| Schedule of the movement of the carrying value amounts of tangible assets |
The movement of the carrying value amounts of tangible assets for the period ended on December 31, 2025, 2024 and 2023 is as follows: | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | Given in | | | | | | |
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| | | | | Right-of-use | | | Investment | | | operating | | | Biological | | | |
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Cost | | For own use (1) | | | assets | | | properties (2) | | | leases | | | assets (3) | | | Total |
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Balance as of January 1, 2022 | Ps. | 7,456,503 | | Ps. | 2,095,839 | | Ps. | 880,963 | | Ps. | 100,800 | | Ps. | 212,630 | | Ps. | 10,746,735 | Increase / (decrease) due to changes in the lease variables | | — | | | 636,227 | | | — | | | — | | | — | | | 636,227 | Purchases or capitalized expenses (4) | | 561,009 | | | 236,652 | | | 56,307 | | | 30,587 | | | 26,118 | | | 910,673 | Withdrawals / Sales (5) | | (544,069) | | | (174,060) | | | (200,670) | | | (16) | | | (26,677) | | | (945,492) | Changes in fair value | | — | | | — | | | 92,607 | | | — | | | 18,601 | | | 111,208 | Revaluation of investment properties | | — | | | — | | | 557 | | | — | | | — | | | 557 | Transfers to/from non-current assets held for sale | | (189,295) | | | — | | | 95,593 | | | — | | | — | | | (93,702) | Loss of control in subsidiary | | (565) | | | — | | | — | | | — | | | — | | | (565) | Discontinued operations (6) | | (795) | | | — | | | (7,649) | | | — | | | — | | | (8,444) | Effect of movements in exchange rates | | (151,520) | | | (39,001) | | | (7,079) | | | — | | | — | | | (197,600) | Reclassifications | | (17,712) | | | (504,889) | | | (4,160) | | | (2,290) | | | — | | | (529,051) | Balance as of December 31, 2023 | Ps. | 7,113,556 | | Ps. | 2,250,768 | | Ps. | 906,469 | | Ps. | 129,081 | | Ps. | 230,672 | | Ps. | 10,630,546 | Increase / (decrease) due to changes in the lease variables | | — | | | 177,314 | | | — | | | — | | | — | | | 177,314 | Purchases or capitalized expenses (4) | | 631,313 | | | 185,779 | | | 37,859 | | | 9,835 | | | 26,572 | | | 891,358 | Withdrawals / Sales (5) | | (417,570) | | | (145,986) | | | (85,975) | | | (117) | | | (26,494) | | | (676,142) | Changes in fair value | | — | | | — | | | 36,705 | | | — | | | 7,589 | | | 44,294 | Revaluation of investment properties | | — | | | — | | | 16,935 | | | — | | | — | | | 16,935 | Transfers to/from non-current assets held for sale | | 186 | | | — | | | 22,370 | | | — | | | — | | | 22,556 |
| | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | Given in | | | | | | |
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| | | | | Right-of-use | | | Investment | | | operating | | | Biological | | | |
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Cost | | For own use (1) | | | assets | | | properties (2) | | | leases | | | assets (3) | | | Total |
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Discontinued operations (6) | | (4,343) | | | — | | | (864) | | | — | | | — | | | (5,207) | Effect of movements in exchange rates | | 97,963 | | | 27,212 | | | 6,966 | | | — | | | — | | | 132,141 | Reclassifications | | (52,930) | | | (47,325) | | | 32,470 | | | (8,468) | | | — | | | (76,253) | Balance as of December 31, 2024 | Ps. | 7,368,175 | | Ps. | 2,447,762 | | Ps. | 972,935 | | Ps. | 130,331 | | Ps. | 238,339 | | Ps. | 11,157,542 | Increase / (decrease) due to changes in the lease variables | | — | | | 146,733 | | | — | | | — | | | — | | | 146,733 | Purchases or capitalized expenses (4) | | 585,117 | | | 360,573 | | | 165,271 | | | 16,888 | | | 27,222 | | | 1,155,071 | Withdrawals / Sales (5) | | (598,233) | | | (110,398) | | | (344,236) | | | (3,213) | | | (33,548) | | | (1,089,628) | Changes in fair value | | — | | | — | | | 68,306 | | | — | | | 3,396 | | | 71,702 | Revaluation of investment properties | | — | | | — | | | 404 | | | — | | | — | | | 404 | Transfers to/from non-current assets held for sale | | (17,297) | | | — | | | 26,604 | | | — | | | — | | | 9,307 | Transfers from other accounts receivable for concession contracts and intangible assets (7) | | 2,816,300 | | | — | | | — | | | — | | | — | | | 2,816,300 | Discontinued operations (6) | | (65,829) | | | — | | | 2,734 | | | — | | | — | | | (63,095) | Reclassification MFG operation (8) | | (247,186) | | | (87,040) | | | (10,026) | | | — | | | — | | | (344,252) | Effect of movements in exchange rates | | (120,183) | | | (26,421) | | | (7,868) | | | — | | | — | | | (154,472) | Reclassifications | | (18,278) | | | (1,754) | | | 8,855 | | | (13,473) | | | — | | | (24,650) | Balance as of December 31, 2025 | Ps. | 9,702,586 | | Ps. | 2,729,455 | | Ps. | 882,979 | | Ps. | 130,533 | | Ps. | 235,409 | | Ps. | 13,680,962 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Given in | | | | | | | | | | | | Right-of-use | | | Investment | | | operating | | | Biological | | | | Accumulated Depreciation: | | For own use (1) | | | assets | | | properties (2) | | | leases | | | assets (3) | | | Total | Balance as of January 1, 2022 | Ps. | (2,720,889) | | Ps. | (766,245) | | Ps. | — | | Ps. | (18,413) | | Ps. | — | | Ps. | (3,505,547) | Depreciation of the year charged against profit or loss | | (275,312) | | | (237,514) | | | — | | | (18,575) | | | — | | | (531,401) | Withdrawals / Sales (5) | | 246,714 | | | 90,904 | | | — | | | 16 | | | — | | | 337,634 | Transfers to/from non-current assets held for sale | | 57,298 | | | — | | | — | | | — | | | — | | | 57,298 | Loss of control in subsidiary | | 476 | | | — | | | — | | | — | | | — | | | 476 | Discontinued operations (6) | | (14,607) | | | (10,974) | | | — | | | — | | | — | | | (25,581) | Effect of movements in exchange rates | | 29,602 | | | 11,611 | | | — | | | — | | | — | | | 41,213 | Reclassification | | (3,694) | | | (1,593) | | | — | | | 2,290 | | | — | | | (2,997) | Balance as of December 31, 2023 | Ps. | (2,680,412) | | Ps. | (913,811) | | Ps. | — | | Ps. | (34,682) | | Ps. | — | | Ps. | (3,628,905) | Depreciation of the year charged against profit or loss | | (273,582) | | | (265,586) | | | — | | | (22,677) | | | — | | | (561,845) | Withdrawals / Sales (5) | | 226,338 | | | 99,664 | | | — | | | 22 | | | — | | | 326,024 | Transfers to/from non-current assets held for sale | | 1,007 | | | — | | | — | | | — | | | — | | | 1,007 | Discontinued operations (6) | | (11,787) | | | (10,485) | | | — | | | — | | | — | | | (22,272) | Effect of movements in exchange rates | | (20,173) | | | (10,006) | | | — | | | — | | | — | | | (30,179) | Reclassification | | (2,171) | | | 4,086 | | | — | | | 7,498 | | | — | | | 9,413 | Balance as of December 31, 2024 | Ps. | (2,760,780) | | Ps. | (1,096,138) | | Ps. | — | | Ps. | (49,839) | | Ps. | — | | Ps. | (3,906,757) | Depreciation of the year charged against profit or loss | | (294,386) | | | (281,007) | | | — | | | (22,504) | | | — | | | (597,897) | Withdrawals / Sales (5) | | 237,052 | | | 73,101 | | | — | | | 1,280 | | | — | | | 311,433 | Transfers to/from non-current assets held for sale | | 3,309 | | | — | | | — | | | — | | | — | | | 3,309 | Discontinued operations (6) | | (9,269) | | | (10,799) | | | — | | | — | | | — | | | (20,068) | Reclassification MFG operation (8) | | 49,418 | | | 53,964 | | | — | | | — | | | — | | | 103,382 | Effect of movements in exchange rates | | 22,079 | | | 12,998 | | | — | | | — | | | — | | | 35,077 | Reclassification | | (11,807) | | | 462 | | | — | | | 13,031 | | | — | | | 1,686 | Balance as of December 31, 2025 | Ps. | (2,764,384) | | Ps. | (1,247,419) | | Ps. | — | | Ps. | (58,032) | | Ps. | — | | Ps. | (4,069,835) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Given in | | | | | | | | | | | | Right-of-use | | | Investment | | | operating | | | Biological | | | | Impairment losses: | | For own use (1) | | | assets | | | properties (2) | | | leases | | | assets (3) | | | Total | Balance as of January 1, 2022 | Ps. | (5,372) | | Ps. | — | | Ps. | — | | Ps. | (375) | | Ps. | — | | Ps. | (5,747) | Year impairment charge | | 31 | | | — | | | — | | | (35) | | | — | | | (4) | Balance as of December 31, 2023 | Ps. | (5,341) | | Ps. | — | | Ps. | — | | Ps. | (410) | | Ps. | — | | Ps. | (5,751) | Year impairment charge | | (3,988) | | | — | | | — | | | 356 | | | — | | | (3,632) | Effect of movements in exchange rates | | (22) | | | — | | | — | | | — | | | — | | | (22) | Reclassification | | 2,061 | | | — | | | — | | | — | | | — | | | 2,061 | Balance as of December 31, 2024 | Ps. | (7,290) | | Ps. | — | | Ps. | — | | Ps. | (54) | | Ps. | — | | Ps. | (7,344) | Year impairment charge | | 335 | | | — | | | — | | | (8) | | | — | | | 327 | Withdrawals / Sales (5) | | 4,087 | | | — | | | — | | | — | | | — | | | 4,087 | Effect of movements in exchange rates | | 103 | | | — | | | — | | | — | | | — | | | 103 | Balance as of December 31, 2025 | Ps. | (2,765) | | Ps. | — | | Ps. | — | | Ps. | (62) | | Ps. | — | | Ps. | (2,827) |
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| | | | | | | | | | | Given in | | | | | | |
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| | | | | Right-of-use | | | Investment | | | operating | | | Biological | | | |
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Tangible assets, net: | | For own use (1) | | | assets | | | properties (2) | | | leases | | | assets (3) | | | Total |
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Balance as of December 31, 2023 | Ps. | 4,427,803 | | Ps. | 1,336,957 | | Ps. | 906,469 | | Ps. | 93,989 | | Ps. | 230,672 | | Ps. | 6,995,890 |
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Balance as of December 31, 2024 | Ps. | 4,600,105 | | Ps. | 1,351,624 | | Ps. | 972,935 | | Ps. | 80,438 | | Ps. | 238,339 | | Ps. | 7,243,441 |
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Balance as of December 31, 2025 (9) | Ps. | 6,935,437 | | Ps. | 1,482,036 | | Ps. | 882,979 | | Ps. | 72,439 | | Ps. | 235,409 | | Ps. | 9,608,300 |
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| (1) | Assets for own use different than assets given in operating lease are included. |
| (2) | The total of purchases of investment properties, includes assets received in total or partial settlement of the payment obligations of debtors at December 31, 2025 for Ps. 157,008, at December 31, 2024 for Ps. 37,049 and at December 31, 2023 for Ps. 56,144; other movements at December 31, 2024 for Ps.17. |
| (3) | See note 5.3, “Fair value determination”. |
| (4) | The amount of purchases for own use assets include: (i) Capitalized expenses at December 31, 2025 for Ps. 4,096, at December 31, 2024 for Ps. 4,250 and at December 31, 2023 for Ps. 802; (ii) Dismantling cost at December 31, 2025 for Ps. 658, at December 31, 2024 for Ps. 799, and at December 2023 for Ps. 1,723; (iii) Dividends received in kind at Corficolombiana for December 31, 2025 for Ps.1,651, (iv) Discontinued operation for December 31, 2025 for Ps. 4,203, at December 31, 2024 for Ps. 12,223 and at December 2023 for Ps. 9,488. |
| (5) | This includes the recognition of write-offs for assets transferred to the Nexus Investment Fund. As of December 31, 2025, for own use amount to Ps. (389,858) and for investment properties to Ps. (57,162). As of December 31, 2024, for own use amount to Ps. (51,499) and for investment properties to Ps. (5,209). As of December 31, 2023, for own use amount to Ps. (173,224) and for investment properties to Ps. (69,575). |
| (6) | See note 13.B., "Discontinued operation related to Multi Financial Group". |
| (7) | As of December 31, 2025, the reclassification from financial assets of Ps. 2,648,078 and from intangible assets - concessions of Ps. 168,222; due to the termination of the concession contract 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. See note 12.1 “Assets in concession contracts”. See note 16 “Assets in concession contracts”. |
| (8) | This corresponds to the reclassification to Non-Current Assets Held for Sale of Multi Financial Group operation as of December 31, 2025, see note 13.A. |
| (9) | 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. |
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| Schedule of property, plant and equipment by type |
The following is the detail of the balance as of December 31,2025 and 2024, for each type of property, plant and equipment for own use: | | | | | | | | | | | | | | | | Accumulated | | Impairment | | Carrying | December 31, 2025 | Cost (1) | | depreciation | | loss | | amount | Land | Ps. | 508,911 | | Ps. | — | | Ps. | (1,866) | | Ps. | 507,045 | Buildings | | 1,073,721 | | | (347,660) | | | (703) | | | 725,358 | Office equipment and accessories | | 640,006 | | | (498,112) | | | (47) | | | 141,847 | Information technology equipment | | 1,503,419 | | | (1,021,605) | | | (147) | | | 481,667 | Vehicles | | 98,071 | | | (78,092) | | | — | | | 19,979 | Equipment and machinery (2) | | 5,057,435 | | | (639,478) | | | (2) | | | 4,417,955 | Warehouses | | 11,096 | | | (3,564) | | | — | | | 7,532 | Improvements in leaseholds properties | | 185,840 | | | (129,081) | | | — | | | 56,759 | Construction in progress | | 292,211 | | | — | | | — | | | 292,211 | Bearer plants | | 331,876 | | | (46,792) | | | — | | | 285,084 | Balance as of December 31, 2025 (3) | Ps. | 9,702,586 | | Ps. | (2,764,384) | | Ps. | (2,765) | | Ps. | 6,935,437 |
| | | | | | | | | | | | | | | | Accumulated | | Impairment | | Carrying | December 31, 2024 | Cost (1) | | depreciation | | loss | | amount | Land | Ps. | 758,682 | | Ps. | — | | Ps. | (1,865) | | Ps. | 756,817 | Buildings | | 1,624,279 | | | (406,255) | | | (812) | | | 1,217,212 | Office equipment and accessories | | 645,546 | | | (499,752) | | | (30) | | | 145,764 | Information technology equipment | | 1,521,882 | | | (1,002,890) | | | (175) | | | 518,817 | Vehicles | | 98,918 | | | (79,629) | | | — | | | 19,289 | Equipment and machinery | | 1,957,838 | | | (592,451) | | | (4,408) | | | 1,360,979 | Warehouses | | 11,037 | | | (3,391) | | | — | | | 7,646 | Improvements in leaseholds properties | | 226,588 | | | (133,298) | | | — | | | 93,290 | Construction in progress | | 208,234 | | | — | | | — | | | 208,234 | Bearer plants | | 315,171 | | | (43,114) | | | — | | | 272,057 | Balance as of December 31, 2024 | Ps. | 7,368,175 | | Ps. | (2,760,780) | | Ps. | (7,290) | | Ps. | 4,600,105 |
(1) The cost of the tangible assets for own use includes borrowing costs capitalized for Ps. 20,057, at December 31, 2025 and for Ps. 12,666, at December 31, 2024 with a capitalized interest rate (weighted average) of 18.16% and 14.87% respectively. (2) It includes the reclassification due to the termination of the Ballena-Cartagena concession contract with Promigas, in compliance with the contractual and regulatory conditions applicable to the natural gas transportation system. See note 15 “Tangible Assets”. (3) 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 the detail of the balance as of December 31, 2025 and 2024, by type of property, plant and equipment given in operating lease: | | | | | | | | | | | | | | | | Accumulated | | Impairment | | Carrying | December 31, 2025 | Cost | | depreciation | | loss | | amount | Computing equipment | Ps. | 42,358 | | Ps. | (29,647) | | Ps. | — | | Ps. | 12,711 | Vehicles | | 64,933 | | | (18,720) | | | — | | | 46,213 | Mobilization equipment and machinery | | 23,242 | | | (9,665) | | | (62) | | | 13,515 | Balance as of December 31, 2025 | Ps. | 130,533 | | Ps. | (58,032) | | Ps. | (62) | | Ps. | 72,439 |
| | | | | | | | | | | | | | | | Accumulated | | Impairment | | Carrying | December 31, 2024 | Cost | | depreciation | | loss | | amount | Computing equipment | Ps. | 42,980 | | Ps. | (26,431) | | Ps. | — | | Ps. | 16,549 | Vehicles | | 63,243 | | | (15,408) | | | — | | | 47,835 | Mobilization equipment and machinery | | 24,108 | | | (8,000) | | | (54) | | | 16,054 | Balance as of December 31, 2024 | Ps. | 130,331 | | Ps. | (49,839) | | Ps. | (54) | | Ps. | 80,438 |
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| Schedule of right of use assets by type |
The following tables show the balance as of December 31, 2025 and 2024, by type of right-of-use asset recognized as part of tangible assets: | | | | | | | | | | | | | | | Accumulated | | Carrying | December 31, 2025 | | | Cost | | depreciation | | amount | Land | | Ps. | 41,578 | | Ps. | (7,082) | | Ps. | 34,496 | Buildings | | | 2,016,220 | | | (846,610) | | | 1,169,610 | Office equipment and accessories | | | 12,451 | | | (6,334) | | | 6,117 | Information technology equipment | | | 163,048 | | | (123,149) | | | 39,899 | Vehicles | | | 62,774 | | | (42,514) | | | 20,260 | Equipment and machinery | | | 250,319 | | | (123,480) | | | 126,839 | Warehouses | | | 183,065 | | | (98,250) | | | 84,815 | Balance as of December 31, 2025 (1) | | Ps. | 2,729,455 | | Ps. | (1,247,419) | | Ps. | 1,482,036 |
| | | | | | | | | | | | | | | Accumulated | | Carrying | December 31, 2024 | | Cost | | depreciation | | amount | Land | | Ps. | 45,789 | | Ps. | (8,544) | | Ps. | 37,245 | Buildings | | | 1,792,794 | | | (747,684) | | | 1,045,110 | Office equipment and accessories | | | 4,887 | | | (4,441) | | | 446 | Information technology equipment | | | 152,662 | | | (104,341) | | | 48,321 | Vehicles | | | 62,700 | | | (39,107) | | | 23,593 | Equipment and machinery | | | 226,216 | | | (110,288) | | | 115,928 | Warehouses | | | 162,714 | | | (81,733) | | | 80,981 | Balance as of December 31, 2024 | | Ps. | 2,447,762 | | Ps. | (1,096,138) | | Ps. | 1,351,624 |
(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.
|