| INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES |
| | | | NOTE 9. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES |
9.1. Consolidated Companies The interest and shareholding percentages in companies over which the Group exerts control, and which are consolidated by the Group, are detailed below: | | | | | | | | | | | | | | | | 03.31.25 | 12.31.24 | | Company | Direct and Indirect Holding | Interest | Direct and Indirect Holding | Interest | | Banco de Galicia y Buenos Aires S.A.U. | 668,549,353 | 100 | % | 668,549,353 | 100 | % | | Banco GGAL S.A. | 1,244,048,856 | 100 | % | 1,244,048,856 | 100 | % | | Galicia Asset Management S.A.U. | 20,000 | 100 | % | 20,000 | 100 | % | | Galicia Broker Asesores de Seguros S.A. | 71,310 | 100 | % | 71,310 | 100 | % | | Galicia Capital US LLC | 1,000 | 100 | % | 1,000 | 100 | % | | Galicia Holdings US Inc. | 1,000 | 100 | % | 1,000 | 100 | % | | Galicia Investments LLC | 100 | 100 | % | 100 | 100 | % | | Galicia Retiro Compañía de Seguros S.A.U. | 27,727,278 | 100 | % | 27,727,278 | 100 | % | | Galicia Securities S.A.U. | 95,392,000 | 100 | % | 95,392,000 | 100 | % | | Galicia Seguros S.A.U. | 846,328,042 | 100 | % | 1,830,887 | 100 | % | | Galicia Ventures LP | 1,000 | 100 | % | 1,000 | 100 | % | | Galicia Warrants S.A. | 1,000,000 | 100 | % | 1,000,000 | 100 | % | | GGAL Asset Management S.A. S.G.F.C.I. | 1,791,487 | 100 | % | 1,791,487 | 100 | % | | GGAL Holdings S.A. | 748,712,987,065 | 100 | % | 748,712,987,065 | 100 | % | | GGAL Participaciones S.A.U. | 11,513,929 | 100 | % | 11,513,929 | 100 | % | GGAL Seguros S.A. (*) | 37,855,000 | 100 | % | 37,855,000 | 100 | % | | GGAL Seguros de Retiro S.A. | 49,803,430 | 100 | % | 49,803,430 | 100 | % | | Nera Uruguay S.A. | 30,133 | 100 | % | 30,133 | 100 | % | | Nera Paraguay S.A. | 1,000 | 100 | % | 1,000 | 100 | % | | IGAM LLC | 100 | 100 | % | 100 | 100 | % | | INVIU S.A.U. | 809,611,333 | 100 | % | 809,611,333 | 100 | % | | INVIU Capital Markets Limited | 1 | 100 | % | 1 | 100 | % | | INVIU Manager Investment Ltd. | 1 | 100 | % | 1 | 100 | % | | INVIU México S.A.P.I. de C.V. | 1,500 | 100 | % | 1,500 | 100 | % | | INVIU Perú S.A.B. S.A.C. | 2,439,992 | 100 | % | 2,439,992 | 100 | % | | INVIU Technology Limited | 1 | 100 | % | 1 | 100 | % | | INVIU Uruguay Agente de Valores S.A.U. | 300,000,000 | 100 | % | 300,000,000 | 100 | % | | Vestly Asset Management LLC | 100 | 100 | % | 100 | 100 | % | | Vestly México S.A. de C.V. | 1,500 | 100 | % | 1,500 | 100 | % | | Naranja Digital Compañía Financiera S.A.U. | 26,816,107,017 | 100 | % | 1,712,567,500 | 100 | % | | NHI(UK) Limited | 19,000,000 | 100 | % | 19,000,000 | 100 | % | | N-xers S.A. de C.V. | 405,816,000 | 100 | % | 405,816,000 | 100 | % | | Sudamericana Holding S.A. | 112,052,027 | 100 | % | 32,717,429 | 100 | % | | Seguros Galicia S.A. | 4,512,697,946 | 99 | % | 4,512,697,946 | 99 | % | | Tarjeta Naranja S.A.U. | 2,896 | 100 | % | 2,896 | 100 | % | | Tarjetas Regionales S.A. | 1,756,704,458 | 100 | % | 1,756,704,458 | 100 | % | | Well Assistance S.A.U. | 100,000 | 100 | % | 100,000 | 100 | % |
(*) At the date of issuance of these Financial Statements, the change of name is pending approval by the Argentine Superintendency of Insurance. Basic information related to the consolidated companies as of March 31, 2025 is detailed below: | | | | | | | | | | | | | | | | Company | Assets | Liabilities | Shareholders´ Equity | Net Income (Loss)(*) | | Banco de Galicia y Buenos Aires S.A.U. | 23,834,785,448 | 19,096,342,565 | 4,738,442,883 | (35,358,219) | | Banco GGAL S.A. | 5,337,353,118 | 3,757,025,787 | 1,580,327,331 | (28,028,046) | | Galicia Asset Management S.A.U. | 122,705,566 | 86,667,908 | 36,037,658 | 28,524,765 | | Galicia Broker Asesores de Seguros S.A. | 4,440,666 | 1,635,795 | 2,804,871 | 747,247 | | Galicia Capital US LLC | 2,986,549 | 1,135,487 | 1,851,062 | (565,249) | | Galicia Holdings US Inc. | 4,886,816 | — | 4,886,816 | (714,885) | | Galicia Investments LLC | 40,172 | — | 40,172 | (1,264) | | Galicia Retiro Compañía de Seguros S.A.U. | 6,388,355 | 5,621,224 | 767,131 | 232,384 | | Galicia Securities S.A.U. | 170,322,731 | 119,025,388 | 51,297,343 | 10,624,349 | | Galicia Seguros S.A.U. | 57,752,081 | 25,756,407 | 31,995,674 | 4,052,889 | | Galicia Ventures LP | 4,017,246 | — | 4,017,246 | (126,392) | | Galicia Warrants S.A. | 12,733,313 | 4,530,068 | 8,203,245 | 14,629 | | GGAL Asset Management S.A. S.G.F.C.I. | 25,461,207 | 4,822,323 | 20,638,884 | 1,262,947 | | GGAL Holdings S.A. | 1,736,075,524 | 2,848,528 | 1,733,226,996 | (34,399,294) | | GGAL Participaciones S.A.U. | 7,836,060 | 1,797,295 | 6,038,765 | 34,889 | GGAL Seguros S.A. (**) | 228,609,374 | 174,350,200 | 54,259,174 | (2,739,184) | | GGAL Seguros de Retiro S.A. | 359,840,640 | 325,452,388 | 34,388,252 | (3,145,518) | | Nera Uruguay S.A. | 2,176 | 23,391 | (21,215) | 1,110 | | Nera Paraguay S.A. | 147,058 | — | 147,058 | (6,450) | | IGAM LLC | 24,638,230 | 3,042 | 24,635,188 | 2,278,433 | | INVIU S.A.U. | 176,485,632 | 164,302,632 | 12,183,000 | 2,157,471 | | INVIU Capital Markets Limited | 4,671,412 | 2,596,195 | 2,075,217 | 85,266 | | INVIU Management Investment Ltd. | 372,208 | 197,547 | 174,661 | (190,294) | | INVIU México S.A.P.I. de C.V. | 82 | — | 82 | 3 | | INVIU Perú S.A.B. S.A.C. | 710,045 | 418,826 | 291,219 | (449,958) | | INVIU Technology Limited | 453,085 | 279,509 | 173,576 | 72,558 | | INVIU Uruguay Agente de Valores S.A.U. | 3,727,300 | 1,620,708 | 2,106,592 | 448,624 | | Vestly Asset Management LLC | 2,207,258 | 2,176,406 | 30,852 | 30,749 | | Vestly México S.A. de C.V. | 79 | — | 79 | 3 | | Naranja Digital Compañía Financiera S.A.U. | 1,764,166,829 | 1,630,712,231 | 133,454,598 | 15,768,026 | | NHI(UK) Limited | 29,393,095 | 9,021,064 | 20,372,031 | (935,402) | | N-xers S.A. de C.V. | 21,452,685 | 7,900 | 21,444,785 | (983,615) | | Sudamericana Holding S.A. | 57,810,805 | 71,030 | 57,739,775 | 12,627,325 | | Seguros Galicia S.A. | 246,746,698 | 225,243,791 | 21,502,907 | 7,360,859 | | Tarjeta Naranja S.A.U. | 3,763,012,764 | 3,002,679,957 | 760,332,807 | 36,676,858 | | Tarjetas Regionales S.A. | 915,798,773 | 9,032,738 | 906,766,035 | 51,469,558 | | Well Assistance S.A.U. | 485,603 | 174,430 | 311,173 | 256,195 |
(*) Income attributable to the shareholders of the parent. (**) At the date of issuance of these Financial Statements, the change of name is pending approval by the Argentine Superintendency of Insurance. 9.2. Investments in associates Banco Galicia, together with other financial institutions, has formed a company named Play Digital S.A. which corporate purpose is to develop and market a payment solution linked to the bank accounts of the financial system users, which will significantly enhance their payment experience. The Board of Directors of said company is composed of key personnel of Banco Galicia; therefore, as it has significant influence, it is valued using the equity method. | | | | | | | | | | | | | | | | Company | Interest % | Location | 03.31.25 | 12.31.24 | | Play Digital S.A. | 19.2650 | % | City of Buenos Aires | 901,187 | 4,438,050 |
The changes of said investment are as follows: | | | | | | | | | | | | | | | | Company | 12.31.24 | Purchases and Contributions | Share profit | 03.31.25 | | Play Digital S.A. | 4,438,050 | — | (3,536,863) | 901,187 | | Total | 4,438,050 | — | (3,536,863) | 901,187 |
Basic information related to the associate Play Digital S.A. as of December 31, 2024, stated in closing currency, is detailed below: | | | | | | | | | | | | | | | | Company | Assets | Liabilities | Shareholders´ Equity | Income | | Play Digital S.A. | 43,691,227 | 38,962,383 | 4,728,844 | (23,538,395) |
9.3. Joint Ventures On February 25, 2025 Grupo Financiero Galicia and Banco Santander S.A. entered into an agreement for the implementation of a joint venture with the purpose of strengthening the growth and expansion of Nera's business. (“Nera Argentina”), Nera Paraguay S.A. and Nera Uruguay S.A. By means of this agreement, it was decided to establish the holding company in Spain, which will be the controlling company of the joint venture companies, and Grupo Financiero Galicia and Banco Santander S.A. will share equally the political and economic control of the joint venture. Since the signing of the agreement and as of the date of these condensed interim consolidated financial statements, both companies have a 50% interest in the control of Agri Tech Investments LLC. Grupo Financiero Galicia S.A. holds 100% of the shares of the subsidiary. | | | | | | | | | | | | | | | | | | | Company | Controlling interest % | Interest % | Location | 03.31.25 | 12.31.24 | | Agri Tech Investments L.L.C. | 50.00 | % | 100.00 | % | U.S.A. | 1,022,109 | — |
The changes of said investment are as follows: | | | | | | | | | | | | | | | | Company | 12.31.24 | Additions (*) | Share profit | 03.31.25 | | Agri Tech Investments L.L.C. | — | 1,501,355 | (479,246) | 1,022,109 | | Total | — | 1,501,355 | (479,246) | 1,022,109 |
(*) During the period, as a result of the aforementioned agreement, control was lost in Agri Tech Investments LLC. It was not treated as a discontinued operation because it was not material. Basic information related to the associate as of March 31, 2025, stated in closing currency, is detailed below: | | | | | | | | | | | | | | | | Company | Assets | Liabilities | Shareholders´ Equity | Income | | Agri Tech Investments L.L.C. | 1,169,167 | 147,058 | 1,022,109 | (479,246) |
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