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FAIR VALUES

12 Months Ended

Dec. 31, 2024

6. FAIR VALUES

6.1 Fair Value of Financial Instruments

Fair value is defined as the amount by which an asset may be exchanged or a liability may be settled, in an arm’s length orderly transaction between knowledgeable principal market participants (or more advantageous) at the date of measurement of the current market conditions regardless of whether such price is directly observable or estimated utilizing a valuation technique under the assumption that Grupo Supervielle is a going concern.

When a financial instrument is sold in a liquid and active market, its settled price in the market in a real transaction provides the best evidence of its fair value. When a stipulated price is not settled in the market or when it cannot be an indicator of a fair value of the instrument, in order to determine such fair value, another similar instrument’s fair value may be used, as well as the analysis of discounted flows or other applicable techniques. Such techniques are significantly affected by the assumptions used Grupo Supervielle classifies fair values of financial instruments in a three level hierarchy according to the reliability of the inputs used to determine them.Fair Value Level 1: The fair value of financial instruments traded in active markets (such as publicly-traded derivatives, debt securities or available for sale) is based on market quoted prices as of the date of the reporting period. If the quoted price is available and there is an active market for the instrument, it will be included in Level 1. Otherwise, it will be included in Level 2.

Fair Value Level 2: The fair value of financial instruments which are not traded in active markets, such as over-the-counter derivatives, is determined using valuation techniques that maximize the use of observable market data and rely the least possible on Grupo Supervielle’s specific estimates. If all significant inputs required to determine fair value a financial instrument are observable, such instrument is included in Level 2. If the inputs used to determine the price are not observable, the instrument will be included in Level 3.

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

Grupo Supervielle’s financial instruments measured at fair value as of December 31, 2024 and 2023 are detailed below:


Financial Instruments as of 12/31/2024	FV Level 1	FV Level 2	FV Level 3	Total
Assets
- Debt securities at fair value through profit or loss	256,350,036	6,982,166	—	263,332,202
- Derivatives	—	4,627,810	—	4,627,810
- Other financial assets	17,159,775	—	—	17,159,775
- Other debt securities	110,662,651	97,486,608	—	208,149,259
- Financial assets pledged as collateral	175,350,106	—	—	175,350,106
- Investments in Equity Instruments	52,358	—	658,372	710,730
Total Assets	559,574,926	109,096,584	658,372	669,329,882
Liabilities
- Derivatives	—	1,734,047	—	1,734,047
- Other financial liabilities	158,738,464	—	—	158,738,464
Total Liabilities	158,738,464	1,734,047	—	160,472,511


Financial Instruments as of 12/31/2023	FV Level 1	FV Level 2	FV Level 3	Total
Assets
- Debt securities at fair value through profit or loss	97,656,756	3,420,022	—	101,076,778
- Derivatives	—	8,264,332	—	8,264,332
- Other financial assets	45,870,366	—	—	45,870,366
- Other debt securities	38,829,594	22,732,251	—	61,561,845
- Financial assets pledged as collateral	100,986,155	—	—	100,986,155
- Investments in Equity Instruments	106,909	—	690,073	796,982
Total Assets	283,449,780	34,416,605	690,073	318,556,458
Liabilities
- Liabilities at fair value through profit or loss	1,323,792	—	—	1,323,792
- Other financial liabilities	157,643,404	—	—	157,643,404
Total Liabilities	158,967,196	—	—	158,967,196

Below is shown the reconciliation of the financial instruments classiffied as Fair Value Level 3:


FV Level 3	12/31/2023	Transfers	Additions	Disposals	OCI	12/31/2024
Assets
- Investments in equity instruments	690,073	—	392,505	(187,042)	(237,164)	658,372

Grupo Supervielle’s policy is to recognize transfers between fair value Levels only at year-end dates.

Valuation Techniques

Valuation techniques to determine fair values Level 2 and Level 3 include the following:

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Market or quoted prices for similar instruments.

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The estimated present value of instruments.

The valuation technique to determine fair value Level 2 includes estimating the through spot rate curve which calculate the yield upon market prices.

These valuation techniques are detailed below:

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Interpolation model: It consists of the determination of the value of financial instruments that do not have a market price at the closing date, based on quoted prices for similar assets (both in terms of issue, currency, and duration) in active markets (MAE, Bolsar or secondary) through the linear interpolation of them. This technique has been used by the Entity to determine the fair value of the instruments issued by the Central Bank and Treasury Bills without quotation at the end of this period.

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Performance Curve Model under Nelson Siegel: This model proposes a continuous function to model the trajectory of the instant forward interest rate considering as a domain the term comprised until the next interest and / or capital payment. It consists in the determination of the instrument's price estimating volatility through market curves. The Entity has used this model to estimate prices in debt securities or financial instruments with variable interest rate. that are not quoted in an active market.

The principal inputs and method considered by Grupo Supervielle for its determination of fair values under the linear interpolation model are:

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Instrument prices that were quoted between the date the curve is estimated and the settlement date of the latest payment available.

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Implicit rates in the last available tender.

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Only instruments that have been traded with a 24-hour settlement are considered.

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If the same instrument has been listed on MAE (“Mercado Abierto Electrónico”) and Bolsar (Financial website of the “Bolsa de Comercio de Buenos Aires”), only the market price that has been traded in the market with higher volume is considered.

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The yield curve is standardized based on a set of nodes, each of which has an associated expiration date.

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Instruments denominated in U.S. dollars are converted at the exchange rate on the date the instrument is negotiated.

Likewise, for the determination of fair values under the Nelson Siegel model, the main data and aspects considered by the Entity were:

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The Spot rate curves in pesos + BADLAR and the Spot rate curve in U.S. dollars are established based on bonds predefined by Financial Risk Management.

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The main source of prices for Bonds is MAE, without considering those corresponding to operations for own portfolio.

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The portfolio of bonds used as input is changed with every issuance.

Grupo Supervielle periodically evaluates the performance of the models based on indicators which have defined tolerance thresholds.

Under IFRS, the estimated residual value of an instrument at inception is generally the transaction price.

In the event that the transaction price differs from the determined fair value, if the fair value is not Level 1, the difference will be recognized in the Consolidated Income Statement proportionally for the duration of the instrument.

6.2 Fair Value of other Financial Instruments

The following describes the methodologies and assumptions used to determine the fair values of financial instruments not recorded at fair value in these Consolidated Financial Statements:

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Assets whose fair value is similar to book value: For financial assets and liabilities that are liquid or have short-term maturities (less than three months), the book value is considered to be similar to fair value.

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Fixed rate financial instruments: The fair value of financial assets was determined by discounting future cash flows at the current market rates offered, for each year, for financial instruments with similar characteristics. The estimated fair value of deposits with a fixed interest rate was determined by discounting future cash flows through the use of market interest rates for deposits with maturities similar to those of Grupo Supervielle’s portfolio.

For listed assets and the quoted debt, fair value was determined based on market prices.

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Other financial instruments: In the case of financial assets and liabilities that are liquid or have a short maturity, it is estimated that their fair value is similar to their book value. This assumption also applies to savings deposits, checking accounts and others.

Below is the difference between the carrying amount and the fair value of the main assets and liabilities recorded at amortized cost as of December 31, 2024 and 2023, respectively:


Other Financial Instruments as of 12/31/2024	Book value	Fair value	FV Level 1	FV Level 2	FV Level 3
Financial Assets
- Cash and due from Banks	652,975,869	652,975,869	652,975,869	—	—
- Other financial assets	11,473,388	11,473,388	11,473,388	—	—
- Loans and other financing	2,170,078,164	2,381,345,450	—	—	2,381,345,450
- Other Debt Securities	604,746,484	603,946,338	602,616,265	1,330,073	—
- Financial assets Pledged as collateral	1,860	1,860	1,860	—	—
	3,439,275,765	3,649,742,905	1,267,067,382	1,330,073	2,381,345,450
Financial Liabilities
- Deposits	3,173,461,243	3,197,319,468	—	—	3,197,319,468
- Other financial liabilities	7,446,692	7,446,692	7,446,692	—	—
- Reverse Repo transactions	33,962,592	33,962,592	33,962,592	—	—
- Financing received from the Central Bank and other financial institutions	39,297,868	39,223,716	—	—	39,223,716
- Repo Transactions	—	—	—	—	—
- Unsubordinated Debt securities	51,157,866	51,157,866	51,157,866	—	—
	3,305,326,261	3,329,110,334	92,567,150	—	3,236,543,184


Other Financial Instruments as of 12/31/2023	Book value	Fair value	FV Level 1	FV Level 2	FV Level 3
Financial Assets
- Cash and due from Banks	498,892,707	498,892,708	498,892,708	—	—
- Other financial assets	55,389,250	55,389,250	55,389,250	—	—
- Loans and other financing	1,050,611,692	1,196,200,729	—	—	1,196,200,729
- Repo transactions	1,645,657,441	1,645,657,441	1,645,657,441	—	—
- Other Debt Securities	485,418,013	555,676,782	386,438,238	169,238,544	—
- Financial assets Pledged as collateral	18,290	18,290	18,290	—	—
	3,735,987,393	3,951,835,200	2,586,395,927	169,238,544	1,196,200,729
Financial Liabilities
- Deposits	3,373,001,922	3,478,726,949	—	—	3,478,726,949
- Other financial liabilities	755,524	755,524	755,524	—	—
- Financing received from the Central Bank and other financial institutions	5,862,129	6,071,646	—	—	6,071,646
- Repo Transactions	2,047,701	2,047,701	2,047,701	—	—
	3,381,667,276	3,487,601,820	2,803,225	—	3,484,798,595

6.3 Fair Value of Equity instruments

The following are the equity instruments measured at Fair Value through profit or loss as of December 31, 2024 and 2023:


	12/31/2024	12/31/2023
Ternium Argentina S.A.	22,695	2,424
Holcim Arg	10,850	15,718
Aluar S.A.	3,139	68
Cedear SPDR Dow Jones Ind	2,479	3,926
Cedear SPDR S&P	2,312	3,327
Cedear Financial Select Sector	2,235	3,114
Cedear Ishares MSCI Brasil	631	1,744
Grupo Financiero Galicia SA	8,017	—
Pampa Energía S.A.	—	57,135
Edenor	—	12,628
Loma Negra S.A.	—	5,252
Others	—	1,573
Total	52,358	106,909

The following are the equity instruments measured at Fair Value through Other Comprehensive Income as of December 31, 2024 and 2023:


	FV at	Income / (Loss)			FV at
Detail	12/31/2023	through OCI	Disposals	Additions	12/31/2024
Mercado Abierto Electrónico S.A.	3,554	993	—	—	4,547
Play Digital S.A.	370,442	(495,208)	(152,727)	390,508	113,015
Seguro de Depósitos S.A	41,227	15,694	—	—	56,921
Compensador Electrónica S.A.	242,388	245,552	(34,315)	1,997	455,622
Provincanje S.A.	16,648	(9,003)	—	—	7,645
Cuyo Aval Sociedad de Garantía Recíproca	12,301	2,931	—	—	15,232
Argencontrol S.A.	1,265	1,273	—	—	2,538
IEBA S.A.	133	(72)	—	—	61
Other Reciprocal Guarantee Companies	2,115	676	—	—	2,791
Total	690,073	(237,164)	(187,042)	392,505	658,372


	FV at	Income / (Loss)			FV at
Detail	12/31/2022	through OCI	Disposals	Additions	12/31/2023
Mercado Abierto Electrónico S.A.	627,246	(623,692)	—	—	3,554
Play Digital S.A.	596,696	(616,859)	(163,843)	554,448	370,442
Seguro de Depósitos S.A	72,180	(30,953)	—	—	41,227
Compensador Electrónica S.A.	221,667	24,207	(3,486)	—	242,388
Provincanje S.A.	49,185	(284,341)	—	251,804	16,648
Cuyo Aval Sociedad de Garantía Recíproca	12,702	(401)	—	—	12,301
Argencontrol S.A.	2,197	(932)	—	—	1,265
IEBA S.A.	414	(281)	—	—	133
Other Reciprocal Guarantee Companies	1,830	285	—	—	2,115
Total	1,584,117	(1,532,967)	(167,329)	806,252	690,073