The following discussion should be read in conjunction with our Consolidated Financial Statements included in this Annual Report. The following discussion includes information regarding future financial performance and plans, targets, aspirations, expectations, and objectives of management, which constitute forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. It is possible that our actual results may differ materially from the results discussed in the forward-looking statements because of several risks and uncertainties. Please see Cautionary Note Regarding Forward-Looking Statements. In addition, please refer to the discussion in Item 3. Key Information – D. Risk Factors for a description of risks and uncertainties affecting our business and financial results and to Item 16.K – Cybersecurity, for a description of our cybersecurity framework. A.Operating results Impact of economic and monetary policies on Grupo Cibest's results Our operating results are influenced by macroeconomic factors, primarily in Colombia but also in the other countries where we operate. The most significant variables include GDP growth, interest rates, inflation, and exchange rates, particularly the USD/COP exchange rate. Below is a summary of the trends for these variables in Colombia in 2025. Economic Activity Colombia's real GDP growth in 2025 was 2.6%, marking a stronger period after growing just 1.6% in 2024. The main drivers were private consumption and public spending, which offset a deterioration in the trade balance caused by higher imports. Household spending grew above GDP, supported by a resilient labor market and remittance income that was at historic high levels. Meanwhile, public spending recorded its highest increase since 2021. The performance of key GDP components during 2025, compared to 2024 and in real terms (constant prices), was as follows: fixed investment increased by 2.9%, private consumption increased by 3.9%, total public spending increased by 7.5%, imports increased by 10.6%, and exports increased by 1.4%.To put this into context, private consumption accounted for 73% of nominal GDP in 2025, investment accounted for 16% and public spending 15%. The sectors that exhibited the most dynamic growth during 2025 were arts, entertainment, and recreation (up 9.4%), retail (up 5.1%), and public administration, defense, health, and education, (up 4.4%). Interest Rates As of December 31, 2025, the Central Bank's benchmark interest rate, the repo rate, stood at 9.25%, following a reduction of 25 basis points during the year. In the eight Central Bank meetings where interest rate decisions were made, the board of directors opted to cut the repo rate only once, in April 2025, keeping it unchanged for the remainder of the year. Inflation Annual consumer inflation (measured by CPI) stood at 5.1% at the end of 2025, remaining very close to the 5.2% recorded at the end of 2024. The components that contributed the most to inflationary pressures in 2025 were shelter (with annual increases of 5.1% for imputed shelter and 5.3% for actual effective shelter), dining out (up 8.0%), and urban transportation (up 9.2%). Inflationary pressures intensified toward the end of 2025, particularly in services. These pressures were compounded by increases in household electricity and natural gas prices. Moreover, the 23.7% increase in the minimum wage has become a key factor pushing inflation expectations for 2026 higher. Together, these dynamics are expected to result in a more contractionary monetary policy stance going forward. Exchange Rate The Colombian peso appreciated by 14.79% against the U.S. dollar in 2025, recovering to COP 3,757 per U.S. dollar by December. This contrasts sharply with the 10.9% depreciation experienced in 2024, when the exchange rate averaged December around COP 4,386 per U.S. dollar. The recent appreciation of the Colombian peso has taken place against a broadly weakening U.S. dollar and an improvement in global risk appetite, which has increased investor demand for assets in emerging markets and particularly in Latin America. In Colombia, the peso has been further supported by attractive interest rate spread opportunities, as well as by sales of U.S. dollars in the spot market by the Ministry of Finance. Outlook Prospects for the Colombian economy, the financial sector in general, and for Bancolombia in particular, are expected to depend on these factors: Favorable factors for the Colombian economy – medium-term Unfavorable factors for the Colombian economy – medium term Rapid economic recovery following the sustained increase in interest rates both locally and globally. The country is expected to maintain responsible monetary policies. Institutional strength will continue to ensure a stable political environment. Democracy in Colombia, along with the separation of powers and checks and balances, underpins the predictability of policy measures and economic pragmatism. The increase in remittances has substantially reduced Colombia’s external vulnerabilities, helping keep the current account deficit below 3.0% of GDP. The Central Bank remains committed to its institutional mandate of targeting inflation and allowing the currency to float freely. The country has a solid cushion of international reserves, which helps mitigate external vulnerabilities stemming from the, albeit declining, still relatively high current account deficit compared to peer countries. Changes in the sociopolitical situation in Venezuela could open new opportunities for investment and bilateral trade in the long term, provided that institutional strengthening and security conditions materialize in that country. Private investment remains low, which will constrain medium-term economic growth. Persistently low investor confidence could impact private investment, posing risks to expectations that GDP growth will return to its potential level, slightly above 3%, in the coming years. Low potential growth in the medium term could lead to challenges for public finances or heightened external vulnerabilities. Colombia is exposed to the adverse effects of climate change, particularly flooding; over 80% of its population and economic activity is concentrated in approximately 20% of its territory, making it vulnerable to natural disasters. Higher inflationary pressures and fiscal deterioration could generate upward pressure on interest rates. Public finances could be affected in terms of revenue if international commodity prices decline. The country faces significant volatility in international trade due to its dependence on hydrocarbons. Low trade openness and an export base reliant on basic commodities imply high vulnerability to price shocks. Elevated spending expectations for 2026, relative to revenues, pose risks to marking the highest fiscal deficit in Colombia’s recent history. The risk of civil unrest will remain high throughout the 2026–2030 forecast period, reflecting deep societal divisions in Colombia and fragmentation in Congress, which will hinder swift progress in addressing issues such as poverty and low-quality education. The recent declarations of an Economic State of Emergency introduce an additional source of political uncertainty that could affect private investment. Threats of higher tariffs on trade with the U.S., other commercial sanctions, and reduced economic aid from key U.S. government agencies. GENERAL DISCUSSION OF THE CHANGES IN RESULTS FOR 2025 VERSUS 2024 The following discussion does not address the changes in results for 2024 versus 2023; the discussion of these changes may be found in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC. Summary Grupo Cibest’s net income decreased in 2025 due to a one-time goodwill impairment related to the Banistmo agreement, but delivered strong operating results on the back of resilient margins and significantly lower provisions for deteriorated loans. By virtue of the Banistmo sale agreement executed in December 2025, the entity had to be classified as an Asset Held for Sale and recognized as a Discontinued Operation, in accordance with IFRS 5. This classification remains in effect until the transaction is completed. From the classification date onward, its assets and liabilities are presented separately on the balance sheet, and its results are shown separately from continuing operations in the income statement, requiring the restatement of prior comparative periods3. In Colombia, 2025 was marked by a moderate economic recovery driven by domestic demand, public spending and lower unemployment rates, although high inflation, contractionary monetary policy and ongoing fiscal pressures continued to 3 See note 32 - Discontinued operation. weigh on the macroeconomic environment. Meanwhile, El Salvador, Panama, and Guatemala experienced moderate economic growth, supported by remittances, low‑to‑moderate inflation, and generally stable macroeconomic conditions, despite their ongoing structural and fiscal challenges. In contrast to the depreciation observed in 2024, the Colombian peso strengthened throughout 2025, ending the year at COP 3,757.08 per U.S. dollar, an appreciation of 14.79%. Loans and advances to customers and financial institutions decreased by 8.27% in 2025. This is mainly attributable to the Banistmo agreement, as assets were reclassified as "assets associated with investments in subsidiaries held for sale." It is also worth noting the aforementioned effect of the Colombian peso’s appreciation relative to the U.S. dollar, as balances from foreign subsidiaries are restated in Colombian pesos. Excluding the exchange‑rate effect, the annual variation would have been a 4.91% decrease. Our operations in Colombia and El Salvador led the acceleration in credit originations, expanding at a faster pace in 2025 than the previous year. Mortgage loans recorded the highest percentage growth, particularly in Colombia, where reduced‑rate programs launched in 2024 remained in place during the first part of 2025. Consumer lending re-emerged as a key growth driver after two years of contraction, with Bancolombia adopting a progressively more assertive but still-selective appetite for risk, concentrated on lower‑risk segments such as middle‑ and higher‑income individuals. At the same time, credit origination at our digital bank, Nequi, added further momentum, targeting lower‑income segments. Commercial lending posted a modest expansion, as demand from corporates in Colombia and Panama remained subdued. In contrast, our operations in El Salvador and Guatemala continued to display stronger credit dynamics. Commercial loans grew unevenly across regions, as corporate demand remained weak in Panama and showed only modest improvement in Colombia amid the current economic environment and political uncertainty, while El Salvador and Guatemala recorded more constructive activity led by corporate clients. However, given their smaller share of the consolidated portfolio, these operations had a limited impact at the Group level. The total loan book in Colombian pesos grew 9.77% while the portfolio in U.S. dollars decreased 33.42% (a decrease of 43.27% when calculated in Colombian pesos). Asset quality remained strong in 2025, with the cost of credit declining across all loan categories, most notably in consumer lending, which continued its steady improvement of the last two years. While provision expense in 2024 was partially supported by favorable macroeconomic effects captured in our expected‑loss models, 2025 delivered an even lower full‑year provision expense, mainly attributable to the ongoing improvement of asset quality across the portfolio. Credit impairment charges came down 11.32% to COP 4,430 billion for 2025 from COP 4,995 billion in 2024, and 30‑day and 90‑day NPL ratios decreased across all segments, reflecting a better credit cycle, especially in Colombia. Allowance for loan and lease losses represented 134.41% of 30-day past-due loans (excluding accrued interest) at the end of 2025 compared with 112.39% of 30-day past-due loans (excluding accrued interest) at the end of 2024. Based on our expected loss credit models, we expect that these allowances will provide adequate coverage for expected loan losses. Deposits by customers decreased 5.25% in 2025. This outcome is mainly attributable to the Banistmo sale agreement, as its liabilities were reclassified as "liabilities related to investments in subsidiaries held for sale". The net loans‑to‑deposits ratio stood at 91.9% in 2025, down from 94.3% at the end of 2024. This decline reflects, in part, the reclassification effects of Banistmo’s assets relative to its liabilities and also, the faster annual growth of deposits when compared to the loan book on a consolidated basis. The net interest and valuation income margin fell to 6.13% in 2025 from 6.39% in 2024. Net income attributable to equity holders of Grupo Cibest was COP 3,821 billion (COP 4,045 per share, both Common and Preferred Shares, and USD 3.99 per ADS) in 2025, a contraction of 39.04% compared with the COP 6,268 billion of net income attributable to equity holders of Grupo Cibest for 20244. The average return on stockholder equity was 9.09% in 2025, down from 15.77% in 2024. As of December 31, 2025, the banks that are part of Grupo Cibest comply with the regulatory capital adequacy requirements in each of the geographies in which they operate. For further details, see Item 5.B.1 Capital Adequacy. 4 Formerly operating as Bancolombia prior to the establishment of the holding company in May 2025. Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off-balance-sheet credit instruments. Interest income – the sum of interest on loans, financial leases, overnight funds and interest and valuation income from investment securities – was COP 31,488 billion in 2025, down 4.16% from COP 32,854 billion in 2024. The decrease was mainly due to reduced yields in the credit portfolio, reflecting the impact of asset repricing in the ongoing interest rate easing cycle, given that a large portion of the loan book is indexed to variable rates. In addition, mortgage loans, the fastest‑growing portion of the portfolio remained the lowest‑yielding segment in 2025, particularly in Colombia. Meanwhile, consumer lending, historically the segment with the highest risk‑adjusted returns, resumed its growth trajectory during the year; however, its still‑modest annual expansion was not sufficient to meaningfully offset the downward pressure on lending margins from the effects described above. As a result, the weighted average nominal interest rate on loans and financial leases was 11.76% in 2025, down from 12.26% in 2024. Interest expense was COP 12,061 billion in 2025, down 11.88% from COP 13,688 billion in 2024. Several hedging strategies executed during the year helped optimize the liability structure and manage interest rate exposure of the deposit base in Colombia. Also, Grupo Cibest increased the share of low‑cost deposits and adjusted the tenors of term deposits to accelerate repricing in line with the interest rate cycle. These measures largely offset the impact of lower loan yields as previously discussed, supporting overall profitability. Thus, the interest rate paid on interest-bearing liabilities decreased to 4.45% in 2025 from 5.19%, in 2024. Interest on debt instruments using the effective interest method totaled COP 715 billion in 2025, down 1.86% from COP 728 billion in 2024, whereas total valuation on financial instruments was COP 1,436 billion, a decrease of 13.77% from 2024. The investment portfolio delivered strong results in 2025, extending the positive trend from 2024, with a high liquidity position. This performance was due to the effective execution of positions in the securities portfolio, by means of the valuation of debt instruments, and by efficient liquidity management through short‑term money market instruments, while distribution and sale of derivatives to commercial clients also added to robust income generation. As a result, net interest income and valuation for 2025 was COP 19,426 billion, a 1.35% increase from COP 19,167 billion in 2024. This represents a net interest and valuation income margin from continuing operations of 6.13%, down 26 basis points from 6.39% recorded in 2024. Fees and Commissions The following table lists the principal categories of revenue-generating fees and commissions for the years ended on December 31, 2025, and December 31, 2024, along with year-to-year variations. For further information about the composition of Grupo Cibest and its subsidiaries segments, see Note 3 Operating segments. Fees and commissions income, gross As of December 31, 2025 Banking Colombia Banking El Salvador Banking Guatemala International Banking Leases All Other Segments Total Discontinued Operation Banking Panama Revenue of contracts with customers for fees and Commissions In millions of COP Credit and debit card fees and commercial establishments 2,815,114 339,492 103,514 1,690 - - 3,259,810 260,524 Payment and collections 1,136,610 - - - - - 1,136,610 7,611 Banking services 738,887 183,023 62,462 47,505 - 62,802 1,094,679 118,747 Bancassurance 1,090,888 12 - - - 1 1,090,901 64,711 Fiduciary Activities and Securities - 9,266 893 50 - 634,665 644,874 7,682 Placement of securities - 3,709 - - - 102,943 106,652 - Acceptances, Guarantees and Standby Letters of Credit 69,154 4,802 1,761 600 - - 76,317 27,701 Brokerage - - - - - 42,214 42,214 - Others 301,218 89,681 62,950 5,820 4 16,824 476,497 32,270 Total revenue of contracts with customers 6,151,871 629,985 231,580 55,665 4 859,449 7,928,554 519,246 As of December 31, 2024 Banking Colombia Banking El Salvador Banking Guatemala International Banking Leases All Other Segments Total Discontinued Operation Banking Panama Revenue of contracts with customers for fees and Commissions In millions of COP Credit and debit card fees and commercial establishments 2,657,690 257,697 85,842 1,934 - - 3,003,163 282,610 Payment and collections 1,024,053 - - - - - 1,024,053 15,735 Banking services 694,554 166,713 65,432 43,540 - 34,580 1,004,819 131,958 Bancassurance 958,311 47 - - - 13 958,371 67,193 Fiduciary Activities and Securities - 6,515 902 50 - 544,820 552,287 18,964 Acceptances, Guarantees and Standby Letters of Credit 73,302 5,789 1,881 679 - - 81,651 27,364 Placement of securities - 2,097 - - - 78,120 80,217 1,670 Brokerage - - - - - 20,648 20,648 16,473 Others 252,445 76,876 57,721 5,698 292 8,271 401,303 359 Total revenue of contracts with customers 5,660,355 515,734 211,778 51,901 292 686,452 7,126,512 562,326 The following table presents the variation in revenues from fees and commissions of contracts with customers between 2025 and 2024: Growth 2025 - 2024 COP % Credit and debit card fees and commercial establishments 256,647 8.55 % Bancassurance 132,530 13.83 % Payment and collections 112,557 10.99 % Fiduciary Activities and Securities 92,587 16.76 % Banking services 89,860 8.94 % Placement of securities 26,435 32.95 % Brokerage 21,566 104.45 % Acceptances, Guarantees and Standby Letters of Credit (5,334) (6.53) % Others 75,194 18.74 % Total revenue of contracts with customers(1) 802,042 11.25 % (1) Total commission income from continuing operations. Fees and commissions expenses The following table presents fees and commissions related expenses: Year Growth 2025 2024 2025-2024 In millions of COP Banking services 1,737,216 1,458,363 278,853 19.12 % Sales, collections and other services 889,356 894,836 (5,480) (0.61 %) Correspondent banking 618,969 620,818 (1,849) (0.30 %) Payments and collections 77,008 46,792 30,216 64.58 % Others 251,061 204,573 46,488 22.72 % Total fees and commissions expenses 3,573,610 3,225,382 348,228 10.80 % Discontinued Operation Banistmo S.A. 261,793 286,392 (24,599) (8.59 %) Fees and commission income, net Year Growth 2025 2024 2025-2024 In millions of COP Fees and commission income 7,928,554 7,126,512 802,042 11.25 % Fees and commission expenses (3,573,610) (3,225,382) (348,228) 10.80 % Total fees and commissions income, net 4,354,944 3,901,130 453,814 11.63 % For 2025, gross revenues from fees and commissions totaled COP 7,929 billion, up 11.25% from COP 7,127 billion in 2024. The main sources of fee income are credit and debit cards, which accounts for approximately 41% of total fee income, payments and collections, banking services, and bancassurance, which each account for approximately 14%. Credit and debit card income is derived from interchange fees paid by merchants and monthly maintenance charges. Revenues in this segment increased 8.55% year over year, driven by higher transaction volumes and larger interbank exchange fees associated with growth in national and international purchases made through both point‑of‑sale and electronic payment channels. Banking services made a significant contribution to the increase in fees, posting an 8.94% growth in the period, due to, among other factors, higher revenues from digital banking in Colombia. Payment and collections fees grew 10.99% in the year, primarily due to a higher number of automatic payment transactions in Colombia. Bancassurance recorded a 13.83% increase, a notable strengthening from 2024. The improvement reflects higher commission income from the distribution of insurance policies, as well as the start of a joint operation with a new underwriter in the second half of the year. Fee expenses totaled COP 3,574 billion in 2025, up 10.80% from COP 3,225 billion in 2024. Banking services represented 51% of all fee expenses and increased by 20.53%. This change is mainly due to higher data‑processing costs for banking services, increased royalties paid to credit‑card franchises as transactional volumes expanded, and higher expenses associated with credit cardholder membership benefits. Sales, collections and other services accounted for 25% of fee expenses. On an annual basis, this line declined 0.61%, reflecting lower expenses from outsourced sales and third‑party collection services. Other Operating Income Other operating income was COP 3,572 billion, up 20.02% from COP 2,976 billion in 2024 explained by foreign exchange effects driven by the appreciation of the local currency over the year. Revenues from operating leases totaled COP 1,748 billion in 2024, a decrease of 4.31% from 2024. The variation reflects lower income from vehicle rentals and real‑estate lease operations under Fondo Inmobiliario Colombia (FIC). Total dividends received and other net income from equity investments Total dividends and other net income from equity investments was COP 693 billion in 2025, up 644.38% from COP 93 billion in 2024. The increase is primarily driven by the partial reversal of the impairment recognized in 2024 on the investment in Tuya S.A. Operating expenses The following table summarizes the principal components of our operating expenses for the last two fiscal years: For the years ended December 31, Growth 2025(1) 2024(1) 2025-2024 In millions of COP Operating expenses Salaries and employee benefits 5,760,122 5,224,723 535,399 10.25 % Other administrative and general expenses 5,599,360 5,035,023 564,337 11.21 % Taxes other than income tax 1,481,323 1,402,064 79,259 5.65 % Depreciation, amortization and impairment 1,016,301 989,336 26,965 2.73 % Total operating expenses 13,857,106 12,651,146 1,205,960 9.53 % Discontinued operation Banistmo S.A. 909,939 982,520 (72,581) (7.39 %) (1) As of December 31, 2025 and 2024, Banistmo, a subsidiary classified as an asset held for sale since December 18, 2025, For more information, see the Consolidated Financial Statements Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation. The following table summarizes the principal components of our operating expenses for the fiscal years ended: For the years ended December 31, Growth 2024(1) 2023(1) 2024-2023 In millions of COP Operating expenses Salaries and employee benefits 5,224,723 4,899,283 325,440 6.64 % Other administrative and general expenses 5,035,023 4,614,987 420,036 9.10 % Taxes other than income tax 1,402,064 1,393,216 8,848 0.64 % Depreciation, amortization and impairment 989,336 1,017,144 (27,808) (2.73 %) Total operating expenses 12,651,146 11,924,630 726,516 6.09 % Discontinued operation Banistmo S.A. 982,520 1,017,555 (35,035) (3.44 %) (1)As of December 31, 2025 and 2024, Banistmo, a subsidiary classified as an asset held for sale since December 18, 2025, For more information, see the Consolidated Financial Statements Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation. Operating expenses totaled COP 13,857 billion in 2025, up 9.53% from COP 12,651 billion in 2024. Salaries and employee benefits (excluding bonuses) totaled COP 4,695 billion in 2025, an increase of 7.79% from 2024. The variation is mainly attributable to annual salary increases. Bonuses increased under the performance‑driven compensation model, which incentivizes employee contributions to overall profitability. Other administrative and general expenses totaled COP 5,599 billion in 2025, up 11.21% from 2024. This was largely related to technology and professional services linked to ongoing modernization projects, greater cloud‑service use, additional data‑processing costs associated with software license renewals, and increased use of software services. Impairments, depreciation, and amortization totaled COP 1,016 billion in 2025, up 2.73% from 2024. It was primarily driven by higher depreciation on right‑of‑use assets for real estate and on computer equipment. As a result of the changes in expenses and revenues, the cost-to-income ratio of Grupo Cibest for 2025 was 49.41%, up from 48.40% in 2024. Provision charges and credit quality Total net credit impairment charges fell to COP 4,430 billion (or 1.59% of average loans) in 2025, down 11.32% from COP 4,996 billion (or 1.88% of average loans) in 2024. Asset quality reflected a healthier credit cycle, supported by a decline in provision expenses across all loan categories, most notably in consumer lending, which has shown steady improvement over the past two years. These positive trends were largely driven by the broad recovery of the consumer portfolio across all regions and the solid performance of the mortgage portfolio. Past-due loans amounted to COP 10,130 billion on December 31, 2025, down 30.25% from COP 14,523 billion a year earlier. The past-due loan ratio (loans overdue more than 30 days divided by total loans) was 3.95% on December 31, 2025, down from 5.20% on December 31, 2024. Credit risk management in 2025 focused on proactive adjustments to our risk appetite and timely actions across origination, monitoring, and recovery. Better underwriting models supported disciplined loan growth and contributed to improved credit profiles across commercial and retail clients. Advances in predictive analytics enhanced portfolio monitoring by improving rating accuracy. Strengthened recovery strategies, supported by improved client payment capacity, digital self‑service tools, and data‑driven collection models, boosted effectiveness, increased recoveries, and helped reduce charge‑offs across all geographies. Net loan charge-offs totaled COP 6,341 billion in 2025, down 19.28% from COP 7,856 billion in 2024. The reduction in charge‑offs is primarily explained by a lower volume of non‑performing consumer loans from the vintages originated during the year, along with the enhanced effectiveness of recovery management efforts noted earlier. Net charge‑offs help remove unrecoverable assets from the portfolio, thereby improving the accuracy of asset quality ratios. Income tax expenses Income tax expense from continuing operations in 2025 was COP 2,811 billion, an increase of 18.11% compared to COP 2,380 billion in 2024, excluding prior‑period effects, total tax expense would have been COP 2,824 billion in 2025, compared with COP 2,473 billion in 2024. The annual increase is mainly explained by the declaration of an economic and social emergency, under which certain tax measures increased the corporate income tax rate by 10 percentage points. The effective tax rate for 2025 was 28.94% (excluding prior‑period impacts). The effective tax rate is lower than the statutory tax rate because of certain tax benefits. In Colombia, these include exempt income from social housing and benefits associated with investments in productive fixed assets, and non‑taxable dividends. For the Central American operations tax benefits result from exempt foreign‑source income, corresponding to returns on securities issued by the governments of Guatemala, El Salvador, and Panama. They also include, earnings generated by subsidiaries operating in jurisdictions with lower tax rates than Colombia. For further details, see Note 13 of the Consolidated Financial Statements. Results by Segment We manage our business through seven main operating segments: Banking Colombia, Banking El Salvador, Banking Guatemala, International Banking, Leases, All Other and Banking Panama. The Leases segment corresponds to the operations of: FCP Fondo Inmobiliario Colombia, Combinado Hábitat CCLA, Combinado Hábitat – others, Valores Simesa S.A., and Renting Colombia and its subsidiaries The segment information in this Annual Report reflects the reporting structure in place at the reporting date, in accordance with the segment information in Note 3. Operating Segments to the Consolidated Financial Statements. Banking Colombia: Year ended December 31, Change Change 2025 2024 2023 2025-2024 2024-2023 In millions of COP Total interest and valuation on financial instruments 26,062,351 27,543,286 29,230,060 (5.38) % (5.77) % Interest income on loans and financial leases 24,478,980 25,632,102 28,366,678 (4.50) % (9.64) % Debt investments 1,491,219 1,503,298 937,090 (0.80) % 60.42 % Derivatives, net 51,816 155,794 (167,887) (66.74) % 192.80 % Liquidity operations, net 40,336 252,092 94,179 (84.00) % 167.67 % Interest expenses (9,633,252) (11,292,917) (13,202,338) (14.70) % (14.46) % Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 16,429,099 16,250,369 16,027,722 1.10 % 1.39 % Credit impairment charges, net (3,396,144) (4,220,195) (6,480,377) (19.53) % (34.88) % Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 13,032,955 12,030,174 9,547,345 8.34 % 26.01 % Expenses from transactions by the operating segments (288,452) (181,303) (217,445) 59.10 % (16.62) % Fees and commissions income 6,151,871 5,660,355 5,252,104 8.68 % 7.77 % Fees and commissions expenses (3,140,014) (2,885,255) (2,522,916) 8.83 % 14.36 % Total fees and commissions, net 3,011,857 2,775,100 2,729,188 8.53 % 1.68 % Other operating income(1) 1,620,506 1,219,476 2,049,297 32.89 % (40.49) % Dividends and net income on equity investments 179,656 (121,975) 17,612 247.29 % (792.57) % Total operating income, net 17,556,522 15,721,472 14,125,997 11.67 % 11.29 % Operating expenses(2) (9,457,584) (8,497,419) (7,939,136) 11.30 % 7.03 % Depreciation, amortization and impairment (706,370) (631,282) (508,543) 11.89 % 24.14 % Total operating expenses (10,163,954) (9,128,701) (8,447,679) 11.34 % 8.06 % Profit before income tax 7,392,568 6,592,771 5,678,318 12.13 % 16.10 % Segment assets 268,613,654 266,515,464 254,244,189 0.79 % 4.83 % Segment liabilities 241,194,742 222,388,179 216,186,886 8.46 % 2.87 % (1)Includes derivatives, net foreign exchange, operating leases and gains on sale of assets. (2)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax. Analysis of 2025 versus 2024 Banking Colombia’s profit before taxes increased by 12.13% to COP 7,393 billion in 2025, up from COP 6,593 billion in 2024, driven by the factors described below. Total interest and valuation income decreased by 5.38% to COP 26,062 billion, mainly due to a 4.50% decline in interest income from loans operations. This reduction was primarily seen in the commercial and consumer segments, the result of lower origination rates in both portfolios. Total interest expenses decreased by 14.70% to COP 9,633 billion from COP 11,293 billion, despite higher average balances in savings accounts and time deposits. Interest expenses were primarily impacted by the lower remuneration rate on time deposits. Additionally, interest expenses on bonds fell due to a lower average balance, and borrowings from financial institutions declined as a result of both a lower average balance and lower rates. The sharper decline in interest expenses relative to interest income led to an improvement in net interest income compared to the previous year. As a result, the net interest margin and valuation of financial instruments increased by 1.10% to COP 16,429 billion. The total net credit impairment charge decreased by 19.53% to COP 3,396 billion from COP 4,220 billion. This reduction was mainly driven by lower credit losses in the consumer portfolio due to better performance in personal loans. Total net fees and commissions increased by 8.53% to COP 3,012 billion, mainly due to higher income from bancassurance, credit and debit cards and payments and collections, particularly through digital channels. These improvements were partially offset by higher expenses which rose 8.83% compared with the previous year, primarily related to banking services and fees for services and collections, while expenses from transactions grew 59.10%. Other operating income increased to COP 1,621 billion, primarily due to an increase in foreign exchange differences and currency derivatives. Dividends and net income from equity investments recorded a gain of COP 180 billion, compared with a loss of 122 billion in 2024, mainly due to the partial reversal of the impairment recognized in 2024 on the investment in Tuya S.A. Total operating expenses increased by 11.34% to COP 10,164 billion from COP 9,129 billion, mainly due to an increase in administrative and general expenses. This increase was driven by higher maintenance costs for licenses as well as expenses associated with cloud services and computer equipment. Salaries and employee benefits increased by 11.07% to COP 4,283 billion. Assets attributable to Banking Colombia grew 0.79% during the year, mainly driven by an expansion in the loan portfolio, with strong performance in mortgage and consumer loans. Growth in the consumer segment was driven primarily by products such as credit cards and personal loans. Finally, liabilities attributable to Banking Colombia increased by 8.46% in 2025, supported by higher deposits, particularly in savings accounts and time deposits. Banking El Salvador: Year ended December 31, Change Change 2025 2024 2023 2025-2024 2024-2023 In millions of COP Total interest and valuation on financial instruments 2,095,137 1,851,126 1,773,141 13.18 % 4.40 % Interest income on loans and financial leases 1,807,267 1,623,427 1,524,765 11.32 % 6.47 % Debt investments 287,163 226,122 236,351 26.99 % (4.33) % Derivatives, net — 775 11,187 (100.00) % (93.07) % Liquidity operations, net 707 802 838 (11.85) % (4.30) % Interest expenses (437,193) (437,244) (464,851) (0.01) % (5.94) % Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 1,657,944 1,413,882 1,308,290 17.26 % 8.07 % Credit impairment charges, net (334,805) (236,086) (154,938) 41.81 % 52.37 % Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 1,323,139 1,177,796 1,153,352 12.34 % 2.12 % Expenses from transactions by the operating segments 1,769 (19,110) (17,732) 109.26 % 7.77 % Fees and commissions income 629,985 515,734 479,568 22.15 % 7.54 % Fees and commissions expenses (291,977) (226,445) (188,972) 28.94 % 19.83 % Total fees and commissions, net 338,008 289,289 290,596 16.84 % (0.45) % Other operating income(1) 42,082 40,818 51,656 3.10 % (20.98) % Dividends and net income on equity investments 4,590 4,338 10,982 5.81 % (60.50) % Total operating income, net 1,709,588 1,493,131 1,488,854 14.50 % 0.29 % Operating expenses(2) (831,994) (771,079) (668,105) 7.90 % 15.41 % Depreciation, amortization and impairment (96,796) (93,982) (131,922) 2.99 % (28.76) % Total operating expenses (928,790) (865,061) (800,027) 7.37 % 8.13 % Profit before income tax 780,798 628,070 688,827 24.32 % (8.82) % Segment assets 25,916,845 26,670,513 21,608,586 (2.83) % 23.43 % Segment liabilities 23,452,205 23,889,120 19,220,367 (1.83) % 24.29 % (1)Includes derivatives, net foreign exchange, operating leases and gains on sale of assets. (2)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax. Analysis of 2025 versus 2024 In 2025, profit before taxes for Banking El Salvador increased by 24.32% to COP 781 billion, due to the factors described below. The financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar during 2025. The loan portfolio expressed in Colombian pesos decreased by 5.19%. Expressed in U.S. dollars, the loan portfolio increased by 11.26%, primarily driven by the commercial and consumer portfolio. Deposits grew by 17.99% in U.S. dollar terms, and 0.54% in Colombian pesos, mainly due to higher savings accounts and time deposits. Total interest and valuation income expressed in Colombian pesos increased by 13.18% to COP 2,095 billion, mainly driven by higher interest income from the commercial and consumer loan portfolios. Interest expenses remained broadly stable during the year. Net credit impairment charges increased by 41.81% to COP 335 billion, up from COP 236 billion in 2024, mainly as a result of growth in the consumer portfolio. Net fees and commissions increased by 16.84% to COP 338 billion, primarily driven by higher fee income from debit cards, credit cards, and merchant services. Total operating expenses increased by 7.37% to COP 929 billion, mainly due to higher general expenses and salaries. Assets attributable to Banking El Salvador decreased by 2.83% during the year, mainly driven by the lower loan portfolio balance compared with the previous quarter, due to the appreciation of the Colombian peso against the U.S. dollar. Similarly, liabilities decreased by 1.83%, primarily as a result of the lower deposit balances caused by the exchange rate effect. Banking Guatemala: Year ended December 31, Change Change 2025 2024 2023 2025-2024 2024-2023 In millions of COP Total interest and valuation on financial instruments 2,013,347 1,939,602 1,795,543 3.80 % 8.02 % Interest income on loans and financial leases 1,848,807 1,807,334 1,726,821 2.29 % 4.66 % Debt investments 173,103 134,101 60,534 29.08 % 121.53 % Liquidity operations, net (8,563) (1,833) 8,188 367.16 % (122.39) % Interest expenses (911,786) (804,815) (731,886) 13.29 % 9.96 % Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 1,101,561 1,134,787 1,063,657 (2.93) % 6.69 % Credit impairment charges, net (442,529) (394,589) (499,368) 12.15 % (20.98) % Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 659,032 740,198 564,289 (10.97) % 31.17 % Expenses from transactions by the operating segments (79,514) (86,604) (75,808) (8.19) % 14.24 % Fees and commissions income 231,580 211,778 223,200 9.35 % (5.12) % Fees and commissions expenses (96,751) (85,700) (89,405) 12.89 % (4.14) % Total fees and commissions, net 134,829 126,078 133,795 6.94 % (5.77) % Other operating income(1) 131,316 130,140 130,757 0.90 % (0.47) % Dividends and net income on equity investments 2,115 1,555 1,827 36.01 % (14.89) % Total operating income, net 847,778 911,367 754,860 (6.98) % 20.73 % Operating expenses(2) (654,017) (645,311) (620,928) 1.35 % 3.93 % Depreciation, amortization and impairment (59,578) (61,471) (55,243) (3.08) % 11.27 % Total operating expenses (713,595) (706,782) (676,171) 0.96 % 4.53 % Profit before income tax 134,183 204,585 78,689 (34.41) % 159.99 % Segment assets 24,413,292 27,332,834 21,377,205 (10.68) % 27.86 % Segment liabilities 22,331,358 25,018,466 19,469,075 (10.74) % 28.50 % (1)Includes derivatives, net foreign exchange, operating leases and gains on sale of assets. (2)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax. Analysis of 2025 versus 2024 Banking Guatemala’s profit before taxes decreased to COP 134 billion in 2025, down from COP 205 billion in 2024, driven by the factors described below. The financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar during 2025. The loan portfolio, expressed in Colombian pesos, decreased by 13.21%; while in U.S. dollars, it grew by 1.86%, mainly driven by the commercial portfolio. Deposits, expressed in colombian pesos decrease by 7.99%, in U.S. dollars, it grew 7.98% mainly driven by saving accounts. Total interest and valuation income increased by 3.80% to COP 2,013 billion, due to stronger interest income generation from the commercial portfolio, as well as higher valuations of debt investments. Net credit impairment charges increased by 12.15% to COP 443 billion, compared with COP 395 billion in 2024, mainly due to higher provision expenses in the consumer portfolio. Net fees and commissions increased by 6.94% to COP 135 billion, mainly driven by higher commissions related to electronic services and ATM transactions. Total operating expenses increased by 0.96% to COP 714 billion, primarily due to higher personnel expenses and technology services. Assets attributable to Banking Guatemala, expressed in Colombian pesos, decreased by 10.68% during the year, mainly due to the reduction in the loan portfolio resulting from a lower exchange rate. Similarly, liabilities decreased by 10.74%, driven primarily by lower customer deposits, also associated with the exchange rate effect. International Banking: Year ended December 31, Change Change 2025 2024 2023 2025-2024 2024-2023 In millions of COP Total interest and valuation on financial instruments 1,014,777 1,203,837 1,112,171 (15.70) % 8.24 % Interest income on loans and financial leases 852,849 987,377 940,091 (13.62) % 5.03 % Debt investments 94,069 116,662 85,091 (19.37) % 37.10 % Derivatives, net (56) (94) (188) (40.43) % (50.00) % Liquidity operations, net 67,915 99,892 87,177 (32.01) % 14.59 % Interest expenses (660,927) (708,671) (596,039) (6.74) % 18.90 % Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 353,850 495,166 516,132 (28.54) % (4.06) % Credit impairment charges, net (225,658) (91,617) 4,164 146.31 % (2,300.22) % Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 128,192 403,549 520,296 (68.23) % (22.44) % Revenues from transactions by the operating segments 320,216 400,937 416,107 (20.13) % (3.65) % Fees and commissions income 55,665 51,901 47,228 7.25 % 9.90 % Fees and commissions expenses (11,627) (10,116) (11,042) 14.94 % (8.39) % Total fees and commissions, net 44,038 41,785 36,186 5.39 % 15.48 % Other operating income(1) 16,492 12,435 16,794 32.63 % (25.96) % Dividends and net income on equity investments 24 25 37 (4.00) % (32.43) % Total operating income, net 508,962 858,731 989,420 (40.73) % (13.21) % Operating expenses(2) (104,892) (98,572) (89,220) 6.41 % 10.48 % Depreciation, amortization and impairment (2,473) (8,016) (4,259) (69.15) % 88.21 % Total operating expenses (107,365) (106,588) (93,479) 0.73 % 14.02 % Profit before income tax 401,597 752,143 895,941 (46.61) % (16.05) % Segment assets 23,693,417 35,272,842 30,199,897 (32.83) % 16.80 % Segment liabilities 21,502,643 24,248,959 20,734,521 (11.33) % 16.95 % (1)Includes derivatives, net foreign exchange, operating leases and gains on sale of assets. (2)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax. Analysis of 2025 versus 2024 Profit before taxes for the International Banking segment decreased by 46.61% to COP 402 billion in 2025, down from COP 752 billion in 2024, due to the factors described below. The financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar in 2025. Total interest and valuation income on financial instruments decreased, in Colombian‑peso terms, by 15.70% to COP 1,015 billion, compared to COP 1,204 billion in 2024. This decline was mainly driven by lower interest income from commercial loans, as well as reduced income from liquidity operations and investments in debt securities. Net credit impairment charges rose to COP 226 billion in 2025, up from COP 92 billion in 2024, primarily due to higher provisions for specific corporate‑segment clients. Net fees and commissions increased by 5.39% to COP 44 billion, mainly reflecting higher transaction volumes from foreign trade clients. Total operating expenses increased by 0.73% to COP 107 billion, driven primarily by higher employee salary expenses. Assets attributable to the International Banking segment decreased by 32.83% to COP 23,693 billion, primarily driven by a contraction in the loan portfolio and reduced investments in financial assets. Liabilities decreased by 11.33%, mainly due to lower deposits resulting from the impact of the exchange rate Leases: Year ended December 31, Change Change 2025 2024 2023 2025-2024 2024-2023 In millions of COP Total interest and valuation on financial instruments 216,802 254,200 254,360 (14.71) % (0.06) % Interest income on loans and financial leases 224,652 257,363 253,677 (12.71) % 1.45 % Debt investments 1,180 41 683 2,778.05 % (94.00) % Derivatives, net (9,030) (3,204) — 181.84 % 100.00 % Interest expenses (360,799) (443,629) (434,664) (18.67) % 2.06 % Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments (143,997) (189,429) (180,304) (23.98) % 5.06 % Credit impairment charges, net (30,327) (53,547) (55,660) (43.36) % (3.80) % Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments (174,324) (242,976) (235,964) (28.25) % 2.97 % Expenses from transactions by the operating segments (115,936) (136,749) (163,049) (15.22) % (16.13) % Fees and commissions income 4 292 — (98.63) % 100.00 % Fees and commissions expenses (3,842) (1,639) (11,082) 134.41 % (85.21) % Total fees and commissions, net (3,838) (1,347) (11,082) 184.93 % (87.85) % Other operating income(1) 1,545,011 1,543,538 1,673,939 0.10 % (7.79) % Dividends and net income on equity investments 329,307 287,930 239,405 14.37 % 20.27 % Total operating income, net 1,580,220 1,450,396 1,503,249 8.95 % (3.52) % Operating expenses(2) (1,057,200) (1,056,501) (1,049,474) 0.07 % 0.67 % Depreciation, amortization and impairment (137,602) (182,106) (309,435) (24.44) % (41.15) % Total operating expenses (1,194,802) (1,238,607) (1,358,909) (3.54) % (8.85) % Profit before income tax 385,418 211,789 144,340 81.98 % 46.73 % Segment assets 11,150,070 10,182,907 9,554,490 9.50 % 6.58 % Segment liabilities 4,849,872 4,573,121 4,812,434 6.05 % (4.97) % (1)Includes derivatives, net foreign exchange, operating leases and gains on sale of assets. (2)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax. Analysis of 2025 versus 2024 In 2025, the profit before taxes of the Leases segment increased by 81.98% to COP 385 billion, due to the reasons described below. Total interest and valuation income from financial instruments decreased by 14.71% to COP 217 billion, mainly the result of the reduction in interest income from financial leasing operations in the vehicle business. Total interest expenses decreased by 18.67% to COP 361 billion, due to a lower financial cost associated with the decline in the Central Bank of Colombia’s reference rate in 2025, combined with a lower financial liability balance in Renting Colombia. Net credit impairment charges decreased by 43.36% to COP 30 billion, driven by lower impairment of debtors compared to December 2024 in Renting Colombia. Other operating income amounted to COP 1,545 billion, boosted by higher gains from property leasing and sales, which offset the decrease in income from the vehicle business. Dividends and other net income from equity investments increased by 14.37% to COP 329 billion, mainly due to higher dividends and profit from investments in associates received by Fondo Inmobiliario Colombia. Operating expenses decreased by 3.54% to COP 1,195 billion, due to lower expenses in Renting Colombia associated with right‑of‑use asset depreciation and reduced vehicle taxes resulting from a contraction in the fleet balance. Assets attributable to the leasing segment grew 9.50% during the year to COP 11,150 billion, driven by increased investments in real estate assets. Liabilities increased by 6.05% to COP 4,850 billion, mainly due to higher liabilities of Fondo Inmobiliario Colombia. All Other: Year ended December 31, Change Change 2025 2024 2023 2025-2024 2024-2023 In millions of COP Total interest and valuation on financial instruments 85,112 62,265 54,326 36.69 % 14.61 % Interest income on loans and financial leases 23,447 22,836 13,521 2.68 % 68.89 % Debt investments 48,016 37,486 36,544 28.09 % 2.58 % Derivatives, net (1,051) (2,463) (1,747) (57.33) % 40.98 % Liquidity operations, net 14,700 4,406 6,008 233.64 % (26.66) % Interest expenses (57,269) (384) (405) 14,813.80 % (5.19) % Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 27,843 61,881 53,921 (55.01) % 14.76 % Credit impairment charges, net (455) 433 (4,906) (205.08) % 108.83 % Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 27,388 62,314 49,015 (56.05) % 27.13 % Revenues from transactions by the operating segments 161,917 22,829 57,927 609.26 % (60.59) % Fees and commissions income 859,449 686,452 545,853 25.20 % 25.76 % Fees and commissions expenses (29,399) (16,227) (14,966) 81.17 % 8.43 % Total fees and commissions, net 830,050 670,225 530,887 23.85 % 26.25 % Other operating income(1) 216,667 29,703 20,269 629.44 % 46.54 % Dividends and net income on equity investments 177,319 (78,774) (73,177) 325.10 % 7.65 % Total operating income, net 1,413,341 706,297 584,921 100.11 % 20.75 % Operating expenses(2) (735,118) (592,928) (540,623) 23.98 % 9.67 % Depreciation, amortization and impairment (13,482) (12,479) (7,742) 8.04 % 61.19 % Total operating expenses (748,600) (605,407) (548,365) 23.65 % 10.40 % Profit before income tax 664,741 100,890 36,556 558.88 % 175.98 % Segment assets 46,854,190 3,378,212 3,523,498 1,286.95 % (4.12) % Segment liabilities 2,455,417 404,335 386,819 507.27 % 4.53 % (1)Includes derivatives, net foreign exchange, operating leases and gains on sale of assets. (2)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax. Analysis of 2025 versus 2024 In 2025, the income before taxes of all other segments increased by 558.88% to COP 665 billion for the reasons described below. Total interest from loans and financial leasing operations grew 36.69%, mainly due to the improved performance of Valores Bancolombia’s fixed‑income portfolio. Total net fee income rose 23.85% to COP 830 billion, driven by revenues from collective investment funds, which contributed approximately COP 63 billion. This increase was also supported by higher fees and commissions from Investment Banking financing structuring services, as well as commissions generated through the Wompi payment gateway. Other operating income grew by 629.44% to COP 217 billion, mainly due to foreign exchange gains recognized by Grupo Cibest S.A. on investments held abroad, following the aforementioned spin‑off. Operating expenses increased by 23.65% to COP 749 billion, largely due to the effects of the spin‑off process from Bancolombia S.A. in favor of Grupo Cibest S.A., in addition to higher labor and general expenses related to operations in development stages, including Nequi, Wompi, and Wenia. Total assets in All Other segments increased to COP 46,854 billion as a result of the completion of the partial spin‑off of assets and liabilities from Bancolombia S.A. in favor of Grupo Cibest S.A. Likewise, total liabilities rose to COP 2,455 billion, also reflecting the effects of this partial spin‑off. Banking Panama (Discontinued operation) Year ended December 31, Change Change 2025 2024 2023 2025-2024 2024-2023 In millions of COP Total interest and valuation on financial instruments 2,546,672 2,689,904 2,826,559 (5.32) % (4.83) % Interest income on loans and financial leases 2,103,723 2,283,111 2,415,234 (7.86) % (5.47) % Debt investments 353,019 316,205 301,167 11.64 % 4.99 % Derivatives, net 3,197 3,322 817 (3.76) % 306.61 % Liquidity operations, net 86,733 87,266 109,341 (0.61) % (20.19) % Interest expenses (1,241,640) (1,336,250) (1,238,112) (7.08) % 7.93 % Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 1,305,032 1,353,654 1,588,447 (3.59) % (14.78) % Credit impairment charges, net (161,369) (456,748) (270,501) (64.67) % 68.85 % Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 1,143,663 896,906 1,317,946 27.51 % (31.95) % Expenses from transactions by the operating segments — — — — % — % Fees and commissions income 519,246 562,330 532,930 (7.66) % 5.52 % Fees and commissions expenses (261,793) (286,392) (258,897) (8.59) % 10.62 % Total fees and commissions, net 257,453 275,938 274,033 (6.70) % 0.70 % Other operating income(1) 24,905 65,876 36,939 (62.19) % 78.34 % Dividends and net income on equity investments 8,561 11,474 13,498 (25.39) % (14.99) % Loss from discontinued operations (5,022,822) — — 100.00 % — % Total operating income, net (3,588,240) 1,250,194 1,642,416 (387.01) % (23.88) % Operating expenses(2) (812,202) (853,981) (909,844) (4.89) % (6.14) % Depreciation, amortization and impairment (97,737) (128,544) (107,717) (23.97) % 19.33 % Total operating expenses (909,939) (982,525) (1,017,561) (7.39) % (3.44) % Profit before income tax (4,498,179) 267,669 624,855 (1780.50) % (57.16) % Segment assets 39,538,249 45,964,767 40,740,495 (13.98) % 12.82 % Segment liabilities 35,059,304 41,132,907 36,315,750 (14.77) % 13.26 % (1)Includes derivatives, net foreign exchange, operating leases and gains on sale of assets. (2)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax. Analysis of 2025 versus 2024 In 2025, Banking Panama’s profit before taxes recorded a loss of COP 4,498 billion, down from a gain of COP 268 billion in 2024, driven by the factors described below. The financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar in 2025. The loan portfolio, expressed in Colombian pesos, decreased by 16.58% and by 2.10% when expressed in U.S. dollars, primarily due to decreases in the mortgage and commercial portfolios. Deposits decreased 15.51% in Colombian pesos and 0.85% in U.S. dollar terms, mainly due to lower time deposits. Total interest and valuation income decreased by 5.32% to COP 2,547 billion, mainly due to lower interest income from commercial loans. The total net credit impairment charge decreased by 64.67% to COP 161 billion. This change is mainly explained by the release of provisions associated with macroeconomic models and the overall improved performance of the loan portfolio. Total net fees and commissions decreased by 6.70% to COP 257 billion, mainly due to lower income from brokerage and credit card fees. Discontinued operations recorded a loss of COP 5,023 billion as a result of the impairment of goodwill associated with the Banistmo agreement. Total operating expenses decreased by 7.39%, primarily due to lower general expenses related to professional fees for IT projects and other technology-related costs, which offset the increase in bonuses. Assets attributable to Banking Panama decreased by 13.98% during the year, mainly due to a lower loan portfolio balance. Similarly, liabilities fell by 14.77%, primarily as a result of a decrease in deposits, mainly time deposits. In both assets and liabilities, the appreciation of the Colombian peso against the U.S. dollar negatively affected the growth of balances in Colombian pesos. B.LIQUIDITY AND CAPITAL RESOURCES B.1LIQUIDITY AND FUNDING Liquid Assets One of our main principles is to maintain a solid liquidity position. Our Asset-Liability Committee ('ALCO'), has established a minimum level of liquid assets to ensure that each subsidiary always has sufficient liquidity to meet its liabilities without incurring big losses or risking reputational damage. We seek to maintain in the optimum level of liquid assets to ensure proper operations not only under normal conditions but also under market stress scenarios. We maintained a solid liquidity position in 2025, with high liquidity levels during the second half of the year. The following table shows the composition of the liquid assets in the last two years: Liquid Assets (1) December 31, 2025 December 31, 2024 High quality Liquid Assets (2) Cash 26,625,173 27,931,834 High quality liquid securities 25,531,243 24,862,860 Other Liquid Assets Other securities (3) 10,142,076 6,823,145 Total Liquid Assets 62,298,492 59,617,839 (1)Cash and those liquid assets received by the Central Bank for its expansion and contraction monetary operations. Liquid assets are adjusted by a haircut. The following are considered as liquid assets: cash, repos held for trading and investments held for trading in listed shares in Colombia’s stock exchange, in investment funds units or in other trading debt instruments. (2) High-quality liquid assets: cash and shares that are eligible to be reportable or repo operations, in addition to those liquid assets that the Central Bank receives for its monetary expansion and contraction operations described in paragraph 3.1.1 of the Foreign Regulatory Circular DODM-142 of the Central Bank. (3) Other Securities: Securities issued by financial and corporate entities. As of December 31, 2025, liquid assets showed a growth of COP 2,681 billion, mainly due to the increase in high-quality liquid securities. This change is a consequence of higher deposits and excess of liquidity, which has been managed through the treasury portfolio with purchases of liquid securities. We measure liquid assets on a daily basis and compare them to an objective target set by the Risk Committee. Under this rule, daily liquid assets must be equal to or higher than the target. In the event the limit is not reached, there is a five-day period to increase liquidity levels. Adequate cash levels are needed to guarantee branch and ATM operations. Our expansion across Colombia requires considerable levels of cash and we monitor cash levels on a daily basis in order to minimize opportunity costs. Additionally, cash is included in the banking reserve established by the Central Bank. Securities that comprise liquid assets are reviewed by the ALCO when considering our liquidity objective. Even though available-for-sale and held-to-maturity debt securities cannot be sold, they can be pledged as collateral in repurchase agreements. Some of them are mandatory investments that can be posted to the Central Bank as collateral. The SFC requires financial entities to have liquid assets greater than the contractual liquidity cumulative one-month gap. This contractual gap reflects the maturity of the current positions of assets and liabilities and does not reflect projections of future operations. The maturity of the loan portfolio for this purpose is affected by the historical default indicator and the maturity of deposits is modeled according to the regulation. We believe that the current level of liquidity is adequate and will seek to maintain the solid deposit base and access to alternative sources of funding, such as borrowings from domestic and international development and commercial banks, repurchase agreements, bond issuances, overnight funds and Central Bank funds, considering market conditions, interest rates and the desired maturity profile of liabilities. Funding Structure As of December 31, 2025, our liabilities reached COP 338,757 billion, a 3.40% increase compared with December 31, 2024. Liabilities denominated in Colombian pesos increased by 10.99%, and liabilities denominated in U.S. dollars decreased by 9.30%. These changes were primarily driven by the increase in peso‑denominated savings accounts, the increase in dollar‑denominated debt securities in circulation, and the reduction in dollar‑denominated time deposits. The 9.30% decrease in dollar‑denominated liabilities reflected, on a net basis, the reduction in U.S. dollar‑denominated time deposits and the appreciation of the Colombian peso against the U.S. dollar (14.79% in 2025); however, this decrease was partially offset by the impact of the Banistmo divestiture, which mitigated the overall reduction in U.S. dollar‑denominated liabilities. Absent this divestiture, the decrease in U.S. dollar‑denominated liabilities would have been more pronounced. As of December 31, 2025 2024 In millions of COP Total funding Peso-denominated 227,513,866 204,977,765 Dollar-denominated. 111,242,880 122,653,342 Total Liabilities 338,756,746 327,631,107 In 2025, our deposits reached COP 264,414 billion at year-end, a decrease of COP 14,645 billion, or 5.25%, compared with 2024. Deposits denominated in Colombian pesos increased by 10.49%, due mainly to the rise in savings accounts and time deposits, while deposits denominated in U.S. dollars decreased by 34.28% as a result of the decline in savings accounts, decrease in time deposits and the effect of exchange rate variations. Additionally, it is important to note that the decrease in deposits denominated in U.S. dollars also reflects the reclassification of Banistmo’s deposits as liabilities associated with investments in subsidiaries held for sale. The ratio of deposits to total assets was 69.6%, decreasing by 5.34 percentage points compared to 2024. As of December 31, 2025 2024 In millions of COP Total Deposits 264,413,956 279,059,401 The following table sets forth checking accounts, savings accounts and time deposits as a percentage of our total liabilities for 2025 and 2024: 2025 (1) 2024 Saving accounts 39.3 % 38.1 % Time deposits 27.1 % 33.5 % Checking accounts 9.5 % 11.6 % Other deposits 2.2 % 2.0 % Percentage of Total Liabilities 78.1 % 85.2 % (1)As of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025, For more information, see the Consolidated Financial Statements Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation. Our principal sources of funding are deposits, which are mainly composed of checking accounts, time deposits and savings accounts. During 2025, savings accounts and time deposits played an important role in the structure of the balance sheet. In the first half of the year, the gradual reduction of the Central Bank’s monetary policy rate, supported by lower inflation, reduced the cost of interest‑sensitive funding. Despite the stabilization of the monetary policy rate in the second half of 2025, the higher share of low‑cost deposits helped maintain a favorable cost of funds throughout the year. Deposits as a percentage of our total liabilities in 2025 were 78.1%, increasing from 85.3% of total liabilities at year-end 2024. The ratio of net loans to deposits (including borrowings from commercial banks) was 88.80% at the end of 2025, decreasing from 89.32% at the end of 2024. Net loans and advances to customers rose to COP 243,100 billion in 2025 from COP 263,274 billion in 2024, while deposits were COP 273,770 billion in 2025, an increase of COP 20,979 billion from 2024. As of December 31, 2025 2024 Net Loans to Deposits 88.80 % 89.32 % We also fund our operations with borrowings from financial institutions. Nevertheless, the main source of financing during 2025 was savings accounts and time deposits. Additionally, our time deposits and borrowings from financial institutions are linked to different market rates/indexes like the IBR, (a short-term benchmark interest rate of Colombian money market liquidity that reflects the price at which banks are willing to lend or borrow funds in the financial market), DTF, IPC1 and SOFR. Debt instruments in issue In 2025, we issued USD 528 million of notes, distributed as follows: Bancolombia issued USD 18 million, Banistmo USD 429.5 million, Banagrícola USD 7 million and Bancolombia Puerto Rico USD 42.5 million. As of December 31, 2025, the total outstanding aggregate principal amount of bonds issued was COP 10,839 billion. The following table shows the maturity profile of our debt securities in issue: 2026 2027 2028 2029 2030 2031 and thereafter Total In millions of COP Debt securities in issue 2,573,470 4,045,504 — 360,730 321,266 3,538,453 10,839,423 ________________________________________ 1The IPC refers to the Consumer Price Index certified by the Colombian statistical bureau ('DANE') The following table sets forth the components of our liabilities for the years 2025 and 2024: As of December, 2025(1) % of total funding 2024 % of total funding In millions of COP, except percentages Savings accounts Peso-denominated 108,986,303 32.2 % 93,938,152 28.7 % Dollar-denominated 24,142,419 7.1 % 30,698,842 9.4 % Total 133,128,722 39.3 % 124,636,994 38.1 % Time deposits Peso-denominated 63,874,633 18.9 % 60,608,350 18.5 % Dollar-denominated 27,798,534 8.2 % 49,152,372 15.0 % Total 91,673,167 27.1 % 109,760,722 33.5 % Checking accounts Peso-denominated 20,374,259 6.0 % 20,567,300 6.3 % Dollar-denominated 11,751,682 3.5 % 17,466,396 5.3 % Total 32,125,941 9.5 % 38,033,696 11.6 % Other deposits Peso-denominated 6,719,341 2.0 % 5,863,094 1.8 % Dollar-denominated 766,785 0.2 % 764,895 0.2 % Total 7,486,126 2.2 % 6,627,989 2.0 % Interbank Deposits Peso-denominated 30,102 — % — — % Dollar-denominated — — % 716,493 0.2 % Total 30,102 — % 716,493 0.2 % Derivate financial instrument-Liabilities Peso-denominated 4,478,163 1.3 % 2,642,149 0.8 % Dollar-denominated 36,467 0.0 % 37,494 0.0 % Total 4,514,630 1.3 % 2,679,643 0.8 % Borrowings from other financial institutions Peso-denominated 5,181,708 1.5 % 5,055,039 1.5 % Dollar-denominated 4,174,720 1.3 % 10,634,493 3.3 % Total 9,356,428 2.8 % 15,689,532 4.8 % Debt securities in issue Peso-denominated 2,171,540 0.6 % 2,241,026 0.7 % Dollar-denominated 5,238,153 1.5 % 9,034,190 2.8 % Total 7,409,693 2.1 % 11,275,216 3.5 % Repurchase agreements and other similar secured borrowing Peso-denominated 283,792 0.1 % 679,878 0.2 % Dollar-denominated 392,255 0.1 % 380,594 0.1 % Total 676,047 0.2 % 1,060,472 0.3 % Leases Peso-denominated 1,153,404 0.3 % 1,141,239 0.4 % Dollar-denominated 171,635 0.1 % 748,125 0.2 % Total 1,325,039 0.4 % 1,889,364 0.6 % Other liabilities Peso-denominated 14,260,621 4.2 % 12,241,538 3.7 % Dollar-denominated 36,770,230 10.9 % 3,019,448 0.9 % Total 51,030,851 15.1 % 15,260,986 4.6 % Total funding Peso-denominated 227,513,866 67.1 % 204,977,765 62.6 % Dollar-denominated 111,242,880 32.9 % 122,653,342 37.4 % Total Liabilities 338,756,746 100.0 % 327,631,107 100.0 % (1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo as an asset held for sale as of December 18, 2025, For more information, see Financial Statements Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation. Consolidated statement of cash flows The following table shows net cash provided by operating activities, net cash used in investing activities and net cash used in financing activities, for the years ended December 31, 2025, 2024 and 2023: 2025 2024 2023 In millions of COP Operating activities 12,258,945 435,895 19,153,084 Investing activities (2,216,093) (559,196) (159,689) Financing activities (8,246,850) (9,244,376) (5,430,672) Increase / (decrease) in cash and cash equivalents 1,796,002 (9,367,677) 13,562,723 Operating activities Operating activities resulted in positive net cash in 2025, due to an increase of COP 27,999 billion in deposits by customers, compared to an increase of COP 18,329 billion in 2024, and COP 31,802 billion of interest received, down from COP 33,225 billion in 2024. Loans and advances to customers and financial institutions rose by COP 27,306 billion, compared with COP 21,622 billion in 2024 and COP 10,554 in 2023. Interest paid generated a use-of-cash of COP 13,299 billion in 2025, COP 14,982 billion in 2024 and COP 15,978 billion in 2023. The value of investment securities recognized at fair value through profit and losses fell by COP 3,004 billion in 2025, compared with an increase of COP 8,401 billion in 2024. Investing activities In 2025, we purchased debt securities at an amortized cost of COP 1,967 billion, down from COP 2,114 billion in 2024 and COP 3,629 billion in 2023. The proceeds from maturities of debt securities at amortized cost provided cash of COP 1,115 billion in 2025, COP 1,622 in 2024 and COP 4,738 billion in 2023. Investing activities related to debt instruments at fair value through OCI provided net cash of COP 603 billion in 2025 and COP 1,858 billion in 2024. Investing activities related to equity securities and interest in associates and joint ventures used net cash of COP 55,837 billion in 2025, down from COP 93,892 billion in 2024. Investing activities related to purchases and sales of premises and equipment and investment properties used net cash of COP 1,748 billion, compared with COP 1,628 billion in 2024 and COP 2,226 billion in 2023. Financing activities Proceeds from borrowings from other financial institutions provided COP 7,454 billion in 2025, COP 9,416 billion in 2024 and COP 9,855 billion in 2023. The placement of debt securities in issue provided COP 2,540 billion in 2025, COP 4,155 in 2024 and COP 1,781 in 2023. The repayment of borrowings used COP 10,808 billion in 2025, compared with COP 10,496 in 2024 and COP 9,921 in 2023. And the payments of debt securities in issue used COP 1,618 billion in 2025, COP 9,276 billion in 2024 and COP 3,928 billion in 2023. Cash was also used to pay dividends to stockholders in the amount of COP 5,196 billion, up from COP 3,398 billion in 2024 and COP 3,298 billion in 2023. The decrease in repurchase agreements used cash of COP 431 billion, compared with cash provided of COP 550 billion in 2024 and COP 304 billion in 2023. Capital adequacy As of December 31, 2025, the banks that are part of Grupo Cibest comply with the regulatory capital adequacy requirements in each of the jurisdictions where they operate. Bancolombia’s standalone capital adequacy ratio was 14.40% (with a basic solvency ratio of 12.22%), below the 18.54% (basic solvency of 15.97%) reported at the end of 2024. This change is mainly due to the start of Grupo Cibest’s operations in 2025. The minimum regulatory requirement for total capital adequacy in Colombia is 9.00%. Bancoagrícola’s capital adequacy ratio was 13.57%, down from the 15.13% reported at the end of 2024, exceeding by 157 basis points the minimum level of 12.00% required by the regulator in El Salvador. Bam’s capital adequacy ratio was 13.51%, below the 13.75% (basic solvency of 7.54%) reported at year‑end 2024, significantly above the minimum level of 10.00% (basic solvency of 5.00%) required by the regulator in Guatemala. As of year‑end 2025, Grupo Cibest's standalone double leverage ratio stood at 101.45%, reflecting a reduction driven by the combined accounting effects of the agreement to sale Banistmo (a decrease in investments and shareholders’ equity coupled with the impairment of the related goodwill). Additionally, Bancolombia’s total exposure used to calculate the leverage ratio amounted to COP 281,369,411 billion as of 2025, and the leverage ratio stood at 8.87%. B.2FINANCIAL INSTRUMENTS AND TREASURY ACTIVITIES The treasury division is responsible for overseeing sales and trading activities across Bancolombia, Bancoagrícola, Bancolombia Panamá, Bancolombia Puerto Rico, Banistmo and Bam. We execute transactions in both domestic and foreign currencies legally authorized in Colombia and in all the countries where we have a presence. These include derivatives transactions, fixed income and indexed securities trading, repurchase or resale transactions, short sales, temporary securities transfers, as well as FX trading. Oversight of the treasury division activities is maintained through comprehensive policies governing liquidity, market, legal, credit and operational risk management. Such policies are monitored by our Chief Risk Officer (CRO). To control market and liquidity risks, we set limits intended to keep our exposure levels and losses within certain ranges determined by Grupo Cibest's Board of Directors. Our investment policies do not include restrictions regarding the maturity of the securities held in the portfolio, except for those related to the liquidity portfolio and over the counter (OTC) derivatives transactions held by Bancolombia, Banistmo and Bancoagrícola. However, we have defined a policy to classify investments in trading portfolios, structural portfolios and other portfolios that have a specific objective. Before taking any additional position, our treasury division also verifies, with respect to investments in domestic and in foreign currencies, the availability of funds for investment and each investment’s compatibility with our liquidity structure. As mentioned in Item 11. Quantitative and Qualitative Disclosure about Market Risk, the market risk stated in the treasury book is measured with value at risk (VaR) metrics, and the position limits are based on the results of these methodologies. We have defined VaR limits that follow a hierarchical structure, which avoids the concentration of market risk in certain groups of assets and takes advantage of portfolio diversification. In addition to VaR limits, we use stop loss signals and limits, except for GAH, to inform senior management when accumulated losses are close to certain predefined thresholds in the trading book. Moreover, for the options portfolio in Bancolombia, we have set limits based on the sensitivity of the portfolio to the underlying volatility, underlying currency and interest rates. As part of our operations, we hold cash and cash equivalents primarily in Colombian pesos, U.S. dollars and Guatemalan quetzals. These positions, as well as any other currency position, are determined by the treasury division in connection with our currency risk assessment and management. Specifically, our exposure to FX risk primarily arises from changes in the U.S. dollar/Colombian peso exchange rate. The exposure to currency risk is managed by our treasury division. We estimate VaR metrics to manage and limit foreign currency risk exposure across our balance sheet in Bancolombia, Valores Bancolombia, Bancoagrícola, Banistmo and Bam. These limits are supervised daily by our Market Risk Management Office. Our treasury division manages a derivative portfolio in Bancolombia and Banistmo, which includes foreign exchange forward transactions with the purpose, among others, of hedging our overall currency exposure. Our Chief Treasury Officer (CTO) centralizes all the reports from the treasury directors in the subsidiaries in all geographies in which they are responsible for FX, investment and risk taking. The Investment Committee is responsible for decision-making related to the management of the treasury areas and the CTO. The participants in the Investment Committee, which meets monthly, are: the CTO, the proprietary trading director, the market risk director, the treasury directors from each bank, and the head of each desk in Colombia (fixed income, FX and derivatives). This committee reviews the investment strategy portfolios, profit and loss figures, VaR levels and benchmark portfolios, based on the framework and risk appetite defined by the Board of Directors. Performance is evaluated against benchmarks approved for each treasury, which includes a target position for each asset and established limits for every product and market in which the treasury operation may invest. There is a continuous follow-up of the portfolios by the Investment Committee. B.3COMMITMENT FOR CAPITAL EXPENDITURES See Item 4. Information on the Company - A. History and Development of the Company – Capital Acquisitions and Divestitures. C.Research and development, patents and licenses, etc Grupo Cibest invests in new business, conducts internal testing, and runs pilots and proofs of concept ('POCs') of new technologies aimed at creating new opportunities in our industry. The innovations derived from these activities are protected by the rigorous management of trademarks and copyright, and the protection of industrial secrets. To date, there are no outstanding patents or processes to obtain new patents, and there are no licensing agreements for our solutions or digital creations. D.Trend information Operating conditions across our key markets are characterized by modest economic growth, broadly in line with the region’s slow but steady expansion in 2025. This environment is supported by easing inflation and increasingly accommodative monetary policies, while domestic demand has remained resilient despite external headwinds. Loan dynamics reflected a combination of resilient commercial activity, selective risk‑adjusted growth, and differentiated strategies across segments. Consolidated trends for the year were influenced by the reclassification of Banistmo as held for sale, which reduced reported loan volumes and impacted net income. However, net interest and valuation income in 2025 increased 1.35%, driven by a larger reduction in interest expenses relative to interest revenues, improvements in credit quality and more selective origination practices that contributed to lower provision charges and a healthier portfolio profile, while solid fee generation and sustained operating‑expense discipline supported results. Looking ahead, the evolution of monetary policy is expected to be favorable given our asset‑sensitive balance sheet, while our strong competitive position in deposits further supports sustained performance. The following is a brief discussion of recent trends affecting Grupo Cibest and the economy. Loan volume performance Gross loans and financial leases (before allowance for losses) decreased 8.27% in 2025, primarily reflecting the share purchase agreement of Banistmo, whose assets were reclassified as “assets related to investments in subsidiaries held for sale.” Following this adjustment, the consolidated loan portfolio totaled COP 256.4 billion at year‑end. The Colombian peso strengthened significantly during the period, appreciating 14.79% from COP 4,409.15 per U.S. dollar in December 2024 to COP 3,757.08 in December 2025, which materially affected the translation of foreign‑currency‑denominated portfolios and amplified the reported contraction. Excluding foreign‑exchange effects, the consolidated loan portfolio would have declined by 4.9%. Expressed in Colombian pesos, consolidated loan balance decreased across all segments: commercial loans by 6.86%, mortgages by 17.55%, consumer loans by 5.57%, and microcredit by 21.39%. Loan balances showed growth across most of the geographies where we operate, but consolidated results were mainly driven by portfolio reclassification effects associated with Banistmo. Excluding the reclassification effect, consolidated loan growth would have reached 2.06%. Loans in Bancolombia expanded 8.91% in 2025. Credit origination strengthened consistently throughout the year, supported by a gradual improvement in monetary conditions and a recovery in household demand. The mortgage portfolio recorded the highest percentage growth, benefiting from reduced‑rate programs implemented in the prior year and maintained through the first half of 2025. Consumer lending showed a clear shift in trend over the year, as progressive improvements in asset‑quality indicators supported the reactivation of growth, –particularly in personal loans and credit cards. Commercial loans grew at a more moderate pace in 2025, similar to the trend observed in 2024, when activity began to accelerate in line with the monetary policy change at the start of that year. Overall, these results were aligned with Colombia’s moderate economic recovery in an environment of contained inflation, which supported credit demand and sound asset quality. Loans at Bancoagrícola grew 11.26% year‑over‑year in dollar terms. Commercial lending was the main driver of this expansion, reflecting solid activity among corporate clients, with strong dynamism in the construction sector, supported by large‑ticket disbursements, particularly concentrated in the fourth quarter of the year. Consumer loans also showed sustained growth, especially in personal loans and credit cards. This performance was underpinned by the continued expansion of our digital banking capabilities, which have enabled the Bank to reach a broader customer base and penetrate new customer segments. In 2025, the economy in El Salvador was mainly propelled by resilient private consumption supported by strong U.S. activity and remittance inflows. Fiscal dynamics remained constrained by rigid expenditures, though short‑term consolidation efforts aligned with the government’s commitments to the IMF, global trade disruptions and a weakening textile sector weighed on external performance. The credit portfolio in Bam was up 1.86% in dollar terms led by the performance of commercial lending, which stood out as the main driver of new disbursements. In contrast, consumer lending declined as Bam tightened origination of higher‑risk products to stabilize asset quality. Mortgage activity remained contained, reflecting the institution’s strategic focus on disciplined portfolio allocation and prioritization of segments that best support long‑term balance‑sheet objectives amid a more competitive pricing environment. In 2025, Guatemala’s economic activity was supported by private consumption and by the performance of financial services, textile production for export, tourism, and commerce. Inflation remained contained as fuel prices declined and earlier supply effects receded. Macroeconomic conditions remained stable under consistent policy management. Within this environment, portfolio growth reflected a selective, risk‑adjusted approach aimed at balancing expansion with prudent credit performance. Banistmo’s credit portfolio was down 2.10% on an annual basis, when measured in U.S. dollars, decreasing across all loan categories except microcredit, due to a combination of stricter post‑pandemic risk controls and client‑specific adjustments. Mortgages saw the deepest contraction, driven by tighter origination policies following credit deterioration and delayed government subsidy flows. The commercial portfolio decreased as amortizations exceeded new loan originations. Consumer lending also contracted, reflecting weaker origination and risk discipline. Panama’s economic activity recovery in 2025 was gradual and continued to be weighed down by the shutdown of Cobre Panamá and trade disruptions linked to U.S. tariff announcements. These shocks weakened confidence and softened credit demand, limiting loan growth. Although Panama Canal activity and tourism gradually improved after El Niño-related interruptions, they did not fully offset the earlier decline, leaving the operating environment constrained by persistent fiscal pressures and uncertainty. Foreign-denominated loans decreased 43.27% in 2025. This contraction was mainly explained by the reclassification of Banistmo’s dollar‑denominated loan portfolio, as well as lower credit demand and higher amortizations at Bancolombia Panamá. Looking ahead, an improving macroeconomic environment and strengthening domestic demand in El Salvador and Guatemala are expected to support a more favorable performance of the dollar‑denominated loan portfolio on a consolidated basis. Net interest margin and valuation The annualized net interest margin ('NIM') on a consolidated basis was 6.13% for 2025, down from 6.39% for 2024. Net interest margin comprises the loan interest margin and the margin on debt investments. In 2024, Colombia's monetary authority initiated a gradual easing cycle, lowering the benchmark rate to 9.50% by year end. During 2025, however, the pace of monetary normalization slowed considerably. The policy rate remained unchanged at 9.50% in early 2025 and was subsequently held at 9.25% across several meetings, as the Central Bank prioritized caution in response to persistent inflationary pressures and increased macroeconomic uncertainty, While our credit portfolio continued to grow during the year, interest income declined, as our assets tend to reprice faster than our liabilities. However, supported by effective funding management, interest expense decreased at a faster pace, more than offsetting the pressure on interest income. As a result, net interest income recorded a slight expansion during the period. Interest expenses have declined faster than interest income. Our funding strategy has focused on actively managing time deposits, allowing us to benefit from shorter maturities and a gradual repricing at lower rates ahead of central bank easing. At the same time, sight deposits gained relevance within the funding mix, driven by strong growth in saving accounts. Looking ahead, the expected interest rate environment in 2026 could gradually become more supportive, given our asset‑sensitive balance sheet, which would translate into higher loan yields as rates adjust. At the same time, our funding profile, anchored by a solid base of customer deposits and disciplined liability management strategies, should help mitigate pressure on margins. Overall, these factors are expected to contribute to stable net interest income performance going forward. Cost of credit For 2025, the cost of credit was 1.59% of average loans, down from 1.88% posted in 2024, due to lower behavior‑driven provisions, particularly in the consumer and SME portfolios, which exhibited stronger credit performance. The corporate segment also contributed, though to a lesser extent, through reduced provisions associated with better asset quality. Macroeconomic updates, which had a positive effect on provision expenses in 2024, had only a limited impact in 2025. Although releases were recorded in the first half of the year, these were offset by higher expenses in the fourth quarter, driven by a less favorable outlook following inflationary pressures and interest rate hikes. As the credit cycle normalizes across both retail and corporate portfolios, we anticipate a steadier cost of risk ahead. We maintain a strong balance sheet, supported by an adequate level of loan-loss reserves, reporting a coverage ratio to PDLs (overdue 30 days) of 134.41% at the end of the year. This performance was supported by improvements in credit risk management during the year, including enhanced analytical models, stronger early‑warning monitoring and more disciplined management of loan stages. E.Critical accounting policies and estimates The preparation of the Consolidated Financial Statements requires our management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The material accounting policies, including the policies that include critical accounting estimates and judgments, are described in Note 2.E. to the Consolidated Financial Statements, Material accounting policies, Use of estimates and judgments. The accounting policies listed below involve a high degree of uncertainty and could have a material impact on the Consolidated Financial Statements: •Credit risk impairment: Expected credit losses are measured using both individual and collective models and methodologies. Collective models include parameters such as the 12‑month probability of default, lifetime probability of default (for loans classified in Stage 2), loss given default and exposure at default. These models apply a forward‑looking approach, which represents the most significant critical judgment in the estimation of expected credit losses. The estimation process incorporates reasonable and supportable forecasts of key macroeconomic variables that have a significant impact on impairment outcomes, including gross domestic product (GDP) growth, interest rates, inflation and the current account balance, among others. As of December 31, 2025, a total of COP 4,437,432 of credit impairment charges on loans, advances and financial leases, net, were recorded on the Consolidated Statement of Income, down from COP 4,964,893 on December 31, 2024 and COP 7,210,390 on December 31, 2023. The allowance for credit losses decreased by 18% in 2025 compared to the prior year. This decrease was primarily driven by the reduction in exposure and provisions across all stages, mainly as a result of the classification of Banistmo as a discontinued operation. In addition, the strong credit performance observed during 2025 contributed to lower provision levels, particularly in Stage 3. Although some specific clients in the commercial and consumer portfolios experienced credit deterioration, these effects were offset by the overall improvement in credit quality, together with the impact of the classification of Banistmo as a discontinued operation. For further information about the change of the allowance for credit losses from 2025 to 2024, see Note 6 to the Consolidated Financial Statements, Loans and Advances to Customers, Net, Impact of movements in the value of the portfolio and loss allowance by Stage section and Note Risk Management in the Credit Risk section. •Impairment testing of cash generating units ('CGUs'), including goodwill: The identification of cash-generating units, the allocation of goodwill based on expectations as to which of our business segments will benefit from the business acquisition, the estimation of the future cash flows of the CGUs and the rates used to discount these cash flows are subject to a high degree of uncertainty. As of December 31, 2025, and December 31, 2024, a total of COP 1,947,325 and COP 9,017,419, respectively, of goodwill were recorded on the Consolidated Statement of Financial Position. In 2025, the Group recorded a goodwill impairment charge of COP 5,022,822 million related to the classification of Banistmo as a discontinued operation. See Note 2.E.2 to the Consolidated Financial Statements. •Recognition of digital assets: Determining the appropriate accounting treatment for the digital asset holdings and for the custody of digital assets held by customers involves significant judgment, as there is currently no specific definitive guidance in IFRS or alternative accounting frameworks to account for these transactions. See Note 2.E.3 to the Consolidated Financial Statements. •Deferred tax and uncertainty over income tax treatments: Due to the changing conditions of the political, social and economic environment, the constant changes in tax legislation and the constant changes in tax principles and interpretations by tax authorities, the determination of the tax bases of deferred tax items involves difficult judgments related to recoverability, which is based on expected future profitability, offsets or tax deductions. As of December 31, 2025, and December 31, 2024, COP 1,750,097 and COP 763,757, respectively, of deferred tax assets were recorded on the Consolidated Statement of Financial Position. See Note 2.E.4 and 13 to the Consolidated Financial Statements. •Provisions and contingent liabilities: Significant judgment is required in determining whether a present obligation exists and in estimating the probability, timing and amount of any outflows, including the assumption of the discount rate where the timing of the outflow is greater than 12 months. As of December 31, 2025, and December 31, 2024, COP 382,655 and COP 439,095, respectively, of provisions were recorded on the Consolidated Statement of Financial Position. See Note 2.E.5 to the Consolidated Financial Statements. •Fair value of assets and liabilities: A variety of valuation techniques are used to determine the fair value of assets and liabilities, some of which involve significant unobservable inputs and are subject to significant uncertainty based on assumptions that would be used in the market to determine the price for assets or liabilities. As of December 31, 2025, and December 31, 2024, a total of COP 41,559,307 and COP 39,514,527, respectively, of assets and COP 4,514,630 and COP 2,679,643, respectively, were recorded in respect of liabilities that have been measured at fair value on a recurring basis in the Consolidated Statement of Financial Position. See Note 2.E.6 to the Consolidated Financial Statements. •Measurement of employee benefits: The measurement of post-employment and long-term employee benefit obligations involves a number of inputs and is dependent on a number of assumptions about future events, such as discount rate, inflation rate, pension payments and deferred pensions, compensation and mortality. As of December 31, 2025, and December 31, 2024, COP 947,610 and COP 951,555, respectively, of liabilities relating to post-employment benefit and long-term benefit plans were recorded on the Consolidated Statement of Financial Position. See Note 2.E.7 to the Consolidated Financial Statements. •Transaction price determination: We have fixed and variable prices considering the characteristics of each service, future events, discounts, returns and other variables that may influence the selling price. See Note 2.E.8 to the Consolidated Financial Statements. •Leases: The measurement of the right-of-use asset and of the lease liabilities requires a series of judgments, among which are the determination of the term of the lease and the rate used in discounting the cash flows. As of December 31, 2025, and December 31, 2024, a total of COP 1,329,718 and COP 1,757,206, respectively, of right-of-use assets and COP 1,325,039 and COP 1,889,364, respectively, of lease liabilities were recorded on the Consolidated Statement of Financial Position. See Note 2.E.9 to the Consolidated Financial Statements. Given the inherent uncertainties of the items above, the estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Management bases its estimates and judgments on historical experience and various other factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates if assumptions and conditions change.