Grupo Aval Acciones y Valores S A : Consolidated Financial Statements 3Q25

About this update from Grupo Aval Acciones Y Valores Sa

KPMG S.A.S. Calle 90 No. 19c - 74 Bogotá D.C. - Colombia Phone +57 (601) 618 8000 +57 (601) 618 8100 https://www.kpmg.com/co REPORT OF THE STATUTORY AUDITOR ON THE REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION Dear Shareholders, Grupo Aval Acciones y Valores S.A.: Introduction I have reviewed the condensed consolidated interim financial information attached, as of September 30, 2025, of Grupo Aval Acciones y Valores S.A. and subsidiaries (the Group), which comprises: the condensed consolidated statement of financial position as of September 30, 2025; the condensed consolidated statement of income for the three- and nine-month periods ended September 30, 2025; the condensed consolidated statement of other comprehensive income for the three-and nine-month periods ended September 30, 2025; the condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2025; the condensed consolidated statement of cash flows for the nine-month period ended September 30, 2025; and the notes to the condensed consolidated interim financial information. Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with International Accounting Standard 34 (IAS 34) -Interim Financial Information contained in the Accounting and Financial Reporting Standards accepted in Colombia. It is my responsibility to express a conclusion on this condensed consolidated financial information, based on my review. Scope of the review I have conducted my review in accordance with International Standard of Review Work 2410 "Review of Interim Financial Information by the Entity's Independent Auditor", included in the Information Assurance Standards accepted in Colombia. A condensed consolidated interim financial information review consists of making inquiries, primarily with the persons responsible for financial and accounting matters, and the application of analytical and other review procedures. The scope of a review is substantially less than that of an audit conducted in accordance with accepted International Standards on Auditing in Colombia and, therefore, does not allow me to obtain assurance that I have been aware of all the significant matters that I may have identified in an audit. Therefore, I do not express an audit opinion. KPMG Confidential © 2025 KPMG S.A.S., a Colombian joint-stock simplified corporation, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. KPMG S.A.S. Tax ID.: 860.000.846-4 2 Conclusion Based on my review, I have not been aware of any matter that would lead me to assume that the consolidated interim financial information condensed as of September 30, 2025 attached herein has not been prepared, in all material respects, in accordance with International Accounting Standard 34 (IAS 34) - Interim Financial Information contained in the Accounting and Financial Reporting Standards accepted in Colombia. Diana Alexandra Rozo Muñoz Statutory Auditor of Grupo Aval Acciones y Valores S.A. T.P. 120741 - T Member of KPMG S.A.S. November 14, 2025 Condensed Consolidated Statement of Financial Position (Amounts expressed in millions of Colombian pesos) Notes September 30, 2025 December 31, 2024 Assets Cash and cash equivalents 4 (a) Ps. 18,081,296 Ps. 16,998,859 Trading assets 4 (a) 28,056,561 20,163,214 Investment securities 4 (a) 42,010,905 39,162,618 Hedging derivative assets 4 (a) 36,650 54,019 Loans, net 4 (a) 195,868,998 190,129,486 Other accounts receivable, net 4 (a) 26,720,771 27,958,402 Non-current assets held for sale 88,171 105,214 Investments in associates and joint ventures 6 1,273,083 1,430,596 Tangible assets 7,133,688 7,243,441 Concessions arrangement rights 7 14,121,631 14,314,560 Goodwill 2,205,919 2,223,608 Other Intangibles 2,883,000 2,758,318 Income tax assets 4,820,029 4,778,103 Other assets 540,096 538,945 Total assets Ps. 343,840,798 Ps. 327,859,383 Liabilities and equity Liabilities Trading liabilities 4 (a) Ps. 1,438,927 Ps. 1,011,934 Hedging derivative liabilities 4 (a) 24,412 21,658 Customer deposits 4 (a) 212,609,724 200,872,177 Financial obligations 4 (a) 76,109,405 72,823,775 Provisions 973,827 1,102,671 Income tax liabilities 5,834,308 5,863,966 Employee benefits 1,099,732 1,003,303 Other liabilities 9 11,114,495 11,996,981 Total liabilities Ps. 309,204,830 Ps. 294,696,465 Equity Owners of the parent Subscribed and paid-in capital Ps. 23,744 Ps. 23,744 Additional paid-in capital 9,502,957 9,508,062 Retained earnings 8,904,210 8,163,434 Other comprehensive income (19,719) (243,983) Equity attributable to owners of the parent 18,411,192 17,451,257 Non-controlling interest 16,224,776 15,711,661 Total equity 34,635,968 33,162,918 Total liabilities and equity Ps. 343,840,798 Ps. 327,859,383 The accompanying notes are an integral part of the condensed consolidated financial statements. Grupo Aval Acciones y Valores S.A. and Subsidiaries Condensed Consolidated Statement of Income (Amounts expressed in millions of Colombian pesos) For the three-months periods ended September 30, For the nine-months periods ended September 30, Notes 2025 2024 2025 2024 Interest income 4 (i) Ps. 6,717,008 Ps. 6,873,963 Ps. 20,025,092 Ps. 21,349,029 Interest expense 4 (j) (4,844,900) (5,206,040) (14,201,543) (16,079,456) Net interest income 1,872,108 1,667,923 5,823,549 5,269,573 Net impairment loss on financial assets (963,494) (938,568) (2,832,355) (3,284,871) Net interest income, after impairment losses 908,614 729,355 2,991,194 1,984,702 Income from commissions and fees 1,282,158 1,146,538 3,672,017 3,426,250 Expenses from commissions and fees (299,133) (264,742) (878,568) (751,554) Net income from commissions and fees 12 983,025 881,796 2,793,449 2,674,696 Income from sales of goods and services 2,515,764 2,606,529 7,714,149 7,825,313 Costs and expenses of sales goods and services (2,053,189) (2,083,216) (6,078,341) (5,856,824) Net income from sales of goods and services 12 462,575 523,313 1,635,808 1,968,489 Net trading income 13 521,007 498,208 1,318,949 1,078,582 Net income from other financial instruments mandatorily at fair value through profit or loss 4 (a) 89,343 82,145 275,389 268,775 Other income 14 560,937 421,064 1,522,217 832,993 Other expenses 14 (2,277,493) (2,064,818) (6,841,160) (6,273,893) Net income before tax expense 1,248,008 1,071,063 3,695,846 2,534,344 Income tax expense 8 (356,436) (342,365) (1,119,341) (883,283) Net income Ps. 891,572 Ps. 728,698 Ps. 2,576,505 Ps. 1,651,061 Net income attributable to owners of the parent 520,992 415,663 1,377,433 733,735 Net income attributable to non-controlling interests 370,580 313,035 1,199,072 917,326 Net Income Ps. 891,572 Ps. 728,698 Ps. 2,576,505 Ps. 1,651,061 Net income per share basic and diluted (in Colombian pesos) 10 Ps. 21.94 Ps. 17.51 Ps. 58.01 Ps. 30.90 The accompanying notes are an integral part of the condensed consolidated financial statements. Condensed Consolidated Statement of Other Comprehensive Income (Amounts expressed in millions of Colombian pesos) For the thre periods ended 30, e-months September For the nine-mo ended Septe nths periods mber 30, Net income Notes Ps. 2025 891,572 Ps. 2024 728,698 Ps. 2025 2,576,505 Ps. 2024 1,651,061 Other comprehensive income Items that will be reclassified to profit or loss Net gain (loss) on hedges of net investments in foreing operations Hedged items 5 (a) (147,007) 28,752 (459,101) 303,329 Hedging non-derivative instrument 5 (a) 143,972 (31,142) 449,715 (294,075) Cash flow hedges 5 (b) (6,371) 1,171 (12,755) 30,132 Foreign currency translation differences from unhedged item foreign operations (82,984) (30,023) (277,233) 133,612 Investments in associates 6 (15,365) (17,402) (41,211) (12,830) Unrealized gains on securities at FVOCI 469,871 529,326 644,614 382,574 Income tax (177,014) (86,289) (306,722) 47,641 Total items that may be reclassified to profit or loss Ps. 185,102 Ps. 394,393 Ps. (2,693)Ps. 590,383 Items that will not be reclassified to profit or loss Effect of transferring properties for own use to investment - properties (1,499) (1,238) (199) (losses) Unrealized on equity securities at FVOCI (135,308) (2,672) 220,903 317,021 Actuarial gains (losses) from defined benefit pension plans 1,099 3,499 10,133 (6,621) Income tax 2,871 (5,554) (4,901) (7,942) Total items that will not be reclassified to profit or loss Ps. (132,837)Ps. (4,727)Ps. 224,897 Ps. 302,259 Total other comprehensive income during the period net of taxes Ps. 52,265 Ps. 389,666 Ps. 222,204 Ps. 892,642 Total comprehensive income Ps. 943,837 Ps. 1,118,364 Ps. 2,798,709 Ps. 2,543,703 Total comprehensive income for the period attributable to: Owners of the parent 629,301 670,972 1,601,697 1,189,769 Non-controlling interest 314,536 447,392 1,197,012 1,353,934 Ps. 943,837 Ps. 1,118,364 Ps. 2,798,709 Ps. 2,543,703 The accompanying notes are an integral part of the condensed consolidated financial statements. Grupo Aval Acciones y Valores S.A. and Subsidiaries Condensed Consolidated Statement of Changes in Equity for the nine-month periods ended September 30, 2025 and 2024 (Amounts expressed in millions of Colombian pesos) Subscribed and paid-in capital Additional paid-in capital Appropriated retained earnings Other comprehensive income (OCI) Equity attributable to owners of the parent Non-controlling interest (NCI) Total equity Balance at January 1, 2024 Ps. 23,744 Ps. 9,571,374 Ps. 7,731,773 Ps. (544,219) Ps. 16,782,672 Ps. 14,737,744 Ps. 31,520,416 Dividends declared in cash (1) - - (569,843) - (569,843) (618,579) (1,188,422) Equity transactions (1) - (13,748) - - (13,748) (63,075) (76,823) Increase in OCI - - - 456,034 456,034 436,608 892,642 Effect of realization (1) - - (2,876) - (2,876) (592) (3,468) Withholding Tax over dividends - - 526 - 526 (5,177) (4,651) Net income - - 733,735 - 733,735 917,326 1,651,061 Balance at September 30, 2024 Ps. 23,744 Ps. 9,557,626 Ps. 7,893,315 Ps. (88,185) Ps. 17,386,500 Ps. 15,404,255 Ps. 32,790,755 Balance at January 1, 2025 Ps. 23,744 Ps. 9,508,062 Ps. 8,163,434 Ps. (243,983) Ps. 17,451,257 Ps. 15,711,661 Ps. 33,162,918 Dividends declared in cash (1) - - (655,320) - (655,320) (689,168) (1,344,488) Equity transactions (1) - (5,105) - - (5,105) (17,857) (22,962) Increase in OCI - - - 224,264 224,264 (2,060) 222,204 Effect of realization (1) - - 16,758 - 16,758 27,800 44,558 Withholding Tax over dividends - - 1,905 - 1,905 (4,672) (2,767) Net income - - 1,377,433 - 1,377,433 1,199,072 2,576,505 Balance at September 30, 2025 Ps. 23,744 Ps. 9,502,957 Ps. 8,904,210 Ps. (19,719) Ps. 18,411,192 Ps. 16,224,776 Ps. 34,635,968 (1) See details in note 10 The accompanying notes are an integral part of the condensed consolidated financial statements. Grupo Aval Acciones y Valores S.A. and Subsidiaries Condensed Consolidated Statement of Cash Flows (Amounts expressed in millions of Colombian pesos) For the nine-months period ended September 30, Notes 2025 2024 Cash flows from operating activities: Net income before income tax Ps. 3,695,846 Ps. 2,534,344 Reconciliation of net income before taxes and net cash (used in) provided by operating activities Depreciation and amortization 12-14 1,046,370 937,711 Impairment losses on loans and other accounts receivable 4(d) 3,429,993 3,759,874 Valuations and interest from concession agreements (2,029,311) (2,192,218) Net interest income (5,823,549) (5,269,573) Net gains on sales of non-current assets held for sale (10,055) (18,897) Gain on sales of tangible assets (12,188) (63,552) Foreign exchange loss, net 14 (591,769) 213,285 Profit of equity accounted on investments in associates and joint ventures 6-14 (277,930) (281,941) Accrued dividends 14 (131,160) (142,228) Fair value adjustments of: Derivatives 13 603,932 109,250 Non-current assets held for sale 1,670 - Investment properties 4 (a)(iii) (34,465) (35,160) Biological assets 4 (a)(iii) (5,964) (5,776) Changes in operating assets and liabilities Derivatives (744,447) (195,504) Trading assets (7,321,856) (5,939,233) Accounts receivable (757,512) (559,116) Other assets 13,321 (179,120) Other liabilities and provisions 1,416,626 313,689 Employee benefit 90,223 122,442 Loans (13,289,944) (9,020,981) Customer deposits 15,927,020 11,997,053 Interbank borrowings and overnight funds 6,687,007 6,171,211 Borrowings from banks 2,355,418 (3,279,274) Interest received 18,667,190 21,028,791 Interest paid (14,092,751) (16,937,473) Interest paid on leases (185,194) (181,323) Income tax paid (2,074,712) (1,938,452) Net cash provided by operating activities Ps. 6,551,809 Ps. 947,829 The accompanying notes are an integral part of the condensed consolidated financial statements. Grupo Aval Acciones y Valores S.A. and Subsidiaries Condensed Consolidated Statement of Cash Flows (Amounts expressed in millions of Colombian pesos) For the nine-months period ended September 30, Notes 2025 2024 Cash flows from investing activities: Purchases of financial assets at amortized cost Ps. (4,766,300) Ps. (5,729,554) Redemptions of financial assets at amortized cost 6,448,599 6,136,436 Acquisition of investments at FVOCI (15,633,873) (10,550,547) Proceeds from sale of investments at FVOCI 12,717,616 9,830,627 Acquisition of investments in associates 6 - (2,486) Acquisition of tangible assets (405,627) (452,523) Proceeds from sale of tangible assets 259,036 140,415 Proceeds from sales of non-current assets held for sale 66,251 36,884 Capitalization and payments in concession contracts 180,191 359,641 Additions of other intangible assets (412,982) (443,553) Dividends received 260,401 335,750 Net cash used in investing activities Ps. (1,286,688) Ps. (338,910) Cash flows from financing activities: Dividends paid to shareholders Ps. (464,365) Ps. (537,923) Dividends paid to non-controlling interest (379,945) (403,621) Issuance of debt securities 564,060 1,194,076 Payment of outstanding debt securities (1,210,502) (1,332,937) Equity transactions 10 (6) (55,000) Leases (325,561) (303,624) Net cash used in financing activities Ps. (1,816,319) Ps. (1,439,029) Effect of foreign currency changes on cash and equivalents (2,366,365) 1,384,174 Increase (decrease) in cash and cash equivalents 1,082,437 554,064 Cash and cash equivalents at beginning of period 4 (a) Ps. 16,998,859 Ps. 18,597,861 Cash and cash equivalents at end of period 4 (a) Ps. 18,081,296 Ps. 19,151,925 The accompanying notes are an integral part of the condensed consolidated financial statements. Grupo Aval Acciones y Valores S.A. and Subsidiaries Notes to the Condensed Consolidated Financial Statements (Amounts expressed in millions of Colombian pesos) NOTE 1 - REPORTING ENTITY Grupo Aval Acciones y Valores S.A. (hereinafter the "The Group" or "Grupo Aval") was established under Colombian law in January 7, 1994, with its main offices and business address registered in Bogotá, D.C., Colombia. The corporate purpose of Grupo Aval is the purchase and sale of securities issued by financial and comercial entities. Grupo Aval is the majority shareholder of Banco de Bogotá S.A., Banco de Occidente S.A., Banco Popular S.A. and Banco Comercial AV Villas S.A., entities whose main purpose is to perform all transactions, operations and services inherent to the banking business, pursuant to applicable laws and regulations. Furthermore, through its direct and indirect investments in Corporación Financiera Colombiana S.A. ("Corficolombiana"), en la Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir S.A. ("Porvenir"), Aval Fiduciaria S.A., Aval Casa de Bolsa S.A. - Sociedad Comisionista de Bolsa, Aval Banca de Inversión S.A.S., GOU Payments S.A EASPBV y Aval Valor Compartido S.A.S - AVC, Grupo Aval engages in investment banking activities, invests in the non-financial sector, and manages pensions and severance funds in Colombia. NOTE 2 - BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS The consolidated condensed interim financial information has been prepared in accordance with International Accounting Standard IAS 34 Interim Financial Reporting, contained in the Accounting and Financial Information Standards accepted in Colombia (NCIF) established in Law 1314 of 2009, regulated by the single regulatory decree 2420 of 2015 and the other amending decrees issued by the National Government. These Condensed Consolidated Financial Statements do not include all the information required for a complete set of IFRS financial statements and should be read in conjunction with the Group's last annual consolidated financial statements as of and for the year ended December 31, 2024. All information is presented in millions of pesos and has been rounded to the nearest unit, except in cases here otherwise indicated. In accordance with IAS 34 Interim Financial Reporting, the accounting policies used for interim periods are the same as those applied in the preparation of the annual consolidated financial statements. Grupo Aval does not present seasonal or cyclical effects on its disclosed revenue, however selected explanatory notes are included to explain events and transactions that are significant to understanding the changes in the Group's financial position and performance since the last annual consolidated financial statements. NOTE 3 - CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES IN THE APPLICATION OF ACCOUNTING POLICIES In preparing these interim consolidated condensed financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation were the same as those described in the last annual financial statements ended on December 31, 2024. NOTE 4 - FINANCIAL INSTRUMENTS - FAIR VALUE AND MANAGEMENT RISK Carrying value and fair value Classification of financial assets and liabilities The following table provides a reconciliation between the items in the Consolidated Statement of Financial Position after impairment and the categories of financial instruments as of September 30, 2025 and December 31, 2024. 9 September 30, 2025 Mandatorily at Fair value Amortized Total net carrying Financial assets Detail FVTPL at OCI Cost, net amount Cash and cash equivalents Cash Ps. - Ps. - Ps. 3,520,060 Ps. 3,520,060 Deposits in the Colombian central bank - - 6,157,357 6,157,357 Demand deposits in banks and other financial entities - - 5,494,604 5,494,604 Clearing houses - - 416 416 Liquidity management - - 2,451,792 2,451,792 Cash held for specific purposes - - 457,067 457,067 Total cash and cash equivalents Ps. - Ps. - Ps. 18,081,296 Ps. 18,081,296 Trading assets Trading investment Securities issued or secured by Colombian Government Ps. 16,609,005 Ps. - Ps. - Ps. 16,609,005 Securities issued or secured by other entities of the Colombian Government 189,856 - - 189,856 Securities issued or secured by foreign Government 82,859 - - 82,859 Securities issued or secured by other financial entities 888,205 - - 888,205 Securities issued or secured by entities of the Non-financial sector 2,950 - - 2,950 Other 27,307 - - 27,307 Total trading investment Ps. 17,800,182 Ps. - Ps. - Ps. 17,800,182 Investments in equity securities Trading equity securities Ps. 8,712,153 Ps. - Ps. - Ps. 8,712,153 Held for trading Derivatives Currency forward Ps. 1,279,180 Ps. - Ps. - Ps. 1,279,180 Debt securities forward 22,489 - - 22,489 Interest rate swap 177,256 - - 177,256 Currency swap 18,815 - - 18,815 Currency options 46,486 - - 46,486 Total held for trading derivatives Ps. 1,544,226 Ps. - Ps. - Ps. 1,544,226 Total trading assets Ps. 28,056,561 Ps. - Ps. - Ps. 28,056,561 Investments securities Investments in debt securities at fair value through profit or loss Other Ps. 1,390 Ps. - Ps. - Ps. 1,390 Investments at fair value through OCI Securities issued or secured by Colombian Government Ps. - Ps. 24,487,304 Ps. - Ps. 24,487,304 Securities issued or secured by other entities of the Colombian Government - 453,343 - 453,343 Securities issued or secured by foreign Government - 3,474,368 - 3,474,368 Securities issued or secured by central banks - 205,890 - 205,890 Securities issued or secured by other financial entities - 1,983,027 - 1,983,027 Securities issued or secured by entities of the non-financial sector - 213,462 - 213,462 Other - 325,736 - 325,736 Total investments at fair value through OCI Ps. - Ps. 31,143,130 Ps. - Ps. 31,143,130 Mandatorily at Fair value Amortized Total net carrying Financial assets Detail FVTPL at OCI Cost, net amount Investments in equity securities Investments in equity through OCI Ps. - Ps. 1,558,984 Ps. - Ps. 1,558,984 Financial assets at amortized cost, net Securities issued or secured by Colombian Government Ps. - Ps. - Ps. 1,817,139 Ps. 1,817,139 Securities issued or secured by other entities of the Colombian Government - - 5,236,388 5,236,388 Securities issued or secured by Foreign Government - - 27,458 27,458 Securities issued or secured by other financial entities - - 2,081,062 2,081,062 Securities issued or secured by entities of the non-financial sector - - 116,000 116,000 Other - - 29,354 29,354 Total investments at amortized cost, net Ps. - Ps. - Ps. 9,307,401 Ps. 9,307,401 Total investments securities Ps. 1,390 Ps. 32,702,114 Ps. 9,307,401 Ps. 42,010,905 Hedging Derivatives Currency forward Ps. 3,755 Ps. - Ps. - Ps. 3,755 Interest rate swap 32,895 - - 32,895 Total hedging derivatives Ps. 36,650 Ps. - Ps. - Ps. 36,650 Loans, net Interbank and overnight funds Ps. - Ps. - Ps. 1,429,785 Ps. 1,429,785 Commercial - - 110,664,006 110,664,006 Consumer - - 59,824,247 59,824,247 Mortgage - - 23,950,359 23,950,359 Microcredit - - 601 601 Total loan portfolio, net d) Ps. - Ps. - Ps. 195,868,998 Ps. 195,868,998 Other account receivables, net Financial assets in concession contracts, net Ps. 4,457,224 Ps. - Ps. 14,154,872 Ps. 18,612,096 Other accounts receivables at amortized cost, net - - 8,108,675 8,108,675 Total other account receivables, net g) Ps. 4,457,224 Ps. - Ps. 22,263,547 Ps. 26,720,771 Total financial assets Ps. 32,551,825 Ps. 32,702,114 Ps. 245,521,242 Ps. 310,775,181 Financial Liabilities Trading Derivatives Detail Mandatorily at FVTPL Fair value at OCI Amortized Cost Total net carrying amount Currency forward Ps. 1,114,865 Ps. - Ps. - Ps. 1,114,865 Debt securities forward 65,679 - - 65,679 Interest rate swap 172,668 - - 172,668 Currency swap 30,135 - - 30,135 Currency options 55,580 - - 55,580 Total trading derivatives Ps. 1,438,927 Ps. - Ps. - Ps. 1,438,927 Hedging derivatives Currency forward Ps. 9,897 Ps. - Ps. - Ps. 9,897 Financial Liabilities Detail Mandatorily at FVTPL Fair value at OCI Total Amortized net carrying Cost amount Interest rate swap 14,515 - - 14,515 Total hedging derivatives Ps. 24,412 Ps. - Ps. - Ps. 24,412 Financial liabilities at amortized cost (see details of expenses in paragraph j) j) Customer deposits Checking accounts Ps. - Ps. - Ps. 23,643,692 Ps. 23,643,692 Time deposits - - 103,218,999 103,218,999 Savings accounts - - 85,076,482 85,076,482 Others deposits - - 670,551 670,551 Total customer deposits Ps. - Ps. - Ps. 212,609,724 Ps. 212,609,724 Financial obligations Interbank borrowings and overnight funds Ps. - Ps. - Ps. 25,334,234 Ps. 25,334,234 Leases contracts - - 2,635,743 2,635,743 Borrowings from banks and similar - - 20,028,362 20,028,362 Bonds issued h) - - 23,755,423 23,755,423 Borrowings from development entities - - 4,355,643 4,355,643 Total Financial obligations Ps. - Ps. - Ps. 76,109,405 Ps. 76,109,405 Total financial liabilities Ps. 1,463,339 Ps. - Ps. 288,719,129 Ps. 290,182,468 December 31, 2024 Mandatorily at Fair value Amortized Total net carrying Financial assets Detail FVTPL at OCI Cost amount Cash and cash equivalents Cash Ps. - Ps. - Ps. 3,742,357 Ps. 3,742,357 Deposits in the Colombian central bank - - 4,162,015 4,162,015 Demand deposits in banks and other financial entities - - 5,686,534 5,686,534 Clearing houses - - 288 288 Liquidity management - - 1,938,833 1,938,833 Cash held for specific purposes - - 1,468,832 1,468,832 Total cash and cash equivalents Ps. - Ps. - Ps. 16,998,859 Ps. 16,998,859 Trading assets Trading investment Securities issued or secured by Colombian Government Ps. 10,641,558 Ps. - Ps. - Ps. 10,641,558 Securities issued or secured by other entities of the Colombian Government 183,760 - - 183,760 Securities issued or secured by foreign Governments 75,379 - - 75,379 Securities issued or secured by other financial entities 1,002,194 - - 1,002,194 Securities issued or secured by entities of the non-financial sector 8,813 - - 8,813 Other 25,710 - - 25,710 Total trading investment Ps. 11,937,414 Ps. - Ps. - Ps. 11,937,414 Mandatorily at Fair value Amortized Total net carrying Financial assets Detail FVTPL at OCI Cost amount Investments in equity securities Trading equity securities Ps. 7,256,506 Ps. - Ps. - Ps. 7,256,506 Held for trading derivatives Currency forward Ps. 530,625 Ps. - Ps. - Ps. 530,625 Debt securities forward 117,053 - - 117,053 Interest rate swap 222,829 - - 222,829 Currency swap 58,475 - - 58,475 Currency options 40,312 - - 40,312 Total held for trading derivatives Ps. 969,294 Ps. - Ps. - Ps. 969,294 Total trading assets Ps. 20,163,214 Ps. - Ps. - Ps. 20,163,214 Investments securities Investments in debt securities at fair value through profit or loss Other Ps. 1,425 Ps. - Ps. - Ps. 1,425 Investments at fair value through OCI Securities issued or secured by Colombian Government Ps. - Ps. 18,267,908 Ps. - Ps. 18,267,908 Securities issued or secured by other Colombian Government entities - 462,745 - 462,745 Securities issued or secured by foreign Governments - 4,502,810 - 4,502,810 Securities issued or secured by central banks - 204,855 - 204,855 Securities issued or secured by other financial entities - 2,626,783 - 2,626,783 Securities issued or secured by non-financial sector entities - 249,660 - 249,660 Others - 735,437 - 735,437 Total investments at fair value through OCI Ps. - Ps. 27,050,198 Ps. - Ps. 27,050,198 Investments in equity securities Investments in equity through OCI Ps. - Ps. 1,421,303 Ps. - Ps. 1,421,303 Financial assets at amortized cost, net Securities issued or secured by Colombian Government Ps. - Ps. - Ps. 2,553,157 Ps. 2,553,157 Securities issued or secured by other Colombian Government entities - - 5,560,944 5,560,944 Securities issued or secured by foreign Governments - - 30,655 30,655 Securities issued or secured by other financial entities - - 2,339,524 2,339,524 Securities issued or secured by non-financial sector entities - - 140,844 140,844 Others - - 64,568 64,568 Investments in debt securities, net Ps. - Ps. - Ps. 10,689,692 Ps. 10,689,692 Total investments securities Ps. 1,425 Ps. 28,471,501 Ps. 10,689,692 Ps. 39,162,618 Hedging derivatives Currency forward Ps. 10,642 Ps. - Ps. - Ps. 10,642 Interest rate swap 43,377 - - 43,377 Total hedging derivatives Ps. 54,019 Ps. - Ps. - Ps. 54,019 Loans, net Interbank and overnight funds Ps. - Ps. - Ps. 704,260 Ps. 704,260 Commercial - - 110,051,750 110,051,750 Consumer - - 57,810,307 57,810,307 Mortgage - - 21,562,412 21,562,412 Financial assets Detail Mandatorily at FVTPL Fair value at OCI Amortized Cost Total net carrying amount Microcredit - - 757 757 Total loan portfolio, net d) Ps. - Ps. - Ps. 190,129,486 Ps. 190,129,486 Other account receivables Financial assets in concession contracts, net Ps. 4,181,835 Ps. - Ps. 15,078,406 Ps. 19,260,241 Other accounts receivables at amortized cost, net - - 8,698,161 8,698,161 Total other account receivables, net g) Ps. 4,181,835 Ps. - Ps. 23,776,567 Ps. 27,958,402 Total financial assets, net Ps. 24,400,493 Ps. 28,471,501 Ps. 241,594,604 Ps. 294,466,598 Financial liabilities Trading derivatives Detail Mandatorily at FVTPL Fair value at OCI Amortized Cost Total net carrying amount Currency forward Ps. 672,690 Ps. - Ps. - Ps. 672,690 Debt securities forward 15,978 - - 15,978 Interest rate swap 221,822 - - 221,822 Currency swap 52,455 - - 52,455 Currency options 48,989 - - 48,989 Total trading derivatives Ps. 1,011,934 Ps. - Ps. - Ps. 1,011,934 Hedging derivatives Currency forward Ps. 5,250 Ps. - Ps. - Ps. 5,250 Interest rate swap 16,408 - - 16,408 Total hedging derivatives Ps. 21,658 Ps. - Ps. - Ps. 21,658 Financial liabilities at amortized cost Customer deposits Checking accounts Ps. - Ps. - Ps. 24,579,536 Ps. 24,579,536 Time deposits - - 96,329,827 96,329,827 Savings accounts - - 79,614,904 79,614,904 Others deposits - - 347,910 347,910 Total Customer deposits Ps. - Ps. - Ps. 200,872,177 Ps. 200,872,177 Financial obligations Interbank borrowings and overnight funds Ps. - Ps. - Ps. 18,509,769 Ps. 18,509,769 Leases contracts - - 2,866,268 2,866,268 Borrowings from banks and similar - - 21,194,590 21,194,590 Bonds issued h) - - 26,215,847 26,215,847 Borrowings from development entities - - 4,037,301 4,037,301 Total Financial obligations Ps. - Ps. - Ps. 72,823,775 Ps. 72,823,775 Total financial liabilities Ps. 1,033,592 Ps. - Ps. 273,695,952 Ps. 274,729,544 Measurement of fair values The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and the valuation techniques used may not fully reflect all the factors relevant to the positions of Grupo Aval. Therefore, the appraisals are adjusted, if necessary, to allow for additional factors, including country risk, liquidity risks and counterparty risks. The fair value hierarchy has the following levels: Level 1 inputs are quoted prices (unadjusted) in active markets for assets or liabilities identical to those which the entity can access as of the date of measurement. Level 2 inputs are inputs different than quoted prices included in Level 1 that are observable for the asset or liability, whether directly or indirectly in non-active markets. Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which fair value measurement is classified in whole is determined based on the input of the lowest level that is most significant for measuring its total fair value. For such purpose, the relevance of an input is assessed in connection with to measurement of the total fair value. Financial instruments that are listed in markets that are not deemed active, but which are valued based in accordance with quoted market prices, quotes from price vendors or alternative price sources supported by observable inputs, are classified in Level 2. If a fair value measurement uses observable inputs that require significant adjustments based on unobservable inputs, this measurement is classified as Level 3. The assessment of the importance of a particular input to the measurement of fair value in whole requires judgment, considering specific factors of the asset or liability. Determining what is deemed as 'observable' requires a significant judgment by Grupo Aval. Grupo Aval considers as observable data the market data, which is already available, distributed or updated by the price suppliers, and it is reliable and verifiable, with no property rights, and provided by independent sources which are actively involved in the reference market. The following table presents an analysis, within the hierarchy of fair value, of Grupo Aval´s assets and liabilities (by class), measured at fair value on a recurring basis. September 30, 2025 ASSETS Investments in debt securities Trading investment Fair Value Level 1 Level 2 Level 3 Total Securities issued or secured by Colombian Government Ps. 16,051,903 Ps. 557,102 Ps. - Ps. 16,609,005 Securities issued or secured by other entities of the Colombian Government - 189,856 - 189,856 Securities issued or secured by foreign Government 61,917 20,942 - 82,859 Securities issued or secured by other financial entities - 888,205 - 888,205 Securities issued or secured by entities of the Non-financial sector - 2,950 - 2,950 Other - 27,307 - 27,307 Total trading investment Ps. 16,113,820 Ps. 1,686,362 Ps. - Ps. 17,800,182 Investments in debt securities at fair value through profit or loss Other Ps. - Ps. - Ps. 1,390 Ps. 1,390 Total investments in debt securities at fair value through profit or loss Ps. 16,113,820 Ps. 1,686,362 Ps. 1,390 Ps. 17,801,572 Investments at fair value through OCI Securities issued or secured by Colombian Government Ps. 20,964,059 Ps. 3,523,245 Ps. - Ps. 24,487,304 Securities issued or secured by other entities of the Colombian Government 49,599 403,744 - 453,343 Securities issued or secured by foreign Government 702,910 2,771,458 - 3,474,368 Securities issued or secured by central banks - 205,890 - 205,890 Securities issued or secured by other financial entities - 1,983,027 - 1,983,027 Securities issued or secured by entities of the non-financial sector - 213,462 - 213,462 Other 1,591 324,146 - 325,737 Total investments at fair value through OCI Ps. 21,718,159 Ps. 9,424,972 Ps. - Ps. 31,143,131 Total investments in debt securities Ps. 37,831,979 Ps. 11,111,334 Ps. 1,390 Ps. 48,944,703 Investments in equity securities Trading equity securities Ps. 18,568 Ps. 5,232,724 Ps. 3,460,861 Ps. 8,712,153 Investments in equity through OCI 1,437,750 98 121,136 1,558,984 Total investments in equity securities Ps. 1,456,318 Ps. 5,232,822 Ps. 3,581,997 Ps. 10,271,137 Held for trading Derivatives Currency forward Ps. - Ps. 1,279,180 Ps. - Ps. 1,279,180 Debt securities forward - 22,489 - 22,489 Interest rate swap 5,555 171,701 - 177,256 Currency swap - 18,815 - 18,815 Currency options - 46,486 - 46,486 Total held for trading derivatives Ps. 5,555 Ps. 1,538,671 Ps. - Ps. 1,544,226 Hedging Derivatives Currency forward Ps. - Ps. 3,755 Ps. - Ps. 3,755 Interest rate swap 1,780 31,115 - 32,895 Total hedging derivatives Ps. 1,780 Ps. 34,870 Ps. - Ps. 36,650 Other account receivables Financial assets in concession contracts - - 4,457,224 4,457,224 Total other account receivables designated at fair value Ps. - Ps. - Ps. 4,457,224 Ps. 4,457,224 Non- financial assets Biological assets Ps. - Ps. - Ps. 246,829 Ps. 246,829 Investment properties - - 936,522 936,522 Total non- financial assets Ps. - Ps. - Ps. 1,183,351 Ps. 1,183,351 Total assets at fair value on recurring basis Ps. 39,295,632 Ps. 17,917,697 Ps. 9,223,962 Ps. 66,437,291 LIABILITIES Trading Derivatives Currency forward Ps. - Ps. 1,114,865 Ps. - Ps. 1,114,865 Debt securities forward - 65,679 - 65,679 Interest rate swap 4,153 168,515 - 172,668 Currency swap - 30,135 - 30,135 Currency options - 55,580 - 55,580 Total trading derivatives Ps. 4,153 Ps. 1,434,774 Ps. - Ps. 1,438,927 Hedging derivatives Currency forward Ps. - Ps. 9,897 Ps. - Ps. 9,897 Interest rate swap - 14,515 - 14,515 Total hedging derivatives Ps. - Ps. 24,412 Ps. - Ps. 24,412 Total liabilities at fair value on recurring basis Ps. 4,153 Ps. 1,459,186 Ps. - Ps. 1,463,339 December 31, 2024 Level 1 Fair Level 2 Value Level 3 Total ASSETS Investments in debt securities Trading investment Securities issued or secured by Colombian Government Ps. 10,580,049 Ps. 61,509 Ps. - Ps. 10,641,558 Securities issued or secured by other entities of the Colombian Government - 183,760 - 183,760 Securities issued or secured by foreign Governments 26,107 49,272 - 75,379 Securities issued or secured by other financial entities - 1,002,194 - 1,002,194 Securities issued or secured by entities of the non-financial sector - 8,813 - 8,813 Other - 25,710 - 25,710 Total trading investment Ps. 10,606,156 Ps. 1,331,258 Ps. - Ps. 11,937,414 Investments in debt securities at fair value through profit or loss Other - - 1,425 1,425 Total investments in debt securities at fair value through profit or loss Ps. 10,606,156 Ps. 1,331,258 Ps. 1,425 Ps. 11,938,839 Investments at fair value through OCI Securities issued or secured by Colombian Government Ps. 13,391,650 Ps. 4,876,258 Ps. - Ps. 18,267,908 Securities issued or secured by other Colombian Government entities 52,253 410,492 - 462,745 Securities issued or secured by foreign Governments 1,195,495 3,307,315 - 4,502,810 Securities issued or secured by central banks - 204,855 - 204,855 Securities issued or secured by other financial entities - 2,626,783 - 2,626,783 Securities issued or secured by non-financial sector entities - 249,660 - 249,660 Others 1,740 733,697 - 735,437 Total investments at fair value through OCI Ps. 14,641,138 Ps. 12,409,060 Ps. - Ps. 27,050,198 Total investments in debt securities Ps. 25,247,294 Ps. 13,740,318 Ps. 1,425 Ps. 38,989,037 Investments in equity securities Trading equity securities Ps. 12,711 Ps. 4,049,509 Ps. 3,194,286 Ps. 7,256,506 Investments in equity through OCI 1,302,512 100 118,691 1,421,303 Total investments in equity securities Ps. 1,315,223 Ps. 4,049,609 Ps. 3,312,977 Ps. 8,677,809 Held for trading derivatives Currency forward Ps. - Ps. 530,625 Ps. - Ps. 530,625 Debt securities forward - 117,053 - 117,053 Interest rate swap 4,515 218,314 - 222,829 Currency swap - 58,475 - 58,475 Currency options - 40,312 - 40,312 Total held for trading derivatives Ps. 4,515 Ps. 964,779 Ps. - Ps. 969,294 Hedging derivatives Currency forward Ps. - Ps. 10,642 Ps. - Ps. 10,642 Interest rate swap - 43,377 - 43,377 Total hedging derivatives Ps. - Ps. 54,019 Ps. - Ps. 54,019 Other account receivables Financial assets in concession contracts - - 4,181,835 4,181,835 Total other account receivables designated at fair value Ps. - Ps. - Ps. 4,181,835 Ps. 4,181,835 Non- financial assets Biological assets Ps. - Ps. - Ps. 238,339 Ps. 238,339 Investment properties - - 972,935 972,935 Total non- financial assets Ps. - Ps. - Ps. 1,211,274 Ps. 1,211,274 Total assets at fair value on recurring basis Ps. 26,567,032 Ps. 18,808,725 Ps. 8,707,511 Ps. 54,083,268 LIABILITIES Trading derivatives Currency forward Ps. - Ps. 672,690 Ps. - Ps. 672,690 Debt securities forward - 15,978 - 15,978 Interest rate swap 2,469 219,353 - 221,822 Currency swap - 52,455 - 52,455 Currency options - 48,989 - 48,989 Total trading derivatives Ps. 2,469 Ps. 1,009,465 Ps. - Ps. 1,011,934 Hedging derivatives Currency forward Ps. - Ps. 5,250 Ps. - Ps. 5,250 Interest rate swap - 16,408 - 16,408 Total hedging derivatives Ps. - Ps. 21,658 Ps. - Ps. 21,658 Total liabilities at fair value on recurring basis Ps. 2,469 Ps. 1,031,123 Ps. - Ps. 1,033,592 Reconciliation level 3 of the fair value hierarchy The reconciliation of the balances at the beginning of the period to the closing balances with the fair value measurements classified at Level 3 is shown in the following table as of September 30, 2025 and September 30, 2024. For the period of three months ended September 30, 2025 Financial assets in debt securities Equity instruments Financial assets in concession arrangements Biological assets Investment propierties Balance at July 1, 2025 Ps. 1,404 Ps. 3,490,108 Ps. 4,367,881 Ps. 243,252 Ps. 954,183 Transfers between level 2 to level 3 - - - - - Valuation adjustment with effect on results (14) 91,199 89,343 2,145 16,499 Valuation adjustments with an effect on OCI - 690 - - - Additions - - - 8,336 49,556 Sales, withdrawals / redemptions - - - (6,904) (81,928) Reclassifications - - - - 1 Transfer of non-current assets held for sale - - - - 353 Difference in change - - - - (2,142) Balance at September 30, 2025 Ps. 1,390 Ps. 3,581,997 Ps. 4,457,224 Ps. 246,829 Ps. 936,522 For the period of three months ended September 30, 2024 Financial assets in debt securities Equity instruments Financial assets in concession arrangements Biological assets Investment propierties Balance at July 1, 2024 Ps. 1,868 Ps. 2,869,195 Ps. 4,017,546 Ps. 234,342 Ps. 915,909 Valuation adjustment with effect on results 10 128,578 82,145 2,051 9,946 Valuation adjustments with an effect on OCI - 25 - - - Additions - 87 - 7,406 14,857 Sales, withdrawals / redemptions - - - (5,255) (13,231) Transfer of non-current assets held for sale - - - - 7,069 Difference in change - - - - 460 Balance at September 30, 2024 Ps. 1,878 Ps. 2,997,885 Ps. 4,099,691 Ps. 238,544 Ps. 935,010 For the period of nine months ended September 30, 2025 Financial assets in debt securities Equity instruments Financial assets in concession arrangements Biological assets Investment propierties Balance at January 1, 2025 Ps. 1,425 Ps. 3,312,977 Ps. 4,181,835 Ps. 238,339 Ps. 972,935 Transfers between level 2 to level 3 - 28 - - - Valuation adjustment with effect on results (35) 266,575 275,389 5,964 34,465 Valuation adjustments with an effect on OCI - 2,417 - - 261 Additions - - - 22,056 136,033 Sales, withdrawals / redemptions - - - (19,530) (215,703) Reclassifications (1) - - - - 1,582 Transfer of non-current assets held for sale - - - - 14,057 Difference in change - - - - (7,108) Balance at September 30, 2025 Ps. 1,390 Ps. 3,581,997 Ps. 4,457,224 Ps. 246,829 Ps. 936,522 (1) Corresponds to reclassification between Own Use and Investment Properties at Banco Popular for Ps. 2,066 and Banco de Bogotá for Ps. (484). For the period of nine months ended September 30, 2024 Financial assets in debt securities Equity instruments Financial assets in concession arrangements Biological assets Investment propierties Balance at January 1, 2024 Ps. 1,889 Ps. 2,770,226 Ps. 3,830,916 Ps. 230,672 Ps. 906,469 Valuation adjustment with effect on results (11) 218,003 268,775 5,776 35,160 Valuation adjustments with an effect on OCI - 7,819 - - - Additions - 1,837 (1) - 19,574 32,467 Sales, withdrawals / redemptions - - - (17,478) (59,674) Transfer of non-current assets held for sale - - - - 15,173 Difference in change - - - - 5,415 Balance at September 30, 2024 Ps. 1,878 Ps. 2,997,885 Ps. 4,099,691 Ps. 238,544 Ps. 935,010 (1) The increase in equity instruments mainly corresponds to the income from the Autonomous Investment Fund, in which the subsidiaries of Promigas participate. Transfer of levels of the fair value hierarchy The following disclosures present the transfers between levels of the fair value hierarchy, which have arisen due to changes in the market liquidity of certain investments as of September 30, 2025 and December 31, 2024. September 30, 2025 Investments in debt securities at FVTPL Investments in debt securities at FVOCI Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Securities issued or secured by Colombian Government Ps. 60 Ps. 222 Ps. 477,751 Ps. 118,234 Ps. 60 Ps. 222 Ps. 477,751 Ps. 118,234 December 31, 2024 Investments in debt securities at FVTPL Investments in debt securities at FVOCI Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Securities issued or secured by Colombian Government Ps. 99 Ps. - Ps. 1,318,769 Ps. - Ps. 99 Ps. - Ps. 1,318,769 Ps. - Fair values of financial assets and liabilities recorded at amortized cost determined solely for disclosure purposes. The following table presents the summary of Grupo Aval's financial assets and liabilities as of September 30, 2025, and December 31, 2024, not measured at fair value on recurring bases, compared to their fair value for which it is practicable to calculate the value reasonable. September 30, 2025 Net carrying Fair Value Value Financial assets at amortized cost, net Cash and cash equivalents Ps. 18,081,296 Ps. 18,081,296 Investments in debt securities, net Securities issued or secured by Colombian Government 1,817,139 1,822,809 Securities issued or secured by other entities of the Colombian Government 5,236,388 5,247,888 Securities issued or secured by Foreign Government 27,458 27,462 Securities issued or secured by other financial entities 2,081,062 2,078,136 Securities issued or secured by entities of the non-financial sector 116,000 108,192 Other 29,354 28,747 Total investments in debt securities, net Ps. 9,307,401 Ps. 9,313,234 Loan portfolio, net Ps. 195,868,998 Ps. 197,536,911 Other accounts receivables, net Ps. 22,263,547 Ps. 26,641,985 Total financial assets at amortized cost, net Ps. 245,521,242 Ps. 251,573,426 Financial liabilities at amortized cost Customer deposits Checking accounts Ps. 23,643,692 Ps. 23,643,692 Time deposits 103,218,999 104,201,627 Savings accounts 85,076,482 85,076,482 Others deposits 670,551 670,551 Total customer deposits Ps. 212,609,724 Ps. 213,592,352 Financial obligations Interbank borrowings and overnight funds Ps. 25,334,234 Ps. 25,332,073 Leases contracts 2,635,743 2,685,859 Borrowings from banks and similar 20,028,362 19,734,914 Bonds issued (see literal h for details) 23,755,423 23,057,425 Borrowings from development entities 4,355,643 4,353,852 Total financial obligations Ps. 76,109,405 Ps. 75,164,123 Total financial liabilities at amortized cost Ps. 288,719,129 Ps. 288,756,475 December 31, 2024 Net carrying Fair Value Value Financial assets at amortized cost Cash and cash equivalents Ps. 16,998,859 Ps. 16,998,859 Investments in debt securities, net Securities issued or secured by Colombian Government Ps. 2,553,157 Ps. 2,558,042 Securities issued or secured by other Colombian Government entities 5,560,944 5,575,338 Securities issued or secured by foreign Governments 30,655 30,681 Net carrying Fair Value Value Securities issued or secured by other financial entities 2,339,524 2,356,678 Securities issued or secured by non-financial sector entities 140,844 134,680 Others 64,568 59,965 Investments in debt securities, net Ps. 10,689,692 Ps. 10,715,384 Loan portfolio, net (see literal f for details) Ps. 190,129,486 Ps. 189,257,222 Other accounts receivables, net Ps. 23,776,567 Ps. 27,934,006 Total financial assets at amortized cost, net Ps. 241,594,604 Ps. 244,905,471 Financial liabilities at amortized cost Customer deposits Checking accounts Ps. 24,579,536 Ps. 24,579,536 Time deposits 96,329,827 97,219,926 Savings accounts 79,614,904 79,614,904 Others deposits 347,910 347,910 Total customer deposits Ps. 200,872,177 Ps. 201,762,276 Financial obligations Interbank borrowings and overnight funds Ps. 18,509,769 Ps. 18,505,849 Leases contracts 2,866,268 2,816,935 Borrowings from banks and similar 21,194,590 21,039,874 Bonds issued (see literal h for details) 26,215,847 24,964,496 Borrowings from development entities 4,037,301 4,037,418 Total financial obligations Ps. 72,823,775 Ps. 71,364,572 Total financial liabilities at amortized cost Ps. 273,695,952 Ps. 273,126,848 b) Fair Value determination The following table provides information about valuation techniques and significant inputs when measuring at fair value on recurring basis for assets and liabilities, with fair value hierarchy level 2 and level 3: ASSETS AND LIABILITIES Valuation technique Level 2 Significant inputs Investments in debt securities at fair value In Colombian Pesos Securities issued or secured by the Colombian Government Income approach Theoretical price / estimated price (1) Market approach Average price / market price (2) Securities issued or secured by non- financial sector entities Securities issued or secured by other Colombian Government entities Income approach Theoretical price / estimated price (1) Securities issued or secured by other financial entities Others In Foreign Currency Income approach Market approach Theoretical price / estimated price (1) Average price / market price (2) Securities issued or secured by the Colombian Government Income approach Theoretical price / estimated price (1) Market approach Average price / market price (2) Securities issued or secured by other Colombian Government entities Market approach Average price / market price (2) Securities issued or secured by foreign Governments Income approach Theoretical price / estimated price (1) Discounted cash flows using yields from similar securities outstanding Market approach Bloomberg Generic Average price / market price (2) ASSETS AND LIABILITIES Securities issued or secured by central banks Valuation technique Level 2 Significant inputs Market approach Bloomberg Generic Securities issued or secured by other financial entities Others Income approach Theoretical price / estimated price (1) Discounted cash flows using yields from similar securities outstanding Market approach Bloomberg Generic Average Price / Market price (2) Securities issued or secured by non- Income approach Discounted cash flows using yields from similar securities outstanding financial sector entities Market approach Average price / market price(2) Equity securities Corporate stock Market approach Estimated prices (1) Investment funds (3) Market approach Market value of underlying assets, less management and administrative fees Trading derivatives Income approach Discounted cash flow FWD points, discount rates of different currencies and Spot exchange rates Currency forward Market approach FWD points, discount rates of different currencies and Spot exchange rates Representative Market Rate (RMR), curves and market price (2) Debt securities forward Income approach Market approach Discounted cash flow Representative Market Rate (RMR) and Curves Income approach Discounted cash flow Interest rate swap Currency swap Market approach Discounted cash flow and discount rates of different currencies Representative Market Rate (RMR) and Curves Currency options Income approach Market approach Discounted cash flow Black&Sholes&Merton model Representative Market Rate (RMR) and Curves Hedging derivatives Currency forward Income approach Discounted cash flow Interest rate swap Currency swap Income approach Discounted cash flow Market approach Discounted cash flow and discount rates of different currencies Representative Market Rate (RMR) and Curves Currency options Income approach Discounted cash flow Estimated Price: A valuation model based on information obtained from a price vendor when it is not able to supply quoted prices (unadjusted) for each security. This model is the basis for the construction of the valuation margin of the securities that is represented on the assigned curve or reference rate. This margin remains constant on the assigned curve or reference rate when calculating the theoretical valuation price. Quoted market prices (is obtained from price vendors). Price calculated based on unit value (calculated by fund manager). The subsidiary Porvenir S.A. according to Colombian rules is required to invest to 1% of its total assets under management from severance and mandatory pension funds. The following table provides information about valuation techniques and significant unobservable inputs when measuring Level 3 assets and liabilities at recurring fair value. ASSETS Valuation technique Level 3 Significant inputs Investments in debt securities at fair value In Foreign Currency Securities issued or secured by other financial entities Income approach Discounted cash flows using yields from similar securities outstanding. Internal rate of return Equity securities Investments in equity securities (1.1) Discount Rate Adjusted Present Value Comparable Multiples Income Discount interest rates Perpetuity Gradient Multiple of EBITDA Investments in equity instruments Market Comparison Market Comparison through profit or loss - Nexus and Pactia Initial capitalization ratio Initial capitalization ratio (1.2) Market Income Market Income Cash Flow Discount Rate Cash Flow Discount Rate Other financial assets Assets under concession contracts Discounted cash flow Free-cash flow from concession contracts Concession contract's maturity period Perpetuity value of the year "n" free-cash flow Present value of the discounted residual value at Weighted Average Cost of Capital ("WACC"). - Financial income: annual adjustment of financial asset The detail of valuation process for financial assets in concession arrangements are outlined in (2) Non-financial assets Biological assets Discounted cash flow The processes used to collect data and determine the fair value of biological assets are described in annual report Investment properties Discounted cash flow The processes used to collect data and determine the fair value of investment properties are described in annual report ( 1.1) Valuation of equity instruments Level 3 The investments with fair value hierarchy level 3 have significant unobservable inputs. Level 3 instruments include equity instruments and investments in real estate, the private equity funds, which are not quoted on any stock exchange. Given that observable prices are not available for these securities, Grupo Aval has used valuation techniques as discounted cash flows and comparable multiples to obtain fair value. The table below shows sensitivity analysis of valuation as of December 31, 2024. The following table includes a sensitivity analysis of main equity instruments to Ps. 61,197 as of September 30, 2025, and December 31, 2024, classified at FVOCI level 3. Favorable Unfavorable Methods and variables Variation impact impact Comparable multiples / Recent transaction price EBITDA Number of times +/-1% Ps. 434 Ps. (434) Adjusted discounted cash flow Income +/-1% 320 (282) Discount interest rates +/- 50 pb 222 (216) +/- 0.5% 114 (114) Perpetuity gradient +/- 0.5% 38 - Ps. 1,128 Ps. (1,046) (1.2) Valuation of equity instruments through profit or loss The fair value of real state capital funds' investments classified in level 3 have significant unobservable inputs. These Level 3 instruments include primarily investments in equity instruments, which are not publicly traded. In other cases, such as the Nexus and Pactia, the investments are valued using their unit value (Commercial appraisal). Given that observable prices are not available for these investments, the Contract Manager uses valuation techniques to obtain the fair value. Below is the sensitivity of the valuation as of December 31, 2024. The following table presents the variables of the model used to calculate the sensitivity analysis, which is calculated taking as a reference the market value resulting from the valuation of the Group's properties, the Group's takes the calculation of two impacts cataloged as scenarios: Scenario 1 contemplates the calculation taking the increase of the following variables: Scenario 1 Increases in the sensitivity of: Market value (square meter) +10% Market income +10% Initial capitalization rate +50 bp Cash flow discount rate +50 bp Scenario 2 contemplates the calculation taking the decrease of the following variables: Scenario 2 Decreases in the sensitivity of: Market value (square meter) -10% Market income -10% Initial capitalization rate -50 bp Cash flow discount rate -50 bp The following table includes a sensitivity analysis of main equity securities amounting to Ps. 3,374,520 as of September 30, 2025, and Ps. 3,099,853 as of December 31, 2024, given in: Nexus Real Estate Capital Funds Includes investments in the Nexus Real Estate Capital Funds as of September 30, 2025, to Ps. 3,015,615 and December 31, 2024, to Ps.2,772,165 classified at FVTPL level 3, below is the sensitivity of the valuation as of December 31, 2024: Scenario 1 Scenario 2 Sensitivity impacts Ps. 65,955 Ps. (97,147) Ps. 65,955 Ps. (97,147) Private Equity Fund Pactia Inmobiliario The following table includes a sensitivity analysis for the Private Equity Fund Pactia Inmobiliario as of September 30, 2025, to Ps. 358,905 and December 31, 2024, to Ps. 327,688 (1) , classified at FVTPL level 3, below is the sensitivity of the valuation as of December 31, 2024: Scenario 1 (2) Scenario 2 (2) Ps. 3,816 Ps. (6,294) Sensitivity impacts Ps. 3,816 Ps. (6,294) (1) Includes opening balance as of October 29, 2024, of Ps. 324,220 and valued of Ps. 3,468. (2) The impact of the scenarios corresponds to 100% of the valuation sample in which each entity of the Group has a percentage of participation of: Banco de Bogotá 6.24%, Banco Popular 4.49%, Banco de Occidente 2.46% and Banco AV Villas 0.65%. (2) Valuation of financial assets under concession arrangement rights The following table includes a sensitivity analysis of the assumptions used by Promigas and its subsidiaries in the calculation of fair value of unconditional transfer rights of gas pipelines to Government entities at the expiration date of the contracts. The value of the financial assets on september 30, 2025 is Ps. 4,457,224 and December 31, 2024 Ps. 4,181,835, sensitivity analysis shows an increase or decrease. September 30, 2025 Variable +100 pbs -100 pbs WACC Ps. (982,682) Ps. 1,494,590 Perpetuity growth rate 964,782 (670,888) December 31, 2024 Variable +100 bps -100 bps WACC Ps. (927,375) Ps. 1,416,415 Perpetuity growth rate 888,065 (617,439) Items Measurements at Fair Value on a Non-Recurring Basis The following is the detail as of September 30, 2025 and December 31, 2024 of the assets that were valued at fair value as a result of the evaluation for impairment in the application of standards corresponding to each account but that do not require being measured at fair value recurrently: Level 1 Level 2 Level 3 Total September 30, 2025 Impaired collateralized loans Ps. - Ps. - Ps. 1,618,153 Ps. 1,618,153 Non- current assets held for sale - - 88,171 88,171 Ps. - Ps. - Ps. 1,706,324 Ps. 1,706,324 Level 1 Level 2 Level 3 Total December 31, 2024 Impaired collateralized loans Ps. - Ps. - Ps. 1,795,616 Ps. 1,795,616 Non- current assets held for sale - - 105,214 105,214 Ps. - Ps. - Ps. 1,900,830 Ps. 1,900,830 Credit risk concentration Loan portfolio and impairment losses The following is the balance of financial assets by loan portfolio and their provision for impairment as of September 30, 2025, and December 31, 2024: September 30, 2025 December 31, 2024 Portfolio segment Gross balance Allowance for impairment Net balance of credit portfolio Gross balance Allowance for impairment Net balance of credit portfolio Commercial Ps. 115,328,603 Ps. 4,664,597 Ps. 110,664,006 Ps. 115,414,643 Ps. 5,362,893 Ps. 110,051,750 Consumer 63,668,297 3,844,050 59,824,247 61,976,325 4,166,018 57,810,307 Mortgage 24,446,670 496,311 23,950,359 22,035,727 473,315 21,562,412 Microcredit 1,600 999 601 4,375 3,618 757 Interbank and overnight funds 1,430,176 391 1,429,785 705,055 795 704,260 Total Ps. 204,875,346 Ps. 9,006,348 Ps. 195,868,998 Ps. 200,136,125 Ps. 10,006,639 Ps. 190,129,486 There was no loan portfolio provided as collateral in resource auction operations with Banco República as of September 30, 2025. Impairment losses per portfolio as September 30, 2025, and 2024: For the three-month periods ended September 30 For the nine-month periods ended September 30 2025 2024 2025 2024 Commercial Ps. 303,967 Ps. 288,973 Ps. 818,797 Ps. 631,128 Consumer 732,094 782,192 2,372,780 2,962,006 Mortgage 32,745 44,636 130,482 120,687 Microcredit 7 (25,888) (103) (7,326) Interbank and overnight funds (2,417) (92) (404) 52 Total loan portfolio Ps. 1,066,396 Ps. 1,089,821 Ps. 3,321,552 Ps. 3,706,547 Other receivables (1) 57,426 19,598 108,441 53,327 Net portfolio provision impact on income statement Ps. 1,123,822 Ps. 1,109,419 Ps. 3,429,993 Ps. 3,759,874 (1) Includes net of loss allowance presented as part of "Cost and expenses of sales goods and services" for the three-month of September 30, 2025 Ps.(11,556) as of September 30, 2024 Ps.(13,045). And, for the nine-month of September 30, 2025 Ps.(45,091) as of September 30, 2024 Ps.(52,065). Loan portfolio - Concentration by economic sector Below is the gross balance of the loan portfolio distribution of Grupo Aval by economic activity as of September 30, 2025, and December 31, 2024: Sector September 30, 2025 % December 31, 2024 % Consumer services Ps. 93,089,691 45.4 Ps. 89,687,446 44.8 Commercial services 44,304,691 21.6 43,792,710 21.9 Construction 15,651,995 7.7 15,046,109 7.5 Public services 9,313,291 4.5 9,218,309 4.6 Transportation and communications 7,263,342 3.5 6,499,070 3.2 Other industrial and manufacturing products 6,906,794 3.4 6,857,011 3.4 Government 6,444,251 3.2 5,471,013 2.7 Food, beverage and tobacco 6,335,765 3.1 7,577,678 3.8 Chemical production 5,291,339 2.6 5,539,036 2.8 Agricultural 4,539,032 2.2 4,538,856 2.3 Mining products and oil 2,432,952 1.2 2,754,170 1.4 Trade and tourism 1,836,269 0.9 1,724,337 0.9 Other 1,465,934 0.7 1,430,380 0.7 Total of each economic sector Ps. 204,875,346 100.0 Ps. 200,136,125 100.0 Loan portfolio by level of probability of default (PD) As of September 30, 2025, and December 31, 2024, the following is a summary of the portfolio credit by risk level: September 30, 2025 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 171,097,916 Ps. 2,470,687 Ps. 27,702 Ps. 173,596,305 7.5% - 15% 10,689,511 2,362,135 24,206 13,075,852 15% - 22.5% 403,733 452,074 178 855,985 22.5% - 30% 282,383 764,219 130 1,046,732 30% - 45% 182,270 1,841,493 78,644 2,102,407 45% - 60% 45,062 969,778 351 1,015,191 60% - 90% 5,683 1,341,141 11,058 1,357,882 > 90% 478 73,062 11,751,452 11,824,992 TOTAL Ps. 182,707,036 Ps. 10,274,589 Ps. 11,893,721 Ps. 204,875,346 December 31, 2024 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 165,325,376 Ps. 2,733,552 Ps. 74,867 Ps. 168,133,795 7.5% - 15% 10,731,075 1,379,780 614 12,111,469 15% - 22.5% 535,897 447,250 97 983,244 22.5% - 30% 344,972 556,641 246 901,859 30% - 45% 185,460 1,570,202 1,795 1,757,457 45% - 60% 62,448 948,971 148 1,011,567 60% - 90% 9,205 1,818,316 105,882 1,933,403 > 90% 2,098 63,862 13,237,371 13,303,331 TOTAL Ps. 177,196,531 Ps. 9,518,574 Ps. 13,421,020 Ps. 200,136,125 The following tables show the balance of the loan portfolio by class as of September 30, 2025, and December 31, 2024. Commercial portfolio September 30, 2025 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 96,420,753 Ps. 876,305 Ps. 27,453 Ps. 97,324,511 7.5% - 15% 5,543,763 1,793,060 24,098 7,360,921 15% - 22.5% 8,598 180,946 43 189,587 22.5% - 30% 99,194 381,508 - 480,702 30% - 45% 62,263 1,039,679 78,504 1,180,446 45% - 60% 29,385 209,719 106 239,210 60% - 90% 1,793 82,073 5,035 88,901 > 90% 4 16,700 8,447,621 8,464,325 TOTAL Ps. 102,165,753 Ps. 4,579,990 Ps. 8,582,860 Ps. 115,328,603 December 31, 2024 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 95,690,974 Ps. 1,061,196 Ps. 74,525 Ps. 96,826,695 7.5% - 15% 5,926,757 789,697 603 6,717,057 15% - 22.5% 91,248 147,840 8 239,096 22.5% - 30% 113,165 213,759 225 327,149 30% - 45% 69,485 950,652 1,711 1,021,848 45% - 60% 33,092 223,917 38 257,047 60% - 90% 2,895 76,708 97,492 177,095 > 90% 289 481 9,847,886 9,848,656 TOTAL Ps. 101,927,905 Ps. 3,464,250 Ps. 10,022,488 Ps. 115,414,643 Consumer portfolio September 30, 2025 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 51,305,258 Ps. 1,381,866 Ps. 245 Ps. 52,687,369 7.5% - 15% 4,956,196 429,537 108 5,385,841 15% - 22.5% 336,522 103,362 133 440,017 22.5% - 30% 181,682 305,784 125 487,591 30% - 45% 119,461 343,138 133 462,732 45% - 60% 15,677 580,903 235 596,815 60% - 90% 3,890 1,055,588 6,022 1,065,500 > 90% 474 55,835 2,486,123 2,542,432 TOTAL Ps. 56,919,160 Ps. 4,256,013 Ps. 2,493,124 Ps. 63,668,297 December 31, 2024 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 49,327,615 Ps. 1,473,359 Ps. 339 Ps. 50,801,313 7.5% - 15% 4,600,920 439,437 11 5,040,368 15% - 22.5% 377,855 148,417 89 526,361 22.5% - 30% 230,075 231,107 21 461,203 30% - 45% 115,355 342,328 84 457,767 45% - 60% 29,356 511,606 110 541,072 60% - 90% 6,280 1,478,181 8,389 1,492,850 > 90% 1,809 62,817 2,590,765 2,655,391 TOTAL Ps. 54,689,265 Ps. 4,687,252 Ps. 2,599,808 Ps. 61,976,325 Mortgage portfolio September 30, 2025 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 21,954,327 Ps. 212,516 Ps. 4 Ps. 22,166,847 7.5% - 15% 176,421 139,538 - 315,959 15% - 22.5% 58,587 167,766 2 226,355 22.5% - 30% 1,507 76,927 5 78,439 30% - 45% 546 458,668 7 459,221 45% - 60% - 179,144 10 179,154 60% - 90% - 203,461 1 203,462 > 90% - 527 816,706 817,233 TOTAL Ps. 22,191,388 Ps. 1,438,547 Ps. 816,735 Ps. 24,446,670 December 31, 2024 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 19,602,506 Ps. 198,997 Ps. 3 Ps. 19,801,506 7.5% - 15% 201,894 150,646 - 352,540 15% - 22.5% 66,794 150,993 - 217,787 22.5% - 30% 1,718 111,771 - 113,489 30% - 45% 617 277,207 - 277,824 45% - 60% - 213,437 - 213,437 60% - 90% - 263,418 1 263,419 > 90% - 564 795,161 795,725 TOTAL Ps. 19,873,529 Ps. 1,367,033 Ps. 795,165 Ps. 22,035,727 Microcredit portfolio September 30, 2025 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 498 Ps. - Ps. - Ps. 498 7.5% - 15% 35 - - 35 15% - 22.5% 26 - - 26 22.5% - 30% - - - - 30% - 45% - 8 - 8 45% - 60% - 12 - 12 60% - 90% - 19 - 19 > 90% - - 1,002 1,002 TOTAL Ps. 559 Ps. 39 Ps. 1,002 Ps. 1,600 December 31, 2024 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 418 Ps. - Ps. - Ps. 418 7.5% - 15% 312 - - 312 15% - 22.5% - - - - 22.5% - 30% 14 4 - 18 30% - 45% 3 15 - 18 45% - 60% - 11 - 11 60% - 90% 30 9 - 39 > 90% - - 3,559 3,559 TOTAL Ps. 777 Ps. 39 Ps. 3,559 Ps. 4,375 Repos, interbank loans portfolio September 30, 2025 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 1,417,080 Ps. - Ps. - Ps. 1,417,080 7.5% - 15% 13,096 - - 13,096 15% - 22.5% - - - - 22.5% - 30% - - - - 30% - 45% - - - - 45% - 60% - - - - 60% - 90% - - - - > 90% - - - - TOTAL Ps. 1,430,176 Ps. - Ps. - Ps. 1,430,176 December 31, 2024 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 703,863 Ps. - Ps. - Ps. 703,863 7.5% - 15% 1,192 - - 1,192 15% - 22.5% - - - - 22.5% - 30% - - - - 30% - 45% - - - - 45% - 60% - - - - 60% - 90% - - - - > 90% - - - - TOTAL Ps. 705,055 Ps. - Ps. - Ps. 705,055 Loan commitments and financial guarantee contracts September 30, 2025 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 29,231,425 Ps. 364,429 Ps. 723 Ps. 29,596,577 7.5% - 15% 518,777 284,509 85 803,371 15% - 22.5% 49,771 154,747 80 204,598 22.5% - 30% 22,330 60,386 66 82,782 30% - 45% 5,098 94,583 139 99,820 45% - 60% 760 54,267 227 55,254 60% - 90% 213 2,713 461 3,387 > 90% 7 292 202,506 202,805 TOTAL Ps. 29,828,381 Ps. 1,015,926 Ps. 204,287 Ps. 31,048,594 December 31, 2024 Total Exposure PD Range Stage 1 Stage 2 Stage 3 Total 0%- 7.5% Ps. 27,724,323 Ps. 65,537 Ps. 666 Ps. 27,790,526 7.5% - 15% 460,057 437,341 46 897,444 15% - 22.5% 79,091 2,207,502 39 2,286,632 22.5% - 30% 22,053 6,514 29 28,596 30% - 45% 12,330 133,364 179 145,873 45% - 60% 539 74,023 52 74,614 60% - 90% 244 2,867 334 3,445 > 90% 5 2,370 169,987 172,362 TOTAL Ps. 28,298,642 Ps. 2,929,518 Ps. 171,332 Ps. 31,399,492 Loss allowance for loans, financial assets, and others receivable The table below shows the loss allowance balances as of September 30, 2025, and December 31, 2024. September 30, 2025 Stage 1 Stage 2 Stage 3 12-month ECL Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Simplified approach Total Loan portfolio Commercial loan portfolio Ps. 736,246 Ps. 309,060 Ps. 3,619,291 Ps. - Ps. 4,664,597 Consumer loan portfolio 1,129,768 757,879 1,956,403 - 3,844,050 Mortgage loan portfolio 79,264 71,229 345,818 - 496,311 Microcredit loan portfolio 20 14 965 - 999 Interbank and overnight funds 391 - - - 391 Total loan portfolio Ps. 1,945,689 Ps. 1,138,182 Ps. 5,922,477 Ps. - Ps. 9,006,348 Investments in debt securities at amortized cost 8,860 - - - 8,860 Other accounts receivable 30,065 21,862 112,488 206,270 370,685 Total loss allowance financial Ps. 1,984,614 Ps. 1,160,044 Ps. 6,034,965 Ps. 206,270 Ps. 9,385,893 Investments in debt securities at FVOCI 27,942 56 - - 27,998 Loan commitments and financial guarantee contracts 63,671 6,928 2,346 - 72,945 Total loss allowance Ps. 2,076,227 Ps. 1,167,028 Ps. 6,037,311 Ps. 206,270 Ps. 9,486,836 December 31, 2024 Stage 1 Stage 2 Stage 3 Loan portfolio 12-month ECL Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Simplified approach Total Commercial loan portfolio Ps. 724,075 Ps. 217,588 Ps. 4,421,230 Ps. - Ps. 5,362,893 Consumer loan portfolio 1,105,918 927,310 2,132,790 - 4,166,018 Mortgage loan portfolio 60,088 71,839 341,388 - 473,315 Microcredit loan portfolio 59 14 3,545 - 3,618 Interbank and overnight funds 794 1 - - 795 Total loan portfolio Ps. 1,890,934 Ps. 1,216,752 Ps. 6,898,953 Ps. - Ps. 10,006,639 Investments in debt securities at amortized cost 14,329 4,346 - - 18,675 Other accounts receivable 31,226 22,196 117,508 191,041 361,971

View stock analysis, news, and events for Grupo Aval Acciones Y Valores Sa