| CONCESSION ARRANGEMENTS RIGHTS |
NOTE 16 – CONCESSION ARRANGEMENTS RIGHTS The following is the balance of the assets in concession arrangements registered in the Group as of December 31, 2025 and 2024: | | | | | | | | | December 31, 2025 | | December 31, 2024 | Financial assets at fair value (1) | | Ps. | 2,635,437 | | Ps. | 4,181,835 | Financial asset at amortized cost net (2) | | | 14,431,265 | | | 15,078,406 | Total financial assets in concession arrangements rights (3) | | Ps. | 17,066,702 | | Ps. | 19,260,241 | Intangible assets (1) | | | 13,495,108 | | | 14,314,560 | Total assets in concession arrangements rights | | Ps | 30,561,810 | | Ps. | 33,574,801 |
| (1) | The variation corresponds to the termination of the concession agreement for the Ballena–Cartagena gas pipeline section, operated by Promigas, in compliance with the contractual and regulatory conditions applicable to the natural gas transportation system. As a result, the asset is reclassified as property, plant, and equipment, with Promigas remaining as its operator. See note 12.1, “Assets under concession agreements” and 16.2 “Financial assets in concession arrangements”. |
| (2) | As of December 31, 2025 and 2024, the balance of the financial asset at amortized cost includes an impairment expense of Ps. 648 and Ps. (709) respectively, see note 16.1. |
| (3) | See note 12.1, “Assets under concession agreements”. |
16.1 Financial Assets in Concession Arrangements The following table shows the changes in financial assets in concession arrangements registered in Grupo Aval’s subsidiaries for the years ended on December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | | | Energy and Gas | | | | | Infrastructure | | | | | | At fair value | | At amortized cost | | Total | | At amortized cost | | Total | Balance as of January 1, 2023 | | Ps. | 3,507,231 | | Ps. | 4,824 | | Ps. | 3,512,055 | | Ps. | 12,640,961 | | Ps. | 16,153,016 | Additions or new concession arrangements | | | — | | | 118,109 | | | 118,109 | | | 877,884 | | | 995,993 | Collections during the year | | | — | | | — | | | — | | | (1,144,396) | | | (1,144,396) | Adjustment to fair value | | | 323,685 | | | — | | | 323,685 | | | — | | | 323,685 | Accrued interest | | | — | | | — | | | — | | | 1,493,115 | | | 1,493,115 | Year impairment charge | | | — | | | — | | | — | | | (223) | | | (223) | Effect of movements in exchange rates | | | — | | | (8,370) | | | (8,370) | | | — | | | (8,370) | Balance as of December 31, 2023 | | Ps. | 3,830,916 | | Ps. | 114,563 | | Ps. | 3,945,479 | | Ps. | 13,867,341 | | Ps. | 17,812,820 | Additions or new concession arrangements | | | — | | | 76,572 | | | 76,572 | | | 1,100,702 | | | 1,177,274 | Collections during the year | | | — | | | (74,231) | | | (74,231) | | | (897,403) | | | (971,634) | Adjustment to fair value | | | 350,919 | | | — | | | 350,919 | | | — | | | 350,919 | Accrued interest | | | — | | | — | | | — | | | 861,175 | | | 861,175 | Year impairment charge | | | — | | | — | | | — | | | (709) | | | (709) | Effect of movements in exchange rates | | | — | | | 30,396 | | | 30,396 | | | — | | | 30,396 | Balance as of December 31, 2024 | | Ps. | 4,181,835 | | Ps. | 147,300 | | Ps. | 4,329,135 | | Ps. | 14,931,106 | | Ps. | 19,260,241 | Additions or new concession arrangements | | | — | | | 19,451 | | | 19,451 | | | 543,610 | | | 563,061 | Net effect from concession termination (1) | | | (2,169,561) | | | — | | | (2,169,561) | | | — | | | (2,169,561) | Collections during the year (2) | | | — | | | (155,978) | | | (155,978) | | | (1,947,215) | | | (2,103,193) | Adjustment to fair value | | | 623,163 | | | — | | | 623,163 | | | — | | | 623,163 | Accrued interest | | | — | | | — | | | — | | | 879,130 | | | 879,130 | Year impairment charge | | | — | | | — | | | — | | | 648 | | | 648 | Effect of movements in exchange rates | | | — | | | 13,213 | | | 13,213 | | | — | | | 13,213 | Balance as of December 31, 2025 | | Ps. | 2,635,437 | | Ps. | 23,986 | | Ps. | 2,659,423 | | Ps. | 14,407,279 | | Ps. | 17,066,702 |
| (1) | As of December 31, 2025, the Company recognizes the termination of the concession contract related to the Ballena–Cartagena gas pipeline segment, operated by Promigas. |
| (2) | As of December 31, 2025, advances received under Infrastructure relate to Concesionaria Vial del Oriente S.A.S. for Ps. (547,452) and Concesionaria Vial del Pacífico S.A.S. for Ps. (1,399,763). As of December 31, 2024, advances received under Infrastructure relate to Concesionaria Panamericana S.A. for Ps. (27,795), Concesionaria Vial del Oriente S.A.S. for Ps. (848,947), and Concesionaria Vial del Pacífico S.A.S. for Ps. (20,661). |
16.2 Intangible Assets in Concession Arrangements The following table shows the movements of the main concession arrangements in Grupo Aval’s subsidiaries under intangible assets during years ended at December 31, 2025, 2024 and 2023: | | | | | | | | | |
|---|
Cost | | Energy and Gas | | Infrastructure | | Total |
|---|
Balance as of January 1, 2023 | | Ps. | 7,238,835 | | Ps. | 7,521,341 | | Ps. | 14,760,176 | Additions (1) | | | 588,454 | | | 714,489 | | | 1,302,943 | Transfers to PPE | | | 229 | | | 4,041 | | | 4,270 | Withdrawals | | | (6,489) | | | — | | | (6,489) | Effect of movements in exchange rates (2) | | | (712,856) | | | — | | | (712,856) | Balance as of December 31, 2023 | | Ps. | 7,108,173 | | Ps. | 8,239,871 | | Ps. | 15,348,044 | Additions (1) | | | 741,423 | | | 708 | | | 742,131 | Transfers to PPE | | | 244 | | | — | | | 244 | Transfer to non-current assets held for sale | | | (33,400) | | | — | | | (33,400) | Withdrawals | | | (21,794) | | | — | | | (21,794) | Effect of movements in exchange rates (2) | | | 472,522 | | | — | | | 472,522 | Balance as of December 31, 2024 | | Ps. | 8,267,168 | | Ps. | 8,240,579 | | Ps. | 16,507,747 | Additions (1) | | | 726,404 | | | — | | | 726,404 | Transfers to Other Intangible Assets (3) | | | (31,347) | | | — | | | (31,347) | Transfers to / from PPE (3) | | | (722,070) | | | — | | | (722,070) | Transfers to / from other accounts receivable for concession contracts (3)(4) | | | (639,347) | | | 62,940 | | | (576,407) | Withdrawals | | | (9,760) | | | — | | | (9,760) | Effect of movements in exchange rates (2) | | | (571,471) | | | — | | | (571,471) | Balance as of December 31, 2025 | | Ps. | 7,019,577 | | Ps. | 8,303,519 | | Ps. | 15,323,096 |
| | | | | | | | | |
|---|
Cost | | Energy and Gas | | Infrastructure | | Total |
|---|
| | | | | | | | | | Accumulated Amortization | | Energy and Gas | | Infrastructure | | Total | Balance as of January 1, 2023 | | Ps. | (1,339,183) | | Ps. | (165,863) | | Ps. | (1,505,046) | Amortization of the year | | | (277,702) | | | (39,385) | | | (317,087) | Transfers to PPE | | | — | | | (2,184) | | | (2,184) | Withdrawals | | | 289 | | | — | | | 289 | Effect of movements in exchange rates (2) | | | 41,062 | | | — | | | 41,062 | Balance as of December 31, 2023 | | Ps. | (1,575,534) | | Ps. | (207,432) | | Ps. | (1,782,966) | Amortization of the year | | | (303,951) | | | (93,095) | | | (397,046) | Transfers to PPE | | | 18 | | | — | | | 18 | Transfer to non-current assets held for sale | | | 26,426 | | | — | | | 26,426 | Withdrawals | | | 6,997 | | | — | | | 6,997 | Effect of movements in exchange rates (2) | | | (37,931) | | | — | | | (37,931) | Balance as of December 31, 2024 | | Ps. | (1,883,975) | | Ps. | (300,527) | | Ps. | (2,184,502) | Amortization of the year | | | (319,923) | | | (86,002) | | | (405,925) | Transfers to Other Intangible Assets (3) | | | 3,609 | | | — | | | 3,609 | Transfers to / from PPE (3) | | | 551,313 | | | — | | | 551,313 | Transfers to other accounts receivable for concession contracts (3) | | | 160,830 | | | — | | | 160,830 | Withdrawals | | | 3,136 | | | — | | | 3,136 | Effect of movements in exchange rates (2) | | | 44,576 | | | — | | | 44,576 | Balance as of December 31, 2025 | | Ps. | (1,440,434) | | Ps. | (386,529) | | Ps. | (1,826,963) | | | | | | | | | | | Impairment loss | | Energy and Gas | | Infrastructure | | Total | Balance as of January 1, 2023 | | Ps. | (7,811) | | Ps. | (4,613) | | Ps. | (12,424) | Period impairment charge | | | — | | | 4,613 | | | 4,613 | Balance as of December 31, 2023 | | Ps. | (7,811) | | Ps. | — | | Ps. | (7,811) | Period impairment charge | | | (874) | | | — | | | (874) | Balance as of December 31, 2024 | | Ps. | (8,685) | | Ps. | — | | Ps. | (8,685) | Transfers to / from PPE (3) | | | 2,535 | | | — | | | 2,535 | Withdrawals | | | 5,125 | | | — | | | 5,125 | Balance as of December 31, 2025 | | Ps. | (1,025) | | Ps. | — | | Ps. | (1,025) | | | | | | | | | | | | | | | | | | | | | Total Intangible Assets | | Energy and Gas | | Infrastructure | | Total | Balance as of January 1, 2023 | | Ps. | 5,891,841 | | Ps. | 7,350,865 | | Ps. | 13,242,706 | Cost | | | (130,662) | | | 718,530 | | | 587,868 | Amortization | | | (236,351) | | | (41,569) | | | (277,920) | Impairment loss | | | — | | | 4,613 | | | 4,613 | Balance as of December 31, 2023 (5) | | Ps. | 5,524,828 | | Ps. | 8,032,439 | | Ps. | 13,557,267 | Cost | | | 1,158,995 | | | 708 | | | 1,159,703 | Amortization | | | (308,441) | | | (93,095) | | | (401,536) | Impairment loss | | | (874) | | | — | | | (874) | Balance as of December 31, 2024 (5) | | Ps. | 6,374,508 | | Ps. | 7,940,052 | | Ps. | 14,314,560 | Cost | | | (1,247,591) | | | 62,940 | | | (1,184,651) | Amortization | | | 443,541 | | | (86,002) | | | 357,539 | Impairment loss | | | 7,660 | | | — | | | 7,660 | Balance as of December 31, 2025 (3)(5) | | Ps. | 5,578,118 | | Ps. | 7,916,990 | | Ps. | 13,495,108 |
| (1) | Gas and Energy, includes borrowing costs capitalized for Ps. 44,136 as of December 31, 2025; Ps. 39,433 as of December 31, 2024 and Ps. 31,672 as of December 31, 2023. |
| (2) | Corresponds to the variation in the TRM between January and December: Ps. (652.07) per U.S. dollar in 2025, Ps. 587.1 in 2024, and Ps. (988.15) in 2023. |
| (3) | For energy and gas, corresponds to the transfer of the value assigned to the residual control of the assets associated with the Ballena-Cartagena contract, in compliance with the contractual and regulatory conditions applicable to the natural gas transportation system. See note 12.1, “Assets in concession contracts.” See note 15, “Tangible assets.” See note 18, “Other intangible assets”. |
| (4) | For infrastructure, corresponds to the recognition for tariff differential in accordance with Resolution No. 20253040030445 of August 4, 2025, which authorizes the increase of tolls to apply the collections that were not made during the years 2023 and 2024. |
| (5) | As of December 31, 2025, includes intangible assets arising from concession contracts under construction in the Energy and Gas segment amounting to Ps. 190,673. As of December 31, 2024, includes intangible assets arising from concession contracts under construction in the Energy and Gas segment amounting to Ps. 209,535. |
The following is a summary of the main concession contracts granted to Grupo Aval’s subsidiaries as of December 31, 2025: | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | Year of | | | | |
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Concession | | | | | | | | | | Contract | | construction | | % Work | | Concession |
|---|
Owner | | Recognition | | Business and country | | Objective | | Current stage | | date | | start | | Progress | | end date |
|---|
Gas and Energy | | | | | | | | | | | | | | | | | Surtigas S.A. E.S.P. | | Fair value / Intangible assets | | Energy and Gas Colombia | | Purchase, storage, packaging and distribution of gases derived from hydrocarbons. | | Operation | | 03/1984 to 04/1994 | | 1984 | | 100 | % | 2034 to 2045 | Transmetano E.S.P. S.A. | | Fair value / Intangible assets | | Energy and Gas Colombia | | Construction, operation and maintenance of gas transportation systems. | | Operation | | 08/1994 | | 1996 | | 100 | % | 2044 | Promigas S.A. E.S.P. | | Fair value / Intangible assets | | Energy and Gas Colombia | | Purchase, sale, transportation, distribution, exploitation and exploration of natural gas, oil and hydrocarbons in general. | | Operation | | 05/1976 to 11/1994 | | 1976 | | 100 | % | 2026 to 2044 | Promioriente S.A. E.S.P. | | Fair value / Intangible assets | | Energy and Gas Colombia | | Construction, operation and maintenance of gas pipelines. | | Operation | | 09/1995 | | 1995 | | 100 | % | 2045 | Gases de Occidente S.A. E.S.P. | | Fair value / Intangible assets | | Energy and Gas Colombia | | Transportation and distribution of liquefied petroleum gas and natural gas. | | Operation | | 08/1998 | | 1998 | | 100 | % | 2047 | Compañía Energética de Occidente S.A. E.S.P. (1) | | Intangible assets | | Energy and Gas Colombia | | Administrative, operational, technical and commercial management for the provision of electrical energy. | | Operation and construction | | 01/2010 | | 2010 | | 100 | % | 2035 | Sociedad Portuaria El Cayao S.A. E.S.P. | | Intangible assets | | Energy and Gas Colombia | | Construction, maintenance and administration of ports. | | Operation | | 07/2015 | | 2015 | | 100 | % | 2035 | Gases del Pacífico S.A.C. | | Amortized cost / Intangible assets | | Energy and Gas Perú | | Purchase, sale, production, commercialization of energy in any of its forms. | | Operation | | 10/2013 | | 2015 | | 100 | % | 2034 | Gases del Norte del Perú S.A.C. | | Amortized cost / Intangible assets | | Energy and Gas Perú | | Construction and distribution service of natural gas. | | Operation and construction | | 11/2019 | | 2020 | | 100 | % | 2051 | Infrastructure | | | | | | | | | | | | | | | | | Proyectos de Infraestructura S.A. | | Intangible assets | | Infrastructure Colombia | | Design, construction, equipment, conservation, operation and maintenance of road infrastructure. | | Operation | | 12/1993 | | 1994 | | 100 | % | 2033 | Concesionaria Panamericana S.A.S. | | Amortized cost / Intangible assets | | Infrastructure Colombia | | Design, construction, equipment, conservation, operation and maintenance of road infrastructure. | | Operation and maintenance | | 12/1997 | | 2009 | | 100 | % | 2035 | Concesionaria Vial del Pacífico S.A.S. | | Amortized cost | | Infrastructure Colombia | | Design, construction, equipment, conservation, operation and maintenance of road infrastructure. | | Construction | | 09/2014 | | 2018 | | 97 | % | 2043 | Concesionaria Nueva Vía del Mar S.A.S. | | Amortized cost | | Infrastructure Colombia | | Design, construction, equipment, conservation, operation and maintenance of road infrastructure. | | Preconstruction | | 01/2015 | | 2027 | | 4.11 | % | 2044 | Concesionaria Vial Andina S.A.S. | | Intangible assets | | Infrastructure Colombia | | Design, construction, equipment, conservation, operation and maintenance of road infrastructure. | | Operation and maintenance | | 06/2015 | | 2016 | | 100 | % | 2054 | Concesionaria Vial Del Oriente S.A.S. | | Amortized cost | | Infrastructure Colombia | | Design, construction, equipment, conservation, operation and maintenance of road infrastructure. | | Construction | | 07/2015 | | 2018 | | 98.32 | % | 2043 |
(1) The concession has an investment commitment for the expansion, replacement and improvement of the infrastructure which as of December 2025 has an advance of 62.34%.
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