2025 Q4 Separate financial statements

Free translation

Financial statements

1 | GRUPO DE INVERSIONES SURAMERICANA S.A.

As of December 31, 2025, and as of December 31, 2024

TABLE OF CONTENT

Note 2.1. Statement of compliance 13

Note 2.2. Basis of presentation 14

Note 2.2.1. Presentation currency 14

Note 2.2.2. Hyperinflation 14

Note 2.3. Significant accounting policies 15

Note 2.3.1. Cash and cash equivalents 15

Note 2.3.2. Financial instruments 15

Note 2.3.3. Taxes 19

Note 2.3.4. Investments in subsidiaries and associates 21

Note 2.3.5. Non-current assets held for sale and discontinued operations 23

Note 2.3.6. Properties and equipment 23

Note 2.3.7. Leases 24

Note 2.3.8. Employee benefits 25

Note 2.3.9. Provisions and contingencies 26

Note 2.3.10. Income 27

Note 2.3.11. Earnings per share 27

Note 2.3.12. Expenses 28

Note 3.1. Fair value of financial instruments 29

Note 3.2. Expected losses on financial assets 30

Note 3.3. Deferred tax asset recognition 31

Note 3.4. Impairment of investments in subsidiaries 31

Note 3.5. Useful life and residual value of property and equipment, 31

Note 3.6. Measurement of lease liability 31

Note 3.7. Provisions and contingent liabilities 31

Note 3.8. Post-employment and long-term benefits 32

Note 3.9. Going concern 32

Note 4.1. New and amended standards and interpretations issued 32

Note 4.2. New and amended standards and interpretations issued and not yet effective 33

Note 4.3. New and amended standards and interpretations issued but not yet applied 37

Note 6.1. Financial assets 42

Note 6.1.1. Cash and cash equivalents 42

Note 6.1.2. Investments 43

Note 6.1.3. Derivative financial instruments 44

Note 6.2. Financial liabilities 45

Note 6.2.1. Financial liabilities 46

Note 6.2.2. Derivative financial instruments 48

Note 6.2.2.1. Hedging derivative financial instruments 49

Note 6.2.2.2. Trading derivative financial instruments 52

Note 6.2.3. Issued bonds 53

Note 6.2.4. Commitments to non-controlling shareholders 53

Note 6.2.4.1. Agreement with Münchener Rückversicherungs - Gesellschaft Aktiengesellschaft, also known as Münchener Rück AG, or Munich Re (hereinafter "MRE") as shareholder of the subsidiary Suramericana S.A., holder of an 18.87% equity interest in such subsidiary 54

Note 6.2.4.2. Agreement with Caisse De Dépôt Et Placement Du Québec (hereinafter "CDPQ") as shareholder in the subsidiary Sura Asset Management S.A., holder of a 6.68% equity interest in said subsidiary 54

Note 6.2.4.3. Agreement with Grupo Bolívar S.A. and Compañía de Seguros Bolívar S.A. (hereinafter GB) as shareholders in the subsidiary Sura Asset Management S.A., former holders of a 9.74% equity interest in said subsidiary and the execution of a share purchase and sale agreement 54

Note 6.2.4.4. Exit option with non-controlling shareholders 54

Note 6.2.5. Accounts payable 55

Note 6.2.6. Covenants 55

Note 7.1. Significant agreements 56

Note 7.2. Income and expenses with related parties 57

Note 7.3. Accounts receivable and accounts payable to related parties 58

Note 8.1. Current income tax 61

Note 8.1.1. Current income tax assets and liabilities 61

Note 8.1.2. Income tax recognized in profit or loss 61

Note 8.1.3. Reconciliation of the effective tax rate 62

Note 8.1.4. Current tax movement 63

Note 8.2. Deferred income tax 63

Note 8.3. Tax regulations applicable to the Company 64

Note 8.4. Tax credits and unrecognized deferred income tax assets 64

Note 8.5. Uncertainty regarding income tax treatments 65

Note 9.1. Investments in associates 65

Note 9.1.1. Balance and movements of associates 65

Note 9.1.2. General information on investments in associates 66

Note 9.1.3. Cross shareholding 67

Note 9.1.4. Guarantees 67

Note 9.1.5. Dividend income 68

Note 9.1.6. Financial information of associates 68

Note 9.2. Investments in subsidiaries 69

Note 9.2.1. Balance and movements of subsidiaries 69

Note 9.2.2. General information on investments in subsidiaries 71

Note 9.2.3. Financial information of subsidiaries 72

Note 9.3. Impairment of investments in associates and subsidiaries 72

Note 9.3.1. Fair value of investments in associates 72

Note 9.3.2. Key assumptions 73

Note 9.3.3. Fair value of investments in subsidiaries 74

Note 11.1. Short-term benefits 76

Note 11.2. Long-term benefits 77

Note 11.3. Post-employment benefits 78

Note 11.4. Defined contribution plans 80

Note 11.5. Employee benefits expense 81

Note 13.1. Issued capital 82

Note 13.2. Premium on the issue of shares 83

Note 13.3. Reserves 84

Note 13.3.1. Legal reserve 84

Note 13.3.2. Occasional reserve 84

Note 13.3.3. Acquisition of treasury shares reserve 85

Note 13.4. Acquisition of treasury shares 85

Note 13.5. Retained earnings 85

Note 15.1. Defined benefit plan measurements 87

Note 15.2. Results from investments in equity instruments 88

Note 15.3. Cash flow hedge derivatives 88

Note 15.4. Effect on other comprehensive income of subsidiaries accounted for using the equity method 88

Note 19.1. Net exchange difference 92

Note 19.2. Interest and others 93

Note 21.1. Determination of fair value 96

Note 21.2. Fair value measurement on a recurring basis 97

Note 21 3. Fair value of financial assets and liabilities measured at amortized cost or other valuation method 98

Note 22.1. Credit risk management 99

Note 22.2. Market risk management 100

Note 22.2.1. Exchange rate risk 100

Note 22.3. Liquidity risk management 102

Medellin, February 26, 2026

Acting as legal representative and accountant of Grupo de Inversiones Suramericana S.A. (the Company), each within their competencies and under whose responsibility the attached separate financial statements were prepared, we certify that these financial statements have been faithfully taken from the books and that before being made available to you and third parties, the following statements contained therein have been verified:

Existence: The assets and liabilities included in the separate financial statements of the Company exist and all transactions included in these financial statements have been carried out during the annual periods ending on December 31, 2025, and December 31, 2024.

Completeness: All economic events performed by the Company during the annual periods ending December 31, 2025, and December 31, 2024, have been recognized in separate financial statements.

Rights and obligations: Assets represent probable future economic benefits (rights) and liabilities represent probable future economic sacrifices (obligations), obtained or payable by the Company on December 31, 2025, and December 31, 2024.

Valuation: All items have been recognized at appropriate amounts.

Presentation and disclosure: All economic events affecting the Company have been properly classified, described and disclosed in separate financial statements.

The above statements are certified according to Article 37 of Law 222 of 1995.

Additionally, as legal representative of Grupo de Inversiones Suramericana S.A., I certify that the separate financial statements of the Company as of December 31, 2025, and December 31, 2024, do not contain any defects, inaccuracies or errors that prevent its true financial position from being known.

The above statement is certified according to Article 46 of Law 964 of 2005.

Signed Original Signed Original

Ricardo Jaramillo Mejía Juan Guillermo Chica Ramírez

Legal Representative Accountant

Professional Card 64093-T

| GRUPO DE INVERSIONES SURAMERICANA S.A.