Separate Financial Statements 3Q25

The accompanying notes are an integral part of these financial statements

Other comprehensive income |, net of taxes

Participation in other comprehensive income reported using the equity method

Unrealized Net Gain (Loss) on Fixed-Income Investments

118,230 268,525 230,616 460,987

1,058 - 1,058 -

Comprehensive income, net Ps. 661,681 Ps. 672,704 Ps. 1,627,229 Ps. 1,177,146

The accompanying notes are an integral part of these financial statements

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Statement of Changes in Equity (Stated in millions of Colombian pesos)

To distribute a cash dividend of $ 2.00 per share per month from April 2024 to March 2025 including those two months, over 23.743.475.754 outstanding

shares as of the date of the Shareholder´s meeting.

- - - (569,843) - - - (569,843)

Changes in subsidiaries' equity - - - - (11,801) - - (11,801)

Net Income - - - - - 716,159 - 716,159

+

ninenth months ended to

The accompanying notes are an integral part of these financial statements

1. Reporting Entity

   Grupo Aval Acciones y Valores S.A. (hereinafter referred to as the 'Company' or 'Grupo Aval') is a Stock Corporation established by Public Deed number 0043 on January 7, 1994; Its registered office is located at Carrera 13 No. 26A -47, Bogotá, D.C., Colombia.

   Its corporate purpose is focused on the to buy and to sell of stocks, bonds, and securities of entities belonging to the financial system and other commercial entities. As part of its activities, the Company is authorized to acquire and trade all kinds of marketable securities and securities in general freely circulating in the market; to promote the creation of all kinds of companies related to or complementary to the corporate purpose; to represent natural or legal persons engaged in similar or complementary activities, as well as those previously indicated; to lend or borrow money, with or without interest; to provide as collateral or for management its movable or immovable assets; to issue, endorse, acquire, accept, collect, protest, cancel, or pay bills of exchange, checks, promissory notes, or any other securities titles, either by accepting or providing them as payment, and generally execute or celebrate the exchange contract in all its manifestations, in all their forms, or related, parallel, and/or complementary activities. The total number of employees on September 30, 2025 and December 31, 2024, was 122 and 119 respectively.

   The duration of the Company, as established in its bylaws, is until May 24, 2044, but may be dissolved or extended before that term.

   The Law 1870 of 2017 aims to define, supervise, and regulate financial conglomerates to watch over the stability of the financial system. In its Article 3, it defines the scope and responsibility of financial holdings, such as Grupo Aval. This law specifies that these entities will be subject to inspection and supervision by the Financial Superintendent; therefore, all regulatory provisions related to risk management, internal control, information disclosure, conflicts of interest, and corporate governance that they must apply will be applicable.

   a. Acquisition de acciones de Aval Banca de Inversión S.A.S.

   In January 2025, the company AVAL BANCA DE INVERSIÓN SAS was incorporated, which will have within its purpose the structuring of financial operations, Project Finance advice, accompaniment to clients to obtain resources in the banking and capital markets, advice on mergers and acquisitions processes, as well as the provision of financial consulting services. Grupo Aval participated in 70% of the shareholding composition of this new Company and Corficolombiana participated in the remaining 30%. And a total share capital of Ps. 8,000..

2. Basis of presentation of separate financial statements and summary of significant accounting policies.

   The condensed separate interim condensed financial information of Grupo Aval Acciones y Valores S.A., have been prepared in accordance with the Accounting and Financial Reporting Standards accepted in Colombia (IFRS adopted by Colombia) and established in Law 1314 of 2009, regulated in the annex of Decree 2420 of 2015, and the other amending decrees issued by the National Government.

   The condensed interim separate financial statements do not include all the information and disclosures required for an annual financial statement, and therefore need to be read in conjunction with the annual separate financial statements as at 31 December 2024. 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 financial statements.

   Grupo Aval Acciones y Valores S.A., presents stability in the recognition of its results in each quarter, as in the different periods disclosed above there is no evidence of seasonality or cyclical effects in its disclosed results.

3. Critical accounting judgments and estimates in the application of accounting policies

   In preparing these interim financial statements, the Company's management makes estimates and assumptions that affect the application of policies, the amounts recognized and the carrying amounts of assets and liabilities, income and expenses.

   Significant judgements made by management apply to the Group's accounting policies and the key sources of estimates were the same as those applied to the separate annual financial statements for the period ended at December 31, 2024.

4. Fair Value Estimation

   The fair value of financial assets and liabilities traded in active markets (such as financial assets in debt and equity securities and actively traded derivatives on stock exchanges or interbank markets) is based on 'dirty' prices provided by an official price provider authorized by the called SFC (Superintendencia Financiera de Colombia). These prices are determined through weighted averages of transactions occurring during the trading day.

   An active market is a market in which transactions for assets or liabilities take place with sufficient frequency and volume to provide continuous price information. A "dirty" price is one includes accrued and pending interest on the security from the issuance date or the last interest payment until the settlement date of the purchase or sale transaction. The fair value of financial assets and liabilities not traded in an active market is determined using valuation techniques established by the price provider or Grupo Aval entities' management. Valuation techniques for non-standardized financial instruments, such as options, currency swaps, and over-the-counter derivatives, include the use of interest rate or currency valuation curves constructed by price providers from market data and extrapolated to the specific conditions of the instrument being valued. Other valuation methods involve discounted cash flow analysis, option pricing models, and commonly used techniques by market participants. These techniques emphasize maximizing the use of market data and minimizing reliance on entity-specific data.

   The Company may use internally developed models for financial instruments that do not have active markets. These models are generally based on methods and valuation techniques that are commonly standardized in the financial sector. Some inputs for these models may not be observable in the market, and therefore, they are estimated based on assumptions.

   The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and the valuation techniques employed may not fully reflect all factors relevant to the Company's positions. Therefore, valuations are adjusted, where necessary, to allow for additional factors, including country risk, liquidity risks and counterparty risks.

   The fair value hierarchy has the following levels:

   • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

   • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

   • Level 3: Unobservable inputs for the asset or liability.

     The level in the fair value hierarchy within which the fair value measurement is classified in its entirety is determined based on the lowest-level input that is significant for the fair value measurement as a whole. The importance of an input is assessed in relation to the fair value measurement as a whole. Financial instruments quoted in markets that are not considered active but are valued based on quoted market prices, quotes from price providers, or alternative pricing sources supported by observable inputs, are classified in Level 2.

     If a fair value measurement uses observables inputs that require significant adjustments based on unobservable inputs, it is categorized as a Level 3 measurement. The assessment of the significance of a particular input to the fair value measurement as a whole requires judgment, considering specific factors related to the asset or liability.

     The determination of what constitutes "observable" requires significant judgment by the Company. Observable data refers to market data that is already available, regularly distributed or updated by the price provider, reliable and verifiable, without proprietary rights, and provided by independent sources actively participating in the relevant market.

     Fair value measurements on a recurring basis

     Fair value measurements on a recurring basis are those required or allowed by IFRS accounting standards in the financial statements at the end of each accounting period.

     Tradable investments are carried at fair value using the unit value provided by the fund's management company, which reflects the fair value of the underlying assets, incorporating all the risks to which the assets are exposed, in accordance with IFRS 13. The management company, based on observable market data, accounts for the credit risk associated with the asset; therefore, the Company does not analyze or monitor impairment indicators.

     The fair value of underlying assets is calculated based on inputs observable by the market, either directly or indirectly, which can be substantially corroborated with observable market data. For this reason, these investments have been classified as Level 2.

     The fair value of investments primarily reflects changes in market conditions, primarily due to changes in interest rates and other economic conditions in the country where the investment is held. As at September 30, 2025, and December 31, 2024 the Company believes that there have been no significant losses in the fair value of investments due to impairment of credit risk conditions for these assets.

     The following table analyzes, within the fair value hierarchy, the Company's financial assets and liabilities (by class) measured at fair value as at September 30, 2025, and December 31, 2024, on a recurring basis:

     September 30th, 2025

     		Level 1			Level 2		Level 3			Total
     Assets Negotiable investments	Ps.		-		532			-		532
     Investments available for sale (1) y (2)			-		101,446			-		101,446
     Total recurring fair value assets	Ps.		-		101,978			-		101,978

     Negotiable investments at fair value Ps. - Ps. 452 Ps. - Ps. 452

(1)It corresponds to investment in bonds issued by Banco Popular SA (Ps. 50,000) and Banco Av Villas S.A. (Ps.50,000), taken in August and September 2025 respectively.

(2)For the calculation of the fair value of the bonds, Precia prices (formerly Infovalmer) were used for the September 2025 cuto ff, calculated with estimated price, which corresponds to the 'dirty' price obtained as the present value of the cash flows of a security, discounted with the reference rate and the corresponding margin. These investments are classified within level 2 of the fair value hierarchy.

The following is the breakdown of how financial assets and liabilities recorded at amortized cost and valued at fair value solely for the purpose of this disclosure were assessed.

The following table analyzes, within the fair value hierarchy, the financial assets, investments at amortized cost and loans granted by Grupo Aval to Endor Capital Assets S.R.L. as at September 30, 2025, and December 31, 2024, measured on a recurring basis:

Subtotal Investments to maturity 38,577 38,425 38,422 38,425 Credit Portfolio

(1)For the calculation of the fair value of investments, the same nominal value is taken because they have a maturity of less than 90 days.

(2)The fair value of Note 1 was calculated taking the CDS (Credit Default Swap) curve for Colombia, plus the IRS (Interest Rate Swap) curve in dollars, adding the credit spreads (margin) of AA issuers, calculated in the market for securities issued in DTF (Fixed-Term Deposit), the SWAP DTF rate minus the zero-coupon curve of TES (public debt securities issued by the General Treasury of the Nation). As of September 30, 2025, and December 31, 2024, the average discount rate used was 9.3061% and 10.1256%, respectively, and the note is classified in level 2 of the hierarchy.

(3)On May 24, 2023, a contract was signed transferring the contractual debtor position to Endor Capital Assets, S.R.L. for the loans granted to Esadinco. An amendment was made to the contract between Grupo Aval and Esadinco S.A.

On December 2, 2024, Grupo Aval collected the principal and interest on the loan (Promissory Note 2) amounting to Ps.200,000. This loan was agreed upon for a term of 24 months with an interest rate of IBR 3M + 4.5%.

For financial obligations and other liabilities, their fair value was determined using discounted cash flow models by risk-free interest rates adjusted for entity-specific risk premiums. For outstanding bonds, their fair value was determined based on their quotations on stock exchanges.

The following table provides a summary of the Company's financial liabilities as at september 30, 2025, and December 2024, not measured at fair value on a recurring basis, compared with their fair value for those for which fair value is viable to calculate:

(1)The fair values of bank loans are calculated by taking the credit spread (margin); in turn, the market-calculated rates of papers indexed to DTF and IBR are used, and to these rates, the implicit rate in the SWAP DTF - Fixed Rate curve quoted in Precia is added. As at September 30, 2025, and December 2024, the average discount rates used were 9.9537% and 10.1584%, respectively, and they are classified in Level 2 of the hierarchy.

(2)For the valuation of dollar-denominated credits, the fair value was calculated by taking the CDS (Credit Default Swap) curve for Colombia, plus the IRS (Interest Rate Swap) curve in dollars, adding the credit spreads (margin) of AA issuers calculated in the market for papers issued in DTF + the SWAP DTF rate minus the zero coupon curve of TES. As at September 30, 2025, and December 2024, the average discount rates used were 9.3079% and 10.1310%, respectively, and they are classified in Level 2 of the hierarchy.

(3)For the calculation of the fair value of bonds outstanding, the prices from Precia (formerly called Infovalmer) were used for each of the cuts, calculated with an estimated price, which corresponds to the "dirty" price, obtained as the result of the present value of the cash flows of a security, discounted with the reference rate and the corresponding margin; likewise, they are classified in Level 2 of the hierarchy.

1. Cash and cash equivalents

Balances comprise the following as of September 30, 2025, and December 31, 2024:

Bank and other financial institutions on demand 55,586 126,148

Bank and other financial institutions on demand (1)2 4

(1)It includes a balance in US dollars in a current account at Banco de Bogotá Miami Agency for US $595.27 as at September 30, 2025, converted at the closing exchange rate of $3,923.55 per dollar.

From the total cash, the Company has earmarked specific resources amounting to Ps.1,214 as at September 30, 2025, and December 31, 2024, to cover the repayment of undistributed contributions in shares from the 2011 issuance.

Below is the breakdown of the credit quality determined by independent credit rating agencies for the main financial institutions where the Company holds cash funds:

Credit quality September 30th,

As of September 30, 2025 and December 31, 2024, the balance of marketable securities consists of the following:

Investments are measured at fair value using the unit value provided by the fund management company, which reflects the fair value of the underlying assets, incorporating all risks to which the assets are exposed, in accordance with IFRS 13 "Fair Value Measurement" based on observable market data, which also reflects the credit risk associated with the asset and, therefore, the Company does not analyse or monitor indicators of impairment.

The Company's marketable investments can be corroborated by observable data from the reports provided in the fund accounting.

The fair value of investments mainly reflects changes in market conditions, mainly due to changes in interest rates and other economic conditions in the country where the investment is held. As at September 30, 2025 and December 31, 2024, the Company considers that there have been no significant losses in the fair value of the investments due to conditions of impairment of credit risk of these assets.

The following is a breakdown of the credit quality determined by independent risk rating agents, of the main investment counterparties in which the Company has investments:

Fair value includes credit risk, so no further impairment assessments are required.

1. Non-Negotiable Investments

   The balance of non-negotiable investments comprises the following as of September 30, 2025, and December 31, 2024:

   		September 30th, 2025		December 31st, 2024
   Investments held to maturity	Ps.	38,577	Ps.	38,425
   Available for sale investments		388		-
   Short term non for sale Investments	Ps.	38,965	Ps.	38,425
   Available for sale investments	Ps.	101,058	Ps.	-
   Long term non for sale Investments		101,058		-
   Total non available for sale Investments	Ps.	140,023	Ps.	38,425

   1. Investments held to maturity

      The balance of investments held to maturity measured at amortized cost comprises the following as of September 30, 2025, and December 31, 2024:

      TD in foreign currency		September 30th, 2025		December 31st, 2024
      Capital (1)	Ps.	38,480	Ps.	38,295
      Interest (2)		97		130
      Total	Ps.	38,577	Ps.	38,425

      1. Includes a balance in US dollars at Banco de Occidente Panamá of USD9,807,324.24 as of September 30, 2025, converted at the closing TRM of Ps.3,923.55 per dollar.

      2. Includes a balance in US dollars at Banco de Occidente Panamá of USD24,751.93 as of September 30, 2025, converted at the closing TRM of Ps.3,923.55 per dollar.

         TD's active as of September 30, 2025 are held at rates of 4.6% and 182 days with a principal amount of USD7,060,396.87 and 4.80% and 181 days with a principal amount of USD2,746,927.37 with Banco de Occidente Panama in US dollars.

         The following is a breakdown of the credit quality determined by independent risk rating agencies for the main investment counterparties in which the Company has investments:

         September 30th, December 31st, 2025 2024

         Stable outlook Ps. 38,577 Ps. 38,425

The carrying amount and fair value of investments at amortized cost (calculation methodology included in note 4 - Fair value estimates in the Financial Assets section) are as follows:

(1)For the calculation of the fair value of investments in the case of December 2024, the same nominal value is used because the maturity is less than 90 days. For the September 2025 period, the risk curves provided by Banco de Occidente Panamá were used, with discount rates at the same cut-off date of 5.56%, 5.59%, and 5.65%, converted to the closing TRM of $3,923.55 per dollar.

1. Accounts receivable

   The following is the detail of accounts receivable as at September 30, 2025 and December 31, 2024:

   		September 30th, 2025		December 31st, 2024
   Dividends receivable from subsidiaries (1)	Ps.	304,408	Ps.	127,755
   Accounts receivable from related parties (2)		1,064,446		1,196,398
   Subtotal accounts receivable from related parties		1,368,854		1,324,153
   Tax assets	Ps.	23,089	Ps.	12,695
   Subtotal advance tax payments		23,089		12,695
   Miscellaneous	Ps.	24	Ps.	-
   Incapacities		8		6
   Advances to contracts and suppliers		7		-
   Subtotal other accounts receivable		39		6
   Subtotal accounts receivable - current portion	Ps.	1,391,982	Ps.	1,336,854
   Total accounts receivable	Ps.	1,391,982	Ps.	1,336,854

   (1)In March 2025 the companies in which Grupo Aval has direct investment declared dividends of Ps. 686,600.

   (2)In December 2022, Grupo Aval granted two loans to the entity Esadinco S.A. explained in section Accounts receivable from related parties, of this note.

   In May 2023, the contractual position of Esadinco as debtor was transferred to Endor Capital Assets S.R.L., The contract signed between Grupo Aval and Esadinco S.A. was amended, maintaining the same conditions of the loans originally agreed with Esadinco, S.A.

   Accounts receivable from related parties
   		September 30th,		December 31st,
   		2025		2024
   Current
   Capital	Ps.	1,059,359	Ps.	1,190,471
   Interest		6,537		7,638
   Impairment (1)		(1,450)		(1,711)
   Subtotal current		1,064,446		1,196,398
   Total Accounts receivable from related parties	Ps.	1,064,446	Ps.	1,196,398

   (1)For the calculation of the impairment of the current credit in the institution, a financial rating model was used, which consists of statistical models based on the client's financial information. Using the Probability of Default (PD) and the Loss Given Default (LGD) of clients with the same rating, equal segment, and with the information from the models at the end at September 30, 2025, and December 31, 2024, the provision percentage was 0.13600% and 0.14278%, respectively, for a one-year period, given that this is a non-impaired credit and there is no significant increase in risk, resulting in a decrease in impairment of Ps.261..

   Loans granted to Endor Capital Assets S.R.L (i) with maturities of two and three years, structured as bullet loans (single principal repayment at maturity), due on December 2, 2024, and December 1, 2025:

   Accounts receivable from related parties - agreed interest rates
   Credit to:	SOFR 3M + 3.5% T.V.
   Amount:	USD 270,000,000 (i)

   1. On December 2, 2022, Grupo Aval subscribed a loan granted to its related party Esadinco S.A. (Promissory note 2) for Ps.200,000, for a term of 24 months with a rate of IBR 3M + 4.5% and quarterly interest payments.

      On December 2, 2024, the principal and interest on the loan (Promissory Note 2) were collected for Ps.200,000, agreed to a term of 24 months with a rate of IBR 3M + 4.5%.

   2. On May 24, 2023, the contractual position of Esadinco as debtor was transferred to Endor Capital Assets S.R.L. The contract signed between Grupo Aval and Endor Capital Assets, S.R.L., was amended, maintaining the same conditions of the loans originally agreed with Esadinco S.A..

   3. On December 2, 2022, Grupo Aval subscribed a loan granted to its related party Esadinco S.A. (Promissory note 1) in Colombian pesos equivalent to USD 270 million U.S. dollars, for a term of 36 months with a rate of SOFR 3M + 3.5% and quarterly interest payments.

      The loans granted by Grupo Aval to Endor Capital Assets S.R.L. are secured with BHIC share guarantee contracts, as follows:

      Guarantees on accounts receivable from related parties as at September 30, 2025

      Loan Value Number of shares under guarantee

      Company issuing the shares

      USD	270,000,000		5,200,000,000		Femisal S.R.L
      USD	270,000,000		5,200,000,000

      • On March 17, 2025, the guarantees on 1,167,513 and 1,404,504,624 BHI shares owned by Femisal S.R.L., given as collateral for the loan (Promissory Note 2) for Ps.200,000, payment made on December 2, 2024, were cancelled..

      The breakdown of the principal and interest components of accounts receivable from related parties is as follows:

      September 30th, 2025

      Credit		Capital		Interest	Impairment		Total
      Promissory 1 - Endor Capital (1)	Ps.	1,059,359	Ps.	6,537	Ps. (1,450)	Ps.	1,064,446
      Total	Ps.	1,059,359	Ps.	6,537	Ps. (1,450)	Ps.	1,064,446
      December 31st, 2024
      Credit		Capital		Interest	Impairment		Total
      Promissory 1 - Endor Capital	Ps.	1,190,471	Ps.	7,638	Ps. (1,711)	Ps.	1,196,398
      Total	Ps.	1,190,471	Ps.	7,638	Ps. (1,711)	Ps.	1,196,398

      1. On May 24, 2023, the contractual position of Esadinco as debtor was transferred to Endor Capital Assets S.R.L. The contract signed between Grupo Aval and Esadinco S.A. was amended, maintaining the same conditions of the loans originally agreed with Esadinco S.A.

   On December 2, 2024, the principal and interest on the loan (Promissory Note 2) were collected for Ps.200,000, agreed to a term of 24 months with a rate of IBR 3M + 4.5%.

   The book value and fair value of accounts receivable from related parties at amortized cost (calculation methodology included in Note 4 - Estimation of fair values in its Financial Assets section) are as follows:

   Book Value Fair Value

   Capital balance and interest	September 30th,	December 31st,		September 30th,	December 31st,
   	2025	2024		2025	2024
   Promissory 1 - Endor Capital (1) Ps.	1,064,446 Ps.	1,196,398	Ps.	1,069,104 Ps.	1,162,946
   Total Ps.	1,064,446 Ps.	1,196,398	Ps.	1,069,104 Ps.	1,162,946

   (1)The fair value of Note 1 was calculated by taking the CDS (Credit Default Swap) curve for Colombia, plus the IRS curve in dollars, adding the credit spreads (margin) of the AA issuers, calculated in the market for papers issued in DTF (Fixed Term Deposit), the SWAP DTF rate less the zero coupon curve of the TES (Public debt securities issued by the General Treasury of the Nation). As of September 30, 2025, and December 31, 2024, the average discount rate used was 9.3061% and 10.1256% respectively and is classified at level 2 of the hierarchy.

   Maturities of loans granted as at September 30, 2025
   Credit		2025			Total
   Promissory 1 - Endor Capital (1)	Ps.		1,065,896	Ps.	1,065,896
   Total	Ps.		1,065,896	Ps.	1,065,896

   (1)Include principal and interest.

   Contractual maturities are presented in accordance with the provisions of Appendix B11C of IFRS 7.

   Type of currency of accounts receivable from related parties
   		September 30th,		December 31st,
   		2025		2024
   Colombian pesos per loan in U.S. dollars		1,065,896		1,198,109
   Total	Ps.	1,065,896	Ps.	1,198,109

   Annual interest rates on accounts receivable from related parties

   September 30th, 2025 Colombian pesos Minimum rate Maximum rate

   Promissory note 1 - Endor Capital 7.88% 8.21%

   December 31st, 2024 Colombian pesos Minimum rate Maximum rate

   Promissory note 1 - Endor Capital 8.21% 9.16%

2. Investments in subsidiaries and associates

   The value of investments in subsidiaries and associates as at September 30, 2025 and December 31, 2024 is as follows:

   Percent of Participation Number of shares Book value
   	September 30th,		December 31st,		September 30th,		December 31st,		September 30th,	December 31st,
   	2025		2024		2025		2024		2025	2024
   Subsidiaries
   Banco de Bogotá S.A.	68.93%		68.93%		244,858,322		244,858,322	Ps.	10,115,538 Ps.	9,688,667
   Banco de Occidente S.A.	72.27%		72.27%		112,671,465		112,671,465		4,381,708	4,204,839
   Banco Comercial AV Villas S.A.	79.86%		79.86%		179,459,557		179,459,557		1,260,600	1,252,784
   Banco Popular S.A. (1)	93.87%		93.74%		7,402,708,442		7,241,936,738		2,750,661	2,643,505
   Corporación Financiera Colombiana S.A. (1)	8.71%		8.71%		31,833,029		31,833,029		1,329,882	1,279,039
   Sociedad Administradora de Fondos de	20.00%		20.00%		21,842,531		21,842,531		733,252	683,266
   Pensiones y Cesantías Porvenir S.A.(2)
   Grupo Aval Limited	100.00%	100.00%		1		1			(309,908)	(439,219)
   Aval Fiduciaria S.A. (3)	94.50%	94.50%		36,397,716		29,657,829			90,646	78,187
   Aval Casa de Bolsa S.A. (4)	40.77%	40.77%		6,352,026		6,352,026			19,195	15,382
   Aval Banca de Inversión S.A.S (5)	70.00%	0.00%		5,600,000		-			14,209	-
   Subtotal Subsidiaries								Ps.	20,385,783 Ps.	19,406,450
   Associates
   ADL Digital Lab S.A.S	34.00%	34.00%		408		408			17,217	17,756
   Subtotal Associates								Ps.	17,217 Ps.	17,756
   Total investments in subsidiaries an associates								Ps.	20,403,000 Ps.	19,424,206

   (1)In August 2025, Grupo Aval acquired 160,771,704 shares in a primary offering by Banco Popular SA for a total value of Ps. 50,000, increasing its stake from 93.74% to 93.87%.

   (2)On November 22, 2023 a shareholders' agreement was subscribed between Grupo Aval, Banco de Bogotá S.A., Banco de Occidente S.A. and Banco Popular S.A., as a result of which Banco Popular S.A. became the controlling company of Corporación Financiera Colombiana S.A. ("Corficolombiana") under the terms of articles 260 and 261 of the Code of Commerce.

   (3)In July 2021 a shareholders' agreement was subscribed between Grupo Aval, Banco de Bogotá, Banco de Occidente, Fiduciaria Bogotá and Fiduciaria de Occidente in which Grupo Aval acquires the quality of direct controller of Sociedad Administradora de Fondos de Pensiones Porvenir SA, in the terms of articles 260 and 261 of the Code of Commerce. The subscription of the referred agreement does not imply for Grupo Aval any variation in the shareholding it currently holds.

   (4)In August 2025, 6,739,887 shares were received from Aval Fiduciaria as part of the payment of dividends in shares decreed by the Shareholders' Meeting at an extraordinary meeting held that same month. This transaction generated a minor change in the shareholding, from 94.499988% to 94.499992%.

   In December 2024 94.499988% of the participation in Fiduciaria Corficolombiana is acquired from Corficolombiana. See note to reporting entity literal a

   (5)In December 2024, 38.951529% of the participation in the entity Casa de Bolsa is acquired from Corficolombiana. Additionally, 1.818817% of the participation in the Brokerage House was acquired from the Pajonales organization. Obtaining in total a 40.770346% participation in the Brokerage House entity. See note to reporting entity literal a.

   (6)In January 2025 the Company AVAL Banca de Inversión SAS was incorporated in January 2025, which will have as part of its purpose the structuring of financial operations, Project Finance advisory, accompanying clients to obtain resources in the banking and capital markets, advisory in mergers and acquisitions processes, as well as the provision of financial consulting services. Grupo Aval participated in 70% of the shareholding of this new company and Corficolombiana participated in the remaining 30%. And a total capital stock of Ps. 8,000

   Restriction on investments

   As of September 30, 2025, and December 31, 2024, there was a restriction on 15,589,972 shares of Banco de Occidente S.A., granted as collateral to secure financial obligations.

   As of December 31, 2024, there was a restriction on 772,532,650 shares of Banco Popular, pledged as collateral to guarantee financial obligations with Banco de Bogotá S.A.

   As of December 31, 2024, there was a restriction on 6,537,470 shares of Corficolombiana, granted as collateral to guarantee financial obligations with Banco de Bogotá S.A.

   As of September 30, 2025, and December 31, 2024, there was a restriction on 6,188,017 and 4,519,247 shares of Banco de Bogotá, respectively, granted as collateral to guarantee financial obligations.

   The afore mentioned guarantees cover loans for Ps.385,602. Included in Note 12 - Financial obligations at amortized cost.

   Subsidiaries and associates

   The following is a detail of the assets, liabilities and equity of subsidiaries and associates accounted for by the equity method as at September 30, 2025 and December 31, 2024:

   September 30th, 2025
   	Asset	Liability			Equit	y
   			Subscribed		Aditional
   			and paid	Reserves	paid-in	Retained	Net	Total
   Subsidiaries			capital		capital	earnings	income	Equity
   Banco de Bogotá S.A.	Ps. 137,406,587 Ps.	123,369,296 Ps.	3,553 Ps.	8,895,584 Ps.	6,799,170 Ps.	(2,772,653)Ps.	700,722 Ps.	13,558,296
   Banco de Occidente S.A.	79,233,754	73,292,125	4,677	4,667,235	617,166	199,801	295,770	5,716,304
   Banco Comercial AV Villas S.A.	21,284,507	19,705,928	22,473	1,284,736	141,770	132,659	(9,414)	1,568,928
   Banco Popular S.A.	31,660,659	29,112,312	78,861	2,572,396	35,324	(163,909)	(6,417)	2,450,872
   Corporación Financiera Colombiana S.A.	28,868,112	15,663,445	3,656	6,313,853	6,307,766	178,462	330,000	13,245,502
   Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir S.A.	4,168,162	694,344	109,211	1,700,196	1,148,612	(60,085)	302,009	3,192,177
   Grupo Aval Limited	3,621,911	3,931,819	-	-	(221,861)	(179,340)	60,940	(351,457)
   Aval Fiduciaria S.A.	27,637	7,339	8,000	-	-	-	5,977	49,930
   Aval Casa de Bolsa S.A.	177,204	107,163	38,516	15,692	3,637	(9)	5,406	54,493
   Aval Banca de Inversión S.A.S	189,429	130,384	15,580	31,939	3,083	-	3,224	11,224
   Subtotal Subsidiaries	Ps. 306,637,962 Ps.	266,014,155 Ps.	284,527 Ps.	25,481,631 Ps.	14,834,667 Ps.	(2,665,074)Ps.	1,688,217 Ps.	39,496,269
   Associates
   ADL Digital Lab S.A.S	94,989	44,351	1,200	2,531	-	48,495	(2,448)	49,778
   Subtotal Associates	Ps. 94,989 Ps.	44,351 Ps.	1,200 Ps.	2,531 Ps.	- Ps.	48,495 Ps.	(2,448)Ps.	49,778
   Total Ps. 306,732,951 Ps. 266,058,506 Ps. 285,727 Ps. 25,484,162 Ps. 14,834,667 Ps. (2,616,579)Ps. 1,685,769 Ps. 39,546,047
   December 31st, 2024
   	Activo	Pasivo			Equit	y
   			Subscribed		Aditional
   			and paid	Reserves	paid-in	Retained	Net	Total
   Subsidiaries			capital		capital	earnings	income	Equity
   Banco de Bogotá S.A.	Ps. 128,823,660 Ps.	115,405,692 Ps.	3,553 Ps.	8,389,455 Ps.	5,174,814 Ps.	(1,233,141)Ps.	1,083,287 Ps.	13,417,968
   Banco de Occidente S.A.	72,909,054	67,212,153	4,677	4,423,690	576,373	219,398	472,763	5,696,901
   Banco Comercial AV Villas S.A.	19,044,372	17,475,581	22,473	1,284,736	128,923	282,469	(149,810)	1,568,791
   Banco Popular S.A.	29,020,257	26,582,752	77,253	2,566,421	(48,235)	156,075	(314,009)	2,437,505
   Corporación Financiera Colombiana S.A.	26,987,598	14,366,902	3,656	6,009,156	6,124,725	291,246	191,913	12,620,696
   Sociedad Administradora de Fondos de Pensiones y Cesantías	3,866,009	642,119	109,211	1,373,917	1,148,247	(60,033)	652,548	3,223,890
   Porvenir S.A.
   Grupo Aval Limited	4,024,285	4,463,504	-	-	(259,879)	(304,459)	125,119	(439,219)
   Aval Fiduciaria S.A.	281,814	224,934	31,384	15,692	4,259	5,545	-	56,880
   Aval Casa de Bolsa S.A.	188,932	139,239	15,580	31,856	4,380	(2,123)	-	49,693
   Subtotal Subsidiaries	Ps. 285,145,981 Ps.	246,512,876 Ps.	267,787 Ps.	24,094,923 Ps.	12,853,607 Ps.	(645,023)Ps.	2,061,811 Ps.	38,633,105
   Associates
   ADL Digital Lab S.A.S	89,275	37,050	1,200	1,718	-	33,056	16,251	52,225
   Subtotal Associates	Ps. 89,275 Ps.	37,050 Ps.	1,200 Ps.	1,718 Ps.	- Ps.	33,056 Ps.	16,251 Ps.	52,225

   Total Ps. 285,235,256 Ps. 246,549,926 Ps. 268,987 Ps. 24,096,641 Ps. 12,853,607 Ps. (611,967)Ps. 2,078,062 Ps. 38,685,330

   As a result of the impairment test performed as at September 30, 2025 and December 31, 2024, taking into account the market value of these investments or the financial results of the subsidiaries, the Company's management does not consider it necessary to establish an impairment provision for these investments.

3. Property and Equipment

   The following is the movement of the book value of property and equipment during the periods ended September 30, 2025, and December 31, 2024:

   For own use Right of use Total Cost or Fair Value: Balance at December 31st, 2023 Ps. 5,866 Ps. 5,966 Ps. 11,832

   Capitalized purchases or expenses (net) 1,226 13,339 14,565

   Drawings / Sales (Net) (280) - (280)

   Loss on disposal of assets - (6,184) (6,184)

   Balance at December 31st, 2024 6,812 13,121 19,933

   Capitalized purchases or expenses (net) 57 (1,235) (1,178)

   Drawings / Sales (Net) (10) - (10)

   Balance at September 30th, 2025 Ps. 6,859 Ps. 11,886 Ps. 18,745 Balance at December 31st, 2023 Ps. 5,117 Ps. 4,311 Ps. 9,428 Accumulated depreciation:

   Depreciation for the period charged to the income statement

   417 1,337 1,754

   Drawings / Sales (Net) (264) - (264)

   Loss on disposal of assets 2 (5,038) (5,036)

   Balance at December 31st, 2024 5,272 610 5,882

   Depreciation for the period charged to the income

   statement

   268 812 1,080

   Drawings / Sales (Net) (10) - (10)

   Balance at September 30th, 2025 Ps. 5,530 Ps. 1,422 Ps. 6,952

   Tangible assets, net:

   Balance at December 31st, 2024 Ps. 1,540 Ps. 12,511 Ps. 14,051 Balance at September 30th, 2025 Ps. 1,329 Ps. 10,464 Ps. 11,793

   1. Property and Equipment for own use

      The following is the detail of the balance as at September 30, 2025 and December 31, 2024, by type of property and equipment for own use:

      Description		Cost		Accumulated Depreciation		Books value
      Office equipment, furniture, and fixtures	Ps.	1,144	Ps.	(924)	Ps.	220
      Computer equipment		2,642		(2,035)		607
      Improvements on properties not owned (1)		3,073		(2,571)		502
      Balance at September 30th, 2025	Ps.	6,859	Ps.	(5,530)	Ps.	1,329
      Description		Cost		Accumulated Depreciation		Books value
      Office equipment, furniture, and fixtures	Ps.	972	Ps.	(904)	Ps.	68
      Computer equipment		2,602		(1,890)		712
      Improvements on properties not owned (1)		3,238		(2,478)		760
      Balance at December 31st, 2024	Ps.	6,812	Ps.	(5,272)	Ps.	1,540

      (1)This item corresponds to adjustments made in the Grupo Aval offices.

   2. Property and equipment under right of use

   The company adopted IFRS 16 from January 1, 2019. Leases are recognized as an asset for the right of use and a liability on the date the asset is leased and is available for use by the company. Right-of-use assets are depreciated on a straight-line basis until the end of the lease term.

   The following is the breakdown of the balance as at September 30, 2025, and December 31, 2024, by type of property and equipment under right of use:

   Right of use		Cost		Accumulated Depreciation		Books value
   Banco de Occidente Piso 22 y 23 (1)	Ps.	11,886	Ps.	(1,422)	Ps.	10,464
   Balance at Mach 31, 2025	Ps.	11,886	Ps.	(1,422)	Ps.	10,464
   Right of use		Cost		Accumulated Depreciation		Books value
   Banco de Occidente level 22 y 23 (1)	Ps.	13,121	Ps.	(610)	Ps.	12,511
   Balance as at December 31st, 2024	Ps.	13,121	Ps.	(610)	Ps.	12,511

   (1)The nominal interest rate to determine interest and depreciation on the right of use at the adoption date of IFRS 16 was set at 1.15% per month during the year 2024. On January 2, 2025, a quotation and validation of rates were carried out, setting the rate for 2025 at 1.08% per month, resulting in a variation in the right of use due to an adjustment in the rate of Ps.(1,810).

   On April 1, 2025, the rental fee for Floors 22 and 23 of the Banco de Occidente Building, due to an adjustment of the IPC 2023 of 9.28%, generated a variation in the right of use due to an increase in the fee of Ps.575.

   On April 1, 2024, the rental fee for Floors 22 and 23 of the Banco de Occidente Building, due to an adjustment of the IPC 2023 of 9.28%, generated a variation in the right of use due to an increase in the fee of Ps.156.

   On june 30, 2024, and in compliance with the provisions of IFRS 16 in relation to lease contracts recognized as rights of use, it is certain to renew the term of the lease contract for floors 22 and 23, for a period equal to that stipulated in the 10-year contract. Rates were quoted and validated, setting the rate for extension of the lease contract at 0.78% monthly, which generated a variation in the right of use for Ps.13,377.

4. Income Tax

   Income tax expense is recognized based on the administration's best estimate of both current income tax and deferred income tax.

   The income tax expense for the periods ended September 30, 2025 and 2024, comprises the following:

   Quarter ended to nine months ended to

   	September	September	September	September
   	30th,	30th,	30th,	30th,
   	2025	2024	2025	2024
   Income tax for the current period	Ps. 4,721 Ps.	13,829 Ps.	14,038 Ps.	38,341
   Adjustment of Previous Periods	0	-	8	(9)
   Net deferred taxes for the period	13	(126)	(376)	332

   Total Income Tax Ps. 4,734 Ps. 13,703 Ps. 13,670 Ps. 38,664

   The Company's effective tax rate for the comparative periods is as follows:

   Quarter ended to nine months ended to

   		September 30th, 2025		September 30th, 2024		September 30th, 2025		September 30th, 2024
   Earnings before income tax	Ps.	547,497	Ps.	417,882	Ps.	1,409,595	Ps.	754,823
   Income tax expense		4,734		13,703		13,670		38,664
   Effective tax rate	%	0.86%		3.28%		0.97%		5.12%

   The Company's effective tax rate for continuing operations for the nine-month period ended September 30, 2025, was 0.97%. This figure is significantly lower than the nominal rate of 35%, mainly due to income from the equity method, which amounted to Ps. 1,379,469, which has no tax effects. For the nine-month period ended September 30, 2024, the rate was 5.12%, also affected by equity income of Ps.698,826.

   The 4,15 percentage point decrease in the comparative effective tax rate is mainly due to the following factors:

   • Decrease in non-deductible expenses: During 2025, as of September, there was a reduction in non-deductible expenses related to interest deductions. This was due to a higher deduction for financial returns compared to the same period in 2024, which contributed to a 2,31 percentage point decrease in the effective rate.

   • Increase in untaxed income from equity participation: In the third quarter of 2025, untaxed income from equity holdings increased by Ps. 680,643 compared to the same period in 2024. This increase generated an additional reduction of 1,85 percentage points in the effective tax rate.

5. Financial Liabilities at Amortized Cost

   The balances of financial obligations as at September 30, 2025, and December 31, 2024, are:
   		September 30th,		December 31st,
   		2025		2024
   Short-term financial liabilities
   Loans Banks	Ps.	5,120	Ps.	1,195
   Third-party loans (2)		1,064,067		1,196,009
   Finance leases (3)		648		793
   		1,069,835		1,197,997
   Outstanding Bonds		8,004		8,529
   Total Short-term financial liabilities	Ps.	1,077,839	Ps.	1,206,526
   Long-term financial liabilities
   Loans Banks (1)	Ps.	385,602	Ps.	335,602
   Finance leases (3)		10,698		12,215
   		396,300		347,817
   Outstanding Bonds (4)		1,200,000		1,200,000
   Total Long-term financial liabilities		1,596,300		1,547,817
   Total financial liabilities	Ps.	2,674,139	Ps.	2,754,343

   (1)Obligations acquired with Banco Bogotá S.A. and Banco de Occidente, including both short-term and long-term principal and interest, initially agreed upon for a term of two years with lump sum payment:

   Financial Liabilities - Agreed interest rates
   Loans rate:	IBR + 1.25 % T.V.	IBR + 1.85 % T.V.	IBR + 1.99 % T.V.
   Amounts:	Ps. 50,000	Ps. 155,550	Ps. 180,052

   • On September 17, 2025, debt was acquired with Banco Popular S.A. for Ps.50,000, an obligation acquired for 12 months, with a single final principal payment and a spread of 1.25%.

   • On July 31, 2025, Banco de Bogotá S.A. and Grupo Aval agreed to extend the term of loans amounting to Ps.180,052 to one year, establishing the new maturity date as July 31, 2026, with a spread of 1.99%.

   • On June 3 and April 26, 2025, Banco de Occidente, Banco de Bogotá S.A., and Grupo Aval agreed to extend the term of loans amounting to Ps.124,520 and 31,030 for one year. The new maturity dates are set as June 2 and April 26, 2026, respectively, with a spread of 1.85%.

   • On December 19, 2024, Banco de Bogota S.A. and Banco de Occidente S.A. and Grupo Aval, agree to modify the promissory note in terms of the interest rate, and instead, a new interest rate is established equivalent to 1.10% for loans of Ps.124,520, 1.20% for Ps.31,030, and 1.25% for Ps.180,052.

   • On December 19, 2024, a prepayment of loans to capital was made for Ps.157,804, constituted with Banco de Bogotá S.A. promissory notes No. 65312123-3, 65312376-7, 65312386-5, 65350000-1, and 653986648-8.

   • On December 18, 2024, a prepayment of loans to capital was made for Ps.124,520, constituted with Banco de Bogotá S.A. and Banco de Occidente S.A. for Ps.46,765, promissory note No. 65312376-7, and Ps.77,755, promissory note No. 25630125596.

   • On December 2, 2024, debt was acquired from Banco de Occidente S.A. for Ps.124,520, with an obligation acquired for 6 months, involving a single final payment to capital and a spread of 1.75%.

   • For presentation purposes at the close of September 2025, and in accordance with paragraph 73 of IAS 1, loans amounting to Ps.385,602 that maintain the initially agreed interest rates and/or spreads are included in the long-term category.

     (2)Corresponds to the obligation acquired on December 2, 2022, where Grupo Aval Limited grants a loan to Grupo Aval for USD$270 million, equivalent in Colombian pesos, with an agreed term of 18 months, SOFR 3M + 2.00% TV interest rate, and quarterly interest payments.

   • On May 31, 2024, Grupo Aval Limited and Grupo Aval agreed to extend the term of the USD$ 270 million debt, equivalent in Colombian pesos, to 18 months and instead established a new maturity date of December 4, 2025 with SOFR 3M rate.

     (3)Corresponds to the balance of the financial lease liability generated in the adoption of IFRS 16, amounting to Ps.11,773, minus the right-of-use amortization for the period of Ps.427.

   • The nominal interest rate for determining interest and the depreciation of the right-of-use at the adoption date of IFRS 16 was set at 1.15% per month during the year 2024. On January 2, 2025, a rate quotation and validation were conducted, fixing the rate for the year 2025 at 1.08% per month, resulting in a variation in the right-of-use due to the rate adjustment Ps. (1,810).

   • On April 1, 2025, the lease fee for the 22nd and 23rd floors of the Banco de Occidente Building, due to the 2024 CPI adjustment of 5.20%, generated a variation in the right of use due to an increase in the fee of Ps.575.

   • On June 30, 2024, and in compliance with the provisions of IFRS 16 in relation to lease agreements recognized as rights of use, it is certain to renew the term of the lease agreement of the 22nd and 23rd floors, for a period equal to that stipulated in the contract of 10 years. A quotation and validation of rates was made, setting the rate for the extension of the lease contract at 0.78% per month, which generated a variation in the right of use of Ps.13,377.

     (4)On November 14, 2024, payment of the principal for the seventh issue of Series C, Subseries C5 - 5 years, ISIN: COT29CB00146, bonds was made for Ps.100,000.

   • On December 3, 2024, payment of the principal for the fourth issue of Series A, Subseries A15 - 15 years, ISIN: COT29CB00088, bonds was made for Ps. 124,520.

   • On December 12, 2024, through a Dutch Auction mechanism, the placement and issuance of ordinary bonds by Grupo Aval Acciones y Valores S.A. were awarded for Ps. 300,000 with the following characteristics:

     Serie - Subserie	Awarded Amount (COP)	Margin/Rate
     Serie A - subseries A15 - 15 years margin over IPC E.A.R	Ps.200,000	IPC + 6.16% E.A.R
     Serie C - subseries C3 - 3 years Fixed Rate E.A.R	Ps.100,000	10.42% E.A.R

     The loans obtained by Grupo Aval from its subsidiary Banco de Bogotá S.A. are secured with share guarantee contracts covering the total amount of the loans:

     Ps.

     Guarantees on obligations as of September 30, 2025

     Loan amount			Shares pledged as collateral	Company issuing the shares
     	211,082		15,589,972	Banco de Occidente (2), (3) y (4)
     	211,082		15,589,972
     	174,520		6,188,017	Banco Bogotá (1) y (2)
     	174,520		6,188,017
     	385,602		21,777,989

     Ps.

     (1)As of September 30, 2025, a pledge contract was executed on shares of Banco de Bogotá S.A., for 1,668,770 shares, to secure the obligation acquired on September 17, 2025, with Banco Popular S.A.

     As of March 31, 2025, the cancellation of the guarantees on 772,532,650 shares of Banco Popular, 6,537,470 shares of Corficolombiana and 3,427,867 shares of Banco de Bogotá, which guaranteed credits for Ps.157,804, was materialized.

     (2)On December 2, 2024, a pledge agreement was executed over shares of Banco de Bogotá S.A., involving 4,519,247 shares, to cover the entirety of obligations acquired as of that date with Banco de Occidente S.A.

     (3)On November 2, 2023, a pledge contract is executed for shares of Banco de Bogotá S.A. and Banco de Occidente S.A., totaling 3,427,860 shares, to cover all obligations acquired up to that date.

     (4)In May 2023, a pledge contract is executed for shares of Banco de Occidente S.A. and Corficolombiana, totaling 2,293,187 and 4,943,900 shares, to cover all obligations acquired with Banco de Bogotá S.A.

     The composition of principal and interest for the financial obligations is as follows:

     		September 30th, 2025		December 31st, 2024
     Obligations		Principal Interest	Total	Principal Interest	Total
     Bank loans	Ps.	385,602 Ps. 5,120 Ps.	390,722 Ps.	335,602 Ps. 1,195 Ps.	336,797
     Third-party loans		1,059,359 4,708	1,064,067	1,190,471 5,538	1,196,009
     Outstanding bonds		1,200,000 8,004	1,208,004	1,200,000 8,529	1,208,529
     Total	Ps.	2,644,961 Ps. 17,832 Ps.	2,662,793 Ps.	2,726,073 Ps. 15,262 Ps.	2,741,335

     The book value and fair value of financial liabilities at amortized cost (calculation methodology included in note 4 -Fair value estimation in its Financial Liabilities and Other Liabilities section) are as follows:

     Book Value Fair Value Principal balance and interest September 30th, 2025 December 31st, 2024 September 30th, 2025 December 31st, 2024

     Bank loans (1) Ps. 390,722 Ps. 336,797 Ps. 393,203 Ps. 335,722

Third-party loans 2) 1,064,067 1,196,009 1,066,180 1,208,694

(1)The fair values of bank loans are calculated by taking the credit spread (margin); in turn, market rates for papers indexed to DTF and IBR are calculated, and the implicit rate in the SWAP DTF - Fixed Rate curve, quoted in Precia, is added to them. As at September 30, 2025, and December 31, 2024, the average discount rates used were 9.9537% and 10.1584%, respectively, and they are classified in level 2 of the hierarchy.

(2)For the valuation of loans in dollars, the fair value was calculated using the Credit Default Swap (CDS) curve for Colombia, plus the IRS curve in dollars, adding the credit spreads (margin) of AA-rated issuers, calculated in the market for papers issued in DTF + the SWAP rate DTF minus the zero-coupon curve of the TES. As of September 30, 2025, and December 31, 2024, the average discount rates used were 9.3079% and 10.1310%, respectively, and they are classified at level 2 of the hierarchy.

(3)For the calculation of the fair value of the outstanding bonds, Precia (formerly Infovalmer) prices were used for each cut, calculated with an estimated price, which corresponds to the "dirty price," obtained as the present value of the cash flows of a security, discounted using the reference rate and the corresponding margin; likewise, they are classified in level 2 of the hierarchy.

Maturities of obligations as of September 30, 2025

(1)Includes principal and interest

The contractual maturities are presented in accordance with the provisions of Appendix B11C of IFRS 7..

IFRS 16 Maturities as of September 30, 2025

Short-term Between 1 and

(1)This corresponds to the obligation acquired on December 2, 2022, where Grupo Aval Limited grants a loan to Grupo Aval for USD$ 270 million U.S. dollars, equivalent in Colombian pesos, with a term of 18 months, SOFR 3M + 2.00%TV interest rate, and quarterly interest payments.

• On May 31, 2024, Grupo Aval Limited and Grupo Aval agreed to extend the term of the debt amounting to USD $270 million, equivalent in Colombian pesos, for 18 months. The new maturity date is set for December 4, 2025, with a 3-month SOFR rate applicable

Annual interest rates for financial liabilities

The composition of the bond debt liability as at September 30, 2025, and December 31, 2024, by issuance date and maturity date is as follows:

Issue date September 30th, 2025

(1)Principal value of the issuance.

1. Employee Benefits

   Under Colombian labor law, the contracts signed with the company's employees grant them rights to short-term benefits such as salaries, vacation pay, legal bonuses, severance pay, and severance interest. Long-term benefits are not included in these contracts.

   Similarly, in accordance with Colombian regulations, companies and their employees are required to make pension contributions to defined contribution funds established by the general pension and social security system, as per Law 100 of 1993. Therefore, the Company is not responsible for long-term pension benefits.

   The following is the composition of employee benefits balances as at September 30, 2025 and December 31, 2024:

   September 30th, 2025 December 31st, 2024

   Short-Term Benefits Ps. 3,182 Ps. 2,694

1. Accounts Payable and Other Liabilities

   The balances of accounts payable and other liabilities comprise the following items as at September 30, 2025 and December 31, 2024:

   		September 30th, 2025		December 31st, 2024
   Dividends Payable (1)	Ps.	383,048	Ps.	197,270
   Accounts Payable		96		410
   Withholdings and other labor-related contributions		1,467		1,256
   Commissions and Fees		811		1,857
   Other Accounts Payable		454		457
   Total Accounts Payable	Ps.	385,876	Ps.	201,250
   Taxes (2)		7,830		11,997
   Other Non-Financial Liabilities		1,214		1,231
   Total Other Liabilities	Ps.	9,044	Ps.	13,228
   Total	Ps.	394,920	Ps.	214,478

   (1)Grupo AVAL declared dividends of COP 655,320 as of the September cutoff. The balance of COP 383,048 corresponds to six months of unpaid dividends totaling COP 327,660, plus an outstanding balance from prior periods of COP 55,388

   (2)Taxes payables
   		September 30th,		December 31st,
   		2025		2024
   Industry and Commerce Tax	Ps.	2,013	Ps.	1,550
   VAT Payable		3,721		8,054
   Withholding Tax		2,051		2,296
   VAT Withholdings		34		75
   Withholdings on Industry and Commerce Tax		11		22
   Total Taxes	Ps.	7,830	Ps.	11,997

2. Shareholders' equity

   Mandatory and voluntary reserves are determined during the Shareholders' Meetings. Below is a breakdown of retained earnings (losses) as at September 30, 2025 and December 31, 2024:

   Retained Earnings		September 30th,		December 31st,
   		2025		2024
   Legal Reserve	Ps.	11,872	Ps.	11,872
   Occasional reserve at the disposal of the highest corporate organ		7,711,040		7,374,078
   	Ps.	7,722,912	Ps.	7,385,950
   Earning in first-time adoption		256,878		256,878
   Withholding tax on dividends (1)		(39,275)		(41,203)
   Realization of OCI on entities		(2,494)		1,240
   Preferred dividends declared subsidiaries (2)		(9,304)		(8,844)
   	Ps.	7,928,717	Ps.	7,594,021

   (1)In accordance with paragraph 65A of IAS 12, which states that the value of the withholding tax on dividends has been recognized in equity by (Ps. 39,275), of which (Ps. 32,750) corresponds to the participation (Equity method) in the withholding tax recognized by the entities over which Grupo Aval has control and (Ps. 6,525) corresponds to the net of the withholding tax transferred by its subsidiaries to Grupo Aval by (Ps. 26,247) and that transferred by Grupo Aval to its shareholders by Ps. 15,738, in accordance with the provisions Art. 242-1 ET, as amended by Act 1943 of 2018.

   (2)According to Corficolombiana's PDU (Profit Sharing Projects) in March 2025, cash dividends were declared only for preferred shares, which generated an equity variation in retained earnings of (Ps. 9,304) as part of the MPP calculation; in Banco de Bogotá (Ps. 5,494), Banco Popular (Ps. 1,118), Banco de Occidente (Ps. 693) and Grupo AVAL (Ps. 1,999).

   Decreed dividends

   Dividends are decreed and paid to shareholders based on the occasional reserves available to the highest corporate organ. The declared dividends were as follows for the results of the years ended December 31, 2024, and 2023:

   December 31st, December 31st, 2024 2023

   Unconsolidated earnings for the year Ps. 999,886 Ps. 723,038

Dividends paid in cash

At the meeting held in March 2025, 27.60 pesos per share were decreed, payable in twelve installments of 2.30 pesos per share, from April 2025 to March 2026.

At the meeting held in March 2024, 24.00 pesos per share were decreed, payable in twelve installments of 2.00 pesos per share, from April 2024 to March 2025.

Other comprehensive results as at September 30, 2025, and December 31, 2024, is detailed below:

The Company at the individual level is not subject to any minimum equity requirement for the development of its operations; therefore, the management of the Company's capital is aimed at satisfying the minimum capital requirements of the subsidiary financial institutions in accordance with the parameters established in Colombian legislation, so that the Company can maintain and even increase its participation in the equity of such entities.

1. Commitments

   1. As at September 30 2025, the loans obtained by the Company with its subsidiary Banco de Bogota S.A. and Banco de Occidente S.A., are guaranteed with; 15,589,972 shares of Banco de Occidente S.A. and 6,188,017 of Banco de Bogota.

   2. The Company is a guarantor of the bonds issued on the international capital market by its subsidiary Grupo AVAL Limited in the Cayman Islands, pursuant to Regulation S of the Securities Act of 1933 of the United States of America and under Rule 144A, for USD 1 billion as follows:

   In February 2020, USD 1 billion was issued, maturing in February 2030, with a deduction of 56.8 basis points, price of 99.43% and coupon of 4.375%.

2. Operating revenue

   A breakdown of income for the periods ended at September 30, 2025 and 2024:

   Quarter ended to nine months ended to

   Operating revenue	September 30th, 2025		September 30th, 2024		September 30th, 2025		September 30th, 2024
   Income method of participation in subsidiary companies (1) Ps.	536,625	Ps.	394,582	Ps.	1,380,008	Ps.	697,358
   Income method of participation in associated companies (2)	292		815		(539)		1,468
   Total revenue share method Ps.	536,917 Ps.		395,397 Ps.		1,379,469 Ps.		698,826
   Other income from regular activities
   Interest Ps.	2,421 Ps.		3,185 Ps.		7,916 Ps.		10,612
   Financial returns	22,940		32,243		68,007		95,891
   Commissions and/or fees	63,472		71,247		190,373		213,743
   Miscellaneous - Remuneration	-		4		-		227
   Compensation	-		-		-		10
   Total other income	88,833		106,679		266,296		320,483
   Total operating revenue Ps.	625,750 Ps.		502,076 Ps.		1,645,765 Ps.		1,019,309

   (1)Investments in entities over which the Company has control are Banco de Bogotá S. A., Banco de Occidente S. A., Banco Comercial AV Villas S. A., Banco Popular S. A., Corporación Financiera Colombiana S. A., Grupo Aval Limited and Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir S. A., AVAL Fiduciaria S.A., AVAL Casa de Bolsa S.A. y AVAL Banca de Inversión S.A.S., these are referred to as "Investments in Subsidiaries" and are accounted for using the equity method in accordance with IAS 28.

   (2)Corresponds to the associated company ADL Digital Lab S.A.S. and is accounted for using the equity method in accordance with IAS 28.

   Calculation of the equity method income

   The basis for calculating the equity method income for the periods ending on September 30, 2025 and 2024 is set out below:

   Quarter ended to Percentage of Participation Income Basis for the Equity method income

   Equity method
   	September		September		September	September	September	September
   	30th,		30th,		30th,	30th,	30th,	30th,
   	2025		2024		2025	2024	2025	2024
   Subsidiaries
   Banco de Bogotá S.A.	68.93%		68.93%	Ps.	410,916 Ps.	371,202 Ps.	283,225 Ps.	255,852
   Banco de Occidente S.A.	72.27%		72.27%		156,981	159,441	113,452	115,230
   Banco Comercial AV Villas S.A.	79.86%		79.86%		6,356	(8,717)	5,075	(6,961)
   Banco Popular S.A.	93.87%		93.74%		32,093	(50,457)	30,096	(47,300)
   Corporación Financiera Colombiana S.A.	8.71%		8.71%		70,929	(35,631)	6,175	(3,102)
   Sociedad Administradora de Fondos de Pensiones y	20.00%		20.00%		273,876	242,545	54,776	48,510
   Cesantías Porvenir S.A.
   AVAL Fiduciaria S.A.	94.50%	-			6,219	-	5,878	-
   AVAL Casa De Bolsa S. A. Sociedad Comisionista De Bolsa	40.77%	-			3,046	-	1,242	-
   AVAL Banca de Inversión	70.00%	-			9,074	-	6,352	-
   Grupo Aval Limited	100.00%	100.00%			30,352	32,353	30,353	32,353
   Total subsidiaries				Ps.	999,842 Ps.	710,736 Ps.	536,624 Ps.	394,582
   Associates
   ADL Digital LAB S.A.S.	34.00%	34.00%			861	2,397	293	815
   Total associcates				Ps.	861 Ps.	2,397 Ps.	293 Ps.	815
   Total permanent investments				Ps.	1,000,703 Ps.	713,133 Ps.	536,917 Ps.	395,397

   nine months ended to Percentage of Participation Income Basis for the Equity method income Equity method

   	September		September		September	September	September	September
   	30th,		30th,		30th,	30th,	30th,	30th,
   	2025		2024		2025	2024	2025	2024
   Subsidiaries
   Banco de Bogotá S.A.	68.93%		68.93%	Ps.	1,111,637 Ps.	775,901 Ps.	766,201 Ps.	534,794
   Banco de Occidente S.A.	72.27%		72.27%		452,751	391,763	327,210	283,135
   Banco Comercial AV Villas S.A.	79.86%		79.86%		(3,058)	(134,338)	(2,443)	(107,276)
   Banco Popular S.A.	93.87%		93.74%		25,676	(244,200)	24,081	(228,920)
   Corporación Financiera Colombiana S.A.	8.71%		8.71%		400,929	115,205	34,906	10,030
   Sociedad Administradora de Fondos de Pensiones y	20.00%		20.00%		575,885	573,704	115,179	114,743
   Cesantías Porvenir S.A.
   AVAL Fiduciaria S.A.	94.50%	-			12,196	-	11,526	-
   AVAL Casa De Bolsa S. A. Sociedad Comisionista De Bolsa	40.77%	-			8,452	-	3,446	-
   AVAL Banca de Inversión	70.00%	-			12,298	-	8,609	-
   Grupo Aval Limited	100.00%	100.00%			91,293	90,852	91,293	90,852
   Total subsidiaries				Ps.	2,688,059 Ps.	1,568,887 Ps.	1,380,008 Ps.	697,358
   Associates
   ADL Digital LAB S.A.S.	34.00%	34.00%			(1,587)	4,319	(539)	1,468
   Total associcates				Ps.	(1,587)Ps.	4,319 Ps.	(539)Ps.	1,468
   Total permanent investments				Ps.	2,686,472 Ps.	1,573,206 Ps.	1,379,469 Ps.	698,826

3. General overhead and financial expenses

   A detail of expenses for the periods ended September 30, 2025 and 2024 is as follows:

   Quarter ended to nine months ended to

   		September	September	September	September
   		30th,	30th,	30th,	30th,
   		2025	2024	2025	2024
   Administrative expenses
   Personnel expenses	Ps.	11,895 Ps.	11,545 Ps.	33,704 Ps.	31,486
   Fees Taxes:		4,590	1,608	15,004	11,295
   Industry and commerce Tax		2,279	2,238	7,290	8,394
   Financial transaction tax		956	826	2,563	2,973
   Sales operating expenses		597	444	1,394	972
   Contributions and affiliations		30	385	854	1,106
   Leases		2	2	7	6
   Services		358	358	1,021	1,005
   Property and equipment depreciation		342	404	1,080	1,334
   Amortization		7	5	20	15
   Maintenance and repairs		235	23	298	113
   Travel expenses		73	60	257	133
   Other administrative expenses		303	251	809	643
   Total administrative expenses	Ps.	21,667 Ps.	18,149 Ps.	64,301 Ps.	59,475
   Other expenses
   Impairment of accounts receivable from related	partiesPs.	(607)Ps.	(300)Ps.	(261)Ps.	(460)
   Miscellaneous		3	13	124	147
   Total other expenses	Ps.	(604)Ps.	(287)Ps.	(137)Ps.	(313)
   Gain (loss) on foreign exchange differences
   Foreign exchange gain	Ps.	(40,023)Ps.	7,533 Ps.	(131,920)Ps.	92,704
   Foreign exchange lost		41,483	(7,842)	136,504	(95,470)
   Net effect of foreign exchange differences Ps.		1,460 Ps.	(309)Ps.	4,584 Ps.	(2,766)
   Financial expenses
   Banking expenses Ps.		1 Ps.	- Ps.	4 Ps.	3
   Ps.		1 Ps.	- Ps.	4 Ps.	3
   Interest:
   Bonds in circulation Ps.		28,121 Ps.	29,714 Ps.	84,496 Ps.	95,666
   Interest on bank loans and other financial obligations		27,236	36,614	81,811	111,982
   Interest on lease liabilities (IFRS 16)		372	313	1,110	439
   Total interest Ps.		55,729 Ps.	66,641 Ps.	167,417 Ps.	208,087
   Total financial expenses Ps.		55,730 Ps.	66,641 Ps.	167,421 Ps.	208,090

4. Related parties:

In accordance with IAS 24, a related party is a person or entity that is related to the entity that prepares its financial statements, which may exercise control or joint control over the reporting entity, exercise significant influence over the reporting entity or be considered a member of key management personnel of the reporting entity or of a controlling entity of the reporting entity. The definition of related party includes persons and/or relatives related to the entity, entities that are members of the same group (" controller" and "subsidiary"), associates or joint ventures of the entity or group entities, and post-employment benefit plans for the benefit of employees of the reporting entity or a related entity.

The related parties that currently apply to the Company are as follows:

1. Natural persons who exercise control or joint control, who own more than 50% of Grupo Aval; additionally includes close relatives who could be expected to influence or be influenced by that person.

2. Natural persons, who are members of key management personnel and have authority and responsibility for planning, directing and controlling the activities of the entity, members of the Board of Directors, President and Vice Presidents and senior management personnel of Grupo Aval; additionally includes close relatives who could be expected to influence or be influenced by that person.

3. Juridical persons that are members of the same group; this category includes the controlling company, subsidiaries or other subsidiaries of the same controlling company of Grupo Aval.

4. Associated companies and joint ventures are entities over which the Company has significant influence, generally defined as an ownership between 20% and 50% of its capital.

5. This category includes entities that are controlled by the natural persons included in numbers 1 and 2.

6. This item includes entities in which the persons referred over items 1 and 2 exercise significant influence.

1. Balances ended September 30, 2025, and December 31, 2024, with related parties are included in the following accounts.

   September 30th, 2025 Categories 1 2 3 4 5 6

   		Individuals exercising control or joint control		Core management personnel		Companies members of the same group		Associates and joint ventures		Entities controlled by the persons included in categories 1 and 2		Entities in which the persons included in categories 1 and 2 exercise significant influence
   Assets
   Cash and cash equivalents	Ps.	-	Ps.	-	Ps.	55,587	Ps.	-	Ps.	-	Ps.	-
   Financial assets in investments		-		-		20,525,806		17,217		-		-
   Accounts receivable		-		-		304,408		-		1,065,920		-
   Liabilities
   Accounts payable		19		224		34		-		266,060		3
   Financial obligations at amortized cost		-		-		1,485,407		-		120,542		-

   December 31st, 2024 Categories 1 2 3 4 5 6

   		Individuals exercising control or joint control		Core management personnel		Companies members of the same group		Associates and joint ventures		Entities controlled by the persons included in categories 1 and 2		Entities in which the persons included in categories 1 and 2 exercise significant influence
   Assets
   Cash and cash equivalents	Ps.	-	Ps.	-	Ps.	126,152	Ps.	-	Ps.	-	Ps.	-
   Financial assets in investments		-		-		19,444,876		17,756		-		-
   Accounts receivable		-		-		127,755		-		1,198,109		-
   Liabilities
   Accounts payable		8		118		23		84		115,682		1
   Financial obligations at amortized cost		-		-		1,563,433		-		30,030		-

   Transactions with related parties during the quarter as at September 30, 2025 and 2024, comprise; Sales, services and transfers:

   September 30th, 2025

   	Individuals exercising Core control or joint control management personnel	Companies members of the same group	Associates and joint ventures	Entities controlled by the persons included in categories 1 and 2	Entities in which the persons included in categories 1 and 2 exercise significant influence
   	P P P	P	P	P
   Interest income	s - s s	5,027 s	- s	21,206 s	-
   	. . .	.	.	.
   Interest expense - 27,963			- 3,838		-
   Fee and commission - 63,451 income			- 21		-
   Fees and commissions - 775 22 expense			- -		-
   Operating expenses - -			- 522		-
   Other expenses - 30			- 2		-

   Categories 1 2 3 4 5 6

   -

   -

   -

   • administrative -

     -

     September 30th, 2024

     	Individuals exercising Core control or joint control management personnel	Companies members of the same group	Associates and joint ventures	Entities controlled by the persons included in categories 1 and 2	Entities in which the persons included in categories 1 and 2 exercise significant influence
     	P P P	P	P	P
     Interest income	s - s s	3,669 s	- s	31,749 s	-
     	. . .	.	.	.
     Interest expense - 36,640			- 2,039		-
     Fee and commission - 71,247 income			- -		-
     Fees and commissions - 578 19 expense			- -		-
     Operating expenses - -			- 495		-
     Other expenses - 11			- -		-

     Categories 1 2 3 4 5 6

     -

     -

     -

   • administrative -

-