| FINANCIAL OBLIGATIONS |
NOTE 21 – FINANCIAL OBLIGATIONS 21.1 Financial obligations other than issued bonds | a) | Financial obligations interbank borrowings and overnight funds |
The following is the detail of the financial obligations obtained by Grupo Aval and subsidiaries as of December 31, 2025 and 2024 to finance their operations: | | | | | | | | | December | | December | | | 31, 2025 (1) | | 31, 2024 | | | | | | | | Local Currency | | | | | | | Interbank borrowings and overnight funds | | | | | | | Overnight funds | | Ps. | 35,882 | | Ps. | 41,570 | Interbank funds purchased | | | 832,452 | | | 781,409 | Commitments to transfer open and closed repo operations | | | 8,354,523 | | | 9,898,971 | Commitments to transfer simultaneous operations | | | 10,819,356 | | | 5,648,747 | Commitments originated in short positions simultaneous operations | | | 2,401,845 | | | 1,093,006 | Temporary securities transfer operations | | | 32 | | | 2 | Total interbank borrowings and overnight funds | | Ps. | 22,444,090 | | Ps. | 17,463,705 | | | | | | | | Foreign currency (2) | | | | | | | Interbank borrowings and overnight funds | | | | | | | Overnight funds | | Ps. | 2,746 | | Ps. | — | Commitments to transfer open and closed repo operations | | | 208,589 | | | 1,046,064 | Total interbank borrowings and overnight funds | | Ps. | 211,335 | | Ps. | 1,046,064 | Total interbank borrowings and overnight funds | | Ps. | 22,655,425 | | Ps. | 18,509,769 |
| (1) | As of December 2025, the liabilities 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 “Liabilities directly associated with non-current assets held for sale”, see note 13.A. |
| (2) | Corresponds to the equivalent Colombian pesos. |
The amount of obligations under money market transactions, associated with simultaneous and repo operations as of December 31, 2025 is Ps. 10,819,356; which are guaranteed by investments of Ps. 16,652,805; and as of December 31, 2024 is Ps. 5,648,747; which are guaranteed by investments of Ps. 17,040,358. | b) | Financial obligations borrowings from banks and others |
The following is the detail of the borrowings obtained by Grupo Aval and subsidiaries as of December 31, 2025 and 2024: | | | | | | |
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| | December | | December |
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| | 31, 2025 (1) | | 31, 2024 |
|---|
| | | | | | | Local Currency | | | | | | | Borrowings from banks and others | | | | | | | Borrowings | | Ps. | 4,016,302 | | Ps. | 3,619,457 | Leases contracts (2) | | | 2,037,039 | | | 1,794,416 | Financiera de Desarrollo Territorial “FINDETER” (3) | | | 2,526,376 | | | 2,518,426 | Fondo para el Financiamiento del Sector Agropecuario - “FINAGRO” (3) | | | 1,096,171 | | | 984,179 | Banco de Comercio Exterior - “BANCOLDEX” (3) | | | 297,858 | | | 528,363 | Other financial obligations | | | 6,118 | | | 9,762 | Total borrowings from banks and others | | Ps. | 9,979,864 | | Ps. | 9,454,603 | | | | | | | | Foreign currency (4) | | | | | | | Borrowings from banks and others | | | | | | | Borrowings | | Ps. | 9,069,212 | | Ps. | 14,014,948 | Leases contracts (2) | | | 793,405 | | | 1,071,851 | Andean Development Corporation (Corporación Andina de Fomento) | | | 307,014 | | | 532,140 | Banco de Comercio Exterior - “BANCOLDEX” (3) | | | 147,071 | | | 6,333 | Letters of credit | | | 2,470,163 | | | 1,566,346 | Bankers acceptances | | | 1,792,446 | | | 1,451,938 | Total borrowings from banks and others | | Ps. | 14,579,311 | | Ps. | 18,643,556 | Total borrowings from banks and others | | Ps. | 24,559,175 | | Ps. | 28,098,159 |
| (1) | As of December 2025, the liabilities 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 “Liabilities directly associated with non-current assets held for sale”, see note 13.A. |
| (3) | The Colombian Government has established certain credit programs for promoting the development of specific sectors of the economy, including foreign trade, agriculture, tourism, housing construction and other industries. |
The amount of financial obligations with development entities as of December 31, 2025 is Ps. 4,067,476 and as of December 31, 2024 is Ps. 4,037,301. | (4) | Corresponds to the equivalent Colombian pesos. |
The amount of borrowings from banks and others due over 12 months as of December 31, 2025 is Ps. 11,569,367 and as of December 31, 2024 is Ps. 13,649,999. The amount of borrowings from development entities due over 12 months as of December 31, 2025 is Ps. 3,766,557; and as of December 31, 2024 is Ps. 3,829,301. 21.2 Financial obligations from issued bonds Grupo Aval and some of its subsidiaries have been authorized by the Superintendency of Finance and by the applicable regulatory entities in other jurisdictions to issue either bonds or general guarantee bonds. The bonds issued by Grupo Aval and subsidiaries are non-guaranteed and represent exclusively the obligations of each of the issuers. The detail of issued bonds as of December 31, 2025 and 2024, by issuance date and maturity date is as follows: | | | | | | | | | | | | | | | | | December | | December | | | | | Issuer | | Issue Date (1) | | 31, 2025 (2) | | 31, 2024 | | Maturity Date (1) | | Interest Rate (1) | Local Currency | | | | | | | | | | | | | Banco Av. Villas S.A. | | 23/02/2021 | | Ps. | 88,105 | | Ps. | 87,020 | | 23/02/2026 | | CPI + 1.36% | Banco de Bogotá S.A. (3) | | Between 10/02/2021 and 25/07/2024 | | | 902,401 | | | 1,088,630 | | Between 10/02/2026 and 25/07/2028 | | CPI + 1.16%; and Fix Between 10.38% and 10.45% | Banco de Occidente S.A. (4) | | Between 09/08/2012 and 20/08/2020 | | | 1,419,919 | | | 1,876,405 | | Between 10/06/2026 and 14/12/2032 | | CPI + 2.37% to 4.65% | Corporación Financiera Colombiana S.A. (5) | | Between 11/12/2012 and 15/08/2025 | | | 4,126,514 | | | 3,871,660 | | Between 08/09/2026 and 19/11/2045 | | CPI + 2.90% to 6.40%; IBR + 3.75% and Fix 3.77% | Banco Popular S.A. (6) | | Between 12/10/2016 and 10/03/2022 | | | 816,093 | | | 1,370,950 | | Between 15/07/2026 and 10/03/2027 | | CPI + 2.58% to 4.13% and Fix Between 6.29% and 6.78% | Grupo Aval Acciones y Valores S.A. | | Between 24/11/2016 and 12/12/2024 | | | 1,177,984 | | | 1,177,903 | | Between 24/11/2026 and 28/06/2042 | | CPI + 3.69% to 6.16% and Fix 10.08% | Peso denominated Total | | | | Ps. | 8,531,016 | | Ps. | 9,472,568 | | | | | | | | | | | | | | | | | | Foreign Currency | | | | | | | | | | | | | Banco de Bogotá S.A. Under rule 144A. | | Between 12/05/2016 and 24/03/2023 | | Ps. | 6,587,469 | | Ps. | 7,720,126 | | Between 12/05/2026 and 24/03/2033 | | Fix Between 4.38% to 6.25% and SOFR6 3.75% | MFH | | | | | — | | | 1,596,005 | | | | | Banco Bogotá and MFH Total | | | | Ps. | 6,587,469 | | Ps. | 9,316,131 | | | | | Grupo Aval Limited (7) | | 4/02/2020 | | Ps. | 3,777,033 | | Ps. | 4,428,224 | | 4/02/2030 | | Fix 4.38% | Promigas S.A. and Gases del Pacífico S.A.C. Under rule 144A. (7) | | Between 16/10/2019 and 22/10/2020 | | | 1,883,947 | | | 2,207,133 | | Between 16/10/2029 and 22/10/2029 | | Fix 3.75% | Banco de Occidente S.A. (8) | | 13/05/2024 | | | 677,521 | | | 791,791 | | 13/08/2034 | | Fix 10.88% | Foreign Currency Total | | | | Ps. | 12,925,970 | | Ps. | 16,743,279 | | | | | Total of Bonds (9) | | | | Ps. | 21,456,986 | | Ps. | 26,215,847 | | | | |
| (1) | This information corresponds to the bonds outstanding as of December 31, 2025. |
| (2) | As of December 2025, the liabilities 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 “Liabilities directly associated with non-current assets held for sale”, see note 13.A. |
| (3) | The variation corresponds mainly to payment due to bond maturity on September 24, 2025 for Ps.186,135. |
| (4) | The variation corresponds mainly to: (i) payment due to bond maturity on January 30, 2025 for Ps. 203,139; and (ii) Payment due to bond maturity on October 12, 2025 for Ps. 255,359. |
| (5) | The variation corresponds mainly to: (i) Payment due to bond maturity on January 23, 2025 for Ps. 107,442; (ii) Payment due to bond maturity on March 02, 2025 for Ps. 129,220; and (iii) Payment due to bond maturity on November 19, 2025 for Ps. 101,085. |
In addition, a bond issuance is presented on February 13, 2025 for Ps.133,100; on May 15, 2025 for Ps.48,800 and on August 15, 2025 for Ps.350,000. Finally, the bonds valued at Ps.60,761 is presented. | (6) | The variation corresponds mainly to: (i) Payment due to bond maturity on February 04, 2025 for Ps. 222,664; and (ii) Payment due to bond maturity on March 10, 2025 for Ps. 342,187. |
| (7) | Corresponds to the variation in the TRM between December 2025 and December 2024 by Ps. (652.07). |
| (8) | During 2025, interest payments on the bond were made: on February 12, 2025, for Ps.39,526; and on August 12, 2025, for Ps.38,499. Finally, there is a variation of Ps.36,245 due to the TRM. |
The amount of issued bonds due over 12 months as of December 31, 2025 is Ps. 15,653,080 and as of December 31, 2024 is Ps.24,634,287. Grupo Aval had no defaults on principal or interest payments or other breaches with respect to its liabilities during the years ended December 31, 2025 and 2024, and Grupo Aval is complying with the related covenants agreed with investors and debtors. 21.3 Analysis of changes in the movements of financing activities Reconciliation of movements of liabilities to cash flows arising from financing activities: | | | | | | | | | | | | | | | | | | | | | Liabilities | | Equity | | Total | | Notes | | Dividends payable | | Bonds issued | | Leases contracts | | Subscribed and paid-in capital | | Additional paid-in capital | | Appropriated retained earnings | | Non-controlling interest | | | Balance at January 1, 2023 | | Ps. | 220,815 | Ps. | 28,362,221 | Ps. | 2,335,944 | Ps. | 23,744 | Ps. | 9,571,374 | Ps. | 8,018,417 | Ps. | 14,354,689 | Ps. | 62,887,204 | Cash flows from financing activities: | | | | | | | | | | | | | | | | | | Dividends paid to shareholders | | | (766,537) | | — | | — | | — | | — | | — | | — | | (766,537) | Dividends paid to non-controlling interest | 26 | | (915,933) | | — | | — | | — | | — | | — | | — | | (915,933) | Issuance of debt securities | | | — | | 1,111,819 | | — | | — | | — | | — | | — | | 1,111,819 | Payment of outstanding debt securities | | | — | | (3,934,469) | | — | | — | | — | | — | | — | | (3,934,469) | Payment of obligations under financial lease | | | — | | — | | (384,499) | | — | | — | | — | | — | | (384,499) | Discontinued operation | | | — | | 1,359,902 | | (7,168) | | — | | — | | — | | — | | 1,352,734 | Net cash used in financing activities | | | (1,682,470) | | (1,462,748) | | (391,667) | | — | | — | | — | | — | | (3,536,885) | Liabilities - related to other changes: | | | | | | | | | | | | | | | | | | Accrued interest | | | — | | 2,212,345 | | 210,041 | | — | | — | | — | | — | | 2,422,386 | Interest paid | | | — | | (2,171,231) | | (202,551) | | — | | — | | — | | — | | (2,373,782) | Effects of changes in foreign exchange rates | | | — | | (3,525,280) | | (172,766) | | — | | — | | — | | — | | (3,698,046) | Dividends declared | | | 2,040,507 | | — | | — | | — | | — | | (1,025,718) | | (1,014,789) | | - | Other Changes | | | (50,868) | | 12,519 | | 1,012,747 | | — | | — | | 42,850 | | 8,068 | | 1,025,316 | Total liabilities related to other changes | | | 1,989,639 | | (3,471,647) | | 847,471 | | — | | — | | (982,868) | | (1,006,721) | | (2,624,126) | Total equity related to other changes | | | — | | — | | — | | — | | — | | 696,224 | | 1,389,776 | | 2,086,000 | Balance at December 31, 2023 | | Ps. | 527,984 | Ps. | 23,427,826 | Ps. | 2,791,748 | Ps. | 23,744 | Ps. | 9,571,374 | Ps. | 7,731,773 | Ps. | 14,737,744 | Ps. | 58,812,193 | Cash flows from financing activities: | | | | | | | | | | | | | | | | | | Dividends paid to shareholders | | | (728,181) | | — | | — | | — | | — | | — | | — | | (728,181) | Dividends paid to non-controlling interest | 26 | | (667,330) | | — | | — | | — | | — | | — | | — | | (667,330) | Issuance of debt securities | | | — | | 2,224,164 | | — | | — | | — | | — | | — | | 2,224,164 | Payment of outstanding debt securities | | | — | | (1,725,323) | | — | | — | | — | | — | | — | | (1,725,323) | Payment of obligations under financial lease | | | — | | — | | (409,118) | | — | | — | | — | | — | | (409,118) | Equity transaction | | | — | | — | | — | | — | | (4,904) | | — | | (50,096) | | (55,000) | Discontinued operation | | | — | | 5,299 | | (7,522) | | — | | — | | — | | — | | (2,223) | Net cash used in financing activities | | | (1,395,511) | | 504,140 | | (416,640) | | — | | (4,904) | | — | | (50,096) | | (1,363,011) | Liabilities - related to other changes: | | | | | | | | | | | | | | | | | | Accrued interest | | | — | | 1,831,715 | | 245,366 | | — | | — | | — | | — | | 2,077,081 | Interest paid | | | — | | (1,764,802) | | (239,988) | | — | | — | | — | | — | | (2,004,790) | Effects of changes in foreign exchange rates | | | — | | 2,200,477 | | 142,677 | | — | | — | | — | | — | | 2,343,154 | Dividends declared | | | 1,188,422 | | — | | — | | — | | — | | (569,843) | | (618,579) | | - | Other Changes | | | (27,394) | | 16,491 | | 343,104 | | — | | (58,408) | | — | | 9,755 | | 283,548 | Total liabilities related to other changes | | | 1,161,028 | | 2,283,881 | | 491,159 | | — | | (58,408) | | (569,843) | | (608,824) | | 2,698,993 | Total equity related to other changes | | | 21,823 | | — | | — | | — | | — | | 1,001,504 | | 1,632,837 | | 2,656,164 | Balance at December 31, 2024 | | Ps. | 315,324 | Ps. | 26,215,847 | Ps. | 2,866,267 | Ps. | 23,744 | Ps. | 9,508,062 | Ps. | 8,163,434 | Ps. | 15,711,661 | Ps. | 62,804,339 | Cash flows from financing activities: | | | | | | | | | | | | | | | | | | Dividends paid to shareholders | | | (625,826) | | — | | — | | — | | — | | — | | — | | (625,826) | Dividends paid to non-controlling interest | 26 | | (662,266) | | — | | — | | — | | — | | — | | — | | (662,266) | Issuance of debt securities | | | — | | 528,863 | | — | | — | | — | | — | | — | | 528,863 | Payment of outstanding debt securities | | | — | | (1,513,644) | | — | | — | | — | | — | | — | | (1,513,644) | Payment of obligations under financial lease | | | — | | — | | (429,493) | | — | | — | | — | | — | | (429,493) | Equity transaction | | | — | | — | | — | | — | | 870 | | — | | (876) | | (6) | Discontinued operation | | | — | | 46,577 | | (8,797) | | — | | — | | — | | — | | 37,780 | Net cash used in financing activities | | | (1,288,092) | | (938,204) | | (438,290) | | — | | 870 | | — | | (876) | | (2,664,592) | Liabilities - related to other changes: | | | | | | | | | | | | | | | | | | Accrued interest | | | — | | 1,598,510 | | 240,625 | | — | | — | | — | | — | | 1,839,135 | Interest paid | | | — | | (1,669,331) | | (240,591) | | — | | — | | — | | — | | (1,909,922) | Discontinued operation | | | — | | (1,294,172) | | (29,585) | | — | | — | | — | | — | | (1,323,757) | Effects of changes in foreign exchange rates | | | — | | (2,476,554) | | (150,875) | | — | | — | | — | | — | | (2,627,429) | Dividends declared | | | 1,344,488 | | — | | — | | — | | — | | (655,320) | | (689,168) | | - | Other Changes | | | (39,721) | | 20,890 | | 582,893 | | — | | — | | — | | 6,653 | | 570,715 | Total liabilities related to other changes | | | 1,304,767 | | (3,820,657) | | 402,467 | | — | | — | | (655,320) | | (682,515) | | (3,451,258) | Total equity related to other changes | | | 22,778 | | — | | — | | — | | (5,975) | | 1,733,243 | | 1,268,666 | | 3,018,712 | Balance at December 31, 2025 | | Ps. | 354,777 | Ps. | 21,456,986 | Ps. | 2,830,444 | Ps. | 23,744 | Ps. | 9,502,957 | Ps. | 9,241,357 | Ps. | 16,296,936 | Ps. | 59,707,201 |
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