| INVESTMENT SECURITIES |
NOTE 9 – INVESTMENT SECURITIES Balances of investment securities comprise the following as of December 31, 2025 and 2024: | | | | | | | | | | | Note | | December 31, 2025(1) | | December 31, 2024 | | | | | | | | | | Investments in debt securities mandatorily at FVTPL | | 9.1 | | Ps. | — | | Ps. | 1,425 | Investments in debt securities at FVOCI | | 9.2 | | | 28,455,957 | | | 27,050,198 | Investments in debt securities at amortized cost | | 9.3 | | | 9,205,457 | | | 10,708,367 | Investments in equity securities at FVOCI | | 9.4 | | | 1,599,479 | | | 1,421,303 | | | | | Ps. | 39,260,893 | | Ps. | 39,181,293 | | | | | | | | | | Loss impairment | | | | | | | | | Investments in debt securities at amortized cost | | 4.1.5 | | Ps. | (8,278) | | Ps. | (18,675) | | | | | Ps. | (8,278) | | Ps. | (18,675) | Total investment securities net | | | | Ps. | 39,252,615 | | Ps. | 39,162,618 |
(1) As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A. 9.1 Investments in debt securities mandatorily at FVTPL The following table includes investments on asset-backed securities mandatorily at FVTPL because the contractual cash flows of these securities are not SPPI on the principal outstanding: | | | | | | | | | December 31, 2025 | | December 31, 2024 | | | | | | | | Others(1) | | Ps. | — | | Ps. | 1,425 | Total investments in debt securities mandatorily at FVTPL | | Ps. | — | | Ps. | 1,425 |
(1) See details in Note 4.1.3.b 9.2 Investments in debt securities at FVOCI The following table includes investments in debt securities at FVOCI as of December 31, 2025 and 2024: December 31, 2025(1) | | | | | | | | | | | | | | | |
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Debt securities | | Cost | | Unrealized Gain | | Unrealized Losses | | | Fair Value | | ECL |
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Securities issued or secured by Colombian Government | | Ps. | 25,992,996 | | Ps. | 39,800 | | Ps. | (1,430,096) | | Ps. | 24,602,700 | | Ps. | 22,342 | Securities issued or secured by other Colombian Government entities | | | 517,983 | | | 3,927 | | | (15,658) | | | 506,252 | | | 1,344 | Securities issued or secured by foreign Governments | | | 1,319,487 | | | 19,762 | | | (4,563) | | | 1,334,686 | | | 360 | Securities issued or secured by other financial entities | | | 1,746,690 | | | 14,660 | | | (7,806) | | | 1,753,544 | | | 2,215 | Securities issued or secured by non-financial sector entities | | | 22,478 | | | 252 | | | (113) | | | 22,617 | | | 29 | Others | | | 245,816 | | | 412 | | | (10,070) | | | 236,158 | | | 312 | Total debt securities at FVOCI | | Ps. | 29,845,450 | | Ps. | 78,813 | | Ps. | (1,468,306) | | Ps. | 28,455,957 | | Ps. | 26,602 |
(1) As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A. December 31, 2024 | | | | | | | | | | | | | | | |
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Debt securities | | | Cost | | | Unrealized Gain | | | Unrealized Losses | | | Fair Value | | ECL |
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Securities issued or secured by Colombian Government | | Ps. | 19,278,224 | | Ps. | 36,588 | | Ps. | (1,046,904) | | Ps. | 18,267,908 | | Ps. | 11,761 | Securities issued or secured by other Colombian Government entities | | | 484,874 | | | 336 | | | (22,465) | | | 462,745 | | | 803 | Securities issued or secured by foreign Governments | | | 4,682,807 | | | 18,439 | | | (198,436) | | | 4,502,810 | | | 1,135 | Securities issued or secured by central banks | | | 251,079 | | | 32 | | | (46,256) | | | 204,855 | | | 97 | Securities issued or secured by other financial entities | | | 2,640,204 | | | 9,270 | | | (22,691) | | | 2,626,783 | | | 2,740 | Securities issued or secured by non-financial sector entities | | | 249,748 | | | 665 | | | (753) | | | 249,660 | | | 859 | Others | | | 771,824 | | | 715 | | | (37,102) | | | 735,437 | | | 915 | Total debt securities at FVOCI | | Ps. | 28,358,760 | | Ps. | 66,045 | | Ps. | (1,374,607) | | Ps. | 27,050,198 | | Ps. | 18,310 |
The following table shows amounts reclassified to profit or loss from OCI before taxes, related to fixed income investments debt securities measured at FVOCI: | | | | | | | | | December 31, 2025 | | December 31, 2024 | Redemptions or sales | | Ps. | 44,415 | | Ps. | (130,219) | ECL allowance | | | 10,407 | | | 4,616 | Total reclassified to profit or loss | | Ps. | 54,822 | | Ps. | (125,603) |
9.3 Investments in debt securities at amortized cost The following table includes investments in debt securities at amortized cost as of December 31, 2025 and 2024: | | | | | | | Debt securities | | December 31, 2025(1) | | December 31, 2024 | Securities issued or secured by Colombian Government | | Ps. | 1,860,258 | | Ps. | 2,553,693 | Securities issued or secured by other Colombian Government entities | | | 5,351,209 | | | 5,563,208 | Securities issued or secured by foreign Governments | | | 30,540 | | | 30,655 | Securities issued or secured by other financial entities | | | 1,963,450 | | | 2,350,549 | Securities issued or secured by non-financial sector entities | | | — | | | 145,553 | Others | | | — | | | 64,709 | Total debt securities at amortized cost | | Ps. | 9,205,457 | | Ps. | 10,708,367 |
(1) As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A. The following is a summary of investments in debt securities at amortized cost by maturity dates: | | | | | | | | | December 31, 2025(1) | | December 31, 2024 | | | | | | | | Up to 1 month | | Ps. | 941,587 | | Ps. | 1,120,443 | More than 1 month and no more than 3 months | | | 30,540 | | | 30,655 | More than 3 months and no more than 1 year | | | 6,269,880 | | | 7,016,333 | More than 1 year and no more than 5 years(2) | | | — | | | 136,318 | More than 5 years and no more than 10 years(3) | | | — | | | 68,447 | More than 10 years | | | 1,963,450 | | | 2,336,171 | Total | | Ps. | 9,205,457 | | Ps. | 10,708,367 |
(1) As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A. (2) This corresponds to a security issued by the Aburrá Oriente S.A. Concession trust. Its maturity date was originally set for 2029; however, it was prepaid by the issuer on September 25, 2025
(3) See Note 13.2, ‘Multi Financial Group Transaction 9.3.1 Investment in debt at amortized cost securities pledged as collateral The following is a list of debt securities at amortized cost that are being used as collateral in repo operations, pledged as collateral for transactions with financial instruments, or pledged to third parties as collateral to secure financial obligations with other banks (See note 33). | | | | | | | | | December 31, | | December 31, | | | 2025 (1) | | 2024 | Pledged as collateral in money market operations | | | | | | | Securities issued or secured by other Colombian Government entities | | Ps. | 1,295,485 | | Ps. | 685,394 | Securities issued or secured by Colombian Government | | | — | | | 1,528,723 | | | Ps. | 1,295,485 | | Ps. | 2,214,117 | Pledged as collateral to special entities such as CRCC, BR and BVC (2) | | | | | | | Securities issued or secured by Colombian Government | | Ps. | 856,494 | | Ps. | 1,173,348 | Securities issued or secured by other Colombian Government entities | | | 789,531 | | | 688,891 | | | Ps. | 1,646,025 | | Ps. | 1,862,239 | Total | | Ps. | 2,941,510 | | Ps. | 4,076,356 |
(1) As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A. (2) Cámara de Riesgo Central de Contraparte (“CRCC”), Banco de la República (“BR”) and Bolsa de Valores de Colombia (“BVC”) 9.4 Investments in equity securities at fair value through OCI The following is the balance at December 31, 2025 and 2024: December 31, 2025 | | | | | | | | | | | | | | | Cost | | Unrealized Gain | | Unrealized Losses | | Fair Value | In Colombian Pesos | | | | | | | | | | | | | Corporate stock | | Ps. | 462,233 | | Ps. | 1,091,504 | | Ps. | (4,769) | | Ps. | 1,548,968 | In foreign currency | | | | | | | | | | | | | Corporate stock | | | 52,927 | | | 1,355 | | | (3,771) | | | 50,511 | Total equity securities | | Ps. | 515,160 | | Ps. | 1,092,859 | | Ps. | (8,540) | | Ps. | 1,599,479 |
December 31, 2024 | | | | | | | | | | | | |
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| | Cost | | Unrealized Gain | | Unrealized Losses | | Fair Value |
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In Colombian Pesos | | | | | | | | | | | | |
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Corporate stock | | Ps. | 546,822 | | Ps. | 832,222 | | Ps. | (2,799) | | Ps. | 1,376,245 |
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In foreign currency | | | | | | | | | | | | |
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Corporate stock | | | 50,213 | | | 4,423 | | | (9,578) | | | 45,058 |
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Total equity securities | | Ps. | 597,035 | | Ps. | 836,645 | | Ps. | (12,377) | | Ps. | 1,421,303 |
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Variations in fair values fundamentally reflect variations in the performance of companies and market conditions mainly due to changes in interest rates and other economic trends in the country where the investment is held. At December 31, 2025 and 2024 Grupo Aval considers that there is no indication of impairment. The details of equity instruments through OCI as of December 31, 2025 and 2024 are as follows: | | | | | | | Entity (1) | | December 31, 2025 | | December 31, 2024 | Grupo Energía Bogotá S.A. E.S.P. | | Ps. | 1,411,637 | | Ps. | 1,159,729 | Port operating companies | | | 62,315 | | | 45,396 | Holding Bursátil Regional S.A. | | | 46,496 | | | 40,942 | Titularizadora Colombiana S.A. | | | 32,486 | | | 31,451 | Others | | | 46,545 | | | 42,302 | Mineros S.A.(2) | | | — | | | 101,483 | Total | | Ps. | 1,599,479 | | Ps. | 1,421,303 |
(1) These investments in equity securities have been designated as FVOCI considering that they are not held for trading and correspond to long-term strategic investments. (2) On July 14, 2025, Corficolombiana completed the sale of its investment in Mineros SA., as a strategic decision by the portfolio management. For the years ended December 31, 2025, and 2024, dividends are recognized for these equity investments in the amount of Ps. 126,700 and Ps. 141,867 respectively, were recognized in profit or loss in the “Other Income” line (see note 30).
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