CIB

Introduction This section describes the market risks that we are exposed to, along with the tools and methodologies used to measure these risks as of December 31, 2025. We face market risk as an inherent aspect of our lending, trading and investment operations. Market risk represents the potential loss due to adverse changes in market prices of financial instruments driven by fluctuations in interest rates, foreign exchange rates, equity prices and other risk factors, such as sovereign risk. Our risk management strategy, called the 'Integrated Risk Management Strategy', is based on principles set by international bodies and by Colombian regulations, and is guided by our corporate strategy. The primary objective of the Integrated Risk Management Strategy is to identify, measure, coordinate, monitor, report and propose policies for market and liquidity risks, thereby facilitating the efficient management of our assets and liabilities. To formalize the approach to market risk management, the Board of Directors and senior management have established policies, procedures, strategies and rules for market risk administration in the 'Market Risk Manual'. This manual defines the roles and responsibilities of each subdivision and their interaction to ensure effective market risk administration. Our Market Risks Management Department is responsible for: (a) identifying, measuring, monitoring, analyzing and controlling the market risk inherent in our businesses, (b) analyzing our exposure under stress scenarios and confirming compliance with our risk management policies, (c) analyzing the methodologies designed by the official price vendor for valuation of the market value securities and financial instruments, (d) reporting to senior management and the Board of Directors any violation of our risk management policies, (e) reporting to the senior management on a daily basis the levels of market risk associated with the trading instruments recorded in its treasury book (the 'Treasury Book'), and (f) proposing policies to the Board of Directors and to senior management that ensure the maintenance of predetermined risk levels. We have also implemented an approval process for new products across each of our subdivisions. This process ensures that each subdivision is prepared to incorporate the new product into its procedures, that all risks are considered prior to incorporation, and that approval from the Board of Directors is obtained before the new product is offered. Our assets include both trading and non-trading instruments. Trading instruments are recorded in the Treasury Book and include fixed income securities, foreign exchange (FX) and bond futures, as well as over-the-counter plain vanilla and exotic derivatives. Derivative trading includes forward contracts on foreign currency operations, forward contracts on fixed income securities, plain vanilla options on foreign currency, Asian options on U.S. dollar/COP, cross currency swaps and interest rate swaps. Non-trading instruments are recorded in our banking book (the 'Banking Book'), which primarily includes loans, time deposits, checking accounts and savings accounts.We use a Value-at-Risk ('VaR') calculation to manage our exposure to market risk in the Treasury Book, applying two different VaR methodologies: (1) the standard methodology required by the SFC, used to report market risk exposure to the regulator (this is the methodology applied in the analysis below); and (2) an internal historical simulation methodology, used to monitor the VaR limit structure trading activities. The Board of Directors is responsible for establishing the maximum VaR based on the assessment of the appropriate level of risk for Cibest Corporate Group. The Corporate Market, Liquidity and Interest Rate Risk Committee is responsible for establishing the maximum VaR by type of investment. These limits are supervised daily by our Market Risk Management Office. We are exposed to foreign currency exchange rate risk due to mismatches between assets and liabilities and off-balance sheet items denominated in different currencies.These mismatches may arise from trading activities or during the normal course of business operations. Our principal foreign currency exposure is to the U.S. dollar, which is actively managed by the Treasury Division and monitored through positions, VaR, and daily results.To manage interest rate risk associated with banking activities, we conduct a thorough analysis of mismatches between interest earning assets and interest-bearing liabilities. This analysis evaluates the potential impact of interest rate shocks on both the economic value of equity (EVE) and net interest income (NII). In addition, the foreign currency exchange rate exposures arising from the Banking Book are provided to the Treasury Division, where these positions are consolidated and effectively managed. Trading Instruments Market Risk Measurement We also measure the Treasury Book’s exposure to market risk (including over-the-counter derivatives positions) as well as the currency risk exposure of the Banking Book, which is provided to the Treasury Division, using a VaR methodology established in accordance with Chapter XXXI of the Basic Accounting Circular issued by the SFC. This methodology is based on the model recommended by the Amendment to the Capital Accord to Incorporate Market Risks by the Basel Committee of 2005, which focuses on the Treasury Book and excludes investments measured under amortized cost that are not pledged as collateral, as well as any other investment that comprises the Banking Book, such as non-trading positions except for the currency risk position stemming from investment in affiliated but not consolidated entities denominated in foreign currencies. In addition, the methodology aggregates all risks using correlations, through an allocation system based on defined zones and bands, adjusted by specific sensitivity factors. Our total market risk is calculated through the arithmetical aggregation of the VaR calculated for each subsidiary. For purposes of VaR calculations, a risk exposure category is any market variable capable of causing potential changes in the portfolio value. Considering a given risk exposure, the VaR model assesses the maximum loss that does not exceed a specified confidence level over a given period of time. The fluctuations in the portfolio’s VaR depend on volatility, modified duration and positions changes relating to the different instruments that are subject to market risk. The relevant risk exposure categories for which VaR is computed by Cibest Corporate Group according to Chapter XXXI, appendix VI of the Basic Accounting Circular are: (i) interest rate risks relating to local currency, foreign currency and UVR; (ii) currency risk; (iii) stock price risk; (iv) fund risk and (v) credit default swaps. Interest Rate Risk (Treasury Book) The interest rate risk is the probability of decline in the market value of a position due to fluctuations in market interest rates. We calculate the interest rate risk for positions in local currency, foreign currency and UVR separately, in accordance with Chapter XXXI of the Basic Accounting Circular issued by the SFC. The calculation of the interest rate risk begins with determining the net position in each instrument and estimating its sensitivity, calculated by multiplying its net present value (NPV) by its “modified duration” and by the interest rate’s estimated fluctuation (as defined by the Superintendency of Finance). The interest rate’s fluctuations are established by the SFC according to historical market performance, as shown in the following table: Figure 1. Interest Risk – Sensitivity by Bands and Zones Modified Duration Interest rate fluctuations (basis points) Zone Band Low High Pesos UVR USD Zone 1 1 0 0.08 274 274 100 2 0.08 0.25 268 274 100 3 0.25 0.5 259 274 100 4 0.5 1 233 274 100 Zone 2 5 1 1.9 222 250 90 6 1.9 2.8 222 250 80 7 2.8 3.6 211 220 75 Zone 3 8 3.6 4.3 211 220 75 9 4.3 5.7 172 200 70 10 5.7 7.3 162 170 65 11 7.3 9.3 162 170 60 12 9.3 10.6 162 170 60 13 10.6 12 162 170 60 14 12 20 162 170 60 15 20 - 162 170 60 After calculating the sensitivity factor for each position, modified duration is applied to classify positions into their respective bands. A net sensitivity is then calculated for each band, by determining the difference between the sum of all long-positions and the sum of all short-positions. Subsequently, a net position is calculated for each zone, comprising a series of bands defined by the SFC. The final step involves adjusting within each band, across bands and within each zone, culminating in the computation of the interest rate risk VaR by currency. All adjustments are executed in accordance with the guidelines issued by the Superintendency of Finance. Our exposure to interest rate risk primarily arises from investments in Colombian government’s treasury bonds (TES) and other securities issued by the Colombian government. Currency (Treasury and Banking Book), Equity (Treasury Book) and Fund Risk (Treasury Book) The VaR model uses a sensitivity factor to estimate the probability of loss due to fluctuations in the prices of stocks, funds and currencies in which we hold positions. As previously indicated, the methodology used in this Annual Report to quantify such risk consists of computing VaR, calculated by multiplying the position by the maximum probable variation in the price of such positions (Δp). The Δp is determined by the SFC, as shown in the following table: Figure 2. Sensitivity Factor for Currency Risks, Equity Risks and Fund Risks Currency Sensitivity Factor USD 12.49 % Euro 11.00 % Other currencies 13.02 % Equity and Fund Risk 14.70 % Interest rate fluctuations and the sensitivity of exchange rate risk, share prices, and collective portfolios used in the model are established by the SFC in accordance with historical market behavior. Total Market Risk VaR This VaR is calculated as the algebraic sum of the interest rate risk, currency risk, stock price risk, fund risk and credit default swaps risk. These components are calculated by aggregating our and our subsidiaries’ exposures to each respective risk. At present, we do not have exposure to credit default swaps risk. Our exposure to market risk decreased by 28.5%, from COP 1,697,565 in December 2024 to COP 1,213,155 in December 2025. There was a notable decrease in the exchange rate factor due to lower exposure to the U.S. dollar, driven by lower exposure to foreign currency securities. Meanwhile, the share price factor increased due to greater exposure to equity instruments, as did the collective portfolio factor, which also increased due to the valuation of the Colombia Real Estate Fund. Assumptions and Limitations of VaR Models: While VaR models are widely recognized as a valuable tool for risk management, they have inherent limitations, including their reliance on historical data, which may not be indicative of future market conditions or trading patterns. Consequently, VaR models should not be viewed as predictive indicators of future results. We may incur losses that could be materially in excess of the amounts estimated by the models for a particular trading day or over a specific period, and there have been instances when results have fallen outside the values generated by our VaR models. A VaR model does not estimate the greatest possible loss. The outcomes derived from these models, as well as the subsequent analysis, are subject to prudent judgment of our risk management personnel. The chart below provides information about our VaR for trading instruments at the end of December 2024 and December 2025. December 2025 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate Risk VaR 534,919 552,803 499,712 524,034 Foreign Exchange Rate Risk VaR 182,077 282,154 751,796 79,062 Equity Risk VaR 407,177 380,326 367,615 375,015 Fund Risk VaR 88,982 51,683 35,781 36,608 Total Value at Risk 1,213,155 1,266,967 As of December 31, 2024, the proprietary portfolio of Wenia amounted to USD -74.3 thousand, with a Value at Risk (VaR) of USD 3.8 thousand. The VaR was calculated using an internal methodology based on a Dynamic Conditional Correlation (DCC) GARCH model, with a one-day time horizon and a 99% of confidence level. Non-Trading Instruments Market Risk Measurement The relevant risk exposure in the Banking Book is interest rate risk, defined as the probability of unexpected changes in net interest income due to changes in market interest rates. Changes in interest rates affect our earnings as a result of timing differences on the repricing of the assets and liabilities. We manage interest rate risk arising from banking activities in non-trading instruments by analyzing the interest rate mismatches between its interest earning assets and its interest-bearing liabilities. The foreign currency exchange rate exposures associated with the Banking Book are provided to the Treasury Division where these positions are aggregated and managed. Interest Risk Exposure (Banking Book) We performed a sensitivity analysis of market risk sensitive instruments, estimating the impact on the net interest income for each position in the Banking Book, using a repricing model and assuming positive parallel shifts of 100 basis points (bps). Table 1 provides information about our interest rate sensitivity for the items on the statement of financial position that comprises the Banking Book: Table 1. Sensitivity to Interest Rate Risk of the Banking Book The chart below provides information about our interest rate risk sensitivity in local currency (COP) at December 31, 2025 and December 31, 2024: Interest Rate Risk As of December 31, December 31, 2025 December 31, 2024 In millions of COP Assets sensitivity 100 bps 1,314,604 1,262,776 Liabilities sensitivity 100 bps 870,619 915,528 Net interest income sensitivity 100 bps 443,985 347,248 The chart below provides information about our interest rate risk sensitivity in foreign currency (USD) at December 31, 2025 and December 31, 2024: Interest Rate Risk As of December 31, December 31, 2025 December 31, 2024 In thousands of USD Assets sensitivity 100 bps 95,344 76,219 Liabilities sensitivity 100 bps 110,682 83,051 Net interest income sensitivity 100 bps (15,337) (6,832) A positive net sensitivity denotes a higher sensitivity of assets than of liabilities and implies that a rise in interest rates will positively affect our net interest income. A negative sensitivity denotes a higher sensitivity of liabilities than of assets and implies that a rise in interest rates will negatively affect our net interest income. In the event of a decrease in interest rates, the impacts on net interest income would be opposite to those described above. Total Exposure As of December 31, 2025, the net sensitivity of the banking book in legal currency to positive and parallel variations in interest rates of 100 basis points was COP 443,985. The variation in interest rate risk sensitivity between 2025 and 2024 is due to the increase in the portfolio balance and accounting hedges. On the other hand, the sensitivity of the net interest margin in foreign currency, assuming a parallel shift of 100 basis points, amounted to USD 15,337. This represents an increase compared to December 31, 2024, primarily driven by higher balances in rate‑sensitive deposit accounts and certificates of deposit. Assumptions and Limitations Net interest income sensitivity analysis is based on the repricing model and incorporates the following key assumptions: (a) the effect of new transactions, defaults, etc. is not considered (b) the sensitivity of the fixed-rate balance sheet considers amounts maturing in less than one year, assuming that these will be placed again at market rates; and (c) changes in interest rates are presented immediately and in parallel in the yield curves for assets and liabilities. Structural Equity Risk Exposure (Banking Book) Grupo Cibest's Investment Banking unit, in its capacity as a financial corporation, holds structural capital investments directly and through its affiliated companies. These investments are mainly concentrated in the industrial and financial sectors. The market value of these positions grew 25.5%, going from COP 36,226 million at the end of 2024 to COP 45,460 million at the end of 2025, mainly as a result of the appreciation of ENKA's shares. The structural equity positions are exposed to market risk. Sensitivity calculations are made for those positions: As of December 31, 2025 2024 In millions of COP Market Value 45,460 36,226 Delta 14.70 % 14.70 % Sensitivity 6,683 5,325 A negative impact of 14.70% on the value of structural shares as of December 2025 would result in a COP 6,683 million drop in their market value.

A.[Reserved] B.Capitalization and Indebtedness Not applicable. C.Reasons for the Offer and Use of Proceeds Not applicable. 9 Table of Contents Presentation of certain financial and other information Accounting Principles The Consolidated Financial Statements for the years ended December 31, 2025 and 2024, and our Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023, and related notes included in this Annual Report have been prepared in accordance with IFRS as issued by the IASB as well as the interpretations issued by the IFRS-IC. All data included in this report has been prepared in accordance with IFRS as issued by the IASB, except for the data included in Item 4. B.7 Competition, which has been prepared in accordance with the local generally accepted accounting practices of each subsidiary. Our Consolidated Financial Statements include entities that we control, directly or indirectly. See Item 4. Information on the Company – C. Organizational Structure for a summary of the organizational structure of Cibest Corporate Group and certain subsidiaries involved in financial or capital markets. Currencies Our Consolidated Financial Statements are presented in Colombian pesos, which is our functional currency and the presentation currency for the Consolidated Financial Statements. The Consolidated Financial Statements and amounts as of December 31, 2025 and 2024, and for the three fiscal years ended December 31, 2025, 2024 and 2023, contained in this Annual Report are expressed in millions or billions of pesos (where indicated), except earnings per share, diluted earnings per share and the exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. This Annual Report translates certain peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise indicated, the exchange rate used in this Annual Report is indicated in Note 2.D Material Accounting Policies, section 1. Functional currency, transactions and balances in foreign currency. Rounding Discrepancies Certain monetary amounts, percentages and other figures included in this Annual Report have been subject to rounding. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Websites We maintain a website at http://www.grupocibest.com/. In addition, certain of our subsidiaries referred to in this Annual Report maintain separate websites. For example, Bancolombia maintains a website at https://www.grupobancolombia.com/Bancoagrícola and Bam maintain websites at http://www.bancoagricola.com/ and https://www.bam.com.gt/, respectively. Information included on or accessible through our website or the website of any of the subsidiaries is not incorporated into this Annual Report or the filing. All references in this Annual Report to these and other websites are inactive textual references to these URLs, or 'uniform resource locators', and are for reference only. D.Risk Factors Investors should consider the following risks and uncertainties along with the other factors presented in this Annual Report when evaluating the report's forward-looking statements, any document incorporated by reference, our future public filings or press releases, or future oral statements made by us, our officers or other people acting on our behalf. If any of the following risks occur, our business, operating results and financial condition, as well as our ability to raise capital and access funding, could be materially and adversely affected, and, we could suffer possible reputational damage. These risk factors should not be considered a complete list, and the headings below do not indicate that a given risk applies only to the heading under which it is located. Summary of Risk Factors 10 Risk factors relating to Colombia and other countries where we operate •Changes in economic and political conditions in the countries where we operate, may adversely affect our financial condition and operating results. •The countries where we operate are vulnerable to external effects, such as economic difficulties experienced by major regional trading partners or general contagion from economic or geopolitical shocks, which could have a material adverse effect on economic growth in these countries and their ability to service their public debt. •Colombia and El Salvador have experienced several periods of violence and instability that could affect those economies and our business. •Any additional taxes resulting from changes to tax regulations or the interpretations of tax regulations in the countries where we operate could adversely affect our results. •Allegations of corruption against the governments, politicians and the private sector in the countries where we operate could create economic and political uncertainty and could expose us to additional credit risk. Risk factors relating to our subsidiaries' business and the banking industry •We are subject to credit risk, and estimating our exposure involves economic projections and financial estimates and availability, quality and timeliness of information may affect our exposure to credit risk. •We are subject to risks from concentration in our loan portfolio. Problems with one or more of our largest borrowers may adversely affect our financial condition and operating results. •The value of our loan collateral may be insufficient to cover the outstanding principal and interest. In addition, we may be unable to realize the full value of the collateral in the event of default. •Downgrades in our or our subsidiaries' credit ratings would increase our cost of borrowing funds and make it more difficult for us or our subsidiaries to raise new funds, attract deposits or renew maturing debt. •Changes in banking regulations in Colombia and in other jurisdictions where we operate could adversely affect our results. •Our operating results are sensitive to fluctuations in interest rates. •We are subject to market risk and the income from our proprietary trading activities is highly volatile. •We have significant exposure to sovereign risk, especially in Colombia, the United States, El Salvador, Guatemala and Panama. Our results could be adversely affected by decreases in the value of our sovereign debt instruments. •We are subject to credit, market, liquidity and operational risks associated with other banking businesses, including securities investments and derivatives transactions. •We are subject to regulatory inspections, examinations, inquiries and audits in Colombia and in other countries where we operate. Any sanctions, fines and other penalties resulting from such inspections, examinations, inquiries or audits could materially and adversely affect our business, financial condition, operating results and reputation. •We are subject to the U.S. Foreign Account Tax Compliance Act of 2010 and the OECD’s Automatic Exchange of Information - Common Reporting Standard (CRS). •The tax haven regulations in the countries where we operate could adversely affect our business and financial results. •Our financial results may be negatively affected by changes to accounting standards. •We face risks relating to regulatory compliance in general and, in particular, with respect to laws relating to anticompetitive practices, consumer protection and protection of personal data. •Future restrictions on interest rates or banking fees could negatively affect our profitability. •Our results could be adversely affected by high levels of inflation. •Our activities may be interrupted or affected by external factors, such as climate change and its effect on weather and natural disasters. •We are exposed to environmental, social, governance and sustainability risks that could affect our financial condition and operating results. •Our ability to attract and retain specialized talent, and the lack of professional training in the areas where we operate, could affect our business objectives, operating results and financial condition. •We may be exposed to increased costs and liabilities in the event of the failure of our service providers to perform their obligations under key services contracts. •Our businesses rely heavily on data collection, processing and storage systems, the failure of which could materially and adversely affect the effectiveness of our risk management, reputation and internal control system as well as our financial condition and operating results. •Risks relating to the use of quantitative models and information may adversely impact our business strategies and results. •We are subject to a wide range of information security and cybersecurity incidents that can have a material adverse effect on our business. •Acquisitions and strategic alliances may not perform as expected or may disrupt our operations and adversely affect our profitability. •We are subject to increasing competition in the rapidly evolving financial services industry, and may face challenges in the adoption of emerging technologies, such as artificial intelligence, which could result in competitive disadvantage and may adversely affect our operating results. •We are subject to operational risks and losses. •Our financial results may be negatively affected by changes to assumptions supporting the value of our goodwill. •Digital misinformation could adversely affect our reputation as well as our operating and financial results. •Our policies and procedures may not be able to detect money laundering, terrorism financing, corruption or other illegal or improper activities fully or on a timely basis. Risk factors relating to our financial holding company structure •We may not succeed in implementing our strategy to take advantage of, or we may fail to realize the anticipated benefits of, our financial holding company structure. •As a holding company, Grupo Cibest depends on limited forms of funding to fund its operations. Risk factors relating to Grupo Cibest’s Preferred Shares and ADSs •Preemptive rights may not be available to holders of ADRs evidencing ADSs. •Exchange rate fluctuations may adversely affect the Colombian economy, the market price of Grupo Cibest’s ADSs, and the dividends payable to holders of Grupo Cibest’s ADSs. •Grupo Cibest’s Preferred Shares have limited voting rights. •Holders of Grupo Cibest’s ADSs may encounter difficulties in the exercise of dividend and voting rights. •Relative illiquidity of the Colombian securities markets may impair the ability of an ADS holder to sell Preferred Shares. •Changes in Colombia’s tax regime may affect the tax treatment of ADSs. Risk factors relating to Colombia and other countries where we operate Changes in economic and political conditions in the countries where we operate, may adversely affect our financial condition and operating results. Our financial condition, operating results and asset quality depend on the macroeconomic and political conditions in Colombia, El Salvador, Guatemala and Panama. An economic slowdown or contraction, inflation, shifts in economic policy, or changes in judicial interpretation of exchange controls could affect the overall business climate and negatively impact our financial performance and results. Other risk factors in these countries include currency depreciation, interest rate fluctuation, changes in taxation and banking laws and regulations, and other political or economic developments. The governments of Colombia, El Salvador, Guatemala and Panama have historically exercised substantial influence on their economies and may, in the future, take steps that could affect our businesses and operating results, market conditions and the prices and rates of return on securities issued by local issuers (including Grupo Cibest's securities). Potential changes in laws, public policies and regulations could create instability in these countries and their respective markets. Future developments in government policies could negatively affect our business, financial and commercial condition, as well as the market value of Grupo Cibest's securities. It is likely that these risks will become more significant in the coming years, due to election 'pendulum swings,' political polarization, increasing global tensions, international conflicts, dissatisfaction with government and growing social discontent. This combination of factors could lead to greater instability and political risks in the medium term than in the recent past. Colombia In Colombia, significant uncertainty remains with respect to the GDP outlook, reflecting, among other factors, the outcome of the March 2026 congressional elections and upcoming presidential elections in May 2026. Inflation could prove more persistent than anticipated due to a 23% increase in the minimum wage, indexation effects, supply-side shocks, or external pressures. In response to inflationary pressures and economic performance, the Central Bank increased its benchmark monetary policy rate by 100 basis points to 10.25% in January 2026, reversing its prior policy of maintaining lower interest rates. Further tightening of monetary policy, or the persistence of elevated interest rates, could adversely affect economic activity, borrowing costs and financial conditions. Additionally, measures taken by the Colombian government under the declaration of an economic emergency, along with reforms in sectors such as labor, healthcare, and public services, will continue to introduce uncertainty for the private sector, potentially adversely impacting business and consumer confidence. Concerns over fiscal sustainability and potential disruptions in capital markets may further dampen investment dynamics, posing downside risks to GDP growth. A sustained decline in private investment to an almost two-decade low poses a risk to Colombia's long-term economic growth, which in turn could undermine future fiscal revenue expansion and compromise fiscal consolidation efforts. In 2025, two credit rating agencies that rate Colombia's sovereign debt downgraded Colombia's long-term foreign currency rating to BB rating (non-investment grade) which highlights these challenges, emphasizing the persistent high cost to the government of its debt interest payments, elevated fiscal deficits, and Colombia's continued reliance on commodities. As Colombia approaches the end of the current government term and the start of electoral campaigns, additional regulatory initiatives are expected. Some of these measures could conflict with Colombia's existing constitutional and legal framework, creating regulatory uncertainty and potential impacts on legal stability in certain sectors, including financial services. Even initiatives presented as temporary could result in adverse financial effects. El Salvador El Salvador faces multiple economic risks, including a slowdown in growth from 2.8% in 2025 to approximately 2.5% in 2026 due to weaker external demand, amid stable global growth and persistent international trade tariff tensions. Inflationary pressures could resurface, driven by adverse weather conditions and potential fuel price increases under the U.S. administration. The country’s high reliance on remittances (23% of GDP) makes El Salvador vulnerable to shifts in U.S. immigration policy, while the current account deficit, which fell from 1.9% in 2024 to 1.2% in 2025 but is projected to widen again to 1.5% of GDP in 2026, and limited access to capital markets pose external financing challenges. El Salvador continues to face medium-term challenges with its public finances, and the fiscal outlook is uncertain. While government action and an agreement with the International Monetary Fund (IMF) provided some fiscal relief and reduced the risks of sovereign default, public spending remains high, and the fiscal deficit stood at around 3.0% of GDP in 2025. This fiscal uncertainty has reduced El Salvador’s access to capital markets, making it dependent on capital flows from multilateral organizations and other countries. Adding to this pressure is the country’s B‑ credit rating, which reflects persistent concerns over fiscal and debt sustainability. Achieving long-term fiscal sustainability is El Salvador's biggest economic challenge, and while the government has made efforts to reduce debt, the fiscal deficit is expected to remain high in the medium term. Guatemala Guatemala faces structural risks due to its high dependence on remittances, more than 90% of which come from the United States. While the economy’s recent performance (3.8% GDP growth in 2025) has been moderately better than expected, driven by strong remittance flows, changes in U.S. migration policies could negatively impact remittances going forward. A weakening of the U.S. labor market or a potential slowdown of the U.S. economy could also negatively affect Guatemala’s GDP for 2026, as could the effects of protectionist measures by the U.S. on Guatemalan exports and foreign investment. Panama Tensions between China and the United States, as well as conflicts in Ukraine and in the Middle East, including the recent military action in Iran by the United States and Israel, may adversely impact global trade and flow through the Panama Canal in the medium term, posing a significant risk to Panama’s economy. This risk is heightened by the stance of the U.S. administration on China, which could lead to trade restrictions or geopolitical tensions that further reduce transit through the canal. In the short term, uncertainty persists over the closure of the Cobre Panamá copper mine, which halted copper exports in November 2023, leading to an increase in the trade deficit that was only partially offset by growth in service exports. In addition, despite President José Raúl Mulino’s commitment to fiscal consolidation, progress may be constrained by weak tax revenues and structural rigidity in public spending. The countries where we operate are vulnerable to external effects, such as economic difficulties experienced by major regional trading partners or general contagion from economic or geopolitical shocks, which could have a material adverse effect on economic growth in these countries and their ability to service their public debt. A significant decline in economic growth or a sustained economic downturn in the regional trading partners of Colombia, El Salvador, Guatemala or Panama could have a material adverse impact on foreign trade, remittance flows, and foreign direct investment in the four countries and a decrease in their economic growth. Similarly, lower growth in countries with close economic ties, such as the European Union, the United States, China and other Latin American countries in the case of Colombia, and the United States and the European Union in the case of Guatemala, El Salvador and Panama, could also have a material adverse impact. Additionally, any deterioration in the economic and political conditions of neighboring countries could adversely affect the economies of Colombia, El Salvador, Guatemala and Panama, and cause instability and disrupt their commercial or diplomatic relationships. Any future tensions could lead to political and economic uncertainty, instability, market volatility, low confidence levels and heightened risk aversion among investors and market participants, which could adversely affect economic activity in any of those countries. In a global context, on April 2, 2025, U.S. President Donald Trump announced new tariffs on imports into the United States. These tariffs include a 'baseline' tariff of 10% on imports from many countries, including Colombia. More recently, in February 2026, the U.S. Supreme Court held that certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were beyond the President's statutory authority, vacating significant components of the tariff regime and reinforcing that tariff-setting power resides with Congress. While the decision has limited the legal basis for the broad emergency tariffs originally imposed, legal and policy uncertainty remains as the U.S. administration has signaled its intentions to pursue alternative statutory authorities to re-impose or raise global tariffs to 15% and may enact across-the-board levies under other provisions of U.S. trade law. The imposition of these tariffs may have significant adverse effects on global trade, which could have a material adverse effect on Colombia's economy, trade balance, and key industries, including its banking industry. Because a significant portion of Colombia's exports are directed to the United States, it is vulnerable to changes in U.S. trade policy. Higher tariffs could reduce demand for Colombia's goods in the United States, disrupt supply chains, and lead to job losses in affected industries. Additionally, retaliatory measures by other nations could exacerbate economic uncertainty, impacting investor confidence and foreign direct investment, and countries facing even higher tariff rates could decide to sell excess products into the Colombian market, adversely affecting Colombian producers. The tariffs may also contribute to global trade tensions and volatility in currency markets, which could put pressure on exchange rates and inflation. See "Risk factors relating to Colombia and other countries where we operate - Changes in economic and political conditions in the countries where we operate, may adversely affect our financial condition and operating results." Recent global geopolitical fragmentation has led to decreased capital flows to emerging economies and heightened volatility in commodity prices, particularly oil. Inflation trends have already been affected, especially in El Salvador, Guatemala and Panama, and this effect may persist. In addition, the escalation of geopolitical tensions, including the conflict between Russia and Ukraine and the frictions in the Middle East, including the recent military action in Iran by the U.S. and Israel, and growing disputes between China and the U.S. could further disrupt global trade, continue to generate uncertainty and volatility in international markets. In addition, Panama Ports Company has started international arbitration proceedings against Panama after Panama’s Supreme Court annulled its licenses to operate two Panama Canal ports. These developments may lead to restrictions on commodity supplies, driving up energy and food prices. Tighter monetary policies and financial conditions could weigh on global economic growth. Higher interest rates may also trigger capital outflows, leading to depreciation of currencies such as the Colombian peso and the Guatemalan quetzal, increased domestic interest rates and renewed inflationary pressures. In addition, ongoing political and economic instability in Venezuela continues to pose additional regional risks, potentially amplifying volatility and affecting economic conditions across neighboring markets. On January 3, 2026, the United States conducted a military intervention in Venezuela, and captured Nicolas Maduro. While the impact of these developments in Venezuela remains to be seen as of the date of this Annual Report, their effects could result in additional uncertainty, which could have a negative impact on Colombia's economy, including fluctuations in oil prices, potential regime transition volatility, civil unrest, and a further breakdown of the rule of law. A worsening of this crisis could trigger unprecedented migration flows into Colombia, straining local public infrastructure and labor markets, while simultaneously escalating cross-border security threats from non-state armed groups. These factors may result in supply chain disruptions, increased operational costs, and heightened currency volatility, all of which could materially and adversely affect our financial condition and operating results. The expectation of global economic slowdown and the possibility of persistently high interest rates could create periods of volatility and risk aversion. This environment would exacerbate financial stress, particularly in emerging economies, which remain highly sensitive to capital flows. It is reasonable to expect that public debt service payments will remain historically high. The combination of low economic growth and high interest rates represents a short-term risk, particularly in Colombia and El Salvador, where the main challenge will be managing public finances and generating enough tax revenue to meet spending goals in 2026 and beyond. Events in markets where we do not operate may also affect us, for example by causing international investors to have an increased risk perception of the entire region or class of investment, which could negatively affect market prices and liquidity of securities issued or held by Grupo Cibest. These factors could have a material adverse impact on economic growth and fiscal stability in the countries where we operate, and could negatively affect our business, financial and commercial condition, as well as the market value of Grupo Cibest's securities. Colombia and El Salvador have experienced several periods of violence and instability that could affect those economies and our business. Colombia has experienced periods of criminal violence over the past five decades, primarily due to the activities of guerilla groups and drug cartels. In recent years, the security situation has deteriorated, with rising violence linked to criminal organizations and armed groups. The government has lost control over certain territories, and coca cultivation areas have expanded significantly, while efforts at eradication have decreased. The government has implemented a peace treaty with the Revolutionary Armed Forces of Colombia (FARC), while negotiations with several other rebel groups are stalled. If there is an escalation of violence or drug-related crime, it could lead to a downgrade of sovereign ratings, higher funding costs, lower foreign investment and economic slowdown. In El Salvador, rising violence led the Legislative Assembly to adopt exceptional measures on March 27, 2022, granting certain powers to the Executive Branch and suspending four constitutional guarantees. The suspension of these constitutional guarantees has been extended 48 times, with the most recent extension lasting from February 1, 2025, to March 31, 2026. Any additional taxes resulting from changes to tax regulations or the interpretations of tax regulations in the countries where we operate could adversely affect our results. Uncertainty related to tax legislation represents a constant risk for us. Changes in legislation, regulation, and developments resulting from judicial decisions, could affect our tax burden by increasing tax rates and fees, creating new taxes, limiting deductions and exemptions, and eliminating incentives and untaxed income. We do not take aggressive positions on tax law interpretation. However, the national or local tax authorities could apply tax law in a way that we do not expect, which could result in tax audits, litigation and associated costs, and could negatively affect our results. Allegations of corruption against the governments, politicians and the private sector in the countries where we operate could create economic and political uncertainty and could expose us to additional credit risk. Allegations of corruption against the governments, politicians and the private sector in the countries where we operate could create economic and political uncertainty. For example, findings, convictions or allegations of illicit conduct, including by government officials, could have adverse effects on the political and economic stability of the countries where we operate. Investigations, public allegations, and restrictive measures adopted by foreign authorities, including agencies such as the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, against high-ranking government officials, their relatives, or close associates may increase political and legal volatility in the countries where we operate. In October 2025, the President of Colombia, Gustavo Francisco Petro Urrego was included in the Specially Designated Nationals List (SDN List) under Executive Order 14059, together with members of his immediate family and a close associate. These measures, which result in the blocking of assets under U.S. jurisdictions and the prohibition of transactions with designated persons or entities, may negatively impact the institutional stability of Colombia, perception of country risk and our business by depressing business volumes or reducing our ability to recover amounts we have lent to persons or projects involved in illicit or allegedly illicit conduct. Risk factors relating to our subsidiaries' business and the banking industry We are subject to credit risk, and estimating our exposure involves economic projections and financial estimates and availability, quality and timeliness of information may affect our exposure to credit risk. Several of our products expose us to credit risk. These products include loans, financial leases, guarantees, financial derivatives and lending commitments. We establish credit risk reserves and determine expected credit loss based on established methodologies that incorporate economic projections, available borrower information, and estimates of borrower repayment capacity. Although our risk rating systems are designed to appropriately reflect credit exposure and are supported by internal controls and governance mechanisms intended to ensure data quality, model performance and process integrity, these methodologies may be subject to variations as a result of availability, quality, and/or timeliness of the information used, which may, in turn, influence decision-making. In addition, third-party infrastructure limitations may affect the timeliness or accuracy of our identification of changes to the risk profile of certain clients, which may increase our exposure to credit risk. If we are unable to effectively control the level of non-performing or poor credit quality loans in the future, or if our loan loss reserves are insufficient to cover future loan losses, our financial condition and results may be materially and adversely affected. The amount of our non-performing loans could increase in the future as a result of factors beyond our control, such as changes in the payment capacity of our borrowers, increases in inflation or interest rates, the impact of macroeconomic trends and political events, climate change or events affecting specific industries, affecting Colombia and other jurisdictions in which we operate. Any of these developments could have a negative effect on the quality of our loan portfolio, requiring us to increase provisions for loan losses resulting in reduced profits or in losses. We are subject to risks from concentration in our loan portfolio. Problems with one or more of our largest borrowers may adversely affect our financial condition and operating results. As of December 31, 2025, the aggregate outstanding principal amount of Grupo Cibest’s 20 largest economic groups, on a consolidated basis, represented 119.4% of Grupo Cibest’s Tier 1 Capital and 18.0% of the total loan portfolio. The largest individual exposure accounted for 2.1% of our loan portfolio. Problems with one or more of our largest borrowers could materially and adversely affect our operating results and financial position. The value of our loan collateral may be insufficient to cover the outstanding principal and interest. In addition, we may be unable to realize the full value of the collateral in the event of default. Our loan collateral primarily includes real estate, owned assets used for financial leasing transactions and other assets that are located primarily in Colombia, El Salvador, Guatemala and Panama, the value of which may significantly fluctuate or decline due to factors beyond our control. These can include market factors, environmental risks, macroeconomic factors and political events affecting the local economy. In addition, we may face difficulties in enforcing our rights as a secured creditor. Delays, procedural problems and local protectionism may make foreclosures and enforcement of judgments difficult. Any decline in the value of the collateral securing our loans may result in a reduction in the recovery from collateral realization and may have an adverse impact on our operating results and financial condition. Downgrades in our or our subsidiaries' credit ratings would increase our cost of borrowing funds and make it more difficult for us or our subsidiaries to raise new funds, attract deposits or renew maturing debt. Our and our subsidiaries' credit ratings are an important component of our liquidity profile. Our ability to successfully compete in the banking industry depends on our and our subsidiaries' credit ratings. A downgrade in our, or in any of our subsidiaries' credit ratings would increase the cost of raising funds, potentially result in additional collateral requirements and reduce demand for our securities among institutional investors. Our ability to renew maturing debt could become restricted and the terms for such renewal could become more expensive. Our lenders and counterparties in derivative transactions are also sensitive to the risk of a credit rating downgrade. A downgrade in our or our subsidiaries' credit ratings could negatively affect market perceptions of our financial strength and reduce our ability to attract deposits. This, in turn, could weaken our competitive position in attracting deposits and originating loans. On December 16, 2025, Fitch downgraded Colombia's long-term foreign currency rating from BB+ to BB and revised the outlook from negative to stable. Similarly, in June 2025, Standard & Poor's downgraded Colombia's long‑term foreign currency rating from BB+ to BB and maintained a negative outlook, while Moody's downgraded the sovereign rating from Baa2 to Baa3 and changed the outlook to stable. Both agencies pointed to persistent fiscal deterioration, higher debt and interest burdens, and a challenging policy environment as key drivers. In line with the sovereign ratings, the agencies revised Colombian banks' credit ratings in 2025. Fitch affirmed the BB+ ratings of Bancolombia and Grupo Cibest throughout the year but reduced their outlooks to negative in March, and returned them to stable in December, leaving both entities rated above the sovereign's BB level. S&P lowered the ratings of both Bancolombia and Grupo Cibest following its sovereign downgrade, in line with its practice of not rating Colombian financial institutions above the foreign currency sovereign. Moody's downgraded Bancolombia's long-term deposit and counterparty ratings in June 2025 in response to the sovereign downgrade, while it left Grupo Cibest's ratings unchanged. Changes in banking regulations in Colombia and in other jurisdictions where we operate could adversely affect our results. Banking laws and regulations, or their official interpretation in Colombia and other jurisdictions in which we operate, have a material effect on our business and operations. Banking laws and regulations may change frequently, and changes may be adopted, enforced or interpreted in a manner that may have an adverse effect on our business. In Colombia, Decree 1474 of December 2025, issued under the economic emergency declared by Decree 1390 of 2025, introduced an additional 15% income tax surcharge applicable to financial institutions, increasing the aggregate corporate income tax burden to 50% for fiscal year 2026. The decree also established new taxes applicable to the oil and gas and mining sectors, increased wealth tax rates, and raised Value‑Added Tax (VAT) rates for certain goods, including alcoholic beverages and tobacco products. However, the economic emergency decree (Decree 1390 of 2025), which provided the Government with temporary legislative powers to enact these measures, has been provisionally suspended by the Colombian Constitutional Court as part of the automatic judicial review applicable to emergency legislation. As a result, Decree 1474 of 2025 is currently not producing legal effects, pending a final decision by the Constitutional Court on the constitutionality of the emergency declaration and the related implementing measures. Decree 150 of February 2026, which is also subject to judicial review by the Colombian Constitutional Court, declared a new state of economic, social and ecological emergency in certain regions of the country and empowered the Government to adopt extraordinary and temporary measures to address the impacts of an exceptional rainy season affecting eight departments. The emergency framework authorizes the issuance of legislative decrees that include, among others, adjustments to wealth tax rates, the implementation of credit relief and guarantee programs, modifications to the operation of mandatory investment schemes, the reinstatement of certain VAT measures previously introduced under Decree 1474 of 2025, and the establishment of new credit‑related mechanisms aimed at facilitating credit origination and providing financial relief in the affected regions. Additionally, while the Constitutional Court has not yet completed the judicial review of the pension reform approved in 2024 in Colombia, if this law is enacted, it would redirect a substantial share of mandatory contributions from private pension funds to the public pillar administered by Colpensiones. As private pension funds are the largest institutional investors in Colombia, this reallocation would significantly reduce the assets under their management and, consequently, their participation in the local capital markets, which may result in risks to financial stability and funding sources for the capital markets where we participate. The Ministry of Finance submitted for public comment a decree on the mandatory open finance system in Colombia. This decree will establish an open data framework in accordance with Law 2294 of 2023 (National Development Plan) and may result in regulatory arbitrage against banking institutions, which would be required to share their data with other financial institutions. As a result, banks would be placed at a competitive disadvantage, as they would not be able to access or benefit from the data of other financial institutions during the initial phase in which only their own data must be disclosed. Resolution 10 of 2025 issued by the National Commission for Agricultural Credit (CNCA) in Colombia, introduces new specific requirements for the substitutive agricultural investments that banks may use in place of the mandatory investments. These changes could increase the proportion of the agricultural credit portfolio allocated to mandatory investments, which generally yield lower returns. In 2025, the government launched a public initiative to modify how financial services are provided through local banking correspondents, a channel that has supported financial inclusion and access to products and services in Colombia for over two decades, where Bancolombia has maintained nationwide leadership. This initiative could lead to a new regulatory framework that may require a reassessment of the operating and financial model used by Bancolombia. Our operating results are sensitive to fluctuations in interest rates. We hold a substantial portfolio, including loans, deposits, securities, bonds, long-term debt and short-term borrowings and derivatives such as swaps that have both fixed and floating interest rates. Therefore, changes in interest rates could adversely affect our net interest margins, the value of the debt instruments, as well as the profitability of the funds under our management, leading to client outflows and a reduction in our fee income, which could negatively impact our operating results; additionally it could reduce the market value of our debt instruments, leading to smaller gains or larger losses on these investments (a 100 basis point increase in interest rates could reduce the market value of the debt instruments by approximately 1.3%). Sustained high interest rates have historically discouraged customers from borrowing and have resulted in increased delinquencies in outstanding loans and deterioration in the quality of assets. On the other hand, cuts in interest rates may cause margin compression and lower net interest income, as we usually hold more assets than liabilities at variable rates. Typically, in a declining interest rate environment, prepayment activity tends to increase, reducing the weighted average maturity of our interest-earning assets and adversely affecting our operating results. Prepayment risk also has a significant adverse impact on our earnings from credit card and collateralized mortgage obligations, as prepayments could shorten the weighted average life of these assets, which may result in funding mismatches or in reinvestment of the prepayment proceeds at lower yields. In addition, these risks could materially affect our own portfolio as well as those managed by us on behalf of third parties. Consequently, any withdrawals of third-party assets could negatively impact our asset management revenues and related income streams. We are subject to market risk and the income from our proprietary trading activities is highly volatile. We are directly and indirectly affected by changes in market conditions. Market risk, or the risk of losses in positions arising from movements in market prices, is inherent in the products and instruments associated with our operations, including securities, bonds, proprietary trading in assets and liabilities, and derivatives, among others. Changes in market conditions that may affect our financial condition and operating results include fluctuations in interest rates, currency exchange rates, securities prices, and changes in the implied volatility of interest rates and foreign currency exchange rates, among others. We derive a portion of our profits from our proprietary trading activities. Income from this activity is highly volatile and depends on numerous factors beyond our control, such as the general market environment, overall market trading activity, interest rate levels, fluctuations in exchange rates, oil prices and general market volatility. A significant decline in our trading income, or the occurrence of a trading loss, could adversely affect our operating results and financial position. Therefore, we continuously monitor the level of risk and the sensitivity of portfolio value to possible changes in interest rates. As of December 2025, the modified duration of our sovereign debt proprietary trading portfolio, subject to change in interest rate, was 1.3, reflecting a moderate level of sensitivity in the value of the bonds to changes in interest rates. We have significant exposure to sovereign risk, especially in Colombia, the United States, El Salvador, Guatemala and Panama. Our results could be adversely affected by decreases in the value of our sovereign debt instruments. Our debt portfolio is primarily composed of sovereign debt securities. Therefore, our results are exposed to credit, market, and liquidity risk associated with sovereign debt and, in particular, risk associated with securities issued or guaranteed by the Colombian Government. As of December 31, 2025, our total debt instruments represented 10.28% of our total assets, and the securities issued by the governments of Colombia, the United States, Panama, Guatemala, and El Salvador represented 39.56%, 18.39%, 5.89%, 5.46%, and 4.19% respectively, of our total debt instruments. A significant decline in the value of these securities could affect our debt instruments portfolio and, consequently, our operating results and financial position. In addition, during the past year, sovereign risk associated with securities issued or guaranteed by the government of Colombia has increased. The 5-year credit default swap (CDS), credit derivative contracts that allow investors to hedge against credit risk on a company, a country or another entity, showed an increase during 2025 due to political uncertainty as well as fiscal challenges in Colombia. We are subject to credit, market, liquidity and operational risks associated with other banking businesses, including securities investments and derivatives transactions. We are exposed to credit risk arising from other banking businesses, including investing in securities, entering into derivative contracts under which counterparties have obligations to make payments to us, and executing securities or currency trades from our proprietary trading desk that fail to settle at the required time due to non-delivery by the counterparty or system failures by clearing agents, exchanges, clearing houses, or other financial intermediaries. A significant increase in exposure to any of these risks, or a significant decline in the credit quality or the insolvency of any of the counterparties, could materially and adversely affect our operating results and financial position. We engage in derivative transactions both for hedging purposes on our own account and on behalf of our customers. These transactions expose us to a variety of risks, including market risk and liquidity risk (due to the difficulty in closing out a trade prior to maturity if bid-ask spreads are too large, representing a significant cost). They also expose us to operational risk, including basis risk (the risk of loss associated with variations in the spread between the asset yield and the funding and/or hedge cost) and credit or default risk (the risk of insolvency or other inability of a counterparty to meet its obligations). Furthermore, the market practice and documentation for derivative transactions is less developed in the jurisdictions where we operate compared to other more economically developed countries, and the court systems in these jurisdictions have limited experience in dealing with issues related to derivative transactions. As a result, there are increased operating and structural risks associated with derivatives transactions in these jurisdictions. In addition, the execution and performance of derivatives transactions depend on our ability to develop adequate control and administrative systems, and to hire and retain qualified personnel. Moreover, our ability to adequately monitor, analyze and report these derivative transactions depends, to a great extent, on our information technology systems. These factors may further increase the risks associated with these transactions and could materially and adversely affect our operating results and financial position. We are subject to regulatory inspections, examinations, inquiries and audits in Colombia and in other countries where we operate. Any sanctions, fines and other penalties resulting from such inspections, examinations, inquiries or audits could materially and adversely affect our business, financial condition, operating results and reputation. We are subject to comprehensive regulation and supervision by the financial authorities of Colombia, El Salvador, Guatemala, Panama and other jurisdictions where we do business. These authorities have broad powers to adopt regulations or impose other requirements that could affect or restrict our capitalization, organization and operations. These include the imposition of anti-money laundering measures and the authority to regulate the terms and conditions under which we can extend credit. In the event of noncompliance with applicable regulations, we could face fines, sanctions or the revocation of licenses or permits to operate our business. In Colombia, for instance, if Bancolombia encounters significant financial problems or becomes insolvent or in danger of becoming insolvent, banking authorities would have the power to take over Bancolombia's management and operations. Any sanctions, fines or other penalties resulting from noncompliance with regulations in Colombia, El Salvador, Guatemala, Panama and other jurisdictions where we operate could materially and adversely affect our business, financial condition, operating results and reputation. We are subject to the U.S. Foreign Account Tax Compliance Act of 2010 and the OECD’s Automatic Exchange of Information - Common Reporting Standard (CRS). Bancolombia, Bam, Bancoagrícola and Banistmo are considered foreign financial institutions (FFIs) under the Foreign Account Tax Compliance Act of 2010 (FATCA) (See Item 4. Information on the Company – B. Business Overview – B.8. Supervision and Regulation – International regulations applicable). Additionally, Bancolombia and Banistmo are subject to reporting obligations derived from the Common Reporting Standard (CRS) Multilateral Competent Authority Agreement (MCAA) developed by the OECD. However, if these entities fail to comply with these requirements, they may be subject to withholding under FATCA or other penalties that tax authorities may impose according to their domestic regulations. Such withholding or penalties could adversely affect our operating results and financial condition. In addition, compliance with the provisions of the intergovernmental agreements (IGA), FFI agreements entered into with the IRS, the CRS-MCAA, domestic laws or any other regulations enforced in the relevant jurisdictions may increase our compliance costs. The tax haven regulations in the countries where we operate could adversely affect our business and financial results. As a result of the tax haven regulation adopted in Colombia and El Salvador, our clients who are residents of territories designated as tax havens may face: (i) Higher withholding tax rates on interest and dividends, mainly derived from investments in the securities market. (ii) Requests by the tax authorities for the disclosure of additional information for transactions with related companies. (iii) Increased probability of tax audits. Furthermore, Bancolombia, Bancolombia's Financial Subsidiaries and Banagrícola may face non-deductibility of payments made to such residents or entities, unless the required tax amount has been withheld. Any of these conditions could negatively affect our operations by increasing costs, reducing our client returns and increasing administrative burdens, impacting our profitability and relationships with clients operating in these territories. Our financial results may be negatively affected by changes to accounting standards. Our financial statements are prepared in accordance with the IFRS, issued by the IASB, as well as the interpretations issued by the IFRS-IC. Changes to the IFRS or its interpretations may cause our future reported results and financial position to differ from current expectations. Such changes may also affect our regulatory capital and financial ratios. Our management monitors potential accounting changes and, when possible, determines their potential impact, disclosing significant future changes in our consolidated financial statements that are expected to result from those changes. For further information about developments in financial accounting and reporting standards, see Note 2.F. Material accounting policies. – Recently issued accounting pronouncements. We face risks relating to regulatory compliance in general and, in particular, with respect to laws relating to anticompetitive practices, consumer protection and protection of personal data. We are subject to compliance with laws and regulations with respect to anticompetitive practices, merger control, unfair competition provisions, personal data protection and cybersecurity requirements. While we have a unit responsible for overseeing the implementation of new regulations using a risk-based approach and have developed a comprehensive data protection program to attempt to ensure compliance with personal data law, noncompliance with these laws and regulations may result in significant sanctions. We may not be able to prevent all risks associated with regulatory compliance or detect all instances of noncompliance, which could result in substantial fines and penalties, or operational restrictions, adversely affecting our operating results and damaging our reputation. Additionally, due to the nature of their financial activities, Bancolombia’s Financial Subsidiaries, Bancoagrícola, Bam and Banistmo, remain exposed to consumer protection risks under local regulatory frameworks, and noncompliance with these regulations may result in significant sanctions for those entities. Future restrictions on interest rates or banking fees could negatively affect our profitability. In the past, regulators in the jurisdictions where we operate have considered legislative and regulatory initiatives regarding limits on interest rates and banking fees. Although most such initiatives have not been adopted, there may be renewed attempts to impose or strengthen ongoing restrictions on interest rates or banking fees in the future. If we are prohibited or otherwise limited (including by limits on pricing) from continuing to charge our clients for certain products or services, including specified types of transactions, or from imposing charges for products or services that might be introduced in the future, our operating results and financial condition could be adversely affected. Our results could be adversely affected by high levels of inflation. High inflation increases the cost of funding and credit risk, while it slows the pace of loan origination and reduces the market value of our debt instruments. Inflation that is higher than the nominal interest rate can discourage savings and increase uncertainty and risk in the loan and stock markets. In Colombia, annual inflation began to decline gradually in the second quarter of 2023, dropping from 9.3% in 2023 to 5.2% in 2024, and further to 5.1% by the end of 2025. There are risks it could rebound toward levels closer to 6.0% in 2026. This level remains above the medium-term target of 3% set by the Central Bank. There are persistent risks indicating that inflation may accelerate further, driven by the 23% minimum wage increase and upward pressures on certain regulated goods and services, such as tolls. It is reasonable to expect that credit portfolio demand will remain moderate, partly due to a potential increase in interest rates by the Central Bank. In contrast, the inflationary challenge that began in 2022 has been largely addressed in El Salvador, Guatemala and Panama, and inflation in these countries has remained stable compared to 2024. CPI inflation went from 0.3% at the end of 2024 to 0.91% at the end of 2025 in El Salvador, while remaining stable at 1.7% in Guatemala and at -0.2% in Panama at the end of 2025. Therefore, 2026 could be a challenging year for financial intermediation operations, due to inflationary risk that will continue to be more pronounced in Colombia compared to other major economies in Latin America, the United States and the European Union. Our activities may be interrupted or affected by external factors, such as climate change and its effect on weather and natural disasters. In the past decade, the “El Niño” and “La Niña” have intensified, increasing the risk of extreme climate events, such as floods, landslides, wildfires, droughts, increased temperature and rising sea and river levels, among others, as well as related water scarcity, which may affect our infrastructure and business operations. The “El Niño” phenomenon is characterized by: (i) the lack of rainfall, which may drastically decrease surface waterbodies flows, affecting both freshwater use and wastewater discharges because of the reduction on dilution potential of receiving waterbodies, (ii) increased temperatures, which causes heat waves and could have a direct impact on the health of our workers and cause an increase in epidemics and diseases, and (iii) potential negative impact on energy supply due to the decrease in the level of the rivers that feed the hydroelectric generation system of the country. In addition to the “El Niño” climate phenomenon, some basins in Colombia may be affected by seasonal variability in some periods of the year (normally January to March - June to July), which could reduce water flows, affecting freshwater withdrawals and surface discharges, as mentioned previously. Furthermore, the “La Niña” climate phenomenon is characterized by increased rainfall, which can generate frequent landslides and flooding, which may cause infrastructure loses. The physical risks of climate change for some of our clients are compounded by their dependence on natural resources, exposure to biodiversity loss, impacts on critical ecosystems, and deforestation. Serious climate events or natural or manmade disasters could result in unanticipated problems that could have a material adverse effect on our and our client’s abilities to conduct business in the affected regions, particularly if those problems affect its computer-based data processing, transmission, storage and retrieval systems and destroy data. In addition, if a significant number of our and our client’s employees and managers become unavailable due to such an event or disaster, our and our client’s ability to effectively conduct business could be severely compromised. Our inability to manage the risks related to such events or disasters could negatively impact the value of our and our clients’ assets, including our buildings, branches and ATMs. With respect to our clients, these risks could negatively affect their financial health, operational results, cash flows, and ultimately, their ability to meet payment obligations. We are exposed to environmental, social, governance and sustainability risks that could affect our financial condition and operating results. Companies in the financial sector are facing significant scrutiny from a wide range of stakeholders on social, environmental, governance and sustainability issues, including climate change and diversity. This includes the role of financial institutions in providing financing to sustainability projects, in supporting sustainable business practices, and in assessing and managing nonfinancial and emerging risks including those associated with environmental and social factors. Moreover, our customers, investors, regulators, employees and other stakeholders have differing requirements, expectations, demands and perspectives on these topics, which are continuing to evolve and diverge. We may not be able to meet the differing requirements, expectations and demands of all of our stakeholders, which could harm our reputation, subject us to legal and operational risks, impact customer demand, and adversely affect our financial condition and operating results. Additionally, the regulatory environment in the jurisdictions where we operate has become more complex due to the adoption of new laws, regulations and policies that often diverge from, or conflict with each other. These developments coupled with the accelerated pace of regulatory change, increases the risks, complexity and cost of compliance. Even though we strive to monitor and update policies, processes, and reporting systems to comply with the evolving requirements and to mitigate regulatory and reputational risks, we note that our failure to comply with any applicable requirement or with regulatory expectations in any jurisdiction in which we operate, even if based on good-faith interpretations, can result in sanctions, fines, liability, reputational damage, and significant operational costs. For example, in Colombia, we are required to meet sustainability-related regulatory requirements, particularly those established in External Circular 031 of 2021 and External Circular 005 of 2024, issued by the SFC. External Circular 031 requires financial institutions to disclose climate-related financial risks and their potential impact, in line with the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-Related Financial Disclosures (TCFD) frameworks, while Circular 005 focuses on the management and disclosure of environmental, social, governance and sustainability risks arising from exposure to investment portfolios managed by third parties, where we may have limited control over investment decisions but may still face financial, regulatory or reputational risks. Similarly, NPR-53 applies in El Salvador, Agreement 11-2022 in Panama, and Law 68-86 in Guatemala, each with specific obligations for ESG risk management. Conversely, in the U.S. and other jurisdictions, there has been an increase in regulatory scrutiny on corporate and diversity related initiatives, which has led and is likely to continue to lead to new laws, regulations and policies seeking to limit, discourage or prohibit such initiatives. Our ability to attract and retain specialized talent, and the lack of professional training in the areas where we operate, could affect our business objectives, operating results and financial condition. Our constantly evolving business model requires talent with creativity, innovation and flexibility to keep up with technological advances and the growing demand for new products and services. The skills of our employees, the competitiveness and talent of our team, and the management of our culture and work processes are essential for our long-term success. Since our strategic objectives depend largely on our human capital, any shortfall in skills, whether due to the difficulty in attracting and retaining highly qualified professionals, the lack of professional training in the areas where we operate, or the loss of key employees, could translate into reduced efficiency and a limited capacity to adapt quickly to market changes. In this regard, financial holding companies and institutions, including Grupo Cibest, face challenges identifying and retaining workers for positions that require highly developed and specialized knowledge. We may be exposed to increased costs and liabilities in the event of the failure of our service providers to perform their obligations under key services contracts. We enter into contracts with third parties who provide certain key services that are essential to the evolution of our business. These services include core banking services, online banking platforms, data and payment processing services, clearing and settlement services, software for processing credit and debit card transactions and technological infrastructure, among others. Our primary risk with service providers stems from potential operational disruptions, failures, or capacity limitations arising from our reliance on these external providers for critical components of our systems. In October 2025, a third-party service provider experienced a disruption in a region where certain of Bancolombia’s services are hosted. The disruption resulted from a failure in the provider’s internal systems responsible for coordinating information across services and led to delays and connectivity issues. As a result, more than 100 of Bancolombia’s digital services were impacted, including payments, collections, and transfers. In the same month, Bancolombia also experienced a general interruption in the connectivity of one if its data centers caused by a software error in the equipment responsible for managing the data center’s network, which simultaneously affected certain of Bancolombia’s digital and physical services. In February 2026, Bancolombia experienced a service interruption during a planned migration of certain services from its principal data center to an alternate data center. Issues with the replication of information between the two data centers and a subsequent failure at the principal data center, related to an authorization system component operated by a third-party provider, resulted in the intermittent or complete unavailability of certain physical and digital banking services, including payment, transfer and digital banking platforms, for approximately two days. The disruption limited customers’ ability to carry out certain transactions and access banking services and resulted in a significant volume of customer complaints during the period of service interruption. While we conduct due diligence before engaging service providers and monitor their business continuity plans, as well as their cybersecurity and data protection measures, we do not control their operations. If any of our key service providers fail to meet their contractual obligations or cause service disruptions (including failure to handle current or increased transaction volumes, inadequate service performance, or failure to comply with applicable laws and regulations), there can be no assurance that we will succeed in attracting and retaining the human resources necessary for the success of our businesses or in limiting cost increases from wages and other employee benefits, which could reduce the profitability of our businesses. In addition, we may incur significant additional costs in securing substitute service providers. The unavailability of services provided by some technologies and other service providers could result in the interruption of services on certain channels through which our customers conduct transactions until a substitute provider is engaged, which could result in lost revenue, additional costs and, potentially, adverse regulatory consequences and reputational harm. Our businesses rely heavily on data collection, processing and storage systems, the failure of which could materially and adversely affect the effectiveness of our risk management, reputation and internal control system as well as our financial condition and operating results. All of our principal businesses are highly dependent on the ability to timely collect and process a large amount of financial and other information at our various digital and physical channels across numerous markets, at a time when transaction processes have become increasingly complex and volumes have increased. The proper functioning of financial control, accounting or other data collection and processing systems is critical to our businesses and to our ability to compete effectively. While we conduct simulations to ensure business continuity and disaster recovery in the event of a system failure or cybersecurity attack, and have measures in place to control vulnerabilities, there can be no guarantee that these measures will successfully eliminate or substantially mitigate the risk associated with any failure of our data collection, processing or storage systems. A partial or complete failure of any of these systems could materially and adversely affect our decision-making, risk management and internal control systems, the quality of our service, and our ability to respond to rapidly changing market conditions. A system disruption or slowdown could also cause information, including data related to customer requests and other client information, to be lost, compromised or delivered to clients with delays or errors. While Bancolombia, Fiduciaria Bancolombia and Valores Bancolombia have experienced third-party service disruptions, these disruptions have not compromise our data security. Any failure of data collection, processing, storage or management systems could result in loss of business, additional costs and regulatory penalties (including fines and penalties by regulators) that could materially and adversely affect our business, financial condition, reputation and operating results. Risks relating to the use of quantitative models and information may adversely impact our business strategies and results. We rely on analytical models to manage financial and nonfinancial risks and to support critical internal processes. However, these models are inherently subject to limitations and uncertainty and may not perform as expected, particularly under changing market, macroeconomic, behavioral or regulatory conditions. Model risk may arise from potential errors in design, implementation, or use, as well as from the quality, completeness, or governance of data inputs. Furthermore, our increasing adoption of advanced technologies, including generative artificial intelligence (GenAI), introduces additional complexities, such as challenges in explainability, potential algorithmic bias, the risk of inaccurate or inconsistent outputs, and the risk of misuse or misinterpretation by users. Failures in these models could lead to inaccurate risk assessment and decision-making, resulting in financial losses, increased regulatory scrutiny or supervisory remediation requirements, or reputational harm. Reliance on flawed models may adversely impact critical operations, including strategic planning, position valuation, stress testing, capital adequacy measurement, client asset management, the accuracy of public disclosures, and compliance with regulatory requirements. While we attempt to address these risks through governance frameworks and validation processes, model risk remains inherent to our operations. We are subject to a wide range of information security and cybersecurity incidents that can have a material adverse effect on our business. As we continue to evolve our business model towards an open finance ecosystem, leveraging emerging technologies like the Application Programming Interfaces (APIs) and Artificial Intelligence (AI), we face growing challenges and risks, especially related to information security and cybersecurity. Cybercriminals could use AI, particularly generative AI (GenAI), to create sophisticated content for malicious purposes, including advanced cyberattacks, automated fraud, manipulation of financial markets, operational disruptions, manipulation of digital assets, and information leakage, as well as risk arising from inadequate data management that could lead to incorrect decision-making. Emerging risks such as the increased incidence of supply chain attacks, the exploitation of vulnerabilities in third-party systems, and the evolution of ransomware toward more disruptive models continue to affect our business. Our dependence on critical software vendors, cloud services and security tools can concentrate risk and amplify the impact of an external breach or disruption. Interruptions or failures in third-party systems caused by lack of supply or poor quality of the contracted services, among other factors, could further adversely affect our business as well as our clients. Ransomware campaigns have incorporated double and triple extortion tactics, combining encryption, exfiltration, and public or regulatory pressure, faster lateral movement and the deletion of backups, increasing the likelihood of material disruptions, remediation costs, and reputational exposure. Our security measures may also be breached due to human error, malfeasance, fraud or malice by our employees, accidental technological failures, system errors or vulnerabilities, or other irregularities. Rapid technological obsolescence, coupled with dynamic advancements such as quantum computing, can generate new vulnerabilities and compromise existing cryptographic schemes. Preparing for post-quantum scenarios demands high costs, operational complexity, and potential temporary impacts on our customers' experience. In this context, coordination with strategic partners and suppliers is essential to maintain consistent levels of operational resilience. Should these risks materialize, they could adversely and materially affect our business, financial condition, and operating results. In particular, we could face disruptions in the provision of critical financial services, incur significant economic losses, confront legal and compliance risks related to data protection, operational resilience, and reporting to authorities and counterparties, and we could experience reputational damage and a loss of customer and investor confidence that could affect our competitive position. We could also incur significant increases in operating and capital expenditures to implement additional security measures, hire specialized talent, and transition to post-quantum cryptographic controls. We also operate digital businesses, which are fundamental to our diversification and growth strategy. The operation and expansion of these businesses involve significant risks associated with technological integration, cybersecurity, operational continuity, and compliance with regulatory requirements that are constantly evolving. These processes create additional challenges for our operations, including those related to risk management and information technology systems, as well as adjustments to standards, controls, procedures, and policies. They may also affect the customer experience and our ability to retain personnel with specialized knowledge, in addition to exposing us to external factors such as rapid technological evolution, the emergence of new competitors, and potential risk scenarios that may impact cybersecurity, all of which may delay or reduce the achievement of expected benefits. Our strategy, operating results and financial condition could be materially affected by cybersecurity risks and future material incidents. A failure to comply with our cybersecurity policies, procedures or controls, employee misconduct, or human, governance or technological errors could also jeopardize our ability to protect ourselves against cyberattacks. For further information, see Item 16 k. Cybersecurity. Acquisitions and strategic alliances may not perform as expected or may disrupt our operations and adversely affect our profitability. We are exposed to financial risks if the value of our acquisitions, joint ventures or strategic alliances decline. In particular, we hold a 50% stake in Compañía de Financiamiento Tuya S.A., which experienced a recovery in 2025, driven by improved business performance, compared with the impairment losses that adversely affected our financial results for 2024. Future declines in the value of our investments could negatively impact our financial condition and operating results. See “Risk factors relating to our subsidiaries' business and the banking industry - Our financial results may be negatively affected by changes to assumptions supporting the value of our goodwill”. We are subject to increasing competition in the rapidly evolving financial services industry, and may face challenges in the adoption of emerging technologies, such as artificial intelligence, which could result in competitive disadvantage and may adversely affect our operating results. We operate in a highly competitive environment, and management expects an increase in competition in jurisdictions where we operate. Intensified merger activity in the financial services industry has resulted in larger, better capitalized and more geographically diverse firms that can offer a wider array of financial products and services to segments of clients similar or the same as those we provide services to. In addition, the consolidation of financial technology companies (fintechs) and unregulated financial intermediaries (shadow banking), may increase our competitive risks as their digital‑first business models could allow them to offer products and services at more competitive prices. During 2026, we expect Bre-B, the Colombian Central Bank’s instant payment system, to be fully consolidated, allowing interoperable payments and transfers that work with 'keys', unique identifiers that are linked to a bank account. We expect this will result in wider financial inclusion and lower costs associated with cash management. While Bancolombia and Nequi have secured a portion of such keys and underlying customers, failure to maintain these customers in the future who could migrate their keys to other competitors could jeopardize our market leadership and market share. In addition, the implementation of instant payment systems such as Bre-B may increase our exposure to fraud, which may result in us being required to issue refunds to customers or incur additional losses as a result of unauthorized transactions, which could have an adverse impact on our operating results. In addition, we continue to face the risk that existing or potential competitors accelerate the adoption of potentially disruptive innovations using artificial intelligence, optimizing their operations, personalizing their customer service and increasing their efficiency. Our ability to maintain our competitive position, and our business, depends on: (i) fulfilling new customers’ needs through the development of new products and services; (ii) strengthening our customer base through cross-selling and deepening relationships with customers in our existing portfolio, thereby remaining the primary bank of our customers; (iii) continuing our digital and technological transformation to support growth while gaining productivity and efficiency; and (iv) attracting and retaining talent. A failure to achieve any of these goals could adversely impact our operations. We are subject to operational risks and losses. We are exposed to operational risks that include fraud by employees or third parties, human error, inadequate process definition and technical failures that have impacted and could in the future affect the availability of services or result in improper processing of transactions. Internal fraud, in particular, refers to intentional acts of misconduct by employees, such as misappropriation of assets, manipulation or leakage of financial information, corruption, or unauthorized actions that violate established policies. These incidents not only cause financial losses but can also damage our reputation and negatively affect the trust of our stakeholders. The financial sector is particularly vulnerable to the risk of fraud due to the accelerated digital transformation, the growth in transaction volumes and the development of new forms of fraud, all of which become a challenge for operational risk management. We depend on an extensive network of suppliers to do business, and any failures or weaknesses in these suppliers or an inability to manage their risks could result in increased costs, compromised confidential information and a decline in the quality or continuity of our products and services. Given customers’ increasing demands to migrate from the physical to the digital world, we aim to offer a stronger value proposition through digital channels, the design of new business models and the adoption of new technologies and systems. However, these new technologies and business models may introduce new risks or amplify existing ones. Our financial results may be negatively affected by changes to assumptions supporting the value of our goodwill. We test the goodwill of our operating segments for impairment at least annually. The impairment test requires management to make assumptions regarding estimated earnings, discount rates, and long-term growth rates affecting the goodwill associated with each operating segment, as well as estimates of the carrying amounts of the operating segments to which the goodwill relates. Additionally, the impairment test requires management to analyze the macroeconomic and political environment of the geographies in which each cash-generating unit (CGU) is located. If actual results in future periods deviate from the earnings and other assumptions on which the impairment testing is based, the value of the goodwill in any one or more of our businesses may become impaired in the future, resulting in expense charges. In December 2025, Grupo Cibest entered into an agreement to sell Banistmo and the assets and liabilities of this entity were classified as held for sale as of December 31, 2025. Upon classification as held for sale, the assets and liabilities were measured at the lower of their carrying value or fair value less costs to sell. This resulted in a goodwill impairment allocated to Banistmo (Banking Panama Discontinued Operation) of COP 5,022,822 million during 2025. No impairment charges were recorded in prior periods, as the previous annual impairment testing indicated that the value in use of the reporting unit exceeded its carrying amount based on projected future cash flows from continuing operations. For further information, see Note 1. Reporting entity, Note 2. D and E to the consolidated financial statements, material accounting policies, use of estimates and judgments and Note 12. Goodwill and intangible assets, net. Digital misinformation could adversely affect our reputation as well as our operating and financial results. We are subject to the risk of digital misinformation and the possibility of false news (either fabricated or misleading) about us being disseminated in the media and/or social media, which could increase negative sentiment towards us and negatively affect the trust of customers and other stakeholders. The growth of digital connectivity has made it easier for content to spread quickly through social media. In 2025, Bancolombia had a strong digital presence, reaching approximately 31 million users, and 499.000 mentions of Bancolombia by users on social media, which is significant among financial institutions in Colombia. Given this level of exposure, certain online mentions have been used to attempt fraud or disseminate misleading information, including in connection with service disruption reported at Bancolombia in February 2026, when inaccurate public reports regarding the security of customer funds circulated widely, amplifying reputational risk. Similar events could negatively affect our business, market share and operating results. Our policies and procedures may not be able to detect money laundering, terrorism financing, corruption or other illegal or improper activities fully or on a timely basis. We are subject to anti-money laundering and anti-terrorism, related laws and regulations in the jurisdictions in which we operate. These requirements mandate the adoption and enforcement of 'Know Your Counterpart’ and 'Know Your Customer’ policies and procedures, as well as the reporting of suspicious transactions to the relevant authorities. Notwithstanding these requirements, our policies, procedures and internal controls may not be effective in all instances to prevent violations or regulatory breaches. We are subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act and Colombian regulations on transnational bribery, domestic bribery and others forms of corruption. While the system is designed to detect and prevent corrupt behavior, it does not eliminate the risk of corrupt practices. Financial crime and the surrounding regulation landscape are continually evolving. As a result, we may not be able to identify, investigate and report suspicious activities fully or on a timely basis. Noncompliance with applicable laws and regulations may expose us to fines, penalties, or operational restrictions. Furthermore, our reputation and ability to conduct business could be negatively affected if we fail to effectively prevent and address instances of money laundering, terrorism financing, corruption, or other unlawful activities. Risk factors relating to our financial holding company structure We may not succeed in implementing our strategy to take advantage of, or we may fail to realize the anticipated benefits of, our financial holding company structure. We were established as a new financial holding company in May 2025 pursuant to completion of the Corporate Structure Changes. See "Explanatory Note." The realization of the anticipated benefits of the new holding company structure could be blocked, delayed or reduced by many factors, some of which may be outside of our control. These factors include: •difficulties in successfully predicting, designing or implementing any new or enhanced risk management operations and controls or information technology systems, personnel, policies or procedures required by the Corporate Structure Changes; •failure to leverage the holding company structure to realize operational efficiencies; •difficulties in reorganizing personnel, networks and administrative functions; •restrictions under applicable financial conglomerates regulations and other regulations on transactions between the holding company and, or among, its subsidiaries; and unforeseen contingent risks relating to the Corporate Structure Changes that may become apparent in the future. As a holding company, Grupo Cibest depends on limited forms of funding to fund its operations. We do not have significant assets other than the shares of our subsidiaries. Our primary sources of funding and liquidity are the dividends from our subsidiaries, sales of interests in our subsidiaries and direct borrowings and issuances of equity or debt securities at the holding company level. The ability to meet our obligations to our direct creditors and employees, satisfy our other liquidity needs and regulatory requirements and pay dividends on our Common and Preferred Shares depends on timely and adequate dividend distributions from our subsidiaries and the ability to sell our securities or obtain credit from its lenders. Adverse developments at our subsidiaries therefore would have a magnified effect on our liquidity and solvency. The ability of our subsidiaries, including Bancolombia, to pay dividends to us depends on their financial condition and operating results and may be subject to regulatory restrictions under applicable law. Our subsidiaries may enter into agreements, such as credit agreements with lenders or indentures relating to senior or subordinated debt instruments, that impose restrictions on their ability to make distributions to us, and the terms of future obligations and the operation of Colombian law could prevent our subsidiaries from making sufficient distributions to allow us to make payments on our outstanding obligations. Any delay in receipt of or shortfall in payments to us from our subsidiaries could result in an inability to meet our liquidity needs, regulatory requirements and pay dividends on our Common and Preferred Shares. In addition, our creditors generally have no direct claim to the assets of our subsidiaries. As for any holding company, our inability to sell our securities or obtain funds from our lenders on favorable terms, or at all, could also result in an inability to meet our liquidity needs and regulatory requirements. Risks relating to the Preferred Shares and the ADSs. Preemptive rights may not be available to holders of ADRs evidencing ADSs. Grupo Cibest’s bylaws and Colombian law require that, whenever Grupo Cibest issues new shares of any outstanding class, it must offer the holders of each class of shares (including holders of ADSs) the right to purchase a number of shares of the same class sufficient to maintain their existing percentage ownership of the aggregate capital stock of Grupo Cibest. These rights are called preemptive rights. United States holders of ADSs may not be able to exercise their preemptive rights through The Bank of New York Mellon, which acts as depositary (the 'Depositary') for Grupo Cibest’s ADR facility, unless a registration statement under the Securities Act is effective with respect to such rights and class of shares or an exemption from the registration requirement is available. Grupo Cibest is obligated to file a registration statement or find a corresponding exemption only if it determines to extend the rights to holders of the ADSs. Although it is not obligated to do so, Grupo Cibest intends to consider at the time of any rights offering the costs and potential liabilities associated with any such registration statement, the benefits to Grupo Cibest from enabling the holders of the ADSs to exercise those rights and any other factors deemed appropriate at the time before it makes a decision as to whether to file a registration statement. Accordingly, Grupo Cibest may, in some cases, decide not to file a registration statement. Under the deposit agreement between Grupo Cibest and the Depositary, only the Depositary is entitled to exercise preemptive rights, and the Depositary has no obligation to make available preemptive rights to holders of ADSs. If Grupo Cibest offers or causes to be offered to the holders of any deposited securities, including Preferred Shares of Grupo Cibest, any rights to subscribe for additional Preferred Shares of Grupo Cibest or any rights of any other nature, the Depositary has discretion as to the procedure to be followed in making such rights available to any holders of ADSs or in disposing of such rights on behalf of any holders of ADSs and making the net proceeds available to such holders of ADSs. If, by the terms of such rights offering or for any other reason, the Depositary does not either make such rights available to any holders of ADSs or dispose of such rights and make the net proceeds available to such holders of ADSs, then the Depositary will allow the rights to lapse. Whenever the rights are sold or lapse, the equity interests of the holders of ADSs will be proportionately diluted. Exchange rate fluctuations may adversely affect the Colombian economy, the market price of Grupo Cibest’s ADSs, and the dividends payable to holders of Grupo Cibest’s ADSs. Colombia has adopted a floating exchange rate system, but the Central Bank maintains the power to intervene in the exchange market in order to consolidate or dispose of international reserves, and to control any volatility in the exchange rate. From time to time, and in particular during the past two years, the Colombian peso has fluctuated significantly against the U.S. dollar. Unforeseen events in the international markets, fluctuations in interest rates, oil price volatility, changes in capital flows, or government operations involving the monetization of dollars in the local foreign exchange market may cause exchange rate instability that could generate sharp movements in the value of the peso. Because a portion of our assets and liabilities are denominated in, or indexed to, foreign currencies, especially the U.S. dollar, sharp movements in exchange rates may negatively impact our results. In addition, exchange rate fluctuations may adversely impact the value of dividends paid to holders of our ADSs, as well as the market price and liquidity of Grupo Cibest's ADSs. Grupo Cibest’s Preferred Shares have limited voting rights. Grupo Cibest’s corporate affairs are governed by its bylaws and Colombian law. Under Grupo Cibest’s bylaws and Colombian law, Grupo Cibest’s preferred stockholders may have fewer rights than stockholders of a corporation incorporated in a U.S. jurisdiction. Under Grupo Cibest’s bylaws and Colombian corporate law, holders of Preferred Shares (and, consequently, holders of ADSs) have no voting rights in respect of Preferred Shares, other than in limited circumstances as described in Item 10. Additional Information – B. Memorandum and Articles of Association – Voting Rights – Preferred Shares. Holders of Grupo Cibest’s Preferred Shares, including holders of ADSs, are not entitled to vote for the election of directors or to influence Grupo Cibest’s management policies. Holders of Grupo Cibest’s ADSs may encounter difficulties in the exercise of dividend and voting rights. Holders of Grupo Cibest’s ADSs may encounter difficulties in the exercise of some of their rights with respect to the shares underlying the ADRs. If Grupo Cibest makes a distribution to holders of underlying shares in the form of securities, the Depositary is allowed, at its discretion, to sell those securities on behalf of ADS holders and instead distribute the net proceeds to the ADS holders. In addition, even in those limited instances in which the Preferred Shares represented by the ADSs have the power to vote, under some circumstances, ADS holders may not be able to vote by giving instructions to the Depositary. This may occur if ADS holders do not receive from the Depositary a notice of meeting sufficiently prior to the instruction date to ensure that the Depositary will vote the Preferred Shares represented by the ADSs in accordance with instructions received from such holders. There are no circumstances in which holders of ADSs may vote in a way other than by providing instructions to the Depositary. Relative illiquidity of the Colombian securities markets may impair the ability of an ADS holder to sell Preferred shares. Grupo Cibest’s Common and Preferred shares are listed on the Colombian Stock Exchange, which is relatively small and illiquid compared to securities exchanges in major financial centers. In addition, a small number of issuers represent a disproportionately large percentage of market capitalization and trading volume on the Colombian Stock Exchange. A liquid trading market for Grupo Cibest’s securities might not develop on the Colombian Stock Exchange. A limited trading market could impair the ability of an ADS holder to sell Preferred Shares (obtained upon withdrawal of such shares from the ADR facility) on the Colombian Stock Exchange in the amount and at the price and time such holder desires and could increase the volatility of the price of the ADSs. Changes in Colombia’s tax regime may affect the tax treatment of ADSs. ADSs do not have the same tax treatment as other equity investments in Colombia. ADSs represent Grupo Cibest Preferred Shares and are held through a fund of foreign capital in Colombia that is subject to a specific tax regulatory regime. Accordingly, the Colombia law applicable to equity investments, in particular those relating to dividends and profits from sale, do not apply to ADSs, including Grupo Cibest ADSs. Notwithstanding the above, the tax regime applicable to ADSs may change, considering that the Colombian tax regime has undergone several changes in recent years. For more information, see Item 10. Additional Information. – E. Taxation – Colombia Taxation.

A.History and development of the company Pursuant to the Corporate Structure Changes mentioned in the Explanatory Note to this Annual Report, Grupo Cibest began operations in May 2025 consolidating its role as the holding company for Grupo Bancolombia. Through this structure, Grupo Cibest brings together several specialized companies, offering a comprehensive portfolio of financial services including banking, leasing, digital financial solutions, and an extensive range of both financial and complementary products. Cibest Corporate Group is one of the largest Colombian financial groups, with presence in other countries such as Panama, El Salvador, Puerto Rico, Guatemala and the United States, delivering innovative financial solutions tailored to regional markets. We provide a wide range of financial and nonfinancial products and services to a diversified individual, corporate and government customer base. Grupo Cibest is a stock company (sociedad anónima) domiciled in Medellín, Colombia, and operates under Colombian laws and regulations. Grupo Cibest was incorporated in Colombia in 2024, and is incorporated until December 8, 2144. Since 2025, Grupo Cibest’s Common Shares have traded on the Colombian Stock Exchange under the symbol 'CIBEST'. Grupo Cibest has also maintained a listing on the NYSE, where its ADSs are traded under the symbol 'CIB,' and on the Colombian Stock Exchange, where its Preferred Shares are traded under the symbol 'PFCIBEST.' Pursuant to Rule 12g-3(a) under the Exchange Act, Grupo Cibest was established as a successor issuer to Bancolombia with respect to the Grupo Cibest ADSs. See Item 9. The Offer and Listing. Grupo Cibest's headquarters are located at Carrera 48 # 26-85, Medellín, Colombia, and the telephone number is + (57) 601 488-5950. Grupo Cibest's website is: https://www.grupocibest.com Grupo Cibest's agent for service of process in the United States is Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711. The SEC maintains a website at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Recent developments Share buyback program On June 9, 2025, at the Extraordinary General Shareholders’ Meeting, Shareholders approved the creation of a reserve for share repurchases and the appropriation of one trillion three hundred and fifty billion Colombian pesos (COP 1,350,000,000,000) from the legal reserve, authorizing its use for purposes of executing a share buyback program. The approved share buyback program includes the repurchase of Grupo Cibest’s Common Shares, Preferred Shares, and ADSs (the 'Buyback Program') for an aggregate amount of up to one trillion three hundred and fifty billion Colombian pesos (COP 1,350,000,000,000), over a period of up to one (1) year, commencing on July 17, 2025, following the approval of the Buyback Program’s regulations by the Board of Directors on June 24, 2024. There is no minimum number of securities required to be acquired under the Buyback Program. The Buyback Program is being carried out in Colombia through the trading systems of the Colombian Stock Exchange (Bolsa de Valores de Colombia) via Valores Bancolombia, and in the United States through an enhanced open market repurchase program executed by Morgan Stanley & Co. LLC. For additional information regarding the Buyback Program, see Item 16.E. “Purchases of Equity Securities by the Issuer and Affiliated Purchasers. Corporate reorganization of Banistmo and other subsidiaries in Panama On September 29, 2025, the Superintendency of Banks of Panama authorized the implementation of a corporate reorganization involving its Panamanian subsidiary, Banistmo and other subsidiaries of Grupo Cibest in Panama. The corporate reorganization included the following transactions: •The partial spin off by Valores Banistmo S.A. ('Valores Banistmo') and Banistmo Capital Markets Group Inc. of certain portfolios of assets in favor of Sociedad Beneficiaria VB Panamá S.A. ('Sociedad Beneficiaria VB'), followed by the merger of Sociedad Beneficiaria VB into Banistmo. Sociedad Beneficiaria VB was a Panamanian corporation wholly owned by Banistmo. •The distribution by Banistmo of 100% of the shares it held in Valores Banistmo in favor of Cibest Panamá Assets S.A. ('Cibest Panamá Assets'), a Panamanian corporation wholly owned by Grupo Cibest. As a result, Valores Banistmo ceased to be directly owned by Banistmo and became controlled by Cibest Panamá Assets, a subsidiary of Grupo Cibest. On October 21, 2025, the corporate reorganization was completed and Valores Banistmo remained a subsidiary of Grupo Cibest, with no changes to its ultimate shareholders or control structure. Likewise, Valores Banistmo retained its licenses as a securities brokerage firm and investment manager, both granted by the Superintendency of the Securities Market of Panama. See Agreement for the Sale of Banistmo for the subsequent agreement for the sale of Banistmo. Nequi's authorization certificate (operating permit) On November 6, 2025, the SFC, through Resolution No. 2002 dated October 31, 2025, as amended by Resolution No. 2021 dated November 4, 2025 (the 'Resolution'), authorized Nequi to operate and carry out, throughout Colombia, the activities related to the corporate purpose of a financing company. Nequi will begin operations as a standalone company once all additional procedures required in connection with the process to operate as a financing company have been completed. Notwithstanding this authorization, Nequi will remain part of Grupo Cibest, and, for customers, this development will not represent any change in how they access or use products and services. For more information, see Note 1. Reporting Entity, Agreement for the Sale of Banistmo On December 18, 2025, Grupo Cibest reached an agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of the shares of Banistmo. The agreed sale price was USD 1.418 billion, representing a Price/Earnings ratio for the last 12 months as of September 30, 2025, of 17.1x and a Price/Book Value ratio of 1.2x. The purchase price is subject to customary closing adjustments and is to be paid on the closing date of the transaction, once the required regulatory approvals in Panama are obtained and other customary conditions under the sale and purchase agreement are satisfied. As a result, the assets and liabilities of Banistmo were reclassified to 'Assets related to investments in subsidiaries held for sale' and 'Liabilities included in disposal groups classified as held for sale' in the consolidated balance sheet as of December 31, 2025, respectively. In addition, the profit (loss) of these companies was recognized under 'Profit / (loss) from discontinued operations, net in the consolidated income statement for the year ended December 31, 2025. In accordance with IFRS 5, for comparative purposes the profit (loss) of these companies for the years ended December 31, 2024 and 2023 was also reclassified under the heading '(loss) / gain from discontinued operation, net.' In addition, in accordance with IFRS 5, and following IFRS 8 'Information by business segments', information on the Banking Panama segment in which the Discontinued operation is recognized, is provided for the years ended December 31, 2025, 2024 and 2023. For more information, see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation. Public takeover offers In 2025, and as of the date of this Annual Report, there have been no public takeover offers by third parties for Grupo Cibest's shares or by us for other companies’ shares. Capital acquisitions and divestitures During 2025, total capital expenditures for Cibest Corporate Group amounted to COP 786.3 billion. Such investments were mainly focused on distribution channels and technology assets (COP 687.7 billion) driven by investments in digital transformation and fixed assets (COP 98.6 billion). For 2026, we expect to invest approximately COP 1,066 billion up 36% from 2025, mainly on the evolution and transformation of digital channels. This investment aims to ensure operational continuity, enhance customer experience, and mitigate vulnerabilities and risks across branches and self-service channels. We continue to invest in data management, analytics, and artificial intelligence to design personalization strategies aimed at delivering unique experiences, strengthening customer engagement and loyalty. In parallel, investment in processes and service models for corporate, institutional, and investor clients is being maintained to enhance the value proposition for this segment. The following table summarizes Grupo Cibest’s principal capital acquisitions and divestitures of interests in other companies, for the years ending December 31, 2025, 2024 and 2023: Capital acquisitions(1) Type of investment For the year ended December 31, Total 2025 2024 2023 In millions of COP Purchases of investments Derecho Fiduciario P.A. Selecto E1 T1 Financial instrument 41,138 - - 41,138 Derecho Fiduciario P.A. Selecto E1 T2 Financial instrument 36,234 - - 36,234 Inversión Derecho Fid Mokana Financial instrument 34,000 - - 34,000 Fideicomiso Selecto Terrazu Etapa 1 Torre 1 Subsidiary 15,633 - - 15,633 Fideicomiso Selecto Terrazu Etapa 1 Torre 2 Subsidiary 14,903 - - 14,903 Fideicomiso Mokana Recursos Subsidiary 13,053 - - 13,053 Fideicomiso Lote C6 Carton de Colombia Subsidiary 7,019 - - 7,019 Suncolombia Sas Financial instrument 6,079 - - 6,079 P.A. CEDIS Sodimac Subsidiary - 462,442 - 462,442 FCP Pactia Inmobiliario Financial instrument - 230,674 - 230,674 P.A. Linz Granz del Rio Subsidiary - 6,490 - 6,490 P.A. Coba Joint venture - 5,823 - 5,823 Ozone Financial Technology Limited Financial instrument - 3,908 - 3,908 Fideicomiso Selecto Terrazu E1 Subsidiary - 3,516 - 3,516 P.A. Acelera TI Joint venture - 560 - 560 P.A. Nomad Central Subsidiary - - 106,020 106,020 P.A. Calle 84(2) Subsidiary - - 104,617 104,617 Holding Bursátil Regional S.A.(3) Financial instrument - - 78,139 78,139 P.A. Galería la 33 Subsidiary - - 30,139 30,139 Pexton Holdings Limited Financial instrument - - 3,681 3,681 P.A. Wenia Subsidiary - - 2,210 2,210 Capital acquisitions(1) Type of investment For the year ended December 31, Total 2025 2024 2023 In millions of COP Expenditures Inversiones Cibest S.A.S.(4) Subsidiary 1,063,507 - - 1,063,507 P.A. Nomad Distrito Vera Subsidiary 85,848 31,409 - 117,257 P.A. Nomad Salitre Subsidiary 70,956 52,920 27,930 151,806 P.A. Nomad Nexo Subsidiary 63,696 - - 63,696 P.A Nomad Central 2 Subsidiary 59,290 - - 59,290 Cibest Panama Assets, S.A.(5) Subsidiary 49,044 - - 49,044 Cibest Investment Management S.A.S.(4) Subsidiary 43,500 - - 43,500 Cibest Inversiones Estrategicas S.A.S.(4) Subsidiary 43,500 - - 43,500 Valores Cibest S.A.S.(4) Subsidiary 43,500 - - 43,500 P.A. Lote Palermo Associate 36,984 - - 36,984 Wenia Ltd. Subsidiary 31,629 30,463 61,566 123,658 P.A. Calle 84(2) Subsidiary 28,910 60,760 - 89,670 Wompi S.A.S. Subsidiary 25,000 - 41,000 66,000 Nequi S.A. Subsidiary 20,000 90,000 - 110,000 P.A. Tokenización Novus(5) Subsidiary 7,250 - - 7,250 Veronorte S.A.S. Financial instrument 3,100 - - 3,100 P.A. Muverang Joint venture 3,070 1,952 3,305 8,327 Titularizadora Colombiana S.A. Associate 2,923 - - 2,923 Ecosistemas Digitales S.A.S. Joint venture 2,792 7,015 8,642 18,449 Anthemis Venture Fund Iii Lp Financial instrument 2,079 - - 2,079 P.A Coba Joint venture 1,928 - - 1,928 Bancolombia Capital Holdings USA LLC Subsidiary 1,243 5,386 8,488 15,117 P.A. La Felicidad Associate 1,108 - - 1,108 Internacional Ejecutiva de Aviación S.A.S. Associate 453 3,000 - 3,453 Compañía de Financiamiento Tuya S.A. Joint venture - 76,750 62,500 139,250 Inversiones CFNS S.A.S. Subsidiary - 50,000 - 50,000 P.A. Nomad Central Subsidiary - 40,670 - 40,670 P.A. El Bosque Associate - 25,376 16,665 42,041 P.A. Distrito Vera Associate - 5,188 6,227 11,415 Servicios de Identidad Digital S.A.S. Associate - 2,487 2,433 4,920 P.A. FAI Calle 77 Subsidiary - 826 3,469 4,295 Sistema de Inversiones y Negocios S.A. Subsidiary - - 75,505 75,505 P.A. Mercurio Subsidiary - - 7,833 7,833 P.A. El Otoño Associate - - 8,055 8,055 P.A. Viva Malls Associate - - 3,192 3,192 P.A. Laurel Joint venture - - 3,156 3,156 P.A. Blup Joint venture - - 2,353 2,353 P.A. Mirador de la Ciénaga Associate - - 155 155 Agricapital S.A.S. Associate - - 97 97 Others 1,404 4,168 3,199 8,771 Total acquisitions 1,860,773 1,201,783 670,576 3,733,132 (1)The amounts in this table correspond to the consideration paid as a result of the acquisition of each investment. (2)The amount includes the capital acquisitions in P.A. Calle 84 (2) and P.A. Calle 84 (3). (3)In November 2023, the integration of the stock exchanges of Colombia, Chile, and Peru was perfected, resulting in the creation of the Regional Stock Holding. As a result of this integration, 5,992,160 shares of the Bolsa de Valores de Colombia S.A. were delisted for COP 56,146, and 3,606,223 shares were recognized in the Regional Stock Holding for COP 78,139, this transaction generated an income in results of COP 21,993, see Note 25.5. Dividends and net income on equity investments. Bancolombia retains 134 shares that were not included in this transaction, valued at COP 2. (4)These companies were created in relation to the evolution of the corporate structure of Grupo Cibest and its subsidiaries, completed on May 16, 2025. See Note 1. Reporting Entity and Note 2.C1 Subsidiaries. (5)These companies were created during the year 2025. Capital divestitures(1) Type of investment As of December 31, Total 2025 2024 2023 In millions of COP Sales of investments Fideicomiso Lote Distrito Vera B1B2 Subsidiary 37,150 - - 37,150 P.A. Galería la 33 Subsidiary 26,768 - - 26,768 P.A. Laurel Joint venture 26,492 - - 26,492 Banco Latinoamericano De Comercio Exterior Financial instrument 11,813 - - 11,813 Residual Rights Financial instrument 3,650 18,516 8,958 31,124 Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris Subsidiary - 51,098 - 51,098 Fideicomiso Lote Distrito Vera B4 Subsidiary - 26,358 - 26,358 Bolsa de Valores de Colombia Financial instrument - - 56,146 56,146 Fideicomiso Lote B6 Ciudad del Río Subsidiary - - 34,031 34,031 Diversitures P.A. El Bosque Associate 7,288 - - 7,288 P.A Mirador de La Ciénaga Associate 4,483 3,053 - 7,536 P.A. Boreal Associate 3,597 520 864 4,981 P.A. El Otoño Associate 2,854 2,894 - 5,748 P.A. Distrito Vera Associate 2,728 - - 2,728 P.A. Sodimac Subsidiary 1,398 - - 1,398 P.A. Madrid II Associate 972 11,278 - 12,250 P.A. La Felicidad Associate - 3,168 3,636 6,804 Banco Latinoamericano de Comercio Exterior Financial instrument - 520 - 520 Others 1,266 954 724 2,944 Total divestitures 130,459 118,359 104,359 353,177 (1)The amounts in this table correspond to the consideration received as a result of the sale of each investment.. B.Business overview B.1General Company description We are a full‑service financial group offering a broad range of financial products and services to a diversified customer base of nearly 33 million individual and corporate clients through our subsidiaries. We deliver our products and services through a regional platform that includes, as of the date of this Annual Report, Colombia’s largest nongovernment banking network, El Salvador’s leading financial conglomerate, Guatemala’s fifth‑largest bank in terms of deposits and loans, and Panama’s second‑largest bank in terms of deposits and loans. The Panamanian bank, Banistmo, is currently classified as a discontinued operation following the execution of a promise‑to‑purchase‑shares agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of its shares. Our network also includes offshore banking subsidiaries in Panama and Puerto Rico, as well as other adjacent businesses, which are discussed in further detail in the sections that follow. Main lines of business We manage our subsidiaries' business through seven main operating segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Leases, International Banking, and All Other. For a description and discussion of these segments, please see Item 5. Operating and Financial Review and Prospects – A. Operating Results – Results by Segment. PRODUCTS AND SERVICES The main products and services offered by Grupo Cibest's operating subsidiaries are listed below. Not all products and services below are offered in every country where Grupo Cibest's subsidiaries operate. Savings and Investment: Checking accounts, savings accounts, fixed-term deposits and a variety of investment products designed to meet the specific transactional needs of each client across different income brackets. Financing: Wide range of credit alternatives, including trade financing, loans funded by domestic development banks, working capital loans, mortgages, credit cards, personal loans, vehicle loans, payroll loans and overdrafts. Factoring: Solutions for managing working capital and maximizing asset turnover through comprehensive solutions to manage accounts receivable financing. Financial and Operating Leases: Financial and operating leases specifically designed for the acquisition of fixed assets. Capital Markets: Assistance in mitigating market risk through hedging instruments such as futures, forwards, options and swaps. Trading: Bancolombia offers an app and an internet-based trading platform for retail and institutional clients, which allows them to buy and sell securities on the Colombian Stock Exchange. Bancolombia also performs interbank lending, repurchase agreements (repos), foreign exchange transactions, as well as sovereign and corporate securities sales and trading. Bancolombia is an active player in the 'market-makers' scheme for trading Colombian sovereign debt (TES bonds). Bancolombia offers its clients direct access to local and international capital markets through a full range of brokerage and investment advisory services that cover equities and fixed-income securities, proprietary trading and third-party asset management products, such as mutual funds, private equity funds, and privately managed investment accounts for institutional, corporate and private bank clients. Cash Management: Support through cash management services, including a portfolio of standard products that allows clients to make payments and collections through different channels. Payables and receivables services. Design and creation of products to address clients’ specific payment and collection needs. These include a variety of real time web services, straight-through processing (STP) and messaging through SWIFT Net solutions. Foreign Currency and Trade Finance: Specialized solutions for clients’ foreign currency investment, financing and payment needs, as well as trade finance solutions with products such as letters of credit, standby letters of credit and bills collection. Bancassurance and Insurance: Bancolombia distributes a diverse range of insurance products (life, health, agriculture, pets, debtors, and homeowner's insurance) written by Seguros Generales Suramericana S.A. and Seguros de Vida Suramericana S.A., two of the main insurance companies in Colombia. In addition, Bancolombia offers unemployment and theft insurance written by Cardif Colombia Seguros Generales S.A. Bancoagrícola and Bam offer voluntary and credit‑related insurance products across life, property, fraud, unemployment, and other general insurance lines. These products are part of their value proposition and are distributed through their own channels under a partnership model with reputable insurance companies. In the case of Bancoagrícola, policies are underwritten by Asesuisa and Assa. Bam, meanwhile, operates through its affiliated insurer, Seguros Agromercantil. Investment Banking: Bancolombia's through its subsidiary, Banca de Inversión Bancolombia, offers a wide variety of value-added services, including structuring of leverage finance (project finance, acquisitions, and large corporate loans), loan syndication, debt and equity capital markets, principal investments (in alternative assets), mergers and acquisitions (M&A), hedging strategy advisory, restructurings, across multiple economic sectors, with coverage in Colombia and Central America. Trust and Fiduciary Services: Bancolombia, through its subsidiary Fiduciaria Bancolombia, offers a broad portfolio of services tailored for companies and individuals. These services include managing escrow accounts, multiple investment funds, and real estate funds. Bancoagrícola also offers trust services and has a 94% share of the private trust market. The service is aimed at both individuals and businesses, offering different types of trusts, such as investment trusts, payment source trusts, and guarantee trusts, among others. Nequi (Digital): Nequi is a fully digital business line focused on financial inclusion, everyday transactions, and intensive use of technology, with the purpose of improving people’s financial management and meeting customers’ financial needs. Users interact with Nequi through a mobile application and fully digital processes, without paperwork or physical branches. Nequi offers a wide range of products, including: savings accounts, physical and virtual debit cards, loans, the ability to receive remittances, PayPal integration, and both proprietary and third-party financial services such as utility bill payments, mobility top-ups, and entertainment. NEW PRODUCTS AND SERVICES Below is a brief description of the new products and services that the operating subsidiaries of Grupo Cibest introduced in 2025: Bre-B: Colombia's new instant and interoperable payment system, powered by the Central Bank was launched in 2025, and Bancolombia now offers connection to Bre-B. This platform connects banks, cooperatives, and fintechs into a single network, allowing Colombians to send and receive money between different banks and entities in seconds, with 24/7 availability. Transfers within the Bre-B system are carried out using 'keys,' eliminating the need to share traditional banking information. The new system strengthens security and standardizes inter-institutional payments. By the end of December 2025, more than 96 million keys were registered with the Central Bank of Colombia, corresponding to 33 million clients. Cibest Corporate Group and its customers hold 51 million registered keys through Bancolombia and Nequi, representing 53% of the Bre-B system. Mortgage Lending Business as a Driver of Customer Preference: Our Subsidiaries have strengthened their relationship with payroll clients through differentiated pricing experiences, enabling them access competitive financing options. Additionally, they promote housing financing through proactive approvals under the Payroll-Based Secured Sale model (Venta Cierta Nóminas), reaffirming Cibest Corporate Group commitment to closeness, operational agility, and the financial well-being of our users. This initiative represents a strategic partnership with companies that have payroll agreements with Bancolombia, strengthening ties with the country’s business sector and contributing to the development of the real estate ecosystem. Payments Through Wompi in the Real Estate Sector: Bancolombia integrated Wompi as a new payment channel in both the Online Business Branch and the Online Personal Branch. This significantly improves customer experience through faster, modern, and accessible payment solutions, facilitating efficient product management in the real estate sector. Inflation-Indexed Sustainability Loans: Grupo Cibest's subsidiaries offer new inflation-indexed corporate loans promote sustainable infrastructure. The loans are indexed to the Real Value Unit (UVR), an index that is based on the Consumer Price Index, reflecting the purchasing power of the Colombian peso. The loans offer a 100 basis point benefit to the borrower. Salud para ti: Grupo Cibest's subsidiaries offer a health insurance policy that allows clients and their families to access medical services including general practitioner and specialist consultations, laboratory tests, reimbursement for medications prescribed under the plan, and a hospital care allowance, among other benefits. The services provided are timely, accessible and reliable. The product was initially launched through Sura Telesales and, as of October 21, 2025, is also available at our branches and through our commercial teams. Use of AI We are developing a corporate strategy focused on data, analytics and machine-learning-based AI. We aim to build organization-wide capabilities and foster the adoption of AI across business units. The main objective is to enhance decision-making and develop new products and services, strengthening our competitive advantage. We are focusing our efforts on ensuring that business units with the greatest potential impact on our results adopt best practices for AI use and risk mitigation. As of the date of this Annual Report, we have started to use machine learning within Cibest Corporate Group but do not currently use generative AI with customers, however we plan to initiate AI consumer use in 2026. Further details on the various risks to which we are exposed in connection with the use of artificial intelligence are discussed in Item 3.D. Risk Factors. B.2Operations See Note 3 to the Consolidated Financial Statements included in this Annual Report for a description of the principal markets in which we compete, including a breakdown of total interest and valuation income by category of activity and geographic market for each of the last three fiscal years. B.3Seasonality of deposits Bancolombia, our main operating subsidiary, has historically experienced some seasonality in demand deposits, with lower average balances during the first months of the year and higher average balances at the end of the year. This behavior is explained primarily by the increased liquidity provided by the Central Bank and the Colombian National Treasury at year end, as economic activity tends to be higher during this period, resulting in a greater number of transactions. During 2025, monetary conditions in Colombia contributed to the seasonal pattern of Bancolombia's deposits. In the first half of the year, the Central Bank lowered its benchmark rate as inflation declined, supporting stable liquidity but not altering the usual slowdown in deposit growth. In the second half, inflation increased and the policy rate stabilized. Credit demand remained moderate, and deposits followed their typical year‑end increase. These factors, together with the seasonal behavior of deposits, resulted in excess liquidity during the year. However, we do not consider the seasonality of demand deposits to have a significant impact on our business, since any excess or shortage of liquidity has been managed through the treasury portfolio. B.4Raw materials We are not dependent on sources or availability of raw materials. B.5DISTRIBUTION NETWORK We provide our products and services through a traditional branch network, sales and customer representatives, as well as through mobile branches (Puntos de Atención Móviles), an ATM network, online and computer banking, telephone banking, mobile phone banking services, and points of sale (Puntos de Atención Cercano), among others. In Colombia, transactions performed through electronic channels represented more than 94.80% of all transactions in 2025, compared to 95.74% of all transactions in 2024. The following are the distribution channels offered by Cibest Corporate Group as of December 31, 2025: Branch Network1 As of December 31, 2025, our consolidated branch network consisted of 912 offices, including 564 Bancolombia offices, 37 Renting Colombia offices, 93 Bancoagrícola offices, 37 Banistmo offices, 142 Bam offices and 39 offices of other subsidiaries. Number of branches 2025 Number of branches 2024 Number of branches 2023 Company (1) Bancolombia (Colombia) 564 575 578 Bam (Guatemala) 142 151 155 Renting Colombia (2) 37 37 63 Bancoagrícola 93 91 91 Banistmo 37 37 39 Valores Bancolombia 17 17 19 Fiduciaria Bancolombia 8 8 8 Financomer 1 1 3 SUFI 1 2 2 Inversiones CFNS S.A.S. 2 2 2 Banca de Inversión 2 2 2 Bancolombia Panamá 1 1 1 Bancolombia S.A Panamá Branch 1 1 1 Cibest Capital Panamá S.A. 1 1 1 Bancolombia Puerto Rico International Inc. 1 1 1 Arrendadora Financiera S.A. 1 1 1 Valores Banagricola, S.A. de C.V. 2 1 1 Cibest Capital Holdings USA LLC 1 1 1 Total 912 930 969 (1)For some subsidiaries, the main office is considered a branch. 13 Localiza and 13 Puntos Éxito were closed Banking Correspondents A banking correspondent is a platform that allows nonfinancial institutions, such as retail stores that are open to the public, to provide financial services and transactions in locations where banks and financial institutions have limited or no presence. As of December 31, 2025, we had 37,045 banking correspondents, including 28,640 in Colombia, 395 in Panama, 6,168 in Guatemala and 1,842 in El Salvador, of which 955 are outsourced banking correspondents. Puntos de Atención Móviles (PAMs) PAMs are commercial advisors who visit small towns periodically to offer our products and services. As of December 31, 2025, there were 486 PAMs (458 in Colombia, 10 in Guatemala and 18 in El Salvador). Panama has no PAMs. Kiosks Kiosks are located inside our branches, in malls and in other public places and allow our clients to conduct a variety of self-service transactions. As of December 31, 2025, there were a total of 500 kiosks, 213 in El Salvador and 287 in Colombia. Panama and Guatemala have no kiosks. 1 ATMs We have a total of 6,149 ATMs, including 5,212 in Colombia, 599 in El Salvador and 338 in Panama. Bam sold its Guatemalan ATM network (155 ATMs) to 5B in November 2023 and outsources ATM services to 5B. Online/Computer Banking We offer multiple online and computer-based banking alternatives designed to fit the specific needs of our different client segments. Through a variety of platforms (computer and internet-based solutions) our clients can review their account balances and monitor transactions in their deposit accounts, loans and credit cards, make virtual term investments, access funds from pre-approved loans, make payroll and supplier payments, make purchases and bill payments, negotiate stocks, learn about products and services and complete other transactions in real time. Telephone Banking We provide customized and convenient advisory services to customers of all segments through automatic interactive voice response (IVR) operations and a 24/7 contact center. Mobile Banking Service Our clients can conduct a variety of transactions using their mobile phones, including fund transfers between Bancolombia accounts, account balance inquiries, QR code payments and payment of bills and invoices. Business Connections Banking Service Business Connections is a differentiating feature of Bancolombia's product line. It consists of a direct connection between Bancolombia's servers and the client, allowing transactions and document exchange to take place, supplementing our cash management and factoring products. It offers a secure and efficient option for clients to handle their funds, particularly their cash management needs. B.6Patents, licenses and contracts We are not dependent on patents or licenses, nor is it substantially dependent on any industrial, commercial or financial contracts (including contracts with customers or suppliers). However, we have entered into contracts with third parties who provide certain services that are important to our business. These services include core banking services, online banking platforms, data processing and payment services, clearing and settlement services, software for processing credit and debit card services, and technological infrastructure, including cloud services where our data will be stored, among others. B.7Competition The competition faced by Grupo Cibest depends primarily on the markets in which its respective subsidiaries operate. In particular, a relevant portion of said subsidiaries carries out their activities within the financial system of the countries and jurisdictions in which we have a presence. The competition of Grupo Cibest is described below: Colombian financial system description Overview The recent history of Colombia’s banking sector is marked by consolidation and internationalization. A series of major bank mergers and acquisitions took place in 2013, with Bancolombia and Grupo Aval both acting as active participants, while several foreign banks entered the market the same year, increasing competition. New financial entities entered the market in 2014, while Corpbanca acquired Helm Bank and GNB Sudameris acquired nearly all of HSBC Colombia, expanding into Paraguay, Peru, and Uruguay. Further consolidation occurred in 2015, including the merger of Chile’s CorpBanca with Brazil’s Itaú, while Bancolombia sold 50% of its shares in Tuya to Grupo Éxito and bought a stake in Guatemala’s Grupo Agromercantil, taking full ownership in 2020. Several banks underwent transitions in 2015, including Serfinanza, a commercial financing company that become the 26th bank in the financial system in February 2015. In 2020 four financing companies went through changes in their shareholder structures: in January, Credifinanciera acquired Procredit Bank, rebranding as Banco Credifinanciera; that April, Coltefinanciera acquired the rights and obligations of Multibank, which ceased to act as a bank; in August, Leasing Bancoldex merged with Arco Bancoldex; and, in November, Pagos Internacional was acquired by Banco W. In 2021, Lulo Bank became the first digital bank in Colombia, and in December of that year insurance brokerage BTG Pactual became the 28th bank in the financial system. In 2022 commercial financing company Banco Unión, previously called Giros y Finanzas, became the 29th bank in the financial system, and microfinancing company Banco Contactar became the 30th bank in the financial system in 2024. Nubank began operations as a financing company in 2024, offering savings accounts at the beginning of the year and expanding into consumer loans and term deposits by the end of the year. In 2025, Banco Davivienda gave notice of its intention to integrate with Scotiabank Colpatria by 2026, with Scotiabank Colpatria transferring all its loans and deposits to Banco Davivienda and taking a 20% stake in the combined entity. The alliance will create the second-largest bank in Colombia and significantly enhance Banco Davivienda’s presence in Central America. It is expected to leverage Banco Davivienda's scale to offer wealth management, corporate banking, investment advisory and other services. The SFC approved operating licenses for other digital players in 2025, such as Cobre, Revolut, and Nequi, which are expected to begin operations in 2026. As of December 31, 2025, according to the SFC, the main participants in the Colombian financial system were 30 commercial banks (19 domestic private banks, 10 foreign banks, and one domestic state-owned bank), six financial corporations and 15 financing companies. In addition, trust companies, cooperatives, insurance companies, insurance brokerages and securities intermediaries, special state-owned institutions, and severance payments and pension funds also participate in the Colombian financial system. Evolution of market and credit institutions in 2025 Loan growth at Colombian credit institutions was 8.2% in 2025, compared with 3.4% in 2024. Commercial loans grew by 6.2% in 2025, compared with 5.8% the previous year. Consumer loans increased 6.8% in 2025, compared with a decrease of 3.2% in 2024. Mortgage loans increased 14.6% in 2025, compared to 8.0% in 2024, and small business loans grew 12% in 2025 compared with 8.5% in 2024. The credit institutions' level of past-due loans, as a percentage of the total loan portfolio, stood at 3.8% in December 2025, down from 4.7% in December 2024. In addition, the coverage ratio – measured as the ratio of allowances for loan losses (principal) to past-due loans (over 30 days) – ended 2025 at 143.4%, compared with 129.2% at the end of 2024. In December 2025, the loan portfolio represented 62.4% of total assets, slightly higher than the 61.8% recorded the previous year. Investments and derivative transactions, as a percentage of total assets, remained at 23.3% at the end of 2025, the same level as at the end of 2024. Deposits also increased as a percentage of total liabilities, reaching 76% in 2025 compared with 75.4% in 2024. Credit institutions recorded COP 1.135 trillion in total assets on December 2025, a 7.1% increase from the previous year. Based on total assets held by Colombian credit institutions, banks had a market share of 93.9%, followed by financial corporations with 3.1%, financing companies with 2.5%, and financial cooperatives with 0.5%. The capital adequacy ratio (Tier 1 + Tier 2) for credit institutions was 17.8% in December 2025 (including banks, financial corporations, financing companies and financial cooperatives), which is above the minimum legal requirement of 9% pursuant to Decree 1477 of 2018. Bancolombia and its competitors The following table shows a comparison between the key profitability, capital adequacy and loan portfolio quality indicators for Bancolombia and its main competitors, unconsolidated, based on IFRS information as applicable under Colombian regulations and published by the SFC. ROE(1) ROA(2) Past-due loans/ Total loans Allowances/Past-due loans Capital Adequacy Dic-25 Dec-24 Dic-25 Dec-24 Dic-25 Dec-24 Dic-25 Dec-24 Dic-25 Dec-24 Bancolombia 24.7 % 13.2 % 2.4 % 2.1 % 3.5 % 4.4 % 176.5 % 158.0 % 14.4 % 18.5 % Banco de Bogotá 7.6 % 7.0 % 0.9 % 0.9 % 3.8 % 4.4 % 119.2 % 107.5 % 18.1 % 18.8 % Davivienda 12.2 % 5.8 % 1.2 % 0.6 % 4.4 % 5.5 % 121.2 % 112.4 % 18.9 % 18.6 % BBVA 6.5 % (5.6 %) 0.4 % (0.4 %) 3.5 % 4.6 % 148.2 % 128.0 % 13.4 % 13.1 % Banco de Occidente 9.4 % 9.0 % 0.6 % 0.7 % 3.2 % 3.3 % 144.5 % 144.1 % 12.5 % 12.7 % Itaú Corpbanca 1.4 % 2.4 % 0.1 % 0.3 % 4.0 % 4.5 % 124.6 % 123.5 % 16.6 % 16.3 % Scotiabank Colpatria (0.9) % (5.9) % (0.1) % (0.4) % 4.1 % 5.0 % 135.2 % 119.0 % 11.5 % 11.7 % Source: SFC. (1)ROE is return on average stockholders’ equity. (2)ROA is return on average assets The following tables illustrate the market share of Bancolombia and its main competitors, on an unconsolidated basis, with respect to various key products, based on figures published by the SFC for 2025 and 2024: Total Net Loans Market Share Total Net Loans – Market Share (%) 2025 2024 Bancolombia 27.6 % 27.2 % Davivienda 16.0 % 15.6 % Banco de Bogotá 12.8 % 12.9 % BBVA 10.8 % 11.0 % Banco de Occidente 7.1 % 7.3 % Scotiabank Colpatria 4.0 % 4.0 % Itaú Corpbanca 2.5 % 2.7 % Others(1) 19.2 % 19.3 % Source: Ratios are calculated by Bancolombia based on figures published by the SFC. (1)Nubank was registered as financial company so is not included in others Checking Accounts Market Share Checking Accounts – Market Share (%) 2025 2024 Bancolombia 26.4 % 27.4 % Banco de Bogotá 17.1 % 18.1 % Davivienda 12.2 % 11.0 % BBVA 10.6 % 10.3 % Banco de Occidente 8.8 % 8.7 % Itaú Corpbanca 2.3 % 2.3 % Scotiabank Colpatria 2.3 % 2.5 % Others(1) 20.3 % 19.7 % Source: Ratios are calculated by Bancolombia based on figures published by the SFC. (1)Nubank was registered as financial company so is not included in others Time Deposits Market Share Time Deposits – Market Share (%) 2025 2024 Bancolombia 22.2 % 22.2 % Davivienda 16.8 % 17.9 % Banco de Bogotá 14.8 % 13.9 % BBVA 12.6 % 13.1 % Scotiabank Colpatria 5.1 % 4.6 % Banco de Occidente 5.2 % 4.7 % Itaú Corpbanca 3.0 % 3.2 % Others(1) 20.2 % 20.4 % Source: Ratios are calculated by Bancolombia based on figures published by the SFC. (1)Nubank was registered as financial company so is not included in others Saving Accounts Market Share Saving Accounts – Market Share (%) 2025 2024 Bancolombia 31.8 % 30.7 % Davivienda 12.7 % 12.5 % Banco de Bogotá 10.4 % 10.8 % BBVA 9.8 % 10.4 % Banco de Occidente 9.0 % 9.1 % Scotiabank Colpatria 3.2 % 3.5 % Itaú Corpbanca 1.8 % 1.8 % Others(1) 21.3 % 21.2 % Source: Ratios are calculated by Bancolombia based on figures published by the SFC. (1)Nubank was registered as financial company so is not included in others Bancoagrícola and its competitors In 2025, Bancoagrícola continued to lead the Salvadoran financial system and ranked first in terms of total assets, loans, total deposits, stockholders’ equity and profits. The information presented in the following tables shows Bancoagrícola and its competitors on a stand-alone basis and was prepared based on publicly available information from the Financial System Superintendency (SSF), in accordance with Salvadoran accounting standards. The following table illustrates the market share for the main institutions of the Salvadoran financial system as of December 31, 2025: Assets Stockholders’ Equity Loans Deposits Profits Banco Agrícola 24.4% 23.5% 24.8% 25.6% 39.5% Cuscatlán 17.0% 17.2% 17.4% 17.6% 18.1% Davivienda 13.1% 13.5% 14.3% 13.1% 8.3% BAC 14.1% 13.9% 15.5% 14.5% 10.3% Hipotecario 8.4% 8.3% 5.7% 7.4% 8.1% Promérica 5.5% 4.2% 5.6% 5.5% 2.6% Otros 17.5% 19.4% 16.7% 16.3% 13.1% Source: SSF (Superintendencia del Sistema Financiero) The following tables illustrate the market share of Bancoagrícola and its main competitors, based on figures published by the Financial System Superintendency (SSF), as of December 31, 2025 and 2024: Total Loans Market Share Total Loans – market Share (%) 2025 2024 Banco Agrícola 24.8% 24.2% Cuscatlán 17.4% 17.9% Davivienda 14.3% 14.2% BAC 15.5% 15.6% Hipotecario 5.7% 6.2% Promérica 5.6% 5.7% Otros(1) 16.7% 16.2% (1) In 2024, Sociedad de Ahorro y Crédito Apoyo Integral, S.A. became the thirteenth bank in El Salvador's Financial System, now known as Banco Apoyo Integral. Checking and Saving Accounts Market Share Checking and Saving Accounts – Market Share (%) 2025 2024 Banco Agrícola 30.7% 31.3% Cuscatlán 19.0% 18.7% Davivienda 12.4% 12.6% BAC 15.5% 15.6% Hipotecario 6.1% 6.0% Promérica 4.8% 5.0% Otros(1) 11.5% 10.8% (1) In 2024, Sociedad de Ahorro y Crédito Apoyo Integral, S.A. became the thirteenth bank in El Salvador's Financial System, now known as Banco Apoyo Integral. Time Deposits Market Share Time Deposits – Market Share (%) 2025 2024 Banco Agrícola 16.8% 15.1% Cuscatlán 15.2% 15.0% Davivienda 14.4% 15.2% BAC 12.7% 14.2% Hipotecario 9.7% 12.0% Promérica 6.5% 7.2% Otros(1) 24.7% 21.3% (1) In 2024, Sociedad de Ahorro y Crédito Apoyo Integral, S.A. became the thirteenth bank in El Salvador's Financial System, now known as Banco Apoyo Integral. Banistmo and its competitors Banistmo (discontinued operation) is one of Panama’s leading banks, the second-largest bank in terms of balance sheet (total assets plus total liabilities), and the third-largest in terms of its loan portfolio, with a market share of 7.9%. The following table illustrates the market share of the main institutions in the Panamanian financial system as of December 31, 2025. MARKET SHARE Assets Equity Loans Deposits Profits Banistmo 7.3 % 7.0 % 7.9 % 9.2 % 4.5 % Banco General 13.3 % 11.0 % 13.3 % 19.5 % 24.7 % Global Bank 6.4 % 5.0 % 7.1 % 7.2 % 1.9 % Banesco 4.1 % 2.7 % 4.3 % 5.9 % 2.3 % BAC 9.1 % 25.6 % 6.6 % 8.3 % 29.4 % Others 59.8 % 48.7 % 60.8 % 49.9 % 37.2 % Source: Banistmo based on data by SBP (Superintendency of Banks of Panama) The following tables illustrate the market share of Banistmo and its main competitors, based on figures published by the Superintendency of Banks of Panama, as of December 31, 2025, and December 31, 2024: Total Loans Market Share Total Loans - Market Share (%) 2025 2024 Banistmo 7.9 % 8.3 % Banco General 13.3 % 13.1 % Global Bank 7.1 % 6.9 % Banesco 4.3 % 4.4 % BAC 6.6 % 6.2 % Others 60.8 % 61.1 % Source: Banistmo based on data by SBP (Superintendency of Banks of Panama) Saving Accounts Market Share Saving Account - Market Share (%) 2025 2024 Banistmo 9.7 % 10.2 % Banco General 28.4 % 29.1 % Global Bank 7.1 % 7.4 % Banesco 6.8 % 7.4 % BAC 5.1 % 5.2 % Others 42.9 % 40.7 % Source: Banistmo based on data by SBP (Superintendency of Banks of Panama) Checking Accounts Market Share Checking Accounts - Market Share (%) 2025 2024 Banistmo 8.3 % 9.0 % Banco General 24.0 % 23.2 % Global Bank 3.5 % 3.8 % Banesco 10.1 % 10.0 % BAC 12.3 % 11.1 % Others 41.8 % 42.9 % Source: Banistmo based on data by SBP (Superintendency of Banks of Panama) Time Deposits Market Share Time Deposits - Market Share (%) 2025 2024 Banistmo 9.3 % 10.0 % Banco General 15.0 % 14.9 % Global Bank 8.2 % 8.3 % Banesco 4.4 % 4.4 % BAC 8.3 % 9.7 % Others 54.8 % 52.7 % Source: Banistmo based on data by SBP (Superintendency of Banks of Panama) Bam and its competitors Bam is the fifth-largest bank in the banking system in Guatemala, measured by total assets, deposits and net loans, and the sixth in terms of stockholders’ equity. As of December 31, 2025, the Bank Superintendency of Guatemala (SIB) has 19 banking entities under its supervision and inspection. The information presented in the following tables was prepared in accordance with Guatemalan banking regulations, as reported to the SIB. The following table illustrates the market share for the main institutions of the banking system at the end of 2025: MARKET SHARE Assets Stockholders’ Equity Net Loans Deposits Profits Banco Agromercantíl 7.5 % 6.2 % 9.3 % 7.6 % 1.2 % Banco Industrial 28.8 % 22.8 % 28.6 % 26.6 % 25.2 % Banrural 22.3 % 24.8 % 17.4 % 24.1 % 35.2 % Banco G&T Continental 12.0 % 10.9 % 11.5 % 12.0 % 11.3 % BAC-Reformador 7.7 % 7.7 % 9.8 % 7.8 % 6.5 % Bantrab 7.1 % 11.6 % 8.0 % 7.3 % 7.9 % Banco Promerica 5.3 % 5.3 % 6.7 % 5.3 % 4.9 % Others(1) 9.3 % 10.7 % 8.7 % 9.3 % 7.8 % (1) Others . Includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney. Source: Bank Superintendency of Guatemala (SIB). The following tables illustrate the market share of Bam on a standalone basis and its main competitors, based on figures published by the SIB, under Guatemalan banking regulations, as of December 31, 2025, and 2024: Net Loans Market Share Net Loans - Market Share (%) 2025 2024 Banco Agromercantil 9.3 % 10.0 % Banco Industrial 28.6 % 29.2 % Banrural 17.4 % 16.3 % Banco G&T Continental 11.5 % 11.2 % BAC-Reformador 9.8 % 9.9 % Bantrab 8.0 % 8.2 % Banco Promerica 6.7 % 7.0 % Others(1) 8.7 % 8.2 % (1) Others . Includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney. Source: Bank Superintendency of Guatemala (SIB). Checking Accounts Market Share Checking Accounts - Market Share (%) 2025 2024 Banco Agromercantil 5.4 % 5.9 % Banco Industrial 34.0 % 33.9 % Banrural 24.7 % 24.0 % Banco G&T Continental 12.0 % 12.1 % BAC-Reformador 10.9 % 11.0 % Banco Promerica 3.4 % 3.5 % Bantrab 1.9 % 2.1 % Others(1) 7.7 % 7.5 % (1) Others . Includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney. Source: Bank Superintendency of Guatemala (SIB). Time Deposits Market Share Time Deposits - Market Share (%) 2025 2024 Banco Agromercantil 8.0 % 8.7 % Banco Industrial 23.6 % 23.1 % Banrural 17.7 % 16.5 % Bantrab 12.9 % 13.7 % Banco Promerica 9.3 % 9.4 % Banco G&T Continental 8.9 % 8.8 % BAC-Reformador 6.7 % 8.2 % Others(1) 12.9 % 11.6 % (1) Others . Includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney. Source: Bank Superintendency of Guatemala (SIB). Saving Accounts Market Share Saving Accounts - Market Share (%) 2025 2024 Banco Agromercantil 9.7 % 9.3 % Banrural 31.7 % 30.2 % Banco Industrial 21.7 % 23.2 % Banco G&T Continental 16.0 % 16.8 % Bantrab 6.5 % 6.1 % BAC-Reformador 5.6 % 5.9 % Banco Promerica 2.3 % 2.4 % Others(1) 6.5 % 6.1 % (1) Others . Includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney. Source: Bank Superintendency of Guatemala (SIB). B.8Supervision and regulation Grupo Cibest, as an issuer of securities listed on the Colombian Stock Exchange (Bolsa de Valores de Colombia, or BVC) and registered in the Colombian National Registry of Securities and Issuers (Registro Nacional de Valores y Emisores, or RNVE), is under the exclusive control of the SFC in Colombia pursuant to Law 964 of 2005, Decree 2555 of 2010, External Circular 6 of 2025 (the SFC’s Basic Legal Circular) and External Circular 100 of 1995 (the SFC’s Basic Accounting and Financial Circular). The regulatory framework that governs Grupo Cibest is based mainly on general commercial laws, such as the Colombian Commercial Code and Law 222 of 1995, as well as specific regulations governing securities issuers, including Law 964 of 2005, Decree 2555 of 2010, and SFC regulations. The SFC’s oversight includes verifying compliance with all Colombian laws related to corporate governance for issuers. This encompasses, among other things, the disclosure of material information to the market, submission of periodic reports to both the SFC and the market, and adherence to minimum corporate governance standards. In addition, under External Circular 6 of 2025 , Grupo Cibest must implement and maintain a comprehensive Anti-Money Laundering and Counter-Terrorism Financing system (Sistema Integral para la Prevención y Control de Lavado de Activos y de la Financiación del Terrorismo – SIPLA), which includes policies, procedures, and internal controls to prevent, detect, and report activities related to money laundering and terrorism financing, in compliance with Colombian regulations and international standards. Pursuant to Law 1870 of 2017, Grupo Cibest is part of the financial conglomerate defined as the Sura-Bancolombia Financial Conglomerate. This conglomerate includes all supervised entities in Colombia, intermediate holding companies, and foreign financial entities of Sura and Bancolombia. Consequently, Grupo Cibest is subject to cross-border consolidated supervision based on four pillars: (i) integrated risk management, (ii) prudential requirements, (iii) cooperation and information exchange, and (iv) protocols for cross-border investment management. While Grupo Cibest is regulated primarily as an registered issuer listed on the BVC and subject to the SFC’s exclusive control in that capacity, our business is also influenced by the regulatory framework applicable to our Subsidiaries, which are described below. Colombia Bancolombia is our main operating subsidiary and a Colombian credit institution supervised by the SFC. In practice, many regulatory requirements applicable at the level of Bancolombia, particularly those related to solvency and capital buffers, liquidity standards, large exposures and related‑party limits, enterprise risk management, cybersecurity and consumer protection, can affect Grupo Cibest on a consolidated basis. Colombian banking regulators The Colombian Constitution grants the Congress of Colombia the power to prescribe the general legal framework of the financial system, and the Government issues regulations within that framework. Multiple agencies have the authority to regulate the financial system, including the board of directors of the Central Bank, the Ministry of Finance and Public Credit (the Ministry of Finance), the SFC, the SIC and the Self-Regulatory Organization (Autoregulador del Mercado de Valores or AMV). Regulatory framework for Colombian banking institutions The basic regulatory framework of the Colombian financial sector is described below. Decree 663 of 1993, as amended, defines the structure of the Colombian financial system and establishes the permitted forms of business entities and their authorized activities. Furthermore, Decree 663 of 1993 sets forth (i) licensing requirements, (ii) the procedure applicable for mergers and acquisitions, spin-offs, and other corporate reorganizations of the aforementioned entities, (iii) specific regulations that apply to the issuance and sale of shares and other securities by such entities, and (iv) certain rules regarding the activities of officers and directors of such institutions, among others. Decree 2555 of 2010 contains regulations regarding banking, insurance and securities market activities, capital adequacy requirements, financial institutions’ corporate governance and principles relating to the determination, dissemination and publication of rates and prices of products and financial services, lending activities and resolution procedures. External Circular 6 of 2025 and External Circular 100 of 1995 contain the rules and regulations issued by the SFC that apply to financial institutions and other entities under its supervision and control. Financial institutions are subject to further rules if they engage in additional activities. Law 964 of 2005 regulates securities activities, which banks may undertake, and securities issuers. External Resolution 1 of 2018 (foreign exchange regulations), and External Resolution 4 of 2006 issued by the board of directors of the Central Bank, define the different activities that banks, including Bancolombia, may perform as foreign exchange market intermediaries, including lending in foreign currencies and investing in foreign securities. Violations of any of the above statutes and their relevant regulations are subject to administrative sanctions and, in some cases, criminal sanctions. Interest rates Article 884 of the Colombian Commercial Code provides for a limit on the amount of interest that may be charged in commercial transactions. The limit is 1.5 times the current banking interest rate (interés bancario corriente, or IBC), certified and calculated by the SFC as the weighted average rate of interest ordinarily charged by banks for loans made during a specified period. The certification process is carried out for the following credit portfolios: consumer and ordinary; small loans; and microcredit (which is further divided into five subcategories). As of December 31, 2025, the maximum banking lending rates certified by the SFC for the credit portfolios are: (i) 24.36% for consumer and ordinary loans; (ii) 68.85% for small loans; and (iii) between 27.98% and 89.75% for the five remaining microcredit subcategory rates. Capital adequacy requirements – Basel III Capital adequacy requirements for Colombian financial institutions (set forth in Decree 2555 of 2010, as amended) are based on most of the Basel III standards. This regulation provides for a gradual implementation plan beginning in 2021 and ending in 2024 for requirements regarding solvency ratios and capital buffers. The SFC issued External Circular 020 of 2019, which sets capital adequacy requirements for credit institutions and requirements for reporting information to the SFC. Some of the highlights of this regulation are as follows: The regulatory capital (patrimonio técnico) is calculated as the sum of the Common Equity Tier 1 Capital (patrimonio básico ordinario), the Additional Tier 1 Capital (patrimonio básico adicional) and the Tier 2 Capital (patrimonio adicional). Revised criteria for debt and equity instruments to be considered Common Equity Tier 1 Capital, Additional Tier 1 Capital, and Tier 2 Capital were established. In addition, the SFC reviews whether a given instrument adequately complies with the applicable criteria in order for an instrument to be considered Tier 1 Capital or Tier 2 Capital, upon request of the issuer. Debt and equity instruments that have not been classified by the SFC as Tier 1 Capital or Tier 2 Capital shall not be considered Tier 1 Capital or Tier 2 Capital for the purposes of capital adequacy requirements. The Capital Adequacy Ratio is set at a minimum of 9% of the financial institution’s total risk-weighted assets. However, each entity must comply with: (i) a minimum basic solvency ratio of 4.5% (which is defined as the ordinary basic capital after deductions divided by the financial institution’s total risk-weighted assets and off-balance sheet items); (ii) a minimum additional basic solvency ratio (which is defined as the sum of Common Equity Tier 1 Capital after deductions and Additional Tier 1 Capital, divided by the financial institution’s total risk-weighted assets and off-balance-sheet items) of 4.875%, which began on January 1, 2021, increasing gradually to 6% by January 1, 2024; (iii) a capital conservation buffer (which is defined as the Common Equity Tier 1 Capital after deductions divided by the financial institution’s total risk-weighted assets and off-balance-sheet items) of 0.375% starting on January 1, 2021, increasing gradually to 1.5% by January 1, 2024; (iv) a systemically important institution buffer (which is defined as the Common Equity Tier 1 after deductions divided by the financial institution’s total risk-weighted assets and off-balance-sheet items) of 0.25% starting on January 1, 2021, increasing gradually to 1% on January 1, 2024 (Bancolombia has been recognized by the SFC as a domestic systemically important institution in Colombia); and (v) a combined buffer equivalent to the sum of the aforementioned buffers as of January 1, 2024. These ratios apply to credit institutions individually and on a consolidated basis. Credit establishments must comply with a minimum leverage ratio of 3%, which is defined as the sum of the Common Equity Tier 1 Capital after deductions and the Additional Tier 1 Capital, divided by the leverage value. The leverage value is the sum of all net assets, the net exposures in all repo, simultaneous transactions and temporary transfer of securities, the credit exposures in all derivative instruments, and the exposure value of all contingencies. Credit establishments must comply with minimum capital requirements for operational risk. This new capital requirement will be determined by the product of the Business Indicator (indicador de negocio), the Operational Risk Coefficient (coeficiente de riesgo operacional) and the Internal Loss Multiplier (indicador de pérdida interna). The Operational Risk Coefficient will be 12% of the Business Indicator, but if the Business Indicator exceeds COP 3 billion, the coefficient will be 15% for the excess amount. Each entity was required to comply with the requirement as of January 1, 2021. For more information, see Item 5. Operating and Financial Review and Prospects - B1 Liquidity and Funding. Capital Adequacy. The minimum capital requirement for applying for a banking charter on an unconsolidated basis is established in Article 80 of Decree 633 of 1993. This capital requirement for banks in 2025 is set at COP 140,254 million. Failure to meet the requirement could result in the SFC taking of possession (toma de posesión) of the bank (see Item 4. Information on the Company – B. Business Overview – B.8 –Supervision and Regulation – Bankruptcy Considerations). Mandatory investments The Central Bank regulations require financial institutions, including Bancolombia, to hold minimum mandatory investments in debt instruments issued by Fondo para el Financiamiento del Sector Agropecuario ('Finagro'), a Colombian public financial institution that finances production and rural activities to support the agriculture sector. The amount of these mandatory investments is calculated by applying a fixed percentage (ranging from 4.3% to 5.8%, depending on the type of liability) to the quarterly average of the end-of-day balances of certain liabilities, primarily deposits and short-term debt. The investment balance is calculated at the end of each quarter. Any required adjustment (due to a change in the quarterly average between periods) results in the purchase of additional securities or may result in the redemption by Finagro of securities in excess of the requirement. The purchase of additional securities takes place during the month following the date on which the calculation was performed. Foreign currency requirements According to External Resolution 1 of 2018 issued by the board of directors of the Central Bank, as amended or supplemented ('Resolution 1 of 2018'), a financial institution’s foreign currency position is the difference between the institution’s foreign currency-denominated assets and liabilities (including any off-balance-sheet items). In the case of foreign exchange market intermediaries that consolidate financial statements and have controlled foreign investments, such as Bancolombia, (i) the value of controlled foreign investments, and (ii) the value of derivatives and other liabilities designated by the intermediary as hedging instruments for the controlled foreign investments are excluded from its foreign currency position. In addition, Resolution 1 of 2018 provides foreign currency position limits, such that a financial institution's positions may not exceed certain percentages of its technical capital in specific periods. It also requires banks to calculate a gross leverage position (posición bruta de apalancamiento) as it relates to its foreign currency position. Reserve requirements Credit institutions are required to satisfy reserve requirements with respect to deposits and other cash demands, which are held by the Central Bank in the form of cash deposits. The reserve requirements for Colombian banks are measured bi-weekly and the amount depends on the class of deposits. According to External Resolution 3 of 2024, which amends External Resolution of 2008, the Central Bank require credit institutions to maintain reserves of (i) 7% over private demand deposits, government demand deposits, other deposits and liabilities; (ii) 2.5% over term deposits with maturities fewer than 540 days and (iii) 0% over term deposits with maturities greater than or equal to 540 days. Nonperforming loan allowance The SFC maintains rules on nonperforming loan allowances for financial institutions. The allowance level of these loans is determined by the profile and risk conditions of the clients and the specific conditions of the loan. These rules apply to Bancolombia’s financial statements on a standalone basis for Colombian regulatory purposes. Nonperforming loan allowances in the Consolidated Financial Statements are calculated according to IFRS. Large exposures and concentration limits The government, through Decree 1533 of 2022 and the SFC’s External Circular 3 of 2024, adopted the Basel Committee’s international standard on Large Exposures (LEX), which as of August 2025 modified the current rules on legal lending limits. The set of regulations establishes: (i) a 25% exposure limit of Tier 1 Capital with respect to the same counterparty or group of connected counterparties; (ii) the definition of a Large Exposure as an exposure that represents more than 10% of the Tier 1 Capital; (iii) metrics that align the measurement of exposures with metrics on the risk-weighted assets in terms of capital adequacy; and (iv) the criteria for the identification of connected counterparties, including control relationship, financial conglomerates, and economic interdependence. In addition, Decree 1358 of 2024 included a 25% limit for transactions with related parties that will apply from May 2026. Payments system External Circular DSP-465 issued by the Central Bank establishes standards for interoperability, governance, and operational procedures of the new interoperable Immediate Payments System managed by the Central Bank (Bre-B), which started operations in September 2025. Decree 1069 of 2025 issued by the Ministry of Finance governs payment orders and fund transfers, imposing enhanced obligations on participating entities to ensure security, efficiency, and standardized practices. These measures create a legal and technical foundation for real-time, interoperable payments, fostering competition and financial inclusion. Internal capital and liquidity assessment process The SFC, through External Circular 025 of 2025, adopted Basel Pillar 2 recommendations, focusing on the supervisory review process requiring banks to assess their own capital adequacy beyond Pillar 1, through the implementation of capital and liquidity self-assessment programs (ICAAP-ILAAP) and the update of stress tests, which will be mandatory as of January 2028. The results of the ICAAP will be binding on credit establishments starting in January 2029. Bankruptcy considerations Colombian banks and other financial institutions are subject to special regulations regarding insolvency, restructuring and liquidation. Under Colombian banking law, the SFC has the power to intervene in the operations of a bank to prevent, or to control and reduce the effects of, a bank failure. The SFC also conducts periodic visits to financial institutions and may impose capital or solvency obligations on financial institutions without taking control of such financial institutions. The SFC may require corrective and recovery measures, including enhanced supervision, mandatory recapitalization, transfers of assets and liabilities, mergers or other restructuring actions, and, if the situation is deemed critical, may take possession of a financial institution either to manage it or to coordinate its liquidation. Colombia’s financial conglomerates framework also strengthened crisis management tools applicable to deposit-taking institutions, including the use of bridge bank mechanisms to facilitate the transfer of assets and liabilities from a failing institution. Upon taking possession, the SFC appoints a special agent designated by Fogafín to manage the financial institution, and Colombian banking rules generally restrict creditors from initiating or continuing collection or enforcement actions, or creating liens over the financial institution's assets, during the possession process. If the financial institution is ultimately liquidated, certain savings instruments, including deposits, are excluded from the estate and paid prior to other liabilities, and the remaining claims are satisfied in accordance with statutory priority rules, with subordinated debt ranking junior to external liabilities and senior only to equity. Deposit insurance—troubled financial institutions Subject to specific limitations, Fogafin is authorized to provide equity (whether or not reducing the par value of the recipient’s shares) and/or secured credits to troubled financial institutions, and to insure deposits of commercial banks and certain other financial institutions. To protect the customers of commercial banks and certain financial institutions, Resolution 1 of 2012 of the board of directors of Fogafin, as amended, requires mandatory deposit insurance. Banks must pay an annual premium of 0.30% of total funds received on savings accounts, checking accounts, certificates of deposit and other deposits, which is paid in four quarterly installments. If a bank is liquidated, the deposit insurance will cover the funds deposited by an individual or corporation with the bank up to a maximum of COP 50,000,000, regardless of the number of accounts held. Risk management systems Commercial banks must have risk administration systems to meet the SFC minimum standards for compliance and to avoid and mitigate the following risks: (i) credit; (ii) liquidity; (iii) market; (iv) operational; (v) money laundering and terrorism; (vi) counterparty; (vii) interest rate risk in the banking book; and (viii) country risk. Through External Circular 18 of 2021, the SFC issued the regulatory framework for the Comprehensive Risk Management System (Sistema Integral de Administración de Riesgos, or SIAR), which has been in effect since June 1, 2023, except for certain provisions related to risk data aggregation and reporting, which became effective on December 31, 2023. These provisions require financial entities to have a global vision of the risks to which they are exposed, since it integrates the management of credit, market, operational, liquidity, counterparty, guarantee, insurance and country risks. Internal control system framework The SFC updated its Internal Control System Framework with External Circular 8 of 2023, aiming to converge on international best practices and promote the development of robust corporate governance structures, adopting the recommendations of the Internal Control—Integrated Framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the Three Lines Model of the Chartered Institute of Internal Auditors (IIA) and the guidelines defined by the Basel Committee on Banking Supervision (BCBS) on corporate governance. These new rules came into effect on May 16, 2024. Cybersecurity regulation External Circular 7 of 2018 issued by the SFC, modified by External Circular 33 of 2020, contains the cybersecurity risk framework for financial institutions. These rules were adopted to enhance cyber risk management and promote the adoption of best practices. The framework (i) provides financial entities with a set of minimum requirements for information security and cybersecurity management; (ii) defines a single taxonomy to standardize the reporting of metrics and incidents related to information security and cybersecurity; and (iii) adopts the Traffic Light Protocol (TLP). External Circular 004 of 2024 issued by the SFC includes requirements for financial institutions to review the cybersecurity conditions of critical third-party providers; and rules over the framework of open finance services, including the limitation of web-scraping. Anti-money laundering provisions for financial institutions The regulatory framework to prevent and control money laundering is contained in, among others, Decree 663 of 1993; External Circular 6 of 2025; and the Colombian Criminal Code, as amended. Colombian laws adopt the latest guidelines related to anti-money laundering and other terrorist activities established by the Financial Action Task Force on Money Laundering ('FATF'). Colombia, as a member of the GAFI-SUD (a FATF-style regional body), follows the FATF’s recommendations. In 2022, the SFC introduced new requirements for financial entities and their risk management systems for Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) – in Colombia referred to as the Sistema de Administración del Riesgo de Lavado de Activos y de la Financiación del Terrorismo ('SARLAFT'). The new SARLAFT requirements include due diligence on ultimate beneficial owners and politically exposed persons; countermeasures to circumstances that involve high-risk countries; information requirements in international and domestic transactions; supervision in correspondent activities; enhancement of technology tools, among others. Financial institutions must cooperate with the appropriate authorities to prevent and control money laundering and terrorism financing. Finally, the Colombian Criminal Code introduced criminal rules and regulations to prevent, control, detect, eliminate and adjudicate all matters related to terrorism financing and money laundering, including the omission of reports on cash transactions, mobilization or storage of cash, and the lack of controls. Consumer protection Law 1328 of 2009 establishes a set of rights and responsibilities for customers of the financial system and a set of obligations for financial institutions in order to minimize disputes. This law also gives foreign banks more flexibility to operate in Colombia through 'branches.' Pursuant to External Circular 23 of 2021 issued by the SFC, Smartsupervision technology was implemented to provide a mechanism for the detailed monitoring of petitions, complaints or claims (Peticiones, Quejas & Reclamos or 'PQR'). This mechanism, provided by the SFC, allows financial consumers to submit petitions, complaints or claims and for them to be answered in due time and in an appropriate manner. Regulatory framework for Colombian subsidiaries that are non-participants in the financial sector Grupo Cibest and its Colombian subsidiaries that do not provide financial services are governed by the laws and regulations embodied in the Colombian Civil Code and the Colombian Commercial Code, as well as any regulations issued by the SIC and the Superintendency of Corporations or any other type of special regulations that may be applicable to the commercial and industrial activities carried out by Grupo Cibest and these subsidiaries. Panama Regulatory framework for Panamanian banking institutions The banking business in Panama is regulated by Law Decree 9 of 1998 (as amended to date, including by means of Law Decree 2 of 2008, the 'Banking Law'). Pursuant to the Banking Law, the Superintendency of Banks of Panama (the Superintendency of Banks of Panama), as banking supervisor, has the power to issue accords and resolutions to regulate the banking system. To implement Basel III capital standards, the Superintendency of Banks of Panama issued Accord 1-2015 establishing capital adequacy standards. This accord establishes new requirements for the composition of a banking entity's capital base, as well as for capital adequacy ratios, including the core Tier 1 capital ratio and the Tier 1 capital ratio, all in line with Basel III standards. This accord took effect in June 2016 and, as of January 1, 2019, the new rules were fully implemented. In addition, in October 2023, the Superintendency of Banks of Panama issued Accord 5-2023, which establishes rules on the capital conservation buffer to ensure that banks accumulate reserves that can be used in the event of incurring losses. According to this new Accord, banks must establish a capital conservation buffer of 2.5% of risk-weighted assets (credit, market and operational), comprised of ordinary primary capital and in addition to all minimum regulatory capital requirements. This accord took effect on July 1, 2024, and banks have until July 2026 to comply. In July 2025, the Superintendency of Banks issued a regulation introducing additional capital buffer requirements for domestic systemic banks, which will take effect in July 2027 with a transition period through July 2032. These additional capital buffers may require affected banks to maintain higher capital levels, which could limit capital distributions (such as dividends) or impact return on equity (ROE). In terms of liquidity, banks with a general license are required to maintain 30% of their global deposits in liquid assets (which include short-term loans to other banks and other liquid assets) of the type prescribed by the Superintendency of Banks of Panama. Additionally, banks with a general license are required to maintain assets in Panama of not less than 60% of their local deposits or any other percentage set by the Superintendency of Banks of Panama. Under the Banking Law, central bank deposits and other similar deposits of international reserves of sovereign states enjoy immunity from seizure or attachment proceedings. In 2018, the Superintendency of Banks of Panama, moving forward with the implementation of Basel III liquidity standards, issued a Liquidity Coverage Ratio ('LCR') Accord that requires general license banks to maintain high-quality liquid assets in relation to their short-term net cash outflows. Daily compliance with the LCR (high-quality liquid assets as a percentage of net cash outflows) was implemented progressively, starting in December 2018 with a compliance rate of 25%, reaching a compliance rate of 100% in December 2022. In 2025, the Superintendency of Banks of Panama issued a regulation that expanded the scope of High-Quality Liquid Assets (HQLA) and revised credit rating criteria applicable to certain financial instruments. In addition, another standard amended existing regulations to recognize the Panama Guarantee Fund as an eligible credit risk mitigant for capital adequacy purposes. The Superintendency of Banks of Panama has also issued regulations consistent with Basel III standards regarding capital requirements for market risk in the trading book, regulations to improve country risk management and operational risk management, as well as governance and controls relating to investment in securities. Regarding credit risk, in March 2016, the Superintendency of Banks of Panama issued Accord 3-2016, which establishes rules for the determination of risk-weighted assets applicable to on- and off-balance-sheet credit exposures, which are more risk-sensitive in line with Basel II and Basel III standards. This accord introduced the treatment of counterparty exposures in derivative transactions, as well as credit risk mitigation techniques, such as the treatment of financial guarantees. In Panama, banks are prohibited from granting, directly or indirectly, to any natural or legal person, including any entity that is part of a bank's economic group, any loan or line of credit, guarantee or any other obligation (other than credit facilities fully secured by deposits in the bank) in favor of such person that exceeds at any time, individually or jointly, 25% of the bank's total regulatory capital. Related party obligations (as defined in the applicable regulations) exceeding (i) 5% of its total capital, in the case of unsecured transactions, and (ii) 10% of its total capital, in the case of secured transactions (other than loans secured by deposits with the bank) are prohibited. The Superintendency of Banks of Panama is empowered to assume administrative and operational control of a bank, including the possession of its assets and the exercise of its administration, to defend the best interests of the bank's depositors and creditors, under any of the following situations: (i) at the request of the bank; (ii) if the bank is unable to continue its operations without endangering the interests of depositors; (iii) as a consequence of the evaluation of an advisor's report; (iv) failure to comply with measures ordered by the Superintendency of Banks of Panama; (v) if the bank conducts its operations in an illegal, negligent or fraudulent manner; (vi) if the bank has suspended payment of its obligations; and (vii) if the Superintendency of Banks of Panama determines that the capital adequacy, solvency or liquidity of the bank has deteriorated so as to require the intervention of the Superintendency of Banks of Panama. Upon expiration of the administrative control period, the Superintendent will decide whether to proceed with the reorganization of the bank, the compulsory liquidation of the bank or the return of administrative and operational control to the directors or legal representatives of the bank. The Superintendency of Banks of Panama is also in charge of the supervision and oversight of the trust business, regulated by (i) Law 1 of 1984, which establishes aspects such as minimum requirements for trust contracts, characteristics of trusts, rights and responsibilities of settlors, trustees and beneficiaries and (ii) Law 21 of 2017 which strengthens the supervisory and regulatory capacities of the Superintendency of Banks of Panama with respect to the trust business and imposes rules with respect to trust licensing, accounting, corporate governance and reporting. Economic and Business Environment and Regulatory Framework Operations primarily conducted in Panama are characterized by an economy that uses the U.S. dollar as legal tender, a service-oriented financial sector, and an open economy with a high degree of integration into international markets. The country’s economic performance may be influenced by factors such as trade growth, financial services, foreign investment, logistics activity, and global economic conditions. Panama updated its preferential mortgage interest framework to modernize subsidies for primary residence loans and align them with housing policy. The reform introduced tiered interest subsidies for new mortgages up to a defined threshold, administered through licensed banks. Later adjustments temporarily reinstated the prior regime and subsequently extended subsidy terms and revised calculation methods, effective January 2026. These measures form part of Panama’s housing finance system and may influence mortgage origination volumes, pricing, and operational processes within the local banking sector. Other regulations in Panama Securities market activities in Panama are subject to the supervision, control, and oversight of the Superintendency of the Securities Market Panama (the 'Superintendency of the Securities Market of Panama'). These activities are mainly regulated by Law Decree 1 of 1999, as amended to date (the 'Securities Law'), which establishes the regulatory framework for the Panamanian securities market. Among the most important aspects of the Securities Law are: (i) the establishment of a system of coordination and cooperation among financial supervisors, which allows for a broader supervision of financial conglomerates; (ii) the creation of the Superintendency of the Securities Market of Panama as a supervisory entity replacing the former National Securities Commission; (iii) the authorization of the Superintendency of the Securities Market of Panama to carry out consolidated supervision, as the national supervisor of intermediaries with agencies abroad, and to enter into cooperation agreements with foreign supervisors to facilitate consolidated supervision; (iv) the regulation of foreign currency exchange as a securities activity; (v) the introduction of provisions regarding the clearing and settlement of securities and financial instruments; and (vi) the creation of new participants to promote over-the-counter transactions. The main aspects of the securities business covered by the Securities Law and the accords and resolutions issued by the Superintendency of the Securities Market are (i) licensing requirements for securities brokers, investment advisors, fund managers and self-regulatory organizations; (ii) registration requirements for risk rating agencies, providers of securities prices, securities, public offerings, funds and providers of securities market administrative services; (iii) authorization to solicit proxy votes in respect of registered securities; (iv) public offering notification requirements for the acquisition of registered shares; (v) options, futures and derivatives contracts; (vi) custody, clearing and settlement of securities; (vii) penalty and sanction procedures; (viii) voluntary liquidation, reorganization and bankruptcy of broker-dealers, self-regulatory organizations, funds and fund administrators; (ix) reporting by registered issuers of securities, broker-dealers, investment advisers, funds, fund administrators, self-regulatory organizations and other registered entities; (x) on-site inspection of broker-dealers, investment advisers, self-regulatory organizations, funds, fund administrators, securities market administrative service providers, securities pricing providers and rating agencies; (xi) capital requirements, liquidity requirements, risk assessment, confidentiality, conflict of interest, suitability, compliance and asset laundering of securities brokers; and (xii) communication of material events by registered securities issuers. In May 2024, the Superintendency of the Securities Market issued Accord 5-2024, which set requirements for obtaining a securities firm license. Securities firms must provide an operating manual that must contain: (i) a detailed, step-by-step description of the entity's processes, including orders, times, flow charts and persons responsible for all activities carried out by the securities firm under its business plan; and (ii) the rules or policies of the securities firm. In addition, the securities firm must make a brochure of fees, approved by its board of directors, available to clients on its website. Panama has also enacted a series of laws to prevent, detect and sanction money laundering activities such as: (i) Executive Decree 947 of 2014 reorganizing the Financial Analysis Unit for the Prevention of Money Laundering, Terrorism Financing, and Financing of the Proliferation of Weapons of Mass Destruction (the 'UAF'); (ii) Law 23 of 2015 adopting measures to prevent money laundering, terrorism financing, and financing of the proliferation of weapons of mass destruction; and (iii) Executive Decree 35 of September 6, 2022, which regulates Law 23 of 2015 and establishes the measures that banks and other regulated entities must adopt for the prevention, identification and reporting to the UAF of suspicious transactions. Law 23 of 2015 and Accord 7-2015 issued by the Superintendency of Banks of Panama define regulated financial entities for purposes of money laundering, financing of terrorism or any other illicit activity. Following the recommendations of the Financial Action Task Force ('FATF'), Panama enacted Law 70 of 2019, which amended the Criminal Code imposing the penalty of imprisonment for persons who engage in tax fraud, and Law 254 of 2021, which includes provisions on tax transparency, prevention of money laundering, and accounting records, due diligence, and beneficial owners. In October 2016, Panama approved an agreement with the U.S. government to improve international tax compliance and to implement FATCA; in February 2017, it approved the Convention on Mutual Administrative Assistance in Tax Matters; and in October 2020 it approved the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. All the above has enabled the exchange of information on tax matters between Panamanian tax authorities and a broader set of countries. In May 2017, the obligations and responsibilities of banking institutions with respect to due diligence procedures to identify reportable accounts were set forth in regulations, as well as the responsibilities with respect to the control measures and information requirements necessary to comply with international agreements. In addition, in February 2025, the Superintendency of Banks of Panama issued a regulation adopting an indicative guide on Politically Exposed Persons (PEPs), expanding PEP definitions, mandating enhanced due diligence, extended monitoring up to two years post-tenure, and requiring updated PEP categorization lists by obligated entities, in line with FATF Recommendation 12 and best international AML/CFT practices. Cybersecurity regulation Panama has several laws that regulate incidents related to technology systems. The Criminal Code establishes penalties between two and eight years in prison to anyone who unduly enters or uses a database, network, or computer system, as well as to anyone who unduly seizes, copies, uses or modifies the data in transit or contained in a database or computer system, or interferes, intercepts, hinders or prevents its transmission. It also establishes the same penalties for anyone who alters, modifies, or manipulates programs, databases, networks, or computer systems to the detriment of a third party. Law 81 of 2019 and Executive Decree No. 285 of 2021 establish the principles, rights, obligations, and procedures that regulate the protection of personal data. Law 81 of 2019 requires the persons responsible for the processing of personal data contained in databases to establish protocols, processes and procedures for management and secure transfer, protecting the rights of data owners over their data. In 2013, Panama approved the Budapest Convention on cybercrime, by which Panama committed, among other things, to adopt legislative measures related to computer crimes and crimes against confidentiality, integrity and availability of data and computer systems. Additionally, through Resolution No. 17 of September 10, 2021, the National Council for Government Innovation approved the National Cybersecurity Strategy for the period 2021-2024. The Superintendency of Banks of Panama, through Accord 8-2010, established provisions for the integral comprehensive management of risks to banks, including information technology risk and, through Accord 3-2012, developed the measures that banks must adopt in relation to information technology risk. These include, among others, establishing policies, strategic plans and procedures, as well as allocating necessary resources for information technology management and having an information technology committee, to oversee the management of the bank's information technology. Additionally, Accord 6-2011 established the guidelines for electronic banking and related risk management and Accord 6-2016 establishes guidelines for risk management regarding money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction, which may arise with respect to new products and new technologies. El Salvador Regulatory framework for El Salvador banking institutions El Salvador's Supervision and Regulation of the Financial System Law establishes the institutional framework for regulatory and supervisory bodies, mandating the Superintendency of the Financial System (SSF) to oversee all financial entities and the Central Reserve Bank (BCR) to issue necessary regulations. Its main objectives are to preserve stability, ensure efficiency, transparency, and security, and align with international best practices through consolidated supervision, risk management, and corporate governance. The Banking Law establishes the legal framework for the authorization, operation, and supervision of banking institutions, defining requirements for capital adequacy, liquidity, liquidity reserve requirements, corporate governance, and risk management. The law regulates key aspects such as deposit-taking, lending, foreign exchange operations, and the provision of payment services, ensuring prudential standards aligned with international best practices. It also mandates liquidity reserve requirements determined by the Superintendency of the Financial System based on deposits and liabilities, and sets rules for transparency, consumer protection, and reporting obligations. Over time, the law has been amended to strengthen stability and adapt to changes in the market , including the repeal of certain chapters in 2025 following the enactment of the Law for the Stability of the Financial System and Deposit Guarantee, which strengthened deposit insurance regime. Reserve Requirements According to the Temporary Technical Standards (NPBT‑16), which took effect on October 8, 2025, reserve requirements range from 1% to 16%, depending on the type of deposit or obligation. Entities must maintain a balance in the 'Cash Holdings' account equal to or greater than 68% of the amount reported as of September 30, 2022. These Temporary Standards expire on March 24, 2026. Asset and Liquidity Risk Requirements The Technical Standards for Liquidity Risk Management (NRP‑05) regulate minimum guidelines and methodologies for managing liquidity risk in financial entities. The Central Reserve Bank, effective January 2, 2026, introduced the following ratios: High-Quality Liquid Assets (HQLA), the Liquidity Coverage Ratio (LCR), and the Net Stable Funding Ratio (NSFR), with progressive compliance targets through 2031. The Technical Standards for Liquid Assets (NRP‑87), effective February 8, 2025, require banks to maintain an average of 3% in high-quality liquid assets, defining eligible instruments, calculation methodology, and reporting obligations. The standards aim to bring banks to the required level of liquid assets within 16 months, starting from February 8, 2025, and ending by May 5, 2026. Liquid assets must be composed of easily realizable foreign securities, deposits in foreign banks, or deposits at the central bank. Monetary Integration Law In November 2000, El Salvador's Congress enacted the Monetary Integration Law, adopting the U.S. dollar as the sole legal currency at a fixed exchange rate of 8.75 SVC per USD 1.00. Since its implementation, all financial operations – including deposits, loans, pensions, securities offerings, and accounting records – must be expressed in U.S. dollars. Transactions made in Salvadoran colones before the law’s effective date were converted at the established exchange rate. Investment Funds Law Enacted in October 2014, the Investment Funds Law aims to promote economic activity by granting investors access to capital markets, diversifying the market and channeling of savings into productive sectors. It establishes the regulatory framework for the supervision of investment funds, their participation shares, and the companies that manage them, as well as other related participants. It also regulates the marketing of participation shares in foreign investment funds. The law provides for the creation of investment fund managers, responsible for all actions, contracts, and operations necessary for fund administration. Technical Standards issued by the Central Reserve Bank in October 2016 govern permitted transactions, disclosure requirements, and risk management. Financial Inclusion Enacted in 2015, the Financial Inclusion Law promotes access to formal financial services through electronic money and simplified accounts subject to balance and transaction limits. Technical Standards NASF‑11, in effect since 2022, allow banks and other entities to operate through physical, digital, and mobile correspondents, expanding coverage in underserved areas under defined risk and reporting requirements. Consumer Protection Law In force since September 2005, the law covers all commercial activities, including online sales (e‑commerce), and sets basic protection and legal security for consumers. In June 2024, reforms tightened price transparency, limited the collection/transfer of personal and credit data without authorization, created procedures to remove dangerous products/ services from the market, added compliance measures. These provisions are complemented by technical standards issued by the Central Reserve Bank. For financial services, the law imposes special rules on banks and other providers: a cap on default interest of ≤5% per year, respect for the consumer’s choice of insurer, and enhanced digital channel/e‑commerce obligations. Bitcoin Law Congress enacted bitcoin as legal tender in El Salvador, effective September 7, 2021. The law required the Central Reserve Bank to register bitcoin service providers and issue technical standards (NRP‑29) and guidelines for bitcoin and dollar services, applicable to banks, cooperative banks, savings and credit entities, and electronic money issuers. On January 29, 2025, the law was amended to remove bitcoin’s status as legal tender and eliminate the term “currency” when referring to bitcoin, while continuing to allow bitcoin to circulate.. Acceptance became voluntary for private entities and individuals, while tax payments and transactions with the State must be made in U.S. dollars. Public entities are no longer obliged to provide conversion mechanisms. The Central Reserve Bank and the Superintendency issued updated technical regulations to align with these changes, maintaining oversight of bitcoin service providers under the new framework. Cybersecurity regulation The Technical Standards for Information Security Management (NRP‑23), effective July 1, 2020, set minimum cybersecurity requirements based on each entity’s size, risk profile, and operations. On March 8, 2022, NRP‑32 introduced mandatory controls for digital channels, including secure data handling and authentication. In May 2022, the government adopted a National Cybersecurity Policy to strengthen the legal framework and create mechanisms for information sharing and cybercrime response. On November 23, 2024, the Cybersecurity and Information Security Law came into force, creating the State Cybersecurity Agency (ACE) to classify critical infrastructure operators and submit them for presidential ratification. Banks may be designated as essential service providers only if confirmed by the President of the Republic. Once classified, they must comply with ACE regulations, implement robust incident‑response plans and report cybersecurity breaches. AML/CFT Standards On October 17, 2025, El Salvador’s Special Law for the Prevention, Control and Sanction of Money Laundering, Terrorist Financing and Financing of the Proliferation of Weapons of Mass Destruction took effect, replacing the previous AML law. The new law strengthens the national Financial Investigation Unit (FIU), creates an interagency committee, CIPLAFT, reduces the number of obligated entities while adding digital‑asset providers and political parties, and raises the cross‑border cash declaration threshold. It adopts a risk‑based approach that prohibits blanket de‑risking and requires individual customer assessments. Key changes include: beneficial ownership rules, reporting timelines, compliance, an enhanced sanction regime with severe/very severe categories and significant fines (including personal ineligibility for directors/managers), and migration to the United Nations goAML reporting platform. The UIF must issue guidelines within six months, with institutions given twelve months to adapt; until then, existing 2022–2023 standards remain applicable. These changes form part of El Salvador’s ongoing efforts to address the findings and recommendations of GAFILAT’s fourth round mutual evaluation and to align its AML/CFT framework with international standards. The Instructive for the Prevention, Detection and Control of Money and Asset Laundering, Terrorist Financing and Financing of the Proliferation of Weapons of Mass Destruction, issued on June 7, 2022, establishes rules for cash transaction monitoring, identity verification prior to onboarding, and reporting of international transactions. Amendments effective September 27, 2023, reinforced annual internal audits, mandatory reporting to the Board and Compliance Officer, and enhanced profiling for high-risk customers and Politically Exposed Persons (PEPs). Technical Standards for Money and Asset Laundering Risk Management, Terrorist Financing and Financing of the Proliferation of Weapons of Mass Destruction (NRP‑36), issued by the Central Reserve Bank and effective since October 10, 2022, align supervisory obligations with the UIF instructive and set detailed guidelines for governance, risk-based controls, detection and reporting of unusual operations, and overall AML/CFT compliance. Financial stability regulations (troubled financial institutions) On May 3, 2022, the Central Reserve Bank’s Technical Standards for the Preparation of Financial stability recovery plans entered into force, requiring institutions to maintain plans with stress scenarios, indicators, trigger processes, and communication protocols. In 2025, the Law for the Stability of the Financial System and Deposit Guarantee was approved, establishing a resolution regime for failing institutions, and establishing the Financial Stability Committee and the Deposit Guarantee Institute (IGD), and repealing Titles IV and VI of the Banking Law, related to regularization, intervention, liquidation and the prior IGD framework. It also includes a gradual increase in the premiums that banks contribute to the IGD, rising from 0.10% to 0.15% of average, calculated quarterly on the daily average of total deposits, with the IGD board empowered to set higher risk‑based rates. Credit card system The Credit Card System Law, enacted in November 2009, establishes the legal framework for El Salvador’s credit card system, regulating the authorization of card issuers, credit card contracts, statements of account, relationships with affiliated merchants, and enforcement/sanctions for violations. Reforms effective July 20, 2022 strengthened consumer protections by eliminating membership fees on cards with limits ≤ US$2,000, prohibiting unsolicited card issuance and persistent direct promotion, removing overdraft surcharges when no purchase transactions occur, and barring cancellations due to inactivity without prior notice. Digital assets issuance The Digital Asset Issuance Law entered into force on February 2, 2023, creating a legal framework for public offerings of digital assets and establishing an alternative market to traditional securities. It introduced rules for issuers and service providers, aiming to promote innovation while ensuring investor protection. Personal data protection On November 23, 2024, El Salvador’s Personal Data Protection Law entered into force, guaranteeing the right to privacy and informational self‑determination and establishing rules for the collection, processing, storage, and transfer of personal data. The law grants ARCO rights (rights of access, rectification, cancellation, and opposition) and requires prior consent or legal cause and security measures for data processing. In 2025, the ACE, as the supervisory authority, issued policies to regulate the handling and protection of personal data by public and private entities. Investment banking In 2025, El Salvador approved the Investment Banking Law, which establishes a regulatory framework for specialized entities authorized to provide complex financial services, including structured financing, mergers and acquisitions advisory, and digital asset management. The law introduces a combined licensing regime for financial intermediation and digital asset service provision, subject to applicable regulatory oversight. Alternative Private Investment Funds In 2025, El Salvador enacted the Alternative Private Investment Funds Law, which provides a framework for the formation and operation of private collective investment vehicles targeting sophisticated investors. The law permits investments in both traditional and digital assets and requires compliance with international accounting and auditing standards. Public security In 2025, El Salvador remained under a state of exception first declared on March 27, 2022, and extended consecutively, under which certain constitutional guarantees have been suspended nationwide. The measure is not specific to the financial sector. However, it is part of the broader operating context and should be taken into account when assessing of the legal and institutional environment. Bancoagrícola continues to conduct its operations under the applicable regulatory framework and maintains its governance and compliance standards. Guatemala Regulatory framework for Guatemalan banking institutions The Guatemalan financial system operates under a regulatory framework primarily established by Decree No. 19-2002, the Banks and Financial Groups Law (Ley de Bancos y Grupos Financieros) and Decree No. 18-2002, the Financial Supervision Law (Ley de Supervisión Financiera). These laws define the structure and organization of the financial system and grant supervisory authority to the Guatemalan Superintendency of Banks, which is responsible for overseeing financial institutions and ensuring compliance with prudential and regulatory standards. The Financial Supervision Law establishes the Guatemalan Superintendency of Banks and regulates its functions. The law establishes the scope of the Superintendency as the entity responsible for the supervision and inspection of the financial system in Guatemala, ensuring its stability and security. Cybersecurity regulation Resolution JM-98-2025, the Regulation for the Administration of Technology Risk (Reglamento para la Administración del Riesgo Tecnológico) establishes minimum guidelines that institutions within the financial system must observe for the administration of technology risk, including aspects related to information technology infrastructure, information systems, databases, technology services, information security, cybersecurity, disaster recovery planning, and the processing and/or storage of information. The regulation incorporates a specific chapter on cybersecurity, with management procedures focused on governance, identification, protection, detection, response, and recovery, as well as provisions for the organization of cyber incident response teams and the exchange of information among institutions. In addition, it regulates the use of artificial intelligence systems, requiring the identification, assessment, and monitoring of associated risks, human oversight, and the application of principles of security, resilience, privacy, transparency, and fairness. Resolution JM-91-2024, the Regulation on Security Measures in Electronic Channels (Reglamento de Medidas de Seguridad en Canales Electrónicos) establishes minimum security standards for banks, financial institutions, and offshore entities to manage risk in electronic transactions and prevent fraud. It defines electronic channels as platforms used to conduct transactions and exchange information. The regulation establishes a Fraud Risk Monitoring and Prevention Center to analyze complaints, issue alerts, and propose preventive measures to the Risk Management Committee. It also mandates the creation of a User Service Unit responsible for documenting cases, reporting fraud, and promoting education on security in electronic channels. Other Regulations in Guatemala Decree No. 67-2001, the Law Against the Laundering of Money or Other Assets (Ley Contra el Lavado de Dinero u Otros Activos), and Governmental Agreement No. 118-2002, Regulations to the Law against the Laundering of Money or Other Assets (Reglamento de la Ley Contra el Lavado de Dinero u Otros Activos) were enacted for the purpose of preventing, controlling, monitoring, and punishing the laundering of money or other assets derived from the commission of any crime. These regulations also established a Special Verification Intendancy (IVE) within the Superintendency of Banks, which is responsible for requesting and receiving information related to financial, commercial, or business transactions that may be linked to money laundering and for reporting such information to the competent authorities. Resolution JM-117-2009, the Regulation for the Administration of Liquidity Risk (Reglamento para la Administración del Riesgo de Liquidez) establishes rules for banks, financial companies, and offshore entities to manage liquidity risk and their liquidity risk management strategy, based on the credit profile of the institution. These rules include prudential policies and processes to identify, quantify, monitor, and control liquidity risk, the capacity to manage liquidity on a day-to-day basis, and contingency plans to address liquidity problems. Resolution JM-47-2022, the Regulation for the Administration of Credit Risk (Reglamento para la Administración del Riesgo de Crédito) regulates certain activities of banks, offshore entities, and financing subsidiaries, establishing rules on the minimum information required from applicants and borrowers, as well as the valuation of credit assets. Resolution JM-67-2023, Amendments to the Regulation for the Administration of Credit Risk (Modificaciones al Reglamento para la Administración del Riesgo de Crédito) amends Resolution JM-47-2022 to facilitate the implementation of the Regulation for the Administration of Credit Risk and help maintain the stability of the supervised banking system. Resolution JM-86-2023, the Collective Insurance Regulation (Reglamento del Seguro Colectivo) modernizes the legal framework for the management of collective insurance, focusing on optimizing performance and highlighting insurers’ obligations regarding customer service and communication with insured parties, improving transparency and protection for policyholders. Important aspects of the regulation include changes to placement and coverage guidelines and rules regarding electronic insurance contracting, among others. Agreement No. 6-2014, Instructions for the Disclosure of Information by Banks, Financial Companies, Microfinance Entities, General Deposit Warehouses, and Holding Companies or Companies Responsible for a Financial Group, as amended by Agreement No. 40-2023, establishes general guidelines for the disclosure of information by such entities. The purpose of the agreement is to ensure that economic agents have access to accurate, sufficient, and reliable data regarding the activities, financial position, risk exposure, and risk assessment of these institutions, promoting transparency, market discipline, and user confidence when making financial decisions. Agreement No. 41-2023 of the Guatemalan Superintendency of Banks, amending Agreement No. 7-2014, Instructions for the Disclosure of Information by Insurance and Reinsurance Companies, aims to improve transparency and accessibility of certain financial information, including updated disclosure guidelines and requirements regarding timeliness and accuracy. Decree No. 2-2024, the Credit Cards Law (Ley de Tarjetas de Crédito) regulates credit card operations, promotes transparency between issuers and users, and protects cardholders. The law establishes provisions regarding contracts, interest rates, fees, and sanctions. It highlights the creation of the Financial Services Protection Unit within the Consumer Assistance Directorate, which is responsible for supervising compliance with the law, handling complaints, and imposing sanctions for violations. The law also defines criminal offenses such as card cloning and fraudulent use and imposes administrative fines based on the seriousness of the violations. Resolution JM-56-2024, Regulations to the Credit Cards Law (Reglamento de la Ley de Tarjetas de Crédito), in force since September 1, 2024, complements the Credit Cards Law. Key aspects include the assessment of applicants’ payment capacity, the prohibition of interest on interest, reasonable calculation of minimum payments, disclosure of credit card terms and conditions, and supervision by the Guatemalan Superintendency of Banks to ensure compliance. Decree No. 23-2024, the Competition Law (Ley de Competencia) aims to promote competition, strengthen economic efficiency, and protect consumers in Guatemala. It regulates anticompetitive practices such as the abuse of economic power, collusion, price fixing, and restrictions on production. The law establishes general and supplementary scopes of application for sectors regulated by specific laws and creates the Superintendency of Competition as an autonomous entity responsible for investigating violations, imposing sanctions, and promoting competition awareness. Sanctions include fines of up to 200,000 times the daily minimum wage for serious violations. The law incorporates payment capacity assessments and the imposition of interest for noncompliance, and establishes administrative procedures based on principles of due process and procedural efficiency. International regulations that apply to us FATCA FATCA, a U.S. federal tax law enacted in 2010, imposes a 30% withholding tax on 'withholdable payments' made to non-U.S. financial institutions that do not participate in the FATCA program or that fail (or, in some cases, that have affiliates in which they hold an interest of more than 50% and which are also non-U.S. financial institutions that fail) to provide certain information regarding their U.S. account holders and/or certain U.S. investors, such as U.S. account holders and U.S. investors ('U.S. account holders') to the IRS. Among the countries where Grupo Cibest operates, Colombia and Panama have signed an IGA Model 1 (an intergovernmental agreement between the U.S. and a partner jurisdiction, through which the latter commits to reporting information to the IRS about financial accounts held by U.S. persons in Foreign Financial Institutions ('FFIs') within its territory. Under this model, FFIs report the collected information to their local tax authority, which is responsible for automatically transmitting it to the IRS. In addition, certain subsidiaries of Grupo Cibest located in other countries have transmitted directly to the IRS the information required pursuant to FATCA, since those other countries have not entered into an IGA. CRS The Common Reporting Standard ('CRS'), approved by the OECD Council in 2014, is applicable to signatory countries of the Multilateral Competent Authority Agreement ('MCAA') and requires signatory countries to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. The CRS defines (i) which financial institutions are required to report; (ii) the types of accounts covered; and (iii) the due diligence procedures that financial institutions must follow to identify the reporting information. Among the countries where Grupo Cibest operates, Colombia and Panama have entered into the MCAA. Compliance with the terms of the international conventions signed for the exchange of information under CRS, the laws or any other regulations enforced in the relevant jurisdictions may increase Grupo Cibest compliance costs. B.9 ESG2 As ESG-related requirements and expectations continue to evolve globally, we monitor and seek to comply with current regulations, including with respect to information that must be reported to our stakeholders under applicable law. See Item 3.D. Risk Factors – We are exposed to environmental, social, governance and sustainability risks that could affect our financial condition and operating results. In addition, we have adopted policies, including those related to environmental and social risk analysis, environmental management, controversial issues in financing and investment, responsible investment, climate change and sustainable procurement. Subject to applicable law, we are integrating ESG measures into our business strategy, including retail banking, wealth management, corporate banking, asset management and project finance. To that end, we have set a goal of financing COP 700 trillion before 2030 through credit and other financial services. In our risk management strategy, we develop a risk map, which is designed to allow us to consolidate relevant information and knowledge from various experts, supplementing the management of traditional financial risks with information on emerging risks such as climate change. As part of this process, social and environmental risks – including climate change – have been integrated for analysis alongside traditional financial risks. This approach allow us to strengthen our climate change responses and prepares us for opportunities in a changing business environment. As part of our climate commitment, we have set goals in financing for the transition to a low carbon economy by 2030. We have sought to establish an enriching work environment that actively contributes to the well-being of our employees and their families and to their personal development. Our goal is to be the place where talent chooses not only to grow, but also to thrive. Our methodology and measurement tool, the Voice of the Employee, integrates several instruments and touchpoints to listen to our employees and measure their perception of organizational culture, employee wellbeing, and their work experience. We use strategic indicators such as employee engagement, experience versus expectations, intention to remain in the organization, and well-being. These efforts led to 92% participation in our annual survey carried out in Bancolombia and its subsidiaries, Bancoagrícola, Bam, and Banistmo, which showed 94% favorability in engagement with the following subindicators: 96% would recommend the organization to people they know as an excellent place to work, 93% believe that their job gives them a sense of personal achievement, and 92% feel motivated to exceed expectations in their work. We also create events and initiatives designed to strengthen our brand and position ourselves as one of the best companies to work for in the countries where we operate. These initiatives were focused on retaining employees with key knowledge and, in turn, attracting new professionals in strategic areas, such as technology, cybersecurity, design, analytics, and artificial intelligence. The overall ESG strategy guidelines are established by the Board of Directors, which is responsible for defining our strategy and long-term objectives. The Board’s Audit, Corporate Governance and Risk committees have direct responsibility for overseeing ESG issues and strategy, according to the roles and responsibilities of each committee. C.Organizational Structure The following chart summarizes the organizational structure of Grupo Cibest and certain subsidiaries, mostly involved in financial or capital market activities 2 Additional ESG-related information is available in our corporate management report, prepared in compliance with Colombian regulations, and on our sustainability website. Information included in our corporate management report or accessible through our website or the website of any of our subsidiaries is not incorporated into this Annual Report. This chart does not reflect any intermediate holding companies or special purpose vehicles owned by one or more of the entities included in the table. The following is a list of subsidiaries of Grupo Cibest as of December 31, 2025: Entity Jurisdiction of Incorporation Business Proportion of Ownership Interest and Voting Power Held by Grupo Cibest 2025 Valores Cibest S.A.S.(1) Colombia Investments 100.00 % Inversiones Cibest S.A.S.(1) Colombia Investments 100.00 % Cibest Investment Management S.A.S.(1) Colombia Investments 100.00 % Cibest Inversiones Estratégicas S.A.S.(1) Colombia Investments 100.00 % Bancolombia S.A.(1) Colombia Banking 100.00 % Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81 % Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00 % Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00 % Wompi S.A.S. Colombia Technology services provider 100.00 % Renting Colombia S.A.S. Colombia Operating leasing 100.00 % Inversiones CFNS S.A.S. Colombia Investments 100.00 % P.A Tokenización Novus(2) Colombia Trust for administration and payments 100.00 % Negocios Digitales Colombia S.A.S. Colombia Payment solutions 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia Colombia Real estate investment fund 78.48 % P.A. Inmuebles CEM Colombia Mercantile trust 78.48 % P.A. Calle 92 FIC-11 Colombia Mercantile trust 51.01 % P.A. FIC Edificio Corfinsura Colombia Mercantile trust 78.48 % P.A. FIC-A5 Colombia Mercantile trust 78.48 % P.A. FIC Inmuebles Colombia Mercantile trust 78.48 % P.A. FIC Clínica de Prado Colombia Mercantile trust 60.47 % P.A. FIC A6 Colombia Mercantile trust 78.48 % P.A. Central Point Colombia Mercantile trust 58.86 % P.A. Fideicomiso Twins Bay Colombia Mercantile trust 78.48 % Fideicomiso Lote Av San Martín Colombia Mercantile trust 78.48 % P.A. Fideicomiso Lote 30 Colombia Mercantile trust 78.48 % Fideicomiso Fondo Inmobiliario Bancolombia Colombia Mercantile trust 78.48 % P.A. Florencia Ferrara Colombia Mercantile trust 43.16 % P.A. Flor Morado Plaza Colombia Mercantile trust 78.48 % P.A. Linz Granz del Rio Colombia Mercantile trust 43.16 % Fideicomiso Selecto Terrazu Etapa 1 Torre 1 Colombia Mercantile trust 62.79 % Fideicomiso Selecto Terrazu Etapa 1 Torre 2(3) Colombia Mercantile trust 62.79 % Fideicomiso Lote C6 Carton de Colombia(3) Colombia Mercantile trust 43.16 % Fideicomiso Mokana Recursos(3) Colombia Mercantile trust 39.24 % Fideicomiso River Park(3) Colombia Mercantile trust 43.16 % Valores Simesa S.A. Colombia Investments 57.40 % P.A. FAI Calle 77 Colombia Mercantile trust 98.00 % P.A. Nomad Salitre Colombia Mercantile trust 98.00 % P.A. Nomad Central-2 Colombia Mercantile trust 98.00 % P.A. Calle 84 (2) Colombia Mercantile trust 98.00 % P.A. Calle 84 (3) Colombia Mercantile trust 98.00 % P.A. Nomad Distrito Vera Colombia Mercantile trust 98.00 % P.A. Nexo Colombia Mercantile trust 98.00 % P.A. Mercurio Colombia Mercantile trust 100.00 % P.A. CEDIS Sodimac Colombia Mercantile trust 100.00 % Wenia S.A.S Colombia Technology services 100.00 % P.A. Wenia Colombia Mercantile trust 100.00 % Nequi S.A. Compañía de Financiamiento Colombia Financial services 100.00 % P.A Títulos de Pagos por Ejecución(4) Colombia Mercantile trust 100.00 % Cibest Panamá Assets, S.A(5) Panama Investment 100.00 % Cibest Capital Panamá, S.A. (before Valores Banistmo S.A.)(5) Panama Purchase and sale of securities 100.00 % Bancolombia Panamá S.A. Panama Banking 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00 % Banagrícola S.A. Panama Holding 99.17 % Banistmo S.A. Panama Banking 100.00 % Banistmo Investment Corporation S.A. Panama Trust 100.00 % Leasing Banistmo S.A. Panama Leasing 100.00 % Banistmo Panamá Fondos de Inversión S.A.(6) Panama Investment fund holder 100.00 % Desarrollo de Oriente S.A.(6) Panama Real estate 100.00 % Banistmo Capital Markets Group Inc.(6)(7) Panama Purchase and sale of securities 100.00 % Anavi Investment Corporation S.A.(6)(7) Panama Real estate 100.00 % Steens Enterprises S.A.(6)(7) Panama Portfolio holder 100.00 % Ordway Holdings S.A.(6)(7) Panama Real estate broker 100.00 % Grupo Agromercantil Holding S.A. Panama Holding 100.00 % Banco Agromercantil de Guatemala S.A. Guatemala Banking 99.68 % Seguros Agromercantil de Guatemala S.A. Guatemala Insurance agency 79.92 % Financiera Agromercantil S.A. Guatemala Financial services 100.00 % Agrovalores S.A. Guatemala Securities brokerage 100.00 % Arrendadora Agromercantil S.A. Guatemala Financial Leasing 100.00 % Asistencia y Ajustes S.A. Guatemala Roadside and medical assistance services 100.00 % Serproba S.A. Guatemala Maintenance and remodeling services 100.00 % Servicios de Formalización S.A. Guatemala Loans formalization 100.00 % Conserjeria, Mantenimiento y Mensajería S.A.“En liquidación” Guatemala Maintenance services 100.00 % Mercom Bank Ltd.(8) Barbados Banking 99.68 % New Alma Enterprises Ltd. Bahamas Investments 99.68 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % Sinesa Cayman, Inc.(9) Cayman Islands Banking 100.00 % Banco Agrícola S.A. El Salvador Banking 97.36 % Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37 % Accelera S.A. de C.V. El Salvador Credit card services 97.36 % Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89 % Inversiones Financieras Banco Agrícola S.A. IFBA El Salvador Holding 98.89 % Gestora de Fondos de Inversión Banagrícola S.A. El Salvador Administers investment funds 98.89 % Bagrícola Costa Rica S.A. Costa Rica Business and management advising 99.17 % Cibest Capital Holdings USA LLC (before Bancolombia Capital Holdings USA LLC) United States Holding 100.00 % Cibest Capital Advisory Services LLC (before Bancolombia Capital Advisers LLC) United States Investment advisor 100.00 % Cibest Capital Securities LLC (before Bancolombia Capital LLC) United States Securities brokerage 100.00 % Wenia Ltd. Bermuda Technology services 100.00 % (1) Incorporation of subsidiaries due to changes in the corporate structure, whereby Grupo Cibest became the holding company of all financial entities and other companies within the group, including Bancolombia. For further information, see Consolidated Financial Statement, the Explanatory Note and Note 1. Reporting Entity. (2) Trust for administration and payments consolidated by Inversiones CFNS S.A.S as of December 2025. (3) Trust funds consolidated through Fondo de Capital Privado Fondo Inmobiliario Colombia: Fideicomiso Selecto Terrazu Etapa 1 Torre 2 as of May 2025; Fideicomiso Lote C6 Cartón de Colombia and Fideicomiso Mokana as of September 2025; and Fideicomiso River Park as of November 2025. (4) Company consolidated as of December 2025 through Bancolombia. (5) Investments of Grupo Cibest resulting from the partial spin-off by Banistmo of 100% of the shares it held in Cibest Capital Panamá, S.A. (before Valores Banistmo S.A.), in favor of Cibest Panamá Assets. For further information, see Consolidated Financial Statement, Item 4.A History and Development of the Company and Note 1. Reporting Entity. (6) On December 18, 2025, Grupo Cibest informed to the market the execution of a share purchase agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of the shares of Banistmo. For further information, see Consolidated Financial Statement, Item 4.A History and Development of the Company, Item 10. B. Material Contracts and Note 1. Reporting Entity. (7) Investments in non-operational stage. (8) On September 30, 2021, Mercom Bank Ltd shareholder authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank, Ltd., to Bam. or other companies of Cibest Corporate Group. For further information, see Consolidated Financial Statement, Note 1. Reporting Entity. (9) On October 5, 2020, the Board of Directors of Bancolombia Panamá (the subsidiary’s parent company), approved the commencement of a gradual wind-up process of Sinesa Cayman, Inc.'s operations (formerly Bancolombia Cayman). For further information, see Consolidated Financial Statement, Note 1. Reporting entity. D.PREMISES AND EQUIPMENT As of December 2025, our premises and equipment include Bancolombia's main office located on Avenida Los Industriales in Medellín, as well as other owned and leased facilities primarily located in Colombia, with an approximate total area of 414,351 square meters. In 2025, our subsidiaries carried out improvements, openings, and renovations of some properties where branches, ATMs, and administrative offices operate. These improvements involved the execution of refurbishing and maintenance activities. The financing for these works was from our funds, totaling approximately COP 183,896 million. We carried out a comprehensive evaluation of the physical risks affecting Grupo Cibest's ans its subsidiaries facilities, including branches, ATMs, administrative buildings, warehouses, and other assets. This analysis identified that the main risks these assets are exposed to are: •Landslides: massive movements of rocks, debris, earth, or mud on slopes, which may compromise the stability of infrastructures •Flooding: the occupation of normally dry areas due to sudden water accumulation, either from river overflow or coastal flooding •Wildfires: uncontrolled fire spread in forested or wild land areas, affecting surrounding vegetation, flora, and fauna •Intense rainfall, snow, or hail that may impact infrastructure and operations •Cyclones: low-pressure systems with intense rains and strong winds that can cause significant damage In 2026, efforts related to branches, ATMs and facilities will be focused exclusively on ensuring the operational continuity of the properties, prioritizing maintenance, preservation and minor improvements necessary to keep the infrastructure in optimal operating condition and no projects with material scope are planned. We expect to invest approximately COP 63,552 million in the refurbishing of owned and leased properties. Our total premises and equipment for own use had a net book value as of December 31, 2025, of COP 2,410,891 million and the book value of right of use assets related to branches and rented offices amounts to COP 1,281,175 million. Banistmo, presents premises and equipment for own use net of COP 90,536 million and the book value of right of use assets related to branches and rented offices amounts to COP 188,545 million. The following table provides information on our main owned and leased facilities where administrative activities, banking business activities, and data processing center operations take place: Building / Facility Location Area (square meters) Dirección General (Torre Norte, Torre Sur and Torre Oriente and Ciudad del Río) Medellín, Colombia 117,118 Torre Atrio Bogotá, Colombia 21,084 Niquía Bello, Colombia 4,070 Edificio 9211 Bogotá, Colombia 9,578 Torre Barranquilla Barranquilla, Colombia 8,801 Twins Bay 1 Cartagena, Colombia 2,866 Sucursal 8111 Bogotá, Colombia 679 Banca Personas Cali Cali, Colombia 3,379 Sucursal Centro Comercial Santa Fe Bogotá, Colombia 425 Gerencia de Zona Bucaramanga Bucaramanga, Colombia 1,869 During 2025, in the ordinary course of business, we entered into new lease agreements for properties used in branch operations and self-service halls, resulting in an approximate increase of COP 32,996 million in the right-of-use asset. Notable among these new agreements are properties located in Colombia, which represented an increase in the right-of-use asset by approximately COP 19,135 million. For further information relating to our branch network, see Item 4. Information on the Company, B5. Distribution Network. Accounting recognition for premises and equipment are described in Note 2 'Significant Accounting Policies' and Note 10 'Premises and Equipment, Net' to the Consolidated Financial Statements. E.SELECTED STATISTICAL INFORMATION The following information should be read together with the Consolidated Financial Statements as well as Item 5. Operating and Financial Review and Prospects. This information has been prepared based on our financial records, which are prepared in accordance with IFRS as issued by the IASB and the related interpretations issued by the IFRIC. The consolidated selected statistical information refer to us, including all subsidiaries. E.1DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS’ EQUITY; INTEREST RATES AND INTEREST DIFFERENTIAL Average balances for each of the years ended December 31, 2025, 2024 and 2023 have been calculated as the arithmetic average of the last 13 monthly IFRS balances. In addition, the interest rate subtotals are based on the weighted average of domestic and foreign assets and liabilities. Average statement of financial position The following tables show, for the years ended December 31, 2025, 2024 and 2023, respectively: (i) average balances for all of our assets and liabilities; (ii) interest earned and interest paid amounts; and (iii) average nominal interest rates/yield for our interest-earning assets and interest-bearing liabilities. For the year 2025, the average balances of all of our assets and liabilities, as well as the amounts of interest earned and interest paid, include the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. Average statement of financial position and income from interest-earning assets for the fiscal year ended December 31,(2) 2025(1) 2024 2023 Average balance Interest income earned Average Yield / Rate Average balance Interest income earned Average Yield / Rate Average balance Interest income earned Average Yield / Rate In millions of COP, except percentages ASSETS Interest-earning assets Interbank borrowings Domestic activities 163,720 9,373 5.73 % 98,288 8,507 8.66 % 91,258 10,028 11.00 % Foreign activities 2,049,202 91,368 4.46 % 3,197,413 199,984 6.25 % 2,981,291 187,279 6.30 % Total 2,212,922 100,741 4.55 % 3,295,701 208,491 6.33 % 3,072,549 197,307 6.40 % Reverse repurchase agreements and other similar secured loans Domestic activities 3,245,865 143,663 4.43 % 4,343,154 284,814 6.56 % 2,676,670 292,971 10.90 % Foreign activities 34,754 1,137 3.27 % 96,642 15,401 15.94 % 73,920 11,777 15.90 % Total 3,280,619 144,800 4.41 % 4,439,796 300,215 6.76 % 2,750,590 304,748 11.10 % Debt instruments(3) Domestic activities 20,819,348 1,582,154 7.60 % 15,172,478 1,144,392 7.54 % 10,599,721 1,376,246 13.00 % Foreign activities 10,101,857 512,596 5.07 % 15,663,891 1,189,523 7.59 % 16,826,459 281,213 1.70 % Total 30,921,205 2,094,750 6.77 % 30,836,369 2,333,915 7.57 % 27,426,180 1,657,459 6.00 % Loans and advances to customers, net Domestic activities 192,434,712 24,263,989 12.61 % 178,959,009 25,309,441 14.14 % 172,515,187 27,947,473 16.20 % Foreign activities 56,154,842 4,972,013 8.85 % 87,001,331 7,304,110 8.40 % 89,986,484 7,293,314 8.10 % Total 248,589,554 29,236,002 11.76 % 265,960,340 32,613,551 12.26 % 262,501,671 35,240,787 13.40 % Total interest-earning assets Domestic activities 216,663,645 25,999,179 12.00 % 198,572,929 26,747,154 13.47 % 185,882,836 29,626,718 15.90 % Foreign activities 68,340,655 5,577,114 8.16 % 105,959,277 8,709,018 8.22 % 109,868,154 7,773,583 7.10 % Total 285,004,300 31,576,293 11.08 % 304,532,206 35,456,172 11.64 % 295,750,990 37,400,301 12.60 % Total non-interest-earning assets Domestic activities 24,551,716 - - 20,705,057 - - 23,428,476 - - Foreign activities(4) 62,058,763 - - 23,959,853 - - 24,158,685 - - Total 86,610,479 - - 44,664,910 - - 47,587,161 - - Total interest and non-interest earnings assets Domestic activities 241,215,361 25,999,179 10.78 % 219,277,986 26,747,154 12.20 % 209,311,312 29,626,718 14.20 % Foreign activities(4) 130,399,418 5,577,114 4.28 % 129,919,130 8,709,018 6.70 % 134,026,839 7,773,583 5.80 % Total 371,614,779 31,576,293 8.50 % 349,197,116 35,456,172 10.15 % 343,338,151 37,400,301 10.90 % (1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation. (2)Our average total assets and total liabilities and stockholder's equity were calculated considering the last 13 monthly IFRS balances. (3)Tax-exempt income of tax-exempt investment securities has not been calculated on a tax equivalent basis because the effect of such calculation would not be material. (4)The percentage of total average assets attributable to foreign activities was 35.1%, 37.2% and 39.0%, respectively, for the fiscal years ended December 31, 2025, 2024 and 2023. Average statement of financial position and interest paid on interest-bearing liabilities for the fiscal year ended December 31(2) 2025(1) 2024 2023 Average balance Interest income earned Average Yield / Rate Average balance Interest income earned Average Yield / Rate Average balance Interest income earned Average Yield / Rate In millions of COP, except percentages LIABILITIES AND STOCKHOLDERS’ EQUITY Interest-bearing liabilities: Checking accounts Domestic activities 23,927,038 21,270 0.09 % 22,466,429 23,764 0.11 % 22,001,228 22,131 0.10 % Foreign activities 13,531,155 93,466 0.69 % 17,357,904 81,415 0.47 % 18,432,636 68,657 0.40 % Total 37,458,193 114,736 0.31 % 39,824,333 105,179 0.26 % 40,433,864 90,788 0.20 % Saving accounts Domestic activities 97,619,091 2,498,147 2.56 % 83,711,882 2,676,437 3.20 % 79,151,508 3,463,957 4.40 % Foreign activities 23,699,277 531,486 2.24 % 27,779,679 463,925 1.67 % 29,694,615 395,108 1.30 % Total 121,318,368 3,029,633 2.50 % 111,491,561 3,140,362 2.82 % 108,846,123 3,859,065 3.50 % Time deposits Domestic activities 64,039,718 5,965,943 9.32 % 60,786,003 6,880,218 11.32 % 54,810,787 7,586,429 13.80 % Foreign activities 28,248,027 1,219,213 4.32 % 44,402,637 2,089,914 4.71 % 42,637,064 1,787,234 4.20 % Total 92,287,745 7,185,156 7.79 % 105,188,640 8,970,132 8.53 % 97,447,851 9,373,663 9.60 % Repurchase agreements and other similar secured borrowing Domestic activities 1,890,926 151,329 8.00 % 1,068,567 45,253 4.23 % 968,917 160,766 16.60 % Foreign activities 323,032 9,507 2.94 % 226,752 17,641 7.78 % 54,757 6,968 12.70 % Total 2,213,958 160,836 7.26 % 1,295,319 62,894 4.86 % 1,023,674 167,734 16.40 % Borrowings from other financial institutions(3) Domestic activities 5,173,286 465,515 9.00 % 5,662,586 669,512 11.82 % 5,645,529 798,977 14.20 % Foreign activities 4,826,075 360,946 7.48 % 8,518,466 680,401 7.99 % 11,769,294 860,019 7.30 % Total 9,999,361 826,461 8.27 % 14,181,052 1,349,913 9.52 % 17,414,823 1,658,996 9.50 % Interbank deposits(3)(4) Domestic activities 73,448 16,713 22.75 % - 2,958 - % 71,595 11,260 15.70 % Foreign activities - 35 - % 639,639 19,348 3.02 % 723,898 19,280 2.70 % Total 73,448 16,748 22.80 % 639,639 22,306 3.49 % 795,493 30,540 3.80 % Debt instruments in issue Domestic activities 2,191,337 237,165 10.82 % 3,211,356 591,122 18.41 % 4,602,387 895,296 19.50 % Foreign activities 5,808,472 445,158 7.66 % 11,248,144 610,990 5.43 % 12,856,710 531,319 4.10 % Total 7,999,809 682,323 8.53 % 14,459,500 1,202,112 8.31 % 17,459,097 1,426,615 8.20 % Lease liability Domestic activities 1,147,601 98,607 8.59 % 1,105,501 95,481 8.64 % 987,982 71,808 7.30 % Foreign activities 179,074 12,507 6.98 % 703,013 40,065 5.70 % 802,540 42,007 5.20 % Total 1,326,675 111,114 8.38 % 1,808,514 135,546 7.49 % 1,790,522 113,815 6.40 % Total interest-bearing liabilities Domestic activities 196,062,445 9,454,689 4.82 % 178,012,324 10,984,745 6.17 % 168,239,933 13,010,624 7.70 % Foreign activities 76,615,112 2,672,318 3.49 % 110,876,234 4,003,699 3.61 % 116,971,514 3,710,592 3.20 % Total 272,677,557 12,127,007 4.45 % 288,888,558 14,988,444 5.19 % 285,211,447 16,721,216 5.90 % Total non-interest bearing liabilities Domestic activities 17,096,243 - - 16,624,159 - - 15,982,833 - - Foreign activities 38,711,644 - - 2,947,687 - - 3,298,036 - - Total 55,807,887 - - 19,571,846 - - 19,280,869 - - Stockholders' equity Domestic activities 35,566,709 - - 32,207,927 - - 29,371,732 - - Foreign activities 7,562,626 - - 8,528,785 - - 9,474,103 - - Total 43,129,335 - - 40,736,712 - - 38,845,835 - - Total interest and non-interest bearing liabilities and stockholders’ equity(5) Domestic activities 248,725,401 9,454,689 3.80 % 226,844,411 10,984,745 4.84 % 213,594,498 13,010,624 6.10 % Foreign activities(5) 122,889,378 2,672,318 2.17 % 122,352,705 4,003,699 3.27 % 129,743,653 3,710,592 2.90 % Total 371,614,779 12,127,007 3.26 % 349,197,116 14,988,444 4.29 % 343,338,151 16,721,216 4.90 % (1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation. (2)Our average of total assets and total liabilities and stockholder's equity were calculated considering the last 13 monthly IFRS balances. (3)Includes both short-term and long-term borrowings. (4)Includes borrowings from banks located outside Colombia. (5)The percentage of foreign activities over total average liabilities attributable was 35.1%, 36.9% and 39.5%, respectively, for the fiscal years ended December 31, 2025, 2024 and 2023. Changes in net interest income and expenses- volume and rate analysis The following table allocates, for domestic and foreign activities, changes in our net interest income to changes in average volume, changes in nominal rates and the net variance caused by changes in both average volume and nominal rate for the year ended December 31, 2025 compared with the year ended December 31, 2024; and the year ended December 31, 2024, compared with the year ended December 31, 2023. Volume and rate variances have been calculated based on movements in average balances over the period and changes in nominal interest rates on average interest-earning assets and average interest-bearing liabilities. Net changes attributable to changes in both volume and interest rate have been allocated to the change due to changes in volume. December 31, 2025(1)-December 31, 2024 December 31, 2024-December 31, 2023 Increase (decrease) due to changes in: Increase (decrease) due to changes in: Volume Rate Net Change Volume Rate Net Change In millions of COP Interest-earning assets Interbank borrowings Domestic activities 1,762 (896) 866 867 (2,388) (1,521) Foreign activities (60,357) (48,259) (108,616) 13,513 (808) 12,705 Total (58,595) (49,155) (107,750) 14,380 (3,196) 11,184 Reverse repurchase agreements and other similar secured loans Domestic activities (61,729) (79,422) (141,151) (22,904) 14,747 (8,157) Foreign activities (6,365) (7,899) (14,264) 3,621 3 3,624 Total (68,094) (87,321) (155,415) (19,283) 14,750 (4,533) Debt instruments(2) Domestic activities 429,066 8,696 437,762 (8,116,489) 7,884,635 (231,854) Foreign activities (349,933) (326,994) (676,927) (18,060) 926,370 908,310 Total 79,133 (318,298) (239,165) (8,134,549) 8,811,005 676,456 Loans and advances to customers, net Domestic activities 2,375,393 (3,420,845) (1,045,452) 1,099,138 (3,737,170) (2,638,032) Foreign activities (2,756,961) 424,864 (2,332,097) (134,170) 144,966 10,796 Total (381,568) (2,995,981) (3,377,549) 964,968 (3,592,204) (2,627,236) Total interest-earning assets Domestic activities 2,744,492 (3,492,467) (747,975) (7,039,388) 4,159,824 (2,879,564) Foreign activities (3,173,616) 41,712 (3,131,904) (135,096) 1,070,531 935,435 Total (429,124) (3,450,755) (3,879,879) (7,174,484) 5,230,355 (1,944,129) Interest-bearing liabilities: Checking accounts Domestic activities 1,713 (4,207) (2,494) 474 1,159 1,633 Foreign activities (10,533) 22,584 12,051 (3,702) 16,460 12,758 Total (8,820) 18,377 9,557 (3,228) 17,619 14,391 Saving accounts Domestic activities 885,310 (1,063,600) (178,290) 214,206 (1,001,726) (787,520) Foreign activities (50,634) 118,195 67,561 (23,282) 92,099 68,817 Total 834,676 (945,405) (110,729) 190,924 (909,627) (718,703) Time deposits Domestic activities 396,543 (1,310,818) (914,275) 1,051,429 (1,757,640) (706,211) Foreign activities (708,971) (161,730) (870,701) 76,300 226,380 302,680 Total (312,428) (1,472,548) (1,784,976) 1,127,729 (1,531,260) (403,531) Repurchase agreements and other similar secured borrowing Domestic activities 49,198 56,878 106,076 18,507 (134,020) (115,513) Foreign activities 17,524 (25,658) (8,134) 12,180 (1,507) 10,673 Total 66,722 31,220 97,942 30,687 (135,527) (104,840) Borrowings from other financial institutions Domestic activities (54,181) (149,816) (203,997) 2,421 (131,886) (129,465) Foreign activities (278,560) (40,895) (319,455) (270,890) 91,272 (179,618) Total (332,741) (190,711) (523,452) (268,469) (40,614) (309,083) Interbank deposits Domestic activities 13,755 — 13,755 (3,523) (4,779) (8,302) Foreign activities (9,648) (9,665) (19,313) (409) 477 68 Total 4,107 (9,665) (5,558) (3,932) (4,302) (8,234) Debt instruments in issue Domestic-activities (154,081) (199,876) (353,957) (258,246) (45,928) (304,174) Foreign-activities (1,103,175) 937,343 (165,832) (52,660) 132,331 79,671 Total (1,257,256) 737,467 (519,789) (310,906) 86,403 (224,503) Lease liability Domestic-activities 3,614 (488) 3,126 9,165 14,508 23,673 Foreign-activities (39,515) 11,957 (27,558) (6,840) 4,898 (1,942) Total (35,901) 11,469 (24,432) 2,325 19,406 21,731 Total interest-bearing liabilities Domestic-activities 1,141,871 (2,671,927) (1,530,056) 1,034,433 (3,060,312) (2,025,879) Foreign-activities (2,183,512) 852,131 (1,331,381) (269,303) 562,410 293,107 Total (1,041,641) (1,819,796) (2,861,437) 765,130 (2,497,902) (1,732,772) (1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation. (2)Tax-exempt income of tax-exempt investment securities has not been calculated on a tax equivalent basis because the effect of such calculation would not be material. Interest -earning assets-net interest margin and spread The following table presents our levels of average interest-earning assets and net interest income and illustrates the comparative net interest margin and interest spread obtained for the fiscal years ended December 31, 2025, 2024 and 2023, respectively. Interest earning assets yield for the fiscal Year ended December 31, 2025(1) 2024 2023 In millions of COP, except percentages Total average interest-earning assets Domestic activities 216,663,645 198,572,929 185,882,836 Foreign activities 68,340,655 105,959,277 109,868,154 Total 285,004,300 304,532,206 295,750,990 Net interest income(2) Domestic activities 16,544,490 15,762,409 16,616,094 Foreign activities 2,904,796 4,705,319 4,062,991 Total 19,449,286 20,467,728 20,679,085 Average yield on interest-earning assets Domestic activities 12.00 % 13.47 % 15.94 % Foreign activities 8.16 % 8.22 % 7.08 % Total 11.08 % 11.64 % 12.65 % Net interest margin(3) Domestic activities 7.64 % 7.94 % 8.94 % Foreign activities 4.25 % 4.44 % 3.70 % Total 6.82 % 6.72 % 6.99 % Interest spread(4) Domestic activities 7.18 % 7.30 % 8.21 % Foreign activities 4.67 % 4.61 % 3.90 % Total 6.63 % 6.45 % 6.78 % (1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation. (2)Net interest income is interest income on loans less interest expense and includes interest earned on investments, as presented in the previous table “Average statement of financial position”. (3)Net interest margin is net interest income divided by total average interest-earning assets. (4)Interest spread is the difference between the average yield on interest-earning assets and the average rate accrued on interest-bearing liabilities. E.2INVESTMENT PORTFOLIO DEBT INSTRUMENTS PORTFOLIO MATURITY The following table summarizes the maturities and weighted average nominal yields of our debt instruments at amortized cost and debt instruments at fair value through other comprehensive income as of December 31, 2025: Maturity less Maturity between Maturity between Maturity More than 1 year 1 and 5 Years 5 and 10 Years Than 10 Years Total yield Yield %(1) Yield %(1) Yield %(1) Yield %(1) Yield %(1) Securities issued or secured by: Foreign currency.-denominated(2): Colombian Government 6.10 % 5.99 % 6.63 % - % 6.13 % Other financial entities 5.68 % 5.89 % 4.77 % - % 5.65 % Foreign Governments 3.58 % 5.69 % 5.71 % 5.95 % 5.10 % Corporate bonds - % 5.03 % 4.52 % 6.57 % 4.93 % Subtotal yield 4.00 % 5.28 % 4.78 % 6.53 % 5.04 % Securities issued or secured by: Peso-denominated(2) Other financial entities 12.14 % 15.79 % 26.48 % - % 19.45 % Corporate bonds - % 12.29 % - % 18.79 % 14.95 % Colombian Government 9.52 % - % - % - % 9.52 % Other Government entities 5.58 % - % 9.13 % - % 5.63 % Subtotal yield 7.15 % 12.44 % 17.77 % 18.79 % 8.44 % Total yield 6.93 % 6.78 % 5.49 % 14.72 % 7.10 % (1)Yield was calculated using the internal rate of return (IRR) as of December 31, 2025, includes the effects of Banistmo's classification as asset held for sale since December 18, 2025. For more information see Consolidated Financial Statements, Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation. (2)Yields on tax-exempt obligations have not been calculated on a tax equivalent basis because the effect of such calculation would not be material. E.3LOAN PORTFOLIO Maturity of loans and advances to customers The following table shows the maturities of our loan portfolio as of December 31, 2025: In one year or less After one year through five years After five years through 15 years After 15 years Total In millions of COP Commercial Corporate 20,753,064 33,460,016 19,965,253 1,828,625 76,006,958 SME 4,070,363 8,539,793 1,060,389 186,436 13,856,981 Others 12,878,463 17,705,008 18,311,380 869,132 49,763,983 Total commercial 37,701,890 59,704,817 39,337,022 2,884,193 139,627,922 Consumer Credit card 39,952 10,351,902 2,088,614 3,451 12,483,919 Vehicle 136,130 2,704,055 1,955,420 365 4,795,970 Payroll loans 2,209,043 1,812,470 2,800,720 12,514 6,834,747 Others 3,007,927 19,959,456 5,451,660 219,867 28,638,910 Total consumer 5,393,052 34,827,883 12,296,414 236,197 52,753,546 Mortgage VIS 19,358 300,678 3,002,419 9,851,053 13,173,508 Non-VIS 801,434 683,013 7,694,010 12,064,407 21,242,864 Total mortgage 820,792 983,691 10,696,429 21,915,460 34,416,372 Financial Leases 2,283,462 8,690,954 13,328,370 4,190,343 28,493,129 Small Business Loan 53,098 987,314 20,720 1,880 1,063,012 Total gross loans and advances to customers 46,252,294 105,194,659 75,678,955 29,228,073 256,353,981 In general, the initial term of a loan will depend on the type of guarantee or collateral, the credit history of the borrower and the purpose of the loan. As of December 31, 2025, 59.08% of our loan portfolio had a maturity of five years or less. Loans interest rate allocation The following table shows the interest rate allocation of our loan portfolio by type due after one year and within one year or less: As of December 31, 2025 In millions of COP Loans with term of 1 year or more: Variable Rate Domestic-denominated 101,354,974 Commercial 76,800,325 Consumer 5,632,930 Mortgage 7,241 Financial Leases 18,914,478 Small business loan - Foreign-denominated 10,828,935 Commercial 6,179,840 Consumer 3,437,749 Mortgage 14,243 Financial Leases 15,006 Small business loan 1,182,097 Total 112,183,909 Fixed Rate Domestic-denominated 80,339,377 Commercial 9,965,789 Consumer 34,273,740 Mortgage 983,453 Financial Leases 7,086,676 Small business loan 28,029,719 Foreign-denominated 17,578,401 Commercial 8,980,078 Consumer 4,016,075 Mortgage 4,977 Financial Leases 193,507 Small business loan 4,383,764 Total 97,917,778 Loans with term of less than 1 year: Domestic-denominated 33,466,415 Commercial 30,189,409 Consumer 907,889 Mortgage 46,350 Financial Leases 2,277,133 Small business loan 45,634 Foreign-denominated 12,785,879 Commercial 7,512,481 Consumer 4,485,163 Mortgage 6,748 Financial Leases 6,329 Small business loan 775,158 Total 46,252,294 Total gross loans and advances to customers 256,353,981 E.4SUMMARY OF LOAN LOSS EXPERIENCE Allowance for credit losses to total loans The following table shows the allowance for credit losses to total loans outstanding for the years ended December 31, 2025 and 2024: Year ended December 31, 2025 2024 Allowance for credit losses to total loans. 5.17 % 5.79 % The loss allowance for the loan portfolio and financial leasing operations decreased to 5.17% in 2025 from 5.79% in 2024. For more information see Note 6. Loans and advances to customers, net. This decrease is attributable to: The allowance for expected credit losses decreased compared to the prior year, primarily driven by the overall improvement in the credit performance of all portfolios compared to 2024. This improvement is evidenced by a reduction in past-due indicators, with loans past due more than 30 days decreasing from 5.20% in 2024 to 3.95% in 2025, and loans past due more than 90 days declining from 3.85% to 2.96% over the same period. Consequently, a lower proportion of exposures was classified under Stage 2 and Stage 3, reflecting a reduction in credit risk deterioration. In addition with the reclassification of Banistmo in 2025 both the loan and the allowance balance decreased. However, if the reclassification had not been made the ratio of allowance to loans would have been even lower in 2025 because of the high percentage of collateralized loans in Banistmo. For more information on the classification of Banistmo S.A. as an asset held for sale please refer to Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation. For more information on the variation in the Provision for impairment of loan portfolio and financial leasing operations over the client loan portfolio from 2024 to 2023, please refer to Note 6 of the Consolidated Financial Statements, "Loans And Advances to Customers, Net," under "Loans and financial leasing operating portfolio and Allowance for loans losses" and "Impact of movements in the value of the portfolio and loss allowance by Stage" as well as the "Risk management" note in the "Credit risk" section. Ratio of charge-offs to average outstanding loans The ratio of charge-offs to average outstanding loans for the years ended December 31, 2025 and 2024 was as follows: Year ended December 31, 2025 2024 Ratio of charge-offs to average outstanding loans 2.28 % 2.95 % Commercial 0.88 % 0.68 % Consumer 8.33 % 11.67 % Mortgage 0.19 % 0.37 % Financial Leases 0.95 % 0.83 % Small Business Loan 3.42 % 8.60 % The decrease in the charge‑off ratio in 2025 compared with the prior year is mainly attributable to the reduction in the nonperforming consumer loan portfolio throughout the period, supported by lower roll rates and enhanced recovery management effectiveness. E.5DEPOSITS Uninsured deposits An uninsured deposit is any deposit that does not have a mechanism to protect and secure the depositor’s resources (either natural or legal person) in the event of insolvency or settlement of any financial institution. The amount of uninsured deposits for 2025 and 2024 is COP 189,722,405 and COP 190,359,916, respectively. The following table shows the time deposits held by us as of December 31, 2025 and 2024, unsecured: At December 31, 2025 Unsecured Peso -Denominated Unsecured Foreign Exchange- Denominated Total In millions of COP Up to 3 months 21,456,254 10,775,018 32,231,272 From 3 to 6 months 9,461,473 7,056,727 16,518,200 From 6 to 12 months 4,101,153 6,886,199 10,987,352 More than 12 months 12,933,262 1,529,356 14,462,618 Total time deposits 47,952,142 26,247,300 74,199,442 At December 31, 2024 Unsecured Peso - Denominated Unsecured Foreign Exchange- Denominated Total In millions of COP Up to 3 months 17,810,529 10,773,646 28,584,175 From 3 to 6 months 7,967,231 6,678,490 14,645,721 From 6 to 12 months 5,179,422 8,418,227 13,597,649 More than 12 months 15,895,727 1,545,271 17,440,998 Total time deposits 46,852,909 27,415,634 74,268,543 For further information about deposits by customers, see Consolidated Financial Statement, Note 15. Deposits by customers. F.Unresolved Staff Comments None.

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.