Grupo Aval Acciones y Valores (GRUPOAVAL) investor relations material

Executive summary

• Attributable net income reached COP 577.5 billion in 2Q26, up 71.6% quarter-over-quarter and 17% year-over-year, marking the highest quarterly result since March 2022, with ROAE at 12.7% and ROAA at 1.1%.

• Consolidated loan portfolio grew 2.1% quarter-over-quarter and 7.6% year-over-year; deposits increased 2.1% quarter-over-quarter and 11.5% year-over-year.

• Strategic initiatives included deepening retail presence, strengthening the payments ecosystem, integrating Banco Itaú's retail operations, and advancing technology transformation with digital core, AI, and cloud migration.

• The group completed the sale of Multi Financial Group in March 2026, with pro forma financials reflecting discontinued operations.

• The group responded to a major earthquake in Colombia by leveraging its network for relief efforts and maintaining operational continuity.

Financial highlights

• Total assets reached COP 351 trillion, up 3.9% quarter-on-quarter and 4.5% year-over-year.

• Net interest margin (NIM) was 5.53% for the group and 6.07% for the banking segment; NIM on loans was 4.41%.

• Net income per share was COP 24.2, the highest in four years.

• Gross fee income grew 4.1% year-over-year, while net fee income rose 3.3% sequentially.

• Gross profit from sales of goods and services for the semester rose 21.2% year-over-year, mainly from infrastructure.

Outlook and guidance

• Loan growth for 2026 expected at 10.5%, with commercial loans at 8% and retail loans at 14%, including Itaú retail business.

• Consolidated NIM expected around 4.2%, banking segment NIM at 4.9%, and cost of risk at 1.9%.

• Return on average equity (ROAE) guidance maintained at 9.25% for 2026.

• FY26 GDP growth guidance for Colombia is 2.4%, with inflation expected at 6.8% and central bank rate at 12.5% by year-end.

• Income from the non-financial sector projected at 1.3x 2025 levels.