Grupo Aval Acciones Y Valores SaBVC: GRUPOAVAL

Consolidated Financial Statements 3Q25

· Issued by Grupo Aval Acciones Y Valores SA
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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

REPORTOFTHESTATUTORYAUDITORONTHEREVIEWOFCONDENSEDCONSOLIDATEDINTERIMFINANCIALINFORMATION

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

  1. Carrying value and fair value
    1. 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

  1. 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

  1. 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.

  2. 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.

    -

  3. 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

  1. 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.

  2. Quoted market prices (is obtained from price vendors).

  3. 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)

  1. 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

  2. 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

  3. 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

Company analysis

Earlier from Grupo Aval Acciones Y Valores Sa

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