Grupo Aval Acciones y Valores S.A. ADR (Each representing 20 preferred shares)

Welcome to Grupo Aval's fourth quarter 2025 Consolidated Results Conference Call. My name is Regina, and I will be your operator for today's call. Grupo Aval Acciones y Valores S.A. Grupo Aval is an issuer of securities in Colombia and in the United States SEC. As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Avow Financial Conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Unconsolidated financial information of our subsidiaries and the Colombian banking system are presented in accordance with Colombian IFRS as reported the Superintendency of Finance. Details of the calculations of non-IFRS measures such as ROAA and ROAE, among others, are explained when required in this report. On November 27, 2025, Banco de Bogota's subsidiary, Multifinancial Holding Inc., MFG, entered into a share purchase agreement with BAC International Corporation, BIC, a subsidiary of BAC Holding International Corp., for the disposal of 99.57% of the issued and outstanding shares of Multifinancial Group Inc., MFG, the parent company of Multibank, Inc. For comparability purposes only, we have prepared and present supplemental unaudited pro forma financial information for the periods prior to 4Q25, which reflects the reclassification of the operations relating to MFG as non-current assets and liabilities held for sale and discontinued operations. This supplemental unaudited pro forma financial information does not intend to represent and should not be considered indicative of The results of operations or financial position that would have been achieved had the transaction occurred on the dates assumed, nor is it intended to project our results of operations or financial position for any future period or date. The pro forma financial information is unaudited and the completion of the external audit for the year end of December 31st, 2025 may result in adjustments to the unaudited pro forma financial information presented herein. This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expects, plans, anticipates, believes, estimates, predicts, potential, or continue, or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general economic and business conditions, changes in interest and currency rates, and other risks described from time to time in our filings with the Registro Nacional de Valores y Emisores in the SEC. Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time, but we expressly disclaim any obligation to review, update, or correct the information provided in this report, including any forward-looking statements, and do not intend to provide any update for such material developments prior to our next earnings report. The financial statements of Grupo Aval Acciones y Valores S.A., in accordance with Colombian regulations, must be filed with the market and with the Superintendency of Finance with the opinion of an external auditor. At the time of this quarterly call, this process is still ongoing. The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description. When applicable in this document, we refer to billions as thousands of millions. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I will now turn the call over to Ms. Maria Lorena Gutierrez-Potero, Chief Executive Officer. Ms. Maria Lorena Gutierrez-Potero, you may begin.

Thank you. Good morning, and thank you for joining Group 4 Awards for Quarter and Full Year 2020. 2025 Earnings Code. I'm so sorry, but I have a little flu, or a terrible flu, but I'm trying to, that you can understand me. I am joined today by Diego Solano, our Chief Financial Officer, Camilo Perez, Chief Economist at Banco de Bogota, and Paula Duran, Corporate Vice President of Sustainability and Strategic Projects. I would like to start by highlighting the positive evolution of our results during 2025. Despite the challenging and volatile local and global environments. We reached 1.7 trillion Colombian pesos in net income during 2025, a 70% increase compared to the previous year and more than twice that of 2023. This improvement was primarily driven by stronger contributions from our banking business and a record performance year by Expo Benito. Since our last call, we completed important milestones in line with our strategic focus to strengthen our strategic priorities. First, we completed the merger of our trust companies. Second, we reached an agreement to acquire Banco Itaúz-Colombia Retail Business. Third, we reached an agreement to divest MFG and fourth, Corfy has successfully completed transactions that will grow in business in the short term. On January 2nd, 2026, we successfully merged our fiduciary businesses from Fiduciaria Bogota, Fiduciaria Occidente, and Fiduciaria Popular into Aval Fiduciaria. This transaction consolidates our truck services into a single strong entity enhancing our value proposition for existing and new customers, and generating operational efficiency. We expect this to result in an increase of our market sharing trust fee, income, and AUMs, and improve the profitability of this business. On December 23rd, 2025, Banco de Bogota announced the acquisition of Banco Itaú with the banking business in Colombia and Panama. This move reinforces Banco de Bogota's focus on the affluent segment, enhances the quality of our client needs, and strengthens our competitive positioning in Colombia. The acquisition is expected to add around 267,000 clients with $6.5 trillion U.S. dollars in loans and $4.1 trillion U.S. dollars in deposits. The deal excludes Itaú's corporate banking and is pending regulatory approval. On November 27, Banco de Bogota announced that it has reached an agreement to sell MSG, a Panamanian bank tool back. That is the Central American back. This unit has delivered modest results since its acquisition in 2020 and requires a large scale to achieve the desired performance. The divestment of MFG strengthens PANCO's position to pursue a stronger growth in its core market and reallocate capital towards businesses with a stronger strategic alignment and long-term potential. The same process for this operation is expected to close over the following months, following regulatory approvals in Panama. This quarter, multi-financial groups, balance sheets, and P&L have been classified and discontinued operations. Corsi announced TWO MAJOR ACQUISITIONS. THE FIRST ONE, CORFIA ANNOUNCED THE AGREEMENT TO PARTICIPATE WITH A 51% STAKE IN CENCIA, THE CONFESSIONARY OF THE 20 YEAR, 29, SORRY, YEAR PUBLIC PARTNERSHIP FOR THE RENOVATION CONSTRUCTION OPERATION AND MAINTAINANCE OF BOGOTA NEMESIO CAMACHO STADIUM COMPLEX. CENCIA WILL DEVELOP A 2.4 trillion-dollar project includes a new 50,000-seat stadium, cultural and commercial components, public space development, and mobility solutions. In the energy and gas sector, Promigaz signed an agreement to acquire 100 percent of Celestra's renewable energy generation platform, reinforcing its transformation into a multi-energy platform with operations in Colombia, Chile, and Peru. This transaction adds a portfolio of more than 19 solar and storage projects, totaling 1.4 gigawatts of contracted capacity and over 2.1 gigawatts under development supporting diversification of non-regulated businesses and stable long-term contracted revenues, subject to regulatory approvals in Colombia. Results. From continued operation for the quarter, positive trends continue to consolidate during the quarter. Our risk-adjusted name on loans for the quarter is 2.3 0.34%, the highest level in three years, while our cost of risk continued its positive trend. Return on average equity came in slightly below our initial expectations, mainly due to a weaker than expected NEMON investment triggered by volatile local and international capital markets and the one-time effects related to the MFG sale agreement which Diego will explain in detail. I will now pass on to Paula, who will go over our sustainability achievements for the year. Paula.

Thank you, Maria Lorena. Good morning, everyone. In the fourth quarter, we close an extraordinary year for sustainability, further consolidating our ESG strategy. One World Profitability is built by integrating strong financial performance, measurable social impact, and responsible environmental management. Our framework is structured around three pillars, returns with purpose, opportunities for all, and environmental value. Under our first pillar, returns with purpose, we continue to scale sustainable finance. Our sustainable loan portfolio reached 44.9 trillion pesos, including 36.2 trillion pesos in social lending and 8.7 trillion pesos in green lending. Social lending included targeted credit lines for senior citizens, housing, women entrepreneurs, coffee growers, and microbusinesses. Green lending supported renewable energy, infrastructure, sustainable mobility, and water management projects, among others. In our investment portfolio, Mara Lorena already mentioned our agreement with Celestra that reinforces our commitment to clean energy. We also received important external recognitions. In the S&P Corporate Sustainability Assessment, we achieved a historic 481 out of 100 and were included in the S&P Sustainability Yearbook. Additionally, Banco de Bogota, Corte Colombiana, Banco de Occidente, and Promigaz were also included in the Yearbook, demonstrating the consistency and consolidation of our sustainability strategy across the group. In the MSCI assessment, we improved our rating to triple D, driven by strongly social impact metrics and enhanced responsible investment practice. On our second pillar, opportunities for all, this pillar focuses on generating inclusive growth and shared value. We calculated the total economic value generated and distributed, which reached 41 trillion pesos in 2025. And this value distributed to more than 31,000 suppliers that received Our 67,000 employees also earned 3.8 trillion pesos. We also paid 3.4 trillion pesos in taxes and generated 13 trillion in returns for our clients. Additionally, we have invested $70 billion in voluntary social programs benefiting more than 2 million people, focusing on community infrastructure, education and research, socioeconomic development, and the promotion of culture, arts, and sports. Through Misión La Guajira, the most significant private sector social initiative in Colombia, we fulfilled our commitment, benefiting more than 21,500 people across 80 communities with portable water, electricity, and connectivity. The program also included financial education initiatives and supported over 1,500 WAU artisans fostering sustainable life schools. We also supported the Vamos Palantes Scholarship Program, exceeding our fundraising goal and reaching 11.1 billion pesos, benefiting more than 1,200 students. On our third pillar, environmental balance, We joined the Partnership for Carbon Accounting Financials, CCAP, committing to measure and disclose emissions associated with our financial activities. We also launched our nature strategy, aligned with the NFC, and began pilot implementation with one of our entities. At the group level, we also achieved tangible eco-efficiency improvements, energy consumption reduced by 9.6%, renewable energy use increased to 38%, water consumption reduced by 2%, and waste generation decreased by 9%. In summary, we close 2025 with meaningful progress across all three pillars, reinforcing our position as the avant that drives and supports and transforms the youth. We continue to generate opportunities, promote sustainable development, and create long-term value for our shareholders and all stakeholders. Thanks.

Thank you, Paula. Now moving to the macroenvironment, A lot has happened since our last call that has changed our expectations for 2026. A massive and technical increase in minimum wages has triggered a substantial increase in inflation expectations and has prompted a strong stance from the central bank to control inflation expectations. These recent events add to the increase in real interest rate expectations and results from growing concerns on the current administration's fiscal discipline. As a result, since our last call, we have raised 200 basic points, our expectation on 2026 inflation, and 350 basic points year-end 2026 central bank intervention rate, changing the improvement trends we previously anticipated. 2025 was characterized by elevated global uncertainty. The year was marked by abrupt changes in U.S. economic policy, increased trade tensions, and greater economic fragmentation. Despite these challenges, global growth proved resilient, reaching an estimated 3.3% supported by a second half recovery, higher investment and accelerated adoption of artificial intelligence technology. In Colombia, economic activity remains resilient. GDP growth closed at 2.6% for 2025, driven primarily by household consumption and public spending. However, the GDP outlook remains challenging. Investment levels stand at historical low levels, And the country's fiscal deficit is among the largest globally, despite interest savings achieved through the government's liability management strategy. Household consumption and government spending alone cannot sustain structural economic growth if investment remains absent and the government continues to crowd out the private sector. Inflation closed the year at 5.1%, remaining above the central bank's target range. Furthermore, inflationary pressures derived from the 23.7% increase in the minimum wage led to the beginning of a new restrictive cycle in monetary policy as evidenced by a 100 basic points increase in the central bank rate in January. Moving on to the exchange rate, the weaker U.S. dollar and the heavy dollar inflows from remittances and the national government liability management strategies led to 14.8% appreciation of the Colombian peso relative to the U.S. dollar. Camilo will now elaborate on our economic outlook. Camilo?

Thank you, Mara Lorena. Good morning. The Colombian economy grew by 2.6% in 2025, below the consensus estimate and that of the technical staff of the central bank. The surprise came from investment results, with gross fixed capital formation growing only 1.3%. The weak growth in investment was offset by the dynamism of machinery and equipment, which registered an annual increase of 9% due to the needs faced by businesses amid higher domestic demand. Meanwhile, investment in housing, infrastructure, and intellectual property contracted annually. As a result, Colombia ended 2025 with an investment rate of 16.6% of GDP, the lowest level so far this century. Ultimately, high levels of uncertainty elevated interest rates due to persistent inflation and large fiscal deficits have led the country to face a complex investment landscape, with the financial, mining, and energy construction and communication sectors being the most impacted. Conversely, the economy found support in household and public sector spending. On the household side, higher income from wages, remittances, government transfers, coffee exports, and tourism led to an acceleration in private consumption growth from 1.6% in 2024 to 3.6% in 2025. Growth in goods expenditures surpassed that of services. As a result, sectors such as commerce, lodging, food, transportation, recreation, and services in general continued their upward trend. In manufacturing, while growth was observed in line with the increased household demand for goods, the appreciation of the peso reduced the competitiveness of local production. Meanwhile, amid the suspension of the fiscal rule and the higher budget execution, public spending increased from 0.6% growth in 2024 to 7.1% in 2025, the highest rate since 2021. Although public spending boosted local activity, it was financed with increased debt, leading to a widening of the primary fiscal deficit. Thus, the fiscal stimulus appears unsustainable and ultimately displays the private sector in an example of carrying out. In the external sector, lower national competitiveness, explained by depreciation of the Colombian peso against the dollar, and higher labor hiring costs led to exports moderating the growth rate from 3.2% in 2024 to 1.8% in 2025. By 2026, amid more adverse financial conditions, weakening private consumption, a more challenging fiscal situation, and high uncertainty surrounding the elections, the economy is projected to moderate its growth rate to 2.4%. Turning to prices, inflation ended 2025 at 5.1%, virtually unchanged from 2024. Here, inflation improvements in rents and regulated prices were offset by increased pressure of food, goods, and services, different from rents. At this point, higher labor costs, resulting from the significant minimum wage increase, the reduction in working hours, and the approval of labor reform, weighted on inflation of goods and services. Meanwhile, high household and government spending limited the scope of improvement in inflation. By 2026, the minimum wage increase of over 23% which in real terms was the highest in history, will lead to a resurgence of inflation. Specifically, inflation is expected to end 2026 at around 6.2%. The impact on inflation is also greater thanks to the appreciation of the Colombian peso and its effect on the prices of imports, as well as the policy of reducing gasoline prices and the lowering taxation based on rents. On the fiscal front, the government closed 2025 with the highest primary fiscal deficit, which excludes interest payments. since the crisis of the 1990s and the pandemic. The government addressed the high spending pressures with active debt issues using alternative mechanisms such as the direct sale test to an important investment fund and swap of short and long-term debt during the year. Calculations by our economic research team indicate that the Ministry of Finance issued more than $110 billion of treasury bonds in 2025 when the stipulated limit was $95 billion. For 2026, no major changes are anticipated in the fiscal plan. In fact, the deficit could exceed 7% of GDP, given the absence of the fiscal rule, and again, considering high spending and weak revenues. With this scenario, where inflation is rebounding and the fiscal situation remains vulnerable, the central plan would consolidate an upward trend in interest rates. Our economic research team expects the benchmark interest rate to rise from 9.25 at the end of the year of 2035 to 11.75% by mid-2026, a level at which it would remain for the remainder of the year. The risks are tilted upwards. With a scenario of higher domestic interest rates, a weak dollar globally due to the United States trade policies, and expectations of lower rates from the Federal Reserve, the exchange rate closed 2035 at 3,780 pesos per dollar, 50% lower than at the end of 2024. However, in the second half of the year, the downward trend in the exchange rate intensified due to the government's sale of dollars. In the second half of the year, the government sold more than $7 billion, an amount not seen since the pandemic. In 2026, the Colombian peso is expected to continue finding support from the wider interest rate differential, the international outlook, and the nation's ample dollar availability. However, the election results will be crucial. Currently, the exchange rate is expected to remain below $4,000 per dollar throughout the year. Regarding the dynamics of dollar flows in the government economy, it is important to note that, for the first time in history, remittances surpassed oil exports as the primary source of dollars of the economy. This further consolidated diversification of the export basket. Finally, the legislative and presidential elections to be held in the first half of 2016 will define the country's economic future. It is too early to draw conclusions about the election results, but the central scenario is based on the expectation that Colombia will have a more fiscally disciplined government, which will reduce uncertainty and promote investment, and in general, will make public policy decisions based on technical criteria that boost economic growth. Thank you. Back to you, María López.

Thank you, Camilo. Turning to our financial results, 2025 was a transition year. In the banking segment, gross loans ended the year at 190.1 trillion Colombian pesos, increasing by 4.8% compared to 2024. Profitability improved meaningfully, supported by a sharp decline in funding costs that expanded the spread between loan yields and funding costs by 41 basic points. Cost of risk improved from 2.3% to 1.9%, reflecting a stronger consumer portfolio performance and discipline on the rating. Expense growth remained below the increase in the minimum wage, improving efficiency metrics. As a result, return on equity in the banking sector reached double digits. Banco Popular and Banco de Villas returned to the profitability, and Banco de Bogotá and Banco de Occidente continued improving the results. Despite the market's results at the year-end, poverty delivery is the strongest annual performance to date. Assets under management reached 271.2 trillion U.S. dollars and increased 14.9% and ROAE reached 21.2%. CORFI worked throughout the year to lay the foundation for a new growth cycle driven by portfolio rotation and entry into high potential sectors. The leveraging efforts and decline in rates led to a 16 reduction in funding costs, reflecting lower debt levels, and more favorable interest rates. Finally, operational efficiencies continue to materialize following the exit from financial services. Now, I would like to pass the call to Diego, who will give details of our results.

Diego? Thank you, Maria Lorena. I will start on pages 11 and 12 with a few charts showing the growth rate and quality of our loan portfolio relative to the rest of the Colombian banking system. For comparability reasons, these are unconsolidated figures under Colombian IFRS as published by the Superintendency of Finance. Starting on page 11, during 2025, loans for the banking system grew 2.1% in real terms, with mortgages growing 6.3%, consumer loans 1.48%, commercial loans 0.7%, all in real terms. During 2025, we continue to focus on profitable growth. on local currency commercial loans in checkments other than large corporates and on personal loans and credit cards in consumer lending. Peso-denominated commercial loan market share remained unchanged at 26.3%. We are selective in large corporates corporate commercial lending given the aggressive pricing competition present throughout the year where we lost 204 basis points. However, we gained 131 basis points of market share in local currency-denominated commercial loans other than large corporates. We gained market share in products and segments where we were underweighted, such as factoring, where we gained 543 basis points to 24.2%, and government loans, where we gained 219 basis points to 23%. Regarding our dollar-denominated commercial loans, where we have historically been overweighted, we reduced our market share by 356 basis points to 35.3%. In addition, in peso terms, The balances of dollar-denominated commercial loans were negatively impacted by the 14.8% appreciation of the Colombian peso over the year. As a result of the above, our market share for commercial loans fell 37 basis points. Consumer loans, we focused on diversifying our portfolio toward higher-yielding and short-term loans, reducing our concentration in payroll lending. We gained 138 basis points of market share on personal loans to 21.5%. Itaú consumer business acquisition will take us to market weight. To strengthen our credit card business where we lost 132 basis points to 17.4%, we launched the FIFA Visa Alliance and other initiatives. All of this while maintaining our leadership position in payroll lending where we have 42.2% market share. Overall, our market share for consumer loans closed at 28.9% with a 53 basis points decrease. Moving on to mortgages, We continued gaining market share with 117 basis points increased throughout the year. As a result of the above mentioned, we closed our market share in total loans at 25%, 28 basis points lower than in 2021. On page 12, loan quality for both the system and AvalBanks showed an improvement during the year across all categories. Our banks continue to exhibit better loan quality portfolios in the system in all categories. I will now move to the consolidated results of Grupo Aval under IFRS. As mentioned by Maria Lorena, Banco de Bogotá entered into a share purchase agreement to sell MFP, a Panamanian bank. As a result, in December 2025, we classified this operation as non-current assets and liabilities held for sale and discontinued operations. For reasons of comparison, we've previously reported previous. We're showing retrospectively on this form of balances and ratios classifying MFG as non-current assets and liabilities for sale and discontinued operations. On page 13, we present assets and loans. Assets grew 6.4% year-on-year and 1.5% over the quarter to $349 trillion. Fixed income investments, which account for 15.8% of our assets, reached $55.2 trillion, growing 21.2% year-on-year and decreasing 0.2% over the quarter. Gross loans, which account for 54.7% of our assets, reached 190.9 trillion pesos, growing 46% year-on-year and 1.5% over the quarter. Growth metrics were affected by a 44.2% appreciation of the Colombian peso during the quarter and 14.8% over the year. Peso denominated that now account for 91.3% of gross loans grew 6.8% year-on-year and 1.7% during the quarter. Commercial loans expanded by 1.9% year-on-year and 1.1% over the quarter. Peso-denominated commercial loans that account for a 4.7% of gross loans grew 5.5% year-on-year and 1.4% during the quarter. Dollar-denominated commercial loans which account for 15.3% of commercial loans grew 0.4% in dollar terms year-on-year and 3.9% during the quarter. In peso terms, our dollar denominated loans contracted 14.5% year-on-year and 0.5% quarter-on-quarter. Consumer loans grew 4.7% year-on-year and 1.2% during the quarter. Personal loans grew 12% year-on-year and 5% during the quarter. Credit cards contracted 1.5% year-on-year and increased 2.9% during the quarter. Our loans grew 0.6% year-on-year and 1.1% during the quarter. Payroll loans increased 3.2% year-on-year and decreased 0.9% during the quarter. Mortgages grew 19.6% year-on-year and 3.9% during the quarter. On page 14, we present the evolution of funding and deposits. Total funding increased 8.7% year-on-year and 1.4% during the quarter. Our bank borrowings grew 28% year-on-year, in line with the expansion of our trading investment portfolio, as mentioned before, and account for 8.2% of total funding. Deposits that account for around three-fourths of our funding grew 11.2% year-on-year and 3.6% quarter-on-quarter. Our deposit-to-net-loan ratio closed at 113%. On page 15, we present the evolution of our total capitalization, our accrued total shareholder's equity, and the capital-equity ratio of our banks. Our total equity increased 0.3% over the quarter and 4.8% year-on-year, while our accrued total equity increased 0.2% over the quarter and 5.7% year-on-year. Total solvency and tier one ratios evidence a relative stability in most of our banks. On page 16, we present NIEM Our net interest margin. Net interest income reached $59.3 trillion for the year, increasing 17.4% compared to 2024. Total NIEM for the year increased 28 basis points to 3.78% in 2025. Consolidated NIEM loans expanded by 28 basis points year-on-year to 4.71%, while NIEM investments decreased by 8 basis points to 0.82%. Neiman Loans incorporates an 84 year-on-year expansion of Neiman Retail Loans to 6.33% and an 18 basis points year-on-year contraction of Neiman Commercial Loans to 3.5%. Focusing on our banking segment, the total name of our banking segment expanded 8 basis points over the year to 4.47% due to the same dynamics that affected our consolidated net interest market. NIMA loans was 5.24%, including nine basis points year-on-year. This incorporates a 69 basis points year-on-year increase in NIMA retail loans to 6.9%, and a 39 basis points year-on-year decrease in NIMA commercial loans to 4.02%. Partly NIMA was negatively impacted by adverse capital market performance, driven by a 3.48% negative NIMA investment. In contrast, NIMA loans for the quarter reached 5.05% or basis points higher than the previous quarter and the best result in 12 quarters. As discussed by Maria Lorena, the recent shift in the monetary cycle in response to recent government decisions will act as a headwind for NIMA over the next quarters. The development of our financial diversification strategic pillar continues to pay off. We have diversified our funding sources toward less sensitive non-maturing deposits, including deposits from individuals and cash management-linked deposits. Our banks lowered maturities and repricing gaps and actively implemented interest rate hedging strategies. On page 17, we present our yield on loans, cost of funds, spreads. On a consolidated basis, the average yield on loans for the year decreased 126 basis points to 12.06%, while the annual average three-month IVR decreased 158 basis points to 9.4%. Consolidated cost of deposits decreased 148 basis points during the year to 6.63%, while our cost of funds decreased 141 basis points to 6.8%. On pages 18 through 20, we present several portfolio quality ratios. Sorry. Starting on page 11, loan portfolio quality ratios continue to improve during the quarter. PDL metrics continue to improve in all categories. 30-day PDL formation for the year reached 4.2 trillion pesos, 32.8% lower than for 2024. 30-day PDLs were 4.37%, a 98 basis points improvement over 12 months and 27 basis points over the quarter. 90-day PDLs were 3.29%. 77 basis points improvement over 12 months, and 11 basis points improvement over the quarter. Commercial loans, 38 PDLs were 3.84%, a 101 improvement year-on-year, and 38 basis points improvement quarter-on-quarter. 98 PDLs were 3.48, a 91 basis points improvement over the year, and 19 basis points over the quarter. Consumer 30-day PDLs improved 100 cents in basis points year-on-year and 16 basis points over the quarter to 4.67%. 90-day PDLs improved 63 basis points year-on-year and 5 basis points during the quarter to 2.79%. Mortgage 30-day PDLs and 90-day PDLs improved 8 basis points and 10 basis points respectively over the quarter to 6.18% and 3.75% respectively. Finally, the ratio of charge-offs to average 90 APDLs for 2025 was 0.82 times. On page 19, the share of our portfolio classified as Stage 1 grew to 89.8%, while Stage 3 decreased for a six-month consecutive quarter to 5.7%, proven by improvements in our consumer portfolio. Coverage measured as allowances for Stages 2 and 3 as a percentage of Stages 2 and 3 was 33.6%, decreasing 545 basis points relative to a year earlier due to improvement in the mix. And page 20. In 2025, cost of risk, net of recovery is still 38 basis points to 1.9%, in line with our expectation for the year. For consumer loans, cost of risk, net of recovery is 157 basis points to 4.2%. This includes a 449 basis points improvement in personal loans to 8.4%. For commercial loans, cost of risk net of recoveries was 0.7%. During the fourth quarter of 2025, cost of risk net of recoveries fell 27 basis points to 1.7%, the lowest in 12 quarters, driven by an increase both in commercial and consumer portfolios of 36 basis points to 0.6% and 23 basis points to 3.8% respectively. On page 21, we present net fees and other income. Annual gross fee income grew 6.8%, while net fee increased 5.3%. Partly gross and net fee income increased 8.5% and 9.6% year-on-year. In terms of annual gross fees, pension and trust fees grew 9.1% and 14.9%, boosted by performance-based management fees that followed the positive returns of the financial markets throughout the year. Our annual income from the non-financial sector was 84% of that recorded in 2024, mainly due to a lower contribution from the infrastructure sector. Quarterly income was affected by a lower income from the energy and gas sector and the infrastructure sector as well. This was partially offset by income from both ends. Finally, at the bottom of the page, the annual increase in the operating income is mainly driven by a 600% $5 billion improvement in derivatives and FX gains. Edging strategies relative to the non-financial sector are registered under foreign exchange gains and account for $863 billion yearly improvement. During the quarter, one of Promigas' transportation pipelines measured as fair value reverted to the company and implied a one-time fair value recognition 303 billion pesos. This effect was registered under net income from other financial instruments mandatory at fair value to P&L. This positive effect was offset by a one-time measurement of the deferred tax liabilities to 359 billion pesos. Net-net, the transaction had a 56 billion negative effect on net income and 12 billion negative effect on our attributable net income. On page 22, we present some efficiency ratios. Cost to assets remain flat at 2.6%. Annual cost to income improved 101 basis points to 52.2% over the quarter. On a quarterly basis, it reached 54.9%, 550 basis points lower than a year earlier. Annual expenses grew 9.6% during the year. General and admin expenses grew 9.4% year-on-year. Personnel expenses grew 6.9% year-on-year, well below the 9.5% increase in Colombia's minimum wage. Finally, on page 23, we present our net income and profitability ratios. Attributable net income from continued operations for the quarter was $474 million, 67.5% higher than the same quarter of the previous year. Total attributable net income for the year reached Colombian pesos, 1.72 trillion, or 72.5 pesos per share, increasing close to 70% compared to the previous year. Our annual return on average assets was 1%, and our annual return on average equity was 9.6%, 48 basis points, and 366 basis points above 2024, respectively. In terms of discontinued operations, the results contributed by MFG's operations affected our answer to your question from adding up 18 billion pesos. To wrap up, we're updating our guidance to reflect changes in the macro environment impacting our business. We expect loan growth in the 10% area with commercial loans growing at 7% and retail loans growing at 14%. Total NIM in the 4.3% area with NIM on loans in the 4.7% area. Our NIM of the banking segment in the 5.1% area with NIM on loans in the 5.4% area. Cost of risk net of recoveries in the 2% area. Cost to assets in the 2.8% area. Income from the non-financial sector, 1.3 times that of 2025. A fee income ratio in the 21% area. And finally, we expect a 2026 return on average equity to be in the 10.5% area. This guidance does not incorporate the recently announced wealth tax, which we estimate would have the impact of an ROE of one percentage point area. Back to you, Maria.

Oh, Diego. Okay, thank you, Diego. Before moving into questions and answers, I would like to share some financial... of Colombia and Grupo Aval in 2026. We expect 2026 to continue to be challenging in Colombia given the effects of political volatility and electoral uncertainty. Economic conditions are expected to remain challenging, both locally and globally. We expect GDP growth to remain moderate in 2026 and a restrictive monetary environment. The massive minimum wage increase will push pressure on our cost base that of our customers. Inflation will remain above the central bank's target range, which implies a return to a higher for longer interest rate environment. Despite this backdrop, we strongly believe that we should remain focused in our strategy and improving our business and abstain from echoing uncertainty. The financial sector will continue to be a pillar of trust and investment. We expect to continue growing our financial business and invest through core fee in the non-financial sector in the region during 2026. As a result, we expect to continue strengthening our core business, supported on an expansion of risk-adjusted minimum loans, commercial and operational effectiveness, and a stronger fee generation. In 2026, we will continue delivering new and innovative products. In addition, during this year, we expect to see increases in efficiencies from shared services and IT integration initiatives, and strengthening a client-centered, unified corporate culture. So we are now open for questions.

Thank you. We will now begin the question and answer session. If you have a question, please press star then one on your touchtone phone. If you wish to be removed from the queue, please press star then one a second time. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star then one on your touchtone phone. Our first question will come from the line of Daniel Mora with Credit Corp Capital. Please go ahead.

Hi, good morning. Thank you for the presentation. I have a couple of questions. The first one is regarding the new wealth tax for companies. I would like to know what do you understand for liquid equity as it says that it is gross equity minus debt or the wealth tax. And also, I would like to understand how it will be applied for banks of about, you already mentioned, at one percent and point. for the consolidated ROE, but I would like to understand what will be the impact across banks of Aval. That will be the first question. Thank you. And the second one is also on regulatory issues and regarding taxes. Considering the previous economic emergency decree was put on hold, what is the effective tax rate that you are using in your numbers? Are you considering the 15% tax through charge or paying, for example, deferred taxes? Thank you so much.

Okay. I'll try to answer your calls. I can't be a tax advisor here for you, but our understanding of how the net worth tax works is similar to what we've done, we've experienced in the past, and it says subtracting from the tax base the equity tax base of a bank or the company. It's a tax acquisition price of the shares it holds in its taxable balance sheet. That's the way it is expected to work, and it is similar to what it has been in the past. The kind of language that we've seen in what has come up to date is basically the same that we saw in 2014. Regarding what happens to the group, yes, attributable should be something in the order of magnitude, one percentage point. And if you think that the attributable equity of Group Aval is roughly 55%, 60% of the consolidated group, if you add what our group will be contributing to the tax in that sense would be almost twice of what we do attributable to our shareholders. Regarding how we calculate our tax in our guidance, the number comes out something similar to 35%. That is a combination of the taxes that we have to pay for our financial companies that have a surcharge in our numbers of 5%, and then the taxes that other companies pay less those that have some exceptions.

It means that it's without the economic emergency. Exactly. So the situation that we have before the tax.

Exactly. That is what we expect on our base, and as I mentioned, the equity tax would add up to that around five percentage points if you were to make our calculation based on marginal tax.

Perfect. Thank you so much. Thank you. Thank you.

Our next question will come from the line of Brian Flores with Citibank. Please go ahead.

Hi, Tim. Thank you for the opportunity. Can you provide an update on the guidance you provided in the third quarter regarding loan growth, cost of risk, and ROE? I think it would be very useful. And then just to confirm, basically you're saying your base case is no change in the tax rate, right? You're basically saying We have no surcharge and we have no wealth tax. That is the base case in place in the guidance, right? Thank you.

Yeah, that's the 10 and a half. You're right. The 10 and a half basically takes taxes as were not the taxes from the emergency. And that's why we were guiding into an additional effect that we could have from the wealth tax. Regarding our guidance, we have slightly reduced our guidance and growth. And regarding ROE, there is an implied 150 basis points reduction in guidance and ROE compared to our last call.

Okay. So just to confirm here, you were, if I'm not mistaken, guiding for a range of 12 to 12 and a half. We're basically going to 11 or close to 11. Is this?

Yes, correct. Just restating, we are in the 10.5% area guiding. Last time, we were in the 12% area with an upward bias at that point.

Okay. And then, if I may, you basically are explaining that you are seeing no changes in the tax rate, slightly lower longer. Which is the driver here on the reduction? Is it, I know you're liability sensitive or not as asset sensitive as other banks, so it could be the NIM, or do you think this is more related to cost of risk? Because you mentioned the efficiencies should be better in 2026 and onwards, from what I understood.

Yeah, it's a combination of several things. One, and the main driver, is a a better mix of our loan portfolio that is also helping us to cope with the kind of behavior of the central bank rate that will imply a relatively better NIM year-on-year. There could be a reduction if you take the numbers that we had for the fourth quarter that was the best quarter in NIM, as I mentioned. However, year-on-year, there's an improvement. There's other things that are going to happen, and it is we expect Port Beneath to have a better performance than what we had guided before, basically for two reasons. One, a higher minimum wage implies higher fees from contributions from our customers. And then a higher interest rate environment is positive for Port Beneath. On top of that, we have the other inorganic discussions that Maria Lorena pointed out that we expect to help us. We expect to see our mix improved. You've seen that throughout the past years, we've been moving towards retail, to the retail segment. We've been working strongly on improving that organically and mechanically. That also improves our performance. And actually, when we compare our cost of risk, there is no change in cost of risk. The other area where we could see a substantial improvement is NIM coming from investments. In general terms, we've seen a volatility in this year and there's been points in time as was fourth quarter where NIM and investments was negative on our results.

Super clear. I am very sorry to insist here, just that I don't understand, because if you're assuming no change in cost of risk, and you're assuming a better mix, and what I understand is a stable NIM, but then you're mentioning basically the reduction on ROE is of 100 Mbps year-over-year in the guidance. Is this only coming directly from a reduction in your expectations of long road, which I assume they were around 8% in the last call?

Yeah, I have to correct myself. I just pulled out our guidance last time. We have actually a slight pickup on retail. And we also have, as I mentioned before, when you look at our effective tax rate, we're also building in a higher tax rate for this year.

Understood. Thank you very much for the clarifications.

Okay. Sorry to take so long.

Again, if you would like to ask a question, press star, then the number one on your telephone keypad. There are no further questions at this time. Ms. Maria Lorena Gutierrez-Botero, I turn the call back over to you.

I just want to say thank you for being here with us and see you in three months. Bye.

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for joining. You may now disconnect.