SEC Form 424B3 filed by Grupo Financiero Galicia S.A.

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-284113

PROSPECTUS SUPPLEMENT
TO PROSPECTUS DATED JUNE 10, 2025

11,721,449 American Depositary Shares

Representing 117,214,490 Class B Ordinary Shares

Grupo Financiero Galicia S.A.

This prospectus supplement relates to the proposed sale by HSBC Bank plc, which we refer to as the Selling Shareholder, of 11,721,449 American Depositary Shares (“ADSs”) representing our Class B ordinary shares, par value Ps.1.00 per share (“Class B ordinary shares”). We will not receive any of the proceeds from the sale of these ADSs by the Selling Shareholder.

The ADSs are listed on the Nasdaq Capital Market (the “NASDAQ”) under the symbol “GGAL.” On June 9, 2025, the last reported sale price of the ADSs was US$54.02 per ADS on the NASDAQ. In addition, our Class B ordinary shares are listed on the Bolsas y Mercados Argentinos S.A. (the “BYMA”) and on A3 Mercados S.A. (the “A3”) under the symbol “GGAL.” On June 9, 2025, the last reported sale price of our Class B ordinary shares was Ps.6,490 per share on the BYMA, equivalent to US$6.044 per ordinary share based on an exchange rate of Ps. 1,073.88 per US$1.

NOTHING IN THIS PROSPECTUS SUPPLEMENT CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ARGENTINA. THE ADSs HAVE NOT BEEN, AND WILL NOT BE, REGISTERED WITH THE ARGENTINE NATIONAL SECURITIES COMMISSION (COMISIÓN NACIONAL DE VALORES, “CNV”), AND THE ADSs MAY NOT BE OFFERED OR SOLD WITHIN ARGENTINA.

Investing in the ADSs involves risks. You should carefully read Item 3.D. “Risk Factors” in our Form 20-F (as defined below), which is incorporated herein by reference as well as the information set forth under the caption “Risk Factors” beginning on page S-5 of this prospectus supplement, for more information.

Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities regulators have approved or disapproved the securities offered by this prospectus supplement or determined if this prospectus supplement or the accompanying prospectus are truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters expect to deliver the ADSs against payment in New York, New York on or about June 12, 2025.

THIS PROSPECTUS SUPPLEMENT IS SOLELY OUR RESPONSIBILITY AND HAS NOT BEEN FILED WITH, REVIEWED OR AUTHORIZED BY THE CNV, AND THEREFORE THE CNV HAS NOT MADE ANY DETERMINATION AS TO THE TRUTHFULNESS OR COMPLETENESS OF THIS PROSPECTUS SUPPLEMENT. THE TERMS AND CONDITIONS OF ANY OFFER OF SECURITIES WILL BE NOTIFIED TO THE CNV AND TO INVESTORS IN ARGENTINA PURSUANT TO AN HECHO RELEVANTE, SOLELY FOR INFORMATIONAL PURPOSES, BUT SUCH NOTICE WILL NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ARGENTINA. THIS PROSPECTUS SUPPLEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE THE OFFER OR SOLICITATION IN SUCH JURISDICTION, NOR DOES THIS PROSPECTUS SUPPLEMENT CONSTITUTE AN INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IN MAKING AN INVESTMENT DECISION, ALL INVESTORS, WHO MAY ACQUIRE SECURITIES FROM TIME TO TIME, MUST RELY ON THEIR OWN EXAMINATION OF US.

Morgan Stanley             Goldman Sachs & Co. LLC

The date of this prospectus supplement is June 10, 2025.

TABLE OF CONTENTS

Prospectus Supplement

Prospectus

ABOUT THIS PROSPECTUS SUPPLEMENT

This prospectus supplement is a supplement to the accompanying prospectus. This prospectus supplement and the accompanying prospectus are parts of a registration statement that we filed with the SEC using a shelf registration process. The accompanying prospectus provides you with a general description of the securities offered hereby. This prospectus supplement provides you with specific information about the ADSs and the underlying Class B ordinary shares the Selling Shareholder is selling in this offering. Both this prospectus supplement and the accompanying prospectus include important information about us, the Selling Shareholder and other information you should know before investing. Generally, when we refer only to the “prospectus,” we are referring to both parts combined, and when we refer to the “accompanying prospectus” we are referring to the accompanying prospectus.

This prospectus supplement describes the specific details regarding the offering and adds to, updates and changes information contained in the accompanying prospectus. To the extent the information in this prospectus supplement is different from that in the accompanying prospectus, you should rely on the information in this prospectus supplement. You should read both this prospectus supplement and the accompanying prospectus, together with the additional information described under the caption “Incorporation of Certain Information by Reference” in this prospectus supplement and the accompanying prospectus, before investing in the ADSs and the underlying Class B ordinary shares.

GENERAL INFORMATION

Grupo Financiero Galicia S.A. is a financial services holding company incorporated in Argentina as a sociedad anónima (stock corporation). As used in this prospectus supplement, references to “we,” “our,” “us,” “the Company,” “Grupo Galicia” and “the registrant” refer to Grupo Financiero Galicia S.A. and its consolidated subsidiaries, except where otherwise noted or the context otherwise requires. We maintain our financial books and records and publish our financial statements in pesos. In this prospectus supplement, references to “Pesos” and “Ps.” are to Argentine pesos, and references to “U.S. dollars,” “US$” and “$” are to United States dollars and references to the “Central Bank” and the “BCRA” are to Banco Central de la República Argentina (the Argentine Central Bank).

This prospectus supplement contains conversions of certain Peso amounts into U.S. dollars at specified exchange rates solely for the convenience of the reader. These conversions should not be construed as representations that the Peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the exchange rate indicated. Unless otherwise indicated, U.S. dollar amounts that have been converted from Pesos have been converted at an exchange rate of Ps.1,073.88 per U.S. dollar, the exchange rate in effect on March 31, 2025, as published by the Argentine Central Bank.

We are responsible for the information contained in this prospectus supplement, the accompanying prospectus, the documents incorporated by reference herein and therein and any free writing prospectus prepared by or on behalf of us. None of the Company, the Selling Shareholder or the underwriters has authorized anyone to provide any information other than that contained or incorporated by reference in this prospectus supplement. None of the Company, the Selling Shareholder or the underwriters takes any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. You should not assume that the information contained in this prospectus supplement and the accompanying prospectus and the documents incorporated by reference is accurate as of any date other than their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or a solicitation of an offer to buy any securities other than the registered securities to which they relate, and none of the Company, the Selling Shareholder or the underwriters is making an offer to sell the ADSs or the underlying Class B ordinary shares in any jurisdiction in which the offer or sale is not permitted. The information in the accompanying prospectus is supplemented by, and to the extent inconsistent therewith replaced and superseded by, the information in this prospectus supplement.

WHERE YOU CAN FIND MORE INFORMATION

We file periodic reports and other information with the SEC. The SEC maintains a website on which our annual and other reports are made available. In addition, the securities may specify that certain documents are available for inspection at the office of the ADS depositary. We maintain a website at https://www.gfgsa.com. All Internet references in this prospectus are inactive textual references and we do not incorporate website contents into this prospectus supplement.

Upon written or oral request, we will provide to any person, at no cost to such person, including any beneficial owner to whom a copy of this prospectus supplement is delivered, a copy of any or all of the information that has been incorporated by reference in this prospectus but not delivered with this prospectus supplement. You may make such a request by writing or telephoning us at the following address or telephone number:

Grupo Financiero Galicia S.A.
Tte. Gral. Juan D. Perón 430, 25^th floor
Ciudad Autónoma de Buenos Aires, Argentina
Tel: +54 11-4343-7528

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

The SEC allows us to “incorporate by reference” the information we furnish to or file with the SEC, which means that we can disclose important information to you by referring you to those documents, which are considered part of this prospectus supplement and the accompanying prospectus. Information that we file with the SEC in the future and incorporate by reference will automatically update and supersede the previously filed information. We incorporate by reference the documents listed below:

We have filed with the SEC a registration statement on Form F-3 under the U.S. Securities Act of 1933, as amended (the “Securities Act”), with respect to the ADSs described in this prospectus supplement. This prospectus supplement, which forms a part of the registration statement, does not contain all of the information included in the registration statement.

We also incorporate by reference in this prospectus supplement all subsequent annual reports filed with the SEC on Form 20-F under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and those of our reports on Form 6-K furnished to the SEC that we specifically identify as being incorporated by reference in this prospectus supplement after the date hereof and prior to the completion of an offering of securities under this prospectus supplement.

Argentina has been considered a high-inflation economy for accounting purposes according to the International Accounting Standard 29 (“IAS 29”), Financial reporting in hyperinflationary economies, since July 1, 2018. Given that we are incorporating by reference into this prospectus supplement our unaudited consolidated condensed interim financial statements as of and for the three month period ended March 31, 2025, and that these are presented in current currency as of March 31, 2025, in accordance with IAS 29, we have recast our annual financial statements, together with the operating and financial review and prospects as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, which were originally included in our Form 20-F filed with the SEC on April 28, 2025, to present them in current currency as of March 31, 2025. Such recast information is included in the Recast Annual Information 6-K incorporated by reference in this prospectus supplement. Consequently, the financial information included in the Form 20-F includes annual financial statements and operating and financial review and prospects as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022 that are not directly comparable to the March 31, 2025 unaudited consolidated condensed interim financial statements incorporated by reference herein and investors should not rely on the financial information included in the Form 20-F and should instead refer to the superseding information included in the Recast Annual Information 6-K and herein.

As you read the above documents, this prospectus supplement and the accompanying prospectus, you may find inconsistencies in information from one document to another. If you find inconsistencies you should rely on the statements made in the most recent document, including this prospectus supplement and the accompanying prospectus. All information appearing in this prospectus supplement is qualified in its entirety by the information and financial statements, including the notes thereto, contained in the documents we have incorporated by reference.

FORWARD-LOOKING STATEMENTS

This prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein contain forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, that involve substantial risks and uncertainties. All statements other than statements of historical facts contained or incorporated by reference in this prospectus supplement and the accompanying prospectus (including statements regarding our future financial position, business strategy, budgets, projected costs and management’s plans and objectives for future operations) are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of such words as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue” or other similar terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, no assurance can be provided with respect to these statements. Because these statements are subject to risks and uncertainties, actual results may differ materially and adversely from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially and adversely from those contemplated in such forward-looking statements include but are not limited to:

These statements include our current expectations and assumptions and are not a guarantee of future performance. You should not place undue reliance on forward-looking statements, which speak only as of the date that they were made. Moreover, you should consider these cautionary statements in connection with any written or oral forward-looking statements that we may issue in the future.

Should one or more of these factors or situations materialize, or should the underlying assumptions prove to be incorrect, the actual results may differ considerably from those that are described as being foreseen, considered, estimated, expected, predicted or intended in this prospectus supplement and the accompanying prospectus.

In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein might not occur and are not guarantees of future performance.

We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information or future events or developments. Additional factors affecting our business emerge from time to time and it is not possible for us to predict all of these factors, nor can we assess the impact of all such factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Although we believe that the plans, intentions and expectations reflected in or suggested by such forward-looking statement are reasonable, we cannot assure you that those plans, intentions or expectations will be achieved. In addition, you should not interpret statements regarding past trends or activities as assurances that those trends or activities will continue in the future.

RISK FACTORS

Investing in our ADSs involves risks. In consultation with your own financial and legal advisors, you should consider carefully, among other matters, the supplemental risk factors set forth below as well as the risk factors discussed under the caption Item 3.D. “Risk Factors” in our Form 20-F, which is incorporated herein by reference, before deciding whether an investment in the ADSs is suitable for you. See “Incorporation of Certain Information by Reference” in this prospectus supplement and in the accompanying prospectus. In general, investing in the securities of issuers in emerging market countries such as Argentina involves certain risks not typically associated with investing in securities of U.S. companies. The risks and uncertainties described below and in our Form 20-F are not the only risks and uncertainties that we face. Additional risks and uncertainties that are unknown to us or that we currently think are immaterial also may impair our business operations or the market price of the ADSs. This prospectus supplement and the accompanying prospectus also contain forward- looking statements that involve risks. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including risks described in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. Capitalized terms used but not defined herein have the respective meanings given to them in our Form 20-F.

Risks Related to the Acquisition

Although Grupo Galicia expects that the recent acquisition of HSBC’s businesses in Argentina will result in cost savings, synergies and other benefits, Grupo Galicia may not realize those benefits in the short term because of integration difficulties and other challenges.

The success of our Acquisition will depend in large part on the success of our management in integrating the operations, strategies, technologies and personnel of the two groups following the completion of the Acquisition. We may fail to realize some or all of the anticipated benefits in the short term of the Acquisition if the integration process takes longer than expected or is more costly than expected. Our failure to meet the challenges involved in successfully integrating HSBC’s operations or to otherwise realize any of the anticipated benefits of the Acquisition, including additional cost savings and synergies, could impair our operations. In addition, we anticipate that the overall integration of HSBC’s businesses in Argentina will be a time-consuming and expensive process that, without proper planning and effective and timely implementation, could significantly disrupt our business.

Potential difficulties we may encounter in the integration process include the following:

The anticipated cost savings, synergies and other benefits of the Acquisition assume a successful integration and are based on projections and other assumptions, which are inherently uncertain. Even if integration is successful, anticipated cost savings, synergies and other benefits may not be achieved.

A reduction in Banco Galicia’s profits would reduce the dividends it can pay to Grupo Galicia which, in turn, would negatively impact the payment of dividends in respect of, and trading price for, Grupo Galicia’s ADSs.

We have incurred and will continue to incur Acquisition-related costs.

We have incurred and continue to expect to incur Acquisition-related costs, including legal and accounting fees and expenses, and other related charges. We expect to incur additional costs to integrate HSBC’s businesses in Argentina, such as IT integration expenses. Costs in connection with the integration may be higher than expected, and we may also incur unanticipated integration-related costs. These costs could adversely affect our business, financial position and results of operations.

A reduction in Banco Galicia’s profits would reduce the dividends it can pay to Grupo Galicia which, in turn, would negatively impact the payment of dividends in respect of, and trading price for, Grupo Galicia’s ADSs.

Additional Risks Related to Argentina

The current state of the Argentine economy, together with uncertainty regarding the Government, may adversely affect Grupo Galicia’s business and prospects.

Grupo Galicia’s results of operations may be affected by inflation, fluctuations in the exchange rate, modifications in interest rates, changes in the Government’s policies and other political or economic developments either internationally or in Argentina. During the course of the last decades, Argentina’s economy has been marked by a high degree of instability and volatility, periods of low or negative economic growth and high fluctuating levels of inflation and currency devaluation. Grupo Galicia’s results of operations, the rights of holders of the ADSs, the value of such ADSs and the ability of Grupo Galicia to pay cash distributions to the Depositary for paying the cash dividends or other distributions on the Class B ordinary shares represented by the ADSs, could be materially and adversely affected by a number of possible factors, some of which include Argentina’s inability to achieve a sustainable economic growth path, high inflation rates, Argentina’s ability to obtain financing, a decline in the international prices for Argentina’s main commodity exports, fluctuation in the exchange rates of the currency of other countries (which affects local commercial competitiveness) and the vulnerability of the Argentine economy to external shocks.

During the past fifteen years, Argentina experienced economic stagnation as a result of unstable monetary, fiscal and economic regulatory policies. In particular, the Argentine economy has proven to be and continues to be vulnerable to several factors, including:

The Government may implement changes to current policies and regulations or maintain existing ones. Political uncertainty in Argentina regarding both the measures already adopted and those that may be adopted in the future could lead to volatility in the market prices of securities issued by Argentine entities and, where appropriate, could have a material adverse effect on the economy or on Argentina’s ability to meet its obligations, which may, in turn, affect the Company’s financial condition and results of operations.

According to estimates made by the IMF in its World Economic Outlook report published in January 2025, Argentina’s GDP is expected to grow by 5.5% in 2025 and another 4.5% in 2026. However, Grupo Galicia cannot guarantee that such growth levels will be achieved in future years or that the Argentine economy will not experience a recession. If macroeconomic and political conditions in Argentina become unstable, this could affect the Company’s business, financial results and the market price of the ADSs.

Going forward, there can be no assurance that the current or future administrations will refrain from adopting measures that could negatively affect Grupo Galicia’s operations and financial results. Additionally, Grupo Galicia cannot predict the impact that past policies will have on the Argentine economy in general and on the banking sector in particular.

Volatility in the regulatory framework, including whether the current administration will implement additional economic policy reforms, and the impact that these measures and any future measures taken by a new administration will have on the Argentine economy, remains uncertain.

From time to time, prior administrations have enacted several laws amending various aspects of regulatory framework in an effort to stimulate the economy, some of which have had adverse effects on Grupo Galicia’s business. Although the current administration has eliminated certain measures implemented by previous administrations, political and social pressures could inhibit the Government’s implementation of new policies designed to generate growth and enhance consumer and investor confidence. In addition, as of the date of this prospectus supplement, the impact that the reforms adopted by the current Government will have on the Argentine economy as a whole, and the financial sector in particular, remains uncertain and cannot be predicted. It is also currently unclear what additional measures the current Government may implement in the future and what effects such measures may have on the Argentine economy.

Measures already adopted by the Government or future measures implemented may be disruptive to the economy and may fail to benefit, or may harm, our business. In particular, Grupo Galicia has no control over the implementation of reforms to the regulatory framework that governs its operations and cannot guarantee that these reforms, if implemented, will be beneficial. The failure of these measures to achieve their intended goals could adversely affect the Argentine economy and Grupo Galicia’s business, financial position and results of operations.

If high levels of inflation continue, the Argentine economy and Grupo Galicia’s business, financial position and results of operations could be adversely affected.

Historically, inflation has adversely affected the Argentine economy and the Government’s ability to establish conditions conducive to sustained economic growth. Moreover, the high degree of uncertainty surrounding key economic variables and persistent inflationary instability could negatively impact economic activity and, in turn, materially and adversely affect the Company’s business, financial position and results of operations.

According to the National Statistics and Census Institute (Instituto Nacional de Estadística y Censos (INDEC)), the Consumer Price Index (“CPI”) showed that 2024 ended with annual inflation of 117.8%, a sharp decrease from 211.4% in 2023. In 2025 through the date of this prospectus supplement, monthly inflation was 2.2% in January, 2.4% in February, 3.7% in March and 2.8% in April, resulting in a cumulative increase of 11.6% for the year and 47.3% in inter-annual variation.

A high inflation rate affects Argentina’s competitiveness abroad and generates macroeconomic instability, which could negatively impact economic activity, employment, real wages, consumption, and interest rates. Uncertainty regarding these economic variables and unstable inflation levels can shorten contractual terms and affect the ability to plan and make decisions. All of this could have a negative impact on economic activity, income, and the purchasing power of consumers, all of which would adversely affect Grupo Galicia’s business, financial position and results of operations.

While the measures implemented by the current administration have resulted in a slowdown in inflation over the past year, the rate of inflation could increase in the future, and there is uncertainty regarding the effects that the measures adopted, or that may be adopted in the future by the Government to control inflation, may have. In particular, high inflation rates or a high level of volatility with respect to the same may materially and adversely affect the business volume of the financial system and prevent the growth of financial intermediation activity. This, in turn, could adversely affect economic activity and employment levels in Argentina.

Combined with high inflation rates, Argentina has also displayed high volatility in its currency valuation, as a consequence of local imbalances and external shocks. Both high inflation rates and high levels of volatility in the inflation rate impact Argentina’s competitiveness abroad, as well as real salaries, employment rates, consumption rates and interest rates. A high level of uncertainty regarding these economic variables, and the lack of stability in terms of inflation, could lead to shortened contractual terms and affect the ability for corporations and individuals to plan and make decisions in the future. This may have a negative impact on economic activity and on the income of consumers and their purchasing power. All of the above could materially and adversely affect Grupo Galicia’s business, financial position and results of operations.

The Argentine economy and its goods, financial services and securities markets remain vulnerable to external factors, which could affect Argentina’s economic growth and Grupo Galicia’s prospects.

The financial and securities markets in Argentina are influenced, to varying degrees, by economic and market conditions in other countries. Although such conditions may vary from country to country, investor reactions to events occurring in one country may affect capital flows to issuers in other countries and consequently affect the trading prices of their securities. Decreased capital inflows and lower prices in the stock market of a country may have a material adverse effect on the real economy of those countries in the form of higher interest rates and foreign exchange volatility.

During periods of uncertainty in international markets, investors typically shift their portfolios toward high-quality assets—a phenomenon known as “flight to quality”—often at the expense of assets from emerging markets. This trend has had, and may continue to have, a negative impact on the Argentine economy in the near term.

The monetary and fiscal policies implemented by the world’s leading economies, such as the U.S., China and the European Union, have an effect on the Argentine economy through impacts on its interest rates, commodity prices and economic growth rates. Current higher interest rates in leading economies negatively affect emerging markets such as Argentina. Additionally, on May 16, 2025, Moody’s downgraded the U.S. sovereign credit rating from “Aaa” to “Aa1.” This downgrade could lead to higher interest rates in the United States and negatively impact the risk perception of emerging markets, including Argentina.

The economic activity of Brazil, one of Argentina’s main trade partners, also has an impact on Argentina’s economy. A depreciation of the Brazilian Real against the Dollar has in the past and would again in the future put additional pressure on the exchange rate for the Argentine Peso against the Dollar. Likewise, a weak economic performance from Brazil would affect Argentine exports, particularly in the case of industrial goods, many of which Argentina exports to Brazil.

Increases in various interest rates could also lower economic growth in one or more of Argentina’s main trading partners (including Brazil, the European Union, China, and the United States). Additionally, other macroeconomic and political factors, such as the ongoing conflict between Russia and Ukraine, and in the Middle East, as well as the increased tariffs imposed by the current U.S. administration and the associated economic uncertainty and market volatility, could affect the Argentine economy and, consequently, the results and operations of Grupo Galicia.

The credibility of certain Argentine economic indexes has been called into question, which may lead to a lack of confidence in the Argentine economy.

Between 2007 and 2015, the INDEC, which is the only institution in Argentina with the statutory authority to produce official national statistics, experienced significant institutional and methodological changes that gave rise to controversy regarding the reliability of the information that it produces, including inflation, GDP and unemployment data, with allegations that the inflation rate in Argentina and the other rates calculated by INDEC could be substantially different from what’s indicated in official reports.

Reports published by the IMF stated that their staff used alternative measures of inflation for macroeconomic surveillance, including data produced by private sources, which showed inflation rates considerably higher than those published by the INDEC from 2007-2015. The IMF also censured Argentina for failing to make sufficient progress, as required under the Articles of Agreement of the IMF, in adopting remedial measures to address the quality of official data, including inflation and GDP data.

In January 2016, the Macri administration declared a state of administrative emergency in respect of the national statistical system and the INDEC. The INDEC suspended the publication of certain statistical data until it completed a reorganization of its technical and administrative structure to recover its ability to produce sufficient and reliable statistical information. As a result, the INDEC released certain revised foreign trade, balance of payment and GDP data for the years 2011-2015. In November 2016, the executive directors of the IMF lifted the motion of censure, noting that Argentina had resumed the publication of data in a manner consistent with its obligations under the IMF’s Articles of Agreement, enabling Argentina to borrow from the IMF again.

In addition, on April 5, 2023, Judge Simon Picken of the High Court of London issued its judgement under

“Palladian Partners LP and others v Republic of Argentina.” Mr. Picken found Argentina liable for breaching the adjustment provision clause contained in Argentina’s Euro-denominated GDP-linked bonds issued as part of its 2005 restructuring. Pursuant to the terms of the adjustment provision, payment under the securities would only be triggered if certain payment conditions relating to the level and growth of Argentina’s GDP were met in comparison to a base case described in the offering documents. In this regard, Judge Picken ruled that Argentina should pay damages for €1.33 billion, plus interests. In addition, in early 2024, as a condition of its appeal Argentina deposited €310 million to be held in escrow pending the London Court’s ruling. In June 2024, the Court of Appeals of London dismissed Argentina’s appeal to Judge Picken’s decision, therefore confirming the High Court of London’s decision.

No assurance can be provided that the Government will not vary or introduce other measures that may affect the national statistics system and, consequently, the Argentine economy, in particular by undermining consumer and investor confidence, which ultimately could have a material adverse effect on Grupo Galicia’s business, results of operations and financial condition.

Risks Related to the Argentine Financial System

The stability of the Argentine financial system is dependent upon the ability of financial institutions, including Banco Galicia, the main subsidiary of Grupo Galicia, to maintain and increase the confidence of depositors.

The measures implemented by the Government in late 2001 and early 2002, in particular the restrictions imposed on depositors to withdraw money freely from banks and the “pesification” and restructuring of their deposits, were strongly opposed by depositors due to the losses on their savings and undermined their confidence in the Argentine financial system and in all financial institutions operating in Argentina.

If depositors once again engage in large-scale withdrawals from banks in the future, there may be a substantial negative impact on the manner in which financial institutions, including Banco Galicia (our main subsidiary), conduct their business, and on their ability to operate as financial intermediaries. Loss of confidence in the international financial markets may also adversely affect the confidence of Argentine depositors in local banks.

An adverse economic situation, even if it is not related to the financial system, could trigger a massive withdrawal of capital from local banks by depositors, as an alternative to protect their assets from potential crises. Any massive withdrawal of deposits could cause liquidity issues in the financial sector and, consequently, a contraction in credit supply.

The occurrence of any of the above could have a material and adverse effect on Grupo Galicia’s expenses and business, results of operations and financial condition and, thus, on the trading prices for the ADSs.

Risks Related to Ownership of the ADSs

The price of ADSs may fluctuate significantly, and your investment may decline in value.

The price of the ADSs may fluctuate significantly in response to several factors, many of which are beyond our control, including those described under “Risk Factors Relating to Argentina” and “Risk Factors Relating to the Argentine Financial System” included in our Form 20-F, which is incorporated by reference herein.

The stock markets in general, and the equity securities of emerging markets in particular, have experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the companies involved. Grupo Galicia cannot assure that any trading price or valuation will be sustained. These factors may materially and adversely affect the market price of the ADSs, which may limit or prevent investors from readily selling the ADSs and may otherwise affect liquidity, regardless of Grupo Galicia’s operating performance.

Market fluctuations, as well as general political and economic conditions in the markets in which we operate, such as recessions or currency exchange rate fluctuations, may also adversely affect the market price of the ADSs.

Issuances and sales of additional ADSs or Class B ordinary shares could reduce the market price of the ADSs and dilute the holdings of existing holders of ADSs.

The sale by the Selling Shareholder of a substantial number of ADSs in this offering could significantly reduce the market price of the ADSs. Further, we may issue additional ADSs or Class B ordinary shares in order to fund our business strategies and/or operations in the future. We cannot predict the size of such future issuances, and substantial sales of our ADSs or our Class B ordinary shares may cause the market price of our ADSs to decline and have a dilutive effect on our existing holders of ADSs.

Investors may not be able to effect service of process within the United States, and enforcement of judgments against us and our respective directors and executive officers may be difficult.

We are a publicly held stock corporation (sociedad anónima) organized under the laws of Argentina. Most of our directors, senior managers and assets are located in Argentina. As a result, it may not be possible for investors to effect service of process within the United States (and generally outside Argentina) upon us or our directors and senior management, or to enforce against us or them judgments obtained in United States (or other non-Argentine) courts predicated upon the civil liability provisions of the U.S. federal securities laws or the securities laws of countries other than Argentina. There is no certainty that Argentine courts will enforce, to the same extent and in as timely a manner as a U.S. or foreign court, an action predicated solely upon the civil liability provisions of the U.S. federal securities laws or other foreign regulations brought against such persons or against us.

You may not receive distributions on the Class B ordinary shares represented by the ADSs or any value for them if it is illegal or impractical to make them available to holders of ADSs.

The Depositary has agreed to pay to you the cash dividends or other distributions it or the custodian receives on the Class B ordinary shares after deducting its fees and expenses and any amounts withheld on account of taxes or other governmental charges. You will receive these distributions in proportion to the number of the Class B ordinary shares your ADSs represent. However, in accordance with the limitations set forth in the Deposit Agreement, it may be unlawful or not feasible to make a distribution available to holders of ADSs. We have no obligation to take any other action to permit the distribution of the ADSs, Class B ordinary shares, rights or anything else to holders of the ADSs. This means that you may not receive the distributions we make on the Class B ordinary shares or any value from them if it is unlawful or not feasible to make them available to you. These restrictions may have a material adverse effect on the value of your ADSs.

Foreign exchange risks may adversely affect our results, and the U.S. dollar value of dividends payable to ADS holders.

Trading of our Class B ordinary shares underlying the ADSs is conducted in Pesos. Our Depositary will receive cash distributions that we make with respect to the Class B ordinary shares underlying the ADSs in Pesos. The Depositary will convert such Pesos to U.S. dollars in accordance with the terms of the Deposit Agreement to make dividend and other distribution payments in respect of ADSs. If the Peso depreciates against the U.S. dollar, the value of the ADSs and any U.S. dollar distributions ADS holders receive will decrease, and the Government may also impose foreign exchange controls that could further restrict or delay the ability to convert Pesos into U.S. dollars or transfer funds abroad.

Your voting rights with respect to the ADSs are limited by the terms of the Deposit Agreement.

Holders may exercise voting rights with respect to the Class B ordinary shares underlying ADSs only in accordance with the provisions of the Deposit Agreement. There are no provisions under Argentine law or under our bylaws that limit ADS holders’ ability to exercise their voting rights through the Depositary with respect to the underlying Class B ordinary shares. There are practical limitations upon the ability of ADS holders to exercise their voting rights due to the additional procedural steps involved in communicating with such holders. For example, Argentine Law No. 26,831 requires us to notify our shareholders by publication in certain official and private newspapers at least 20 and no more than 45 days in advance of any shareholders’ meeting. ADS holders will not receive any notice of a shareholders’ meeting directly from us. In accordance with the Deposit Agreement, we will provide the notice to the Depositary, which will in turn, if we so request, as soon as practicable thereafter provide to each ADS holder:

To exercise their voting rights, ADS holders must instruct the Depositary on how to vote the underlying shares. Because of the additional procedural step involving the Depositary, the process for exercising voting rights will take longer for ADS holders than for holders of Class B ordinary shares.

EBA Holding S.A., a major shareholder of Grupo Galicia, is able to exert significant influence over us and our corporate decisions and as a result, shareholders may be limited in their ability to influence significant decisions.

Grupo Galicia’s capital structure is comprised of Class A ordinary shares, each of which grants its holder five votes, and Class B ordinary shares, each of which grants its holder one vote. As of March 31, 2025, a total of 1,606,253,729 of Grupo Galicia’s shares were outstanding, of which 281,221,650 were Class A ordinary shares and 1,325,032,079 were Class B ordinary shares, and EBA Holding S.A. (“EBA”) held 100% of the Class A ordinary shares, which represented 17.50% of the total shares in circulation. Taking into account that Class A ordinary shares have the right to a total of five votes per share, EBA has 51.48% of the total votes. Accordingly, EBA holds the necessary number of votes required to take all decisions at Grupo Galicia’s shareholders’ meeting, although it does not perform any management activities related to Grupo Galicia.

Given the particular shareholder composition of Grupo Galicia (and the dominance of multiple voting shares), failure to achieve a voluntary agreement among Grupo Galicia’s shareholders could have an impact on Grupo Galicia’s normal decision-making process. It is possible that EBA may cause us to take corporate actions that other shareholders may not agree with. This could affect the making of major decisions, including, among others, the election of directors, effecting or preventing a merger, the sale or acquisition of assets, the issuance of additional equity securities, the carrying out of related party transactions and distribution of dividends, if any.

Our shareholders may be subject to liability for certain votes of their securities.

Our shareholders are not liable for our obligations. Shareholders’ liability is limited to the payment of the shares for which they subscribe. However, shareholders who have a conflict of interest with us and do not abstain from voting may be held liable for damages to us. Also, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to Argentine law or our bylaws may be held liable for damages to us or to third parties, including other shareholders, resulting from such resolutions.

Future preemptive rights may be unavailable to ADS holders.

Argentine law No. 26,831 requires that whenever we issue new ordinary shares for cash, we are required to grant preemptive rights to all holders of our ordinary shares (including to the Depositary), giving them the right to purchase a sufficient number of ordinary shares to maintain their existing ownership percentage and to subscribe for any new ordinary shares that are not subscribed for by other shareholders, in proportion with the percentage of ordinary shares that are issued. If preemptive rights are granted to our shareholders in connection with a future issuance of ordinary shares, we may decide not to register an offering of ordinary shares to ADS holders under the Securities Act. The Depositary will not offer rights to ADS holders unless those rights are either exempt from registration under the Securities Act with respect to a distribution to all holders, or registered under the provisions of that Act. In the event we offer preemptive rights, the Depositary may, following consultation with us, either distribute the rights or any net proceeds from the sale of such rights to the holders of ADSs or, if distribution or sale is not permitted or practicable, permit such rights to lapse.

Consequently, ADS holders may be unable to exercise, transfer, or realize any value from preemptive rights, even though holders of ordinary shares can do so directly. If a holder of ADSs receives only sale proceeds—or nothing at all—while the underlying rights are exercised by other shareholders, such ADS holder’s equity interest in our Company would be diluted proportionately.

The effective tax rate for capital gains received by non-resident holders may be as high as 31.5% under Argentine law.

Capital gains derived by non-Argentine resident individuals or non-Argentine entities from the sale, exchange or other disposition of ADSs or Class B ordinary shares are exempt from income tax as long as such beneficiaries do not reside in non-cooperative jurisdictions (as defined by the Argentine government), and the invested funds do not come from non-cooperative jurisdictions.

In case the above exemption is not available, capital gains derived from the sale, exchange or other disposition of Class B ordinary shares or ADSs are subject to income tax at a rate of 35% on the presumed net income determined under the Argentine income tax law (i.e., 90%), which results in an effective rate of 31.5% of the sale price, subject to change depending on whether an appliable double taxation treaty exists. Holders of ADSs are advised to consult with their tax advisors with regards to the tax consequences that may arise from holding ADSs.

Holders of the ADSs may not receive any dividends if we are unable to obtain dividends from Banco Galicia.

Dividend distributions by our subsidiary Banco Galicia are subject to prior approval by the Superintendency of Financial and Exchange Entities (Superintendencia de Entidades Financieras y Cambiarias, or “Superintendency”). The Superintendency will review the ability of a financial institution to distribute dividends upon request for approval. The Superintendency may authorize the distribution of dividends if, during the month preceding the request, the following requirements were met: the financial institution (i) is not subject to a liquidation procedure; (ii) is not receiving financial assistance from the Central Bank; (iii) is in compliance with its reporting obligations with the Central Bank; (iv) is in compliance with minimum capital and cash requirements, among others; and (v) is not subject to any significant fines—exceeding 25% of the last Computable Regulatory Capital (or “RPC”) informed by such financial institution, debarment, suspension, revocation or prohibition imposed in the last five years by the Central Bank, the UIF, the CNV, and/or the National Superintendency of Insurance (Superintendencia de Seguros de la Nación), except when such financial institution has implemented corrective measures that are satisfactory to the Superintendency (such corrective measures would also be brought to the attention of the regulatory body that originally imposed the sanction). The Superintendency also takes into consideration information that it receives from, and/or sanctions imposed by, equivalent foreign agencies or authorities. When weighing the significance of the sanctions, the Superintendency takes into account the type of sanctions, the underlying reason for such sanctions and the amount of sanctions imposed on the financial institution. Additionally, the Superintendency factors in the degree of participation in the events leading up to the sanction, the economic effects of the violation, the degree of damage caused to third parties, the economic benefit that the sanctioned party received from the violation, the sanctioned party’s operating volume, its liability and the title or function of the persons involved.

Although distribution of dividends by Banco Galicia has been authorized by the Central Bank in the past, it is possible that in the future the Central Bank may not continue to grant Banco Galicia the authorization to distribute dividends approved by its shareholders at the annual ordinary shareholders’ meeting or such authorization may not be for the full amount of distributable dividends.

We and one or more of our subsidiaries could be treated as passive foreign investment companies for U.S. federal income tax purposes, which could result in adverse U.S. federal income tax consequences for U.S. Holders of ADSs or our Class B ordinary shares.

Based on certain estimates of our gross income and gross assets (which estimates are inherently imprecise), the nature of our business, and our reliance on the Active Bank Exception (as defined below in “Taxation—Material United States Federal Income Tax Considerations—U.S. Federal Income Tax Considerations Applicable to the ADSs and Class B Ordinary Shares —Passive Foreign Investment Company Considerations”), we believe that we were not a passive foreign investment company (a “PFIC”) for the taxable year ended December 31, 2024, and do not expect to be classified as a PFIC for the foreseeable future, but there can be no assurance that we will not be considered a PFIC for any taxable year. Our status in future years will depend on our assets and activities in those years. If we were a PFIC, a U.S. Holder of ADSs or Class B ordinary shares generally would be subject to imputed interest charges and other disadvantageous tax treatment with respect to any gain from the sale or exchange of, and certain distributions with respect to, ADSs or Class B ordinary shares.

If we were a PFIC, a U.S. Holder of ADSs or Class B ordinary shares may be able to make a variety of elections that may alleviate certain of the adverse tax consequences referred to above, and one of these elections may be made retroactively. However, it is expected that the conditions necessary for making certain of such elections will not apply in the case of ADSs or Class B ordinary shares. U.S. Holders should consult their tax advisors regarding the tax consequences and filing requirements that would arise if we were treated as a PFIC. See “Taxation—Material United States Federal Income Tax Considerations—U.S. Federal Income Tax Considerations Applicable to ADSs and Class B Ordinary Shares—Passive Foreign Investment Company Considerations” in this prospectus supplement.

USE OF PROCEEDS

All of the ADSs being offered hereby are being sold by the Selling Shareholder. We will not receive any of the proceeds from the sale of the ADSs by the Selling Shareholder.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is based on, and should be read in conjunction with, our consolidated financial statements included in the Recast Annual Information 6-K, which is incorporated by reference in this prospectus supplement and in the accompanying prospectus.

Argentina has been considered a high-inflation economy for accounting purposes according to the International Accounting Standard 29 (“IAS 29”), Financial reporting in hyperinflationary economies, since July 1, 2018. Given that we are incorporating by reference into this prospectus supplement our unaudited consolidated condensed interim financial statements as of and for the three month period ended March 31, 2025, and that these are presented in current currency as of March 31, 2025, in accordance with IAS 29, we have recast our annual financial statements, together with the operating and financial review and prospects as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, which were originally included in our Form 20-F filed with the SEC on April 28, 2025, to present them in current currency as of March 31, 2025. Consequently, the financial information included in the Form 20-F includes annual financial statements and operating and financial review and prospects as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022 that are not directly comparable to the March 31, 2025 unaudited consolidated condensed interim financial statements incorporated by reference herein and investors should not rely on the financial information included in the Form 20-F and should instead refer to the superseding information included in the Recast Annual Information 6-K and herein.

Certain figures included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements, included in the Recast Annual Information 6-K. Certain numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them due to rounding.

Overview

In recent years, we have strengthened our position as a leading domestic private-sector financial institution, increasing our market share of loans and deposits and strengthening Banco Galicia’s, our principal subsidiary, regulatory capital reserves through the issuance of subordinated bonds and follow-on equity offerings and internal profit origination.

Despite the deterioration of the Argentine economy, high levels of inflation and the devaluation of the Peso, in 2024 we were able to maintain our asset quality and adequately cover credit risks and maintain solvency, liquidity and profitability metrics at what we believe are reasonable levels.

In addition, uncertainty and volatility in the Argentine economy may increase as a series of challenges arise from the path towards the normalization of global economic activity after four years of the pandemic, the continuing increases in inflation levels in many developed countries and the changes in monetary policies expected to be put in place, and their impact on international prices, interest rates and level of economic activity.

Further, the war between Russia and Ukraine and the ongoing conflict in the Middle East add economic uncertainty, including its impact on global trade and commodity prices, which could also have an impact on the Argentine economy and on our business.

In Argentina, in addition to the above listed conditions — e.g. high inflation, fiscal deficit and its financing, low level of economic growth, poverty —, we have to add political difficulties that arose in a year in which there are mid-term elections, both in the ruling coalition and in opposition parties, which makes it even more difficult to achieve the necessary consensus to resolve problems, such as limitations on monetary financing, tariff adjustments, the accumulation of international foreign reserves, access to the foreign exchange market, and controlling the increase of public debt. Such conditions also make it more difficult to strengthen and build-off of certain achievements made during the first year under the current administration, like the consolidation of the fiscal surplus, the decrease in inflation, the deregulation and growth of economic activity, and the recovery of salaries in real terms.

The Argentine Economy

International Factors

Throughout 2024, investors closely monitored the actions of major central banks and the U.S. presidential election. After maintaining the benchmark rate unchanged for nearly a year, the U.S. Federal Reserve announced a 50 basis point cut in September 2024, citing a disinflationary trend that supported a more flexible monetary policy. As a result, the benchmark rate ended the year at 4.25%–4.5%. The European Central Bank followed a similar approach, cutting its benchmark rate to 3%.

In the second half of 2024, investor attention shifted toward the U.S. presidential election, in which Donald Trump was elected president. This marked a shift in policy direction, as the new administration supports deregulation, higher tariffs, and stricter immigration controls, in contrast to the previous administration under Joe Biden. Given this context, investor focus in 2025 is expected to center on the domestic and global implications of the new U.S. presidency, as well as the potential macroeconomic impact of escalating geopolitical tensions.

The year 2025 began with heightened volatility in international markets, primarily driven by the tariff policies and announcements under the Trump administration, which announced tariffs of varying rates on imports from key trading partners of the United States.

These developments heightened investor concern over inflationary pressures and the potential drag on global economic growth, which also resulted in market volatility. For example, at the time of publication of our 20-F, the S&P 500 had declined 8.3% year-to-date, and the NASDAQ had fallen 10.4% year-to-date. Treasury markets were also affected, as evidenced by a 20% increase in the MOVE (Merrill Option Volatility Estimate) index, which tracks bond market volatility. The yield on the 10-year U.S. Treasury bond rose to 4.3%.

Recent economic data include a March labor report showing the creation of 228,000 new nonfarm payroll jobs—exceeding expectations. Inflation data available at the time of publication of our 20-F also surprised markets, with a 0.1% month-on-month decline compared to a projected 0.1% increase. Falling energy costs, influenced by lower global demand expectations and an increase in OPEC+ production, contributed to this result. As a result, crude oil prices declined by 13.7% year-to-date. In contrast, gold prices rose by 26% year-on-year, benefiting from the uncertain global environment.

Domestic Factors

In 2024, Argentina’s Gross Domestic Product (GDP) contracted by 1.7% year-over-year. The decline was primarily driven by a sharp drop in investment (-17.8%), private consumption (-4.2%), and public consumption (-3.2%). In contrast, exports surged by 23.2%. On a seasonally adjusted basis, GDP grew 1.4% in the fourth quarter of 2024 compared to the previous quarter. According to the latest Monthly Economic Activity Estimator (EMAE), economic activity in March 2025 decreased 1.8% from the prior month.

The labor market deteriorated during 2024, with the average unemployment rate rising to 7.1% of the economically active population, compared to 6.1% in 2023. The average activity rate was 48.4%, while the employment rate stood at 44.9%.

According to INDEC, urban poverty fell to 38.1% in the second half of 2024, down from 41.7% a year earlier. Extreme poverty also declined, with 8.2% of the population living below the indigence line, compared to 11.9% in the same period of 2023.

The monetary base expanded by Ps.20,120,583 million in 2024, mainly due to the unwinding of repurchase agreements (Ps.24,657,137 million), net foreign currency purchases from the private sector (Ps.16,503,384 million), accrued interest on interest-bearing liabilities (Ps.11,052,368 million), the unwinding of Liquidity Bills (or “LELIQs”) (Ps.1,486,737 million), and other factors (Ps.2,147,285 million). The latter includes absorption of Pesos through Bolivarian Republic of Venezuela securities placement, secondary market purchases of BCRA securities, and put option exercises by financial institutions.

Offsetting factors included net foreign currency sales to the National Treasury (Ps.14,605,369 million) and other Treasury-related operations (Ps.12,125,707 million). On July 22, 2024, the BCRA discontinued overnight passive swap operations and adopted Fiscal Liquidity Letters (LEFIs)—Treasury-issued securities—as the new instrument for managing liquidity. The BCRA now uses the LEFI yield as the reference rate. LEFI operations absorbed Ps.8,995,254 million of the monetary base in 2024. As of April 11, 2025, the monetary base had expanded by Ps.6,995,252 million year-to-date.

The BCRA cut in its benchmark interest rate throughout 2024 and continued easing into 2025. The reference rate dropped from 100% at the start of 2024 to 32% by December 6, 2024. A further cut was implemented on January 31, 2025, lowering the yield on LEFIs to 29%.

Since early October 2024, the BCRA has published the Argentine Wholesale Rate (TAMAR) for fixed-term deposits of Ps.1 billion or more with 30-35 day maturities. As of May 30, 2025, the TAMAR stood at 33.19%.

Inflation closed 2024 at 117.8% year-over-year but showed a steady deceleration. In April 2025, monthly inflation was 2.8%, while the annual rate declined to 47.3%.

The exchange rate decreased by an average of 2% on a monthly basis throughout 2024. However, starting February 1, 2025, the BCRA reduced the pace to 1% per month. On April 11, 2025, a new exchange rate band system was introduced, allowing the exchange rate to fluctuate freely within a corridor initially set between US$/Ps. 1,000 and US$/Ps. 1,400. These bands are adjusted monthly by -1% for the lower limit and +1% for the upper limit. As of May 28, 2025, the exchange rate stood at Ps.1,161.00/US$1.

Additionally, exchange restrictions for individuals were lifted, the remittance of dividends abroad was authorized for balance sheets beginning in 2025, and import payment processes were liberalized. These changes supported trade and investment by simplifying access to the foreign exchange market and unifying the commercial exchange rate.

These are complemented by strong external support, including a new US$20 billion EFF agreement (as defined below) with the IMF, of which US$15 billion will be disbursed throughout 2025, and additional US$6.1 billion in financing facilities with multilateral organizations and international banks.

On April 11, 2025, the Ministry of Economy of Argentina announced that the World Bank and the Inter-American Development Bank (IDB) have each launched multi-annual support programs for the Government’s reform, stabilization, and growth agenda, totaling US$12 billion and US$10 billion, respectively. Disbursements of liquidity from these international organizations during 2025 are expected to amount to US$6.1 billion, of which US$1.5 billion will be disbursed immediately, an additional US$2.1 billion within the next 60 days, and US$2.5 billion during the remainder of 2025.

On the fiscal front, the Non-Financial Public Sector posted a primary surplus of Ps.10,405,810 million in 2024, equivalent to 1.8% of GDP net of interest payments, the financial surplus reached Ps.1,764,786 million (0.3% of GDP). The improvement was driven by a 27.5% reduction in expenditures, which outweighed the 4.9% real decline in revenues.

As of March 31, 2025, the cumulative primary surplus amounted to Ps.4,357,120 million (0.5% of GDP), and the financial surplus reached Ps.1,309,389 million (0.2% of GDP).

The current account balance of the Foreign Exchange Balance registered a surplus of US$1.695 billion in 2024, while the capital and financial account posted a net inflow of US$4.398 billion.

International reserves rose by US$6.539 billion in 2024, mainly due to foreign currency purchases from the private sector totaling US$18.71 billion. As of May 29, 2025, reserves stood at US$38.366 billion — an increase of US$9 billion since year-end 2024 — boosted by the initial IMF disbursement of approximately US$12 billion.

The Argentine Financial System

According to the latest information published by the BCRA, the aggregate amount of loans made by the financial system to the private sector totaled Ps.64,885,768 million in December 2024, which represented an increase of 247% as compared to the same month in 2023. Since 2018, the year-on-year growth of private loans has been systematically lower than inflation.

Consumer loans, consisting of loans granted through credit cards and personal loans, increased 247% as compared to December 31, 2023, totaling Ps.25,477,694 million as of December 31, 2024. On the other hand, commercial loans, consisting of checking account overdrafts and drafts/bills (single and purchased/discounted loans) finally totaled Ps.20,710,916 million, registering an increase of 230% year-on-year.

The total deposits in the financial system amounted to Ps.134,311,210 million as of December 31, 2024, which represented an increase of 121% as compared to December 31, 2023. Deposits from the non-financial private sector increased 117% annually, amounting to Ps.111,034,996 million, while public sector deposits totaled Ps.23,276,215 million, increasing by 146% year-on-year. Within private sector deposits, transaction deposits ended at Ps.40,555,377 million, increasing 65% year-on-year, and time deposits ended at Ps.36,792,996 million, increasing 173% year-on-year.

In December 2024, financial institutions decreased their liquidity levels in Pesos (in relation to total deposits) compared to the same month of the previous year, a ratio that amounted to 46.5%, a decrease of 46.3 p.p.

In terms of solvency, the equity of the financial system showed an interannual increase of Ps.1,155,274 million, finally totaling Ps.51,194,202, million, which implies an 129% increase. The profitability of the system accumulating 12 months as of December 2024 (Comprehensive Income adjusted by inflation) was equivalent to 4.10% of assets, while the return on Shareholders’ Equity was 15.87%.

The nonperforming portfolio of loans to the non-financial private sector amounted to 1.48% in December 2024, lower than the 3.42% of the previous year.

As for the composition of the financial system, as of December 31, 2024, there were 74 financial institutions: 61 banks, of which 47 were private (34 of domestic capital and 13 foreigners) and 14 were public, and 13 non-banking financial institutions (five of domestic capital and eight foreigners).

With data as of December 2024, the latest information available, the financial system employed 95,933 people, which represented a 2.95% drop since December 2023.

The Argentine Insurance Industry

During 2024, growth in the Argentine insurance industry slowed down. Insurance production amounted to Ps.15,802,380 million, 5.3% lower than the level recorded for the previous year. Of the total insurance production in 2024, 87% related to property insurance, 12% related to life and personal insurance, and 1% related to retirement insurance.

Within the 87% corresponding to property insurance, the automobile insurance segment continued to be the most significant segment, representing 48%, followed by the workers’ compensation segment, representing 26%. Within the life insurance segment, the group life insurance segment was the most significant, representing 57%, followed by individual life insurance, representing 29%, and personal accident insurance, representing 14%.

Inflation

Historically, inflation in Argentina has played a significant role in influencing, often negatively, the economic conditions and, in turn, the operations and financial results of companies operating in Argentina, such as Grupo Galicia.

The chart below presents a comparison of inflation rates published by INDEC, measured by the Whole Price Index and the CPI, for the fiscal years 2024, 2023, 2022, 2021 and 2020.

In addition, the chart below presents the evolution of the CER and UVA indexes, published by the BCRA and used to adjust the principal of certain of our assets and liabilities for the specified periods.

In 2024, the CPI published by INDEC reflected a 117.76% increase while the CER and UVA indexes remained at 515.52 and 1,300.85 by year-end, respectively.

Currency Composition of Our Balance Sheet

The following table sets forth our assets and liabilities denominated in foreign currency, in Pesos and adjustable by the CER/UVA, as of the dates indicated.

Funding of Banco Galicia’s long position in CER/UVA-adjusted assets through Peso-denominated liabilities bearing a market interest rate (and no principal adjustment linked to inflation) exposes Banco Galicia to differential fluctuations in the inflation rate and in market interest rates, with a significant increase in market interest rates vis-à-vis the inflation rate (which is reflected in the CER/UVA variation), which in turn has a negative impact on our gross brokerage margin.

Two other currencies have been defined apart from the Argentine Peso: assets and liabilities adjusted by CER/UVA and foreign currency. Banco Galicia’s policy in effect establishes limits in terms of maximum “net asset positions” (assets denominated in a currency which are higher than the liabilities denominated in such currency) and “net liability positions” (assets denominated in a currency which are lower than the liabilities denominated in such currency) for mismatches in foreign currency, as a proportion of Banco Galicia’s RPC, on a consolidated basis. An adequate balance between assets and liabilities denominated in foreign currency characterizes the management strategy for this risk factor, seeking to achieve full coverage of long-term asset-liability mismatches and allowing a short-term mismatch management margin that contributes to the possibility of improving certain market situations. Short- and long-term goals are attained by managing assets and liabilities and by using the financial products available in our market, particularly “dollar futures” both in institutionalized markets (MAE and Mercado a Término de Rosario (ROFEX)) and in forward transactions performed with customers. Transactions in foreign currency futures (specifically, dollar futures) are subject to limits that take into consideration the particular characteristics of each trading environment.

Results of Operations for the Three Month Periods Ended March 31, 2025 and March 31, 2024.

We discuss below our results of operations for the three month period ended March 31, 2025, as compared with our results of operations for the three month period ended March 31, 2024.

i) Consolidated Income Statement

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Net income for the three-month period ended March 31, 2025 was equal to Ps.162,628 million, as compared to net income equal to Ps.385,893 million for the three-month period ended March 31, 2024, a Ps.223,265 million, or 58% decrease. This result for the three-month period ended March 31, 2025 was mainly driven by: (i) banking activities (Banco Galicia) for Ps.52,893 million, (ii) Naranja X for Ps.64,194 million and (iii) insurance services (Sudamericana Holding) for Ps.9,571 million.

Net earnings per share for the three-month period ended March 31, 2025, was equal to a Ps.101.75 per share, as compared to a Ps.261.79 per share for the three-month period ended March 31, 2024.

The return on assets and the return on shareholders’ equity for the three-month period ended March 31, 2025, was equal to 0.47% and 2.41%, respectively, as compared to 1.87% and 7.49%, respectively, for the three-month period ended March 31, 2024. On an annualized basis, the return on assets and the return on shareholders’ equity for the three-month period ended March 31, 2025, was equal to 1.86% and 9.75%, respectively, as compared to 6.89% and 31.12%, respectively, for the three-month period ended March 31, 2024.

The decrease in net income for the three-month period ended March 31, 2025 was primarily attributable to lower net operating income, decreasing from Ps.2,812,749 million for the three-month period ended March 31, 2024 to Ps.1,489,765 million for the three-month period ended March 31, 2025 (a 47% decrease as compared to March 31, 2024) due to lower net income from interest which decreased from Ps.2,146,276 million in the three-month period ended March 31, 2024 to Ps.1,069,115 million in the three-month period ended March 31, 2025.

ii) Interest-Earning Assets

The following table shows our yields on interest-earning assets:

Three-month period ended March 31, 2025 compared to three-month period ended March 31, 2024

The average balance of interest-earning asset increased by 52%, or Ps.6,453,384 million, from Ps.12,325,984 million for the three-month period ended March 21, 2024, to Ps.18,779,368 million for the three-month period ended March 31, 2025. Of this increase, Ps.8,098,928 million was due to an increase in the average balance of loans, partially offset by a decrease of Ps.2,813,569 million in the volume of repurchase transactions. The average yield on interest-earning assets was 31.58% in the three-month period ended March 31, 2025, as compared to 114.34% in the three-month period ended March 31, 2024, an 8,276 basis points decrease, mainly attributable to a decrease in the average interest rate earned on other interest-earning assets (decreasing 21,990 basis points as compared to the three-month period ended March 31, 2024).

iii) Interest-Bearing Liabilities

The following table shows our yields on cost of funds:

Three-month period ended March 31, 2025 compared to three-month period ended March 31, 2024

The average balance of interest-bearing liabilities for the three-month period ended March 31, 2025, was equal to Ps.15,890,191 million, as compared to Ps.8,622,418 million for the three-month period ended March 31, 2024, an increase of 84% as compared to the three-month period ended March 31, 2024. Such increase was primarily attributable to a Ps.3,894,737 million increase in the average balance of saving accounts, which increased to Ps.8,562,061 million as of March 31, 2025 from Ps.4,667,324 million as of March 31, 2024, and to a Ps.2,609,665 million increase in the average balance of time deposits. The average yield on interest-bearing liabilities was 13.71% for the three-month period ended March 31, 2025, as compared to 58.49% for the three-month period ended March 31, 2024, a 4,478 basis points decrease, mainly attributable to a decrease in the average interest rate on time deposits (decreasing 7,226 basis points as compared to the three-month period ended March 31, 2024).

iv) Interest Income

Consolidated interest income was composed of the following:

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Interest income for the three-month period ended March 31, 2025, was equal to Ps.1,767,413 million, as compared to Ps.3,440,230 million for the three-month period ended March 31, 2024, a 49% decrease. Such decrease was the result of a Ps.1,131,051 million or 73% decrease in government securities.

The decrease of Ps.1,131,051 million in the interest earned from government debt securities was due mostly to a decrease in the volume of government securities.

The average amount of loans granted for the three-month period ended March 31, 2025 was equal to Ps.14,073,813 million, a 136% increase as compared to the Ps.5,974,886 million for the three-month period ended March 31, 2024. The average interest rate on total loans was 29.94% for the three-month period ended March 31, 2025, as compared to 76.57% for the three-month period ended March 31, 2024, representing a 4,663 basis points decrease year-over-year.

Interest income from banking activity were equal to Ps.1,362,962 million in March 2025, a 54% decrease as compared to the Ps.2,952,357 million recorded in the three-month period ended March 31, 2024.

According to BCRA information, as of March 31, 2025, Banco Galicia’s estimated market share of loans to the private sector was 15.18%, as compared to 12.20% as of March 31, 2024.

Interest income related to Naranja X amounted to Ps.416,306 million for the three-month period ended March 31, 2025, a 15% decrease as compared to the Ps.487,556 million recorded for the three-month period ended March 31, 2024.

Interest income related to insurance activity amounted to Ps.10,309 million for the period ended March 31, 2025, a 43% decrease as compared to the Ps.18,206 million recorded for the three-month period ended March 31, 2024.

The following table indicates Banco Galicia market share in the segments listed below:

v) Interest Expenses

Consolidated interest expenses were comprised of the following:

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Interest expenses for the three-month period ended March 31, 2025 were equal to Ps.698,298 million, as compared to Ps.1,293,954 million for the three-month period ended March 31, 2024, representing a 46% decrease. Such decrease was primarily attributable to a decrease of Ps.504,313 million in interest paid on deposits.

Interest expenses from deposits were equal to Ps.590,752 million for the three-month period ended March 31, 2025, as compared to Ps.1,095,066 million for the three-month period ended March 31, 2024, a Ps.504,313 million decrease. This decrease was primarily due to decreased interest expenses related to time deposits and term investments, which were equal to Ps.279,426 million for the three-month period ended March 31, 2025, representing a 51% decrease as compared to Ps.573,901 million for the three-month period ended March 31, 2024, as well as to a decrease of other deposits for Ps.241,151 million.

The decrease in lower interest expenses paid to time deposits and term investments was due to lower rate yields.

The total average interest-bearing deposits for the three-month period ended March 31, 2025 were equal to Ps.13,816,876 million, reflecting an increase of 89%. This increase was due to a decrease in saving accounts for Ps.3,894,737 million.

Out of total interest-bearing deposits (savings accounts and time deposits) for the three-month period ended March 31, 2025, the average interest rate of time deposits was 27.20%, as compared to 99.46% for the three-month period ended March 31, 2024, representing a 7,226 basis points decrease.

Savings accounts deposits for the three-month period ended March 31, 2025 accrued interest at an average rate of 3.54%, as compared to an average rate of 33.12% for the three-month period ended March 31, 2024, a 2,958 basis points decrease.

Interest expenses related to banking activity were equal to Ps.556,551 million for the three-month period ended March 31, 2025, as compared to Ps.1,130,482 million for the three-month period ended March 31, 2024, representing a 51% decrease.

According to BCRA information and considering only deposits from the private-sector deposits, Banco Galicia’s estimated Argentine deposit market share increased from 10.20% as of March 31, 2024, to 16.66% as of March 31, 2025.

Interest expenses related to Naranja X were equal to Ps.151,725 million for the three-month period ended March 31, 2025, as compared to Ps.190,295 million for the three-month period ended March 31, 2025, representing a 20% decrease.

The following table indicates Banco Galicia’s market share in the segments listed below:

vi) Net Fee Income

Consolidated net fee income consisted of:

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Our net fee income for the three-month period ended March 31, 2025, was equal to Ps.361,735 million, as compared to Ps.253,515 million for the three-month period ended March 31, 2024, a 43% increase. This increase was mainly due to a 38% increase in credit cards and a 30% increase in deposits and other obligations.

Income from credit card transactions for the three-month period ended March 31, 2025, was Ps.172,863 million, as compared to Ps.125,018 million for the three-month period ended March 31, 2024, a Ps.47,845 million increase.

The total number of credit cards managed for the period ended March 31, 2025 was 15,403,919, as compared to 13,187,267 for the period ended March 31, 2025, an 17% increase.

The total fee expenses for the three-month period ended March 31, 2025 were equal to Ps.53,710 million, as compared to Ps.41,520 million for the three-month period ended March 31, 2024, a 29% increase.

Net fee income related to banking activity for the three-month period ended March 31, 2025, was equal to Ps.219,990 million, as compared to Ps.152,635 million for the three-month period ended March 31, 2024, a 44% increase.

Net fee income related to Naranja X for the three-month period ended March 31, 2025 amounted to Ps.147,204 million as compared to Ps.100,283 million for the three-month period ended March 31, 2024, a 47% increase.

For more information about fees, please see “Item 4. “Information on the Company” –B. “Business Overview” – “Argentine Banking Regulations” – “Limitations on Fees and Other Substantial Elements” of our Form 20-F, which is incorporated by reference herein.

The following table sets forth the number of credit cards outstanding as of the dates indicated:

vii) Net Income from Financial Instruments

Consolidated net income from financial instruments was comprised of:

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Net income from financial instruments measured at fair value through profit or loss for the three-month period ended March 31, 2025 was equal to Ps.220,354 million, as compared to Ps.198,391 million for the three-month period ended March 31, 2024, a Ps.21,963 million increase. This increase was due to higher income from corporate securities for Ps.16,550 million.

The average position in Government securities for the three-month period ended March 31, 2025 was Ps.1,009,503 million, as compared to Ps.766,083 million for the three-month period ended March 31, 2024, a 32% increase.

Net income from financial instruments measured at fair value through profit or loss related to banking activity for the three-month period ended March 31, 2025 was equal to Ps.111,138 million as compared to Ps.118,119 million for the three-month period ended March 31, 2024, a 6% decrease.

Net income from financial instruments measured at fair value through profit or loss related to Naranja X for the three-month period ended March 31, 2025 was equal to Ps.53,058 million as compared to Ps.29,744 million for the three-month period ended March 31, 2024, a 78% increase.

Net income from financial instruments measured at fair value through profit or loss related to insurance activity for the three-month period ended March 31, 2025 amounted to Ps.1,181 million as compared to a loss of Ps.7,992 million for the three-month period ended March 31, 2024, an 85% increase.

viii) Exchange Rate Differences on Foreign Currency

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Exchange rate differences on foreign currency for the three-month period ended March 31, 2025 were equal to Ps.16,068 million, as compared to Ps.57,180 million for the three-month period ended March 31, 2024, a 72%, or Ps.41,112 million, decrease.

ix) Other Operating Income

The following table sets forth the various components of other operating income.

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Other operating income for the three-month period ended March 31, 2025 was equal to Ps.165,893 million, as compared to Ps.145,884 million for the three-month period ended March 31, 2024, a 14% increase. This increase was mainly the result of higher other adjustments and interest on miscellaneous receivables for Ps.30,324 million.

Other operating income related to banking activity was equal to Ps.66,727 million, as compared to Ps.77,813 million for the three-month period ended March 31, 2024, a 14% decrease.

Other operating income related to Naranja X for the three-month period ended March 31, 2025 was equal to Ps.42,589 million, as compared to Ps.26,216 million for the three-month period ended March 31, 2024, a 62% increase.

x) Insurance Business Result

The following table shows the results generated by insurance activities:

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Insurance business result (excluding administrative expenses and taxes, net of eliminations related to related-party transactions) for the three-month period ended March 31, 2025, was equal to Ps.27,870 million, as compared to Ps.19,043 million for the three-month period ended March 31, 2024, a 46% increase.

xi) Impairment Charge

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2025

Impairment charge for the three-month period ended March 31, 2025 was equal to Ps.400,749 million, as compared to Ps.143,810 million for the three-month period ended March 31, 2024, a 179% increase. This increase was due to a larger financing portfolio and a worsening of the delinquency rate.

Impairment charge related to banking activity for the three-month period ended March 31, 2025, was equal to Ps.244,404 million, as compared to Ps.82,266 million for the three-month period ended March 31, 2024, a 197% increase.

Impairment charge related to Naranja X for the three-month period ended March 31, 2025 was equal to Ps.156,255 million, as compared to Ps.61,543 million for the three-month period ended March 31, 2024, a 154% increase.

xii) Personnel Expenses

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Personnel expenses for the three-month period ended March 31, 2025 were equal to Ps.234,176 million, as compared to Ps.203,273 million for the three-month period ended March 31, 2024, a 15% increase. This increase was primarily due to the impact of employee salary increases.

Personnel expenses related to banking activity for the three-month period ended March 31, 2025 were equal to Ps.167,677 million, as compared to Ps.133,954 million for the three-month period ended March 31, 2024, a 25% increase.

Personnel expenses related to Naranja X for the three-month period ended March 31, 2025 were equal to Ps.50,659 million as compared to Ps.45,569 million for the three-month period ended March 31, 2024, an 11% increase.

Personnel expenses related to insurance activity for the three-month period ended March 31, 2025 were equal to Ps.7,460 million as compared to Ps.14,580 million for the three-month period ended March 31, 2024, a 49% decrease.

xiii) Administrative Expenses

The following table sets forth the components of our consolidated administrative expenses:

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Administrative expenses for the three-month period ended March 31, 2025 were equal to Ps.266,554 million as compared to Ps.186,539 million for the same period ended March 31, 2024, a 43% increase. This increase was primarily attributable to a (i) Ps.24,920 million increase in administrative services under contract, (ii) Ps.21,585 million increase in maintenance and repairs, and (iii) a Ps.12,764 million increase in other administrative expenses.

Administrative services under contract for the three-month period ended March 31, 2025 were equal to Ps.54,051 million, as compared to Ps.29,130 million for the three-month period ended March 31, 2024, a 86% increase.

Maintenance and repairs for the three-month period ended March 31, 2025 were equal to Ps.52,148 million, as compared to Ps.30,563 million for the three-month period ended March 31, 2024, a 71% increase.

Administrative expenses related to banking activity for the three-month period ended March 31, 2025 were equal to Ps.206,490 million, as compared to Ps.121,514 million for the three-month period ended March 31, 2024, a 70% increase.

Administrative expenses related to Naranja X for the three-month period ended March 31, 2025 were equal to Ps.52,908 million, as compared to Ps.50,238 million for the three-month period ended March 31, 2024, a 5% increase.

Administrative expenses related to insurance activity for the three-month period ended March 31, 2025 were equal to Ps.2,875 million, as compared to Ps.10,443 million for the three-month period ended March 31, 2024, a 72% decrease.

xiv) Other Operating Expenses

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Other operating expenses for the three-month period ended March 31, 2025 were equal to Ps.296,540 million, as compared to Ps.505,008 million of the three-month period ended March 31, 2024, a 41% decrease. This decrease was primarily attributable to a 95% decrease in charges for other provisions and to an 86% decrease in other financial income.

Charges for other provisions for the three-month period ended March 31, 2025 were equal to Ps.4,129 million as compared to Ps.89,485 million for the three-month period ended March 31, 2024, a 95% decrease.

Other financial income for the three-month period ended March 31, 2025 was equal to Ps.12,667 million as compared to Ps.90,277 million for the three-month period ended March 31, 2024, an 86% decrease.

Other operating expenses related to banking activity for the three-month period ended March 31, 2025 were equal to Ps.190,552 million, as compared to Ps.335,454 million of the three-month period ended March 31, 2024, a 43% decrease.

Other operating expenses related to Naranja X for the three-month period ended March 31, 2025 were equal to Ps.79,911 million, as compared to Ps.68,261 million for the three-month period ended March 31, 2024, a 17% increase.

xv) Loss on Net Monetary Position

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Loss on net monetary position for the three-month period ended March 31, 2025 was equal to Ps.391,513 million as compared to Ps.1,283,846 million for the three-month period ended March 31, 2024, a 70% decrease. This decrease was due to a lower inflation. Inflation as of March 31, 2025 was 55.9%, 23,200 basis points lower than the 287.9% inflation rate as of March 31, 2024.

Loss on net monetary position related to banking activity for the three-month period ended March 31, 2025 was equal to Ps.310,236 million as compared to Ps.1,033,791 million for the three-month period ended March 31,2024, a 70% decrease.

Loss on net monetary position related to Naranja X for the three-month period ended March 31, 2025 was equal to Ps.56,458 million as compared to Ps.187,802 million for the three-month period ended March 31, 2024, a 70% decrease.

Loss on net monetary position related to insurance activity for the three-month period ended March 31, 2025 was equal to Ps.2,741 million as compared to Ps.9,306 million for the three-month period ended March 31, 2024, a 71% decrease.

xvi) Income Tax from Continuing Operations

Three-month period ended March 31, 2025, compared to three-month period ended March 31, 2024

Income tax from continuing operations for the three-month period ended March 31, 2025 was equal to Ps.72,585 million as compared to Ps.200,281 million for the three-month period ended March 31, 2024, a 64% decrease. This decrease was mainly attributable to a decrease in the operating income.

Income tax from continuing operations related to banking activity for the three-month period ended March 31, 2025 was equal to Ps.15,968 million as compared to Ps.222,668 million for the fiscal three-month period ended March 31, 2024, a 93% decrease.

Income tax from continuing operations related to Naranja X for the three-month period ended March 31, 2025 was equal to Ps.38,603 million as compared to Ps.6,155 million for the three-month period ended March 31, 2024, a 527% increase.

Income tax from continuing operations related to insurance activity for the three-month period ended March 31, 2025 was an income tax credit of Ps.138 million, as compared to an income tax credit of Ps.32,785 million for the three-month period ended March 31, 2024 (in connection with a loss for the period), a 100% decrease.

Results of Operations for the Fiscal Years Ended December 31, 2024, December 31, 2023 and December 31, 2022.

We discuss below (i) our results of operations for the fiscal year ended December 31, 2024, as compared with our results of operations for the fiscal year ended December 31, 2023, and (ii) our results of operations for the fiscal year ended December 31, 2023, as compared with our results of operations for the fiscal year ended December 31, 2022.

i) Consolidated Income Statement

Fiscal Year 2024 compared to Fiscal Year 2023

Net income for the fiscal year ended December 31, 2024 was equal to Ps.1,763,825 million, as compared to net income equal to Ps.797,150 million for the fiscal year ended December 31, 2023, a Ps.966,675 million or 121% increase. This result was mainly due to: (i) net income from banking activities (Banco Galicia) for Ps.1,395,506 million and Naranja X for Ps.247,054 million, offset by a loss of (ii) insurance services (Sudamericana Holding) for Ps.28,103 million.

Net earnings per share for the fiscal year ended December 31, 2024, was equal to a Ps.1,189.39 per share, as compared to a Ps.540.56 per share for the fiscal year ended December 31, 2023.

The return on assets and the return on shareholders’ equity for the fiscal year ended December 31, 2024, was equal to 5.93% and 31.08%, respectively, as compared to 3.26% and 17.23%, respectively, for the fiscal year ended December 31, 2023.

The increase in net income for the year ended December 31, 2024 was primarily attributable to a higher share of profit from associates and joint ventures due to the Acquisition, increasing from Ps.6,927 million for the year ended December 31, 2023 to Ps.780,862 million for the year ended December 31, 2024.

Fiscal Year 2023 compared to Fiscal Year 2022

Net income for the fiscal year ended December 31, 2023 was equal to Ps.797,150 million, as compared to net income equal to Ps.357,609 million for the fiscal year ended December 31, 2022, a Ps.439,541 million or 123% increase. This result was mainly due to net income from: (i) banking activities (Banco Galicia) for Ps.663,003 million, (ii) Naranja X for Ps.32,453 million, and (iii) insurance services (Sudamericana Holding) for Ps.26,895 million.

Net earnings per share for the fiscal year ended December 31, 2023, was equal to a Ps.540.56 per share, as compared to a Ps.242.50 per share for the fiscal year ended December 31, 2022.

The return on assets and the return on shareholders’ equity for the fiscal year ended December 31, 2023, was equal to 3.26% and 17.23%, respectively, as compared to 1.46% and 8.08%, respectively, for the fiscal year ended December 31, 2022.

The increase in net income for the year ended December 31, 2023 was primarily attributable to a higher net operating income, increasing from Ps.5,014,601 million for the year ended December 31, 2022 to Ps.7,932,301 million for the year ended December 31, 2023 (a 58% increase as compared to December 31, 2022) due to a higher net income from interest increasing from Ps.1,122,890 million in 2022 to Ps.4,084,665 million in 2023, offset by higher loss on net monetary position.

ii) Interest-Earning Assets

The following table shows our yields on interest-earning assets:

Fiscal Year 2024 compared to Fiscal Year 2023

The average balance of interest-earning asset decreased Ps.1,191,960 million, from Ps.14,711,176 million for the fiscal year ended December 31, 2023, to Ps. 13,519,216 million for the fiscal year ended December 31, 2024, representing a decrease of 8% as compared to 2023. Of this decrease, Ps.3,248,613 million were due to a decrease in the average size of government securities, offset by an increase of Ps.2,150,772 million in the volume of other interest-earning assets. The average yield on interest-earning assets was 58.34% in 2024, as compared to 72.12% in 2023, a 1,377 basis points decrease, mainly attributable to a decrease in the average interest rate earned on other interest-earnings assets (decreasing 30,202 basis points as compared to 2023).

Fiscal Year 2023 compared to Fiscal Year 2022

The average balance of interest-earning asset decreased Ps.303,702 million, from Ps.15,014,878 million for the fiscal year ended December 31, 2022, to Ps. 14,711,176 million for the fiscal year ended December 31, 2023, representing a decrease of 2% as compared to 2022. Of this decrease, Ps.921,761 million were due to a decrease in the average size of loans, offset by an increase for Ps.610,901 million in the volume of repurchase transactions. The average yield on interest-earning assets was 72.12% in 2023, as compared to 52.52% in 2022, a 1,960 basis points increase, mainly attributable to an increase in the average interest rate earned on other interest-earnings assets (increasing 30,688 basis points as compared to 2022).

iii) Interest-Bearing Liabilities

The following table shows our yields on cost of funds:

Fiscal Year 2024 compared to Fiscal Year 2023

The average balance of interest-bearing liabilities for the fiscal year ended December 31, 2024, were equal to Ps.9,445,499 million, as compared to Ps.11,030,059 million for the fiscal year ended December 31, 2023, a decrease of 14% as compared to 2023. Such decrease was primarily attributable to a Ps.2,442,714 million decrease in the average balance of time deposits, which decreased to Ps.3,126,647 million as of the fiscal year ended December 31, 2024 from Ps.5,569,361 million as of the fiscal year ended December 31, 2023. In addition, the average yield on interest-bearing liabilities was 29.56% in 2024, as compared to 58.32% in 2023, a 2,876 basis points decrease, mainly attributable to a decrease in the average interest rate on time deposits (decreasing 3,046 basis points as compared to 2023).

Fiscal Year 2023 compared to Fiscal Year 2022

The average balance of interest-bearing liabilities for the fiscal year ended December 31, 2023 was equal to Ps.11,030,059 million, as compared to Ps.10,685,038 million for the fiscal year ended December 31, 2022, an increase of 3% as compared to 2022. Such increase was primarily attributable to (i) a Ps.242,981 million increase in the average balance of deposits, which increased to Ps.10,039,624 million as of the fiscal year ended December 31, 2023 from Ps.9,796,643 million as of the fiscal year ended December 31, 2022, and (ii) a Ps.115,294 million increase in the average balance of other interest-bearing liabilities, which increased to Ps.262,877 million as of the fiscal year ended December 31, 2023 from Ps.35,428 million as of the fiscal year ended December 31, 2022. The average yield on interest-bearing liabilities was 58.32% in 2023, as compared to 37.27% in 2022, a 2,105 basis points increase, mainly attributable to an increase in the average interest rate on other interest-bearing liabilities (increasing 3,128 basis points as compared to 2022).

iv) Interest Income

Consolidated interest income was composed of the following:

Fiscal Year 2024 compared to Fiscal Year 2023

Interest income for the fiscal year ended December 31, 2024, was equal to Ps.8,950,699 million, as compared to Ps.11,240,292 million for the fiscal year ended December 31, 2023, a 20% decrease. Such decrease was the result of a Ps.1,486,060 million or 29% decrease in government securities and a Ps.595,916 million or 12% decrease in loans and other financing.

The Ps.1,486,060 million decrease in interest earned from government debt securities was primarily driven by a reduction in the volume of Peso-denominated government securities measured at amortized cost compared to 2023. Additionally, interest income from government debt securities for the fiscal year ended December 31, 2024 was largely attributable to interest accrued on the portfolio of the instruments issued by the BCRA (LELIQ), which were acquired starting January 1, 2023 but were not part of the portfolio in 2024.

The decrease of Ps.595,916 million in the interest earned from loans and other financing was due to a decrease in the volume of discounted bills and credit card loans.

The average amount of loans granted for the fiscal year ended December 31, 2024 was equal to Ps.7,706,470 million, a 1% decrease as compared to the Ps.7,797,228 million for the fiscal year ended December 31, 2023. The average interest rate on total loans was 37.91% for the fiscal year ended December 31, 2024, as compared to 49.76% for the fiscal year ended December 31, 2023, representing a 1,184 bps decrease year-over-year.

The decrease in interest earnings from loans and other financing in 2024 was primarily a consequence of a Ps.714,373 million increase in notes outstanding, Ps.109,025 million increase in credit cards loans and a Ps.90,371 million decrease in others.

Interest income from banking activity amounted to Ps.7,277,588 million in 2024, a 26% decrease as compared to the Ps.9,888,835 million recorded in the fiscal year ended December 31, 2023.

According to BCRA information, as of December 31, 2024, Banco Galicia’s estimated market share of loans to the private sector was 15.73%, as compared to 10.93% as of December 31, 2023.

Interest income related to Naranja X amounted to Ps.1,661,435 million for the year ended December 31, 2024, a 14% increase as compared to the Ps.1,460,056 million recorded for the fiscal year ended December 31, 2023.

Interest income related to insurance activity amounted to Ps.51,862 million for the year ended December 31, 2024, a 171% decrease as compared to the Ps.19,153 million recorded for the fiscal year ended December 31, 2023.

Fiscal Year 2023 compared to Fiscal Year 2022

Interest income for the fiscal year ended December 31, 2023, was equal to Ps.11,240,292 million, as compared to Ps.5,278,101 million for the fiscal year ended December 31, 2022, a 113% increase. Such increase was the result of a Ps.3,967,690 million or 323% increase in government securities and a Ps.1,063,788 million or 29% increase in loans and other financing.

The increase of Ps.3,967,690 million in the interest earned from government debt securities was due mostly to the interest accrued on the portfolio of the instruments issued by the BCRA (LELIQ) acquired from January 1, 2023.

The increase of Ps.1,063,788 million in the interest earned from loans and other financing was due to an increase in the volume of discounted bills.

The average amount of loans granted for the fiscal year ended December 31, 2023 was equal to Ps.7,797,228 million, a 11% decrease as compared to the Ps.8,718,989 million for the fiscal year ended December 31, 2022. The average interest rate on total loans was 49.76% for the fiscal year ended December 31, 2023, as compared to 43.50% for the fiscal year ended December 31, 2022, representing a 625 basis points increase year-over-year.

The increase in interest earnings from loans and other financing in 2023 was primarily a consequence of a Ps.518,601 million increase in notes outstanding, Ps.359,386 million increase in credit cards loans and a Ps.65,963 million increase in advances.

Interest income from banking activity amounted to Ps.9,888,835 million in 2023, a 128% increase as compared to the Ps.4,333,913 million recorded in the fiscal year ended December 31, 2022.

According to BCRA information, as of December 31, 2023, Banco Galicia’s estimated market share of loans to the private sector was 10.93%, as compared to 11.76% as of December 31, 2022.

Interest income related to Naranja X amounted to Ps.1,460,056 million for the year ended December 31, 2023, a 55% increase as compared to the Ps.941,764 million recorded for the fiscal year ended December 31, 2022.

Interest income related to insurance activity amounted to Ps.19,153 million for the year ended December 31, 2023, a 73% decrease as compared to the Ps.70,546 million recorded for the fiscal year ended December 31, 2022.

The following table indicates Banco Galicia market share in the segments listed below:

v) Interest Expenses

Consolidated interest expenses were comprised of the following:

Fiscal Year 2024 compared to Fiscal Year 2023

Interest expenses for the fiscal year ended December 31, 2024, were equal to Ps.3,359,593 million, as compared to Ps.7,155,627 million for the fiscal year ended December 31, 2023, representing a 53% decrease. Such decrease was primarily attributable to a decrease in interest paid on deposits of Ps.3,589,767 million and on other financial liabilities of Ps.94,434 million.

Interest expenses from deposits amounted to Ps.2,832,165 million for the fiscal year ended December 31, 2024, as compared to Ps.6,421,932 million for the fiscal year ended December 31, 2023, a Ps.3,589,767 million decrease. This decrease was primarily due to decreased interest expenses related to time deposits and term investments, which was equal to Ps.3,072,615 million for the fiscal year ended December 31, 2024, representing a 68% decrease as compared to Ps.4,532,772 million for the fiscal year ended December 31, 2023.

The decrease in lower interest paid to time deposits and term investments was as a consequence of a decrease in the nominal annual rate and the average volume of deposits.

The total average interest-bearing deposits for the fiscal year ended December 31, 2024, amounted to Ps.8,126,903 million, reflecting a decrease of 19%. This decrease was due to a decrease in time deposits for Ps.2,442,714 million.

Out of total interest-bearing deposits (savings accounts and time deposits) for the fiscal year ended December 31, 2024, the average interest rate of time deposits was 31.19%, as compared to 61.92% for the fiscal year ended December 31, 2023, representing a 3,073 basis points decrease.

Savings accounts deposits for the fiscal year ended December 31, 2024 accrued interest at an average rate of 16.83%, as compared to an average rate of 33.66% for the fiscal year ended December 31, 2023, representing a 1,683 basis points decrease. The rate of time deposits for the fiscal year ended December 31, 2024, was 54.14%, as compared to 84.60% for the fiscal year ended December 31, 2023, representing a 3,046 basis points decrease.

Interest expenses related to banking activity amounted to Ps.2,832,769 million for the fiscal year ended December 31, 2024, as compared to Ps.6,432,451 million for the fiscal year ended December 31, 2023, representing a 56% decrease.

According to BCRA information and considering only deposits from the private-sector deposits in checking and savings accounts and time deposits, Banco Galicia’s estimated Argentine deposit market share increased from 9.96% as of December 31, 2023, to 11.17% as of December 31, 2024.

Interest expenses related to Naranja X amounted to Ps.596,672 million for the fiscal year ended December 31, 2024, as compared to Ps.843,913 million for the fiscal year ended December 31, 2023, representing a 29% decrease.

Fiscal Year 2023 compared to Fiscal Year 2022

Interest expenses for the fiscal year ended December 31, 2023, were equal to Ps.7,155,627 million, as compared to Ps.4,155,211 million for the fiscal year ended December 31, 2022, representing a 72% increase. Such increase was primarily attributable to an increase in interest paid on deposits for Ps.2,700,301 million and an increase on other financial liabilities for Ps.293,355 million.

Interest expenses from deposits amounted to Ps.6,421,932 million for the fiscal year ended December 31, 2023, as compared to Ps.3,721,631 million for the fiscal year ended December 31, 2022, a Ps.2,700,301 million increase. This increase was primarily due to increased interest expenses related to time deposits and term investments, which was equal to Ps.1,623,708 million for the fiscal year ended December 31, 2023, representing a 56% increase as compared to Ps.2,909,064 million for the fiscal year ended December 31, 2022 and due to an increase of other deposits of Ps.4,532,772 million.

The increase in interest paid on time deposits and term investments was as a consequence of higher volume and rate yields.

The total average interest-bearing deposits for the fiscal year ended December 31, 2023, amounted to Ps.10,039,624 million, reflecting an increase of 2%. This increase was due to an increase in time deposits for Ps.131,790 million.

Out of total interest-bearing deposits (savings accounts and time deposits) for the fiscal year ended December 31, 2023, the average interest rate of time deposits was 61.92%, as compared to 37.80% for the fiscal year ended December 31, 2022, representating a 2,412 basis points increase.

Savings accounts deposits for the fiscal year ended December 31, 2023 accrued interest at an average rate of 33.66%, as compared to an average rate of 16.72% for the fiscal year ended December 31, 2022, representing a 1,695 basis points increase. The rate of time deposits for the fiscal year ended December 31, 2023, was 84.60%, as compared to 54.69% for the fiscal year ended December 31, 2022, representing a 2,990 basis points increase.

Interest expenses related to banking activity amounted to Ps.6,432,451 million for the fiscal year ended December 31, 2023, as compared to Ps.3,775,053 million for the fiscal year ended December 31, 2022, representing a 70% increase.

According to BCRA information and considering only deposits from the private-sector deposits in checking and savings accounts and time deposits, Banco Galicia’s estimated Argentine deposit market share decreased from 10.75% as of December 31, 2022, to 9.96% as of December 31, 2023.

Interest expenses related to Naranja X amounted to Ps.843,913 million for the fiscal year ended December 31, 2023, as compared to Ps.445,972 million for the fiscal year ended December 31, 2022, representing an 89% increase.

The following table indicates Banco Galicia’s market share in the segments listed below:

vi) Net Fee Income

Consolidated net fee income consisted of: