{"url_path":"/sec/bap/10-k/2026/item-5","section_key":"item-5","section_title":"Item 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1001290/0001001290-26-000008-index.html","accession_number":"0001001290-26-000008","cik":"0001001290","ticker":"BAP","issuer_name":"CREDICORP LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/1001290/0001001290-26-000008-index.html","primary_entity_key":"0001001290","primary_entity_name":"CREDICORP LTD"},"word_count":27576,"has_tables":true,"body_markdown":"ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS\n\n5. AOperating results\n\n(1)Management Discussion and Analysis\n\na)General Economic Conditions\n\nIn 2025, the global economy remained resilient despite elevated policy uncertainty, shifting trade policies, and ongoing geopolitical and domestic political tensions. Global economic activity was supported by accommodative financial conditions and the adaptability of the private sector, with growth increasingly driven by investment in technology‑related sectors, including artificial intelligence, particularly in the United States and parts of Asia. Inflation continued to stabilize during the year, supported by easing demand pressures and lower energy prices, although the pace of disinflation varied across countries. In the United States, inflation proved more persistent than in other major economies, reflecting continued pass‑through from higher tariffs and elevated price expectations, while inflation in most other advanced economies moved closer to central bank targets. Emerging economies benefited from a combination of resilient macroeconomic fundamentals, still‑elevated real yields, and a relatively benign global interest‑rate environment. In contrast, China’s economy continued to face structural headwinds, including weak domestic demand and a prolonged adjustment in the real estate sector, partly offset by resilient exports and policy support. Favorable conditions for emerging markets were reflected in strong capital inflows, driven by historically high metal prices, expectations of further Federal Reserve rate cuts, and local currencies appreciation amid global U.S. Dollar depreciation. In Perú, the GDP grew 3.4%, which was driven by an improvement in terms of trade, reflecting higher export prices relative to import prices, along with lower interest rates in both foreign and domestic currency, which supported domestic demand and investment, and the economy’s progression into a mid‑stage of the business cycle.\n\nInflation measured using the Consumer Price Index of Metropolitan Lima (CPI), closed 2025 at 1.5% YoY, remaining comfortably within the BCRP’s target range of 1% to 3%. The core CPI (excludes energy and food prices) ended the year at 1.8% YoY. Year‑end headline inflation declined to its lowest level in seven years, while core inflation reached its lowest level in five years. During the year, the BCRP reduced its policy rate by 25 basis points across three meetings, a more gradual pace than in previous years, as the policy rate moved closer to its neutral level. Since September 2023, the BCRP has lowered its monetary policy rate by a cumulative 350 basis points, ending 2025 at 4.25%.\n\nb)Credicorp 2025 Financial Performance\n\nIn 2025, Credicorp generated S/6,925.4 million of net profit attributable to its equity holders, with net basic earnings of S/87.3 per common share attributable to its equity holders, as compared with S/5,501.3 million of net profit attributable to its equity holders, with net basic earnings of S/69.2 per common share attributable to its equity holders in 2024. This translates to a return on average assets (ROAA) of 2.65% and a return on average equity (ROAE) of 19.05% in 2025, up from 2.22% and 16.47% in 2024, respectively.\n\nAs of December 31, 2025, total loans totaled S/149,985.0 million, representing an increase of 2.9% (+8.5% at a Neutral Exchange Rate11) compared to S/145,732.3 million as of December 31, 2024. This growth was mainly driven by higher loan disbursements in Retail Banking —particularly in the Individuals segment— and, secondarily, by an uptick in disbursements of medium and long-term loans in Wholesale Banking at BCP Stand-Alone. Mibanco also contributed to this growth, having recorded double-digit growth in 2025. Total deposits without interest payable were S/169,400.7 million as of December 31, 2025, representing an increase of S/8,838.1 million from S/160,562.6 million as of December 31, 2024. This rise was mainly driven by a 13.5% increase in savings deposits, from S/59,757.8 million as of December 31, 2024, to S/67,811.9 as of December 31, 2025. This expansion was attributable to inflows from pension fund withdrawals and improvements in our transactional offerings.\n\nIn 2025, net interest income was S/14,716.5 million, up from S/14,115.1 million in 2024, representing an increase of 4.3%. This evolution was driven mainly by a drop in interest expenses. Such drop was fueled by a decrease in interest on deposits, which fell due to both lower market rates and an increase in low-cost deposits’ share of the funding mix. Interest income remained relatively stable (+0.3%) as loan growth acceleration was partially offset by lower interest rates. In this context, interest on deposits from other banks from securities decreased compared to 2024. Given these dynamics and a decline in market interest rates, both the funding cost (-43 bps) and the yield on interest-earning assets (-36 bps) fell\n\n11 See also Non-GAAP Measures of Financial Performance in Item 5 - 5A - (4) Historical Discussion and Analysis.\n\n155\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ncompared to 2024. In this context, NIM stood at 6.27% in 2025 (considering the average of the beginning of period and end of period balances), relatively stable (-2 bps) compared to 2024.\n\nThe provisions for credit losses on the loan portfolio, net of recoveries, totaled S/2,406.3 million for 2025, representing a decrease of 31.6% compared to S/3,519.4 million for 2024. The drop in provisions was mainly driven by BCP Stand-alone and Mibanco, and was supported by strengthening risk management capabilities amid a sustained improvement in the Peruvian economy. At BCP Stand-alone, the decline was primarily triggered by the Individuals segment, followed by SME-Pyme, as both segments registered an improvement in payment performance and an increase in lower-risk vintages’ share of total loans. At Mibanco, the decline was driven mainly by an improvement in underlying risk as low-risk vintages gained terrain and currently represent 84% of the portfolio. Thus, the cost of risk in 2025 was 1.63% as compared to 2.42% in 2024. Additionally, the contraction registered by the non-performing loan portfolio led to a subsequent increase in the coverage ratio for the non-performing loan portfolio, which was 112.45% in 2025, as compared to 104.3% in 2024. For further information, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (7) Selected Statistical Information – 7.3 Loan Portfolio – 7.3.10 Total Non-performing loans”.\n\nIn 2025, other income totaled S/6,821.3 million, representing a 6.5% increase compared to S/6,404.1 million in 2024. This was mainly attributable to growth in Commissions and fees, which grew 3.6% from S/4,052.1 million in 2024 to S/4,199.7 in 2025, and to Net Gain on Foreign Exchange Transactions, which grew 13.4% from S/1,359.8 million in 2024 to S/1,542.3 in 2025. Commissions and fees increased mainly as a result of higher activity from the banking and transactional businesses, particularly at BCP Stand‑alone. Net Gains on Foreign Exchange Transactions were mainly generated by BCP Stand‑alone, driven by improved pricing execution in the Retail segments and higher volumes from Wholesale clients.\n\nCredicorp’s insurance and reinsurance result was S/1,389.2 million in 2025, representing an increase of S/190.2 million, compared to S/1,199.0 million in 2024. This variation was primarily driven by a higher Insurance Service Income, mainly boosted by the consolidation of Pacifico EPS, after Credicorp, through Grupo Crédito S.A., acquired the 50% interest that Banmédica held in Pacifico EPS, and secondarily by a drop in Reinsurance Result, in Life and P&C businesses. These dynamics were partially offset by an increase in Insurance Service Expenses, reflecting the aforementioned consolidation and, secondarily, in P&C.\n\nOperating Expenses (which include Salaries and employee benefits, administrative expenses, depreciation and amortization, and association in participation) totaled S/10,426.8 million, representing an 8.6% increase compared to S/9,602.0 million in 2024. This was mainly attributable to growth in personnel expenses at BCP Stand-alone. As a result, the efficiency ratio in 2025 increased by 77 bps to stand at 46.6% (as compared to 45.8% in 2024), which was due to a faster growth rate of operating expenses compared to operating income.\n\n156\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)LoBs Highlights\n\nUniversal Banking\n\nROAE\n\nBCP Stand-alone: 24.7%\n\nBCP Bolivia: 9.2%\n\nMicrofinance\n\nROAE\n\nMibanco: 16.6%\n\nMibanco Colombia: 10.3%\n\n•BCP Stand-alone's net interest income was S/11,137.3 million in 2025, up by 3.0% compared to S/10,815.2 million in 2024.\n\n•BCP Stand-alone's cost of risk was 1.28% in 2025, down 85 bps from 2.13 in 2024.\n\n•BCP Stand-alone's other income was S/5,679.5 million in 2025, up by S/553.3 million, or 10.8%, from 2024.\n\n•BCP Stand-alone's efficiency ratio was 39.7% for 2025, up by 40 bps compared to 39.3% in 2024.\n\n•BCP Stand-alone's CET1 ratio was 13.99% in 2025, compared to 13.32% in 2024.\n\n•Mibanco's net interest income was S/2,477.8 million in 2025, up by 10.6% compared to S/2,240.3 total in 2024.\n\n•Mibanco's cost of risk was 5.06% in 2025, down by 64 bps from 5.71% in 2024.\n\n•Mibanco's non-interest income in 2025 was S/142.8 million, up by 9.3% from S/130.7 million in 2024.\n\n•Mibanco's efficiency ratio was 50.9% for 2025, down by 176 bps compared to 52.7% for 2024.\n\n•Mibanco's CET1 ratio was 17.30% in 2025, compared to 17.53% in 2024.\n\nInsurance and Pension Funds\nROAE\nGrupo Pacífico: 21.4%\nPrima AFP: 31.6%\nInvestment Management & Advisory\n\nROAE\n\nCredicorp Capital: 13.2%\n\nAtlantic Security Bank: 19.0%\n\n•Grupo Pacífico’s income for insurance service was S/4,162.0 million in 2025, up 25.9% from S/3,307.0 million in 2024.\n\n•Grupo Pacífico’s expenses for insurance service were S/2,796.0 million in 2025, up 25.6% from S/2,226.7 million in 2024.\n\n•Grupo Pacífico's insurance underwriting result was S/881.9 million in 2025, compared to S/699.7 million in 2024. This increase was mainly boosted by the consolidation of Pacifico EPS, after Credicorp, through Grupo Crédito S.A., acquired the 50% interest that Banmédica held in Pacifico EPS,\n\n•Prima AFP's income from commission was S/383.3 million in 2025, up 2.9% from S/372.5 million in 2024.\n\n•Credicorp Capital's net income was S/100.2 million in 2025, down by 9.7% from S/111.0 million reported in 2024.\n\n•ASB Bank Corp.’s net income was S/124.8 million in 2025, up by 48.0% from S/84.3 million reported in 2024.\n\n•Total assets under management in the Asset management business were S/117,133 million as of December 31, 2025, up from S/85,938 million as of December 31, 2024.\n\n•Total assets under management in the Wealth Management business was S/80,799 million as of December 31, 2025, compared to S/73,428 million as of December 31, 2024.\n\n(2)Political and Macroeconomic Environment\n\nAlthough Credicorp Ltd. is incorporated in Bermuda, the Group, through BCP Stand-alone, has been present in the Peruvian financial sector for over 135 years. In addition, most of the operations and customers of BCP Stand-alone, Prima AFP and Mibanco, and a significant part of Credicorp Capital’s and Grupo Pacífico’s operations and customers, are located in Peru. Furthermore, although ASHC is based outside of Peru, a substantial number of its customers are also located in Peru. We also have operations in Bolivia, Chile, Colombia and Panama. Therefore, our results of operations and financial health could be affected by political and economic changes or policies in Peru or these other countries.\n\nFor further details, see “ITEM 3. KEY INFORMATION – 3.D Risk Factors – Our geographic location exposes us to risk related to Peruvian political, social and economic conditions”.\n\nPolitical Environment\n\nHistorically, Peru has experienced political instability, including domestic terrorism, military coups, and a succession of regimes that featured heavy government intervention, particularly before the 2000s. In 1995, when Credicorp was established, President Alberto Fujimori was re-elected, despite the administration being accused of authoritarian\n\n157\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nbehavior, which included dissolving Peru’s congress in 1992 and crafting a new constitution in 1993. In 2000, Fujimori, after his second consecutive reelection, was ousted and succeeded by a transitional government led by Valentin Paniagua, who called for elections in April 2001.\n\nSince 2001, Peru has had several presidents: Alejandro Toledo (2001–2006), Alan Garcia (2006–2011), Ollanta Humala (2011–2016), Pedro Pablo Kuczynski (2016–2018), Martin Vizcarra (2018–2020), Manuel Merino (November 10–15, 2020), Francisco Sagasti (November 2020–July 2021), Pedro Castillo (2021–2022), Dina Boluarte (late 2022–October 2025), José Jerí (October 2025-Mid February 2026) and Jose María Balcázar (Mid-February-Present). Notably, the last two elected presidents (Kuczynski and Castillo) did not complete their terms due to political instability and corruption scandals, resulting in their vice presidents—Martín Vizcarra and Dina Boluarte, respectively—assuming the presidency. Political instability continued thereafter: Dina Boluarte was impeached in October 2025 on grounds of permanent moral incapacity, leading to the appointment of José Jerí as interim president. However, Jerí’s tenure was short‑lived, as he was censured by Congress on February 17, 2026. Following his removal, José María Balcázar assumed the presidency in mid‑February 2026 through congressional succession.\n\nThe Odebrecht corruption scandal significantly impacted Peru's political landscape. The Brazilian construction company Odebrecht was found to have paid millions in bribes to secure public contracts across Latin America, including in Peru and other countries in which we operate, in circumstances involving former and current high-profile officials. Kuczynski resigned in 2018 amid political turmoil and corruption investigations, leading to Martin Vizcarra taking office. Vizcarra's term was also marked by continued political instability, including a nationwide referendum that approved: (i) a ban on the re-election of members of Peru’s congress, (ii) reforms regarding financing for political parties, and (iii) a reform of the judiciary system. His term also saw the dissolution of congress and his eventual removal in 2020. Manuel Merino briefly took over (November 10, 2020) but resigned just 5 days after (November 15, 2020) due to widespread protests, and Francisco Sagasti then assumed the presidency until July 2021.\n\nIn June 2021, the political environment worsened after Pedro Castillo, of the far-left party Peru Libre, won the presidential elections with 50.13% of the votes (representing a margin of 44,263 votes) in the second round against Keiko Fujimori, daughter of the former president Alberto Fujimori. It was the third consecutive loss for the presidential candidate Fujimori. These results fragmented Peru’s congress, with 10 political parties becoming part of the congress’s composition. This fragmentation of political forces was noted by all major rating agencies. Risk perception and political and regulatory uncertainty in Peru also increased following messages from the executive promoting a new constituent assembly. As a result of this risky and uncertain environment, in the second quarter of 2021, short-term capital outflows reached 13.2% of GDP, its highest level since the third quarter of 1983. The total amount of short-term capital outflows between 2021 and 2022 was US$20.9 billion (9.1% of GDP).\n\nBetween July 2021 and December 2022, former Peruvian President Pedro Castillo appointed five prime ministers and over 70 other ministers. He also ratified Julio Velarde as President of the BCRP for a fourth consecutive term until 2026. Castillo faced three impeachment trials: the first in November 2021, the second in March 2022, and the third in December 2022. All of these trials cited moral incapacity as the reason for his removal from office, which was based on various allegations of illicit financing, corruption and lying.\n\nPeru experienced a severe political crisis on December 7, 2022, following a failed coup attempt by President Pedro Castillo. On the day of a congressional debate regarding his third impeachment, Castillo announced the dissolution of Congress, calling for new elections and judicial reforms. However, the police and armed forces upheld the constitutional order, and key government members rejected the coup. Consequently, Congress removed Castillo from office for moral incapacity, leading to his arrest on charges of rebellion and conspiracy. Vice President Dina Boluarte was then sworn in as Peru's first female president. Remarkably, all of this transpired within a few hours. On November 27, 2025, the Special Criminal Chamber of the Supreme Court sentenced former President Pedro Castillo to 11 years, 5 months, and 15 days in prison for the crime of conspiracy to commit rebellion, in connection with the attempted coup d’état of December 7, 2022.\n\nHer administration was marked by low approval ratings, persistent security challenges and recurring political tensions with Congress. In October 2025, she was impeached by Congress on grounds of permanent moral incapacity, bringing her presidency to an abrupt end. Given that Boluarte did not have a vice president, the then‑President of Congress, José Jerí, assumed the presidency. Jerí, a 39‑year‑old congressman from the Somos Perú party, took office amid significant institutional uncertainty and fragmented congressional support. However, political instability persisted during his short tenure. On February 17, 2026, President Jerí was censured by Congress and removed from office following allegations of undisclosed meetings with a Chinese businessman, raising concerns related to transparency and potential conflicts of\n\n158\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ninterest. Following his removal, José María Balcázar, a senior congressional leader from the left‑wing Perú Libre party, assumed the presidency through congressional succession.\n\nPeru held general elections on April 12, 2026, with a second‑round presidential runoff scheduled for June 7, 2026, after no candidate secured an absolute majority in the first round. Peruvians will also elect members of Congress and the Senate of a restored bicameral legislature, as well as representatives to the Andean Parliament. As of now, there are 35 political parties officially registered for these elections. Peru's 2026 presidential election moved to a runoff after no candidate secured a majority in the first round (12–13 April). Keiko Fujimori leads with about 17% and is expected to advance to the June 7 runoff. The second finalist remains uncertain: Roberto Sánchez is ahead of Rafael López Aliaga and some tally sheets are still under review, so confirmation may take until mid-May. The fragmented vote underscores Peru’s divided political landscape and the final runoff pairing hinges on completing the official count and resolving appeal.\n\nMacroeconomic Environment\n\nThe adoption of market-oriented macroeconomic policies since the early 1990s, and three decades of a strong macroeconomic fundamental outlook for Peru’s economy along with credit rating improvements (which reached investment grade in 2008) allowed the country's GDP to grow at an average annual rate of 4.9% from 2001 to 2019, according to data from the BCRP. Between 2004 and 2013, the Peruvian economy, on average, outperformed the global economy primarily due to favorable metal prices and financial condition with an average annual GDP growth rate close to 6.5%. Nonetheless, since 2014, the Peruvian economy has been affected by several economic shocks such as the decline in metal prices in 2014 and 2015, the contraction in public investment, the El Niño Phenomenon of 2017 and 2023, the Lava Jato corruption investigations, the COVID-19 pandemic, higher inflation rates primarily due to global factors, and political turmoil. As such, the average annual growth rate for the Peruvian economy from 2014 through 2019, before the global COVID-19 pandemic, was 3.1%, which still was among the highest rates of economic growth in the Latin American region, the 3rd out of 10. After the initial shock of the pandemic in 2020, the economy rebounded by 13.4% in 2021 and grew an additional 2.8% in 2022. In 2023, affected by multiple factors (such as social protests in the beginning of the year and weather events such as Cyclone Yaku and “Coastal El Niño”), the GDP fell 0.4%, its first economic contraction in 25 years, excluding the pandemic. In 2024, Peru experienced a gradual and cyclical recovery, resulting in GDP and domestic demand growth of 3.5% and 4.0%, respectively. In 2025, the GDP expanded around 3.4% in 2025 while domestic demand grew 5.8%, as growth was supported by the economy's mid-cycle momentum and a boost from terms of trade, which reached their highest level in 75 years.\n\nPeruvian economic policy has been based on three main pillars: favorable environment for private investment, prudent macroeconomic policies and trade openness. Peru has an investment-friendly legal framework enshrined in its constitution. For instance, Article 62 of the 1993 Constitution guarantees the freedom of contracts, meaning that contractual terms cannot be modified by laws or other provisions of any kind. Furthermore, Article 63 stipulates that foreign and local investments are subject to the same conditions (non-discriminatory treatment) while Article 64 establishes that the state guarantees the free holding and disposal of foreign currency.\n\nPeruvian policymakers have maintained a conservative and prudent approach to fiscal policy and government spending. Since 1999, Peru’s fiscal policy has evolved to promote sound macroeconomic fundamentals. The public debt-to-GDP ratio fell from 51.5% in 1999 to 26.2% in 2019 (pre-pandemic) as the government reduced spending and privatized most state-run enterprises. Peru’s fiscal position also benefited from the accumulation of surpluses in various years between 2004 and 2013, which helped the country face the pandemic in 2020 and 2021. After the initial shock of the COVID-19 pandemic, which led the fiscal deficit to increase to 8.7% of GDP, the deficit fell to 2.5% of GDP in 2021 and to 1.7% of GDP in 2022. In 2023, it increased to 2.7% of GDP, largely due to a decline in fiscal revenues from 22.1% of GDP to 19.8% of GDP, and in 2024 it rose even further to 3.5% of GDP, its highest level in 32 years (excluding the pandemic period) and surpassing the fiscal rule limit for the second year in a row. In 2025, it fell to 2.2% of GDP, driven by higher fiscal revenues, reflecting elevated metal prices and solid domestic demand growth, and was in line with the fiscal rule limit in force this year. The public debt-to-GDP remained around 30% of GDP in 2025, one of the lowest in emerging markets.\n\nIn 1999, Peru enacted the Law of Responsibility and Fiscal Transparency (Law No. 27245), establishing a framework of macro‑fiscal rules aimed at preserving fiscal sustainability. These rules evolved over time and were temporarily suspended during the COVID‑19 pandemic in 2020–2021. As part of the gradual normalization of fiscal policy, Legislative Decree No. 1621, which was issued in June 2024, regulated the return to macro‑fiscal rules for the non‑financial public sector. Among other provisions, the decree raised the fiscal deficit ceiling for 2024 from 2.0% to 2.8%\n\n159\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nof GDP and established a declining deficit path, setting limits of 2.2% of GDP for 2025, 1.8% for 2026, 1.4% for 2027, and 1.0% for 2028, while maintaining the objective of preserving medium‑term debt sustainability.\n\nHowever, according to the Fiscal Council, fiscal conditions came under increasing pressure as Congress approved a rising number of laws with adverse fiscal impacts, weakening fiscal institutional safeguards and increasing risks to medium‑ and long‑term debt sustainability. According to the Fiscal Council’s analysis, since August 2021, a total of 229 laws with adverse fiscal impact had been promulgated as of October 18, 2025. In February 2026, the Minister of Economy, Denisse Miralles, announced that the Executive branch would initiate constitutional proceedings before the Constitutional Court against congressional legislation that has generated spending obligations.\n\nRegarding monetary policy, the BCRP has enjoyed constitutional independence since 1992 and operates as the authority in charge of the reserve banking system. Its highest decision‑making body is a seven‑member Board of Directors, whose members serve five‑year terms that broadly coincide with Peru’s presidential mandate. Of the seven Directors, three are appointed by the executive branch and three by Congress, while the President of the BCRP is nominated by the executive branch and ratified by the Permanent Commission of Congress. The actual president, Julio Velarde, has held this position since October 2006. In October 2021, Peru’s newly elected government and congress ratified him as the BCRP’s president, a position that he has held since 2006, for a fourth consecutive term until 2026. They also elected three of the six directors on the Board to join Velarde: the economists Roxana Barrantes, José Távara and Germán Alarco. Congress appointed the other three directors: Carlos Oliva (ex-Minister of Finance), Diego Macera and Marylin Choy.\n\nRegarding the inflation targeting scheme adopted by the BCRP in 2002, the BCRP established an inflation target of 2.5% (+/- 1%). In 2007, the target was reduced to 2.0% (+/- 1%), the lowest in Latin America and Emerging Markets, reflecting the BCRP’s commitment to price stability, similar to the Federal Reserve's target of 2%. The BCRP had foreign reserves at the end of 2025 of US$90 billion (approximately 26.5% of Peru’s GDP), among the highest ratios worldwide. The BCRP has a set of mechanisms to provide liquidity to Peru’s domestic financial system. In coordination with the SBS, the BCRP also sets regulations for the financial system, including pension funds. The SBS is the entity in charge of regulating all financial institutions, insurance companies and pension funds administrators.\n\nRegarding the exchange rate, the BCRP abandoned its exchange rate peg (also known as a fixed exchange rate) in August 1990 and moved to a so-called dirty floating exchange rate regime. Since its inception, the dirty floating exchange rate regime has been subject to intervention by the central bank to smooth out exchange rate volatility. One key motivation to intervene in this manner in the foreign exchange market is Peru’s high degree of financial dollarization, although it has been on a clearly decreasing path. The loans financial dollarization (loans denominated in U.S. Dollars as a percentage of total loans) has decreased from 80.5% in December 2000 to 43.9% in December 2010 and to 21.9% in December 2025. BCRP’s current dirty floating exchange rate regime pursues a discretionary type of intervention, based on daily assessments of foreign exchange market conditions. In 2025, the exchange rate closed the year at 3.36 soles per dollar, its lowest level since the beginning of 2020.\n\nFor further information, see “Item 4.B Business Overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru”.\n\nMacroeconomic Results\n\nPeru\n\nIn 2022, Peruvian GDP grew 2.8% a decrease in growth from the prior year, as private investment fell, business confidence remained low and policy stimulus was withdrawn. However, private consumption remained strong, especially in the first half of 2022, driven by the release of pent-up demand, the recovery of employment and availability from savings in AFPs and Severance Indemnity deposits. In the second half of 2022, the rebound in consumption after the acute effects of the COVID-19 pandemic faded and was limited almost entirely to inbound tourism from abroad.\n\nIn 2023, GDP fell 0.4%, the first decline in economic activity since 1998 (-0.4%), excluding the pandemic. Several factors explained this contraction. Among the most important, social conflicts and the El Niño weather phenomenon reduced GDP growth by almost two percentage points combined, according to the BCRP. In addition to these factors, the Peruvian economy was also affected by: (i) inflation that remained high (especially the food component) despite the recent slowdown, (ii) real wages that remained below pre-pandemic levels, (iii) real interest rates at two-decade highs due to the Central Bank's effort to control inflation, (iv) political uncertainty, and (v) absence of new large projects for private investment. Domestic demand fell 1.0% due to the drop of 6.1% in private investment (lack of large new projects after the\n\n160\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nentry into production of Quellaveco mine, which meant an investment of US$5.5 billion) and private consumption that grew just 0.1%, its worst record since 1999, excluding the pandemic.\n\nIn 2024 economic activity rebounded as GDP grew 3.5% and Domestic Demand expanded 4.0%, reflecting the early stages of the recovery phase in the business cycle. On one hand, private spending was more dynamic as: i) private consumption grew 2.8% aided by lower average inflation and a recovery of employment, as well as benefited by the 7th pension fund withdrawal, and ii) private investment grew 3.3% in a context of more dynamic capital goods imports and recovery of capital good non-primary manufacturing. In addition, public investment had an important contribution to growth as it expanded 15% during 2024 in line with a counter-cyclical fiscal stimulus. From an economic sector view, the reversal of supply-side shocks such as El Niño had a very favorable effect in the fishing and agriculture sectors, which rebounded 25% and 7%, respectively.\n\nIn 2025 economic activity grew 3.4% while domestic demand expanded 5.8%. Growth was supported by cyclical inertia, terms of trade at their highest in 75 years as they grew 19% during 2025, and low controlled inflation and economic expectations which improved throughout the year. It should be noted that even though Peru had a political transition from former president Dina Boluarte to President Jose Jeri, economic expectations reported by the Central Bank were not affected and stood around its highest level in almost 7 years excluding the post-pandemic rebound. Private consumption grew 3.6% while private investment expanded 10.0%, both accelerating compared to 2024's expansion. It is important to note that in relation to favorable key commodity prices, towards the end of 2025, the mining project Tia Maria (with a total investment of US$ 1.8 billion) started their investment in the south of the country.\n\nIn 2022 inflation became a global issue, as many countries grappled with soaring prices. In 2023, inflation fell faster than expected in most regions due to the unwinding of supply-side issues, falling oil and agricultural prices and restrictive monetary policies. In Peru, the weakness of domestic demand also had a role in reducing inflation; as measured using the consumer price index (CPI), inflation fell from a peak of 8.8% (the highest in 26 years) in June 2022 to 3.2% in December 2023 due to the reversal of supply shocks in the agricultural sector of the beginning of the year, normalization of global supply chains and lower commodity prices (2023 average; wheat: -28%, corn: -18%; soy: -8% and crude oil: WTI -17%). Core inflation (excludes food and energy) closed 2023 at 2.9% after reaching a peak of 5.9% in May 2023, returning to the BCRP target range of between 1% - 3% after two consecutive years of surpassing such range, marking Peru as one of the first countries where core inflation returned to target. Inflation continued to gradually decline as supply-side pressures continued to dissipate and stood at 2.0% by December 2024, at the mid-point of the target range, while core inflation decelerated to 2.6%. During 2025 inflation remained subdued below the mid-point of the target range and stood at 1.5% in December 2025, while core inflation also continued to decrease and closed 2025 at 1.8%, It should be noted that the wholesale price index exhibited year-over-year declines since mid-2023, which paired with a lower exchange rate contributed to lower observed inflation.\n\nMacroeconomic Indicators for Peru202320242025\n\nGDP (Billions of US Dollars)272 296 341 \n\nReal GDP (% change)(0.4)3.5 3.4 \n\nReal Domestic Demand (% change)(1.0)4.0 5.8 \n\nInflation (% change)3.202.001.50\n\nReference Rate (%)6.755.004.25\n\nFiscal Balance (% GDP)(2.7)(3.4)(2.2)\n\nPublic Debt (% GDP)32 32 30 \n\nFinancial System Loans (% change) 1/2.8 1.3 4.4 \n\nFinancial System Loans (% change, FX-neutral) 1/ 2/3.6 0.9 7.3 \n\nCurrent Account Balance (% GDP)0.3 %2.2 %3.1 %\n\nExchange rate, end of period3.713.763.36\n\nExchange rate, (% change)(2.7)1.3 (10.6)\n\n1/ Excludes Reactiva Perú. 2/ Foreign currency balances valued at end-2024 exchange rate\n\nIn 2023, the Public Treasury returned to the international markets with a successful bond issuance in local currency, something not seen since 2019. In June 2023, the government issued S/9,185 million (equivalent to approximately US$2.5\n\n161\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nbillion) of its first sustainable bonds in soles, with a 10-year maturity (due in 2033). The issuance of this new bond, which constitutes a new 10-year reference, was characterized by a large demand (around S/20,000 million at its best) that pushed rates lower (7.35%) below the initial offering (7.70%). According to the Minister of Economy and Finance, with this debt issuance, investors recognized the strength and resilience of the Peruvian economy, its solid macroeconomic fundamentals, and the responsible management of its fiscal accounts. It was the largest operation in local currency in 2023 in Latin America.\n\nIn 2024, the Public Treasury carried out two international issuances in the context of higher fiscal deficit. In June 2024 the Ministry of Finance carried out a liability management operation which most importantly included: i) the issuance of a new sustainable sovereign bond maturing 2039 for S/ 7 billion, yield of 7.65%, ii) the exchange of sovereign bonds maturing 2024, 2026, 2028 and 2029, including Global Depositary Notes for the new 2039 sovereign bond, and repurchase of global dollar bonds maturing 2025, 2026, 2027, 2030 and 2031, and Euros maturing in 2026 and 2030, for a total of S/ 15,345 million (S/ 8,236 million for the exchange of the recently issued sovereign 2039 bonds and S/ 7,109 million for the repurchases in exchange for cash), and iii) the repurchase for cash of global dollar bonds maturing in 2025, 2026, 2027, 2030 and 2031 for a total of US$ 1,185 million. With this operation the total outstanding of sovereign 2039 bonds stood at S/ 15,436 million. Moreover, in August 2024 the Peruvian government made two issuances for a total of US$ 3 billion: i) US$ 1.25 billion of a global bond maturing 2035 with a coupon of 5.375%, and ii) US$ 1.75 billion of a global bond maturing 2054 with a coupon of 5.875%. The total demand for these two bonds reached of S/18 billion.\n\nIn 2025, the Public Treasury carried out several liability management operations (LMO) to attend to financing needs, further develop the public debt market, and increase the public debt maturity profile. On June 5th, 2025 the first LMO was announced which included: i) the issuance of a new sovereign bond maturing 2035 for S/ 10 billion, yield of 6.90%, and ii) the tender exchange and repurchase of sovereign bonds maturing 2026, 2028, 2029 and 2031 for the new 2035 sovereign bond which added up to S/ 13.7 billion (S/ 9.4 billion in exchange for new the new sovereign bond 2035 and S/ 4.3 billion in repurchases for cash). The operation resulted in a total issuance of the 2035 new sovereign bond of S/ 19.4 billion. On June 25th 2025, the Treasury announced a second LMO which included: i) the issuance of two new global bonds for USD 3 billion maturing in 11 and 30 years respectively (USD 1.6 billion for a bond maturing 2036, yield 5.543% and USD 1.4 billion for a bond maturing 2055, yield 6.237%), ii) the tender exchange and repurchase of global bonds in USD maturing 2025, 2026, 2027, 2030 and 2031 for the new 2036 global bond which added up to USD 951 million (USD 516 million in the exchange for the new 2036 global bond and USD 434 million in repurchases for cash), and iii) the repurchases for cash of euro-denominated global bonds 2026 and 2030 for a total of EUR 230 million. Moreover, on August 25th 2025 the Public Treasury announced another LMO to exchange sovereign bonds maturing 2026 and 2028 for the 2034 sovereign bond. The Treasury tapped sovereign bond 2034 for S/ 2.6 billion (yield 5.40%) and exchanged 2026 sovereign bonds for S/ 2.1 billion and 2028 sovereign bonds for S/ 303 million (the operation netted out an increase in outstanding bonds of S/ 209 million). Lastly, on December 11th, 2025 the Treasury carried out its final LMO of the year to exchange sovereign bonds which included: i) tapping into 2035 and 2039 sovereign bonds for S/ 907 million and S/ 95 million, respectively, and ii) the exchange for sovereign bonds 2026 and 2028 for a total of S/ 1,055 million. The net result of this operation was a decrease of outstanding sovereign bonds of S/ 53 million.\n\nIn 2025, Bolivia, Colombia, Chile, and Panama faced varied economic challenges, with GDP growth rates of 1.5%, 2.6%, 2.4%, and 4.3% respectively, influenced by factors such as inflation, political unrest, and sector-specific issues.\n\nOther Countries in which We Operate\n\nMacroeconomic Indicators 2025BoliviaColombiaChilePanama\n\nReal GDP (% change)1.52.62.44.3\n\nInflation20.45.13.50.2\n\nReference RateN/A9.254.50N/A\n\nPublic Debt (as % GDP)90.464.741.765.5\n\nExchange rate, end of period6.963,775901N/A\n\nExchange rate, (% change)0.014.39.6N/A\n\nN/A – Not Applicable\n\nBolivia’s GDP is estimated to have grown 1.5% in 2025. Inflation accelerated sharply, reaching 20.4% year over year, the highest year‑end rate since 1988 (21.5%), while the fiscal deficit widened to an estimated 12.7% of GDP, according to the Central Bank. Reflecting mounting macroeconomic imbalances, Bolivia’s sovereign credit rating was\n\n162\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ndowngraded repeatedly in 2025 (Fitch: from CCC to CCC‑ in January; Moody’s: from Caa3 to Ca in April; and S&P: from CCC+ to CCC‑ in June). On the political front, the first round of presidential elections in August 2025 led to a runoff between Rodrigo Paz and Jorge Quiroga. Paz, a center‑right candidate, won the October 2025 runoff and has been in office since November 2025, marking the end of the MAS party’s 20‑year legislative dominance. In this context, the parallel market exchange rate closed the year at 9.6 bolivianos per U.S. Dollar, after having depreciated to nearly 20 bolivianos per dollar prior to the elections.\n\nIn Colombia, according to the Colombian National Statistics Bureau (DANE), GDP grew 2.6% in 2025. Economic activity continued to be driven primarily by consumption, resulting in a strong expansion in domestic demand (3.9%). Private consumption was supported by higher real wages, record‑low unemployment amid strong job creation, historically high workers’ remittances, government transfers, higher incomes among coffee‑growing households, and increased consumer credit. Public consumption also contributed significantly to growth, reflecting elevated government spending amid ongoing fiscal deterioration and limited fiscal consolidation, particularly during the electoral period. In contrast, investment remained weak, constrained by high interest rates and heightened regulatory and political uncertainty, posing risks to potential GDP growth. Inflation stood at 5.1% year-over-year in December 2025, above the upper limit of the Central Bank target range (3% + - 1pp.) for fifth consecutive year while inflation, excluding food and administered prices, stood at 5.0% year-over-year. As such, the BanRep, only delivered one policy rate cut of 25 basis points throughout the year to 9.25%. The fiscal deficit reached 6.2% of GDP, while the primary deficit stood at approximately 3.0% of GDP, highlighting the structural weaknesses in public finances. Under this context, Fitch cut the sovereign rating from BB+ to BB in Dec-25, matching Standard & Poor's. The exchange rate closed 2025 at 3,775 Colombian Pesos per dollar, an appreciation of 14.3% compared to the end of 2024, due to the weakening of the global dollar and the externalities of the national government’s financial engineering maneuvers.\n\nIn Chile, according to the Central Bank of Chile (BCCh), GDP grew 2.5% in 2025, while domestic demand expanded 4.4%. Private consumption was supported by rising consumer confidence and an improving labor market. Investment growth exceeded expectations, driven by higher copper prices, improved financial conditions, and stronger investment sentiment. Inflation stood at 3.5% in December 2025, down from 4.5% a year earlier and slightly above the Central Bank’s target range of 3% ±1 percentage point. Inflation declined faster than anticipated during the year, particularly in the goods component, reflecting the strong appreciation of the Chilean peso and the impact of trade diversion on the prices of certain imported goods. In this context, the BCCh continued its monetary policy normalization process, cutting the policy rate by 50 basis points in 2025 to 4.50%, bringing cumulative rate cuts since July 2023 to 675 basis points. The exchange rate appreciated by nearly 10% over the year, closing at 901 Chilean Pesos per U.S. Dollar. Notably, the peso strengthened by 6.4% in the fourth quarter (December 31 compared to September 30). On the political front, José Antonio Kast was elected President of Chile in a decisive victory. However, the elections resulted in a fragmented Congress, with no coalition securing an absolute majority in either chamber. Finally, regarding fiscal accounts, the fiscal deficit closed 2025 at 2.8% of GDP, while gross public debt remained at 41.7% of GDP. The recent surge in copper prices is likely to provide short‑term relief to fiscal pressures. In this context, both S&P and Moody’s reaffirmed Chile’s sovereign credit rating with a stable outlook.\n\nIn 2025, Panama’s economic growth recovered to around 4% year over year in 2025, rebounding from a weak 2.7% expansion in 2024, its slowest pace since the 2009 global financial crisis excluding the pandemic period. The recovery was driven primarily by private consumption and services, despite episodes of social unrest between April and July 2025 and persistent uncertainty related to fiscal and social security reforms. Jose Raul Mulino, from the Realizando Metas party of former president Ricardo Martinelli, won the May 2024 presidential election and achieved important accomplishments in 2025. First, the approval of the social security reform and second, the agreement with First Quantum to discontinue two arbitration proceedings due to the closing of Minera Cobre Panamá in 2023. U.S. pressure regarding the Panama Canal emerged as an additional challenge for President Mulino’s administration. President Trump threatened to take control of the Canal, citing concerns over China’s regional influence, prompting Panama to terminate its Belt and Road agreement with China and deepen cooperation with the United States. In parallel, the government launched audits of port concessions. In January 2026, Panama’s Supreme Court ruled unconstitutional the concession held by CK Hutchison to operate the ports of Balboa and Cristóbal. Finally, Panama’s public debt, as a percentage of GDP, closed 2025 at 65.5% of GDP.\n\nFor further information, see “ITEM 3. KEY INFORMATION – 3.D Risk Factors – “Economic and market conditions in other countries may affect the Peruvian economy and the market price of Peruvian securities” and “Our business and results of operations could be negatively impacted by the pandemic virus (include COVID-19) outbreak or other public health crises beyond our control.\"\n\n163\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(3)Material accounting policies\n\nNot applicable.\n\n(4)Historical Discussion and Analysis\n\nCredicorp monitors the results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Regarding Credicorp’s LoBs, total external income from the universal banking LoB amounted to 72.6%, 73.2% and 70.8% of Credicorp’s total external income (which corresponds to total interest and similar income, including income and expenses on commissions, net premiums earned from insurance activities and medical services results) in 2023, 2024 and 2025, respectively. Therefore, the following historical discussion and analysis is presented principally for the universal banking LoB, except when otherwise indicated, and is based upon information contained in our consolidated financial statements and should be read in conjunction therewith. The discussion in this section regarding interest rates is based on nominal interest rates.    \n\nThe financial information and the discussion and analysis presented below for 2023, 2024 and 2025 reflects the financial position and results of operations of our subsidiaries.\n\n4.1Consolidated contributions\n\nSee “Item 4.B Business Overview – (1) Credicorp Overview” for the contribution to the consolidated net profit attributable to our equity holders by each of our principal LoBs and subsidiaries, as well as for the percentage contribution to Credicorp total assets, total revenues, net profit, and equity attributable to Credicorp’s equity holders.\n\n4.2Financial performance\n\nIn 2025, we recorded a net profit, after non-controlling interest, of S/6,925.4 (compared to S/5,501.3 million in 2024 and S/4,865.5 million in 2023). This represented an increase of 25.9% as compared to the results in 2024. The increase was attributable to a higher net income from Universal Banking, which stemmed from increasing margins after provisions amid an acceleration in loan growth and diversified sources of revenue, as reflected by an increase in fee income and gains on FX transactions. The Microfinance business, in turn, also made a positive contribution driven by higher risk-adjusted margins that reflect a lower cost of funding; improved asset quality; and a shift in the loan mix toward small ticket, higher-yield loans. In 2025, operating expenses grew 8.6%, fueled primarily by core businesses at BCP and by investments in our innovation portfolio. Growth in core expenses at BCP was driven mainly by an increase in personnel expenses related to commercial and technological and transactional capabilities development. In 2025, ROAE was 19.0% (compared to 16.5% in 2024 and 15.8% in 2023), and ROAA was 2.6% (compared to 2.2% in 2024 and 2.0% in 2023).\n\nThe main factors behind Credicorp’s results were:\n\n•Year-end total loan balances increased 2.9% from 2024 to 2025 (+8.5% at a Neutral Exchange Rate), supported by a more dynamic economic backdrop. This growth was fueled by higher loan disbursements across all segments at BCP Stand-Alone, followed by Mibanco with similar loan disbursements dynamics, which registered sustained growth throughout 2025. Mibanco Colombia also contributed to this increase. See also Non-GAAP Measures of Financial Performance in this section.\n\n•The cost of risk decreased by 79 bps from 2024 to 1.63% in 2025. This result was mainly driven by a decrease in provisions across segments at BCP Stand-Alone and Mibanco, and secondarily by loan growth dynamics described above. At BCP Stand-alone, the decline was primarily triggered by the Individuals segment, which registered an improvement in payment performance and an increase in lower-risk vintages’ share of total loans. At Mibanco, the decline was driven mainly by an improvement in underlying risk as low-risk vintages gained terrain and currently represent 84% of the portfolio. See also “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating Results – (5) Financial Position – 5.1 Total Assets – Portfolio quality”.\n\n•Interest income, which is the largest single component of total external income, rose 0.3% in 2025. This growth was driven mainly by an increase in interest on loans, which was buoyed by a positive volume effect across segments and solid growth in retail loans in particular, which improved the mix of the portfolio. Interest expenses fell 9.4%, driven by a reduction in interest on deposits, which fell due to both lower market rates and an increase in low-cost deposits’ share of the funding mix. In this context, net interest income (NII) rose 4.3% from 2024 to 2025. At the end of 2025, full-year net interest margin (NIM) stood at 6.27%, which reflects a 2-bps decrease\n\n164\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nfrom its 2024 level. Finally, an improvement in client payment performance, as evidenced by the decline in Cost of Risk, led to an uptick in Risk-adjusted NIM, from 4.77% in 2024 to 5.28% in 2025.\n\n•Other income increased by 6.5% as compared to 2024, respectively. This was driven by an increase in Net Fee Income (S/147.6 million increase compared to 2024), as a result of higher transactional activity at BCP Stand-alone. Growth was also supported, to a lesser extent, by Mibanco, due to higher insurance fees associated with increased loan disbursements, and by Credicorp Capital, reflecting higher fund management fees. Likewise, this was driven by an increase in Net Gains on Foreign Exchange Transactions (S/182.5 million increase compared to 2024), mainly driven by improved pricing execution and higher transactional volumes at BCP Stand- alone.\n\n•Total insurance and reinsurance results (income from insurance services, less expenses from insurance services and reinsurance results) rose 15.9% compared to 2024. This variation was primarily driven by an increase in Insurance Service Income (+23.0%), mainly boosted by the consolidation of Pacifico EPS, after Credicorp, through Grupo Crédito S.A., acquired the 50% interest that Banmédica held in Pacifico EPS, and secondarily by more favorable Reinsurance Results (-7.2%), mainly in Life Business, P&C business and Crediseguros. These dynamics were partially offset by an increase in insurance service expenses (+34.3%), mainly reflecting the aforementioned consolidation.\n\n•Results for Medical Services contributed S/414.6 million. 2025 was the first year we registered this financial line in our financial statements. as a result of the full consolidation of the Medical Services, after Credicorp acquired the remaining 50% of Banmédica's stake from March 2025.\n\n•Operating Expenses increased 8.6% compared to 2024, mainly due to (i) BCP, where salary and benefit expenses rose from hiring more talent for new initiatives related to commercial, technological and transactional capabilities development, and variable compensation provisioning, and (ii) disruptive initiatives at the Credicorp level.\n\n•The efficiency ratio stood at 46.6% (compared to 45.8% in 2024), primarily due to an expansion in operating expenses.\n\nMain ratios\n\nAs of and for the year ended on December 31,\n\n2023202420252025 – 2024 (bps)\n\nROAE (1)\n15.83 %16.47 %19.05 %258\n\nROAA (2)\n2.01 %2.22 %2.65 %43\n\nNIM (3)\n6.01 %6.29 %6.27 %(2)\n\nFunding cost (4)\n2.91 %2.74 %2.31 %(43)\n\nCost of risk (5)\n2.50 %2.42 %1.63 %(79)\n\nLoan to deposit (6)\n98.15 %90.05 %88.02 %(203)\n\nInternal overdue ratio (7)\n4.23 %3.73 %3.21 %(52)\n\nNon-performing loan ratio (8)\n5.89 %5.26 %4.55 %(71)\n\nCoverage of Internal overdue loans (9)\n135.12 %147.42 %159.34 %1,192\n\nCoverage on Non-performing loans (10)\n97.02 %104.34 %112.45 %811\n\nOperating efficiency (11)\n46.08 %45.78 %46.55 %77\n\n(1)Net profit attributable to Credicorp / Average** equity before non-controlling interest.\n\n(2)Net profit attributable to Credicorp / Average** assets.\n\n(3)Net Interest Income / Average** interest earning assets.\n\n(4)Interest expense / Average** total funding.\n\n(5)Provisions for loan losses, net of recoveries / Total loans.\n\n(6)Total loans, net of unearned income / Total deposits and obligations.\n\n(7)Internal overdue loans / Total loans.\n\n(8)Non-performing loans / Total loans. Non-performing loans = Internal Overdue Loans + Refinanced Loans + Restructured Loans\n\n(9)Allowance for loan losses / Internal overdue loans.\n\n165\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(10)Allowance for loan losses / Non-performing loans.\n\n(11)(Salaries and employee benefits + Administrative expenses + Depreciation and amortization + Acquisition cost + Association in participation) / (Net interest income + Commissions and fees + Net gain from exchange differences + Net gain in associates + Net premiums earned + Net gain on foreign exchange transactions + Net loss(gains) on financial assets designated at fair value through profit or loss + Net gain on derivatives held for trading + Net loss from exchange differences). Acquisition cost includes net fees, underwriting expenses, and underwriting income.\n\n(**)Averages are determined as the average of period-beginning and period-ending balances.\n\n4.3Results of operations for the three years ending on December 31, 2023, 2024 and 2025\n\nThe following table sets forth, for the years 2023, 2024 and 2025, the principal components of our net profit:\n\nAs of and for the year ended on December 31,\n\n202320242025\n\n(in thousands of Soles)\n\nInterest and similar income18,798,495 19,869,256 19,930,169 \n\nInterest and similar expenses(5,860,523)(5,754,125)(5,213,690)\n\nNet interest, similar income and expenses12,937,972 14,115,131 14,716,479 \n\nProvision for credit losses on loan portfolio(3,957,143)(3,943,301)(2,873,454)\n\nRecoveries of written-off loans334,798 423,854 467,198 \n\nProvision for credit losses on loan portfolio, net of recoveries(3,622,345)(3,519,447)(2,406,256)\n\nNet interest, similar income and expenses, after provision for credit losses on loan portfolio9,315,627 10,595,684 12,310,223 \n\nTotal non-interest income5,655,825 6,404,119 6,821,279 \n\nTotal insurance and reinsurance result1,211,100 1,199,020 1,389,200 \n\nTotal medical services results— — 414,634 \n\nTotal other expenses(9,334,223)(10,374,296)(10,987,783)\n\nProfit before income tax6,848,329 7,824,527 9,947,553 \n\nIncome tax(1,888,451)(2,201,275)(2,864,899)\n\nNet profit4,959,878 5,623,252 7,082,654 \n\nNet profit attributable to:\n\nCredicorp’s equity holders4,865,540 5,501,254 6,925,377 \n\nNon-controlling interest94,338 121,998 157,277 \n\nNet income attributable to our shareholders for 2025 reflected an increase of 25.9% compared to 2024. This result was mainly due to lower interest and similar expenses, which decreased by 9.4% compared to 2024, and a lower provision for credit losses on the loan portfolio, which decreased by 27.1% compared to 2024. It was also due to higher total non-financial income, which increased by 6.5% compared to 2024, and the total result of medical services mainly boosted by the consolidation of Pacifico EPS, after Credicorp, through Grupo Crédito S.A., acquired the 50% interest that Banmédica held in Pacifico EPS\n\n166\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n4.3.1Net Interest, similar income, and expenses\n\nThe following table sets forth the components of net interest, similar income, and expenses:\n\nAs of and for the year ended on December 31,\n\n202320242025\n\n(in thousands of Soles)\n\nInterest and similar income\n\nInterest on loans15,044,864 15,654,391 15,743,509 \n\nInterest on investments at fair value through other comprehensive income1,984,408 2,136,099 2,058,897 \n\nInterest on due from banks1,133,211 1,405,854 1,369,573 \n\nInterest on investments at amortized cost456,543 469,224 441,899 \n\nDividends received46,080 49,469 87,275 \n\nInterest on investments at fair value through profit or loss48,376 54,999 46,288 \n\nOther interest and similar income85,013 99,220 182,728 \n\nTotal Interest and similar income18,798,495 19,869,256 19,930,169 \n\nInterest and similar expense\n\nInterest on deposits and obligations(3,141,307)(2,850,474)(2,303,616)\n\nInterest on due to banks and correspondents(1,158,665)(1,081,126)(1,029,593)\n\nInterest on bonds and notes issued(634,299)(799,223)(710,390)\n\nFinancial expenses of insurance activities(466,814)(507,356)(560,081)\n\nDeposit Insurance Fund(237,441)(256,583)(283,706)\n\nInterest on lease liabilities(25,574)(22,828)(37,169)\n\nOther interest and similar expense(196,423)(236,535)(289,135)\n\nTotal Interest and similar expense(5,860,523)(5,754,125)(5,213,690)\n\nNet interest income12,937,972 14,115,131 14,716,479 \n\nNet interest income grew by 4.3%, from 2024 to 2025 (and rose 9.1% from 2023 to 2024). This evolution was mainly due to a 9.4% decline in Interest and similar expenses due to lower interest rates and a higher share of low-cost deposits within the funding structure. In 2024, Interest and similar expenses registered a 1.8% decrease compared to 2023.\n\nInterest and similar income remained relatively stable (+0.3%) as loan growth acceleration was partially offset by lower interest rates. In this context, interest on deposits from other banks and securities decreased compared to the previous year. In 2024, Interest and similar income rose 5.7% compared to 2023.\n\nThe average balance of our foreign currency-denominated loan portfolio decreased by 3.6% to S/50.1 billion in 2025, as compared to S/52.0 billion in 2024.\n\nThe average balance of the Sol-denominated loan portfolio increased by 2.7% to S/94.3 billion in 2025, compared to S/91.9 billion in 2024.\n\nThe average nominal interest rates earned on loans increased 10.9% in 2025. The average nominal interest rate for foreign currency-denominated loans decreased to 7.2% in 2025. Average nominal interest rates for Sol- denominated loans increased to 12.9% in 2025.\n\nInterest and similar expenses decreased by 9.4% in 2025 compared to the level registered in 2024. In 2024, interest expense registered a decline of 1.8% compared to 2023. The 2025 decrease in interest expenses was attributable to lower market interest rates and a higher proportion of low-cost deposits in the funding mix.\n\n167\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAverage interest-bearing foreign currency-denominated deposits decreased in 2025 by 3.2% to S/71,606.5 million from S/73,975.1 million in 2024. Our average interest-bearing Sol-denominated deposits increased by 11.2% in 2025 to S/87,996.2 million from S/79,135.0 million in 2024.\n\nAverage nominal interest rates paid on foreign currency-denominated deposits was 1.8%, 2.0%, and 1.5% in 2023, 2024, and 2025, respectively. Average nominal interest paid on Sol-denominated deposits was 2.8% in 2023, decreased to 2.1% in 2024 and decreased to 1.7% in 2025. NIM (net interest income divided by monthly average interest-earning assets) was 6.53% in 2025, 6.42% in 2024 and 6.13% in 2023.\n\nFor more detail, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (7) Selected Statistical Information”.\n\n4.3.2Provisions for Loan Losses\n\nThe following tables set forth the changes in our provisions for loan losses:\n\nAs of and for the year ended on December 31,\n\n202320242025\n\n(in thousands of Soles)\n\nProvision for credit losses on loan portfolio(3,957,143)(3,943,301)(2,873,454)\n\nRecoveries of written-off loans334,798 423,854 467,198 \n\nProvision for credit losses on loan portfolio, net of recoveries(3,622,345)(3,519,447)(2,406,256)\n\nProvisions for credit losses on loan portfolios, net of recoveries, decreased by 31.6% in 2025 to S/2,406.3 million as compared to S/3,519.4 million in 2024 and to S/3,622.3 million in 2023. The contraction reflects lower provisions established across Credicorp’s banking businesses, particularly for BCP Stand-alone and Mibanco, driven by fortified risk management and backed by improvements in the Peruvian economy and payment performance.\n\nAt BCP Stand-alone, the decline was primarily triggered by the Individuals segment, which registered an improvement in payment performance and an increase in lower-risk vintages’ share of total loans; and, secondarily, by the SME segment, which exhibited similar dynamics. This evolution was partially offset by higher provisions at Wholesale Banking, mainly due to an increase in risk at indirect exposure related to specific clients in the construction sector. At Mibanco, the decline was driven mainly by an improvement in underlying risk as low-risk vintages gained terrain and currently represent 84% of the portfolio:\n\nTotal recoveries of written-off loans reached S/467.2 million in 2025, as compared to S/423.9 million in 2024 and to S/334.8 million in 2023.\n\n4.3.3Other Income\n\nThe following table reflects the components of our other income:\n\nAs of and for the year ended on December 31,\n\n202320242025\n\n(in thousands of Soles)\n\nCommissions and fees3,804,459 4,052,103 4,199,719 \n\nNet gain on foreign exchange transactions886,126 1,359,805 1,542,318 \n\nNet gain on securities425,144 362,295 400,686 \n\nNet gain on derivatives held for trading53,665 156,195 51,917 \n\nNet exchange difference result45,778 (41,058)41,991 \n\nOthers440,653 514,779 584,648 \n\nTotal other income5,655,825 6,404,119 6,821,279 \n\n168\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nOther income, excluding insurance and medical services results, increased by 6.5% to S/6,821.3 million in 2025, compared to S/6,404.1 million in 2024. This growth was mainly driven by higher Other Core Income, reflecting stronger Net Fee Income and Net Gains from Foreign Exchange Transactions, in line with the continued execution of our revenue diversification strategy and sustained growth in transactional volumes at BCP Stand‑alone.\n\nCommissions and fees increased by 3.6% to S/4,199.7 million in 2025, compared to S/4,052.1 million in 2024. Growth was primarily driven by Yape, reflecting higher adoption and usage of income‑generating functionalities, particularly QR/POS payments, bill payments and checkout solutions, as well as by core banking products such as Liability and transactional accounts, which rose through higher transactional volumes in Wires and Transfers, as well as Current Account gains, mainly at BCP Stand‑alone.\n\nNet Gains from Foreign Exchange Transactions increased by 13.4% to S/1,542.3 million in 2025, compared to S/1,359.8 million in 2024, driven by sustained transactional dynamism, particularly at BCP Stand‑alone, supported by disciplined pricing strategies and greater use of digital channels from Retail clients, as well as higher volumes from Wholesale clients.\n\nOther Non‑Core Income increased by 8.8% to S/1,079.2 million in 2025, compared to S/992.2 million in 2024, mainly explained by higher Net Gains on Securities, Net Gain from Exchange Difference and Other Non‑operating Income. Net Gains on Securities increased mainly due to BCP Stand‑alone, driven by sovereign bond exchange transactions, and, to a lesser extent, by Credicorp Capital and ASB, reflecting improved results in their fixed income portfolios. Net Gains from Exchange Differences were primarily generated by ASB. Other non‑operating income included an extraordinary gain related to the acquisition of the remaining 50% stake of the joint venture with Empresas Banmédica.\n\n4.3.4Exchange difference\n\nThe exchange difference reflects exposure to the appreciation and depreciation of net monetary positions in foreign currencies, principally US Dollars, in 2023, 2024 and 2025, to Peruvian Soles. We recorded a net gain from exchange difference of S/45.8 million, a net loss from exchange difference of S/41.1 million and a net gain from exchange difference of S/42.0 million in 2023, 2024 and 2025 respectively.\n\nCredicorp manages foreign exchange risk by monitoring and controlling the position values due to changes in exchange rates. We measure our performance in Soles (since 2014, when we changed our functional currency from US Dollars) such that if the net foreign exchange position (mainly US Dollar) is an asset, any depreciation of Soles with respect to the relevant foreign currency would positively affect Credicorp’s consolidated statements of financial position. The current position in a foreign currency comprises exchange rate-linked assets and liabilities in that currency. An institution’s open position in individual currencies comprises assets, liabilities and off-balance sheet items denominated in the respective foreign currency for which the institution itself bears the risk; any appreciation/depreciation of the foreign exchange would affect the consolidated statements of income.\n\nAs of December 31, 2023, 2024 and 2025, Credicorp’s net foreign exchange balance is the sum of its positive open non-Soles positions (net long position) less the sum of its negative open non-Soles positions (net short position). For further details, see “ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT – Foreign Currency Exchange Rate Risk\".\n\n4.3.5Insurance and reinsurance result\n\nThe following table reflects the result of insurance and reinsurance service under IFRS 17:\n\nAs of and for year ended December 31,\n\n202320242025\n\n(in thousands of Soles)\n\nInsurance service result1,602,421 1,693,617 1,848,025 \n\nReinsurance result(391,321)(494,597)(458,825)\n\nTotal insurance and reinsurance result1,211,100 1,199,020 1,389,200 \n\n169\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nInsurance and reinsurance result rose 15.9% to S/1,389.2 million in 2025, compared to S/1,199.0 million in 2024. This variation was primarily driven by a higher Insurance Service Income, mainly boosted by the consolidation of Pacifico EPS, after Credicorp, through Grupo Crédito S.A., acquired the 50% interest that Banmédica held in Pacifico EPS, and secondarily by a more favorable Reinsurance Result, particularly in Life and P&C businesses. These dynamics were partially offset by an increase in Insurance Service Expenses, mainly reflecting the aforementioned consolidation and, secondarily, due to the P&C business.\n\n4.3.6Results for Medical Services\n\nResults for Medical Services contributed S/414.6 million. 2025 was the first year we registered this financial line in our financial statements, as a result of the full consolidation of the Medical Services, after Credicorp, through Grupo Crédito S.A., acquired the 50% interest that Banmédica held in Pacífico EPS in March 2025.\n\n4.3.7Other Expenses\n\nThe following table reflects the components of our expenses:\n\nAs of and for the year ended on December 31,\n\n202320242025\n\n(in thousands of Soles)\n\nSalaries and employee benefits(4,265,453)(4,676,436)(5,435,471)\n\nAdministrative expenses(3,803,203)(4,183,775)(4,090,784)\n\nDepreciation and amortization(511,174)(570,830)(746,243)\n\nImpairment loss on goodwill(71,959)(27,346)- \n\nDepreciation for right-of-use assets(147,833)(142,640)(146,899)\n\nOthers(534,601)(773,269)(568,386)\n\nTotal other expenses(9,334,223)(10,374,296)(10,987,783)\n\nTotal other expenses increased by 5.9% to S/10,987.8 million in 2025, compared to S/10,374.3 million in 2024 Operating Expenses increased by 8.6% to S/10,426.8 million in 2025, compared to S/9,602.0 million in 2024. This was mainly attributable to (i) BCP, where salary and employee benefit expenses rose from hiring more talent, and variable compensation provisioning, and (ii) disruptive initiatives at the Credicorp level.\n\nSalaries and employee benefits increased by 16.2% to S/5,435.5 million in 2025 as compared to S/4,676.4 million in 2024 (and compared to S/4,265.4 million in 2023).\n\nAdministrative expenses decreased by 2.2% to S/4,090.8 million in 2025 as compared to S/4,183.8 million in 2024 (and compared to S/3,803.2 million in 2023).\n\n4.3.8Income Taxes\n\nThe Group’s income tax expense increased from S/2,201.3 million in 2024 to S/2,865.0 million in 2025, primarily as a result of a higher income before income tax in 2025.\n\nWhile the statutory income tax rate in Peru remained unchanged at 29.5%, the effective income tax rate increased from 28.15% in 2024 to 29.01% in 2025, mainly due to a lower net impact of non‑taxable income and a reduced favorable effect from profits generated by subsidiaries not domiciled in Peru, partially offset by the effect of dividend withholding taxes.\n\nAt present, Credicorp is not subject to any withholding tax, capital transfer tax, estate duty, inheritance tax, or property tax in Bermuda. However, on December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (CIT Act), in connection with the implementation of the Pillar Two rules. This legislation introduces a 15.0 percent corporate income tax, applicable to entities that are part of multinational groups with consolidated revenues equal to or exceeding EUR 750 million, for fiscal years beginning on or after January 1, 2025, as determined in accordance with, and\n\n170\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nsubject to, the adjustments set out in such legislation. Credicorp Ltd. and its subsidiaries domiciled in Bermuda fall within the scope of this regulation. As of December 31, 2025, Management has assessed the impact of this tax and concluded that it is not material to the consolidated financial statements.\n\nAdditionally, some of our subsidiaries are subject to income tax and taxes on dividends paid to us, depending on the legislation of the jurisdictions in which they generate income.\n\nPeru\n\nOur Peruvian subsidiaries, including BCP Stand-alone, are subject to corporate taxation on income under Peruvian Tax Law. As of December 31, 2023, 2024, and 2025, the Peruvian statutory income tax rate was 29.5% on taxable profit after calculating the workers’ profit sharing, which is determined using a 5.0% rate.\n\nPeruvian tax legislation is applicable to legal entities established in Peru and on an individual (not consolidated) basis. Our non-Peruvian subsidiaries are not subject to taxation in Peru, and their assets are not included in the calculation of the Peruvian extraordinary tax on net assets, except if these entities have income from Peruvian source that is subject to Peruvian withholding tax.\n\nThe SUNAT has the right to review and, if necessary, request to amend the Tax returns filed by Peruvian subsidiaries for up to four years after their filing date. However, this period may be suspended according to the criteria established in the tax legislation. As of December 31, 2025, income tax returns of the major subsidiaries open for examination by the tax authorities are as follows:\n\n-Banco de Crédito del Peru S.A.2021 to 2024\n\n-Mibanco, Banco de la Microempresa S.A.2023 to 2024\n\n-Pacífico Compañía de Seguros y Reaseguros S.A.2021 to 2024\n\n-Credicorp Capital Servicios Financieros S.A.2022 to 2024\n\n-Credicorp Capital Peru S.A.A.2022 to 2024\n\n-Grupo Crédito2021 to 2024\n\nBolivia\n\nThe corporate income tax rate in Bolivia is 25.0 percent as of December 31, 2023, 2024, and 2025. Bolivian financial entities are subject to an additional rate to the extent that the ROE exceeds 6.0 percent; in that case, they must consider an additional rate of 25.0 percent, which would bring the rate to 50.0 percent.\n\nThe Bolivian Tax Authority has the right to review and, if applicable, to make a new income tax assessment. It also regulates the terms for review after the filing of the income tax returns. The annual income tax declarations of BCP Bolivia, which are pending examination by the Bolivian tax authority, correspond to fiscal years 2017 to 2024.\n\nChile\n\nIn Chile, the tax legislation changed in 2020, establishing two new regimes currently in force: the general regime and the Pro-Pyme regime, with the latter applicable to smaller companies. Credicorp Capital Holding Chile, as well as all its subsidiaries, are taxed under the general regime, whose corporate income tax rate for domiciled legal entities remains at 27.0 percent as of December 31, 2023, 2024, and 2025.\n\nIndividuals or legal entities not domiciled in Chile will be subject to an additional tax at rates between 4.0 percent and 35.0 percent, depending on the nature of the income.\n\nThe Chilean Tax Authority has the power to review and, if applicable and if necessary, amend the annual income tax returns filed by the Chilean subsidiaries up to three years after their filing date and make a new determination for the income tax. The Chilean Tax Authority is currently auditing the 2022 corporate income tax returns of Credicorp Capital\n\n171\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nChile and the 2022 corporate tax return of Credicorp Capital Asset Management S.A. Administradora General de Fondos. No material issues have been raised in connection with either of these audits.\n\nColombia\n\nIn Colombia, the income tax rate has been set at 35.0 percent for the years 2023, 2024 and 2025.\n\nThe rate of 40.0 percent will be applicable only to financial institutions that, in the corresponding taxable year, have a taxable income equal to or greater than 120,000 Unidad de Valor Tributario (“UVT”), which as of December 31, 2025, 2024 and 2023 is equivalent to a total of S/5.3 million, S/5.1 million and S/4.4 million, respectively.\n\nAdditionally, for occasional profits, listed and established by the National Government in the Tax Statute and which are not subject to income tax, a differential rate of 15.0 percent must be applied on the net profit and the associated expenses respectively.\n\nDividends and participations are subject to a 20.0 percent rate as withholding at source on income, which will be transferable and imputable to the resident individual or investor residing abroad.\n\nThe Colombian Tax Authorities have the power to review and, if applicable, to make a new Income Tax assessment of the subsidiaries of Credicorp located in Colombia, which also regulate the terms for the review after the filing of the Income Tax returns. Additionally, in the case of Colombia, a period of 6 years was established for the taxpayers obliged to apply Transfer Prices or taxpayers who report tax losses. The Colombian annual tax returns pending review by the foreign tax authorities are the following:\n\n-Mibanco Colombia S.A.S.2020 to 2024\n\n-Credicorp Capital Colombia S.A.2020 to 2024\n\n-Credicorp Capital Fiduciaria2020 to 2024\n\nSince tax regulations are subject to interpretation by the different Tax Authorities where Credicorp’s subsidiaries are located, it is not possible to determine at the present date whether any significant additional liabilities may arise from any eventual tax examinations of the Credicorp’s subsidiaries. Any resulting unpaid taxes, tax penalties or interest that may arise will be recognized as expenses in the year in which they are determined. However, Management of Credicorp and its Subsidiaries and their legal counsel consider that any additional tax assessments would not have a significant impact on the consolidated financial statements as of December 31, 2023, 2024 and 2025.\n\nNon-GAAP Measures of Financial Performance\n\nTo supplement our audited consolidated financial statements prepared in accordance with IFRS as issued by the IASB, we present Neutral‑Exchange Rate Loan Growth, a non‑IFRS financial measure. We use this measure to evaluate loan portfolio performance excluding the effects of foreign exchange fluctuations. A reconciliation to the most directly comparable IFRS measure is presented in the tables below.\n\nThis non‑IFRS financial measure should not be considered in isolation or as a substitute for the analysis of our results prepared in accordance with IFRS, and may differ from measures with similar titles used by other companies. In addition, this measure is not based on a comprehensive set of accounting rules. Non‑IFRS measures have inherent limitations, as they do not reflect all amounts associated with our results of operations under IFRS. Accordingly, this measure should be used only in conjunction with the most directly comparable IFRS financial measure.\n\nWe believe that providing a reconciliation of this non‑IFRS financial measure to its most directly comparable IFRS measure helps investors better understand our underlying loan portfolio performance and enhances comparability across periods.\n\n172\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nNeutral-Exchange Rate Loan Growth\n\nWe believe that Neutral-Exchange Rate Loan Growth provides useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of the core dynamics of our loan portfolio. In addition, during the first quarter of 2025, our consolidated balance sheet was impacted by an update to the exchange rate used to translate BCP Bolivia’s balance sheet published on March 14, 2025 in Circular No. 857/2025 issued by the Financial System Supervisory Authority of Bolivia (ASFI), which significantly changed the rates at which Bolivian financial institutions can buy or sell U.S. dollars. The Neutral‑Exchange Rate Loan Growth measure presented excludes both the impact associated with the change in the exchange rate used in Bolivia and also the effects of the depreciation of the U.S. dollar against the PEN in 2025, providing a view of underlying loan portfolio growth trends in local currency excluding the impacts of changes in foreign exchange rates. For clarity, aside from the Bolivia exchange rate change and the U.S. dollar–PEN depreciation in Peru, this calculation does not neutralize the effects of movements in any other foreign currencies.\n\nThe Neutral-Exchange Rate Loan Growth measures were calculated by using the year-end foreign exchange rates for 2024 and applying them to the corresponding year-end balances for 2025, so as to calculate what our loan balance would have been had exchange rates remained stable from one year to the next.\n\nThe following table sets forth the Neutral-Exchange Rate Loan Growth for year ended December 31, 2025:\n\nTotal Loans\n\nYear Ended on December 31,\n\nAs reportedPercentage Change\nFX Neutral MeasuresAs reportedPercentage Change\nReconciliation\n\n20252024202520242025\n\n(In millions, except percentages)(In millions, except percentages)(In millions)\n\nWholesale Banking54,14253,5251.2%57,77553,5257.9%3,633\n\n   Corporate31,95831,3881.8%34,06731,3888.5%2,109\n\n   Middle-Market22,18422,1360.2%23,70822,1367.1%1,524\n\nRetail Banking69,50165,0146.9%70,51365,0148.5%1,012\n\n   SME-Business8,4348,1853.0%8,8718,1858.4%437\n\n   SME-Pyme16,73516,1633.5%16,75016,1633.6%15\n\n   Mortgage23,82221,8389.1%24,00721,8389.9%185\n\n   Consumer14,07412,8669.4%14,32612,86611.3%252\n\n   Credit Card6,4375,9628.0%6,5595,96210.0%122\n\nOthers1,5582,032(23.4)%1,6742,032(17.6)%116\n\nBCP Stand-Alone125,201120,5713.8%129,963120,5717.8%4,762\n\nCredicorp149,985145,7322.9%158,065145,7328.5%8,080\n\n(5)Financial Position\n\n5.1Total Assets\n\nThe following table shows changes to the principal assets of Credicorp from 2023 through 2025:\n\n173\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAs of and for the year ended on December 31,\n\n2023202420252025 - 2024\n\n(in millions of Soles)% Change\n\nCash and due from banks33,931 47,655 49,044 2.9 \n\nCash collateral, reverse repurchase agreements and securities borrowings1,411 1,033 2,177 110.7 \n\nInvestments:\n\nAt fair value through profit or loss4,983 4,715 4,957 5.1 \n\nAt fair value through other comprehensive income37,044 40,143 39,034 (2.8)\n\nAmortized cost10,189 8,968 8,814 (1.7)\n\nNet loans136,698 137,737 142,315 3.3 \n\nOther assets (1)14,584 15,838 21,022 32.7 \n\nTotal assets238,840 256,089 267,363 4.4 \n\n(1)Includes financial assets designated at fair value through profit or loss, reinsurance contract assets, property, furniture and equipment net, deferred income tax asset, due from customers on banker’s acceptances, intangible assets and goodwill, and other assets. Also included is the claim filed with the tax authority issued by SUNAT to Grupo Crédito on June 27, 2025, in the amount of S/1,568.0 million, together with accrued interest from the date of issuance of such resolutions up to the settlement date, amounting to S/9.2 million.\n\nAs of December 31, 2025, Credicorp had total assets of S/267.4 billion, an increase of 4.4% as compared to the total assets of S/256.1 billion in 2024. In 2023 total assets equalled S/238.8 billion.\n\nAs of December 31, 2025, our total loans, which correspond to direct loans, including accrued interest and excluding unearned interest, equalled S/150.0 billion, which represented 56.1% of total assets. Loans, net of allowance for loan losses, totaled S/142.3 billion in 2025, representing an increase of 3.3% from 2024. As of December 31, 2024, total loans totaled S/145.7 billion, representing 56.9% of total assets, and net of allowance for loan losses totaled S/137.7 billion. As of December 31, 2023, total loans totaled S/145.0 billion, representing 60.7% of total assets, and net of allowance for loan losses totaled S/136.7 billion.\n\nOur total deposits with the BCRP increased to S/36,718.6 million as of December 31, 2025, from S/36,665.5 million as of December 31, 2024. As of December 31, 2025, 2024 and 2023, our securities holdings include investments at fair value through profit or loss, investments at fair value through other comprehensive income and amortized cost investments, which amount to S/52,804.9 million, S/53,825.9 million and S/52,215.5 million, respectively.\n\n•Loan evolution\n\n20232024202520252025 - %2024 - %\n\nTotal year-end\nbalances(in millions of Soles)% Change\nLocal Currency (1)\n\nForeign Currency(2)\n\nLocal Currency (1)\n\nForeign Currency(2)\n\nBCP Stand-alone (3)119,425 120,571 125,201 3.8 68.1 31.9 67.8 32.2 \n\nMibanco13,269 12,239 13,607 11.2 99.9 0.1 99.9 0.1 \n\nBolivia9,402 9,939 7,552 (24.0)0.0 100.0 0.0 100.0 \n\nASB Bank Corp.2,150 1,802 1,462 (18.9)0.0 100.0 0.0 100.0 \n\nOthers (4)730 1,181 2,163 83.1 N/AN/AN/AN/A\n\nTotal loans144,976 145,732 149,985 2.9 65.5 34.5 63.9 36.1 \n\n(1)Peruvian Sol is considered local currency.\n\n(2)Includes mainly US dollar currency and other foreign currencies (BOB, COP, and CLP).\n\n(3)Includes BCP Panama and BCP Miami.\n\n(4)Includes Tenpo Payment, SEAH and eliminations for Credicorp’s consolidation purposes.\n\n174\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe increase of 2.9% (+8.5% at a Neutral Exchange Rate12) of Credicorp’s total loans from 2024 to 2025 was led by BCP Stand-alone (+3.8%), followed by Mibanco (+11.2%), as both results were bolstered by economic reactivation throughout the year. At Mibanco, loans increased on the back of an increase in disbursements, which began to gain traction in the last quarter of 2024. Mibanco Colombia also contributed to this increase, where loans continued to register significant recovery thanks to both the adjustments to origination guidelines implemented last year and a more favorable environment for microfinance.\n\nThe following table shows the composition of Credicorp’s loan portfolio for loans issued in local currency in year-end balances:\n\n2023202420252025 - 2024\n\nLocal currency year-end\nbalances(In millions of Soles)% Change\n\nBCP Stand-alone80,376 81,744 85,270 4.3 %\n\nMibanco13,252 12,227 13,598 11.2 %\n\nThe following table shows the composition of Credicorp’s loan portfolio in foreign currency in year-end balances:\n\n2023202420252025 - 2024\n\nForeign currency year-end balances(In millions US Dollars)% Change\n\nBCP Stand-alone10,528 10,315 11,873 15.1 \n\nMibanco5 3 3 — \n\nBCP Bolivia2,535 2,641 2,246 (15.0)\n\nASB Bank Corp.580 479 435 (9.2)\n\nThe following table shows the composition of BCP’s loan portfolio, measured in end-of-year balances:\n\nAs of and for the year ended on December 31,\n\n2023202420252024 - 20232025 - 20242025 - 2024\n\n(in millions of Soles)% Change% Change% Change FX Neutral (1)\n\nWholesale Banking53,235 53,525 54,142 0.5%1.2%7.9%\n\nCorporate31,144 31,388 31,958 0.8%1.8%8.5%\n\nMiddle-Market22,091 22,136 22,184 0.2%0.2%7.1%\n\nRetail Banking64,220 65,014 69,501 1.2%6.9%8.5%\n\nSME-Business7,780 8,185 8,434 5.2%3.0%8.4%\n\nSME-Pyme16,652 16,163 16,735 (2.9%)3.5%3.6%\n\nMortgage20,995 21,838 23,822 4.0%9.1%9.9%\n\nConsumer12,771 12,866 14,074 0.7%9.4%11.3%\n\nCredit card6,022 5,962 6,437 (1.0%)8.0%10.0%\n\nOthers1,971 2,032 1,558 3.1%(23.3%)(17.6%)\n\nBCP Stand-alone119,426 120,571 125,201 1.0%3.8%7.8%\n\n(1)Excludes the depreciation of the USD against PEN, calculated at a constant exchange rate based on the Peruvian Superintendence of Banks, Insurance and Pension Funds (SBS) information. Please, refer to Non-GAAP Measures of Financial Performance section in Item 5 - 5A - (4) Historical Discussion and Analysis.\n\n12 It excludes the impact of both a non-cash accounting adjustment at BCP Bolivia and the depreciation of the USD against PEN, which was calculated at a constant exchange rate based on the Peruvian Superintendence of Banks, Insurance and Pension Funds (SBS) information. For more information about the non-cash accounting adjustment at BCP Bolivia, please refer to Non-GAAP Measures of Financial Performance section in Item 5 - 5A - (4) Historical Discussion and Analysis and to Note 30, 30.2, (ii) to the consolidated financial statements.\n\n175\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nIn 2025, the increase in total loans at BCP Stand-Alone, measured at a neutral exchange rate13 (+7.8%), was primarily attributable to an increase in the loan portfolio of Retail Banking (+8.5%), followed by Wholesale Banking (+7.9%), in line with the following main dynamics:\n\n•Mortage’s end-of-year balances rose S/2,168.7 million, or 9.9%, from 2024 to 2025. This evolution was fueled by an increase in the demand for loans in a context marked by more favorable macroeconomic conditions and interest rates that remained low.\n\n•Consumer’s end-of-year balances rose S/1,460.0 million, or 11.3%, from 2024 to 2025. This evolution was driven by growth in disbursements, which was fueled mainly by an increase in the appetite for risk at BCP Stand-Alone and secondarily by an uptick in disbursements through Yape.\n\n•SMEs’ end-of-year balances, which include SME-Business and SME-Pyme, rose S/1,273.5 million, or 5.2%, from 2024 to 2025. In SME-Business, end-of-year balances increased S/686.2 million, or 8.4%, mainly due to growth in disbursements of negotiable invoices. In SME-Pyme, end-of-year balances increased S/587.2 million, or 3.6%, mainly due to growth in disbursements of working capital loans.\n\n•Wholesale Banking’s end-of-year balances, which include the Middle Market and Corporate Banking segments, rose S/4,250.2 million, or 7.9%, from 2024 to 2025. Corporate Banking was the largest contributor to this growth, driven primarily by an uptick in disbursements of medium and long-term loans as businesses showed a larger appetite for borrowing in a more favorable economic environment marked by recovery in private investment.\n\n•Portfolio quality14\n\nIn terms of portfolio quality, our internal overdue ratio (which includes loans under legal collection) was 3.21% at the end of 2025, 51 bps lower than the 3.72% ratio recorded at the end of 2024 (and 4.23% at the end of 2023). The non-performing loan ratio decreased by 71 bps to 4.55% in 2025 from 5.26% in 2024 (representing a decrease of 63 bps in 2024 from 5.89% in 2023). This was mainly due to a decline of overdue and refinanced loans, which was primarily driven by fortified risk management and backed by improvements in the Peruvian economy and payment performance at both BCP and Mibanco.\n\nAn analysis of the non-performing loan ratio by class shows that:\n\n•Wholesale Banking: An improvement of 86 bps was registered, situating its non-performing loan ratio at 1.62% compared to 2.49% in 2024. This improvement was driven by a decrease in non-performing loan balances, fueled mainly by the debt cancellation of two corporate clients in the Construction and Transportation sectors, and one refinanced client in the real estate sector.\n\n•SME-Business: An improvement of 68 bps was registered, situating its non-performing loan ratio at 9.94% compared to 10.62% in 2024. This improvement was driven by a decrease in non-performing loan balances, which reported a drop in refinance loans after improvements in debt collection management led to stronger recoveries.\n\n•SME-Pyme: An improvement of 127 bps was registered, situating its non-performing loan ratio at 12.03% compared to 13.30% in 2024. This improvement was driven by a decrease in non-performing loan balances, fueled by a drop in overdue loans via debt repayments by clients with loans under judicial recovery.\n\n•Mortgage: An improvement of 26 bps was registered, situating its non-performing loan ratio at 3.49% versus 3.75% in 2024. This improvement was propelled by loan growth, partially offset by a slight increase in non-performing loan balances.\n\n13 See also Non-GAAP Measures of Financial Performance in Item 5 - 5A - (4) Historical Discussion and Analysis.\n\n14 BCP's segmentation criteria have been updated and historical information restated to ensure comparability and better alignment with managerial reporting standards.\n\n176\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n•Consumer and Credit Cards: Consumer registered an improvement of 104 bps, situating its non-performing loan ratio at 5.60% compared to 6.63% in 2024, while Credit Cards posted a 54bps improvement, situating its non-performing loan ratio at 4.12% compared to 4.66% in 2024. These results were mainly driven by an increase in loan volumes and, secondarily, by a decrease in non-performing loan balances thanks to an improvement in the quality of origination and in collections management and backed by a more favorable economic backdrop.\n\n•Mibanco: An improvement of 216 bps was registered, situating its non-performing loan ratio at 5.27% compared to 7.43% in 2024. This improvement was propelled by a decrease in non-performing loan balances, fueled by a decrease in overdue loans, which was driven by a more cautious approach to origination and improvements in collections management in play since 2024.\n\n•BCP Bolivia: A deterioration of 38 bps was registered, situating its non-performing loan ratio at 3.69% compared to 3.32% in 2024. This deterioration was driven by a contraction in the loan portfolio.\n\nIt is important to keep in mind that traditional delinquency ratios such as internal overdue loan and non-performing loan ratios continue to be affected by the presence of loans with real estate collateral (commercial and residential properties). This means that a significant portion of loans that are more than 150 days past due cannot be written off (despite the fact that provisions have been set aside) without initiating a judicial process to liquidate the collateral, which may take several years to conclude.\n\nThe Coverage ratio of non-performing loans increased from 104.3% in 2024 to 112.4% at the end of 2025. This growth was mainly driven by a decrease in the non-performing loans portfolio across segments at BCP, followed by Mibanco, as described above.\n\n5.2Total Liabilities\n\nAs of and for the year ended\non December 31,\n\n2023202420252025 - 2024\n\n(In millions of Soles)% Change\n\nTime deposits41,290 44,116 40,362 (8.5)\n\nDemand deposits48,229 52,591 57,052 8.5 \n\nSaving deposits52,376 59,758 67,812 13.5 \n\nSeverance indemnity deposits3,186 2,996 3,193 6.6 \n\nBank's negotiable certificates1,195 1,101 982 (10.8)\n\nInterest payable1,429 1,280 1,001 (21.8)\n\nTotal deposits147,705 161,842 170,402 5.3 \n\nPayables from repurchase agreements and security lending10,168 9,061 8,244 (9.0)\n\nDue to banks and correspondents12,279 10,754 10,675 (0.7)\n\nBonds and notes issued14,595 17,268 14,026 (18.8)\n\nOther liabilities (1)20,986 22,187 24,919 12.3 \n\nTotal liabilities205,733 221,112 228,266 3.2 \n\n(1)As of December 31, 2025, 2024, and 2023 includes banker’s acceptances outstanding, lease liabilities, financial liabilities at fair value through profit or loss, insurance contract liability, deferred tax liabilities, net, and other liabilities.\n\nAs of December 31, 2025, liabilities totaled S/228.3 billion, a 3.2% increase from S/221.1 billion as of December 31, 2024. As of December 31, 2023, total liabilities were S/205.7 billion.\n\nAs of December 31, 2025, total deposits were S/170.4 billion, a 5.3% increase from S/161.8 billion on December 31, 2024. The increase in 2025 was primarily due to an increase in the Savings Deposit balance (+13.5%), which was driven primarily by Retail clients at BCP, which was attributable to inflows from pension funds withdrawals and improvements in\n\n177\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nour transactional offerings, which has enabled us to attract inflows. This increase was also driven, to a lesser extent, by Demand Deposits (+8.5%), due to pension funds withdrawals.\n\nAccording to the SBS, as of December 31, 2025, Credicorp (Mibanco and BCP) accounted for 42.3% of total savings deposits, 38.8% of total demand deposits, 25.2% of total time deposits, and 35.5% of total deposits in the Peruvian banking system, the highest of any Peruvian bank in all these types of deposits. In addition, as of December 31, 2025, we were in possession of 35.1% of the entire Peruvian banking system’s severance indemnity deposits.\n\nAs of December 31, 2025, our total due to banks and correspondents was S/10.7 billion, representing a 0.7% decrease from S/10.8 billion as of December 31, 2024, which in turn represented an decrease of 12.4% from S/12.3 billion on December 31, 2023. This evolution is attributable to a greater prominence of funding from deposits.\n\nAs of December 31, 2025, our total bonds and notes issued were S/14.0 billion, a 18.8% decrease from S/17.3 billion as of December 31, 2024 (the end of period balance of 2024 represented a 18.3% increase from S/14.6 billion in 2023). The decrease in 2025 was attributable to the expiration of BCP bonds, which occurred during the year.\n\nAs of December 31, 2025, our payables from repurchase agreements and securities lending were S/8.2 billion, a 9.0% decrease from S/9.1 billion as of December 31, 2024 (the end of period balance of 2024 represented a 10.9% decrease from S/10.2 billion as of December 31, 2023). During 2025, the balance of BCRP instruments decreased, primarily in BCP Stand-alone, driven by lower supply of repo financing from BCRP, given the ample liquidity in the market.\n\n5.2.1Funding Structure\n\nAt the end of 2025, Credicorp’s total funding was S/203.3 billion, which represents a 2.2% increase as compared to S/198.9 billion at the end of 2024.\n\nCredicorp’s funding structure shows an increase in total deposits throughout 2025, due to an uptick in low-cost deposits (demand deposits and saving deposits), given high levels of liquidity in the market. At the end of 2025, deposits accounted for 83.8% share of total funding, as compared to 81.4% at the end of 2024 (and 79.9% at the end of 2023).\n\nThe increase in deposits was mainly associated with savings deposits and demand deposits, which increased their share of the deposits mix (73.3% at the end of 2025, as compared to 69.4% in 2024 and 68.1% in 2023). On the other hand, time deposits decreased 8.5% at the end of 2025, compared to an increase of 6.4% in 2024 and 9.2% in 2023.\n\nWith respect to other funding sources, the balance of Bonds and notes issued posted a decline and represented 6.9% of total funding as of December 31, 2025 (compared to 8.7% and 7.9% of total funding on December 31, 2024 and December 2023, respectively). This decrease was due to the maturity of BCP bonds during 2025.\n\n5.3Total Equity\n\nAs of and for the year ended on December 31,\n\n2023202420252025 - 2024\n\nin millions of Soles% Change\n\nCapital stock1,319 1,319 1,319 - \n\nTreasury stock(208)(209)(210)0.5 \n\nCapital surplus228 176 149 (15.3)\n\nReserves and others26,549 27,417 30,193 10.1 \n\nRetained earnings4,572 5,643 6,916 22.6 \n\nEquity before non-controlling interest32,460 34,346 38,367 11.7 \n\nNon-controlling interest647 631 729 15.5 \n\nTotal equity33,107 34,977 39,096 11.8 \n\nAs of December 31, 2025, our total equity was S/39.1 billion, which represented an 11.8% increase from S/35.0 billion as of December 31, 2024.\n\n178\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nDuring 2023, 2024 and 2025, we had 94,382,317 issued shares each at US$5.00 par value.\n\nAs provided in Note 16 to our consolidated financial statements, on December 31, 2025, 15,015,729 of our issued shares were treasury stock. The term \"treasury stock,\" as used in this Annual Report and our consolidated financial statements, follows the IFRS definition of treasury stock, which includes (i) shares acquired and held by subsidiaries and members of the consolidated group and (ii) shares sold, issued or cancelled in connection with employee share option plans, employee share purchase plans and all other share-based payments arrangements. The term “treasury stock” is not related to the term \"treasury shares\" as used under the Companies Act 1981 of Bermuda, which defines “treasury shares” (in Section 42B of such Act) as shares that (i) were (or are treated as having been) acquired directly by the company that issued the shares and have not been cancelled and (ii) have been continuously held by the company since they were acquired. Credicorp is not allowed to hold \"treasury shares\" as such term is used under Bermuda Law. Under Bermuda law, a company cannot (i) exercise any rights with respect to treasury shares, including any right to attend and vote at meetings or (ii) pay dividends with respect to treasury shares.\n\nThe following table presents our treasury stock as of December 31, 2025:\n\nAs of and for the year ended on December 31, 2025\n\nShares of the GroupShared-based\npayment (1)Total Treasury stock\n\nSoles in\nthousandsUnitsSoles in\nthousandsUnitsSoles in\nthousandsUnits\n\nAtlantic Security Holding Corporation204,326 14,620,846 - - 204,326 14,620,846 \n\nAtlantic Security International Financial Services- - 3,151 225,456 3,151 225,456 \n\nBCP- - 1099 78,670 1099 78,670 \n\nGrupo Crédito- - 484 34,664 484 34,664 \n\nPacífico Seguros- - 211 15,113 211 15,113 \n\nMibanco- - 141 10,079 141 10,079 \n\nASB Bank Corp- - 109 7,828 109 7,828 \n\nCredicorp Capital Servicios Financieros- - 109 7,803 109 7,803 \n\nPrima AFP- - 35 2,539 35 2,539 \n\nOther subsidiaries- - 180 12,731 180 12,731 \n\nTotal204,326 14,620,846 5,519 394,883 209,845 15,015,729 \n\n(1)This mainly relates to treasury stocks acquired by the Group in order to cover the obligations of the share‑based compensation and retention program. Such stocks include those granted to employees and senior management which, as of the reporting date, have not yet vested in accordance with the terms and conditions of the program. For further detail refer to Note 16 to the consolidated financial statements and ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS – 7. A Major Shareholders.\n\nAt meetings held on February 27, 2025, April 27, 2024 and April 27, 2023, the Board of Directors approved the transfer of S/5,637.7 million, S/1,778.8 million and S/2,593.6 million, respectively, from “Retained earnings” to “Reserves”.\n\nIn 2025, Credicorp paid cash dividends, net of the effect of treasury stock, of approximately US$875.8 million (equivalent to approximately S/3,181.5 million, respectively). During 2024, Credicorp paid cash dividends, net of the effect of treasury stock, of approximately US$739.9 million and US$232.3 million (equivalent to approximately S/2,788.7 million and S/875.9 million, respectively). For 2025, cash dividend payouts per share totaled US$11.0 (equivalent to S/40.0, respectively). In 2024, cash dividend payouts per share totaled US$9.3 and US$2.9 (equivalent to S/35.0 and S/11.0, respectively). In accordance with current Peruvian legislation, there is no restriction for overseas remittance of\n\n179\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ndividends or the repatriation of foreign investment. As of December 31, 2025 and 2024, dividends paid by our Peruvian subsidiaries to Credicorp were subject to a 5.0% withholding tax.\n\nFor further detail about 2024 and 2023 evolution please refer to Credicorp’s previous 2024 20-F document, see “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A. Operating results – (5) Financial Position. – 5.3 Equity.”\n\n5.4Off-Balance Sheet Arrangements\n\nWe record various contractual obligations as liabilities in our consolidated financial statements. We do not recognize other contractual arrangements, such as off-balance-sheet exposures, as liabilities in our consolidated financial statements. These other contractual arrangements are required to be registered in off-balance-sheet accounts. We enter into these off-balance-sheet arrangements in the ordinary course of business to provide support to our clients and to hedge risks in our statement of financial position, including through use of guarantees, letters of credit, derivatives and swaps.\n\nThe following table reflects our off-balance sheet arrangements as of December 31, 2023, 2024 and 2025:\n\nAs of December 31,\n\n202320242025\n\n(in thousands of Soles)\n\nOff-balance-sheet exposure\n\nGuarantees and stand-by letters17,737,645 19,557,938 18,815,322 \n\nImport and export letters of credit2,313,970 2,581,383 2,451,835 \n\nSub Total20,051,615 22,139,321 21,267,157 \n\nResponsibilities under credit line agreements (*)87,091,701 85,269,774 80,250,985 \n\nDerivatives (notional amount)\n\nInterest rate swaps18,250,519 48,909,869 53,516,248 \n\nForwards32,261,233 33,978,249 32,730,887 \n\nCurrency swaps12,895,649 13,625,101 10,928,546 \n\nCross currency swaps1,244,113 1,172,830 — \n\nOptions501,189 743,202 842,734 \n\nCross interest rate swaps556,350 564,600 504,450 \n\nFutures40,428 23,713 38,338 \n\nSub Total65,749,481 99,017,564 98,561,203 \n\nTotal172,892,797 206,426,659 200,079,345 \n\n(*)Lines of credit include consumer loans and other consumer credit facilities (credit card receivables) granted to customers, which are cancelable upon prior notice to the customer.\n\nIn the normal course of business, our banking subsidiaries are parties to transactions with off-balance-sheet risk. These transactions expose them to additional credit risks relative to amounts recognized in the consolidated statements of financial position.\n\nCredit risk for off-balance sheet financial instruments is defined as the possibility of sustaining a loss as a result of any other party to a financial instrument failing to perform in accordance with the terms of the contract. The exposures to losses are represented by the contractual amount specified in the related contracts. We apply the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments (see Note 18(a) of the consolidated financial statements), including the requirement to obtain collateral when necessary. The type and amount of collateral held varies, but may include deposits in financial institutions, securities or other assets. Many contingent transactions are expected to expire without any performance being required. Therefore, the total committed amounts do not necessarily represent future cash requirements.\n\n180\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCredicorp has currency-forwards derivatives. Currency-forwards are commitments to buy or sell currency at a future date at a contracted price. Risk arises from the possibility that the counterparty to the transaction will not perform as agreed and from the changes in the prices of the underlying currencies. As of December 31, 2025, and 2024, the nominal amounts for forward currency purchase and sale agreements amounted to approximately S/212.1 million and S/261.8 million for hedging derivatives, and to S/32,518.7 million and S/33,716.5 million for trading derivatives, which in general have maturities of less than one year, respectively.\n\nThese agreements are entered into to satisfy client requirements and are recognized in the consolidated financial statements at their fair value. As of December 31, 2025, and 2024, the forward contracts’ net position expressed in soles was approximately S/13,858.5 million and S/(33,537.4) million, respectively.\n\nCredicorp’s swap contracts include interest rate and currency swap contracts, as well as cross-currency swap contracts. Interest rate and currency swap contracts are derivatives contracts, where counterparties exchange variable interest rates for fixed interest rates or different currencies, respectively, in the terms and conditions established at the contract’s inception. The risk arises each time the projected level of the variable rate during the term of the contract is higher than the swap rate, as well as from non-compliance with contractual terms by one of the parties. As of December 31, 2025, the notional amount of open interest rate and currency swap contracts was approximately S/64,444.8 million, compared to approximately S/62,535.0 million as of December 31, 2024, see Note 12(c) to the consolidated financial statements.\n\nCross-currency swap contracts involve the exchange of interest payments based on two different currency principal balances and referenced interest rates. They generally also include the exchange of principal amounts at the start and end of the contract. The notional amount of outstanding cross‑currency swap contracts was zero as of December 31, 2025, compared to approximately S/1,172.8 million as of December 31, 2024. See Note 12(c) to the consolidated financial statements.\n\nAs of December 31, 2025, the fair values of the asset and liability forward-exchange contracts, options, futures and interest rate and cross-currency swaps amounted to approximately S/1,231.9 million and S/1,047.9 million, respectively (compared to approximately S/904.8 million and S/819.5 million as of December 31, 2024) and are included under the “Other assets and other liabilities” section of the consolidated statements of financial position, respectively, see Note 12(c) to the consolidated financial statements.\n\n(6)Lines of Business (LoBs)\n\n6.1Universal Banking\n\n6.1.1BCP Stand-alone\n\nAsset Structure\n\nAt the end of 2025, BCP Stand-alone’s total assets amounted to S/204.9 billion, which represents a 3.8% increase compared to S/197.5 billion in 2024 (and S/180.9 billion in 2023). The increase in total assets in 2025 was mainly driven by a higher balance of loans in end-of-year balances, which rose 3.8% to S/125.2 billion in 2025, compared to S/120.6 billion in 2024 and S/119.4 billion in 2023.\n\nThis increase was driven primarily by higher loan disbursements in Retail Banking —particularly in the Individuals segment— and, secondarily, by an uptick in disbursements of medium and long-term loans in Wholesale Banking at BCP Stand-Alone. For analysis of Credicorp’s loan portfolio, please see “Item 5.A Operating results – (5) Financial position – 5.1 Total Assets – Loan evolution”.\n\nFor further analysis of our asset structure, please see “Item 5.A Operating results – (5) Financial position – 5.1 Total Assets”.\n\nPortfolio Quality\n\nThe internal overdue loan ratio at BCP Stand-alone decreased to 3.11% in 2025, compared to 3.53% in 2024 (which represented a decline from 4.17% in 2023). This improvement was mainly driven by Wholesale and SME segments. For\n\n181\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nanalysis of Credicorp’s non-performing loan ratios by business segment, see the second paragraph of “Item 5.A Operating results – (5) Financial position – 5.1 Total Assets – Portfolio quality”.\n\nBCP Stand-alone’s provisions for credit losses on loan portfolio, net of recoveries, decreased by 38.5% from 2024 to 2025 (compared to the 3.0% decrease from 2023 to 2024), which was driven primarily by a decrease in provisions for Individuals and, to a lesser extent, for SMEs. In this context, BCP Stand-alone’s cost of risk was 1.28% in 2025 (in comparison to 2.13% and 2.17% in 2024 and 2023, respectively). For analysis of Credicorp’s provisions by business segment, see “Item 5.A Operating results – (4) Historical Discussion and Analysis – 4.3.2 Provisions for Loan Losses”.\n\nFunding Structure\n\nAt the end of 2025, BCP Stand-alone’s total funding increased by 2.6% (from S/165.8 billion in 2024 to S/170.2 billion in 2025), driven primarily by an uptick in Deposits, which rose by 6.8% (+11.7 from 2023 to 2024).\n\nTotal deposits rose to S/146.1 billion (as compared to S/136.8 billion in 2024, which represented an increase from S/9.3 billion). The increase was mainly driven by savings deposits, which increased 14.8%. In 2024, total deposits rose 11.7% from S/122.4 billion in 2023.\n\nFinancial Ratios\n\nBCP Stand-alone’s net earnings contribution to Credicorp totaled S/5,907.6 million in 2025, which represented an increase of 20.8% compared to S/4,889.1 million reported in 2024. In 2024, the net earnings contribution to Credicorp grew 14.2%, from S/4,280.8 in 2023. This evolution was the result of a higher net interest income, fueled by a lower cost of funding amid lower interest rates and an increasing share of low-cost deposits in the funding mix. Meanwhile, the yield on Interest-earning assets declined due to the impact of lower interest rates.\n\nBCP Stand-alone’s ROAE contribution to Credicorp was 24.7% in 2025 (compared to 22.0% in 2024 and 20.6% in 2023). The higher contribution in 2025 reflects a reduction in provisions and diversified revenue streams.\n\nNIM stood at 5.8% in 2025, representing a decrease of 16 bps with regard to a 2024 NIM of 6.0% (In 2023, NIM stood at 5.7%). This decline was due mainly to lower interest rates, and was partially offset by a lower cost of funding.\n\nIn 2025, the efficiency ratio at BCP Stand-alone stood at 39.7% (versus 39.3% in 2024 and 38.8% in 2023). This was a result of growth in operating expenses which were driven by an increase in headcount and in provisions for variable compensation in core businesses. IT expenses stemming from growth in specialized personnel, expenses for licenses and third-party services, were a secondary driver of BCP’s operating expenses.\n\n6.1.2BCP Bolivia\n\nAsset Structure\n\nBy the end of 2025, BCP Bolivia’s total assets amounted to S/10.9 billion, which represents a 22.3% decrease compared to S/14.0 billion in 2024. The decrease in Bolivia’s loan portfolio was approximately 23.9%. At the same time, temporary and permanent investments decreased by 31.3%. Adjusting for variations in the Peruvian Sol to the Boliviano exchange rate, in 2025 total assets would have increased by 6.7%, the loan portfolio would have increased by 4.5%, and temporary and permanent investments would have decreased by 5.6%.\n\nFor further analysis of our asset structure, please see “Item 5.A Operating results – (5) Financial position – 5.1 Total Assets – Loan evolution”.\n\nPortfolio Quality\n\nThe past-due ratio has decreased from 2.75% in 2024 to 2.58% in 2025.\n\n182\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFunding Structure\n\nBy the end of 2025, BCP Bolivia decreased its total liabilities by 22.5%, in comparison to the 2.8% increase in 2024. This includes a decrease in total customer deposits of 22.7%. Adjusting for variations in the Peruvian Sol to Boliviano exchange rate, total liabilities would have increased by 6.4% and total deposits would have increased by 6.1%.\n\nNet profit\n\nBCP Bolivia’s net profit amounted to S/85.9 million in 2025, which represents a 8.2% decrease compared to S/93.5 million in 2024. Adjusting for variations in the Peruvian Sol to Boliviano exchange rate, the increase would have been 49.5%.\n\nFor further information on exchange rate exposure, see “ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT – Foreign Currency Exchange Rate Risk”.\n\n6.2Microfinance\n\n6.2.1Mibanco Peru\n\nAsset Structure\n\nTotal assets at Mibanco were S/18.4 billion as of December 31, 2025, which represented an increase of 8.3% from S/16.9 billion as of December 31, 2024 (and an increase of 8.7% from S/16.9 billion as of December 31, 2023). The 8.3% increase in total assets in 2025 is due to sustained growth of the bank's loan portfolio during the year.\n\nOn December 31, 2025, Mibanco’s loans totaled S/13.6 billion, which represents an increase of 11.2% compared to 2024 (compared to 7.8% decrease from 2023 to 2024). This increase was driven by the small business segment, which registered a growth of 24.7% in loans in 2025. The Microbusiness segment, in contrast, reported a 29.8% decrease in its loan level in 2025. Likewise, loans in our focus segment S/0-150 thousand (mainly micro and small business) increased their share of total loans in 2025, with shares of 83.0% (as compared to 81.3% and 81.0% in 2024 and 2023, respectively). Finally, Mibanco’s loan portfolio represented 73.7% of total interest-earning assets in 2025 (as compared to 71.8% in 2024 and 78.2% in 2023).\n\nCash and investments increased by 1.3% in 2025 (as compared to an increase of 29.2% in 2024 from 2023). We slightly increased the amount in cash in order to maintain strong internal and regulatory liquidity indicators.\n\nPortfolio Quality\n\nThe quality of our portfolio continued improving during 2025 (the non‑performing loan ratio decreased by 216 bps from 7.4% to 5.3%). Throughout 2025, we continued strengthening the risk culture, maintained a conservative profile for credit admission, applied agile collection practices, and updated our models in partnership with a world‑class academic institution which allowed the disbursement volume to increase to S/16 billion, 20% more compared to 2024. In this context, the cost of risk and the provision‑over‑margin ratio reached levels of 5.1% and 24.8% respectively at the close of 2025 (compared to 5.7% and 31.3% in 2024) and the risk vintages have remained within the approved limits throughout the year.\n\nFunding Structure\n\nAs of December 31, 2025, total liabilities at Mibanco amounted to S/15.6 billion, which represent an increase of 9.0% as compared to S/14.3 billion at the end of 2024 (and an increase of 11.9% as compared to S/13.9 billion at the end of 2023). In 2025, Mibanco's funding strategy reflected the growth in savings as well as an expansion of long-term structural funding. This shift was given by the bank's decision to capitalize on lower capital-market funding rates and to further diversify its funding sources.\n\nBond issuances increased by 117%, as compared to 2024, due to the attractive environment of competitive interest rates in the short‑term issuance market, as well as the subordinated bond issuances carried out to meet corporate capital requirements.\n\n183\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nIn 2025, deposits continued to represent the largest source of funding, accounting for 71.2% of average total liabilities (as compared to 77.1% in 2024 and 71.0% in 2023). The significant growth in retail savings was driven by the bank's strategic commitment to strengthening its stable funding sources, supported by clear targets for expanding retail deposits. This performance was also aligned with the continued growth of the loan portfolio, ensuring a balanced funding structure to sustain business expansion. The increase in bonds, whose average balance in 2025 was S/671.3 million (up 116.7% from S/309.6 million in 2024 and up 9.7% from S/611.2 million in 2023) was driven by the higher issuance of short-term securities due to lower market rates compared to other sources of funding, as well as the issuance of Tier 2 subordinated bonds supporting the strategy of maintaining strong and conservative capital ratios. The 40% increase due to banks and correspondents was driven by higher funding requirements aligning with the growth of the loan portfolio. This debt rebalancing combined with lower market rates, brought our funding cost to 4.4% by the end of 2025 (compared to 5.1% at the end of 2024 and 7.2% at the end of 2023).\n\nIn this context, Mibanco leveraged more stable sources of funding, particularly retail savings deposits and long-term structural debt to meet it's financing needs, as these instruments offered lower rated amid a declining interest rate environment.\n\nFinancial ratios\n\nMibanco’s net earnings contribution to Credicorp totaled S/445.2 million in 2025, as compared to S/302.2 million in 2024 and S/199.2 million in 2023.\n\nMibanco’s ROAE contribution to Credicorp was 16.6% in 2025, compared to its contributions of 10.9% in 2024 and 7.1% in 2023. This substantial increase in Mibanco’s ROAE contribution reflects (i) a decrease in net provisions for loan losses, in line with lower delinquencies due to conservative lending guidelines, a differentiated strategy for early and overdue collections, and a comprehensive vision of risk and profitability; (ii) an increase in net interest income driven by lower cost of funds in line with lower market rates and higher retail share, higher rates of loans due to smaller and more profitable ticket, enhanced by higher loan volumes; and (iii) higher non-interest income driven by insurance commissions for higher disbursements. The aforementioned increase was partially offset by operating expenses, due to advanced strategic initiatives to strengthen its commercial, digital, and operational capabilities.\n\nMibanco’s NIM was situated at 14.6% in 2025, which represents an increase of 76 bps from 13.8% in 2024 and an increase of 64 bps from 13.2% in 2023. The increase in NIM was fueled by a decrease in interest expenses due to lower market interest rates and better mix of retail funds, higher interest rates in loan portfolio and investments, and a better mix of structural loans guided by smaller tickets which increased their share in nearly 180 bps.\n\nIn 2025, Mibanco’s efficiency ratio was 50.9%, lower compared to the 52.7% in 2024 (and similar compared to 52.7% in 2023). This result was primarily attributable to faster growth of net interest income than of operating expenses due to sustained expansion of the current loan portfolio. Additionally, the higher share of smaller ticket loans has contributed to higher margins, while delinquency levels have remained within controlled and sustainable parameters.\n\n6.2.2Mibanco Colombia\n\nAs of year-end, Mibanco Colombia's loan portfolio reached a total of $2,546.9 billion COP, marking a 23.9% year-over-year increase ($2,055.7 billion COP in 2024 and $1,780.2 billion COP in 2023). This growth was driven by an increase in the average rate, which rose from 40.15% in 2024 to 41.59% in 2025. The microcredit segment continues to represent the largest portion of the loan portfolio, accounting for 76.7% of the total gross loans as of December 2025.\n\nThe growth in interest income and other non-financial income aligned with the increase in gross loan amounts. Interest income grew by 25%, while non-financial income increased by 18.6% year-over-year.\n\nDuring 2025, our funding cost decreased 69 basis points (bps) from 2024, primarily due to a reduction at the beginning of the year in the Colombian Central Bank’s benchmark interest rate as part of its strategy to curb inflation. As of December 31, 2025, the benchmark interest rate was 9.3% (down from 10.3% on December 31, 2024, and 13.0% on December 31, 2023). Consequently, our financial expenses grew by only 2% year-over-year. However, despite cuts in interest rates, the monetary policy is currently highly contractionary given the prevailing political uncertainty.\n\nThe Central Bank is operating in a challenging policy environment after the Government implemented a 23% increase in the minimum wage, which poses significant risks to inflation control.\n\n184\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThroughout 2025, the market environment experienced a notable recovery, closing with a 30-day non-performing loan ratio below to the average of the last five years, reaching 4.2% at December 31, 2025, 204 bps lower than December 31, 2024 and 169 bps lower than December 31, 2023. As a result, there has been a clear slowdown in the deterioration of the loan portfolio, supported by a strong slowdown in defaults and write-offs. Consequently, Mibanco's cost of risk was 4.3% as of December 31, 2025, down 164 bps from December 2024.\n\n2025's annual inflation stood at 5.1%, down from 5.2% in 2024 and 9.3% in 2023. However, due to an increase in the advisor headcount and the execution of certain projects, operating expenses increased by 18%. Mibanco continued to implement a robust efficiency program that enabled expense prioritization and process automation, and branch mergers. As a result of these efforts, the efficiency ratio closed at 66%, compared to 77% in 2024 and 93% in 2023.\n\n6.3Insurance & Pensions\n\n6.3.1Grupo Pacífico\n\nNet Profits\n\nGrupo Pacífico’s net profit before non-controlling interest was S/871.8 million in 2025, S/102.0 million higher than the S/769.8 million reported in 2024 (compared to S/810.4 million in 2023). This higher net profit was mainly driven by:\n\n•An increase in net profit for the P&C insurance business, which totaled S/143.8 million in 2025, 34.3% higher than the S/107.1 million reported in 2024 (compared to S/53.5 million in 2023). This is explained by (i) higher insurance and reinsurance performance led by Personal Lines, Soat, Medical Assistance and Cars, offset by Commercial Lines; (ii) Higher Net Financial Result supported by increased yields on investments; and (iii) lower Medical Assistance deduction and higher other income.\n\n•An increase in net profit for the Life insurance business, which totaled S/552.6 million in 2025, 0.4% higher than the S/550.5 million reported in 2024 (compared to S/639.7 million in 2023). This increase was primarily due to (i) higher insurance and reinsurance result, which increased S/39.7 million primarily due to Credit Life and Individual Life, offset by D&S; (ii) higher other income, which increased S/50.2 million, attenuated by (iii) lower Net Financial Result, which decreased S/46.6 million due to the impact of credit downgrades on certain investment portfolio assets and higher financial expenses.\n\n•An increase in net profit for Corporate health insurance and medical services due to the complete consolidation of Pacifico EPS and Medical services as of March 2025, while last year only 50% of these business profits were attributable to Grupo Pacífico, given its previous partnership with Banmédica, which totaled S/171.8 million in 2025, 65.8% higher than the S/103.6 million reported in 2024 and higher the S/102.4 million reported in 2023.\n\n•An increase in net profit for the Crediseguro business, which amounted to S/8.0 million in 2025, 4.1% higher than the S/7.7 million reported in 2024.\n\nFinancial Ratios\n\nGrupo Pacífico’s ROAE was 21.40% in 2025, lower than its ROAE 23.7% in 2024. This was driven by (i) the consolidation of Pacífico EPS, after Credicorp through Grupo Crédito S.A., acquired the 50% interest that Empresas Banmédica held in Pacifico EPS, thereby increasing the denominator and reducing the ratio, (ii) an increase in the Net Loss on Securities, which was impacted by credit downgrades on a couple of assets in the investment portfolio, and (iii) increased Operating Expenses.\n\nAs of and for the year ended December 31,\n\nROAE (1)202320242025\n\nGrupo Pacífico29.50%23.70%21.40%\n\n(1)Annualized and average are determined as the average of period beginning and period ending. For 2023 and 2024, these numbers include 50% of the corporate health insurance and medical services business results, due to the\n\n185\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nagreement with Banmédica. For 2025, includes 100% of corporate health insurance and medical services business results due to the acquisition of the 50% interest that Banmédica held in Pacifico EPS.\n\nP&C Insurance Business\n\nThe 2025 total insurance and reinsurance results increased 18.9% from 2024, which was mainly driven by an increase in insurance service revenue and a reduction in insurance service expenses; partially offset by the reinsurance result.\n\nThe Insurance revenue increased 5.0%, due to written premiums that totaled S/2,206.1 million in 2025, reflecting a 3.4% increase compared to 2024. This increase is primarily driven by (i) Personal Lines, due to the higher sales of Credit card protection product through BCP and Falabella, (ii) Medical Assistance due to the volume of policy renewals in healthcare and oncological products, and (iii) Soat, due to an increase in sales through Yape. The aforementioned was attenuated by Commercial Lines and Cars, affected by the exchange rate differences and lower sales.\n\nThe insurance service expenses decreased by 4.8%, mainly due to an 11.3% reduction in claims in 2025 and added claims recovered from the reinsurer, the net claims decreased 2.0%. This was attributable to decrease in (i) Personal Lines, explained by lower frequency of claims on credit card protection product, and (ii) Cars business unit reflecting a reduction in claims. The aforementioned was mitigated by Commercial Lines, which reported an uptick in claims for its Fire and Third-Party Liability products; and Medical Assistance, due to higher frequency of claims in healthcare insurance products. In addition, the attributable expenses showed an increase of 17.1% in 2025, explained by higher sales expenses and personnel expenses.\n\nNet financial results increased over the previous year (+4.2%), driven by higher yields on investments due to the disciplined management of our investment portfolio. On the other hand, there was lower Medical Assistance deductions as a result of the full consolidation, incorporating the remaining 50% of Banmédica's stake, ending the joint venture with Pacífico; and Other income registered an increase due to releases of provisions. The aforementioned was attenuated by higher non attributable personal expenses.\n\nNet Profit and Selected Ratios for Grupo Pacífico’s - P&C business(1)\n\nAs of and for the year ended December 31,\n\n2023202420252025 - 2024\n\n(in thousands of Soles)Change (S/)Change (%)\n\nInsurance revenue1,645,467 1,790,635 1,880,865 90,230 5.0%\n\nInsurance service expenses(1,158,972)(1,318,655)(1,255,695)62,960 (4.8%)\n\nInsurance service result486,496 471,980 625,170 153,190 32.5%\n\nReinsurance result(322,308)(298,428)(418,808)(120,380)40.3%\n\nTotal insurance and reinsurance result164,187 173,552 206,362 32,810 18.9%\n\nFinancial income55,589 62,727 65,439 2,712 4.3%\n\nFinancial expenses of the insurance service(695)(189)(277)(88)46.6%\n\nNet Financial Result54,894 62,538 65,162 2,624 4.2%\n\nNon attributable expenses(105,874)(116,304)(134,320)(18,016)15.5%\n\nOther income/expenses(10,652)14,528 14,946 418 2.9%\n\nExchange rate difference5,095 1,007 (96)(1,103)(109.5%)\n\nMedical Assistance insurance deduction(53,097)(28,269)(6,998)21,271 (75.2%)\n\nIncome tax(1,052)— (1,302)(1,302)n.a.\n\nNet profit53,502 107,052 143,754 36,702 34.3%\n\n(1)Financial statements without consolidation adjustments.\n\n186\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nLife Insurance Business\n\nGrupo Pacífico’s life insurance business’s net profit was S/552.6 million in 2025, compared to S/550.5 million reported in 2024. This increase was mainly attributable to (i) higher insurance and reinsurance results in Credit Life and Individual Life, mitigated by D&S, and (ii) higher Other income.\n\nThe 2025 total insurance and reinsurance result increased 8.5% from 2024, which such increase was mainly attributable to lower insurance service expenses and favorable reinsurance results, partially offset by a decrease in insurance revenue.\n\nGrupo Pacífico’s life insurance business reported a decline in the Insurance revenue, -37.1%, due to written premiums which totaled S/1,327.4 million in 2025, reflecting a 24.5% decline as compared to 2024. This result is primarily explained by (i) D&S, as Pacifico was not awarded any tranche under SISCO VIII in 2025 (after securing a tranche under SISCO VII last year), and (ii) Group Life, by SCTR products for lower renewal premiums in corporate accounts. The aforementioned was mitigated mainly by Credit Life, which was fueled by an uptick in premiums through Bancassurance and Alliances (Banco de la Nación and Falabella).\n\nIn 2025, Insurance service expenses declined by 62.0%, mainly through D&S, given that no tranches of the SISCO VIII were awarded, Credit Life, due to a reduction in claims through the Bancassurance Channel, and Individual Life, which reported a drop in claims. This result was partially attenuated by Annuities, which reported an increase in claims and loss component variation, and Group Life.\n\nNet Financial results decreased by 17.9% in 2025 compared to 2024 as a result of higher financial expenses of the insurance service due to higher credited interest as a result of the increased business volume, mitigated by higher financial income explained by higher dividends on investments due to rate effect and assets under management (AUM), and higher interest on bank deposits, attenuated by higher impairment loss due to the impact of credit downgrades on a couple of assets in the investment portfolio.\n\nNet Profit and Selected Ratios for Grupo Pacífico’s- Life business (1)\n\nAs of and for the year ended December 31,\n\n2023202420252025 - 2024\n\n(in thousands of Soles)Change (S/)Change (%)\n\nInsurance revenue1,647,101 1,439,260 905,648 (533,612)(37.1%)\n\nInsurance service expenses(1,076,250)(910,497)(346,402)564,095 (62.0%)\n\nInsurance Service result570,851 528,763 559,246 30,483 5.8%\n\nReinsurance result(82,998)(61,850)(52,625)9,225 (14.9%)\n\nTotal insurance and reinsurance result487,853 466,913 506,621 39,708 8.5%\n\nFinancial result of insurance activity (VFA)877 (3,541)(25,158)(21,617)610.5%\n\nFinancial income755,267 771,024 798,669 27,645 3.6%\n\nFinancial expenses of the insurance service(466,119)(507,167)(559,805)(52,638)10.4%\n\nNet financial result290,026 260,316 213,706 (46,610)(17.9%)\n\nNon attributable expenses(101,847)(112,277)(111,063)1,214 (1.1%)\n\nOther Income/Expenses(23,280)(27,647)22,600 50,247 (181.7%)\n\nExchange rate difference10,864 (1,571)(3,533)(1,962)124.9%\n\nIncome tax(23,932)(35,242)(75,739)(40,497)114.9%\n\nNet profit639,683 550,492 552,592 2,100 0.4%\n\n(1)Financial statements without consolidation adjustments.\n\nCorporate Health and Medical Services Insurance Business\n\nAs a business unit, Corporate health insurance and medical services achieved a net profit of S/190.3 million in 2025, which was 8.2% lower than the S/207.2 million reported in 2024. This decrease in net profit can be attributed to lower net profit in corporate health insurance, explained by higher claims due to the increase in the frequency of EPS plans.\n\n187\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe aforementioned was offset by an increase in medical services income, which was mainly attributable to health clinics and specialized clinics (S/156.5 million in 2025 versus S/138.2 million in 2024) as a result of an increase in the demand for services.\n\nIn the consolidation view, there was higher net profit (S/172 million versus S/103 million in 2024) as a result of the full consolidation, incorporating the remaining 50% of Banmédica's stake from March 2025.\n\nNet Profit and Selected Ratios for Grupo Pacífico’s Corporate Health Insurance & Medical Services (1)\n\nAs of and for the year ended December 31,\n\n2023202420252025 - 2024\n\n(in thousands of Soles)S/%\n\nInsurance revenue1,313,640 1,439,482 1,514,161 74,679 5.2%\n\nInsurance service expenses(1,124,371)(1,264,284)(1,391,154)(126,870)10.0%\n\nInsurance service result189,270 175,198 123,007 (52,191)(29.8%)\n\nReinsurance result(16,658)(34,261)(39,651)(5,390)15.7%\n\nTotal insurance and reinsurance result172,612 140,938 83,356 (57,581)(40.9%)\n\nFinancial income from the insurance service16,562 22,501 40,197 17,696 78.6%\n\nNon attributable expenses(52,843)(82,386)(83,977)(1,591)1.9%\n\nOther income/expenses(2,686)15,795 21,233 5,438 34.4%\n\nExchange rate difference(2,423)1,004 (8,781)(9,785)(974.6%)\n\nIncome tax(44,855)(28,760)(18,221)10,539 (36.6%)\n\nNet profit corporate health insurance86,367 69,092 33,807 (35,285)(51.1%)\n\nNet profit medical services118,449 138,156 156,524 18,368 13.3%\n\nNet profit204,816 207,248 190,331 (16,917)(8.2%)\n\n    \n\n(1)Financial statements without consolidation adjustments.\n\nUnderwriting, Actuarial and Reinsurance\n\nUnderwriting guidelines for substantially all the risks associated with the P&C and corporate health insurance businesses are developed by insurance underwriting staff in collaboration with the actuarial and pricing staff. Grupo Pacífico’s P&C insurance business unit has an engineering staff that ensures that most medium and medium-to-large commercial properties are insured for risks prior to underwriting, while third-party surveyors are employed to inspect smaller and/or lower-risk properties. Pricing and underwriting guidelines, rates, and approval thresholds for these risks are periodically reviewed by the staff, reported to the Risk and Pricing Committees, and continuously monitored to ensure alignment with competitive market conditions and profitability targets.\n\nGrupo Pacífico’s P&C insurance business transfers risks to reinsurers in order to limit maximum aggregate potential losses and minimize exposures to large individual risks. Reinsurance companies are chosen based on the evaluation of the credit quality of the reinsurer, financial rating, terms of coverage, price, and service. The P&C insurance business acts as a reinsurer on a very limited basis, providing facultative reinsurance capacity to other Peruvian insurers that are unable to satisfy their reinsurance requirements and/or the interests of Peruvian clients in the Latin American region.\n\nHistorically, Grupo Pacífico’s P&C insurance business has obtained reinsurance for a substantial portion of its earthquake-related (and other catastrophic risks) insurance portfolio through quota share and excess of loss reinsurance treaties. The insurance business has property catastrophe reinsurance coverage that covers its probable maximum loss under local regulatory requirements and according to international modeling agencies. However, there is no guarantee that a major catastrophe would not have a material adverse impact on Grupo Pacífico’s financial condition and/or its operations. However, we model the portfolio periodically to review potential increase in exposures and assess stress test for the portfolio.\n\n188\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nIn 2025, Grupo Pacífico’s total ceded reinsurance premiums totaled approximately US$ 206.73 million, of which approximately 93% were ceded to carriers with A- and above ratings.\n\nGrupo Pacífico’s life insurance business holds excess of loss reinsurance contracts for its Individual Life, Personal Accident, Group Life and Credit Life products; in the case of the Disability and Survivorship risk (D&S), the company has no participation in the current 2025-2026 contract, maintaining a runoff portfolio for the quota share reinsurance contracts of previous years. Workers’ compensation (SCTR) and the Annuity business do not have a proportional reinsurance contract. Catastrophic reinsurance contracts cover all of Pacífico’s line of business (Individual Life, Personal Accident, Group Life, Credit Life, SCTR and D&S), except for the annuity line. Life premiums ceded to reinsurers represented around 1.4% of the life insurance businesses' written premiums in 2025.\n\nInvestment Portfolio\n\nGrupo Pacífico’s investments are primarily made to meet its solvency equity ratio and provide reserves for its claims. Investments are managed by product within the P&C and life insurance businesses and are designed to contain sufficient assets to match the company’s liabilities. Grupo Pacífico has adopted strict policies related to investment decisions that are reviewed and approved by Grupo Pacífico’s Board of Directors on a monthly basis. Grupo Pacífico invests in local and international markets, with emphasis on investments in Peru, the United States, and Latin America.\n\nAs of December 31, 2025, the value of Pacífico’s investment portfolio stood at S/16,790 million, which included mainly S/14,063 million in fixed-income instruments (including deposits and cash considered as eligible assets under SBS regulation), S/840 million in investment properties, S/786 million in equity securities, and S/1,102 million in alternative investments. This diversified portfolio follows an asset-liability management strategy focused on cash flow, duration, and currency matching of assets (portfolio) and liabilities (reserves), as well as on supporting Pacífico’s capital structure. Pacífico’s financial income increased by 4% in 2025 to S/864 million from S/834 million in 2024.\n\n6.3.2Prima AFP\n\nAs of December 31, 2025, the number of affiliates in Prima AFP was 2.4 million, in line with the previous two years.\n\nPrima AFP’s assets under management reached S/32.8 billion, which was 2% higher than the S/32.1 billion in 2024 and 11% lower than the S/36.9 billion in 2023. In 2025, nominal annual yields were 4.8%, 9.8%, 9.7%, and 13.4% for Funds 0, 1, 2, and 3, respectively. Since 2006, Prima AFP’s nominal annualized yields were 6.2%, 6.7%, and 5.7% for Funds 1, 2, and 3, respectively.\n\nPrima AFP’s revenues were S/383.3 million in 2025, which was higher than S/372.8 million in 2024 and higher than S/ 351.0 million in 2023. The increase compared to 2024 was explained by a higher flow commission due to clients’ wage growth and higher voluntary pension savings (APV) commission due to higher fund profitability for 2025 clients. However, this was affected by lower mixed‑balance commission due to reduced profitability in the first months of the year, as well as the impact of withdrawals during the last months of 2025.\n\nOperating expenses reached S/208.0 million in 2025, which was S/5.6 million and S/26.7 million higher than in 2024 and 2023, respectively, due to increased strategic expenses.\n\nPrima AFP’s net profit was S/146.5 million in 2025, which was S/13.6 million higher than in 2024 mainly due to higher net reserve fund profitability. Nevertheless, it was S/3.0 million lower than in 2023 due to lower net reserve fund profitability.\n\nIn 2025, Prima AFP’s ROAE increased to 31.6% compared to 27.2% in 2024. Also, it increased by 155 basis points compared to 30.0% in 2023.\n\nThe following table summarizes the administration fees charged by the AFPs’ for PPS in 2025:\n\n189\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nRemuneration schemeBalance commission scheme\n\nAFPMonthly fee on salaryAnnual fee on funds\n\nPrima AFP1.60%1.25%\n\nAFP Integra1.55%0.78%\n\nProfuturo AFP1.69%0.68%\n\nAFP Habitat1.47%1.25%\n\nAs of December 31, 2025, Prima AFP had S/684.5 million in assets (compared to S/658.0 million and S/740.7 million as of December 31, 2024, and December 31, 2023, respectively), S/231.2 million in liabilities (compared to S/182.4 million and S/240.7 million as of December 31, 2024 and December 31, 2023, respectively), and shareholders’ equity of S/453.3 million (compared to S/475.6 million and S/500.1 million as of December 31, 2024 and December 31, 2023, respectively).\n\n6.4 Investment Management and Advisory\n\nBy the end of 2025, our Investment Management and Advisory Line of Business15 (LoB) recorded a net profit attributable to Credicorp of S/225.0 million, a 15% increase compared to S/195.3 million achieved in 2024. Overall, our businesses generated revenues that exceeded those of 2024 by 3%, while expenses increased by 6%.\n\n6.4.1Asset Management\n\nIn our Asset Management business, total assets under management (AUM), including institutional, corporate, and retail clients, exceeded S/117.1 billion in 2025, a 20% increase compared to S/97.3 billion registered in the previous year. The increase was mainly driven by our investments institutional distribution, and alternative investments businesses.\n\nInvestments in traditional assets reached S/38.0 billion in AUM, a 13% increase compared to S/33.5 billion in 2024.\n\nInvestments in alternative assets reached S/8.6 billion in AUM, an increase of 19% compared to S/7.2 billion in the previous year.\n\nInstitutional distribution exhibited great dynamism at a regional level. In this business, AUMs reached S/63.7 billion, 68% higher than the previous year.\n\nInvestment products reached S/6.8 billion in AUMs; a 7% decrease compared to S/7.3 billion in the previous year due to reduced demand for such products among Private Banking clients.\n\nOverall, total revenues in the Asset Management business reached S/226.5 million, a 7% increase compared to the S/212.4 million recorded in 2024.\n\nAssets Under Management\n\nAs of and for the year ended on\nDecember 31,\n\n202320242025\n\n(in millions of Soles)\n\nTraditional Investments28,123 33,533 38,026 \n\nAlternative Investments7,363 7,204 8,577 \n\nInstitutional Distribution30,022 37,864 63,738 \n\nInvestment Products7,628 7,337 6,792 \n\nTotal assets under management73,136 85,938 117,133 \n\n15 Includes Credicorp Capital and ASB.\n\n190\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n6.4.2Capital Markets\n\nIn our Capital Markets unit, total revenue for 2025 was S/369.1 million. Revenues for the sales business was S/246.2 million, which was an increase of 9% as compared with 2024. Revenues from individuals increased 7% compared to those in 2024, and those from institutional clients increased 16% compared to last year, despite a decrease in traded volume, due to volatility in financial markets. In addition, revenues from corporate clients grew by 8% as compared to 2024. This result was boosted by the performance of the Colombian business, which reached an increase of 7% as compared to 2024 due to an increase in foreign exchange transactions that capitalized on the volatility of the foreign exchange markets.\n\nCapital Markets Securities Portfolio\n\nAs of and for the year\nended on December 31,\n\nTraded volume202320242025\n\n(in millions of Soles)\n\nEquity securities – Peru (1)2,967 9,324 7,169 \n\nFixed income – Peru (1)2,057 1,751 794 \n\nEquity securities – Colombia (2)3,819 7,587 11,868 \n\nFixed income – Colombia (2)152,368 186,153 165,936 \n\nEquity securities – Chile (3)13,123 12,661 16,468 \n\nFixed income – Chile (3)71,358 60,237 57,282 \n\n(1)Peru: BVL information. Fixed income data also includes information from Datatec platform. Does not include repo operations.\n\n(2)Colombia: Colombia Stock Exchange information. Fixed income data also includes Banco de la República’s information. Does not include repo operations.\n\n(3)Chile: Santiago Stock Exchange information. Fixed income data includes financial intermediation operations. Equity securities include operations with investment fund shares and foreign stock. Does not include repo operations.\n\nOn the other hand, revenues in the management of proprietary trading positions, including long and short positioning strategies, together with hedging strategies with derivatives instruments, were higher than expected, exceeding those achieved in 2024 by more than 21%.\n\n6.4.3Wealth Management\n\nIn our Wealth Management business, total assets under management (AUM) reached S/80.8 billion, an 11% growth compared to S/73.0 billion in 2024. By the end of 2025, revenues reached S/386.2 million, a 7% decrease compared to S/417.3 million in 2024, driven by growth in investment products and mitigated by lower deposit revenue from Private Banking accounts due to interest rate reductions during the year.\n\nIn Peru, revenues reached S/308.5 million, a 9% reduction compared to S/339.7 million in the previous year. The growth of AUM’s is explained by the growth in investment products. Revenues were driven by investment products from both asset management and capital markets.\n\nOn the other hand, Colombia revenues reached S/48.3 million, a 12% of increase compared to the S/43.1 million recorded in 2024. In Chile, revenues reached S/25.2 million, a 15% decrease compared to S/29.7 million in 2024.\n\n191\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nWealth Management Assets under Management\n\n202320242025\n\nAssets under management – Peru (1)41,474 47,388 53,117 \n\nAssets under management – Colombia9,269 9,312 11,518 \n\nAssets under management – Chile11,394 15,149 14,875 \n\nAssets under management – US (2)1,369 1,429 1,290 \n\nTotal assets under management (3)63,506 73,278 80,799 \n\nTotal Customers (4)4,939 5,384 5,599 \n\n(1)Includes assets under management from ASB Bank Corp and BCP Wealth Management business (on and off balance).\n\n(2)Includes AUMs only from US persons. AUMs from Peruvian, Colombian and Chilean customers are included in the corresponding country.\n\n(3)Includes AUMs from Asset Management products totaling S/16,274, S/17,185 and S/17,751 million as of 2023, 2024 and 2025, respectively.\n\n(4)Estimated. Includes customers with net worth over US$1 million. Figures include the effect of annual customer re-segmentation.\n\n6.4.4Trust Services\n\nOur Trust Services Business, which mainly includes income from custody of securities in Peru and administration of trusts in Peru and Colombia, had a positive year in 2025 with a growth of 3% as compared to 2024.\n\n5. BLiquidity and Capital Resources\n\n(1)Capital Adequacy and Solvency Management\n\n1.1Credicorp\n\nOur solvency buffers, measured by either regulatory or internal capital ratios, are deemed appropriate in order to comply with both current and expected capital requirements as well as to support our business growth in the coming years. In a similar fashion, our working capital and other liquidity measures are deemed sufficient for current and projected business and regulatory requirements.\n\n192\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following table shows regulatory capital and capital adequacy requirements applicable to the financial group, as of December 31, 2023:\n\nRegulatory Capital and Capital Adequacy Ratios\n\n(In millions of Soles)As of and for the year ended on\nDecember 31,\n\n2023\n\nCapital stock1,319 \n\nTreasury stocks(208)\n\nCapital surplus228 \n\nLegal and other capital reserves (1)26,253 \n\nMinority interest (2)206 \n\nLoan loss reserves (3)1,969 \n\nPerpetual subordinated debt- \n\nSubordinated debt5,720 \n\nInvestments in equity and subordinated debt of financial and insurance companies(1,235)\n\nGoodwill(798)\n\nDeduction for subordinated debt limit (50% of Tier I excluding deductions) (4)- \n\nDeduction for Tier I limit (50% of regulatory capital) (4)- \n\nTotal regulatory capital (A)33,454 \n\nTier I (5)17,877 \n\nTier II (6) + Tier III (7)15,577 \n\nFinancial Consolidated Group (FCG) Regulatory Capital Requirements24,780 \n\nInsurance Consolidated Group (ICG) Capital Requirements1,594 \n\nFCG Capital Requirements related to operations with ICG (8)(653)\n\nICG Capital Requirements related to operations with FCG (9)- \n\nTotal Regulatory Capital Requirements (B)25,721 \n\nRegulatory Capital Ratio (A) / (B)1.30 \n\nRequired Regulatory Capital Ratio (10)\n1.00 \n\n(1)Legal and other capital reserves include restricted capital reserves (PEN 13,465 million) and optional capital reserves (PEN 5,972 million).\n\n(2)Minority interest includes Tier 1 (PEN 000 million)\n\n(3)Up to 1.25% of total RWAs of Banco de Credito del Peru, Solucion Empresa Administradora Hipotecaria, Mibanco and Atlantic Security Bank.\n\n(4)Tier 2 + Tier 3 cannot be more than 50% of total regulatory capital.\n\n(5)Tier 1 = capital + restricted capital reserves + Tier 1 minority interest - goodwill - (0.5 x investment in equity and subordinated debt of financial and insurance companies) + perpetual subordinated debt.\n\n(6)Tier 2 = subordinated debt + Tier 2 minority interest tier + loan loss reserves - (0.5 x investment in equity and subordinated debt of financial and insurance companies).\n\n(7)Tier 3 = Subordinated debt covering market risk only.\n\n(8)Includes regulatory capital requirements of the financial consolidated group.\n\n(9)Includes regulatory capital requirements of the insurance consolidated group.\n\n(10)Regulatory Capital / Total Regulatory Capital Requirements (legal minimum = 1.00).\n\nThe following table presents regulatory capital information for Credicorp as of December 31, 2024 and 2025, calculated according to the SBS Resolution No. 03004-2023 approach, which became effective in January 2024 and aims to ensure a closer alignment with the guidelines established by Basel III. Changes were made to the conglomerate\n\n193\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nregulation to reflect the regulatory capital changes implemented in the Peruvian financial system in 2023, according to the legislative decree No. 1531. The new regulatory capital framework defines three capital requirements: CET1, Tier 1 Capital and Total Regulatory Capital.\n\n(In millions of Soles)As of and for the year ended on December 31, 2024As of and for the year ended on December 31, 2025\n\nCapital Stock1,319 1,319 \n\nTreasury Stocks(209)(210)\n\nCapital Surplus176 149 \n\nLegal and Other Capital reserves27,203 29,649 \n\nMinority interest468 475 \n\nCurrent and Accumulated Earnings (1)6,592 8,330 \n\nUnrealized Gains or Losses (2)(504)159 \n\nGoodwill(722)(1,253)\n\nIntangible Assets (3)(2,397)(3,586)\n\nDeductions in Common Equity Tier 1 instruments (4)(674)(99)\n\nTotal Regulatory Common Equity Tier 1 Capital (A)31,252 34,933 \n\nTotal Regulatory Common Equity Tier 1 Capital Requirement (B)15,445 17,500 \n\nRegulatory Common Equity Tier 1 Capital Ratio (A) / (B)202%200%\n\nRequired Common Equity Tier 1 Capital Ratio100%100%\n\nPerpetual subordinated debt- - \n\nTotal Regulatory Tier 1 Capital (C)31,252 34,933 \n\nTotal Regulatory Tier 1 Capital Requirement (D)18,682 20,978 \n\nRegulatory Tier 1 Capital Ratio (C) / (D)167%167%\n\nRequired Tier 1 Capital Ratio100%100%\n\nSubordinated Debt8,047 8,855 \n\nLoan loss reserves (5)2,033 2,063 \n\nDeductions in Tier 2 instruments (6)(1,322)(2,037)\n\nTotal Regulatory Capital (E)40,009 43,814 \n\nTotal Regulatory Capital Requirement (F)29,124 32,347 \n\nRegulatory Capital Ratio (E) / (F)137%135%\n\nRequired Capital Ratio100%100%\n\n(1)Earnings include Banco de Crédito del Perú and Mibanco Perú. Losses include all subsidiaries.\n\n(2)Gains include Investment Grade Government Bonds and Peruvian Central Bank Certificates of Deposits. Losses include all bonds.\n\n(3)Different to Goodwill. Includes Deferred Tax Assets.\n\n(4)Investments in Equity.\n\n(5)Up to 1.25% of total risk-weighted assets of Banco de Crédito del Perú, Solución Empresa Administradora Hipotecaria, Mibanco and Atlantic Security Bank.\n\n(6)Investments in Tier 2 Subordinated Debt.\n\n1.2BCP Stand-alone and Mibanco\n\nBCP Stand-alone and Mibanco actively manage their capital resources, in order to comply with both solvency regulatory requirements and their own internal limits.\n\n194\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nInternal Common Equity Tier 1 (CET 1)\n\nIn November 2013, BCP Stand-alone’s Board of Directors decided to track the Basel III ratio known as CET 1. CET 1 comprises:\n\n•paid-in-capital (which includes common stock and perpetual non-cumulative preferred stock);\n\n•legal and other capital reserves;\n\n•accumulated earnings;\n\n•unrealized profits (losses);\n\n•deficits of loan loss provisions;\n\n•intangibles;\n\n•net deferred taxes that rely on future profitability;\n\n•goodwill resulting from corporate reorganizations or acquisitions; and\n\n•100% of the amount referred to in “deductions” above.\n\nCET1 Internal Targets\n\nDuring the first quarter of 2023, BCP’s and Grupo Credito’s Risk Committees approved keeping the CET 1 ratio limits for BCP Stand-alone and Mibanco Peru, targeting them at 11% and 15%, respectively. These limits are part of their risk appetite framework. Both the BCP Stand-alone’s and Mibanco Peru CET 1 ratios are calculated based on their understanding of the Basel III requirements adopted by Peruvian regulation. Beginning January 21, 2022, the Risk Committee has monitored the CET 1 with IFRS balances, rather than local ones.\n\n195\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following table presents regulatory capital information for BCP Stand-alone as of December 31, 2023, 2024, and 2025, calculated according to the Legislative Decree 1531 approach, which became effective in January 2023 and aims to ensure a closer alignment with the guidelines established by Basel III:\n\nBCP Stand-alone Regulatory Capital Information (in millions of Soles)\n\nAs of and for the year ended on December 31, 2023As of and for the year ended on December 31, 2024As of and for the year ended on December 31, 2025\n\nCapital stock12,973 12,973 12,973 \n\nLegal and other capital reserves6,591 6,124 6,125 \n\nRetained earnings and net income for the year5,384 6,589 8,321 \n\nGeneric provisions for credits (1)1,696 1,757 1,800 \n\nPerpetual subordinated debt— — — \n\nSubordinated debt5,007 7,340 7,903 \n\nUnrealized gain (loss)(669)(414)139 \n\nInvestment in subsidiaries and others, net of unrealized profit and net income(2,773)(2,478)(2,692)\n\nIntangible assets(1,294)(1,515)(1,796)\n\nGoodwill(122)(122)(122)\n\nTotal Regulatory Capital26,793 30,255 32,651 \n\nCET 1 (2)20,090 21,158 22,949 \n\nRegulatory Tier 1 Capital (3)20,090 21,158 22,949 \n\nRegulatory Tier 2 Capital (4)6,703 9,097 9,703 \n\nTotal RWAs153,473 161,734 167,948 \n\nMarket RWAs2,680 3,922 5,019 \n\nCredit RWAs134,427 139,403 142,806 \n\nOperational RWAs16,366 18,409 20,123 \n\nCapital ratios\n\nCET1 ratio13.09%13.08%13.66%\n\nTier 1 ratio13.09%13.08%13.66%\n\nTotal Regulatory capital ratio17.46%18.71%19.44%\n\nCET1 IFRS 913.20%13.32%13.99%\n\nRWAs / Regulatory capital5.73 5.35 5.14 \n\n(1)Up to 1.25% of total RWAs.\n\n(2)CET1 = Capital + Reserves + Earnings from prior years and from the year in progress + Unrealized gain (loss) – deductions as designated by the SBS (investments in subsidiaries, goodwill, intangible assets).\n\n(3)Regulatory Tier 1 Capital = CET 1 + Perpetual subordinated debt (Tier1) as designated by the SBS\n\n(4)Regulatory Tier 2 Capital = Subordinated debt + Loan loss reserves (tier 2) as designated by the SBS\n\nAt the end of December 2023, December 2024, and December 2025, BCP's Stand-alone CET1 under IFRS balance sheets were 13.20%, 13.32%, and 13.99% of its RWAs, respectively.\n\n196\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following table presents regulatory capital information for Mibanco, calculated according to the Legislative Decree 1531 approach, which became effective in January 2023 and aims to ensure a closer alignment with the guidelines established by Basel III.\n\nMibanco Regulatory Capital and Capital Adequacy Ratios (in millions of Soles)\n\nAs of and for the year ended on December 31, 2023As of and for the year ended on December 31, 2024As of and for the year ended on December 31, 2025\n\nCapital stock1,840.6 1,840.6 1,840.6 \n\nLegal and other capital reserves308.1 334.7 365.8 \n\nEarnings from prior years and from the year in progress717.9 369.6 550.2 \n\nLoan loss reserves (1)157.4 144.8 167.5 \n\nSubordinated debt173.0 167.0 382.6 \n\nUnrealized gain (loss)(1.7)(3.7)12.0 \n\nInvestment in subsidiaries and others, net of unrealized profit and net income(0.282)(0.298)(0.216)\n\nIntangible assets(156.9)(136.7)(138.6)\n\nGoodwill(139.2)(139.2)(139.2)\n\nTotal Regulatory Capital2,898.9 2,576.7 3,040.6 \n\nCET 1 (2)2,568.5 2,264.9 2,490.6 \n\nRegulatory Tier 1 Capital (3)2,568.5 2,264.9 2,490.6 \n\nRegulatory Tier 2 Capital (4)330.4 311.8 550.0 \n\nTotal RWAs14,096.9 13,267.6 14,307.6 \n\nMarket RWAs220.3 242.0 157.4 \n\nCredit RWAs12,349.4 11,419.7 13,221.3 \n\nOperational RWAs1,527.1 1,606.0 928.9 \n\nCapital ratios\n\nCET1 ratio18.22%17.07%17.41%\n\nTier 1 ratio18.22%17.07%17.41%\n\nTotal Regulatory capital ratio20.56%19.42%21.25%\n\nCET1 IFRS (5)18.37%17.53%17.30%\n\nRWAs / Regulatory capital5.44 5.15 4.71 \n\n(1)Up to 1.25% of total RWAs.\n\n(2)CET1 = Capital + Reserves + Earnings from prior years and from the year in progress + Unrealized gain (loss) – deductions as designated by the SBS (investments in subsidiaries, goodwill, intangible assets).\n\n(3)Regulatory Tier 1 Capital = CET 1 + AT1 as designated by the SBS.\n\n(4)Regulatory Tier 2 Capital = Subordinated debt + Loan loss reserves (tier 2) as designated by the SBS.\n\n(5)CET1 = Capital + Reserves – 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles, and net deferred taxes that rely on future profitability) + retained earnings + unrealized gains. It is calculated under IFRS balance sheets.\n\n197\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAs of December 31, 2025, Mibanco Peru’s regulatory capital with the new regulation was 21.25% of its unconsolidated RWAs, December 31, 2024, Mibanco’s regulatory capital was 19.42%, and December 31, 2023 Mibanco's regulatory capital was 20.56%.\n\nAt the end of December 2025, December 2024, and December 2023 Mibanco’s CET1 under IFRS balance sheets were 17.30%, 17.53%, and 18.37%, respectively.\n\n1.3 Grupo Pacífico\n\nGrupo Pacífico’s solvency indicators, given the equity requirements of the insurance business, have allowed Grupo Pacífico to satisfy its obligations to its policyholders and thus have an adequate level of financial leverage.\n\n(1)Regulatory capital adequacy requirements\n\nThe following table shows the regulatory capital adequacy requirements applicable to Grupo Pacífico, as of December 31, 2023, 2024 and 2025:\n\nGrupo Pacífico Regulatory Ratios\n\nAs of and for the year ended on December 31,\n\n202320242025\n\n(in thousands of Soles)\n\n(A) Capital Adequacy1,796,778 2,144,847 2,496,560 \n\n(B) Regulatory Capital Requirement1,593,590 1,732,620 2,040,455 \n\n(B.1) Solvency I Required capital1,085,780 1,113,226 1,241,904 \n\n(B.2) Security Fund506,848 558,834 600,775 \n\n(B.3) Credit risk0 0 0 \n\n(B.4) Other Capital Requirement962 60,560 197,776 \n\n(C) Leverage1,063,351 931,945 1,237,080 \n\nSurplus 1 = (A) - (B)203,188 412,228 456,105 \n\nRatio (A)/(B)1.13 1.24 1.22 \n\nSurplus 1 = (A) - (C)733,427 1,212,902 1,259,480 \n\nRatio (A)/(C)1.69 2.30 2.02 \n\n(2)Cash flows and Capital Expenditures\n\nThe following table shows net cash from operating, investing and financing activities, for the periods indicated:\n\nAs of and for the year ended on December 31,\n\n202320242025\n\n(In thousands of Soles)\n\nNet cash flow from operating activities4,079,719 14,522,093 8,606,201 \n\nNet cash flows from investing activities(1,255,064)527,559 (1,593,133)\n\nNet cash flows from financing activities(2,264,352)(1,810,421)(1,837,570)\n\nNet increase (decrease) of cash and cash equivalents before effect of changes in exchange rate560,303 13,239,231 5,175,498 \n\nEffect of changes in exchange rate of cash and cash equivalents(760,651)410,258 (3,771,899)\n\nCash and cash equivalents at the beginning of the period34,120,962 33,920,614 47,570,103 \n\nCash and cash equivalents at the end of the period33,920,614 47,570,103 48,973,702 \n\n198\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nOperating Activities\n\nNet cash flow from operating activities decreased by S/5,916 million from 2024 to 2025, primarily due to loan growth (S/8,986 million); full repayment of a BCP bond maturing in January 2025 (S/4,403 million); increased funds in collateral, resale agreements, and securities financing (S/1,635 million); and the disbursement made to settle Assessment and Penalty Resolutions issued by the Tax Authority, which were disputed by the Company. See note 31 to the audited financial statements. This was partially offset by lower investments at fair value through changes in other comprehensive income (S/4,016 million) mainly related to corporate bonds and BCRP certificates of deposit; higher deposits and liabilities (S/3,961 million) driven by savings and current accounts, mainly at BCP; and increased debt with banks and correspondent banks (S/1,980 million) primarily with Wells Fargo Bank.\n\nNet cash flow from operating activities increased by S/10,442 million from 2023 to 2024, due to an increase in deposits and liabilities (S/11,015 million) driven by savings and current accounts, mainly at BCP; lower growth in investments at fair value through other comprehensive income (S/2,609 million) mainly related to BCRP Certificates of Deposit; increase in bonds and notes issued at BCP (S/2,562 million); lower reduction in accounts payable for repurchase agreements and securities lending (S/1,679 million) in line with the increase in accounts payable with BCRP and; decrease in investments at fair value through results (S/869 million) for Mutual Funds. The above was partially offset by a decrease in debts to banks and correspondents (S/5,056 million) mainly with Wells Fargo Bank and Bank of America. Also, higher cash requirement in loans, as a result of the growth in credits (S/3,356 million).\n\nInvesting Activities\n\nThe variations in net cash flow from investing activities were mainly due to lower cash inflow from the sale and redemption of investments at amortized cost (S/881 million) and the acquisition transaction with Banmédica in 2025, related to the purchase of 50% of the shares of Pacifico EPS (S/ 727 million, net of acquired cash) and the payment made upon the completion of the joint participation agreement in the medical assistance business (S/180 million).\n\nIn 2025, 2024 and 2023 the purchase of intangible assets consumed cash of S/984 million, S/801 million and S/829 million, respectively, mainly related to the development, acquisition, and strengthening of these assets.\n\nFinancing Activities\n\nIn 2025, net cash flow used for financing activities was S/1,837.6 million, an increase of S/27 million compared to 2024. This increase was primarily due to lower issuance of subordinated bonds by BCP (S/492 million). This was partially offset by a decrease in dividends paid (S/483 million).\n\nIn 2024, net cash flows used in financing activities were S/1,810.4 million, which represented S/454 million less than what was used in financing activities than in 2023. This decrease was mainly due to higher issuance of subordinated bonds in BCP (S/2,222 million). The above was partially offset by an increase in dividends paid as a result of higher net profits (S/1,670 million).\n\n(3)Liquidity Risk\n\nWe manage our assets and liabilities to ensure that we have sufficient liquidity to meet our present and future financial obligations and to take advantage of appropriate business opportunities as they arise. Liquidity risk represents the potential for loss as a result of limitations on our ability to adjust future cash flows to meet the needs of depositors and borrowers and to fund operations on a timely and cost-effective basis. Financial obligations arise from withdrawals of deposits, repayment on maturity of purchased funds, extensions of loans or other forms of credit, and working capital needs.\n\nThe growth of our deposit base over the years has enabled us to significantly increase our lending activity. BCP Stand-alone and Mibanco are subject to SBS Resolution No. 9075-2012, enacted in December 2012, which set responsibilities for liquidity management within the different committees and risk units, and established minimum liquidity ratios. In January 2024, the Regulation for Liquidity Risk Management was updated by SBS Resolution No. 3296-2022 in order to incorporate the guidelines of the latest BCBS document (Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools). The LCR, in soles-based transactions, must exceed 80% and for both foreign exchange-based transactions and the aggregate ratio must exceed 100%. The aggregate daily ratios of BCP and Mibanco in December 2025 were 156% and 230% for soles and foreign exchange transactions, respectively, demonstrating a robust level of liquidity.\n\n199\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nWe have never defaulted on any of our debt or been forced to reschedule any of our obligations. Even during the early 1980s, when the government of Peru and many Peruvian companies and banks were forced to restructure their debt as a result of the Latin American debt crisis and government restrictions, BCP Stand-alone and Grupo Pacífico complied with all of their payment obligations.\n\nThe LCR’s information with respect to BCP and Mibanco has been aggregated for December 2023, 2024 and 2025:\n\nLiquidity Coverage Ratio Local Currency\n\n202320242025\n\nLiquidity Coverage Ratio Solesin thousands of\nSolesin thousands of\nSolesin thousands of\nSoles\n\nTotal High Liquidity Assets (HQLA)(1)\n23,178,510 24,174,982 27,354,228 \n\nCash Inflows(2)\n5,419,692 4,590,698 5,464,073 \n\nCash Outflows(3)\n17,577,626 18,684,834 21,007,272 \n\nTotal Net Cash Outflows11,020,576 10,080,846 11,811,029 \n\nLCR%162.7%154.0%156.2%\n\n1)High Quality Liquidity Assets: Correspond to investments, in some cases weighted by a discount factor, of assets that remain liquid in the market even in periods of stress, that can easily be converted into cash and that are classified as low risk.\n\n2)Inflows: Total potential cash inflows for a 30-day horizon, calculated for a standard stress scenario as defined by SBS.\n\n3)Outflows: Total potential cash outflows for a 30-day horizon, calculated for a standard stress scenario as defined by SBS.\n\nLiquidity Coverage Ratio Foreign Currency\n\n202320242025\n\nin thousands of Solesin thousands of Solesin thousands of Soles\n\nTotal High Liquidity Assets (HQLA) (1)19,394,117 32,164,246 31,627,529 \n\nCash Inflows (2)5,696,268 5,794,974 8,047,532 \n\nCash Outflows (3)14,517,454 20,088,604 17,241,887 \n\nTotal Net Cash Outflows10,572,931 17,870,616 22,433,174 \n\nLCR%172.8%189.0%230.1%\n\n1)High Quality Liquidity Assets: Correspond to investments, in some cases weighted by a discount factor, of assets that remain liquid in the market even in periods of stress, that can easily be converted into cash an that are classified as low risk..\n\n2)Inflows: Total potential cash inflows for a 30-day horizon, calculated for a standard stress scenario as defined by SBS.\n\n3)Outflows: Total potential cash outflows for a 30-day horizon, calculated for a standard stress scenario as defined by SBS.\n\nThe capability of replacing interest-bearing deposits at their maturity is a key factor in determining liquidity requirements, as well as the exposure to interest and exchange rate risks. RBG, as well as BCP Stand-alone’s private banking group, has developed a diversified and stable deposit base that, in each case, provides us with a low-cost source of funding. This deposit base has traditionally been one of our greatest strengths. The deposit-gathering strategy has focused on products considered to be BCP Stand-alone’s core deposits: demand deposits, savings, time deposits, and severance indemnity deposits. Other sources of funds and liquidity, which are mostly short- and long-term borrowings from correspondent banks and other financial institutions, issued bonds, and notes issued, are of a considerably lower significance compared to our core deposits.\n\n200\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCorporate policies have been implemented by the Group for liquidity risk management. These policies are consistent with the appropriate characteristics of each operating segment, where each of the Group companies operates. The Risk Committee establishes limits and autonomy models to determine the adequate liquidity indicators to be managed.\n\nDuring 2025, the Group continuously assessed and monitored the sufficiency of its liquid assets in order to cover or mitigate contingencies that could stress the funding requirements of the Group's companies.\n\nUniversal banking and Microfinance\n\nLiquidity risk exposure is based on indicators such as the Internal Liquidity Coverage Ratio (ILCR) which measures the amount of liquid assets available to meet needs that would result from cash outflows within a given stress scenario for a period of 30 days, and the Internal Net Stable Funding Ratio, which is intended to ensure that long-term assets are financed with a minimum number of stable liabilities within a prolonged liquidity crisis scenario (funding crisis); the latter indicator functions as a minimum compliance mechanism that supplements the ILCR. The core limits of these indicators are 100% and any excess is presented to the Credicorp Treasury and ALM Risk Committee, Credicorp Risk Committee and ALM Committee of the respective subsidiary. Furthermore, Credicorp has internal appetite risk limits that are monitored and reported to the Credicorp Treasury and ALM Risk Committee.\n\nInsurance\n\nLiquidity risk management follows a particular approach reflecting the nature of the business. For annually renewable businesses, the focus of liquidity is the quick availability of resources in the event of a systemic event (for example, an earthquake). For this purpose, there are minimum investment indicators in place relating to local cash/time deposits and foreign fixed-income instruments of high quality and liquidity.\n\nFor long-term insurance businesses, given the nature of the products offered and the contractual relationship with customers, the liquidity risk is not material. Rather, the focus is on maintaining a sufficient flow of assets and matching their maturities with the maturities of obligations (for example, through the mathematical reserve). For this purpose, there are indicators that measure the asset/liability sufficiency and adequacy, as well as calculations of economic capital subject to interest rate risk.\n\nPension funds\n\nLiquidity risk management is differentiated between the fund administrator and the funds being managed. Liquidity risk management regarding the fund administrator is focused on meeting periodic operating expense needs, which are supported by the collection of commissions. The fund administrator does not record unexpected outflows of liquidity because its main financial obligations are payroll payments, taxes, reserve requirements and other accounts payable to suppliers. Liquidity risk in the funds managed (pension funds) is focused on meeting liquidity requirements due to scheduled pension payments, funds transfers to other AFPs, withdrawals of voluntary contributions, or anything else deemed necessary to be included in estimations. For this purpose, the Company holds highly liquid assets as part of the managed portfolios to meet these cash requirements.\n\nInvestment banking\n\nLiquidity risk principally affects the security brokerage. In managing this risk, limits on the use of liquidity have been implemented to promote matching maturities by dealing desk. Follow-up liquidity assessments are performed on a daily basis for a short-term horizon covering imminent settlements. If short-term unmatched maturities are observed, repurchase agreements are used. On the other hand, structural risk is not significant given the low levels of debt, which are monitored regularly using financial planning tools.\n\n201\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFunding Sources\n\nThe following table presents the components of our funding sources without interest payable at the dates indicated:\n\nAs of December 31,\n\n202320242025\n\n(in thousands of Soles, except percentages)\n\nCore Deposits:\n\nDemand deposits48,229,32352,590,95257,051,970\n\nSavings deposits52,375,81359,757,82567,811,945\n\nSeverance indemnity deposits3,185,6032,996,0203,192,564\n\nTotal core deposits103,790,739115,344,797128,056,479\n\nOther Deposits:\n\nTime deposits41,290,01144,116,43840,362,433\n\nBank certificates1,194,6531,101,347981,822\n\nTotal deposits146,275,403160,562,582169,400,734\n\nPayables from repurchase agreements and security lending10,168,4279,060,7108,243,787\n\nDue to banks and correspondents12,076,56710,721,82910,632,471\n\nBonds and notes issued14,373,76017,023,58613,735,609\n\nTotal sources of funds182,894,157197,368,707202,012,601\n\nCore deposits as a percentage of total deposits71.0%71.8%75.6%\n\nCore deposits as a percentage of total sources of liquid funds56.7%58.4%63.4%\n\nBCP Stand-alone is required to keep deposits with the BCRP as legal reserves. The amount of required deposits in the BCRP is determined as a percentage of the deposits and other liabilities owed by BCP Stand-alone to its clients. The current requirement is approximately 5.61% of BCP Stand-alone’s Soles-denominated deposits and approximately 34.59% of BCP Stand-alone’s US Dollar-denominated deposits as of December 31, 2025. For further detail, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview - (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru.”\n\nThe following table presents our deposits at the BCRP and our investments in the BCRP’s certificates of deposit at the dates indicated:\n\nAs of December 31,\n\n202320242025\n\n(in thousands of Soles, except percentages)\n\nFunds at the BCRP\n\nDeposits23,673,77736,665,48136,718,552\n\nCertificates of deposit11,127,91911,435,75710,884,030\n\nTotal funds at the BCRP34,801,69648,101,23847,602,582\n\nTotal funds at BCRP as a percentage of total deposits (*)23.8%30.0%28.1%\n\n(*)Total deposits exclude interest payable.\n\nAs of December 31, 2025, we had uncommitted credit lines, including long-term facilities that are mainly used for project financing, of which no significant amount was drawn down. We have also received long term funding from COFIDE and other international lenders. These funding sources have average annual rates (including Libor) ranging from 4.78% to 11.40% in soles and from 0.45% to 10.68% in foreign currency. As of December 31, 2025, we maintained\n\n202\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nS/10,632.5 million in due to banks and correspondents, secured by the collection of BCP Stand-alone’s (including its foreign branches) instructing correspondent banks to make a payment of a certain amount to a beneficiary that is not an FI. For further details, see Notes 14(a), (b) and (c) to the consolidated financial statements. As of December 31, 2023, 2024 and 2025, borrowed funds due to banks and correspondents, including payable interests, amounted to S/12,278.7 million, S/10,754.4 million and S/10,675.2 million, respectively.\n\nIn addition, another source of funds arises out of issuing bonds and notes. The following table presents our principal issued bonds from 2023 to 2025:\n\nYears ended December 31,\n\n202320242025\n\n(in millions of Soles)\n\nIssued bonds\n\nSenior notes79 3,019 83 \n\nCorporate bonds- - 34 \n\nSubordinated bonds251 2,284 4,548 \n\nTotal issuance330 5,303 4,665 \n\nOn September 28, 2017, Pacífico S.A. Entidad Prestadora de Salud carried out the issuance of Senior Notes for an amount of approximately S/130.0 million. These securities bear a fixed annual interest rate of 6.59 percent, with a maturity date of September 28, 2037.\n\nOn June 26, 2025, Banco de Crédito de Bolivia issued a Corporate Bond under its First Program, Single Series, for Bs85.0 million at a semiannual coupon rate of 6.40 percent per year, with a maturity date of April 23, 2037. The principal will be paid at maturity or in the event of early redemption by the entity.\n\nOn April 30, 2025, the Bank issued Subordinated Notes under the Medium-Term Note Program for US$750.0 million at a semiannual coupon rate of 6.45 percent, maturing on July 30, 2035.\n\nOn October 15, 2025, the Bank issued Subordinated Notes under the Medium-Term Note Program for US$500 million at a semiannual coupon rate of 5.65 percent, maturing on January 15, 2037.\n\nOn December 19, 2025, Pacífico S.A. Entidad Prestadora de Salud issued Senior Notes for approximately US$45.0 million. These securities bear a fixed annual interest rate of 6.03 percent, with a maturity date of December 19, 2035.\n\nOn August 20, 2025, Mibanco S.A. carried out the issuance under the Fifth Subordinated Bond Program, Series B, for S/127.6 million, at a semiannual coupon rate of 7.00 percent per year, with a maturity date of August 20, 2035.\n\nOn March 28, 2025, Mibanco S.A. carried out the issuance under the Fifth Subordinated Bond Program, Series A, for S/100.0 million, at a fixed annual interest rate of 7.56 percent, with a maturity date of March 28, 2035.\n\n5. CResearch and Development, Patents and Licenses, Etc.\n\nCredicorp is not materially dependent on patents or licenses, industrial, commercial or financial contracts or new manufacturing processes.\n\n5. DTrend Information\n\nThe following list sets forth the most important trends, uncertainties and events that are reasonably likely to have a material effect on our revenues, income from continuing operations, profitability, liquidity, or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition. Some of these trends, uncertainties and events are beyond our ability to influence.\n\nMacroeconomic and Socio-Political Context\n\nTimely and complete achievement of our strategic targets and aspirations may be adversely affected by reductions in the revenue-generating capacities of some of our core businesses if macroeconomic and socio-political risks crystallize.\n\n203\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nNotwithstanding strong economic performance and the absence of major conflicts amid political tensions and government changes, several material risks remain. These risks include, among others, the following:\n\n1.On the domestic front, an adverse electoral outcome in the general elections—with an upcoming second round scheduled for June 7, 2026—could undermine economic confidence, weigh on GDP growth through weaker private investment, generate depreciation pressures on the Peruvian currency, and lead to a widening of sovereign bond spreads. Additionally, as of April 17, the probability of a moderate El Niño event from June to July stands. Given that the rainy season on the northern coast typically extends through March, there is a risk of infrastructure damage, while potential impacts on agriculture, the first anchovy fishing season, and sectors sensitive to warmer‑than‑usual winter conditions could weigh on economic activity.\n\n2.On the external front, trade and geopolitical tensions—particularly the conflict involving the United States, Israel and Iran—have increased global uncertainty and pushed energy prices higher. These developments may affect global growth dynamics and renew inflationary pressures, especially if energy prices remain elevated for an extended period. In turn, a less favorable external environment and episodes of higher risk aversion could weigh on financial conditions and moderate activity across markets relevant to Credicorp’s businesses.\n\nIn late February 2026, a war erupted involving the United States, Israel and Iran, triggering a sharp increase in energy commodity prices amid heightened concerns over supply disruptions. Transit through the Strait of Hormuz—through which approximately 20% of global oil supplies normally pass—has largely come to a halt, while regional energy infrastructure has sustained material damage. In addition, several Middle Eastern oil‑producing countries have announced production cuts, further tightening global energy supply and reinforcing upward price pressures. If elevated oil prices persist, they could fuel global inflation, dampen economic growth, tighten global financial conditions and reduce risk appetite toward emerging markets such as Peru, leading to depreciation pressures on the domestic currency and wider sovereign bond spreads.\n\nSince August 1, 2025, the United States has imposed 50% Section 232 tariffs on semi‑finished copper products, while refined copper, ores, and scrap remain exempt. The U.S. administration is currently reviewing refined copper imports under Section 232, with a policy decision expected by June 30, 2026. Any announcement of tariffs on refined copper or copper concentrate could increase price volatility and widen price differentials between the COMEX (New York Metals Exchange) and the LME (London Metals Exchange), affecting global trade flows. Copper accounts for approximately 30% of Peru’s total exports, with around 65% directed to China and only about 4% exported to the United States. Peru’s exports are predominantly copper concentrate, while U.S. imports consist primarily of refined copper.\n\nFor further information about these and other key risks and uncertainties for the Group, please see “ITEM 3. KEY INFORMATION – 3.D Risk Factors.”\n\nWe expect Peru’s GDP to grow between 3.0% and 3.5% in 2026, supported by a resilient domestic demand, despite three unexpected supply‑side shocks: the spike in international oil prices due to the Middle East conflict, a two‑week domestic gas disruption, and the El Niño weather phenomenon. Private spending will remain the main growth driver, following a 10% increase in private investment in 2025, the strongest performance in 13 years excluding the post‑pandemic rebound. In addition, historically high terms of trade—which reached their highest level in 75 years in 2025—continue to provide strong tailwinds. This outlook is underpinned by: (i) a favorable contribution from the maturation of the economic cycle; (ii) positive external tailwinds from elevated export prices, particularly copper and gold; (iii) inflation levels that remain low relative to both emerging and developed economies; (iv) accelerating credit origination amid strong aggregate demand; and (v) still‑favorable expectations, despite some moderation in recent activity indicators. Inflation is expected to close 2025 above 3.0%, the upper bound of the BCRP’s target range (1.0%–3.0%), with upside risks stemming from the global oil price shock. While our base scenario assumes the policy rate remains unchanged at 4.25%, the BCRP could discuss a rate hike in the coming months if inflation expectations become unanchored from the target range.\n\nFor further information regarding GDP expectations from the countries where Credicorp operates, see “ITEM 4. INFORMATION ON THE COMPANY\".\n\nOn February 24, 2026, Gerardo Arturo López Gonzáles was appointed Minister of Economy and Finance by President José María Balcázar, succeeding Denisse Miralles, who became President of the Council of Ministers. Prior to his appointment, López Gonzáles served as Vice Minister of Economy during Miralles’s tenure at the Ministry of Economy and Finance. He is an economist by training and built most of his professional career as a senior civil servant at the National Superintendence of Customs and Tax Administration (SUNAT), where he held various senior management roles\n\n204\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nover nearly two decades. López Gonzáles has also served as a consultant to the International Monetary Fund’s Fiscal Affairs Department.\n\nFor further information about the political environment, please see “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating results – Political environment”.\n\nCompetitive Environment\n\nIn January 2026, Revolut, a UK-based digital bank, began the process of applying to the SBS for a full banking license in Peru. This initiative aims to establish Revolut as the first fully regulated digital bank in the country.\n\nIn January 2026, the SBS granted BTG Pactual, the largest investment bank in Latin America, authorization to establish a banking entity in Peru, pending the completion of remaining licensing requirements.\n\nWe will monitor the evolution of the aforementioned factors as they may impact Credicorp’s results and operations.\n\nWith this in mind, we expect the following performance for Credicorp:\n\n•Loans: Amid a more dynamic economic backdrop and strengthened origination levels in the past year, we expect growth in balances to continue accelerating in 2026, driven primarily by Retail Banking at BCP and by Mibanco.\n\n•NIM: The acceleration anticipated for loan growth and the shift in the mix towards retail should support NIM, under a scenario of stable policy rates or limited upward pressure in soles and dollars.\n\n•Portfolio quality and cost of risk: We expect the cost of risk to increase slightly and remain within our risk appetite, reflecting continued improvements in asset quality and the ongoing shift of our loan portfolio mix toward higher-yielding segments, as we further accelerate retail origination while prudently managing risk.\n\n•Operating efficiency: In 2026, we will continue to invest in digital transformation and disruptive initiatives to bolster our long-term competitive position but we expect some of the efficiencies from scale to begin to materialize.\n\nIn a medium-term perspective, we review our strategic initiatives on a constant basis, and are well prepared to implement tactic moves to rapidly adapt accordingly to navigate our changing environment:\n\n•We are conscious that we have a responsibility to positively impact the communities in which we operate. We are committed to ensuring that all people have access to, and make use of, quality financial and health services; mobilizing resources to drive social transformation, and an environmentally sustainable economy; and strengthening trust in Credicorp and in the private sector as a whole. In order to accomplish this commitment, we will continue to advance in our three strategic priorities. The priorities are (i) ensuring the best Talent through a compelling value proposition, (ii) accelerating digital transformation and innovation at Credicorp and its subsidiaries, and (iii) integrating sustainability at the core of our strategy.\n\n•Universal Banking: Digital leadership, efficiency and disciplined risk management.\n\n◦At BCP Stand-alone, we aim to sustain long‑term performance by continuing to invest in strengthening our risk management framework, technological infrastructure and digital capabilities, while further improving commercial productivity and resource allocation. Building on this foundation, we will continue to deepen customer principality and consolidate our position as the bank of reference for millions of Peruvians. It is worth noting that the increased use of digital channels has enhanced operational efficiency and strengthened customer preference, and that the strengthening of digital capabilities and multichannel distribution has been key to consolidating our leadership in transactional services and deposits.\n\n◦At Yape, the payments business will continue to drive growth in the short-term as we strive to reach our goal of becoming the main payments network in Peru. In addition, we will maintain the focus on growing the share of lending within Yape's revenue mix by solving the financial needs of our clients. Finally, we strive to be present in the lives of Yaperos and aim to become the main E-commerce in Peru in terms of gross merchant volume.\n\n•Microfinance: We seek to consolidate our presence at the base of the pyramid and continue to accompany client growth.\n\n◦At Mibanco Peru, we expect to continue consolidating our market leadership and profitability by further advancing our hybrid operating model, integrating in‑person advisory with digital tools and AI in risk management, sustaining improvements in commercial productivity, expanding conversational banking\n\n205\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nthrough WhatsApp, and further diversifying revenues through transactional services and savings deposits that provide stable and efficient funding.\n\n◦At Mibanco Colombia, despite challenging market conditions, we expect performance to continue improving, driven by a sustained focus on efficiency, disciplined risk management and continued strong loan growth, supporting our positioning as a leading microfinance player in the market.\n\n•Insurance and Pensions:\n\n◦At Grupo Pacífico, we will continue offering our products and services through the Credicorp ecosystem, particularly for retail segments, via bancassurance and Yape. In addition, we will continue to make use of partnerships with retail businesses to develop embedded insurance products.\n\n◦At Pacífico EPS, we will continue to provide a comprehensive range of healthcare services, strengthening the social impact through expanded access to insurance and improved quality of the offer directed to clients and communities through medical services.\n\n◦At Prima AFP, we will maintain our focus on client experience and in digitalization of distribution channels and communications, while leveraging artificial intelligence to enhance the efficiency and quality of our service.\n\n•At Investment Management and Advisory, we expect our strategic focus on businesses that provide stable income streams will continue to drive profitable and sustainable growth.\n\n5. ECritical accounting estimates\n\nNot applicable."}