RELATED PARTIES

12 Months Ended

Dec. 31, 2025

Disclosure of transactions between related parties [abstract]

NOTE 34 – RELATED PARTIES

To verify the correct identification of relationships and transaction with related parties, Grupo Aval has established a specific formal Procedure for the Identification and Disclosure of Balances and Transactions with Related Parties.

In application of this procedure, our members of the Board of Directors and our key management personnel are periodically required to identify close family members and entities over which such persons have significant influence. This procedure was carried out through a written request containing the criteria that such person must consider in order to provide information on close family members and entities that must be disclosed as their related parties.

In addition, Grupo Aval Vice-Presidency of Accounting Consolidation periodically performs an evaluation of its controlling and non-controlling investments in other entities to identify if such entities should be treated as a related entity.

The following are some of the guidelines included in the above-mentioned corporate framework:

●

Grupo Aval and its Subsidiaries shall permanently carry out the registration of the operations performed with related parties, identifying the type of operation, its purpose, economic conditions and authorizations received when applicable.

●

Grupo Aval and its Subsidiaries shall establish limits of indebtedness or exposure and perform constant monitoring of the intragroup operations, complying for such purpose with the restrictions set forth under applicable regulations.

●

All intragroup operations shall be fully identified by accounting areas of the respective entities.

●

Authorization levels are defined within the governance and control structure, assigned as may be deemed adequate as a function of the magnitude and type of transaction, keeping the evidence of such authorizations.

●

It should be verified that related party transactions are carried out for a good and valuable consideration, at market conditions, maintaining a financial equilibrium in the relationships between the entities participating in the operation.

Balances as of the year ended December 31, 2025 and 2024, with related parties, are detailed in the following tables:


		Individuals						Entities
														Entities
		Individuals												with
		with									Entities			significant
		control			Key			Associates			controlled			influence
		over Grupo			management			and joint			by			by
December 31, 2025		*Aval ()**			*personnel ()**			ventures			individuals			individuals

Assets
Cash and equivalents		Ps.	—		Ps.	—		Ps.	—		Ps.	4,409		Ps.	—
Financial assets in investments			—			—			1,814,536			1,974,721			—
Financial assets in credit operations			20,582			7,624			696,239		(**)	2,748,562			6,083
Accounts receivable			—			1			43,423			2,074,649			—
Other assets			—			—			10,033			4,566			59

Liabilities
Deposits		Ps.	239,610		Ps.	35,305		Ps.	122,354		Ps.	1,320,671		Ps.	5,295
Accounts payable			398			389			33,379			317,642			1
Financial obligations			—			—			—		⁽¹⁾	302,194			—
Other liabilities			—			7			403			16,001			—

^(*) Include family members

^(**) Include one loan for Ps. 981,276 at 36 months with SOFR rate 3M + 3.5%

⁽¹⁾ This amount represents MFG balances resulting from transactions with BAC entities, which are classified as liabilities related to non-current assets held for sale.


		Individuals						Entities
														Entities
		Individuals												with
		with									Entities			significant
		control			Key			Associates			controlled			influence
		over Grupo			management			and joint			by			by
December 31, 2024		*Aval ()**			*personnel ()**			ventures			individuals			individuals

Assets
Cash and equivalents		Ps.	—		Ps.	—		Ps.	—		Ps.	1,489		Ps.	—
Financial assets in investments			—			—			1,757,813			2,317,449			—
Financial assets in credit operations			22,120			6,821			702,904		(**)	2,854,618			3,584
Accounts receivable			—			17			21,281			1,625,006			37
Other assets			—			31			16,301			60,860			—

Liabilities
Deposits		Ps.	206,174		Ps.	30,417		Ps.	166,009		Ps.	1,467,708		Ps.	6,986
Accounts payable			333			267			26,934			265,585			2
Financial obligations			—			—			—			1,472			—
Other liabilities			—			—			15,900			9,634			22

(*) Include family members

(**) Includes one loan for Ps. 1,196,398 at 36 months with SOFR rate 3M + 3.5% with respect to the loan corresponding to the IBR rate 3M + 4.5%, it was cancelled until December 2024

Transactions during the years ended as of December 31, 2025, 2024 and 2023, with related parties are as follows:

Profit or loss


	Individuals					Entities
	Individuals with									Entities with
	control			Key		Associates		Entities		significant
	over Grupo			management		and joint		controlled by		influence by
December 31, 2025	*Aval ()**			*personnel ()**		ventures		individuals		individuals

Income
Interest income	Ps.	471	Ps.	576	Ps.	72,825	Ps.	516,465	Ps.	267
Fees income and commissions		16		32		134,113		218,623		35
Leases		—		—		1,900		25		—
Other income		—		34		485,421		11,234		55

Expenses
Financial expenses	Ps.	(6,248)	Ps.	(2,399)	Ps.	(9,901)	Ps.	(147,592)	Ps.	(204)
Fees expenses and commissions		(29)		(5,685)		(163,517)		(6,760)		(87)
Operating expenses		(590)		(13,448)		(987)		(5,403)		—
Other expenses		(52)		(111)		(313,292)		(48,116)		(187)

(*) Include family members


	Individuals					Entities
										Entities
										with
	Individuals with							Entities		significant
	control			Key		Associates		controlled		influence
	over Grupo			management		and joint		by		by
December 31, 2024	*Aval ()**			*personnel ()**		ventures		individuals		individuals

Income
Interest income	Ps.	492	Ps.	516	Ps.	101,632	Ps.	558,438	Ps.	504
Fees income and commissions		15		25		65,007		155,392		33
Leases		—		—		1,751		26		—
Other income		—		7		458,918		8,879		40

Expenses
Financial expenses	Ps.	(2,539)	Ps.	(1,311)	Ps.	(10,639)	Ps.	(73,476)	Ps.	(490)
Fees expenses and commissions		(4)		(3,939)		(132,153)		(2,524)		(52)
Operating expenses		(579)		(9,348)		(1,147)		(5,139)		—
Other expenses		(16)		(41)		(170,952)		(96,707)		(1)

(*) Include family members


	Individuals					Entities
										Entities
										with
	Individuals with							Entities		significant
	control			Key		Associates		controlled		influence
	over Grupo			management		and joint		by		by
December 31, 2023	*Aval ()**			*personnel ()**		ventures		individuals		individuals

Income
Interest income	Ps.	550	Ps.	611	Ps.	92,029	Ps.	618,120	Ps.	24,009
Fees income and commissions		4		25		28,853		157,205		33
Leases		—		—		1,574		76		—
Other income		3		14		480,565		30,809		51

Expenses
Financial expenses	Ps.	(4,412)	Ps.	(3,581)	Ps.	(10,337)	Ps.	(80,165)	Ps.	(281)
Fees expenses and commissions		(4)		(2,801)		(91,646)		(4,044)		(171)
Operating expenses		(706)		(15,735)		(408)		(5,517)		—
Other expenses		(11)		(8)		(173,899)		(100,632)		—

(*) Include family members

Compensation of Key Management Personnel

The compensation received by the key personnel of the management comprises the following:


		Year ended as of
		December 31,			December 31,			December 31,
Items		2025			2024			2023
Salaries		Ps.	41,462		Ps.	38,904		Ps.	36,222
Short term benefits for employees			6,768			4,731			6,741
Termination benefits			—			—			8,754
Long term benefits for employees			458			541			—
Fees			5,798			3,939			2,418
Total		Ps.	54,486		Ps.	48,115		Ps.	54,135

Transactions with our related parties correspond primarily to the normal course of banking business activities carried out under market conditions. Such transactions include demand and saving deposits, time deposits, commercial, consumer and mortgage loans, financial leases, payment of dividends and or interest.