.31.24	12.31.23
Measurement at Cost
Licenses	271,318,448	5	20,074,974	18,659,997	(5,679,670)	1,750,040	—	(195,842,115)	5,529,353	(57,896,282)	(1,216,353)	(249,425,397)	56,698,392	75,476,333
Other Intangible Assets(*)	395,583,680	5	61,558,393	37,027,468	(87,049)	(7,187)	(10,278)	(201,871,904)	1,069	(44,406,334)	—	(246,277,169)	247,787,858	193,711,776
Total	666,902,128		81,633,367	55,687,465	(5,766,719)	1,742,853	(10,278)	(397,714,019)	5,530,422	(102,302,616)	(1,216,353)	(495,702,566)	304,486,250	269,188,109

(*) Includes Core deposits generated in the business combinations. See Note 15.3.


							Amortization					Net Book Value as of
Item	Value at Beginning of Year	Estimated Useful Life in Years	Additions	Acquisitions through business combinations	Disposals	Transfers	Accumulated	Disposals	For the Fiscal Year	Transfers	At Fiscal Year-end	12.31.23	12.31.22
Measurement at Cost
Licenses	241,147,362	5	31,754,038	—	(15,645,670)	14,062,718	(175,174,570)	15,040,802	(35,708,347)	—	(195,842,115)	75,476,333	65,972,792
Other Intangible Assets	344,275,160	5	51,308,520	—	—	—	(149,078,620)	—	(52,793,284)	—	(201,871,904)	193,711,776	195,196,540
Total	585,422,522		83,062,558	—	(15,645,670)	14,062,718	(324,253,190)	15,040,802	(88,501,631)	—	(397,714,019)	269,188,109	261,169,332

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE H – CONCENTRATION OF DEPOSITS

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


	DEPOSITS ACCOUNTS
	12.31.24			12.31.23
Number of Customers	Debt Balance	% on Total Portfolio		Debt Balance	% on Total Portfolio
10 Largest Customers	3,674,315,546	20	%	2,860,879,954	23	%
next 50 Largest Customers	1,807,828,445	10	%	1,337,635,777	11	%
next 100 Largest Customers	671,505,440	4	%	573,660,024	5	%
Rest of Customers	12,480,681,394	66	%	7,657,292,894	61	%
TOTAL	18,634,330,825	100	%	12,429,468,649	100	%

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE I – BREAKDOWN OF FINANCIAL LIABILITIES BY REMAINING CONTRACTUAL TERM

AS OF DECEMBER 31, 2024

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated

The following table shows the decline in contractual cash flows, including interest and other expenses to be accrued until undiscounted contractual maturity.


	Terms until Maturity
Item	1 Month	3 Months	6 Months	12 Months	24 Months	More than 24 Months	Total
Deposits (1)	17,989,740,395	420,650,411	216,839,831	56,949,446	1,174,181	1,388,867	18,686,743,131
Non-financial Public Sector	226,153,559	57,426,134	94,258	51,018	—	—	283,724,969
Financial Sector	990,775	—	—	—	—	—	990,775
Non-financial Private Sector and Residents Abroad	17,762,596,061	363,224,277	216,745,573	56,898,428	1,174,181	1,388,867	18,402,027,387
Liabilities Measured at fair value through profit or loss	9,005,522	—	—	—	—	—	9,005,522
Derivative Financial Instruments	5,451,239	708,383	1,112,269	400,364	—	—	7,672,255
Repurchase Transactions	389,701,262	—	—	—	—	—	389,701,262
Argentine Central Bank	81,900,885	—	—	—	—	—	81,900,885
Other Financial Institutions	307,800,377	—	—	—	—	—	307,800,377
Other Financial Liabilities	2,902,414,198	472,771,669	118,700,914	9,295,763	15,902,791	26,805,708	3,545,891,043
Financing Received from the Argentine Central Bank and Other Financial Institutions	145,884,917	55,327,928	182,677,462	78,687,076	2,291,867	37,876,093	502,745,343
Debt Securities	17,816,575	226,839,440	270,125,681	239,119,435	25,723,319	395,830,957	1,175,455,407
Subordinated Debt Securities	10,233,053	—	—	10,233,053	277,384,338	—	297,850,444
TOTAL	21,470,247,161	1,176,297,831	789,456,157	394,685,137	322,476,496	461,901,625	24,615,064,407

____________________

(1)Maturities in the first month include:

•Checking Accounts Ps.1,935,133,057

•Savings Accounts Ps.11,842,935,165

•Time Deposit Ps.4,034,538,012

•Other Deposits Ps.177,134,161

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE J – CHANGES IN PROVISIONS

FOR THE FISCAL YEARS ENDED DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


				Decreases			Balances as of
Item	Balances at the Beginning of the Year	Increase from business combination (*)	Increase	Reversals	Charge offs	Inflation Effect	12.31.24	12.31.23
FROM LIABILITIES
For Termination Benefits	8,740,620	—	329,672,239	—	(6,465,500)	(10,215,698)	321,731,661	8,740,620
Others	35,656,904	19,461,229	104,564,407	(937,328)	(42,431,442)	(41,451,946)	74,861,824	35,656,904
TOTAL PROVISIONS	44,397,524	19,461,229	434,236,646	(937,328)	(48,896,942)	(51,667,644)	396,593,485	44,397,524

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE K – CAPITAL STOCK STRUCTURE

AS OF DECEMBER 31, 2024

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Shares				Capital Stock
				Issued
Class	Quantity	Nominal Value per Share (*)	Votes per Share	Outstanding	Portfolio shares	Pending Issuance or Distribution	Allocated	Paid-in	Not Paid-in
Class “A”	281,221,650	1	5	281,222	—	—	—	281,222	—
Class “B”	1,307,292,051	1	1	1,307,292	—	—	—	1,307,292	—
Total	1,588,513,701			1,588,514	—	—	—	1,588,514	—

____________________

(*)Face value per share stated in Pesos.

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE L – FOREIGN CURRENCY BALANCES

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


			12.31.24
Items	Headquarters and Branches in the country	12.31.24	Dollar	Euro	Real	Others	12.31.23
ASSETS
Cash and Due from Banks	5,889,015,316	5,889,015,316	5,866,426,334	18,481,437	351,428	3,756,117	4,039,074,810
Debt Securities at Fair Value through Profit or Loss	417,935,702	417,935,702	417,935,702	—	—	—	984,014,315
Derivative Financial Instruments	10,325	10,325	10,325	—	—	—	—
Other Financial Assets	124,768,529	124,768,529	124,768,529	—	—	—	112,287,862
Loans and Other Financing	2,816,381,559	2,816,381,559	2,811,653,030	4,310,749	—	417,780	422,271,288
Non-financial Public Sector	2,287,152	2,287,152	2,287,152	—	—	—	—

Other Financial Institutions	3,308	3,308	3,308	—	—	—	—
To the Non-financial Private Sector and Residents Abroad	2,814,091,099	2,814,091,099	2,809,362,570	4,310,749	—	417,780	422,271,288
Other Debt Securities	325,108,582	325,108,582	325,108,582	—	—	—	760,459,361
Financial Assets Pledged as Collateral	62,950,700	62,950,700	62,950,700	—	—	—	122,784,373
Investments in Equity Instruments	7,450,988	7,450,988	5,964,834	1,486,154	—	—	3,562,573
Assets for Insurance Contracts	3,108,150	3,108,150	3,108,150	—	—	—	—
Other Non-financial Assets	4,139,488	4,139,488	4,139,230	—	—	258	8,825,045
TOTAL ASSETS	9,650,869,339	9,650,869,339	9,622,065,416	24,278,340	351,428	4,174,155	6,453,279,627
LIABILITIES
Deposits	7,732,118,043	7,732,118,043	7,732,118,043	—	—	—	3,911,252,986
Non-financial Public Sector	75,888,012	75,888,012	75,888,012	—	—	—	42,728,687
Financial Sector	127,902	127,902	127,902	—	—	—	491,418
Non-financial Private Sector and Residents Abroad	7,656,102,129	7,656,102,129	7,656,102,129	—	—	—	3,868,032,881
Liabilities at fair value through profit or loss	9,005,522	9,005,522	9,005,522	—	—	—	58,638,932


Other Financial Liabilities	424,807,826	424,807,826	415,789,839	8,006,741	—	1,011,246	408,231,100
Financing Received from the Argentine Central Bank and Other Financial Institutions	37,965,093	37,965,093	32,091,197	5,873,896	—	—	81,104,036
Debt Securities	797,893,255	797,893,255	797,893,255	—	—	—	47,147,693
Subordinated Debt Securities	266,114,122	266,114,122	266,114,122	—	—	—	447,750,094
Liabilities for Insurance Contracts	347,517,092	347,517,092	347,517,092	—	—	—	—
Other Non-financial Liabilities	53,129,764	53,129,764	53,126,887	2,877	—	—	35,833,724
TOTAL LIABILITIES	9,668,550,717	9,668,550,717	9,653,655,957	13,883,514	—	1,011,246	4,989,958,565

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE N – CREDIT ASSISTANCE TO AFFILIATES

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Situation	Normal	With Special Follow- up /Low Risk	With Problems / Medium Risk		With High Insolvency Risk / High Risk		Uncollectible	Uncollectible due to Technical Reasons	Total
Items			Not Past Due	Past Due	Not Past Due	Past Due			12.31.24	12.31.23
Loans and Other Financing	18,514,031	8,789	—	—	—	—	—	—	18,522,820	17,482,233
- Advances	11,903,489	—	—	—	—	—	—	—	11,903,489	566,342


Without Preferred Guarantees or Counter-guarantees	11,903,489	—	—	—	—	—	—	—	11,903,489	566,342
- Overdraft	2,771,622	—	—	—	—	—	—	—	2,771,622	11,869,718
With Preferred Guarantees and Counter-guarantees “A”	14,291	—	—	—	—	—	—	—	14,291	—

Without Preferred Guarantees or Counter-guarantees	2,757,331	—	—	—	—	—	—	—	2,757,331	11,869,718
- Mortgage and Collateral Loans	491,021	—	—	—	—	—	—	—	491,021	164,788

With Preferred Guarantees and Counter-guarantees “B”	491,021	—	—	—	—	—	—	—	491,021	164,788

- Personal Loans	220,062	—	—	—	—	—	—	—	220,062	296,368


Without Preferred Guarantees or Counter-guarantees	220,062	—	—	—	—	—	—	—	220,062	296,368

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE N – CREDIT ASSISTANCE TO AFFILIATES (Continued)

AS OF DECEMBER 31, 2024 AND 2023

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Situation	Normal	With Special Follow-up / Low Risk	With Problems / Medium Risk		With High Insolvency Risk / High Risk		Uncollectible	Uncollectible due to Technical Reasons	Total
Items			Not Past Due	Past Due	Not Past Due	Past Due			12.31.24	12.31.23
- Credit Cards	1,506,450	2,865	—	—	—	—	—	—	1,509,315	1,463,990


Without Preferred Guarantees or Counter-guarantees	1,506,450	2,865	—	—	—	—	—	—	1,509,315	1,463,990
- Other	1,621,387	5,924	—	—	—	—	—	—	1,627,311	3,121,027

With Preferred Guarantees and Counter-guarantees “B”	10,499	—	—	—	—	—	—	—	10,499	30,822
Without Preferred Guarantees or Counter-guarantees	1,610,888	5,924	—	—	—	—	—	—	1,616,812	3,090,205
Investments in Equity Instruments	5,720,703	—	—	—	—	—	—	—	5,720,703	3,027,650
Contingent Commitments	21,429,765	6,010	—	—	—	—	—	—	21,435,775	19,104,315
TOTAL	45,664,499	14,799	—	—	—	—	—	—	45,679,298	39,614,198
ALLOWANCES	50,235	232	—	—	—	—	—	—	50,467	54,728

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE O – DERIVATIVE FINANCIAL INSTRUMENTS

AS OF DECEMBER 31, 2024

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated

Type of Contract

Objective
of the
Operations

Underlying
Asset

Type of
Settlement

Scope of Negotiation
or
Counterpart

Weighted
Average
Term
Originally-
Agreed

Residual
Weighted
Average
Term

Weighted
Average
Term to
Settle
Differences

Amount(*)

Forwards in Foreign Currency

ROFEX - Purchases

Brokerage - own account

Foreign currency

Daily settlement of the difference

ROFEX

925,042,689

ROFEX - Sales

Brokerage - own account

Foreign currency

Daily settlement of the difference

ROFEX

599,043,771

Forwards with Customers

Purchases

Brokerage - own account

Foreign currency

Upon maturity of differences

OTC -
Residents in
Argentina -
Non-financial
sector

121

168,821,690

Sales

Brokerage - own account

Foreign currency

Upon maturity of differences

OTC -
Residents in
Argentina -
Non-financial
sector

435,931,586

Repurchase Transactions

Forward Purchases

Brokerage - own account

Argentine government securities

With delivery of the underlying asset

MAE

—

195,223,252

Forward Sales

Brokerage - own account

Argentine government securities

With delivery of the underlying asset

MAE

—

246,937,431

____________________

(*)Relates to the notional amount.

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE P – CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2024

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


	Amortized Cost	Fair Value through OCI	Fair Value through Profit or Loss	Fair Value Hierarchy
Items			Mandatory Measurement	Level 1	Level 2	Level 3
FINANCIAL ASSETS
Cash and Due from Banks	6,744,840,168	—	—	—	—	—
Cash	2,901,506,133	—	—	—	—	—
Financial Institutions and Correspondents	3,843,334,035	—	—	—	—	—
Debt Securities at Fair Value through Profit or Loss	—	—	1,508,649,114	1,396,216,105	78,703,327	33,729,682
Derivative Financial Instruments	—	—	4,161,315	—	4,161,315	—



Other Financial Assets	1,402,948,386	—	333,431,624	314,343,062	43,423	19,045,139
Loans and Other Financing	14,363,246,752	—	24,845,169	—	24,845,169	—
Non-financial Public Sector	7,645,686	—	—	—	—	—

Other Financial Institutions	164,273,536	—	—	—	—	—
Non-financial Private Sector and Residents Abroad	14,191,327,530	—	24,845,169	—	24,845,169	—
Advances	626,409,093	—	—	—	—	—
Overdraft	3,927,828,023	—	—	—	—	—
Mortgage Loans	317,644,027	—	—	—	—	—
Pledge Loans	397,641,851	—	—	—	—	—
Personal Loans	1,763,502,535	—	—	—	—	—
Credit-card loans	6,164,899,626	—	—	—	—	—
Finance Leases	30,946,119	—	—	—	—	—
Others	962,456,256	—	24,845,169	—	24,845,169	—
Other Debt Securities	2,180,297,530	2,300,407,860	—	1,392,979,157	905,077,075	2,351,628
Financial Assets Pledged as Collateral	1,337,483,673	130,120,241	16,812,161	31,805,950	115,126,452	—
Investments in Equity Instruments	—	—	42,086,831	9,621,984	—	32,464,847
TOTAL FINANCIAL ASSETS	26,028,816,509	2,430,528,101	1,929,986,214	3,144,966,258	1,127,956,761	87,591,296

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE P – CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES (Continued)

AS OF DECEMBER 31, 2024

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


	Amortized Cost	Fair Value through OCI	Fair Value through Profit or Loss	Fair Value Hierarchy
Items			Mandatory Measurement	Level 1	Level 2	Level 3
FINANCIAL LIABILITIES
Deposits	18,634,330,825	—	—	—	—	—
Non-financial Public Sector	283,718,050	—	—	—	—	—
Financial Sector	990,775	—	—	—	—	—
Non-financial Private Sector and Residents Abroad	18,349,622,000	—	—	—	—	—
Checking Accounts	1,917,704,573	—	—	—	—	—
Savings Accounts	11,499,290,336	—	—	—	—	—
Time Deposit and Term Investments	2,850,849,896	—	—	—	—	—
Others	2,081,777,195	—	—	—	—	—
Liabilities at fair value through profit or loss	—	—	9,005,522	9,005,522	—	—
Derivative Financial Instruments	—	—	7,672,255	—	7,672,255	—
Repurchase Transactions	389,701,262	—	—	—	—	—
Argentine Central Bank	389,540,022	—	—	—	—	—
Other Financial Institutions	161,240	—	—	—	—	—
Other Financial Liabilities	3,562,811,596	—	—	—	—	—
Financing Received from the Argentine Central Bank and Other Financial Institutions	441,780,166	—	—	—	—	—
Debt Securities	1,009,506,228	—	—	—	—	—
Subordinated Debt Securities	266,114,122	—	—	—	—	—
TOTAL FINANCIAL LIABILITIES	24,304,244,199	—	16,677,777	9,005,522	7,672,255	—

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE Q – INCOME STATEMENT BREAKDOWN

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024 PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Items	Net Financial Income/(Expense)
	Mandatory Measurement	OCI
From Measurement of Financial Assets at Fair Value through Profit or Loss
Income from Government Securities	723,409,208	34,696,839
Income from Corporate Securities	81,720,304	—
Income from Derivative Financial Instruments	6,601,323	—
Repurchase Transactions	6,593,697	—
Options	7,626	—
Income from Other Financial Assets	(16,643)	—
Income from sale or derecognition of financial assets at fair value	73,018,349	—
From Measurement of Financial Liabilities at Fair Value through Profit or Loss
Loss from Derivative financial instruments	(17,771,631)	—
Forward transactions	(17,327,360)	—

Options	(444,271)	—
Total as of 12.31.24	866,960,910	34,696,839


	Net Financial Income/(Expense)
Items	Mandatory Measurement	OCI
From Measurement of Financial Assets at Fair Value through Profit or Loss
Income ( Loss) from Government Securities	330,330,316	2,042,346
Income from Corporate Securities	251,189,790	—
Income from Derivative Financial Instruments	37,964,333	—
Repurchase Transactions	37,964,333	—


Loss from Other Financial Assets	3,730	—

From Measurement of Financial Liabilities at Fair Value through Profit or Loss
Loss from Derivative financial instruments	(23,038,514)	—
Forward transactions	(376,857)	—

Options	(22,661,657)	—
Total as of 12.31.23	596,449,655	2,042,346

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE Q – INCOME STATEMENT BREAKDOWN (Continued)


Items	Net Financial Income/(Expense)
	Mandatory Measurement	OCI
From Measurement of Financial Assets at Fair Value through Profit or Loss
Income from Government Securities	2,184,991,759	(7,202,683)
Income from Corporate Securities	89,744,656	—
Income from Derivative Financial Instruments	23,091,066	—
Repurchase Transactions	23,091,066	—


Income from other Financial Assets	—	(151,550)
Income from sale o derecognition of financial assets at fair value	—	—
From Measurement of Financial Liabilities at Fair Value through in Profit or Loss
Loss from Derivative Financial Instruments	(4,983,163)	—
Repurchase Transactions	(1,496,076)	—

Options	(3,487,087)	—
Total as of 12.31.22	2,292,844,318	(7,354,233)

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE Q – INCOME STATEMENT BREAKDOWN (Continued)

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Interest and Adjustments for Application of Effective Interest Rate of Financial Assets Measured at Amortized Cost	12.31.24	12.31.23	12.31.22
Interest Income
On Cash and Due from Banks	723,200	561,806	31,750
On Corporate Securities	9,609,551	(8,680,918)	9,117,058
On Government Securities	3,416,542,639	4,785,311,207	1,130,782,254
On Loans and Other Financing	3,848,318,565	4,397,200,271	3,417,374,583
Non-financial Public Sector	22,109	—	—
Financial Sector	30,420,180	35,882,354	26,967,950
Non-financial Private Sector	3,817,876,276	4,361,317,917	3,390,406,633
Advances	258,686,022	338,146,065	277,389,644
Mortgage Loans	376,681,705	352,586,503	293,317,012
Pledge Loans	53,108,847	62,955,384	62,961,660
Personal Loans	797,118,602	432,596,241	335,848,490
Credit Card Loans	1,401,987,634	1,502,408,027	1,171,387,863
Finance Leases	7,839,560	13,795,272	4,617,072
Notes	870,611,422	1,528,600,879	1,050,931,208
Pre-financing and export financing	9,565,511	4,714,513	10,828,177
Others	42,276,973	125,515,033	183,125,507
On Repurchase Transactions	969,046,356	1,178,728,640	304,207,000
Argentine Central Bank and Other Financial Institutions	949,636,812	1,132,317,517	295,491,322
Other Financial Institutions	19,409,544	46,411,123	8,715,678
Total	8,244,240,311	10,353,121,006	4,861,512,645


Interest-related Expenses	12.31.24	12.31.23	12.31.22
On Deposits	(2,608,628,948)	(5,915,063,611)	(3,427,891,523)
Non-financial Private Sector	(2,608,628,948)	(5,915,063,611)	(3,427,891,523)
Checking Accounts	(10,766,610)	(2,634,764)	(3,537,716)
Savings Accounts	(225,881,947)	(142,302,226)	(19,601,537)
Time Deposit and Term Investments	(1,344,909,775)	(4,175,010,765)	(2,679,458,572)
Others	(1,027,070,616)	(1,595,115,856)	(725,293,698)
Financing Received from the Argentine Central Bank and Other Financial Institutions	(133,289,301)	(180,789,990)	(148,247,296)
On Repurchase Transactions	(18,717,977)	(17,234,502)	(10,498,463)
Argentine Central Bank and Other Financial Institutions	(156,870)	—	—
Other Financial Institutions	(18,561,107)	(17,234,502)	(10,498,463)
On Other Financial Liabilities	(209,954,594)	(296,935,293)	(26,733,772)
On Debt Securities	(100,407,059)	(155,981,467)	(188,841,212)
On Subordinated Debt Securities	(23,429,814)	(24,844,833)	(25,037,428)
Total	(3,094,427,693)	(6,590,849,696)	(3,827,249,694)

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GRUPO FINANCIERO GALICIA S.A. SCHEDULE Q – INCOME STATEMENT BREAKDOWN (Continued)

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2024 AND ENDED DECEMBER 31, 2024, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos (Ps.), Except as Otherwise Stated


Fee Income	12.31.24	12.31.23	12.31.22
Fee Related to Credit cards	546,654,293	496,524,798	443,952,392
Fee related to Insurance	37,544,977	23,725,225	31,119,124
Fee related to Obligation	369,226,385	431,084,507	411,855,679
Fee Related to Credits	162,145,059	134,361,273	140,709,161
Fee Related to Loan Commitments and Financial Guarantees	11,725,688	4,678,113	2,025,805
Fee Related to Securities	94,933,594	61,835,787	35,536,365
Fee for Collections Management	4,871,725	4,936,924	5,678,730
Fee for Foreign and Exchange Transactions	44,164,575	33,453,606	31,076,619
Total	1,271,266,296	1,190,600,233	1,101,953,875


Fee-related Expenses	12.31.24	12.31.23	12.31.22
Fees related to Transactions with Securities	(2,998,898)	(3,685,212)	(2,277,074)
Fees related to Credit Cards	(103,612,080)	(97,360,193)	(110,401,923)
Fees related to foreign operations and exchange	(7,381,478)	(4,504,534)	(4,257,811)
Fees related to indirect channels	(5,438,618)	(3,732,398)	(4,059,042)
Others	(59,970,675)	(54,713,010)	(61,829,073)
Total	(179,401,749)	(163,995,347)	(182,824,923)

F-174