INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

12 Months Ended

Dec. 31, 2025

Disclosure of investments in associates and joint ventures [Abstract]

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

NOTE 14 – INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The detail of the investments in associates and joint ventures for the years ended December 31, 2025, and 2024 is as follows:


	December 31, 2025		December 31, 2024
Associates	Ps.	1,312,746	Ps.	1,429,186
Joint ventures		1,683		1,410
Total	Ps.	1,314,429	Ps.	1,430,596

As of the reporting date, no indications of impairment have been identified with respect to the investments.

The following table shows the balances of each investment in associates and joint ventures as of December 31, 2025 and 2024:


		December 31, 2025					December 31, 2024
		Ownership		Book			Ownership		Book
		interest		value			interest		value
Associates
Gas Natural de Lima y Callao S.A. - Cálidda		40	%	Ps.	573,723		40	%	Ps.	699,910
Gases del Caribe S.A. E.S.P.		31	%		357,602		31	%		348,946
Credibanco S.A.		25	%		221,955		25	%		216,185
Redeban Multicolor S.A.		20	%		44,266		20	%		47,967
A.C.H Colombia S.A.		34	%		51,253		34	%		39,182
Aerocali S.A.		50	%		28,140		50	%		35,507
ADL Digital Lab S.A.S.		34	%		18,970		34	%		17,756
Colombiana de Extrusión S.A. - Extrucol		30	%		13,395		30	%		14,484
Metrex S.A.		18	%		2,253		18	%		2,089
Energía Eficiente S.A.		33	%		1,189		33	%		2,249
Servicios de Identidad Digital S.A.S. ⁽¹⁾		—	%		—		33	%		4,911
				Ps.	1,312,746				Ps.	1,429,186

(1) As of September 30, 2025, the Servicios de Identidad Digital S.A.S. associates was liquidated. There are no recorded liabilities or obligations associated with it.


		December 31, 2025				December 31, 2024
		Ownership		Book		Ownership		Book
		interest		value		interest		value
Joint ventures
Rentek S.A.S		50	%		1,683	50	%		465
Renting Automayor S.A.S. ⁽¹⁾		—	%		—	50	%		945
				Ps.	1,683			Ps.	1,410

(1) As of June 30, 2025, the Renting Automayor joint venture was liquidated. There are no recorded liabilities or obligations associated with it.

Most of our associates and joint ventures are domiciled in Colombia, with the exception of Gas Natural de Lima y Callao S.A. – Cálidda which resides in Perú.

The main corporate purpose of Grupo Aval´s associates is described as follows:


		Associate		Corporate purpose
1		Gas Natural de Lima y Callao S.A. - Cálidda		Gas distribution
2		Gases del Caribe S.A. E.S.P.		Gas distribution
3		Credibanco S.A.		Payment processing
4		Redeban Multicolor S.A.		Payment processing
5		A.C.H Colombia S.A.		Automated clearing house
6		Aerocali S.A.		Projects in airport infrastructure
7		Colombiana de Extrusión S.A. - Extrucol		Networks and infrastructure
8		ADL Digital Lab S.A.S.		Tecnology or digital services
9		Metrex S.A.		Manufacturing and commercialization of industrial equipment
10		Energía Eficiente S.A.		Gas distribution
11		Servicios de Identidad Digital S.A.S.		Digital services

As of December 31, 2025, and 2024, Grupo Aval did not have contingent assets as income receivable, that arose from any contractual difference with the gas distribution concession, other than a tariff recognition. There were also no contingent liabilities for fines or sanctions imposed by the Government in the development of these concession contracts for possible contractual breaches.

A roll-forward of investments in associates and joint ventures accounts is shown below for the years ended December 31, 2025, 2024 and 2023:

Associates


		December 31,			December 31,			December 31,
		2025			2024			2023
Balance at the beginning of the year		Ps.	1,429,186		Ps.	1,288,641		Ps.	1,419,296
Acquisitions			—			2,486			2,433
Participation in the profit or loss of the period			350,662			379,028			373,402
Participation in Other Comprehensive Income			(56,424)			15,329			(35,892)
Dividends declared			(339,018)			(314,504)			(363,466)
Liquidated entity			—			—			(282)
Effect of movements in exchange rates ⁽¹⁾			(71,660)			58,206			(106,850)
Balance at the end of the year		Ps.	1,312,746		Ps.	1,429,186		Ps.	1,288,641

(1) Corresponds to the variation in the TRM during 2025 of Ps. (652.07) per dollar and for 2024 Ps. 587.10 per dollar.

Joint ventures


		December 31,		December 31,		December 31,
		2025		2024		2023
Balance at the beginning of the year		Ps.	1,410	Ps.	2,042	Ps.	4,047
Participation in the period profit or loss			273		(632)		(2,005)
Balance at the end of the year		Ps.	1,683	Ps.	1,410	Ps.	2,042

The condensed financial information of the associates and joint ventures accounted for under the equity method is as follows:

Associates

At the time calculating the equity method, the year-end financial information of some associates was not available. Therefore, the financial information of immediately preceding month for the years 2025 and 2024 was used.

December 31, 2025


	Assets		Liabilities		Equity		Income		Expenses		Net income LTM
Gas Natural del Lima y Callao S.A. - Cálidda	Ps.	6,204,218	Ps.	4,803,759	Ps.	1,400,459	Ps.	3,734,932	Ps.	3,291,043	Ps.	443,889
Gases del Caribe S.A. E.S.P.		4,817,617		3,625,934		1,191,684		3,520,991		3,174,260		346,731
Credibanco S.A.		1,045,699		159,027		886,672		607,405		570,946		36,459
Redeban Multicolor S.A.		1,586,493		1,367,392		219,101		618,712		598,855		19,858
A.C.H Colombia S.A.		201,087		49,488		151,599		348,505		243,264		105,241
Aerocali S.A.		77,925		21,645		56,280		201,140		165,874		35,266
ADL Digital Lab S.A.S.		98,554		42,760		55,794		101,926		98,358		3,568
Colombiana de Extrusión S.A. Extrucol		126,511		81,864		44,646		154,728		147,213		7,515
Metrex S.A.		51,127		38,607		12,520		75,916		72,468		3,448
Energía Eficiente S.A.		123,107		105,497		17,610		380,634		379,815		818
Servicios de Identidad Digital S.A.S.⁽¹⁾		—		—		—		—		—		—

(1) As of September 30, 2025, the Servicios de Identidad Digital S.A.S. associates was liquidated. There are no recorded liabilities or obligations associated with it.

December 31, 2024


	Assets		Liabilities		Equity		Income		Expenses		Net income LTM
Gas Natural de Lima y Callao S.A. - Cálidda	Ps.	6,979,152	Ps.	5,251,752	Ps.	1,727,400	Ps.	3,647,158	Ps.	3,223,946	Ps.	423,212
Gases del Caribe S.A. E.S.P.		4,578,075		3,417,111		1,160,964		3,590,647		3,213,198		377,449
Redeban Multicolor S.A.		9,622,497		9,405,167		217,330		565,481		534,150		31,331
Credibanco S.A.		443,908		165,954		277,954		410,808		377,354		33,454
A.C.H Colombia S.A.		999,582		870,224		129,358		371,014		251,664		119,350
Aerocali S.A.		125,470		54,456		71,014		259,537		207,302		52,235
ADL Digital Lab S.A.S.		89,275		37,050		52,225		100,662		84,412		16,250
Colombiana de Extrusión S.A. - Extrucol		115,757		67,478		48,279		161,882		146,334		15,548
Metrex S.A.		44,452		32,841		11,611		67,163		64,669		2,494
Energía Eficiente S.A.		112,296		91,629		20,667		256,529		256,235		294
Servicios de Identidad Digital S.A.S.		31,639		17,367		14,272		145		4,478		(4,333)

Joint Ventures

At the time calculating the equity method, the year-end financial information of joint ventures was not available. Therefore, the information of immediately preceding month for the years 2025 and 2024 was used.

December 31, 2025


	Assets		Liabilities		Equity		Income		Expenses		Net income LTM
Rentek S.A.S	Ps.	26,525	Ps.	23,158	Ps.	3,367	Ps.	16,119	Ps.	13,682	Ps.	2,437
Renting Automayor S.A. ⁽¹⁾		—		—		—		—		—		—

(1) As of June 30, 2025, the Renting Automayor joint venture was liquidated. There are no recorded liabilities or obligations associated with it.

December 31, 2024


	Assets		Liabilities		Equity		Income		Expenses		Net income LTM
Rentek S.A.S	Ps.	29,131	Ps.	28,202	Ps.	929	Ps.	15,453	Ps.	14,524	Ps.	929
Renting Automayor S.A.		102,899		101,008		1,891		29,928		32,121		(2,193)