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

About this update from Grupo Aval Acciones Y Valores Sa

September 30th December 31st Note 2025 2024 Assets Current assets Cash and cash equivalents 5 Ps. 55,592 Ps. 126,156 Trading Investments 6 532 452 Non-Marketable Investments 7 38,965 38,425 Accounts receivable from related parties 8 1,368,854 1,324,153 Taxes paid in advance 8 23,089 12,695 Other accounts receivable 8 39 6 Other non-financial assets 81 100 Total current assets 1,487,152 1,501,987 Non-current Assets Investments in subsidiaries and associates 9 Ps. 20,403,000 Ps. 19,424,206 Non-Marketable Investments 7 101,058 14,051 Property and equipment, net 10 11,793 - Total non-current Assets 20,515,851 19,438,257 Total assets Ps. 22,003,003 Ps. 20,940,244 Liabilities and shareholders' equity Current liabilities Financial obligations at amortized cost 12 Ps. 1,069,835 Ps. 1,197,997 Outstanding bonds at amortized cost 12 8,004 8,529 Accounts payable 14 385,876 201,250 Employee benefits 13 3,182 2,694 Tax liabilities 14 7,830 11,997 Other non-financial liabilities 14 1,214 1,231 Total current liabilities 1,475,941 1,423,698 Long-term liabilities Deferred tax liability 11 Ps. 18 Ps. 24 Financial obligations at amortized cost 12 396,300 347,817 Outstanding bonds at amortized cost 12 1,200,000 1,200,000 Total long-term liabilities 1,596,318 1,547,841 Total liabilities Ps. 3,072,259 Ps. 2,971,539 Equity Subscribed and paid capital 15 Ps. 23,743 Ps. 23,743 Additional paid-in capital 15 9,695,243 9,695,243 Retained earnings 15 7,928,717 7,594,021 Net income 1,395,925 999,886 Other comprehensive income (OCI) 15 (112,884) (344,188) Total shareholders' equity Ps. 18,930,744 Ps. 17,968,705 Total liabilities and shareholders' equity Ps. 22,003,003 Ps. 20,940,244 The accompanying notes are an integral part of these financial statements Quarter ended to ninenth months ended to September 30th September 30th September 30th September 30th Note 2025 2024 2025 2024 Operating revenue Equity method income, net 17 Ps. 536,917 Ps. 395,397 Ps. 1,379,469 Ps. 698,826 Other revenue from ordinary activities 17 88,833 106,679 266,295 320,483 Total operating revenue Ps. 625,750 Ps. 502,076 Ps. 1,645,764 Ps. 1,019,309 Expenses, net Administrative expenses 18 Ps. 21,667 Ps. 18,149 Ps. 64,301 Ps. 59,475 Other expenses 18 (604) (287) (137) (313) Exchange rate loss (Gain) 18 1,460 (309) 4,584 (2,766) Operating income Ps. 603,227 Ps. 484,523 Ps. 1,577,016 Ps. 962,913 Financial expenses 18 55,730 66,641 167,421 208,090 Earnings before taxes Ps. 547,497 Ps. 417,882 Ps. 1,409,595 Ps. 754,823 Income tax expense 11 4,734 13,703 13,670 38,664 Net income Ps. 542,763 Ps. 404,179 Ps. 1,395,925 Ps. 716,159 Number of shares outstanding 15 23,743,475,754 23,743,475,754 23,743,475,754 23,743,475,754 Net income per share Ps. 22.86 Ps. 17.02 Ps. 58.79 Ps. 30.16 The accompanying notes are an integral part of these financial statements Quarter ended to ninenth months ended to September 30th September 30th September 30th September 30th 2025 2024 2025 2024 Net income Ps. 542,763 Ps. 404,179 Ps. 1,395,925 Ps. 716,159 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 - Income tax expense (370) - (370) - 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) Retained earnings (losses) Subscribed Paid-in Legal Occasional Retained Net Other Total and paid capital Capital reserve reserve earnings Income comprehensive Equity income (OCI) Balance as of December 31st 2023 Ps. 23,743 Ps. 9,695,243 Ps. 11,872 Ps. 7,220,883 Ps. 217,639 Ps. 723,038 Ps. (650,515) Ps. 17,241,903 Constitution of reserves for future distributions net income 2023 - - - 723,038 - (723,038) - - 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) Application of the equity method - - - - - - 460,987 460,987 Changes in subsidiaries' equity - - - - (11,801) - - (11,801) Witholding tax on dividends - - - - 4,329 - - 4,329 Net Income - - - - - 716,159 - 716,159 Balance as of September 30th, 2024 Ps. 23,743 Ps. 9,695,243 Ps. 11,872 Ps. 7,374,078 Ps. 210,167 Ps. 716,159 Ps. (189,528) Ps. 17,841,734 Balance as of December 31st 2024 Ps. 23,743 Ps. 9,695,243 Ps. 11,872 Ps. 7,374,078 Ps. 208,071 Ps. 999,886 Ps. (344,188) Ps. 17,968,705 Constitution of reserves for future distributions net income 2023 - - - 999,886 - (999,886) - - Reserve appropriation - - - (7,604) 7,604 - - - To distribute a cash dividend of $ 2.30 per share per month from April 2025 to March 2026 including those two months, over 23.743.475.754 outstanding - - - (655,320) - - - (655,320) shares as of the date of the Shareholder´s meeting. Other comprehensive income - - - - - - 231,304 231,304 Changes in subsidiaries' equity - - - - (11,797) - - (11,797) Witholding tax on dividends - - - - 1,927 - - 1,927 Net Income - - - - - 1,395,925 - 1,395,925 Balance as of September 30th, 2025 Ps. 23,743 Ps. 9,695,243 Ps. 11,872 Ps. 7,711,040 Ps. 205,805 Ps. 1,395,925 Ps. (112,884) Ps. 18,930,744 The accompanying notes are an integral part of these financial statements + ninenth months ended to September 30th September 30th Note 2025 2024 Cash flow from operating activity: Net Income Ps. 1,395,925 Ps. 716,159 Adjustments to reconcile net income with net cash provided (used) by operating activities Income tax expense 11 Ps. 13,670 Ps. 38,664 Loss on Disposal of Property, Plant and Equipment - 16 Depreciation and amortization 18 1,100 1,350 Loan Impairment 8 (261) (460) Equity method income 17 (1,379,469) (698,826) Changes in operating assets and liabilities: (Increase) in trading securities 6 Ps. (80) Ps. (66) Decrease in Accounts Receivable 12,215 - Acquisition of Investments (12,215) - Receivable interests 875 (457) Changes in other assets and liabilities, net: prepaid taxes, prepaid expenses, taxes, accounts payable, employee liabilities, estimated liabilities and (29,322) (34,604) provisions Decrease(Increase) in interests payable 3,679 (5,762) Interest paid on lease agreements (IFRS 16) 18 (1,110) (439) Dividends received by subsidiaries 495,192 529,271 Net cash provided by operating activities Ps. 500,199 Ps. 544,846 Cash flow from investing activities: Amortized cost investments (4,455) (15,649) Available-for-Sale Investments (100,000) - Acquisition of Investments (5,600) - Acquisition of property and equipment 10 (57) (960) Net cash used in investing activities Ps. (110,112) Ps. (16,609) Cash flow from financing activities: Dividends paid (464,365) (537,923) Proceeds from Loans 50,000 - Acquisition of Investments (50,000) - Payment of lease liabilities 12 (427) (1,005) Net cash used in financing activities Ps. (464,792) Ps. (538,928) Effect of exchange rate difference on cash 4,141 (988) Change in cash and cash equivalents (70,564) (11,679) Cash and cash equivalents as of the beginning of the period 126,156 157,323 Cash and cash equivalents as of the end of the period Ps. 55,592 Ps. 145,644 Additional information: Payment of Interest Ps. 164,848 Ps. 214,285 The accompanying notes are an integral part of these financial statements 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.. 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. 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. 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 Assets December 31st, 2024 Level 1 Level 2 Level 3 Total Total recurring fair value assets 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. Fair value information for financial assets and liabilities recorded at amortized cost determined solely for disclosure purposes. 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. Financial assets 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: Book Value Fair Value Amortized cost investments September 30th, 2025 December 31st, 2024 September 30th, 2025 December 31st, 2024 TD Banco Occidente Panamá (1) Ps. 38,577 Ps. 38,425 Ps. 38,422 Ps. 38,425 Subtotal Investments to maturity 38,577 38,425 38,422 38,425 Credit Portfolio Promissory note 1 - Endor Capital (2) y (3) Ps. 1,064,446 Ps. 1,196,398 Ps. 1,069,104 Ps. 1,162,946 Subtotal Credit portfolio 1,064,446 1,196,398 1,069,104 1,162,946 Total Ps. 1,103,023 Ps. 1,234,823 Ps. 1,107,526 Ps. 1,201,371 (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%. Financial liabilities 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: Book Value Fair Value Capital 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 Bonds outstanding (3) 1,208,004 1,208,529 1,059,264 1,096,425 Total Ps. 2,662,793 Ps. 2,741,335 Ps. 2,518,647 Ps. 2,640,841 (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. Cash and cash equivalents Balances comprise the following as of September 30, 2025, and December 31, 2024: September 30th, 2025 December 31st, 2024 In Colombian Pesos Cash Ps. 4 Ps. 4 Bank and other financial institutions on demand 55,586 126,148 55,590 126,152 In foreign currency Bank and other financial institutions on demand (1) 2 4 Ps. 55,592 Ps. 126,156 (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, 2025 December 31st, 2024 Investment grade Ps. 55,590 Ps. 126,152 Not rated or not available 2 4 Total Ps. 55,592 Ps. 126,156 (6) Trading securities As of September 30, 2025 and December 31, 2024, the balance of marketable securities consists of the following: Collective investment funds Ps. 532 Ps. 452 Credit quality September 30th, December 31st, 2025 2024 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: Investment grade Ps. 532 Ps. 452 Credit quality September 30th, December 31st, 2025 2024 Fair value includes credit risk, so no further impairment assessments are required. 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 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 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. 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 Credit quality 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: Investments to maturity Book Value Fair Value September 30th, December 31st, September 30th, December 31st, 2025 2024 2025 2024 TD Banco Occidente Panamá (1)Ps. 38,577 Ps. 38,425 Ps. 38,422 Ps. 38,425 Total Financial Assets Ps. 38,577 Ps. 38,425 Ps. 38,422 Ps. 38,425 (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. Investments available for sale The balance of investments available for sale measured at VRORI (Fair Value with Change in ORI) comprises the following as of September 30, 2025, and December 31, 2024: Bonds outstanding Interest Ps. September 30th, 2025 388 Ps. December 31st, 2024 - Short-Term Investments 388 - Capital (1) Ps. 100,000 Ps. - Fair Value (2) 1,058 - Long-Term Investments 101,058 - Total vailable-for-Sale Investments Ps. 101,446 Ps. - (1) Corresponds to investments 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) To calculate the fair value of the bonds, Precia (formerly Infovalmer) prices were used for the September 2025 cut-off date, calculated using the estimated price, which corresponds to the "dirty" price, obtained as the present value of the cash flows of a security, discounted at the reference rate and the corresponding margin; They are also classified at level 2 of the hierarchy. The bonds outstanding as of September 30, 2025, are taken at a rate of IBR 1M + spread of 6.8% with a 10-year maturity and monthly interest payments. 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 Credit quality Stable Outlook Ps. 101,446 Ps. - 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) 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%. 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.. 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 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% 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. 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 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. 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. 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. 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 Outstanding bonds (3) 1,208,004 1,208,529 1,059,264 1,096,425 Total Ps. 2,662,793 Ps. 2,741,335 Ps. 2,518,647 Ps. 2,640,841 (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 Obligation 2025 2026 2027 2036 2039 2042 Total Bank loans (1) Ps. 5,120 Ps. 230,052 Ps. 155,550 Ps. - Ps. - Ps. - Ps. 390,722 Third-party loans (1) 1,064,067 - - - - - 1,064,067 Outstanding bonds (1) 8,004 93,000 100,000 207,000 500,000 300,000 1,208,004 Total Ps. 1,077,191 Ps. 323,052 Ps. 255,550 Ps. 207,000 Ps. 500,000 Ps. 300,000 Ps. 2,662,793 (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 3 years Between 3 and 5 years More than 5 years Total Leasing 648 2,535 2,325 5,838 11,346 Total Ps. 648 Ps. 2,535 Ps. 2,325 Ps. 5,838 Ps. 11,346 Currency of financial liabilities September 30th, 2025 December 31st, 2024 Colombian pesos Ps. 1,610,072 Ps. 1,558,334 US Dollar (1) (Peso's equivalent) 1,064,067 1,196,009 Total Ps. 2,674,139 Ps. 2,754,343 (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 September 30th, 2025 Expressed in Colombian pesos In a foreign currency Minimum Rate Maximum Rate Minimum Rate Maximum Rate Bank loans 10.14% 11.41% - - Third-party loans - - 6.65% 6.97% Outstanding bonds 8.77% 11.77% - - December 31st, 2024 Expressed in Colombian pesos In a foreign currency Minimum Rate Maximum Rate Minimum Rate Maximum Rate Bank loans 10.14% 17.66% - - Third-party loans - - 6.97% 7.89% Outstanding bonds 6.42% 15.88% - - 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 December 31st, 2024 Maturity Date Interest Rate nov.-16 Ps. 93,000 Ps. 93,000 nov.-26 IPC + 3.86% 207,000 207,000 nov.-36 IPC + 4.15% jun.-17 300,000 300,000 jun.-42 IPC + 3.99% nov.-19 300,000 300,000 nov.-39 IPC + 3.69% dec-24 100,000 100,000 dec-27 FIJA 10.08% 200,000 200,000 dec-39 IPC + 6.16% Ps. 1,200,000 Ps. 1,200,000 (1) Principal value of the issuance. 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 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 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. Outstanding Common Shares 16,200,754,109 16,201,712,499 Outstanding preferred shares 7,542,721,645 7,541,763,255 Total shares outstanding 23,743,475,754 23,743,475,754 Total declared dividends Ps. 655,320 Ps. 569,843 Other comprehensive results Other comprehensive results as at September 30, 2025, and December 31, 2024, is detailed below: Surplus Method of participation September 30th, 2025 December 31st, 2024 Banco de Bogotá S.A. Ps. 241,546 Ps. 146,988 Banco de Occidente S.A. (100,222) (130,682) Banco Popular S.A. (30,661) (67,073) Banco Comercial AV Villas S.A. (37,304) (48,426) Corporación Financiera Colombiana S.A. 57,460 39,104 Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir S.A. (13,019) (13,092) Grupo Aval Limited (232,989) (271,007) Aval Fiduciaria S.A. 933 - Aval Casa de Bolsa S.A. 684 - Total other equity holdings Ps. (113,572) Ps. (344,188) Measurement of financial assets at fair value through other comprehensive 1,058 - income (FVOCI) Deferred tax on valuation of financial assets at fair value through other comprehensive income (FVOCI) (370) - Total Other Comprehensive Income (OCI) Ps. (112,884) Ps. (344,188) Proper capital management 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. Commitments 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. 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%. 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 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 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: 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. 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. 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. 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. This category includes entities that are controlled by the natural persons included in numbers 1 and 2. This item includes entities in which the persons referred over items 1 and 2 exercise significant influence. 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 - -

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