Grupo Aval Acciones y Valores SA: Separate Financial Statements 2Q25

KPMG S.A.S.

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(FREE TRANSLATION OF THE REPORT ISSUED IN SPANISH) STATUTORY AUDITOR'S REPORT ON THE REVIEW OF THE CONDENSED

SEPARATE INTERIM FINANCIAL INFORMATION

To the Shareholders

Grupo Aval Acciones y Valores S.A.:

Introduction

I have reviewed the attached condensed separate interim financial information as of al June 30, 2025 of Grupo Aval Acciones y Valores S.A. (the Company), which comprises:

the condensed separate statement of financial position as of June 30, 2025;
the condensed separate statement of income for the three and six-month periods that ended on June 30, 2025;
the condensed separate statement of other comprehensive income for the three and six-month periods that ended on June 30, 2025;
the condensed separate statement of changes in equity for the six-month period that ended on June 30, 2025;
the condensed separate statement of cash flows for the six-month period that ended on June 30, 2025; and
the notes to the condensed separate interim financial information.

The Management is responsible for the fair preparation and presentation of this condensed separate interim financial information in accordance with International Accounting Standard 34 (IAS 34) - Interim Financial Information contained in the Accounting and Financial Reporting Standards accepted in Colombia. My responsibility is to express a conclusion on this condensed separate financial information based on my review.

Scope of the review

I have conducted my review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information performed by the Entity's Independent Auditor," included in the Information Assurance Standards accepted in Colombia. A review of condensed separate interim financial information consists of making inquiries, mainly with people responsible for financial and accounting matters, and the application of analytical and other review procedures. The scope of a review is substantially less than that of an audit conducted in accordance with International Standards on Auditing accepted in Colombia and, therefore, it does not allow me to obtain assurance that I am aware of all significant matters that I could have identified in an audit. Accordingly, I do not express an audit opinion.

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Tax ID.: 860.000.846-4

Conclusion

Based on my review, no matter has come to my attention that would lead me to assume that the accompanying condensed separate interim financial information as of June 30, 2025 that is attached, has not been prepared, in all material respects, in accordance with International Accounting Standard 34 (IAS 34) - Interim Financial Reporting contained in the Accounting and Financial Reporting Standards accepted in Colombia.

Diana Alexandra Rozo Muñoz

Statutory Auditor of Grupo Aval Acciones y Valores S.A. Registration 120741-T

Member of KPMG S.A.S.

August 14, 2025.

			June 30th		December 31st
	Note		2025		2024
Assets Current assets
Cash and cash equivalents	5	Ps.	175,049	Ps.	126,156
Amortized cost investments	6		474		452
Trading securities	7		36,140		38,425
Accounts receivable from related parties	8		1,572,501		1,324,153
Taxes paid in advance	8		19,679		12,695
Other accounts receivable	8		4		6
Other non-financial assets			87		100
Total current assets			1,803,934		1,501,987
Non-current Assets
Investments in subsidiaries and associates	9	Ps.	19,685,842	Ps.	19,424,206
Property and equipment, net	10		12,123		14,051
Deferred tax assets, net	11		365		-
Total non-current Assets			19,698,330		19,438,257
Total assets		Ps.	21,502,264	Ps.	20,940,244
Liabilities and shareholders' equity Current liabilities
Financial obligations at amortized cost	12	Ps.	1,109,245	Ps.	1,197,997
Outstanding bonds at amortized cost	12		15,103		8,529
Accounts payable	14		549,323		201,250
Employee benefits	13		2,533		2,694
Tax liabilities	14		11,096		11,997
Other non-financial liabilities	14		1,214		1,231
Total current liabilities			1,688,514		1,423,698
Long-term liabilities
Deferred tax liability	11	Ps.	-	Ps.	24
Financial obligations at amortized cost	12		346,469		347,817
Outstanding bonds at amortized cost	12		1,200,000		1,200,000
Total long-term liabilities			1,546,469		1,547,841
Total liabilities		Ps.	3,234,983	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		7,926,935		7,594,021
Net income			853,162		999,886
Other comprehensive income	15		(231,802)		(344,188)
Total shareholders' equity		Ps.	18,267,281	Ps.	17,968,705

Total liabilities and shareholders' equity		Ps.	21,502,264	Ps.	20,940,244
The accompanying notes are an integral part of these financial	statements

Quarter ended to Semester ended to

			June 30th	June 30th	June 30th	June 30th
	Note		2025	2024	2025	2024
Operating revenue
Equity method income, net	17	Ps.	494,220 Ps.	184,022 Ps.	842,552 Ps.	303,429
Other revenue from ordinary activities	17		88,634	106,504	177,462	213,804
Total operating revenue		Ps.	582,854 Ps.	290,526 Ps.	1,020,014 Ps.	517,233

Expenses, net
Administrative expenses	18	Ps.	21,550 Ps.	18,378 Ps.	42,634 Ps.	41,326
Other expenses	18		367	(32)	467	(26)
Exchange rate loss (Gain)	18		1,131	(2,486)	3,124	(2,457)
Operating income		Ps.	559,806 Ps.	274,666 Ps.	973,789 Ps.	478,390

Financial expenses	18		55,858	68,348	111,691	141,449

Earnings before taxes		Ps.	503,948 Ps.	206,318 Ps.	862,098 Ps.	336,941

Income tax expense	11		4,563	13,952	8,936	24,961

Net income		Ps.	499,385 Ps.	192,366 Ps.	853,162 Ps.	311,980

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.	21.03 Ps.	8.10 Ps.	35.93 Ps.	13.14

The accompanying notes are an integral part of these financial statements

June 30th	June 30th		June 30th	June 30th
2025	2024		2025	2024

Net incomePs. 499,385 Ps. 192,366 Ps. 853,162 Ps. 311,980

Other comprehensive income (OCI), net of taxes

Participation in other comprehensive income

reported using the equity method 86,034 68,566 112,386 192,462

Comprehensive income, net Ps. 585,419 Ps. 260,932 Ps. 965,548 Ps. 504,442

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 Operations Net Other Total

and paid capital

Capital reserve reserve earnings with Income comprehensive Equity

shareholders income

Balance as of December 31st 2023 Ps. 23,743 Ps. 9,695,243 Ps. 11,872 Ps. 7,220,883 Ps. 217,639 Ps. - 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 -shares as of the date of the Shareholder´s meeting.			-	- (569,843)			-		- -				-		(569,843)
Application of the equity method -			-	- -			-		- -				192,462		192,462
Changes in subsidiaries' equity -			-	- -			(9,031)		- -				-		(9,031)
Witholding tax on dividends -			-	- -			2,242		- -				-		2,242
Net Income -			-	- -			-		- 311,980				-		311,980

Balance as of June 30th, 2024	Ps.	23,743	Ps. 9,695,243	Ps.	11,872	Ps. 7,374,078	Ps.	210,850	Ps.	- Ps.		311,980	Ps.	(458,053) Ps. 17,169,713

Balance as of December 31st 2024	Ps.	23,743	Ps. 9,695,243	Ps.	11,872	Ps. 7,374,078	Ps.	208,071	Ps.	- 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.
Application of the equity method	-		-	-		- -			- -				112,386		112,386
Changes in subsidiaries' equity	-		-	-		- (14,957)			- -				-		(14,957)
Witholding tax on dividends	-		-	-		- 3,305			- -				-		3,305
Net Income	-		-	-		- -			- 853,162				-		853,162

Balance as of June 30th, 2025	Ps.	23,743	Ps. 9,695,243	Ps.	11,872	Ps. 7,711,040	Ps.	204,023	Ps.	-	Ps.	853,162	Ps.	(231,802) Ps. 18,267,281
The accompanying notes are an integral part of these financial statements

two months, over 23.743.475.754 outstanding

Semester ended to

			June 30th	June 30th
Note			2025	2024
Cash flow from operating activity:
Net Income		Ps.	853,162	Ps.	311,980

Adjustments to reconcile net income with net cash
provided (used) by operating activities
Income tax expense	11	Ps.	8,936	Ps.	24,961
Depreciation and amortization	18		751		940
Loan Impairment	8		346		(160)
Equity method income	17		(842,552)		(303,429)
Changes in operating assets and liabilities:
(Increase) in trading securities	6	Ps.	(22)	Ps.	(57)
Receivable interests	8		748		(455)
Changes in other assets and liabilities, net: prepaid taxes, prepaid expenses, taxes, accounts payable, employee liabilities, estimated liabilities and provisions			(18,760)		(21,472)
Decrease in interests payable			10,384		(5,300)
Interest paid on lease agreements (IFRS 16)	19		(738)		(126)
Dividends received by subsidiaries			342,993		390,020
Net cash provided by operating activities		Ps.	355,248	Ps.	396,902

Cash flow from investing activities:
Amortized cost investments			(715)		(15,150)
Acquisition of property and equipment	10		(44)		(382)
Net cash used in investing activities		Ps.	(759)	Ps.	(15,532)

Cash flow from financing activities:
Dividends paid			(302,688)		(396,467)
Acquisition of permanent investments	9		(5,600)		-
Payment of lease liabilities	12		(278)		(823)
Net cash used in financing activities		Ps.	(308,566)	Ps.	(397,290)
Effect of exchange rate difference on cash			2,970		(1,225)
Change in cash and cash equivalents			48,893		(17,145)
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.	175,049	Ps.	140,178

Additional information:

Payment of Interest		Ps.	102,043	Ps.	146,870
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 June 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 June 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 June 30, 2025, and December 31, 2024, on a recurring basis:

June 30th, 2025

		Level 1		Level 2	Level 3		Total
Assets Trading securities at fair value			-	474		-	474
Total recurring fair value assets	Ps.		-	474		-	474

Trading securities 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

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 June 30, 2025, and December 31, 2024, measured on a recurring basis:

Book Value Fair Value

		June 30th,	December 31st,	June 30th,	December 31st,
		2025	2024	2025	2024
Amortized cost investments
TD Banco de Occidente Panamá (1)	Ps.	36,140 Ps.	38,425 Ps.	36,533 Ps.	38,425
Subtotal Investments to maturity		36,140	38,425	36,533	38,425
Credit Portfolio
Promissory note 1 - Endor Capital (2)y (3)	Ps.	1,103,673 Ps.	1,196,398 Ps.	1,114,642 Ps.	1,162,946
Subtotal Credit portfolio		1,103,673	1,196,398	1,114,642	1,162,946
Total	Ps.	1,139,813 Ps.	1,234,823 Ps.	1,151,175 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 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 June 30, 2025, and December 31, 2024, the average discount rate used was 9.7690% and 10.1256%, respectively, and both notes are classified at 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.

(4)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 June 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		June 30th, 2025	December 31st, 2024			June 30th, 2025	December 31st, 2024
Bank loans (1)	Ps.	340,406	Ps.	336,797	Ps.	339,694 Ps.	335,722
Third party loans (2)		1,103,813		1,196,009		1,108,464	1,208,694
Bonds outstanding (3)		1,215,103		1,208,529		1,041,719	1,096,425
Total	Ps.	2,659,322	Ps.	2,741,335	Ps.	2,489,877 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 June 30, 2025, and December 2024, the average discount rates used were 10.0165% 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 June 30, 2025, and December 2024, the average discount rates used were 9.4773% 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 June 30, 2025, and December 31, 2024:

June 30th, 2025

December 31st, 2024

In Colombian Pesos

Cash Ps. 4 Ps. 4

Bank and other financial institutions on demand 174,841 126,148

174,845 126,152

In foreign currency

Bank and other financial institutions on demand (1)204 4

Ps. 175,049 Ps. 126,156

(1)It includes a balance in US dollars in a current account at Banco de Bogotá Miami Agency for US $50,070.71 as at June 30, 2025, converted at the closing exchange rate of Ps 4,069.67 per dollar.

From the total cash, the Company has earmarked specific resources amounting to Ps.1,214 as at June 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 June 30th,

2025

December 31st, 2024

Investment grade	Ps.	174,845	Ps.	126,152
Not rated or not available		204		4
Total	Ps.	175,049	Ps.	126,156
(6) Trading securities

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

Collective investment funds Ps. 474 Ps. 452

Credit quality June 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 June 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. 474 Ps. 452

Credit quality June 30th, December 31st, 2025 2024

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

Amortized cost investments

The balance of investments at amortized cost comprises the following as at June 30, 2025 and December 31, 2024:

June 30th, December 31st, 2025 2024

Capital (1)Ps. 36,052 Ps. 38,295

TD in foreign currency

TotalPs. 36,140Ps. 38,425

Interest (2)88 130

(1)Includes a balance in U.S. dollars in Banco de Occidente Panama for USD8,858,807.23 as at June 30, 2025 converted at the closing exchange rate of Ps. 4,069.67 per dollar.

(2)Includes a balance in U.S. dollars at Banco de Occidente Panama for USD21,544.44 as at June 30, 2025 translated at the closing exchange rate of Ps. 4,069.67 per dollar.

The TD´s active as of June 30, 2025 are taken at rates of 4.8% and 180 days with a principal amount of USD1,888,772.56 and 5.20% and 182 days with a principal amount of USD6,970,034.67 with Banco de Occidente Panama in US dollars

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

June 30th, December 31st, 2025 2024

Stable outlook Ps. 36,140 Ps. 38,425

Credit quality

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

Book Value Fair Value

June 30th, December 31st, June 30th, December 31st, 2025 2024 2025 2024

TD Banco Occidente Panamá (1)Ps. 36,140 Ps. 38,425 Ps. 36,533 Ps. 38,425

Investments to maturity

Total Financial Assets Ps. 36,140 Ps. 38,425 Ps. 36,533 Ps. 38,425

(1)For the calculation of the fair value of the investments in the case of December 2024, the same nominal value is taken as it has a maturity of less than 90 days. For the June 2025 period, the risk curves provided by Banco de Occidente Panama were used, with a discount rate at the same cut-off of 5.96% and 6.10% converted at the closing TRM of $4,069.67 per dollar.

Accounts receivable

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

		June 30th, 2025		December 31st, 2024
Dividends receivable from subsidiaries (1)	Ps.	468,827	Ps.	127,755
Accounts receivable from related parties (2)		1,103,674		1,196,398
Subtotal accounts receivable from related parties		1,572,501		1,324,153

Tax assets	Ps.	19,679	Ps.	12,695
Subtotal advance tax payments		19,679		12,695

Incapacities	Ps.	3	Ps.	6
Advances to contracts and suppliers		1		-
Subtotal other accounts receivable		4		6
Subtotal accounts receivable - current portion	Ps.	1,592,184	Ps.	1,336,854

Total accounts receivable	Ps.	1,592,184	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 Current		June 30th, 2025		December 31st, 2024
Capital	Ps.	1,098,811	Ps.	1,190,471
Interest		6,920		7,638
Impairment (1)		(2,057)		(1,711)
Subtotal current		1,103,674		1,196,398

Total Accounts receivable from related parties	Ps.	1,103,674	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 June 30, 2025, and December 31, 2024, the provision percentage was 0.18600% 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.346.

Loans granted to Endor Capital Assets S.R.L. (i) for two and three years, with a single final principal payment:

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

i)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 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

ii)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.

iii)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 credits granted by Grupo Aval to Endor Capital Assets S.R.L. are secured with share guarantee contracts as follows:

Guarantees on accounts receivable from related parties as at March 31, 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:

June 30th, 2025

Credit	Capital		Interest	Impairment	Total
Promissory 1 - Endor Capital (1)Ps.	1,098,811	Ps.	6,920	Ps. (2,057) Ps.	1,103,674
Total Ps.	1,098,811	Ps.	6,920	Ps. (2,057) Ps.	1,103,674

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	June 30th, December 31st, 2025 2024	June 30th, December 31st, 2025 2024
Promissory 1 - Endor Capital (1)Ps.	1,103,674 Ps. 1,196,398 Ps.	1,114,642 Ps. 1,162,946
Total Ps.	1,103,674 Ps. 1,196,398 Ps.	1,114,642 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 June 30, 2025 and December 31, 2024, the average discount rate used was 9.4639% and 10.1256% respectively and is classified at level 2 of the hierarchy.

Maturities of loans granted as at June 30, 2025
Credit		2025			Total
Promissory 1 - Endor Capital (1)	Ps.		1,105,731	Ps.	1,105,731
Total	Ps.		1,105,731	Ps.	1,105,731

(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
		June 30th, 2025		December 31st, 2024
Colombian pesos per loan in U.S. dollars		1,105,731		1,198,109
Total	Ps.	1,105,731	Ps.	1,198,109

Annual interest rates on accounts receivable from related parties

June 30th, 2025 Colombian pesos

Minimum rate Maximum rate

Promissory note 1 - Endor Capital 8,04% 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 June 30, 2025 and December 31, 2024 is as follows:

Percent of Participation Number of shares Book value
	June 30th,		December 31st,		June 30th,		December 31st,		June 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.	9,785,388 Ps.	9,688,667
Banco de Occidente S.A.	72.27%		72.27%		112,671,465		112,671,465		4,218,861	4,204,839
Banco Comercial AV Villas S.A.	79.86%		79.86%		179,459,557		179,459,557		1,252,894	1,252,784
Banco Popular S.A. (1)	93.74%		93.74%		7,241,936,738		7,241,936,738		2,656,036	2,643,505
Corporación Financiera Colombiana S.A. (1)	8.71%		8.71%		31,833,029		31,833,029		1,333,437	1,279,039
Sociedad Administradora de Fondos de	20.00%		20.00%		21,842,531		21,842,531		676,923	683,266
Pensiones y Cesantías Porvenir S.A.(2)
Grupo Aval Limited	100.00%	100.00%		1		1			(351,457)	(439,219)
Aval Fiduciaria S.A. (3)	94.50%	94.50%		29,657,829		29,657,829			71,640	78,187
Aval Casa de Bolsa S.A. (4)	40.77%	40.77%		6,352,026		6,352,026			17,339	15,382
Aval Banca de Inversión S.A.S (5)	70.00%	0.00%		5,600,000		-			7,857	-
Subtotal Subsidiaries								Ps.	19,668,918 Ps.	19,406,450
Associates
ADL Digital Lab S.A.S	34.00%	34.00%		408		408			16,924	17,756
Subtotal Associates								Ps.	16,924 Ps.	17,756

Total investments in subsidiaries an associates Ps.

19,685,842

Ps.

19,424,206

(1)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.

(2)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.

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

(4)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.

(5)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 June 30, 2025 and December 31, 2024, there was a restriction on 15,589,972 shares of Banco de Occidente S.A., granted as pledge to guarantee financial obligations with Banco de Bogotá S.A.

As of June 30, 2025 there were no restrictions on Banco Popular shares, and 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 June 30, 2025 there were no restrictions on Corficolombiana shares, and December 31, 2024, there was a restriction on 6,537,470 shares of Corficolombiana, granted as a pledge to guarantee financial obligations with Banco de Bogotá S.A.

As of June 30, 2025 and December 31, 2024, there was a restriction on 4,519,247 and 3,427,867 shares of Banco de Bogotá, respectively, pledged as collateral to secure financial obligations with Banco de Occidente S.A.

The aforementioned guarantees cover loans for Ps.335,602. 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 June 30, 2025 and December 31, 2024:

June 30th, 2025

	Asset	Liability			Equity
Subsidiaries			Subscribed and paid capital	Reserves	Aditional paid-in capital	Retained earnings	Net income	Total Equity
Banco de Bogotá S.A.	Ps. 132,333,539 Ps.	118,775,243 Ps.	3,553 Ps.	8,895,584 Ps.	6,731,090 Ps.	(2,772,653)Ps.	700,722 Ps.	13,558,296
Banco de Occidente S.A.	73,453,845	67,737,541	4,677	4,667,235	548,821	199,801	295,770	5,716,304
Banco Comercial AV Villas S.A.	20,783,684	19,214,756	22,473	1,284,736	138,474	132,659	(9,414)	1,568,928
Banco Popular S.A.	32,083,543	29,632,671	77,253	2,572,396	(28,451)	(163,909)	(6,417)	2,450,872
Corporación Financiera Colombiana S.A.	28,831,041	15,585,539	3,656	6,313,853	6,419,531	178,462	330,000	13,245,502
Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir S.A.	3,867,857	675,680	109,211	1,700,196	1,140,846	(60,085)	302,009	3,192,177
Grupo Aval Limited	3,770,376	4,121,833	-	-	(233,057)	(179,340)	60,940	(351,457)
Aval Fiduciaria S.A.	216,605	166,675	31,384	15,692	(3,123)	-	5,977	49,930
Aval Casa de Bolsa S.A.	158,599	104,106	15,580	31,939	1,577	(9)	5,406	54,493
Aval Banca de Inversión S.A.S	14,101	2,877	8,000	-	-	-	3,224	11,224
Subtotal Subsidiaries	Ps. 295,513,190 Ps.	256,016,921 Ps.	275,787 Ps.	25,481,631 Ps.	14,715,708 Ps.	(2,665,074) Ps.	1,688,217 Ps.	39,496,269
Associates
ADL Digital Lab S.A.S	91,561	41,784	1,200	2,531	-	48,495	(2,448)	49,778
Subtotal Associates	Ps. 91,561 Ps.	41,784 Ps.	1,200 Ps.	2,531 Ps.	- Ps.	48,495 Ps.	(2,448) Ps.	49,778

Total Ps. 295,604,751 Ps. 256,058,705 Ps. 276,987 Ps. 25,484,162 Ps. 14,715,708 Ps. (2,616,579) Ps. 1,685,769 Ps. 39,546,047

December 31st, 2024

Activo Pasivo Equity

Subsidiaries		Subscribed and paid capital	Reserves	Aditional paid-in capital	Retained earnings	Net income	Total 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 June 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

		For own use		Right of use		Total
Cost or Fair Value:
Balance at December 31st, 2023	Ps.	5,866Ps.		5,966Ps.		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)		44		(1,235)		(1,191)
Drawings / Sales (Net)		1		-		1
Balance at June 30th, 2025	Ps.	6,857	Ps.	11,886	Ps.	18,743

Accumulated depreciation:
Balance at December 31st, 2023	Ps.	5,117Ps.		4,311Ps.		9,428
Depreciation for the period charged to the income 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 201			536		737
Drawings / Sales (Net) 1			-		1
Balance at June 30th, 2025	Ps.	5,474 Ps.		1,146 Ps.		6,620

Tangible assets, net:

Balance at December 31st, 2024	Ps.	1,540	Ps.	12,511	Ps.	14,051
Balance at June 30th, 2025	Ps.	1,383	Ps.	10,740	Ps.	12,123

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

statement

Property and Equipment for own use

The following is the detail of the balance as at June 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.	1,142	Ps.	(918)	Ps.	224
Computer equipment		2,642		(1,999)		643
Improvements on properties not owned (1)		3,073		(2,557)		516
Balance at June 30th, 2025	Ps.	6,857	Ps.	(5,474)	Ps.	1,383
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 June 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.	(1,146)	Ps.	10,740
Balance at Mach 31, 2025	Ps.	11,886	Ps.	(1,146)	Ps.	10,740
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 June 31, 2025, and 2024 comprises the following:

Quarter ended to Semester ended to

		June 30th, 2025		June 30th, 2024	June 30th, 2025	June 30th, 2024
Income tax for the current period	Ps.	4,761	Ps.	13,485 Ps.	9,317 Ps.	24,512
Adjustment of Previous Periods		8		(9)	8	(9)
Net deferred taxes for the period		(206)		476	(389)	458
Total Income Tax	Ps.	4,563	Ps.	13,952 Ps.	8,936 Ps.	24,961

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

Quarter ended to Semester ended to

		June 30th, 2025	June 30th, 2024	June 30th, 2025	June 30th, 2024
Earnings before income tax	Ps.	503,948	206,318 Ps.	862,098	336,941
Income tax expense		4,563	13,952	8,936	24,961
Effective tax rate	%	0.91%	6.76%	1.04%	7.41%

The Company's effective tax rate for continuing operations for the six-month period ended June 30, 2025 was 1.04%. This figure is significantly lower than the nominal rate of 35%, mainly due to the equity method income of Ps.842,552 which has no tax effect and for the six-month period ended June 30, 2024, the rate was 7.41%, also affected by the equity method income of Ps.303,429.

The 6.37 percentage point decrease in the comparative effective tax rate is mainly due to the following factors:

Decrease in non-deductible expenses:During the first half and second quarter of 2025, 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 3.69 percentage point decrease in the effective rate.
Increase in untaxed income by equity method:In the first half and second quarter of 2025, untaxed income from equity investments increased by Ps.539,123 compared to the same period in 2024. This increase generated an additional reduction of 2.69 percentage points in the effective tax rate.

Financial Liabilities at Amortized Cost

The balances of financial obligations as at June 30, 2025, and December 31, 2024, are:
		June 30th,		December 31st,
		2025		2024
Short-term financial liabilities
Loans Banks	Ps.	4,804	Ps.	1,195
Third-party loans (2)		1,103,813		1,196,009
Finance leases (4)		628		793
		1,109,245		1,197,997
Outstanding Bonds		15,103		8,529
Total Short-term financial liabilities	Ps.	1,124,348	Ps.	1,206,526
Long-term financial liabilities
Loans Banks (1)y (3)	Ps.	335,602	Ps.	335,602
Finance leases (4)		10,867		12,215
		346,469		347,817
Outstanding Bonds		1,200,000		1,200,000
Total Long-term financial liabilities		1,546,469		1,547,817
Total financial liabilities	Ps.	2,670,817	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.
Amounts:	Ps. 180,052	Ps. 155,550

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%.
On April 26, 2024, Banco de Bogotá S.A. and Grupo Aval agreed to extend the term to one year loans for Ps.46,799, Ps.85,400 and Ps.29,000, instead establishing a new maturity date of April 26, 2025 and a spread of 1.69%.
On May 22 and June 24, 2024, Banco de Bogotá S.A. and Grupo Aval agreed to extend the term to one year credits for Ps.34,400 and Ps.40,000, instead, a new maturity date of May 26 and September 24, 2025 and a spread of 1.70% was established.
On July 31, 2024, Banco de Bogotá S.A. and Grupo Aval agreed to extend the term of loans amounting to Ps.53,000, Ps.100,000, and Ps.27,052 for one year, establishing a new maturity date of July 31, 2025, with a spread of 1.75%.
For presentation purposes at the close of June 2025, and in accordance with paragraph 73 of IAS 1, long-term loans amounting to Ps.335,602 are included, maintaining the initially agreed interest rates and/or spreads.

(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.278.
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 April 1, 2024, and 2023, the lease fee for the 22nd and 23rd floors of the Banco de Occidente Building was increased by 9.28% and 13.12%, generating a variation in the right of use due to an increase in the fee of Ps.156 and Ps.348, respectively.
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.
On January 2, 2023, a rate quotation and validation were conducted, fixing the rate for the year 2023 at 1.55% per month, resulting in a variation in the right-of-use due to the rate adjustment of (Ps.446).
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 November 14, 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:

Guarantees on obligations as of June 31, 2025

Loan amount		Shares pledged as collateral	Company issuing the shares
Ps.	211,082	15,589,972	Banco de Occidente (2), (3) y (4)
	211,082	15,589,972

	124,520	4,519,247	Banco Bogotá (1) y (2)
	124,520	4,519,247

Ps.	335,602	20,109,219

(1) As of June 30, 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.

(5) On April 4, September 29, and November 8, 2022, a pledge contract is executed for shares of Banco de Occidente S.A., totaling 2,657,000, 1,686,000, and 1,453,000 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:

		June 30th, 2025			December 31st, 2024
Obligations		Principal Interest		Total	Principal Interest Total
Bank loans	Ps.	335,602 Ps. 4,804 Ps.		340,406 Ps.	335,602 Ps. 1,195 Ps. 336,797
Third-party loans		1,098,811	5,002	1,103,813	1,190,471	5,538	1,196,009
Outstanding bonds		1,200,000	15,103	1,215,103	1,200,000	8,529	1,208,529
Total	Ps.	2,634,413 Ps.	24,909 Ps.	2,659,322 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

June 30th, 2025

December 31st, 2024

June 30th, 2025

December 31st, 2024

Bank loans (1)Ps. 340,406 Ps. 336,797 Ps. 339,694 Ps. 335,722

Third-party loans (2)1,103,813 1,196,009 1,108,464 1,208,694

Outstanding bonds (3)1,215,103 1,208,529 1,041,719 1,096,425

Total Ps. 2,659,322 Ps. 2,741,335 Ps. 2,489,877 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 June 30, 2025, and December 31, 2024, the average discount rates used were 10.0165% 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 June 30, 2025, and December 31, 2024, the average discount rates used were 9.4773% 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 of the periods, calculated with the estimated price, which corresponds to the 'dirty' price. This is obtained as the present value of the cash flows of a security, discounted.

Maturities of obligations as of June 30, 2025

Obligation		2025		2026		2027		2036		2039		2042		Total
Bank loans (1)	Ps.	4,804	Ps.	180,052	Ps.	155,550	Ps.	-	Ps.	-	Ps.	-	Ps.	340,406
Third-party loans (1)		1,103,813		-		-		-		-		-		1,103,813
Outstanding bonds (1)		15,103		93,000		100,000		207,000		500,000		300,000		1,215,103
Total	Ps.	1,123,720	Ps.	273,052	Ps.	255,550	Ps.	207,000	Ps.	500,000	Ps.	300,000	Ps.	2,659,322

(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 June 30, 2025

Short-term Between 1 and

3 years

Between 3 and

5 years

More than 5 years

Total

Leasing	628	2,453	2,252	6,162	11,495
Total	Ps. 628 Ps.	2,453 Ps.	2,252 Ps.	6,162 Ps.	11,495
Currency of financial liabilities
			June 30th, 2025		December 31st, 2024
Colombian pesos Ps.			1,567,004	Ps.	1,558,334
US Dollar (1)(Peso's equivalent)			1,103,813		1,196,009
Total Ps.			2,670,817	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

June 30th, 2025

Expressed in Colombian pesos In a foreign currency

	Minimum Rate	Maximum Rate	Minimum Rate	Maximum Rate
Bank loans	10.14%	11.23%	-	-
Third-party loans	-	-	6.81%	6.97%
Outstanding bonds	9.04%	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 June 30, 2025, and December 31, 2024, by issuance date and maturity date is as follows:

Issue date June 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 June 30, 2025 and December 31, 2024:

June 30th, 2025

December 31st, 2024

Short-Term Benefits Ps. 2,533 Ps. 2,694

Accounts Payable and Other Liabilities

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

		June 30th, 2025		December 31st, 2024
Dividends Payable	Ps.	546,718	Ps.	197,270
Accounts Payable		41		410
Withholdings and other labor-related contributions		1,300		1,256
Commissions and Fees		913		1,857
Other Accounts Payable		351		457
Total Accounts Payable	Ps.	549,323	Ps.	201,250
Taxes (1)		11,096		11,997
Other Non-Financial Liabilities		1,214		1,231
Total Other Liabilities	Ps.	12,310	Ps.	13,228

Total	Ps.	561,633	Ps.	214,478

(1)Taxes payables

June 30th, 2025			December 31st, 2024
Industry and Commerce Tax	Ps.	1,518	Ps.	1,550
VAT Payable		7,455		8,054
Withholding Tax		2,075		2,296
VAT Withholdings		35		75
Withholdings on Industry and Commerce Tax		13		22
Total Taxes	Ps.	11,096	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 June 30, 2025 and December 31, 2024:

Retained Earnings		June 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)		(37,897)		(41,203)
Realization of OCI on entities		(5,654)		1,240
Preferred dividends declared subsidiaries (2)		(9,304)		(8,844)
	Ps.	7,926,935	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. 37,897), of which (Ps. 29,385) corresponds to the participation (Equity method) in the withholding tax recognized by the entities over which Grupo Aval has control and (Ps. 8,512) corresponds to the net of the withholding tax transferred by its subsidiaries to Grupo Aval by (Ps. 26,242) and that transferred by Grupo Aval to its shareholders by Ps. 17,730, 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, 2024		December 31st, 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

The method of participation as at June 30, 2025, and December 31, 2024, is detailed below:

Surplus Method of participation		June 30th, 2025		December 31st, 2024
Banco de Bogotá S.A.	Ps.	194,108	Ps.	146,988
Banco de Occidente S.A.		(149,669)		(130,682)
Banco Popular S.A.		(44,670)		(67,073)
Banco Comercial AV Villas S.A.		(39,946)		(48,426)
Corporación Financiera Colombiana S.A.		67,042		39,104
Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir S.A.		(14,572)		(13,092)
Grupo Aval Limited		(244,185)		(271,007)
Aval Fiduciaria S.A.		20		-
Aval Casa de Bolsa S.A.		70		-
Total other equity holdings	Ps.	(231,802)	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
1. As at June 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 4,519,247 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%.

Operating revenue

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

Quarter ended to Semester ended to

Operating revenue

June 30th, 2025

June 30th, 2024

June 30th, 2025

June 30th, 2024

Income method of participation in subsidiary companies (1)	Ps.	494,117	Ps.	183,377	Ps.	843,384	Ps.	302,776
Income method of participation in associated companies (2)	103		645		(832)		653
Total revenue share method	Ps.	494,220 Ps.		184,022 Ps.		842,552 Ps.		303,429
Other income from regular activities
Interest	Ps.	3,083 Ps.		3,377 Ps.		5,494 Ps.		7,427
Financial returns		22,101		31,869		45,067		63,648
Commissions and/or fees		63,450		71,248		126,901		142,496
Miscellaneous - Remuneration		-		-		0		223
Compensation		-		10		0		10
Total other income		88,634		106,504		177,462		213,804
Total operating revenue	Ps.	582,854 Ps.		290,526 Ps.		1,020,014 Ps.		517,233

(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., 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 June 30, 2025 and 2024 is set out below:

Quarter ended to

Percentage of Participation Income Basis for the Equity method income

Equity method
Subsidiaries	June 30th, 2025		June 30th, 2024		June 30th, 2025	June 30th, 2024	June 30th, 2025	June 30th, 2024
Banco de Bogotá S.A.	68.93%		68.93%	Ps.	444,026 Ps.	208,215 Ps.	306,047 Ps.	143,513
Banco de Occidente S.A.	72.27%		72.27%		152,774	154,702	110,412	111,806
Banco Comercial AV Villas S.A.	79.86%		79.86%		(8,505)	(39,860)	(6,792)	(31,831)
Banco Popular S.A.	93.74%		93.74%		1,887	(105,382)	1,769	(98,788)
Corporación Financiera Colombiana S.A.	8.71%		8.71%		70,673	(53,706)	6,153	(4,676)
Sociedad Administradora de Fondos de Pensiones y	20.00%		20.00%		190,848	168,211	38,170	33,643
Cesantías Porvenir S.A.
AVAL Fiduciaria S.A.	94.50%	-			3,439	-	3,250	-
AVAL Casa De Bolsa S. A. Sociedad Comisionista De Bolsa	40.77%	-			2,344	-	956	-
AVAL Banca de Inversión	70.00%	-			4,261	-	2,983	-
Grupo Aval Limited	100.00%	100.00%			31,169	29,710	31,169	29,710
Total subsidiaries				Ps.	892,916 Ps.	361,890 Ps.	494,117 Ps.	183,377

Associates
ADL Digital LAB S.A.S.	34.00%	34.00%			302	1,896	103	645
Total associcates				Ps.	302 Ps.	1,896 Ps.	103 Ps.	645
Total permanent investments				Ps.	893,218 Ps.	363,786 Ps.	494,220 Ps.	184,022

				Semester ended to
Percentage of Participation				Income Basis for the Equity method			Equity method income
June 30th, June 30th,				June 30th, June 30th,			June 30th, June 30th,
	2025	2024		2025	2024	2025	2024
Subsidiaries
Banco de Bogotá S.A.	68.93%	68.93%	Ps.	700,722 Ps.	404,700 Ps.	482,976 Ps.	278,941
Banco de Occidente S.A.	72.27%	72.27%		295,770	232,323	213,758	167,904
Banco Comercial AV Villas S.A.	79.86%	79.86%		(9,414)	(125,620)	(7,518)	(100,314)
Banco Popular S.A.	93.74%	93.74%		(6,417)	(193,743)	(6,015)	(181,620)
Corporación Financiera Colombiana S.A.	8.71%	8.71%		330,000	150,836	28,731	13,132
Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir S.A.	20.00%	20.00%		302,009	331,158	60,403	66,233
AVAL Fiduciaria S.A.	94.50%	-		5,977	-	5,648	-
AVAL Casa De Bolsa S. A. Sociedad Comisionista De Bolsa	40.77%	-		5,406	-	2,204	-
AVAL Banca de Inversión	70.00%	-		3,224	-	2,257	-
Grupo Aval Limited	100.00%	100.00%		60,940	58,500	60,940	58,500
Total subsidiaries			Ps.	1,688,217 Ps.	858,154 Ps.	843,384 Ps.	302,776

Associates
ADL Digital LAB S.A.S.	34.00%	34.00%		(2,448)	1,922	(832)	653
Total associcates			Ps.	(2,448)Ps.	1,922 Ps.	(832)Ps.	653
Total permanent investments			Ps.	1,685,769 Ps.	860,076 Ps.	842,552 Ps.	303,429

General overhead and financial expenses

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

Quarter ended to Semester ended to

Administrative expenses		June 30th, 2025	June 30th, 2024	June 30th, 2025	June 30th, 2024
Personnel expenses	Ps.	10,930 Ps.	9,376 Ps.	21,809 Ps.	19,942
Fees Taxes:		5,092	4,483	10,414	9,687
Industry and commerce Tax		3,006	1,975	5,011	6,156
Financial transaction tax		847	850	1,607	2,147
Sales operating expenses		481	361	797	528
Contributions and affiliations		161	150	824	721
Leases		3	2	5	4
Services		354	370	663	647
Property and equipment depreciation		354	483	738	930
Amortization		6	5	13	10
Maintenance and repairs		(93)	59	63	90
Travel expenses		137	56	184	73
Other administrative expenses		272	208	506	391
Total administrative expenses Ps. 21,550 Ps.			18,378 Ps.	42,634 Ps.	41,326

Other expenses
Impairment of accounts receivable from related partiesPs. 268 Ps.			(148)Ps.	346 Ps.	(160)
Miscellaneous		99	116	121	134
Total other expenses	Ps.	367 Ps.	(32)Ps.	467 Ps.	(26)

Gain (loss) on foreign exchange differences
Foreign exchange gain	Ps.	(33,026)Ps.	79,866 Ps.	(91,897)Ps.	85,171
Foreign exchange lost		34,157	(82,352)	95,021	(87,628)
Net effect of foreign exchange differences	Ps.	1,131 Ps.	(2,486)Ps.	3,124 Ps.	(2,457)

Financial expenses
Banking expenses	Ps.	2 Ps.	2 Ps.	3 Ps.	3
Commissions		-	1	-	-
Ps.		2 Ps.	3 Ps.	3 Ps.	3

Interest:
Bonds in circulation Ps.		28,277 Ps.	31,038 Ps.	56,375 Ps.	65,951
Interest on bank loans and other financial obligations		27,203	37,248	54,575	75,369
Interest on lease liabilities (IFRS 16)		376	59	738	126
Total interest	Ps.	55,856 Ps.	68,345 Ps.	111,688 Ps.	141,446
Total financial expenses	Ps.	55,858 Ps.	68,348 Ps.	111,691 Ps.	141,449

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.

GRUPO AVAL ACCIONES Y VALORES S.A.

Notes to the Separate Financial Statements

(Stated in millions of Colombian pesos, except earnings per share)

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

June 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.	175,045	Ps.	-	Ps.	-	Ps.	-
Financial assets in investments		-		-		19,705,058		16,924		-		-
Accounts receivable		-		-		468,827		-		1,105,731		-
Liabilities
Accounts payable		29		137		30		-		399,086		4
Financial obligations at amortized cost		-		-		1,474,838		-		121,233		-

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		-

Attachments

Disclaimer

Grupo Aval Acciones y Valores SA published this content on August 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 16, 2025 at 00:42 UTC.

16/08/2025 - Grupo Aval Acciones y Valores SA: Separate Financial Statements 2Q25

Quarter ended to Semester ended to

Retained earnings (losses)

Subscribed Paid-in Legal Occasional Retained Operations Net Other Total

and paid capital

Capital reserve reserve earnings with Income comprehensive Equity

shareholders income

Semester ended to

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

Fair value measurements on a recurring basis

June 30th, 2025

Assets

December 31st, 2024

Level 1 Level 2 Level 3 Total

Total recurring fair value assets Ps. - Ps. 452 Ps. - Ps. 452

Fair value information for financial assets and liabilities recorded at amortized cost determined solely for disclosure purposes.

Financial assets

Book Value Fair Value

Financial liabilities

Book Value Fair Value

June 30th, 2025

December 31st, 2024

In Colombian Pesos

In foreign currency

Ps. 175,049 Ps. 126,156

Credit quality June 30th,

2025

December 31st, 2024

Credit quality June 30th, December 31st, 2025 2024

Credit quality June 30th, December 31st, 2025 2024

June 30th, December 31st, 2025 2024

TD in foreign currency

June 30th, December 31st, 2025 2024

Credit quality

Book Value Fair Value

June 30th, December 31st, June 30th, December 31st, 2025 2024 2025 2024

Investments to maturity

Total Financial Assets Ps. 36,140 Ps. 38,425 Ps. 36,533 Ps. 38,425

Loan Value Number of shares under guarantee

Company issuing the shares

June 30th, 2025

December 31st, 2024

June 30th, 2025 Colombian pesos

Minimum rate Maximum rate

December 31st, 2024 Colombian pesos

Minimum rate Maximum rate

Restriction on investments

Subsidiaries and associates

June 30th, 2025

December 31st, 2024

Activo Pasivo Equity

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

Quarter ended to Semester ended to

Quarter ended to Semester ended to

Increase in untaxed income by equity method:In the first half and second quarter of 2025, untaxed income from equity investments increased by Ps.539,123 compared to the same period in 2024. This increase generated an additional reduction of 2.69 percentage points in the effective tax rate.

Book Value Fair Value

Principal balance and interest

June 30th, 2025

December 31st, 2024

June 30th, 2025

December 31st, 2024

Total Ps. 2,659,322 Ps. 2,741,335 Ps. 2,489,877 Ps. 2,640,841

Short-term Between 1 and

3 years

Between 3 and

5 years

More than 5 years

Total

June 30th, 2025

Expressed in Colombian pesos In a foreign currency

December 31st, 2024

Expressed in Colombian pesos In a foreign currency

Issue date June 30th, 2025

December 31st, 2024

Maturity Date Interest Rate

June 30th, 2025

December 31st, 2024

Decreed dividends

Other comprehensive results

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