Grupo Cibest S.A.

Good morning, ladies and gentlemen, and welcome to the Grupo CYPHUS-VanColombia Third Quarter 2025 Earnings Conference Call. My name is Latonya, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Following the prepared remarks, there will be a question and answer session. During the question and answer session, if you have a question, please press star, then the 1 on your touchtone keypad. Please note that this conference is being recorded. Please note that with the forward-looking statements, including statements related to our future performance, capital position, credit-related expenses, and credit losses, all forward-looking statements, whether made in this conference call, in future filings, and press releases on verbally addressed matters that invoke risk and uncertainty, consequently, there are factors that could cause actual results to differ materially from those indicated in such statements, including changes, and general economic and business conditions, change in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptance of new products or services by our targeted clients, changes in business strategy, and various other factors that we describe in our reports following with the SEC. With us today is Juan Carlos Mora, Chief Executive Officer, Mr. Mauricio Botero-Wolf, Chief Strategy and Financial Officer Mr. Rodrigo Prieto, Chief Risk Officer, Mrs. Catalina Tobin, Investor Relations and Capital Markets Director, and Mrs. Laura Clavijo, Chief Economist. I will now turn the call over to Mr. Juan Carlos Mubara, Chief Executive Officer. Thank you. Mr. Juan Carlos, you may begin.

Good morning. Welcome to Grupo CIVEST. third quarter results conference call. To begin, please go to slide two. Group of CVS third quarter results demonstrate strong operational execution and highlight the company's capacity to navigate an increasingly competitive market within a complex macroeconomic context. Net income grew nearly 20% in the quarter and 43% year over year, driven by resilient margins and sharp decline in provision charges. This reflects continued improvements in asset quality and the effectiveness of our credit risk policy as we will further elaborate. Nominal loan growth was flat during the quarter, impacted by a nearly 4% peso appreciation. Adjusting for effects, loan growth will have reached 1.2% quarter over quarter. Notably, consumer loans continued gaining traction, paving the way for higher yields ahead. Furthermore, I am pleased to report that Nike achieved a positive net income in September, reflecting robust operational performance. Although it is premature to confirm breakeven at this stage, this development represents an important milestone in Nike's path towards sustained profitability, which we anticipate will be reached by the first quarter of next year. Also, the Share by Back program we launched in mid-July is making good progress, enhancing ROE performance and boosting key valuation metrics, as we will further discuss. Overall, ROE expanded by 288 basis points during the period, reaching a solid 20.4% on the back of an improving trend in all four geographies. Also of note, Grupo CIBE's stand-alone double leverage ratio was 106%, which implies not only strong creditworthiness, but also room for further leverage. Overall, these results demonstrate the effectiveness of our business model and robust operational capability. Together with the new corporate structure under the holding company, we are well positioned to deliver sustained value creation for our shareholders. Now, please proceed to slide three. The execution of our share buyback program has been very successful. Soon after obtaining shareholders approval in early June to buy up to 1.35 trillion pesos in a one year period, we started executing on July 17th, underscoring our commitment to delivering results. As of September 30th, approximately 27% of the total authorized repurchase amount was completed. This includes around 7.3 million shares, which is close to 1% of the total shares outstanding. Of the shares repurchased, 50.4% were preferred shares, 41.6% were ADRs, and 8% were common shares. We saw a strong positive price reaction throughout the quarter. along with higher price to book and price to earnings ratios for both common and preferred shares, indicating the market value is aligned more closely with fundamentals. The execution of the program remains fully aligned with our capital allocation strategy and with the capacity of each type of shares to absorb volume in line with its liquidity. Please proceed to slide four. The recent increase in the price of the company share shows that a consistent upward trend began following the announcement of the new holding company in October of last year. Since then, the common share has increased by 69%, the preferred share by 65%, and the HR by 86%. This performance indicates the market's assessment of the value creation potential in our new corporate structure and its expectations regarding our capacity to maintain earnings growth and manage capital to achieve total returns for shareholders. Now, please proceed to slide five. The launch of Breve was completed smoothly and Bancolombia and NECI now account for 52% of all digital keys registered in Brevi. Additionally, 68% of system participants are clients of Grupo Civis, reflecting ongoing efforts to secure a significant position in the market. In the first two weeks of operation, approximately 70 million transactions were processed, amounting to 7.2 trillion pesos inflows within Grupo C, with a net positive cash flow reported between inflows and outflows throughout the Breve ecosystem. These results follow a recent pilot conducted on a private hub via RedEvan, which facilitated client preparation and early adoption of digital keys, a step in transitioning to Breve. Despite the brief since its launch, initial operational outcomes under the new interoperable framework suggest potential indicators of position in the sector. I will now turn the presentation over to Laura Clavijo, chief economist, who will provide an overview of the macroeconomic landscape. Laura.

Thank you, Juan Carlos. Now please turn to slide seven. Emerging markets, particularly those in Latin America, are increasingly positioning themselves as a gravitational hub for foreign capital amid global volatility and trade tensions. Capital inflows into the region are being driven by attractive real interest rate differentials, profitable carry trade opportunities, and the front-loading of remittances. Overall, the region's proven macroeconomic stability characterized by solid demand, declining inflation, and lower unemployment has outweighed fiscal concerns. Nevertheless, fiscal consolidation remains a key challenge for many countries in the region. The Colombian economy sustained its recovery through the third quarter, supported by robust domestic demand, improving household confidence, and a resilient labor market. Economic activity likely expanded at an annual rate of 2.4% during the third quarter, consistent with our full-year GDP forecast of 2.6% and our 3% growth projection for 2026. Leading sectors such as entertainment, agriculture, and retail continue to contribute to overall growth, while construction is expected to gradually strengthen in the coming months. Growth momentum appears resilient despite global volatility and domestic uncertainty, both on the fiscal and political fronts. On the monetary side, convergence toward the inflation target has proven more challenging than anticipated, with inflation holding steady above 5%, driven by rising housing and utility costs. Risks to price convergence are mounting due to higher minimum wage expectations for 2026, potential demand-side pressure, and growing fiscal dominance. Consequently, we expect the central bank to keep rates on hold through the remainder of the year and to resume monetary easing in 2026, reaching an estimated end-of-year policy rate of 8.25%. In the coming months, we will closely monitor inflation data and minimum wage negotiations, maintaining a bias toward persistent inflation and therefore higher for longer interest rates. Now please turn to slide 8. Turning to Central America, economic activity has demonstrated notable resilience despite headwinds from potential remittance slowdowns and global trade tensions. El Salvador is expected to grow 2.2% this year, supported by household consumption, foreign investment, and tourism. Guatemala is projected to expand 3.6%, driven by robust domestic demand and stronger export performance. Finally, we have revised upward our Panama growth forecast to 4.1% for 2025, with the economy poised to benefit from continued investment in infrastructure, tourism, tourism, and global supply chain logistics. I will now hand over the presentation to Mauricio Botero, who will provide further insights into the 2025 third quarter results. Mauricio?