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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer 0

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of March 2025

Commission File Number: 001-37777

GRUPO SUPERVIELLE S.A.

(Exact name of registrant as specified in its charter)

SUPERVIELLE GROUP S.A.

(Translation of registrant’s name into English)

Bartolomé Mitre 434

C1036AAH Buenos Aires

Republic of Argentina

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ☐             No  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ☐             No  ☒

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GRUPO SUPERVIELLE S.A.

TABLE OF CONTENTS

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Financial Statements

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For the financial year ended on December 31, 2024, presented on comparative basis in homogeneous currency.

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Contents

CONSOLIDATED STATEMENT OF FINANCIAL POSITION‌2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME‌4

EARNING PER SHARE‌5

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY‌7

CONSOLIDATED STATEMENT OF CASH FLOWS‌9

1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION‌11

2. CRITICAL ACCOUNTING POLICIES AND ESTIMATES‌38

3. SEGMENT REPORTING‌39

4. INCOME TAX‌42

5. FINANCIAL INSTRUMENTS‌43

6. FAIR VALUES‌44

7. TRANSFER OF FINANCIAL ASSETS‌48

8. NON-CONTROLLING INTEREST‌48

9. LONG-TERM BENEFIT OBLIGATIONS‌48

10. CASH AND DUE FROM BANKS‌48

11. RELATED PARTY TRANSACTIONS‌49

12. FINANCE LEASES‌50

13. COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT‌52

14. CONSIDERATIONS OF RESULTS‌56

15. COMMITMENTS AND CONTINGENCIES‌56

16. INSURANCE‌57

17. MUTUAL FUNDS‌59

18. ADDITIONAL INFORMATION REQUIRED BY THE B.C.R.A.‌60

19. FINANCIAL RISK FACTORS‌64

20. OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES‌70

21. CURRENT/NON-CURRENT DISTINCTION‌70

22. ECONOMIC CONTEXT IN WHICH THE COMPANY OPERATES‌71

23. TURNOVER TAX‌74

24. CAPITAL MANAGEMENT‌74

25. OWN SHARE PURCHASE PROGRAM‌75

26. SUBSEQUENT EVENTS‌77

SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS‌78

SCHEDULE B – CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED‌83

SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING‌85

SCHEDULE D – BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING‌86

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT‌87

SCHEDULE G - INTANGIBLE ASSETS‌88

SCHEDULE H – CONCENTRATION OF DEPOSITS‌89

SCHEDULE I – BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS‌90

SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY‌91

SCHEDULE R – ALLOWANCE FOR LOAN LOSSES‌92

SEPARATE STATEMENT OF FINANCIAL POSITION‌98

SEPARATE STATEMENT OF COMPREHENSIVE INCOME‌99

EARNING PER SHARE‌100

SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY‌102

SEPARATE STATEMENT OF CASH FLOW‌104

1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION‌106

2. FINANCIAL INSTRUMENTS‌116

3. FAIR VALUES‌117

4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES‌119

5. COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME‌120

6. RESTRICTED ASSETS‌121

7. COMPANIES ARTICLE 33 - GENERAL LAW OF COMPANIES AND RELATED ENTITIES‌122

8. INCOME TAX – DEFERRED TAX‌124

9. LOAN AND DEBT ESTIMATED TERMS‌126

10. CAPITAL STOCK‌126

11. FINANCIAL RISK FACTORS‌127

12. RESTRICTIONS ON THE DISTRIBUTION OF PROFITS‌129

13. ECONOMIC CONTEXT IN WHICH THE COMPANY OPERATES‌129

14. SUBSEQUENT EVENTS‌131

SCHEDULE A – DETAILS OF PUBLIC AND PRIVATE SECURITIES‌132

SCHEDULE G - INTANGIBLE ASSETS‌133

SCHEDULE L – ASSETS AND LIABILITIES IN FOREIGN CURRENCY‌134

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Consolidated Financial Statements

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For the financial year ended on December 31, 2024, presented on comparative basis in homogeneous currency.

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1

GRUPO SUPERVIELLE S.A.

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Composition of Capital Stock as of December 31, 2024

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2

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of December 31, 2024 and 2023

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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3

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of December 31, 2024 and 2023

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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4

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

As of December 31, 2024 and 2023

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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5

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EARNING PER SHARE

As of December 31, 2024 and 2023

(Expressed in thousands of pesos in homogeneous currency)

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The accompany notes and schedules are an integral part of the Consolidated Financial Statements.

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6

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

As of December 31, 2024 and 2023

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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7

GRUPO SUPERVIELLE S.A.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the financial years ended on December 31, 2024 and 2023

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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8

GRUPO SUPERVIELLE S.A.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the financial years ended on December 31, 2024 and 2023

(Expressed in thousands of pesos)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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9

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF CASH FLOWS

For year ended on December 31, 2024 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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10

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF CASH FLOWS

For year ended on December 31, 2024 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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(*) In the items "Loans and other financing - Non-Financial Private Sector and Foreign Residents", "Other Assets" and "Other Liabilities" as of 31 December 2024, 15,507,755 leased property usage rights were eliminated, relating to non-monetary transactions.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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Grupo Supervielle S.A. (hereinafter, "the Group"), is a company whose main activity is investment in other companies, its main income comes from the distribution of dividends from these companies and the obtaining of income from other financial assets.

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The consolidated financial statements of Grupo Supervielle S.A. they have been consolidated, line by line with the financial statements of Banco Supervielle S.A., Sofital S.A. F. e I.I., Supervielle Asset Management S.A., Espacio Cordial de Servicios S.A., Supervielle Seguros S.A., InvertirOnline S.A.U., Portal Integral de Inversiones S.A.U., Micro Lending S.A.U., Supervielle Productores Asesores de Seguros S.A., Bolsillo Digital S.A.U., Supervielle Agente de Negociación S.A.U., Dólar IOL S.A.U. y IOL Holding S.A.

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The main investment of the Company is its shareholding in Banco Supervielle S.A., a financial entity included in Law No. 21.526 of Financial Institutions and subject to B.C.R.A. regulations, for which the valuation and exposure guidelines used have been adopted by said Entity (see Note 1.1) in accordance with that established in Title IV, Chapter I, Section I, Article 2 of the 2013 Orderly Text of the National Securities Commission (CNV).

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These Consolidated Financial Statements have been approved by the Board of Directors of the Company at its meeting held on March 10, 2025.

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These consolidated financial statements have been prepared pursuant to the accounting information framework set by the Argentine Central Bank which is based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Standards Interpretation Committee with the following exceptions:

Had IFRS 9 been applied to the debt instruments of the Non-Financial Public Sector, a net reduction in income tax of 6,733 million and 3,048 million would have been recorded in the Group's equity as of December 31, 2024 and 2023, respectively.

If IFRS 9 had been applied on the above issues, a net income tax reduction of $18,163 million would have been recorded in the Group’s equity as of December 31, 2024.

The Group's Management has concluded that these interim condensed financial statements fairly present the financial position, financial performance, and cash flows.

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The preparation of condensed consolidated interim financial statements requires the Group to make estimates and evaluations that affect the amount of assets and liabilities recorded, and the disclosure of contingencies, as well as the income and expenses recorded in the period. In this regard, estimates are made to calculate, for example, provisions for credit risk, the useful lives of property, plant and equipment, depreciation and amortization, the recoverable value of assets, the tax charge on earnings and the fair value of certain financial instruments. The actual future results may differ from the estimates and evaluations made at the date of preparation of these interim condensed consolidated financial statements.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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The areas that involve a greater degree of judgment or complexity or areas in which the assumptions and estimates are significant to the consolidated financial statements are described in Note 2.

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As of the date of issuance of these financial statements, they are pending transcription to the Inventory and Balance Sheet Book.

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As of the date of these consolidated condensed interim financial statements there are no uncertainties with respect to events or conditions that may raise doubts regarding the possibility that the Group continues to operate normally as a going concern.

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Figures included in these consolidated condensed interim financial statements are expressed in thousands of Argentine pesos, unless otherwise stated.

The Group´s consolidated financial statements recognize changes in the currency purchasing power until August 31, 1995. As from such date, in virtue of existing economic stability conditions and pursuant to Communication “A” 2365 issued by the Argentine Central Bank, accounting measurements were not re-expressed until December 31, 2001. In virtue of Communication “A” 3702 issued by the Argentine Central Bank, the application of the method was resumed and became effective on January 1st, 2002. Previous accounting measurements were expressed in the currency as of December 31, 2001.

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Pursuant to Communication “A” 3921 issued by the Argentine Central Bank, in compliance with Decree 664/03 issued by the National Executive Power, the application of the re-expression of financial statements in homogeneous currency was interrupted as from March 1, 2003. Therefore, the Group applied said re-expression until February 28, 2003.

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In turn, Law No. 27.468 (O.B. 04/12/2018) amended Article 10 of Law No. 23.928 and its amendments, by providing that the repeal of all laws or regulations establishing or authorize indexation by price, currency update, cost variation or any other form of refunding of debts, taxes, prices or tariffs for goods, works or services, does not include the financial statements, to which Article 62 shall continue to apply at the end of of the General Law on Companies No. 19.550 (T.O. 1984) and its amendments.

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The aforementioned body of law also provided for the repeal of Decree No 1269/2002 of July 16, 2002, and its amendments and delegated to the National Executive Branch (PEN), through its date on which the provisions referred to above took effect in respect of the financial statements submitted to them. Therefore, the B.C.R.A., dated February 22, 2019, issued Communication "A" 6651 through which it provided that as of 1 January 2020, the financial statements are drawn up in constant currency. Therefore, the present consolidated financial as of 31 December 2024 have been restated.

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1.1.3Comparative information

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The balances for the year ended December 31, 2023 that are disclosed in these financial statements for comparative purposes arise from the financial statements as of such dates, which were prepared with the regulations in force in said year. Certain amounts in these financial statements have been reclassified to present the information in accordance with the standards in effect as of December 31, 2024.

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It´s worth mentioning that, given the restatement of financial statements pursuant to IAS 29 and the provisions of Communication “A” 7211, the Group adjusted for inflation the figures included in the Statement of Financial Position, Income Statement, Other Comprehensive Income and Changes in the Shareholders’ Equity Statement and respective notes as of December 31, 2023 to record them in homogeneous currency.

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1.1.4 Changes in accounting policies and new accounting standards

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With the approval of new IFRS, modifications or derogations of the standards in force, and once such changes are adopted through Adoption Bulletins issued by Argentine Federation of Professional Councils in Economic Sciences (FACPCE), the Argentine Central Bank will determine the approval of such standards for financial entities. In general terms, no anticipated IFRS application shall be allowed unless upon adoption such anticipated measure is specified.

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The changes made during the year ended 31 December 2024 are listed below, which had no significant impact on the Group’s consolidated financial statements.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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Changes during the year ended December 31, 2024:

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On December 1st, 2024, the Group adopted IFRS 17 "Insurance Contracts". As required by the Standard, the Group applied the requirements retrospectively from the transition date (1 of January 2023) with comparative data for the periods prior to the transition date submitted as previously published under IFRS 4 'Insurance contracts'. IAS 1 'Presentation of statements Financial requires disclosure of a third statement of financial position at the date of transition from January 1st, 2023, given that the impact of the application is not material the Group decided not to submit such a state.

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The Group has determined that reasonable and sustainable information is available for all contracts in effect at the transition date. Accordingly, the Group has: identified, recognized and measured each group of insurance contracts and each asset of insurance acquisition cash flows in this category as if IFRS 17 had always been applied; derecognized existing balances that would not exist if IFRS 17 had always been applied; and recognized any resulting net difference in equity. At the date of transition, the implementation of this Standard had the following impact.

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The method used by the Group in the transition was the total retrospective approach, setting the transition date on January 1st, 2023.

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For more details on the impacts of the application of this new standard, see Note 16.

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The changes that have not entered into force as of December 31, 2024 are set out below:

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Rules and interpretations that have not entered into force as of December 31, 2024:

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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The Group evaluates, based on a prospective approach, expected credit losses (“ECL”) related to financial assets rated at amortized cost or fair value with changes in another comprehensive income, the exposure resulting from loan commitments and financial guarantee contracts with the scope set by Communication “A” 6847 issued by the Argentine Central Bank.

The Group measures ECL of financial instruments reflecting the following:

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IFRS 9 sets forth the following “Three stages” model for the impairment based on changes in the credit quality from initial recognition:

The following chart summarizes the impairment requirements pursuant to IFRS 9 (for financial assets that do not entail impairment on credit value, either purchased or produced):

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The key judgements and assumptions adopted by the Group for measuring ECL are described below:

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1.2.1 Significant increase in credit risk

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The Group considers that a financial asset has experienced a significant credit risk increase when one or more than the following qualitative and quantitative criteria have been observed:

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Personal and Business Banking

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(1) High Income: Salary plan segment >=400, Open Market segment >=500 and Retirees segment >=600 and Ex>=800 segment

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15

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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Corporate Banking

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Sectoral Analysis

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Considering that the internal impairment models are estimated with historical information, the risk of non-compliance of the companies is evaluated by type of activity based on the degree of affectation that they have due to the current economic situation, considering their characteristics, seasonality, and else.

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Finally, the different industries are classified into four types of risk. They are:

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The risk rating matrix by activity is presented below, in which, on this occasion, activities with high and very high risks have not been detected:

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In case of activities with high or very high risk, the financial assets are included in Stage 2.

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1.2.2. Individual and collective evaluation basis

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Expected losses are estimated both in a collective and individual manner.

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The Group´s individual estimation is aimed at calculating expected losses for significantly impaired risks. In these cases, the amount of credit losses is calculated as the difference between expected cash flows discounted at the effective interest rate of the operation and the value in the books of the instrument.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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For collective estimation of expected credit losses, instruments are distributed in groups of assets depending on credit risk features. Exposures within each group are segmented in accordance with the similar features of the credit risk, including the debtor´s payment capacity pursuant to contractual conditions. These risk features need to play a key role in the estimation of future flows of each group. Credit risk features may consider the following factors, among others:

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The credit risk characteristics used to group the instruments are, among others: type of instrument, debtor's sector of activity, geographical area of activity, type of guarantee, aging of past due balances and any other factor relevant to estimating the future cash flows.

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Grouping of financial instruments is monitored and reviewed on a regular basis by the Credit Risk and Stress Test Area.

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1.2.3 Definition of default and impaired credit

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The Group considers that a financial instrument is in default when such instrument entails one or more of the following criteria:

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Personal and Businesses Banking

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Corporate Banking

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These criteria are applied in a consistent manner to all financial instruments and are aligned with the internal definition of defaulted for the administration of credit risk. Likewise, such definition is consistently applied to define PD (“Probability of Default”), Exposure at Default (“EAD”) and Loss Given Default ( “LGD”).

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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1.2.4. Measurement of Expected Credit Loss – Explanation of inputs, assumptions, and calculation techniques

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ECL is measured on a 12-month or lifetime basis, depending on whether a significant increase in credit risk has been recorded since initial recognition or whether an asset is credit-impaired. ECL are the discounted product of the Probability of Default (“PD”), Exposure at default (“EAD”) and Loss Given Default (“LGD”), defined as follows:

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ECL is determined by projecting PD, LGD and EAD for each future month and each individual exposure or collective segment. These three components are multiplied and adjusted for the likelihood of survival (that is, the exposure has not been prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.

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The Entity based its calculation of the ECL parameters on internal models that were adapted to be compliant with IFRS 9.

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The Group includes prospective economic information in its definition of DP, EAD and LGD over 12 months or Lifetime. See Note 1.2.5 for the explanation of prospective information and its consideration in the calculation of ECL.

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1.2.5 Forward-looking information considered in expected credit loss models

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The evaluation of significant credit increases and the calculation of ECL include prospective information. The Group carried out a historical analysis and identifies key economic variable that affect the credit risk and expected credit losses for each portfolio.

Forecasts for these economic variables (the "baseline economic scenario") are provided by the Group's Research team and provide the best estimated view of the economy over the next 12 months. The impact of these economic variables on PD and LGD has been determined by performing statistical regression analyzes to understand the impact that changes in these variables have historically had on default rates and LGD components.

In addition to the base economic scenario, the Group's Research team also provides two possible scenarios together with scenario weights. The number of other scenarios used is established based on the analysis of the main products to ensure that the effect of linearity between the future economic scenario and the associated expected credit losses is captured. The number of scenarios and their attributes are reassessed annually, unless a situation occurs in the macroeconomic situation that justifies a more frequent review.

As  of December 31, 2024, as for its portfolios, the Group concluded that three scenarios have properly captured non-lineal items. Scenario analyses are defined by means of a combination of statistic and know-how judgement analysis, considering the range of potential results of which each scenario is representative.

As with any economic forecast, projections and probabilities of occurrence are subject to a high degree of inherent uncertainty, and therefore actual results may be significantly different than projected. The Group considers that these forecasts account for its best calculation of potential results and has analyzed the non-lineal and asymmetric impacts within the different portfolios of the Group to establish that chosen scenarios are representative of the range of potential scenarios.

The most significant assumptions utilized to calculate ECL as of December 31, 2024 are as follows:

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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The following are estimations assigned to each scenario as of December 31, 2024:

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Sensitivity analysis

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The chart below includes changes in ECL as of December 31, 2024 that would result from reasonably potential changes in    the following parameters: 

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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1.2.6 Maximum exposure to credit risk

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The chart below includes an analysis of credit risk exposure of the financial instruments for which expected credit loss provisions are recognized. The gross amount of financial assets books included in the chart accounts for the maximum credit risk exposure of such assets.

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1.2.7 Collateral and other credit enhancements

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A guarantee is an instrument by which the debtor of the Entity or a third party undertakes, in the event of default of the contracted obligation, to offer itself as support for its payment. The Entity accepts a guarantee as support against a possible default by the debtor.

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The Argentine Central Bank classifies these guarantees in three types: Preferred “A” (considered self-settleable), Preferred “B” (made up by mortgage or pledge loans) and remaining guarantees (mainly bank guarantees and fines).

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In virtue of the administration of collateral, the Group relies on a specific area devoted to the review of the legal compliance and suitable instrumentation of received collateral. In accordance with the type of collateral, the guarantors may be people or companies (in the case of mortgages, pledges, fines, guarantees and liquid funds) and international top level Financial Entities (for credit letters stand by).

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The Group monitors collateral held for financial assets considered to be credit impaired as it becomes more likely that the Group will take possession of collateral to mitigate potential credit losses.

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1.2.8 Credit risk provision

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Allowances for loan losses recognized in the year is affected by a range of factors as follows:

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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The following tables explain the changes in the credit risk provision corresponding to the Group between the beginning and the end of the year due to the factors indicated below as of December 31, 2024 and 2023:

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The following tables explain the classification of loans and other financing by stage corresponding to the Group as of 31 December 2024 and 2023:

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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1.2.9 Write-off policy

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The Group derecognizes financial assets. in whole or in part. when it has exhausted all recovery efforts and has concluded that there are no reasonable expectations of recovery. Indicators that there is no reasonable expectation of recovery include (i) the cessation of foreclosure activity and (ii) when the Bank's recovery method is given by the foreclosure of the guarantee and the value of the guarantee is such that there is no reasonable expectation of full recovery.

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The Group may derecognize financial assets that are still subject to execution activities. The contractual amounts pending collection of said derecognized assets during the year ended December 31, 2024 and 2023 amount to 14,082,050 and 19,795,047. respectively. The Group seeks to recover the amounts legally owed in full. but which have been partially written off the balance sheet because there is no reasonable expectation of full recovery.

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A subsidiary is an entity (or subsidiary), including structured entities, in which the Group has control because it (i) has the power to manage relevant activities of the subsidiary (ii) has exposure. or rights. to variable returns from its involvement with the subsidiary. and (iii) can use its power over the subsidiary to affect the amount of the investor´s returns. The existence and the effect of the substantive rights. including substantive rights of potential vote. are considered when evaluating whether the Group has power over the other entity. For a right to be substantive. the right holder must have the practical competence to exercise such right whenever it is necessary to make decisions on the direction of the entity’s relevant activities. The Group can have control over an entity. even when it has fewer voting powers than those required for the majority.

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Accordingly. the protecting rights of other investors. as well as those related to substantive changes in the subsidiary´ activities or applicable only in unusual circumstances, do not prevent the Group from having power over a subsidiary. The subsidiaries are consolidated as from the date on which control is transferred to the Group, ceasing its consolidation as from the date on which control ceases.

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The following chart provides the subsidiaries which are object to consolidation:

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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(1)  Grupo Supervielle S.A. direct and indirect participation in the votes in Banco Supervielle S.A. amounts to 99.87% at 31/12/24 and 31/12/23.

(2)  On October 21, 2021, by means of the Board of Directors' Act, the change of address of the registered office of the Company was resolved by setting it at Avda. Gral. San Martín 731, 1st floor, of the City of Mendoza. The same is pending registration in the Legal Persons and Public Registry of the Province of Mendoza.

(3)  On 31 May 2023, the Board of Directors resolved the change of address for the Society’s registered office at San Martin 344, 16th floor in the Autonomous City of Buenos Aires. It is pending registration with IGJ.

​

​

Transactions with non-controlling interest are shareholder transactions. In the case of non-controlling acquisitions, the difference between any remuneration paid and the corresponding share in the carrying amount of the net assets acquired from the subsidiary is recognized in equity. Gains and losses on sales of interests, if control is maintained, are also recognized in equity.

​

​

Associates are entities over which the Group has considerable influence (directly or indirectly). but not control. generally accompanying a stake of between 20 and 50 percent of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. The book value of the associates includes the goodwill identified in the acquisition less accumulated impairment losses. if applicable. Dividends received from associated entities reduce the book value of the investment in them. Other changes after the acquisition in the Group's participation in the net assets of an associate are recognized as follows: (i) the Group's participation in the gains or losses of associates is recorded in the income statement as profit or loss.

​

24

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

by associates and joint ventures and (ii) the Group's share in other comprehensive income is recognized in the statement of other comprehensive income and is presented separately. However. when the Group's share of losses in an associate equal or exceeds its interest in the associate. the Group will cease to recognize its share of additional losses. unless it has incurred obligations or made payments on behalf of the associate.

​

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

​

​

An operating segment is a component of an entity that (a) carries out business activities from which it may earn income and incur expenses (including revenues and expenses related to transactions with other components of the same entity), (b) whose operating results are regularly reviewed by management to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which confidential financial information is available.

​

Segment information is presented in a manner consistent with internal reports provided to:

​

​

​

Figures included in the consolidated financial statements as per each entity of the Group are expressed in the functional currency. that is. in the currency of the main economic setting where it operates. Consolidated financial statements are expressed in Argentine pesos. which is the functional currency and the reporting currency of the Group.

​

Translation of foreign operations

​

The results and financial position of the subsidiaries with a functional currency other than the Argentine peso are translated into Grupo Supervielle's functional currency in accordance with the provisions of IAS 21 "Effects of changes in foreign currency exchange rates", as follows:

​

​

Subsequently, the converted balances were adjusted for inflation in order to present them in the measuring unit current at the end of the reporting year.

​

All the differences resulting from the translation were recognized in the "Foreign currency translation adjustment" line of the Consolidated Statement of Other Comprehensive income.

​

In the case of sale or disposal of any of the subsidiaries, the accumulated translation differences must be recognized in the Consolidated Income Statement as part of the gain or loss from the sale or disposal."

​

Transactions in foreign currency are translated into the functional currency using the exchange rates published by the Argentine Central Bank at the dates of the transactions. Gains and losses in foreign currency resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currency at year end exchange rates, are recognized in the income statement, under "Exchange rate differences on gold and foreign currency".

​

As of December 31, 2024 and 2023, the balances in U.S. dollars were converted at the reference exchange rate determined by the Argentine Central Bank. In the case of foreign currencies other than U.S. dollars, they have been converted to this currency using the exchange rates derived from repo transactions reported by the Argentine Central Bank.

​

​

25

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

​

​

​

Cash and due from Banks includes available cash and unrestricted deposits held in Banks, which are short-term liquid instruments and have original maturities of less than three months.

​

Assets recorded in cash and due from Banks are recorded at amortized cost which is close to its fair value.

​

Cash equivalents are made up by highly liquid short-term securities with three-month or shorter initial maturities, with fair value rating.

​

​

Initial Recognition and measurement

​

Financial assets and financial liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset.

​

At initial recognition. the Group measures a financial asset or liability at its fair value plus or minus. in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability. such as fees and commissions.

​

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

​

Financial Assets

​

a – Debt Instruments

​

Debt instruments are those instruments that meet the definition of a financial liability from the issuer’s perspective, such as loans, government and corporate bonds, and accounts receivables purchased from clients in non-recourse factoring transactions.

​

Classification

​

Pursuant to IFRS 9, the Entity classifies financial assets depending on whether these are subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss. based on:

​

​

Business Model

​

The business model refers to the way in which the Group manages a set of financial assets to achieve a specific business objective. It represents the way in which the Group maintains the instruments for the generation of funds.

​

The business models that the group can follow are the following:

​

The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve a specific business objective.

​

26

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

​

The business model of the Group does not depend on the management’s intentions for an individual instrument. Therefore, this business model is not evaluated instrument by instrument, but at a higher level of aggregated portfolios and is based on observable factors such as:

​

​

The evaluation of the business model is based on reasonably expected scenarios, irrespective of worst-case or stress case scenarios. If after the initial recognition cash flows are realized in a different manner from the original expectations, the Group will not change the classification of the remaining financial assets held in that business model, but it will consider such information for evaluating recent purchases or originations. An instrument’s reclassification is only made when. and only when, an entity changes its business model for managing financial assets.

​

Contractual Cash Flow Characteristics

​

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

​

Based on the aforementioned. there are three distinct categories of Financial Assets:

​

​

Financial assets shall be measured at amortized cost if both of the following conditions are met:

​

​

​

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

​

The amortized cost of a financial asset is equal to its acquisition cost less its accumulated amortization plus accrued interest (calculated according to the effective rate method), net of any impairment loss. The effective interest method uses the rate that allows discounting the future cash flows that are estimated to be received or paid in the life of the instrument or a shorter period, if appropriate. equaling the net book value. When applying this method, the Group identifies the incremental direct costs as an integral part of the effective interest rate.

​

​

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

​

​

​

These instruments shall be initially recognized at fair value plus or minus transaction costs that are incremental and directly attributable to the acquisition or issue of the instrument and subsequently measured at fair value through other comprehensive income. Gains and losses arising out of changes in fair value shall be included in other comprehensive income within a separate component of equity. Impairment gains or losses or reversal, interest revenue and foreign exchange gains and losses on the instrument’s amortized cost shall be recognized in profit or loss. At the time of sale or disposal, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to the income statement.

​

27

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

Interest income from these financial assets is determined using the effective interest rate method.

​

​

Financial assets at fair value through profit or loss comprise:

​

These financial instruments are initially recognized at fair value and any change in fair value measurement is charged to the income statement.

​

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

​

The fair value of these instruments was calculated using the quotes in force at the end of each fiscal year in active markets, if representative. In the absence of an active market, valuation techniques were used that included the use of market operations carried out under conditions of mutual independence, between interested and duly informed parties. whenever available, as well as references to the current fair value of another instrument that is substantially similar, or discounted cash flow analysis. The estimation of fair values ​​is explained in greater detail in the section “critical accounting policies and estimates.”

​

In addition. financial assets may be valued (“designated”) at fair value through profit or loss when, by doing so, the Group eliminates or significantly reduces a measurement or recognition inconsistency.

​

b – Equity Instruments

​

Equity instruments are instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer’s net assets.
​

Such instruments are measured at fair value through profit and loss, except where the Group’s senior management has elected, at initial recognition. to irrevocably designate an equity investment at fair value through other comprehensive income. This option is available when instruments are not held for trading. The gains or losses of these instruments are recognized in other comprehensive income and are not subsequently reclassified to profit or loss. including on disposal. Dividends that result from such instrument will be charged to income when the Group’s right to receive payments is established.

​

Derecognition of Financial Assets

​

The Group recognizes the write-off of financial assets only when any of the following conditions are met:

​

​

The Group derecognizes financial assets that have been transferred only when the following characteristics are met:

​

​

Write Off of Financial Assets

​

​

28

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

The Group reduces the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety of a portion thereof. A write-off constitutes a derecognition event.

​

Financial Liabilities

​

Classification

​

The Group classifies its financial liabilities as subsequently measured at amortized cost using the effective rate method. except for:

​

​

Financial Liabilities valued at fair value through profit or loss: At initial recognition, the Group can designate a liability at fair value through profit or loss if it reflects more appropriately the financial information because:

​

Financial guarantee contract: A guarantee contract is a contract which requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument.

​

Financial guarantee contracts and loan commitments are initially measured at fair value and subsequently measured at the higher of the amount of the loss allowance and the unaccrued premium at year end.

​

Derecognition of financial liabilities

​

The Group derecognizes financial liabilities when they are extinguished; this is, when the obligation specified in the contract is discharged, cancelled or expires (See note 1.22)

​

​

Derivatives are initially recognized at their fair value on the date on which the derivative contract is entered into and are subsequently remeasured at fair value.

​

All derivative instruments are recognized as assets when their fair value is positive, and as liabilities when their fair value is negative. Any change in the fair value of derivative instruments is included in the income statement.

​

The Group does not apply hedge accounting.

​

​

Sale and repurchase agreements ("pass transactions"), which effectively provide the lender's return to the counterparty. are treated as collateralized financing transactions. Securities sold under such sale and repurchased agreements are not derecognized. Securities are not reclassified in the statement of financial position unless the transferee has the contractual or customary right to sell or replace the securities, in which case they are reclassified as repurchase accounts receivable. The corresponding liability is presented under Financing received from the B.C.R.A. and other Financial Institutions.

​

Securities purchased under resale agreements ("active repo operations"), which effectively provide the lender's return to the Group, are recorded as debts under the item Financing received from the B.C.R.A. and other Financial Institutions.

​

The difference between the sale price and the repurchase price or the purchase price and the resale price, adjusted for interest and dividends received by the counterparty or by the Group make up the transaction premium, which is treated as interest income or expense and are accrued over the life of the repo agreements using the effective interest method.

​

​

29

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

​

Group as lessor

​

Operating leases

​

Leases where the lessor retains a substantial portion of the risks and rewards of ownership are classified as operating leases. Payments made under operating leases (net of lease incentives) are recognized in profit or loss on a straight-line basis over the term of the lease. In addition. the Group recognizes the associated costs such as amortization and expenses.

​

The historical cost includes expenditures that are directly attributable to the acquisition of these items and those expenses are charged to profit or loss during the lease term.

​

The depreciation applied to the leased underlying assets is consistent with the one applied to similar assets’ group. In turn, the Group applies IAS 36 for the application of identified losses

​

Finance leases

​

They have been recorded at the current value of the unearned amounts, calculated according to the conditions agreed in the respective contracts, based on the interest rate implicit in them.

​

Initial measurement

​

The Group uses the interest rate implicit in the lease to measure the net investment. This is defined in such a way that the initial direct costs are automatically included in the net investment of the lease.

​

Initial direct costs, other than those incurred by manufacturers or concessionaires, are included in the initial measurement of the net investment of the lease and reduce the amount of income recognized over the term of the lease. The interest rate implicit in the lease is defined in such a way that initial direct costs are automatically included in the net investment in the lease; there is no need to add them separately.

​

The difference between the gross amount receivable and the present value represents the finance income that is recognized over the term of the lease. Finance income from leases is recorded in profit or loss for the year. Impairment losses are recognized in income for the year.

​

See accounting policy related to those leases in which the Group acts as lessee in note 12 to these consolidated financial statements.

​

​

​

Property, plant, and equipment is measured at historical cost less depreciation, except for land and buildings, where Grupo Supervielle adopted the revaluation model. The historical cost includes expenditure that is directly attributable to the acquisition or building of these items.

​

All other property, plant and equipment were valued at acquisition or construction cost, net of accumulated depreciation and / or accumulated impairment losses, if any, except for real estate, for which Grupo Supervielle adopted the revaluation method. The cost includes the expenses that are directly attributable to the acquisition or construction of these items.

​

Management updates the valuation of the fair value of land, buildings, facilities, and machinery (classified as property, plant, and equipment), considering independent valuations. Management determines the value of property, plant, and equipment within a range of fair value estimates and considering the currency in which the market transactions are carried out. The revaluations are carried out with sufficient regularity, to ensure that the book value, always, does not differ significantly from the fair value of each asset subject to revaluation.

​

The subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to Grupo Supervielle, and the cost of the item can be measured reliably. The carrying amount of an asset is derecognized when replaced.

​

Repairs and maintenance expenses are charged to profit or loss when they are incurred.

​

​

30

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

​

Depreciation is calculated using the straight-line method, applying annual rates sufficient to extinguish the values of assets at the end of their estimated useful lives. In those cases, in which an asset includes significant components with different useful lives, such components are recognized and depreciated as separate items.

​

The following chart presents the useful life for each item included in property, plant, and equipment:

​

​

The residual values ​​of property, plant and equipment, the useful lives and the depreciation methods are reviewed and adjusted, if necessary, at the closing date of each fiscal year or when there are indications of impairment.

​

The carrying amount of property, plant and equipment is immediately reduced to its recoverable amount when the carrying amount is greater than the estimated recoverable amount.

​

​

The results for the sale of property, plant and equipment are calculated by comparing the income obtained with the book value of the respective asset. The resulting profits or losses are recorded in the consolidated statement of comprehensive income.

​

​

The following table reveals the following information related to the class of assets that have been accounted for at their revalued value, as well as the book values ​​that would have been recognized if the assets had been accounted for under a cost model:

​

​

​

​

​

​

​

​

​

​

​

​

​

31

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

The revaluation of land and buildings owned by the entity results in a deficit of $4,991,821 and $2,381,041 as of December 31, 2024 and 2023; respectively, which added to its historical cost and net of depreciation of the revaluations results in a total of $58,478,852 and $64,766,299 for this asset class as at December 31, 2024 and 2023, respectively.

​

In 2024, the amount of $ (4,831,060) is allocated to Other Comprehensive Results (OCI), $ 60,778 to Other Operating Income and $ (221,540) to Depreciation and impairment of Non-financial Assets.

​

Investment properties

​

​

Investment properties are composed of buildings held for obtaining a rent or for capital appreciation or both but is never occupied by the Group.

​

Investment properties are measured at its fair value, and any gain or loss arising from a change in the fair value is recognized in profit or loss. Investment properties are never depreciated. The fair value is determined using sales comparison approach prepared by the Group’s management considering a report of an independent valuation expert. The sales prices of comparable properties are adjusted considering the specific aspects of each property, with the most relevant premise being the price per square meter (Level 3).

​

Investment properties under the cost approach reflect the amount that would be required to replace the service capacity of the asset. They were valued at acquisition or construction cost, net of accumulated depreciation and / or accumulated depreciation losses. The cost includes expenses that are directly attributable to the acquisition or construction of these items.

​

Below are the figures included in the results of the year for Investment Properties:

​

​

The net income generated by investment properties as of December 31, 2024 and 2023 amounts to a loss of $9,997,433 and a loss of $15,110,338 respectively, and is recognized under "Other operating income", "Administration expenses" and “Other operating expenses" in the consolidated comprehensive income statement.

​

Gain and losses on disposals are determined by comparing proceeds with the carrying amount.

​

​

​

Goodwill resulting from the acquisition of subsidiaries, associates or joint ventures account for the excess of the:

​

​

Goodwill is included in the intangible assets item in the consolidated financial statement.

​

Goodwill is not amortized. The Group evaluates annually, or when there are signs of impairment, the recoverability of goodwill based on discounted future cash flows plus other information available at the date of preparation of the consolidated financial statements. Impairment losses, once recorded, are not reversed. Gains and losses on the sale of an entity include the balance of goodwill related to the entity sold.

​

Goodwill is assigned to cash-generating units for the purpose of performing recoverability tests. The allocation is made among those cash-generating units (or groups of units), identified according to the operating segment criteria, which benefit from the business combination from which the goodwill arose.

​

Costs associated with software maintenance are recognized as an expense when incurred. Development, acquisition, and implementation costs that are directly attributable to the design and testing of the identifiable and unique software that the Group controls are recognized as assets.

​

32

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

​

The development, acquisition or implementation costs initially recognized as expenses for a period are not subsequently recognized as the cost of the intangible asset. The costs incurred in the development, acquisition, or implementation of software, recognized as intangible assets, are amortized by applying the straight-line method over their estimated useful lives, in a term that does not exceed five years.

​

​

Trademarks and licenses acquired separately are initially valued at historical cost, while those acquired through a business combination are recognized at their estimated fair value at the acquisition date.

​

Intangible assets with a finite useful life are subsequently carried at cost less accumulated depreciation and / impairment losses, if any. These assets are tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.

​

Trademarks acquired by the Group have been classified as intangible assets with an indefinite useful life. The main factors considered for this classification include the years in which they have been in service and their recognition among industry customers.

​

Intangible assets with an indefinite useful life are those that arise from contracts or other legal rights that can be renewed without a significant cost and for which, based on an analysis of all the relevant factors, there is no foreseeable limit of the period over which the asset is expected to generate net cash flows for the Group. These intangible assets are not amortized but are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired, either individually or at the level of the cash generating unit. The categorization of the indefinite useful life is reviewed annually to confirm if it is still applicable.

​

Impairment losses are recognized when the book value exceeds its recoverable value. The recoverable value of the assets corresponds to the greater of the recoverable value of the asset or its value in use. For purposes of the impairment test, assets are grouped at the lowest level at which they generate identifiable cash flows (cash-generating units). Impairments of these non-financial assets - other than goodwill - are reviewed at each reporting date to verify possible reversals.

​

Goodwill impairment

​

Goodwill is assigned to the Group's cash generating units based on the operating segments.

​

​

The recoverable amount of a cash generating unit is determined based on use value calculations. These calculations use cash flow projections based on approved financial budgets covering a period of five years.

​

The main key assumptions are related to marginal contribution margins. These were determined based on past results, other external sources of information and their expectations of market development.

​

The discount rates used were 14.1% and are the respective average cost of capital ("WACC"), which is considered a good indicator of the cost of capital. For each cash generating unit, where the assets are assigned, a specific WACC was determined considering the industry, the country, and the size of the business.

​

The main macroeconomic premises used, the amount of MILA financing and IOL operating income are detailed below:

​

​

33

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

​

Business keys have been tested at the date of the financial statements and no impairment losses have been identified.

​

The sensitivity analysis of cash-generating units to which key values were allocated was based on a 1% increase in the weighted average cost of capital. The Panel concluded that it would not be necessary to recognize any impairment loss on key securities in the segment under these conditions.

​

1.15.  Depreciation of non-financial assets

​

Assets with an indefinite useful life are not subject to depreciation and are tested annually for depreciation. Unlike the previous assumption, assets that are depreciable are subject to depreciation tests when events or circumstances occur which indicate that their book value may not be recovered or, at least, on an annual basis.

​

Depreciation losses are recognized when the carrying amount exceeds its recoverable amount. The recoverable amount of the assets is the greater of the net amount that would be obtained from their sale or their value in use. For the purposes of the depreciation test, assets are grouped at the lowest level where they generate identifiable cash flows (cash-generating units). The book value of non-financial assets other than the key asset on which a depreciation has been recorded is reviewed at each reporting date for possible reversals of depreciations.

​

1.16.  Trust assets

​

Assets held by the Group in its fiduciary role are not reported in the consolidated statement of financial position unless it is considered that the Group has control over the trust. Commissions received from fiduciary activities are shown as commission income.

​

1.17.  Compensation

​

Financial assets and liabilities are offset by reporting the net amount in the consolidated statement of financial position only when there is a legally enforceable right to set off amounts recognized, and there is an intention to settle on net terms or realize the asset and settle the liability simultaneously.

​

1.18. Financing received from the Argentine Central Bank and other Financial Institutions

​

Amounts owed to other financial institutions are recorded at the time the capital is advanced to the Group by the bank. The non-derivative financial liability is measured at amortized cost. If the Group recovers its own debt, it is removed from the consolidated financial statements and the difference between the residual value of the financial liability and the amount paid is recognized as a financial income or outflow.

​

1.19. Provisions / Contingencies

​

A provision will be recognized when:

​

​

An Entity will be deemed to have an implicit obligation where (a) the Group has assumed certain responsibilities because of past practices or public policies and (b) as a result, the Group has created an expectation that it will discharge those responsibilities

​

The Group recognizes the following provisions:

​

For labor, civil, and commercial lawsuits: provisions are calculated based on lawyers’ reports about the status of the proceedings and the estimate about the potential losses to be afforded by the Group, as well as on the basis of past experience in this type of claims.

​

For miscellaneous risks: These provisions are set up to address contingencies that may trigger obligations for the Group. In estimating the provision amounts, the Group evaluates the likelihood of occurrence taking into consideration the opinion of its legal and professional advisors.

​

​

34

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

Other contingent liabilities are: i) possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of uncertain future events not wholly within the control of the Group; or ii) present obligations that arise from past events, but it is not probable that an outflow of resources will be required to its settlement; or whose amount cannot be measured with sufficient reliability.

Other contingent liabilities are not recognized. Contingent liabilities, whose possibility of any outflow in settlement is remote, are not disclosed unless they involve guarantees, in which case the nature of the guarantee is disclosed.

​

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

​

International Financial Reporting Standards provide that a contingent liability consists of (i) a potential obligation arising from past events, the existence of which is to be confirmed by the occurrence of one or more future events of an uncertain nature, which are not under the control of the Entity or (ii) a present obligation that is not likely or cannot be measured or estimated with sufficient reliability. Provisions are recognized as a liability when they represent present obligations arising on the basis of past events and an outflow of economic resources is likely to be generated in order to meet their payment.

​

As of the date of these consolidated financial statements, the Group's management believes there are no elements leading to determine the existence of contingencies that might be materialized and have a negative impact on these consolidated financial statements other than those disclosed in Note 15.

​

1.20. Other non-financial liabilities

​

Non-financial accounts payable are accrued when the counterparty has fulfilled its contractual obligations and are measured at amortized cost.

​

1.21. Employee benefits

​

Provisions related to early retirement plans are established. The liability related to these plans and benefits is not expected to be settled in the next 12 months. Therefore, they are measured at the present value of the future flows of funds that are expected to be realized with respect to the services provided by employees until the end of the year using the unit of credit method. The level of salaries, experience, and separations, as well as years of service, are considered. Expected future payments are discounted using the market rate at the end of the year corresponding to sovereign bonds with terms and currency that match the expected flows. Remeasurements because of experience and changes in actuarial premises are recognized in results.

​

Provisions for short-term benefits are measured at the present value of the disbursements that are expected to be required to settle the obligation using a pre-tax interest rate that reflects current market conditions on the value of money and the specific risks for said obligation. obligation. The increase in the provision for the passage of time is recognized in the net financial results caption of the consolidated statement of comprehensive income.

​

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

​

Non-financial accounts payable are accrued when the counterparty has complied with its obligations under the contract and are valued at amortized cost.

​

1.22. Debt Securities

​

Subordinated and unsubordinated Debt Securities issued by the Group are measured at amortized cost. Where the group buys back its own debt securities, such obligations will be derecognized from the Consolidated Financial Statements and the difference between the residual value of the financial liability and the amount paid will be recognized as financial income or expenses.

​

For more information on the Group’s debt issues see Note 18.5 Bond Issue Negotiable.

​

1.23. Assets and liabilities derived from insurance contracts

​

35

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

​

​

Grupo Supervielle applies IFRS 17 "Insurance contracts" to recognize and measure assets and liabilities arising from insurance contracts.

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Main accounting policies applied - Insurance contracts

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Insurance contracts

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

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Separation of components

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Contracts that have a legal form of insurance but do not transfer significant insurance risk and expose the Group to financial risks are classified as investment contracts and follow the accounting for financial instruments in accordance with IFRS 9. The Group has assessed whether it accepts in its contracts a significant insurance risk from another party, agreeing to compensate the policy holder if an uncertain future event occurs that adversely affects the policy holder. This assessment has concluded that all insurance contracts that were within the scope of IFRS 4 meet the definition of an insurance contract and therefore the introduction of IFRS 17 does not entail any reclassification.

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Level of aggregation

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The Group aggregates insurance contracts considering whether they are subject to similar risks and are managed jointly, whether they are onerous or non-onerous contracts, and their year of issue, grouping by this last criterion contracts issued in the calendar year, between January 1st and December 31st of each year.

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Measurement model

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IFRS 17 includes three measurement models, which reflect a different degree of participation by policy holders in the investment performance or the overall performance of the insurer: the general measurement model (GMM, also known as block approach construction), variable rate approach (VFA) and premium allocation approach (PAA).

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In the measurement of insurance contracts, the Group has decided to apply the Simplified Model (Premium Allocation Approach) because for the remaining liability coverage of contracts that have a coverage period of one year or less, or for contracts with a duration of more than one year, no material valuation different from the General Model is expected.

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Under the simplified approach, the Group assumes that such contracts are not onerous at initial recognition unless the facts and circumstances indicate otherwise. If the facts and circumstances indicate that some contracts are onerous, an additional assessment is made to distinguish onerous from non-onerous contracts. For non-onerous contracts, the Group assesses the likelihood of changes in applicable facts and circumstances in later periods to determine whether the contracts have a significant chance of becoming onerous.

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Remaining coverage liability - simplified model

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Under the simplified model, the residual liability of coverage is formed by premiums received (collected), less cash flows from insurance purchases paid, plus or minus the imputation to profit or loss of expected premiums or acquisition flows, respectively. The recognition of gains or losses is carried out in a linear manner over the entire contract coverage period if the accrual of income is also linear. By default, the Group has chosen to defer acquisition costs, although it is also possible to recognize such costs when incurred.

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

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Liability for incurred claims - simplified model

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Groups of contracts measured under the simplified model have a liability for claims incurred calculated similarly to the general model. Under this method, future cash flows are adjusted for the value of money over time. In addition, the risk adjustment for non-financial risk is applied to the present value of estimated future cash flows and reflects the compensation that the Group requires for the lasting uncertainty about the amount and timing of the extent to which the Group complies with its insurance contracts.

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36

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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Discount rate

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In determining discount rates for various products, the Group uses a top-down approach. In applying this approach, the Group uses the yield curve created by the market rates of return implicit in the fair value of a reference asset portfolio and adjusts it to exclude the effects of risks on assets, but not in insurance cash flows, except for liquidity differences, which do not need to be eliminated.

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Cash flows were discounted at a target rate of 4 % on investments in local instruments at constant values, with maturities and currency coinciding with expected flows.

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Risk adjustment for non-financial risk

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The risk adjustment for non-financial risk represents the required compensation for enduring uncertainty about the amount and timing of associated cash flows. To estimate the adjustment for non-financial risk, the Group has used its own methodologies based on calculations of the Value in Risk (VaR) of commitments associated with the Life and Non-Life businesses, using a confidence level of 75%.

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Reinsurance

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Generally, the Group values reinsurance hedges under the Simplified Model, measuring the asset for residual coverage of contracts with a coverage period equal to or less than one year, or in those contracts with a duration greater than one year, but that a significantly different valuation to the General Model is not expected. This method also includes the claim asset.

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Profit from insurance activities

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

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

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Generally, for the presentation of financial income or expenses arising from insurance contracts that arise as a result of the effect of the time value of money and the effect of financial risk, the Group does not disaggregate changes in the adjustment for non-financial risk between insurance service income and insurance finance income or expenses.

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The Group includes in its profit and loss all financial income or insurance expenses for the year.

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1.24. Capital and capital adjustments

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The accounts included in this item are expressed in currency that has not contemplated the variation of the price index since February 2003, except for the "Capital Stock" item, which has been maintained at its nominal value.

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Common shares are classified in equity and are recorded at face value.

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As indicated in note 25 to the consolidated financial statements, the Company's Board of Directors approved the repurchase of securities issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company. The cost of treasury shares in the portfolio is disclosed as part of the Capital within the Statement of Changes in Net Equity, after the Share Capital, Capital Adjustment and Share Premiums.

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1.25. Reserves and Dividend distribution

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Pursuant to provisions set by the Argentine Corporations law, the Group and its subsidiaries, other than Banco Supervielle, are required to appropriate 5% of the net income for the fiscal year to the legal reserve until such reserve is equal to 20% of Capital stock, plus the balance of the Capital Adjustment account.

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As concerns Banco Supervielle, according to the regulations set forth by the Argentine Central Bank, 20% of net income for the fiscal year, net of previous years’ adjustments, if any, is required to be appropriated to the legal reserve. Notwithstanding the aforementioned, in appropriating amounts to other reserves, Financial Institutions are required to comply with the provisions laid down by the Argentine Central Bank in the revised text on distribution of dividends described in Note 18.6.

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37

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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Given the repurchase of treasury shares carried out by the Company, described in note 25, the Group has a restriction on the distribution of results and/or reversal of free reserves of 21,167,430 (figure expressed in thousands of $) equivalent to the cost of acquisition of own shares.

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The distribution of dividends to the Group’s shareholders is recognized as a liability in the consolidated financial statements for the fiscal year in which the Group’s Shareholders approve dividends.

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1.26. Revenue Recognition

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Financial income and expense are recognized in respect of all debt instruments in accordance with the effective interest rate method, pursuant to which all gains and losses which are an integral part of the transaction effective interest rate are deferred.

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The results that are included within the effective rate include expenditures or income related to the creation or acquisition of a financial asset or liability, such as compensation received for the analysis of the client's financial condition, negotiation of the terms of the instrument, the preparation and processing of the documents necessary to conclude the transaction and the compensations received for the granting of credit agreements that are expected to be used by the client. The Group records all its non-derivative financial liabilities at amortized cost, except those included in the caption "Liabilities at fair value through profit or loss", which are measured at fair value.

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It should be noted that the commissions that the Group receives for the origination of syndicated loans are not part of the effective rate of the product, being these recognized in the Statement of Income at the time the service is provided, as long as the Group does not withhold part of it, or this is kept in the same conditions as the rest of the participants. The commissions received by the Group for the negotiations in the transactions of a third party are not part of the effective rate either, these being recognized at the time they are perfected.

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IFRS 15 establishes the principles that an entity must apply to account for income and cash flows from contracts for the sale of goods or services to its customers.

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The amount to be recognized will be that which reflects the payment to which it is expected to be entitled for the services provided.

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The income from the Group's services is recognized in the income statement in accordance with the fulfillment of performance obligations, thus deferring those income related to customer loyalty programs, which are provisioned based on the fair value of the point and its redemption rate, until they are exchanged by the client and can be recognized in the results of the year.

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

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Income from investment property rentals is recognized in the consolidated statement of comprehensive income based on the straight-line method over the term of the lease, in accordance with the provisions of note 1.12.

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1.27. Income tax

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Income tax expense for the year includes current and deferred tax. Income tax is recognized in the consolidated statements of income, except for items required to be recognized directly in other comprehensive income. In this case, the income tax liability related to such items is also recognized in such statement.

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Current income tax expense is calculated based on the tax laws enacted or substantially enacted as of the date of the Statement of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically assesses the position assumed in tax returns in connection with circumstances in which the tax regulation is subject to interpretation.

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38

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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The Group sets up provisions in respect of the amounts expected to be required to pay to the tax authorities.

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Deferred income tax is recognized, using the deferred tax liability method, on temporary differences arising from the carrying amount of assets and liabilities and their tax base. However, the deferred tax arising from the initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction does not affect income or loss for accounting or tax purposes, is not recorded. Deferred income tax is determined using tax rates (and laws) enacted as of the date of the Financial Statements and that are expected to be applicable when the deferred tax assets are realized, or the deferred tax liabilities are settled.

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

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

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

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1.28. Earnings per share

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Basic earnings per share are calculated by dividing net income attributable to the Group’s shareholders by the weighted average number of common shares outstanding during the year.

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Diluted earnings per share are calculated by dividing the net income for the year by the weighted average number of common shares issued and dilutive potential common shares at year end. Since the Company has no dilutive potential common shares outstanding, there are no dilutive earnings per share amounts.

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The preparation of financial statements in accordance with the accounting framework established by the Argentine Central Bank requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the accounting standards established by the Argentine Central Bank to establish the Group's accounting policies.

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The Group has identified the following areas that involve a higher degree of judgment or complexity, or areas in which the assumptions and estimates are significant for the consolidated financial statements that are essential for understanding the underlying accounting / financial reporting risks:

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The fair value of financial instruments not listed in active markets is determined by using valuation techniques. Such techniques are regularly validated and reviewed by qualified personnel independent from the area which developed them. All models are assessed and adjusted before being used to ensure that results reflect current information and comparable market prices. As long as possible, models rely on observable inputs only; however, certain factors, such as implicit rates in the last available tender for similar securities and spot rate curves, require the use of estimates. Changes in the assumptions of these factors may affect the reported fair value of financial instruments.

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The Group recognizes the allowance for loan losses under the expected credit loss method included in IFRS 9. The most significant judgements of the model relate to defining what is a significant increase in credit risk and in making assumptions and estimates to incorporate relevant information about past events, current conditions, and forecasts of economic conditions. The impact of the forecasts of economic conditions are determined based on the weighted average of three internally developed macroeconomic scenarios that take into consideration the Group´s economic outlook as derived through forecast macroeconomic variables, which include Inflation rate, monthly economic activity estimator and private sector wage. A high degree of uncertainty is involved in making estimations using assumptions that are highly subjective and very sensitive to the risk factors.

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39

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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Note 1.2 provides more detail of how the expected credit loss allowance is measured.

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Intangible assets with finite lives and property, plants and equipment are amortized or depreciated along their useful lives in a lineal manner. The Group monitors the conditions related to these assets to determine whether events and circumstances justify a review of the amortization and remaining depreciation period and whether there are factors or circumstances that imply an impairment in the value of assets that cannot be recovered.

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The Group has applied judgment in identifying indicators of impairment of property, plant and equipment and intangible assets that are amortized. The Group has requested appraisals for its properties as of December 31, 2024, recording devaluation in some of them, while for the rest of the categories of fixed assets and intangibles and goodwill, they have not been identified. indications of impairment for any of the periods presented in the consolidated financial statements.

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A significant judgement is required to determine liabilities and assets from current and deferred taxes. The current tax is provisioned in accordance with the amounts expected to be paid and the deferred tax is provisioned over temporary differences between tax basis of assets and liabilities and book values to aliquots expected to be in force when reversing them.

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Assets from deferred tax are recognized upon the possibility of relying on future taxable earnings against which temporary differences can be utilized, based on the Senior Management´s assumptions regarding amounts and opportunities of future taxable earnings. Later, it is necessary to determine whether assets from deferred tax are likely to be utilized and set off future taxable earnings. Actual results may differ from estimates, such as changes in tax legislation or the result of the final review of affidavits issued by tax authorities and tax courts.

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Likely future tax earnings and the number of tax benefits are based on a medium-term business plan prepared by the administration. Such plan is based on reasonable expectations. See note 4 to the financial consolidated statements.

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The Group determines operating segments based on performance reports which are reviewed by the Board and key personnel of the Senior Management and updated upon changes.

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Grupo Superville’s clients receive the following services:

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Grupo Supervielle considers the business for the type of products and services offered, identifying the following operating segments:

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40

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of pesos in homogeneous currency)

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Operating results of the different operating segments of Grupo Supervielle are reviewed individually with the purpose of taking decisions over the allocation of resources and the performance analysis of each segment. The performance of such segments will be evaluated based on operating income and is measured consistently with operating income/(expenses) of the consolidated income statement.

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When a transaction is carried out between operating segments, they are taken in an independent and equitable manner, as in cases of transactions with third parties. Later, income, expenses, and results from transfers between operating segments are removed from the consolidation.

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Grupo Supervielle does not present information by geographical segments because there are no operating segments in economic environments with risks and rewards that are significantly different.

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The following chart includes information by segment as of December 31, 2024 and 2023, respectively:

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