6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of Aug 2025

Commission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85

Medellín, Colombia

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐	Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐	No ☐

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-____________ .

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BANCOLOMBIA S.A.<br><br>(Registrant)
Date August 14, 2025	By:	/s/ MAURICIO BOTERO WOLFF.
	Name:	Mauricio Botero Wolff.
	Title:	Vice President of Strategy and Finance

August 14, 2025

Medellin, Colombia

GRUPO CIBEST S.A. RELEASES QUARTERLY REPORT FOR THE SECOND QUARTER OF 2025

On August 6th of 2025, Grupo Cibest S.A. (“Grupo Cibest”) furnished on Form 6-K a press release presenting financial information for the fiscal quarter ended June 30, 2025 (the “Press Release”).

The quarterly report for the fiscal quarter ended June 30, 2025 (the “Quarterly Report”) is furnished with this Form 6-K.

Readers should be aware that the consolidated financial information in the Press Release, and the consolidated financial information in the Quarterly Report for the fiscal quarter ended June 30, 2025, are the same, and the Quarterly Report is being furnished solely to fulfill a legal reporting requirement in Colombia.Readers should also be aware that all financial information of Grupo Cibest that is included in the Quarterly Report was prepared in accordance with international or U.S. standards.

Quarterly Report

April - June2025

Grupo Cibest S.A.

Address:

Carrera 48 # 26-85

Medellín, Colombia

ISSUER’S CURRENT SECURITIES

As of June 30, 2025

Type of Share	Common Share	Preferred Share
Trading System	Stock Exchange	Stock Exchange
Stock Exchanges	Colombian Stock Exchange (BVC)	Colombian Stock Exchange (BVC)
Shares in Circulation	509,704,584	452,122,416
Shareholders	20,116	33,067
Issuance amount	509,704,584	452,122,416
Amount placed	509,704,584	452,122,416

Until May 16, the common and preferred shares of Grupo Cibest were listed on the Colombian Stock Exchange (BVC) under the issuer Bancolombia, with the ticker symbols BCOLOMBIA and PFBCOLOM. Following the corporate structure changes that took place on May 19, these shares became registered under the name Grupo Cibest, with the new ticker CIBEST and PFCIBEST, respectively.

Additionally, Grupo Cibest has a Level III ADR listed on the NYSE. Each ADR represents four preferred shares.

GRUPO CIBEST INTERNATIONAL BONDS IN USD

As of June 30, 2025

Company	Isin	Amount	Interest Rate	Date of Issuance	Maturity Date
Subordinates
Bancolombia	US05968LAK89	USD $462 MM	6.909%	October 18, 2017	October 18, 2027
Bancolombia	US05968LAN29	USD $800 MM	8.625%	June 24, 2024	December 24, 2034
Common
Banistmo	US06034LAB62	USD $400 MM	4.250%	July 31, 2020	July 31, 2027
ISSUER’S CURRENT SECURITIES	4
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I.    MANAGEMENT’S DISCUSSION & ANALYSIS ON THE RESULTS OF THE OPERATION AND THE FINANCIAL SITUATION OF THE ISSUER, IN RELATION TO THE RESULTS REPORTED IN THE QUARTERLY FINANCIAL STATEMENTS	6
Loan Portfolio	6
Funding	7
Shareholders’ Equity	7
Consolidated Income Statement	7
Net Interest Income & Interest Margin	8
Fees And Income From Services	8
Other Operating Income	8
Dividends Received, And Share Of Profits	9
Asset Quality And Provision Charges	9
Operating Expenses	9
Taxes	10
Consolidated Statement Of Income Grupo Cibest	11
Statement Of Financial Position Grupo Cibest	13
Separate Grupo Cibest	15
II.    QUANTITATIVE AND QUALITATIVE ANALYSIS OF THE MARKET RISK TO WHICH THE ISSUER IS EXPOSED AS A RESULT OF ITS INVESTMENTS AND ACTIVITIES SENSITIVE TO MARKET VARIATIONS	16
Consolidated	16
Non-trading Instruments Market Risk Measurement	16
Interest Risk Exposure (Banking Book)	16
Sensitivity To Interest Rate Risk Of The Banking Book	17
Separated	17
III.    MATERIAL VARIATIONS THAT HAVE OCCURRED IN THE RISKS TO WHICH THE ISSUER IS EXPOSED, OTHER THAN MARKET RISK, AND THE MECHANISMS IMPLEMENTED TO MITIGATE THEM	17
Liquidity Risk	17
Consolidated	17
Separated	18
Credit Risk	18
Consolidated	19
Country Risk	19
Consolidated	19
Operational Risk	20
Separated	20
Financial Leverage Risk	20
Separated	20
Other Relevant Risks	20
•    Regulatory And Legal Risk	21
Colombia	21		Panama	21
---	---
Guatemala	22
El Salvador	22
•    Political Risk	23
Colombia	23
Panama	23
Guatemala	24
El Salvador	24
•    Economic And Sectoral Environment	25
Colombia	25
Panama	25
Guatemala	25
El Salvador	26
•    Third-party Risks	26
•    Model Risk	26
•    Cybersecurity And Information Security Risk	27
•    Internal Fraud Risk	27
•    Risk Of Ftas And Corruption	27
•    Risk Of External Fraud	27
IV.    MATERIAL MATTERS IN THE INFORMATION REPORTED IN THE CORPORATE GOVERNANCE ANALYSIS CHAPTER DURING THE QUARTER	27
V.    MATERIAL CHANGES THAT HAVE OCCURRED IN PRACTICES, PROCESSES, POLICIES AND INDICATORS IN RELATION TO SOCIAL AND ENVIRONMENTAL CRITERIA, INCLUDING CLIMATE CRITERIA.	32
VI.     MATERIAL CHANGES PRESENTED IN THE FINANCIAL STATEMENTS OF THE ISSUER BETWEEN THE REPORTED QUARTER AND THE DATE OF TRANSMISSION OF THE INFORMATION	32
VII.    GLOSSARY OF TERMS	33
VIII.    ANNEXES	33
I.    Condensed Consolidated Interim Financial Statements Cibest Group	33
Ii.    Condensed Separated Interim Financial Statements Grupo Cibest	33

I.MANAGEMENT’S DISCUSSION & ANALYSIS ON THE RESULTS OF THE OPERATION AND THE FINANCIAL SITUATION OF THE ISSUER, IN RELATION TO THE RESULTS REPORTED IN THE QUARTERLY FINANCIAL STATEMENTS

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025.

Loan Portfolio

Gross loan portfolio slightly grew compared to the previous quarter, driven by increases in all loan segments, with the highest percentage growth in the mortgage portfolio. This segment continues the positive trend observed since last year, recording a quarterly increase of 1.3% and an annual increase of 9.8%.

The quarterly and annual increases in the mortgage portfolio are attributed to the interest rate reduction strategy implemented in Colombia since July 2024. In Panama, Guatemala, and El Salvador, there was a slight decrease in the quarter.

Unlike the previous quarter, the consumer loan portfolio grew, mainly driven by Nequi, extending the trend from the previous quarter, as well as by credit card and payroll products. It is noteworthy that Bancolombia posted increases in the balance for each of the three months that make up the quarter, a contrast to the behavior observed in 2023 and 2024. Likewise, Bancoagrícola continued its growth trend from previous quarters in this portfolio, focusing on higher risk-adjusted return segments. In contrast, Banistmo maintained its downward trend for the last three quarters, due to lower activity in credit card and unsecured loan products.

The commercial loan portfolio posted a slight growth of 0.04% for the quarter and 4.3% year-over-year. While quarterly increases were recorded at Banistmo, Bam, and Bancoagrícola, the moderate growth in Colombia and the appreciation of the Colombian peso limited the consolidated portfolio grow.

On a quarterly basis, Bancolombia grew 1.1% in gross loan portfolio, Bancoagrícola 3.5% (measured in USD), Bam1.4% (measured in USD), while Banistmo posted a decrease of 0.1% (measured in USD).

In 2Q25, the gross loan portfolio increased 0.4% compared to 1Q25 (1.4% excluding the FX effect) and 4.4% compared to 2Q24 (5.0% excluding the FX effect). Over the past twelve months, the peso-denominated portfolio grew 6.9%, while the dollar-denominated portfolio (measured in USD) decreased 0.9%. The Colombian peso appreciated 2.9% against the US dollar during 2Q25, and 1.9% over the last twelve months. The average exchange rate was 0.1% higher in 2Q25 versus the previous quarter, and 7.0% higher year-over-year.

Allowances for loan losses decreased 4.9% during the quarter, totaling COP 14,771 billion, which is equivalent to 5.3% of the gross loan portfolio at the end of the quarter.

Funding

As of the second quarter of 2025, customer deposits totaled COP 282,647 billion, representing 84.9% of total liabilities. This balance reflects a 2.4% increase compared to the previous quarter, mainly driven by higher savings accounts balances, largely explained by a higher remuneration rate at Bancolombia. To a lesser extent, checking accounts also grew, primarily associated with the corporate segment's activity at Bam. Time deposits registered a slight increase of 0.1%, due to the positive performance of the online time deposits product. On an annual basis, deposits grew by 9.6%, with savings accounts showing the highest level of dynamism.

In the funding mix, sight deposits remain as the main source of funding, accounting for 53.5% of the total. Within this category, savings accounts maintained their relevance and increased their share, reaching 41.8% of Grupo Cibest’s total funding during the quarter. Checking accounts also posted a slight increase in participation, while time deposits reduced their contribution given the modest quarterly growth versus total deposits. Finally, other sources of funding increased their quarterly share, mainly driven by the growth in repo operations as a result of liquidity management during the period.

Shareholders’ Equity

Shareholders’ equity attributable at the end of 2Q25 stood at COP 41,294 billion, representing a 1.6% increase compared to 1Q25 and a 5.3% increase versus 2Q24. This growth is explained by higher retained earnings during the quarter.

Consolidated Income Statement

Net income attributable to equity holders totaled COP 1,791 billion in 2Q25, or COP 1,876.8 per share (USD $1.79 per ADR). Net income increased by 3.1% compared to 1Q25, primarily driven by higher net interest and fee income. The quarterly annualized return on equity (ROE) for Grupo Cibest Consolidated reached 17.5% in 2Q25 and 16.1% over the last 12 months.

Net Interest Income & Interest Margin

Net interest income totaled COP 5,227 billion in 2Q25, reflecting a 3.2% increase compared to 1Q25. This performance was mostly due to loan portfolio interest income growth across all segments, supported by higher balances and improved yield rates against the previous quarter. Interest expense increased slightly, reflecting a higher cost of funds in Colombia, along with an increase in time deposits at Bancolombia, Bancoagrícola, and Banistmo.

Additionally, interest income from debt instruments and valuation of financial instruments reached COP 672 billion, representing a 12.2% increase quarter-over-quarter. This variation was mainly attributable to higher yields on debt securities, associated with active liquidity portfolio management.

The annualized weighted average cost of deposits was 4.18% in 2Q25, up 9 basis points compared to 1Q25.

As a result, the loan portfolio NIM (Net interest margin) reached 7.06% for the quarter, increasing 6 basis points from 1Q25 and decreasing 63 basis points year-over-year. The NIM on investments was 3.38%, up 59 basis points from 1Q25. Finally, the consolidated NIM increased by 14 basis points in the quarter, rising from 6.43% to 6.57%.

Fees and Income from Services

Net fee and service income for 2Q25 amounted to COP 1,092 billion, representing a 7.3% increase compared to 1Q25.

On a quarterly basis, bancassurance revenues posted the strongest growth, driven by the higher origination of the consumer loan portfolio; additionally, there was a moderate increase in debit and credit card fees, and commercial establishments, due to higher transaction volumes during the period compared to 1Q25.

Fee expenses grew during the quarter, mainly explained by increased payments to franchises due to a greater transaction volume in banking services, as well as higher outflows to banking agents driven by an increased level of transactions through this channel.

Other Operating Income

Total other operating income amounted to COP 831 billion in 2Q25, representing a 0.7% decrease compared to the first quarter of the year and a 12.1% increase compared to 2Q24. This decrease is mainly due to the net effect of foreign exchange derivatives and foreign exchange, resulting from the variation in the exchange rate during the period, an effect partially offset by a revaluation of investment properties in FCP Fondo Inmobiliario Colombia, driven by UVR indexation and new property appraisals. It is worth noting the increase in income from hedging derivatives offered to clients, associated with greater market uncertainty.

On the other hand, operating lease income totaled COP 434 billion in the second quarter, representing a 3.3% decrease compared to the previous quarter. This decline was mainly due to a reduction in vehicle leasing in Renting Colombia S.A.S.

Dividends Received, and Share of Profits

Total dividend and other net income from equity investments for 2Q25 amounted to COP 121 billion, representing an 11.6% decrease compared to 1Q25 and a 153.8% increase versus 2Q24. The quarterly decrease was mainly due to lower income from the equity method in P.A. Viva Malls, while the annual increase was explained by a base effect, as in 2Q24 there was an impairment of associates and joint ventures related to Tuya S.A. based on market valuation.

Asset Quality and Provision Charges

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 12,401 billion at the end of 2Q25, representing 4.54% of total gross loans, while 90-day past-due totaled COP 8,717 billion, accounting for 3.19%. The decrease in the 30-day indicator was mainly attributable to improved performance in the retail segment at Bancolombia S.A. and Banistmo. On the other hand, the slight increase in the 90-day ratio was driven by a higher balance of the consumer portfolio entering past-due at Banco Agricola.

Coverage, measured as the ratio of loan loss reserves (principal) to past due loans (over 30 days), stood at 107.7% at the close of 2Q25, down from 111.2% in 1Q25. Loan deterioration (new past due loans) during 2Q25 was COP 1,376 billion. The higher value compared to 1Q25 was mainly explained by the consumer portfolio at Bam.

Provision charges (after recoveries) totaled COP 1,096 billion in 2Q25, a decrease of 0.3% compared to 1Q25. During the quarter, the positive outlook for loan quality persisted, reflected by a widespread decrease in provision expenses across most segments and geographies. However, there were some exceptions in the retail segment at Banco Agricola and Bam, and specific clients in Banistmo. Additionally, there was an increase in provisions related to models and macroeconomic forecasts, explained by methodological updates and adjustments in economic expectations across all regions.

Provisions as a percentage of average gross loans, quarterly annualized, were 1.57% for 2Q25 and 1.71% for the last 12 months. Grupo Cibest consolidated maintains a balance supported by an adequate level of past-due loan reserves. Loan loss provisions (for the principal) totaled COP 13,358 billion, or 4.9% of gross loans as of the end of 2Q25, decreasing compared to 1Q24.

Stage 2+3 loan portfolio continued to decrease compared to the previous quarter, mainly driven by the positive performance of the portfolios, especially at Bancolombia and Banistmo, with the respective coverage level remaining stable.

Operating Expenses

During 2Q25, operating expenses totaled COP 3,691 billion, reflecting a 5.7% increase compared to 1Q25 and an 11.8% growth versus 2Q24.

The efficiency ratio was 50.7% in 2Q25 and 50.2% over the last twelve months. Personnel expenses (salaries, employee benefits, and bonuses) amounted to COP 1,575 billion in 2Q25, representing a 2.9% increase over 1Q25, primarily due to higher bonus payments.

Compared to 2Q24, personnel expenses rose by 16.8%, mainly as a result of the annual salary adjustment and increased bonuses. In line with the higher profits year-to-date.

General expenses totaled COP 2,115 billion for the quarter, representing a 7.8% increase over the previous quarter and an 8.4% rise compared to the second quarter of 2024. The quarterly increase was largely due to the financial transaction tax associated with the one-time payment of ordinary and extraordinary dividends, , as well as fees associated with the corporate evolution towards Grupo Cibest consolidated. On an annual basis, the increase was also mainly explained by fees related to the corporate evolution towards Grupo Cibest consolidated and higher technology licensing and maintenance costs.

As of June 30, 2025, Grupo Cibest consolidated had 33,993 employees, 850 branches, 6,105 ATMs, 35,235 banking agents, and more than 33 million clients.

Taxes

Grupo Cibest consolidated recorded an income tax expense of COP 655 billion, resulting in an effective tax rate of 28%. This outcome was driven by tax benefits in Colombia related to exempt income from the mortgage portfolio for social housing, investments in productive fixed assets, and investments in non-conventional renewable energy. Additionally, fiscal benefits in Guatemala, El Salvador, and Panama contributed, mainly due to exempt income from returns on securities issued by the respective governments.

Consolidated Statement of Income Grupo Cibest

CONSOLIDATED STATEMENT OF INCOME	As of		Change					Change
(COP million)	Jun-24	Jun-25	Jun-25 / Jun-24		2Q24	1Q25	2Q25	2Q25 / 1Q25		2Q25 / 2Q24
Interest income and expenses
Interest on loans and financial leases
Commercial	8,358,202	7,741,324	-7.38	%	4,160,195	3,828,165	3,913,159	2.22	%	-5.94	%
Consumer	4,340,212	3,983,079	-8.23	%	2,188,049	1,977,301	2,005,778	1.44	%	-8.33	%
Small business loans	104,983	132,423	26.14	%	51,279	61,442	70,981	15.53	%	38.42	%
Mortgage	2,032,457	2,201,429	8.31	%	1,019,405	1,096,470	1,104,959	0.77	%	8.39	%
Financial leases	1,872,129	1,610,868	-13.96	%	917,304	800,230	810,638	1.30	%	-11.63	%
Total interest income on loans and financial leases	16,707,983	15,669,123	-6.22	%	8,336,232	7,763,608	7,905,515	1.83	%	-5.17	%
Interest income on overnight and market funds	126,418	93,453	-26.08	%	64,595	50,969	42,484	-16.65	%	-34.23	%
Interest and valuation on financial instruments
Interest on debt instruments using the effective interest method	497,912	471,841	-5.24	%	240,138	233,730	238,111	1.87	%	-0.84	%
Valuation on financial instruments
Debt investments	583,100	841,175	44.26	%	284,827	399,865	441,310	10.36	%	54.94	%
Derivatives	(12,274)	(52,303)	326.13	%	(18,588)	(42,830)	(9,473)	-77.88	%	-49.04	%
Repos	159,184	(28,094)	-117.65	%	50,792	(11,265)	(16,829)	49.39	%	-133.13	%
Others	(21,454)	38,197	-278.04	%	(14,521)	19,382	18,815	-2.93	%	-229.57	%
Total valuation on financial instruments	708,556	798,975	12.76	%	302,510	365,152	433,823	18.81	%	43.41	%
Total Interest on debt instruments and valuation on financial instruments	1,206,468	1,270,816	5.33	%	542,648	598,882	671,934	12.20	%	23.83	%
Total interest and valuation on financial instruments	18,040,869	17,033,392	-5.58	%	8,943,475	8,413,459	8,619,933	2.45	%	-3.62	%
Interest expense
Borrowings from other financial institutions	(734,351)	(518,020)	-29.46	%	(332,778)	(272,541)	(245,479)	-9.93	%	-26.23	%
Overnight funds	(10,012)	(14,471)	44.54	%	(5,459)	(6,245)	(8,226)	31.72	%	50.69	%
Debt securities in issue	(595,519)	(415,995)	-30.15	%	(310,348)	(208,711)	(207,284)	-0.68	%	-33.21	%
Deposits	(6,235,521)	(5,692,598)	-8.71	%	(3,047,647)	(2,803,210)	(2,889,388)	3.07	%	-5.19	%
Preferred shares	(28,650)	(28,650)	0.00	%	(13,813)	(14,837)	(13,813)	-6.90	%	0.00	%
Lease liabilities	(68,723)	(55,459)	-19.30	%	(35,509)	(33,829)	(21,630)	-36.06	%	-39.09	%
Other interest	(23,189)	(17,275)	-25.50	%	(11,332)	(10,086)	(7,189)	-28.72	%	-36.56	%
Total interest expenses	(7,695,965)	(6,742,468)	-12.39	%	(3,756,886)	(3,349,459)	(3,393,009)	1.30	%	-9.69	%
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	10,344,904	10,290,924	-0.52	%	5,186,589	5,064,000	5,226,924	3.22	%	0.78	%		Credit impairment charges on loans and advance and financial leases	(3,352,038)	(2,578,487)	-23.08	%	(1,848,078)	(1,274,877)	(1,303,610)	2.25	%	-29.46	%
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Recovery of charged - off loans	394,114	416,868	5.77	%	225,017	171,353	245,515	43.28	%	9.11	%
Credit impairment charges on off balance sheet credit instruments	11,904	(26,653)	-323.90	%	5,068	(5,710)	(20,943)	266.78	%	-513.24	%
Credit impairment charges/recovery on investments	12,257	(7,612)	-162.10	%	(790)	9,685	(17,297)	-278.60	%	2089.49	%
Total credit impairment charges, net	(2,933,763)	(2,195,884)	-25.15	%	(1,618,783)	(1,099,549)	(1,096,335)	-0.29	%	-32.27	%
Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments	7,411,141	8,095,040	9.23	%	3,567,806	3,964,451	4,130,589	4.19	%	15.77	%
Fees and commission income
Banking services	538,362	595,241	10.57	%	289,528	293,287	301,954	2.96	%	4.29	%
Credit and debit card fees and commercial establishments	1,581,663	1,689,363	6.81	%	796,641	829,936	859,427	3.55	%	7.88	%
Brokerage	20,686	21,163	2.31	%	13,735	9,740	11,423	17.28	%	-16.83	%
Acceptances, Guarantees and Standby Letters of Credit	55,375	54,030	-2.43	%	27,985	28,976	25,054	-13.54	%	-10.47	%
Trust	272,014	317,908	16.87	%	135,747	156,208	161,700	3.52	%	19.12	%
Placement of securities and investment banking	47,069	22,377	-52.46	%	35,975	5,050	17,327	243.11	%	-51.84	%
Bancassurance	494,385	500,849	1.31	%	286,073	226,643	274,206	20.99	%	-4.15	%
Payments and Collections	505,422	541,100	7.06	%	265,605	263,664	277,436	5.22	%	4.45	%
Others	184,962	219,154	18.49	%	96,757	107,731	111,423	3.43	%	15.16	%
Total fees and commission income	3,699,938	3,961,185	7.06	%	1,948,046	1,921,235	2,039,950	6.18	%	4.72	%
Fees and commission expenses
Banking services	(808,218)	(960,463)	18.84	%	(426,369)	(466,832)	(493,631)	5.74	%	15.78	%
Sales, collections and other services	-436239	-450303	3.22	%	-228748	-223097	-227206	1.84	%	-0.67	%
Bank correspondents	(296,448)	(311,734)	5.16	%	(188,367)	(148,996)	(162,738)	9.22	%	-13.61	%
Others	(104,169)	(129,037)	23.87	%	(62,764)	(64,542)	(64,495)	-0.07	%	2.76	%
Fees and commission expenses	(1,645,074)	(1,851,537)	12.55	%	(906,248)	(903,467)	(948,070)	4.94	%	4.61	%
Total fees and comissions, net	2,054,864	2,109,648	2.67	%	1,041,798	1,017,768	1,091,880	7.28	%	4.81	%
Other operating income
Derivatives FX contracts	62,225	(127,091)	-304.24	%	160,894	(11,917)	(115,174)	866.47	%	-171.58	%
Net foreign exchange	100,826	468,458	364.62	%	(17,357)	213,211	255,247	19.72	%	-1570.57	%
Hedging	—	(2,908)	100.00	%	623	(3,233)	325	110.05	%	-47.83	%
Leases	902,031	882,144	-2.20	%	441,935	448,497	433,647	-3.31	%	-1.88	%
Gains (or losses) on sale of assets	32,995	107,091	224.57	%	15,090	49,760	57,331	15.22	%	279.93	%
Other reversals	18,453	4,512	-75.55	%	4,723	1,829	2,683	46.69	%	-43.19	%
Others	253,883	335,085	31.98	%	135,176	138,424	196,661	42.07	%	45.49	%		Total other operating income	1,370,413	1,667,291	21.66	%	741,084	836,571	830,720	-0.70	%	12.10	%
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Dividends received, and share of profits of equity method investees
Dividends	33,867	31,403	-7.28	%	23,867	4,967	26,436	432.23	%	10.76	%
Equity investments	(8,183)	27,765	-439.30	%	(5,701)	19,848	7,917	-60.11	%	-238.87	%
Equity method	133,312	199,668	49.77	%	56,023	112,510	87,158	-22.53	%	55.58	%
Others	13,520	(160)	-101.18	%	13,520	—	(160)	100.00	%	-101.18	%
Total dividends received, and share of profits of equity method investees	(140,768)	258,676	-283.76	%	(225,575)	137,325	121,351	-11.63	%	-153.80	%
Total operating income, net	10,695,650	12,130,655	13.42	%	5,125,113	5,956,115	6,174,540	3.67	%	20.48	%
Operating expenses
Salaries and employee benefits	(2,376,018)	(2,585,814)	8.83	%	(1,194,440)	(1,280,879)	(1,304,935)	1.88	%	9.25	%
Bonuses	(307,329)	(519,864)	69.16	%	(153,956)	(249,645)	(270,219)	8.24	%	75.52	%
Other administrative and general expenses	(2,492,765)	(2,796,090)	12.17	%	(1,288,226)	(1,339,181)	(1,456,909)	8.79	%	13.09	%
Taxes other than income tax	(780,826)	(746,403)	-4.41	%	(389,932)	(356,466)	(389,937)	9.39	%	—	%
Impairment, depreciation and amortization	(533,744)	(534,801)	0.20	%	(273,482)	(266,257)	(268,544)	0.86	%	-1.81	%
Total operating expenses	(6,490,682)	(7,182,972)	10.67	%	(3,300,036)	(3,492,428)	(3,690,544)	5.67	%	11.83	%
Profit before tax	4,204,968	4,947,683	17.66	%	1,825,077	2,463,687	2,483,996	0.82	%	36.10	%
Income tax	(1,058,203)	(1,353,962)	27.95	%	(363,323)	(698,912)	(655,050)	-6.28	%	80.29	%
Net income	3,146,765	3,593,721	14.20	%	1,461,754	1,764,775	1,828,946	3.64	%	25.12	%
Non-controlling interest	(43,519)	(64,754)	48.79	%	(21,980)	(27,111)	(37,643)	38.85	%	71.26	%
Net income attributable to equity holders of the Parent Company	3,103,246	3,528,967	13.72	%	1,439,774	1,737,664	1,791,303	3.09	%	24.42	%

Statement of financial position Grupo Cibest

CONSOLIDATED STATEMENT OF FINANCIAL POSITION				Change						% of
(COP million)	2Q24	1Q25	2Q25	2Q25 / 1Q25		2Q25 / 2Q24		% of Assets		Liabilities
ASSETS
Cash and balances at central bank	21,374,700	20,493,453	24,244,363	18.30	%	13.43	%	6.46	%
Interbank borrowings	3,717,447	4,345,084	4,375,272	0.69	%	17.70	%	1.17	%
Reverse repurchase agreements and other similar secured lend	6,373,029	3,436,757	2,735,369	-20.41	%	-57.08	%	0.73	%
Financial assets investment	30,573,634	36,394,058	40,910,075	12.41	%	33.81	%	10.90	%
Derivative financial instruments	3,444,239	2,529,449	3,239,291	28.06	%	-5.95	%	0.86	%
Loans and advances to customers	268,108,682	278,523,005	279,771,687	0.45	%	4.35	%	74.56	%
Allowance for loan and lease losses	(16,680,835)	(15,532,803)	(14,771,088)	-4.90	%	-11.45	%	-3.94	%			Investment in associates and joint ventures	2,850,311	2,962,639	3,045,408	2.79	%	6.84	%	0.81	%
---	---	---	---	---	---	---	---	---	---	---	---
Goodwill and Intangible assets, net	9,191,298	9,301,046	9,056,528	-2.63	%	-1.47	%	2.41	%
Premises and equipment, net	6,048,006	5,708,321	5,608,169	-1.75	%	-7.27	%	1.49	%
Investment property	5,423,018	5,608,037	5,761,117	2.73	%	6.23	%	1.54	%
Right of use assets	1,668,641	1,725,559	1,525,340	-11.60	%	-8.59	%	0.41	%
Prepayments	839,285	988,935	923,716	-6.59	%	10.06	%	0.25	%
Tax receivables	1,993,175	1,303,756	1,832,435	40.55	%	-8.06	%	0.49	%
Deferred tax	796,955	692,119	639,837	-7.55	%	-19.71	%	0.17	%
Assets held for sale and inventories	993,902	816,077	816,784	0.09	%	-17.82	%	0.22	%
Other assets	5,483,585	4,829,819	5,536,423	14.63	%	0.96	%	1.48	%
Total assets	352,199,072	364,125,311	375,250,726	3.06	%	6.55	%	100.00	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposit by customers	257,869,276	276,030,117	282,647,329	2.40	%	9.61	%	75.32	%	84.91	%
Interbank Deposits	511,000	634,414	811,328	27.89	%	58.77	%	0.22	%	0.24	%
Derivative financial instrument	3,680,218	2,516,148	3,524,458	40.07	%	-4.23	%	0.94	%	1.06	%
Borrowings from other financial institutions	12,938,759	11,899,337	11,431,252	-3.93	%	-11.65	%	3.05	%	3.43	%
Debt securities in issue	16,107,674	10,878,328	10,388,366	-4.50	%	-35.51	%	2.77	%	3.12	%
Lease liability	1,817,740	1,857,875	1,635,793	-11.95	%	-10.01	%	0.44	%	0.49	%
Preferred shares	555,152	541,340	555,152	2.55	%	0.00	%	0.15	%	0.17	%
Repurchase agreements and other similar secured borrowing	594,983	1,265,728	3,940,354	211.31	%	562.26	%	1.05	%	1.18	%
Current tax	695,645	755,481	1,248,967	65.32	%	79.54	%	0.33	%	0.38	%
Deferred tax	2,128,321	2,734,413	2,771,024	1.34	%	30.20	%	0.74	%	0.83	%
Employees benefit plans	895,682	941,706	928,875	-1.36	%	3.71	%	0.25	%	0.28	%
Other liabilities	14,199,672	12,381,389	12,983,542	4.86	%	-8.56	%	3.46	%	3.90	%
Total liabilities	311,994,122	322,436,276	332,866,440	3.23	%	6.69	%	88.71	%	100.00	%
SHAREHOLDERS’ EQUITY
Share Capital	480,914	480,914	480,914	0.00	%	0.00	%	0.13	%
Additional paid-in-capital	4,857,454	4,857,454	4,857,491	0.00	%	0.00	%	1.29	%
Appropriated reserves	22,632,835	24,302,796	23,702,075	-2.47	%	4.72	%	6.32	%
Retained earnings	5,779,197	5,299,318	7,094,311	33.87	%	22.76	%	1.89	%
Accumulated other comprehensive income, net of tax	5,469,515	5,693,944	5,159,284	-9.39	%	-5.67	%	1.37	%
Stockholders’ equity attributable to the owners of the parent company	39,219,915	40,634,426	41,294,075	1.62	%	5.29	%	11.00	%
Non-controlling interest	985,035	1,054,609	1,090,211	3.38	%	10.68	%	0.29	%
Total liabilities and equity	352,199,072	364,125,311	375,250,726	3.06	%	6.55	%	100.00	%

Separate Grupo Cibest

At the end of the second quarter of 2025, Grupo Cibest S.A.’s total assets reached COP 45.4 trillion, mainly explained by the recognition of investments in subsidiaries resulting from the corporate evolution process. Liabilities totaled COP 3.58 trillion, primarily due to the recognition of financial obligations and deferred tax liabilities, also associated with this evolution. Shareholders’ equity stood at COP 41.86 trillion, with the increase mainly driven by the incorporation of retained earnings and current year profits, along with higher accumulated other comprehensive income, reflecting the equity effects of the reorganization.

II.QUANTITATIVE AND QUALITATIVE ANALYSIS OF THE MARKET RISK TO WHICH THE ISSUER IS EXPOSED AS A RESULT OF ITS INVESTMENTS AND ACTIVITIES SENSITIVE TO MARKET VARIATIONS

Market risk refers to the risk of losses due to changes in equity prices, interest rates, foreign-exchange rates and other indicators whose values are set in a public market. It also refers to the probability of unexpected changes in net interest income and economic value of equity as a result of a change in market interest rates.

Consolidated

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of December 31, 2024.

The guidelines, policies and methodologies for market risk management are maintained in accordance with what was revealed for Grupo Bancolombia as of December 31, 2024.

Total market risk exposure of Grupo Cibest Consolidated decreased by 25.4%, from COP 1,697,566 millions in December 2024 to COP 1,266,436 millions in June 2025. This variation is primarily explained by a lower exposure to the foreign exchange risk factor, due to a reduction in positions denominated in U.S. dollars. Conversely, the interest rate risk factor increased, driven by higher exposure to private debt securities and foreign currency bonds. The stock price risk factor also rose, associated with greater exposure to equity instruments within the broker-dealer’s portfolio. Lastly, the collective investment funds risk factor recorded an increase, explained by the appreciation of the Fondo Inmobiliario Colombia.

Market risk exposure has been maintained within the approved levels, it is permanently monitored by Senior Management, and is a tool for decision-making that allows preserving the stability of Grupo Cibest Consolidated.

Non-trading Instruments Market Risk Measurement

The main risk exposure in the banking book is interest rate risk, which refers to the likelihood of unexpected changes in net interest income or in the economic value of equity as a result of fluctuations in market interest rates. Changes in interest rates affect Grupo Cibest Consolidated’s income due to mismatches in the repricing of assets and liabilities. The management interest rate risk arising from banking activities in non-tradable instruments by analyzing interest rate mismatches between interest rate-sensitive assets and liabilities, and by estimating the impact on the net interest margin and the economic value of equity. Foreign exchange exposures that arise in the banking book are transferred to the treasury book for management.

Interest Risk Exposure (Banking Book)

Grupo Cibest Consolidated conducts an interest rate risk sensitivity analysis by estimating the impact on the net interest margin of each position in the banking book using a repricing model and assuming a positive parallel shift of 100 basis points in interest rates.

The principles and guidelines for interest rate risk management in the banking book remain consistent with those disclosed for Grupo Bancolombia as of December 31, 2024.

Sensitivity To Interest Rate Risk Of The Banking Book

As of June 30, 2025, the net sensitivity of the banking book in local currency to a parallel shift of 100 basis points in interest rates was COP 360,797 millions, representing an increase of COP 13,549 millions compared to December 2024. This increase was mainly driven by a higher balance of variable-rate loans, partially offset by the implementation of hedge accounting strategies and the growth in Certificates of Term Deposit (CDTs) with maturities of less than one year.

Meanwhile, the sensitivity of the Net Interest Margin (NII) in foreign currency to a parallel shift of 100 basis points in interest rates increased by USD 7.89 millions between December 31, 2024, and June 30, 2025, reaching USD 1.06 millions. This increase was primarily explained by significant loan portfolio growth in Banistmo and Bancolombia Panama. However, this effect was partially offset by the rise in deposit accounts at Bam and in Grupo Cibest Consolidated’s CDTs, which helped reduce the net impact on NII sensitivity.

Separated

Grupo Cibest measures market risk exposure using a Value at Risk (VaR) methodology based on weighted historical simulation, with a 99% confidence level and a 10-day time horizon.

As of June 30, 2025, Grupo Cibest’s exchange rate VaR amounted to COP 1.6 trillion, driven by exposure to the U.S. dollar.

III.MATERIAL VARIATIONS THAT HAVE OCCURRED IN THE RISKS TO WHICH THE ISSUER IS EXPOSED, OTHER THAN MARKET RISK, AND THE MECHANISMS IMPLEMENTED TO MITIGATE THEM

LIQUIDITY RISK

Liquidity risk is understood as the inability to fully and timely meet payment obligations on their due dates due to insufficient liquid resources and/or the need to incur excessive funding costs. Situations such as downgrades in Grupo Cibest Consolidated’s credit ratings would increase the cost of funds and hinder its ability to attract deposits or renew maturing debt.

Consolidated

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025.

The principles and guidelines for liquidity risk management remain consistent with those disclosed for Grupo Bancolombia as of March 31, 2025.

During the analysis period, Grupo Cibest Consolidated maintained sufficient liquidity levels, which allowed it to meet all internal and regulatory indicators. Additionally, liquidity monitoring did not report any alerts

indicating potential risk, and liquid assets comfortably exceeded the established limits to cover the liquidity requirements.

The coverage ratio decreased from 247.07% in March 2025 to 236.56% in June 2025. This variation was mainly explained by an increase in the 30-day liquidity requirements of Bancolombia and Bancolombia Panama, as a result of higher projections for term deposits (CDTs) and interbank loans, respectively.

Separated

To estimate liquidity risk, a cash flow is calculated to ensure that liquid assets held are sufficient to cover potential net cash outflows in 30 days. The liquidity indicator is presented as follows:

Liquidity Coverage Ratio	June 30th, 2025
In millions of COP
Net cash outflows into 30 days	19,162
Liquid Assets	5,264
Liquidity coverage ratio	24,426

Contractual maturities of financial assets and liabilities

Contractual maturities of principal on financial assets are presented below:

Contractual maturities of assets at June 2025

Assets	0-30 days	31 days -1 year	1-3 years	3-5 years	Over 5 years
In millions of Colombian Pesos
Cash and cash equivalents	5,414	0	0	0	0
Securities	1,440,402	41,116	0	0	0
Total Assets	1,445,816	41,116	0	0	0

Contractual maturities of principal on liabilities are presented below:

Contractual maturities of liabilities at June 2025

Liabilities	0-30 days	31 days -1 year	1-3 years	3-5 years	Over 5 years
In millions of Colombian Pesos
Financial obligations	0	1,461,011	0	0	0
Preferred stock	0	555,152	0	0	0
Total Liabilities	0	2,016,163	0	0	0

CREDIT RISK

Credit risk represents the likelihood that Grupo Cibest Consolidated may incur financial losses due to a counterparty, issuer, or debtor failing to meet their contractual obligations. It also encompasses losses resulting

from credit rating downgrades, reduced earnings and returns, concessions granted during debt restructurings, and recovery-related costs. As the most significant risk inherent to banking operations, credit risk is actively managed throughout each phase of the credit cycle.

Consolidated

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025.

The first half of 2025, moderate and stable economic growth was observed in Colombia in contrast to the mixed dynamics observed in Central America, where Panama and Guatemala showed strong growth, while El Salvador saw a slowdown compared to march 2025. In Colombia, the positive performance of service sectors such as commerce, entertainment, and transportation has been supported by the gradual reduction in interest rates and the deceleration of inflation, which in turn has sustained robust household consumption. However, the uncertainty caused by volatility in global markets, a consequence of the trade and tariff policies of the United States and the ongoing conflict in the Middle East, continues to affect investment decisions, impacting overall economic activity.

In response to this situation, Grupo Cibest Consolidated has maintained support for its clients with the aim of ensuring proactive credit risk management and evaluating specific conditions and requests to meet their credit needs, as well as developing methodologies, tools, and models to optimize collections. The monitoring and review of credit portfolios from different perspectives continue to be a key factor in identifying and enhancing the implementation of proactive strategies at various stages of the credit cycle.

Grupo Cibest Consolidated´s loan portfolio as of June 2025, compared to March 2025, showed a slight increase of 0.45% in the consolidated portfolio balance in pesos. This growth was achieved despite the revaluation of the peso against the dollar, which impacted the portfolio’s value when expressed in that currency. However, the increase in disbursements was due particularly in the corporate commercial portfolio across all geographies where it operates, as well as in the mortgage portfolio in Colombia, contributed to maintaining the overall stability of the loan portfolio..

The 30-day past due loan ratio (consolidated) at stood at 4.94% as of June 2025, showing a decrease compared to 5.05% in March 2025. The level of the bank´s non-performing loans is mainly impacted by the improvement in the quality of the retail loan portfolio, particularly in consumer and mortgage products. The management of all portfolios continues across the different stages of the credit cycle to anticipate the materialization of risks, designing containment and recovery strategies for the loan portfolio.

The credit cost for Grupo Cibest Consolidated in the second quarter of 2025 was 1.6%, remaining in line with the figure recorded in March of the same year. This result reflects the strong performance across all portfolios.

COUNTRY RISK

This risk refers to the possibility of Grupo Cibest Consolidated incurring losses as a result of financial operations abroad due to adverse economic and/or political conditions in the country receiving those operations, either because of restrictions on the transfer of foreign exchange or because of factors not attributable to the commercial and financial condition of the country receiving those operations. This definition includes, but is not limited to, sovereign risk (SR) and transfer risk (TR) associated with such factors.

Consolidated

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025.

The guidelines, policies and methodologies for country risk management are maintained in accordance with what was revealed for Grupo Bancolombia as of March 31, 2025.

At of the end of June 2025, compared to March 2025, no alerts were reported for any of the investments subject to country risk. Likewise, there were no downgrades in the country risk ratings of the countries where the Group holds such investments. Within Grupo Cibest Consolidated, the portfolio of investments subject to country risk assessment has undergone a reallocation of investment companies. Additionally, the value of the investments that remain in the portfolio has declined due to revaluation factors.

OPERATIONAL RISK

Operational risk is the likelihood that Grupo Cibest will incur losses as a result of failures or inadequacies in systems, processes, people, infrastructure, or due to external causes or events. Operational risk may also arise from failures in the models or management information used by the organization.

Separated

Grupo Cibest has an operational risk management system, which aims to adequately manage risks to minimize, avoid, or reduce the occurrence of adverse events and/or reduce their consequences or costs if they do occur.

Realized losses during the second quarter of 2025 amounted to COP 70,245 millions.

FINANCIAL LEVERAGE RISK

Separated

Grupo Cibest monitors its financial structure using the double leverage ratio, a key indicator that reflects the level of indebtedness used to finance investments in subsidiaries. This metric helps assess the risk that the holding company may face financial strain or solvency issues when such investments are primarily funded through debt, creating a two-tier leverage structure:

•At the holding company level, where debt is incurred to invest in subsidiaries.

•At the subsidiary level, where each entity may also carry its own debt.

As of June 2025, the Grupo Cibest’s double leverage ratio stood at 104.8%, based on the book value of investments in subsidiaries of COP 43,885 billion, compared to Grupo Cibest’s accounting equity of COP 41,862 billion.

This level remains within the internal thresholds established by management and is subject to continuous monitoring as part of the Grupo Cibest's financial risk management practices.

OTHER RELEVANT RISKS

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025:

•Regulatory and Legal Risk

During the second quarter of 2025, relevant regulatory changes were recorded in Colombia, Panama, Guatemala, and El Salvador that could have fiscal, accounting, and operational implications.

Colombia

For the second quarter of 2025, significant regulatory movements were registered in Colombia. Firstly, the Congress of the Republic approved the labor reform bill. Although the final version differs from the draft originally submitted by the National Government, it remains one of the administration’s priority initiatives, aimed at reaffirming workers’ rights in areas such as working hours, employment arrangements, and compensation. The direct effects on Bancolombia’s operations will impact certain operational fronts, particularly regarding the dissemination of information and the safeguarding of labor rights for employees. Additionally, the reform may lead to increased operational expenses arising from: (i) services contracted through outsourcing; and (ii) adjustments to the employment arrangements for SENA1 apprentices. Indirectly, various analysts have indicated that, at the national level, this reform could negatively affect unemployment and informality rates, which in turn may deteriorate credit demand and borrowers’ repayment capacity.

Secondly, the URF2 has published a second version of the Draft Decree that would implement the mandatory Open Finance system in Colombia. This version raises several concerns for supervised entities: i) the scheme of responsibility in the process of access and processing of data by unsupervised third parties is not clear, although a model of registration in a directory and the validation of access requirements by the so-called trusted third parties (infrastructure providers) are defined; ii) a free model is proposed, which would prevent charging for access to information or any other concept aimed at recovering the investments made for the implementation and maintenance of the data infrastructure of the providers; and iii) there is no legal certainty about the application of the principle of reciprocity, where some actors could use data from the system without being obliged to provide information to it.

Thirdly, the Financial Superintendence of Colombia has released two versions of a draft regulation that seeks to enable financial institutions to manage environmental and social risks, and evaluate their impact on the financial situation and the resilience of the business model. Although the latest version is clear that these risks should not be managed within the Comprehensive Risk Management System (SIAR), the management of social and environmental risks is still in the early stages in the country. This represents a significant challenge for supervised entities, as it is not aligned with international trends, where supervisors have opted for approaches based on recommendations and guidelines, instead of strict regulations, and even in curbing this type of measures when referring to financial activity.

Panama

Law 468 of 2025 was approved, which updates the preferential interest regime for loans for the first home for up to USD $120,000 (limiting its use to a single time and seeking an adjustment of the fiscal accounts), with a

1 SENA: National Service of Learning. A public institution in charge of offering comprehensive vocational training for workers, young people and adults, with the aim of contributing to the social, economic and technological development of the country.

2 URF: Regulatory Projection and Financial Regulation Studies Unit

rate lower than the commercial rate. Its application was suspended until January 1, 2026 due to difficulties in its implementation, temporarily maintaining the previous preferential interest regime for some mortgage loans.

Decree 462 of 2025 was issued, which modifies the Organic Law of the Social Security Fund, including:

•Changes in the retirement structure and staggered increase in the employer's contribution (2025–2029).

•Creation of a single system of solidarity capitalization with two components: one non-contributory and the other contributory (CCS).

•Possibility of investing up to 10% of the fund in private entities, and the remaining 90% in state banks.

Guatemala

The Constitutional Court provisionally suspended Decree 31-2024, which established the mandatory use of the NIT as a unique identifier, generating legal uncertainty about its implementation.

In addition, the Monetary Board issued Resolution JM-56-2025, which introduced adjustments to the Credit Risk Management Regulations (JM-47-2022), including: i) Extension of terms for provisions; ii) Gradualness in the requirement of Financial Statements audited under ISA 700; iii) Exclusion of back-to-back self-liquidating transactions from the dynamic provisioning requirement; iv) Possibility of applying internal methodologies under control conditions, and a minimum base of 85% of reserves calculated in accordance with the annex to the regulations (JM-47-2022). These changes seek to have a progressive impact on its implementation.

Relevant legislative initiatives were presented, such as:

•Cryptocurrency Law (Initiative 6538): regulates digital assets as a means of voluntary payment.

•Anti-Money Laundering Law (Initiative 6593): expands obligated entities in accordance with GAFILAT standards.

•Telework Law: establishes labor rights and promotes rural employment.

•Credit Relief Initiative: proposes temporary mechanisms for people who are over-indebted (in the initial phase).

It is highlighted that the Congress of the Republic has had a low legislative productivity so far in 2025, marked by a lack of consensus, absence of quorum and scarce convening of plenary sessions. This generates an environment of regulatory uncertainty because the proposals for initiatives do not advance, so their effective adoption in the short term is uncertain.

El Salvador

During the quarter, some regulatory advances were highlighted, such as: i) the voluntary implementation of IFRS in sustainability (S1 and S2); ii) the increase in the minimum wage; iii) a bill to stabilize the financial system that seeks to increase insurance premiums on deposits; iv) Proposal to authorize Investment Banking entities that integrate banking operations and digital asset service providers into a license, v) as well as the operational processes for the implementation of the Data Protection Law, and the regulation on cybersecurity and artificial intelligence.

On the other hand, the Foreign Agents Law was passed along with its regulations, aimed primarily at NGOs and foreign-funded actors that can influence the country. Although it does not apply directly to the financial sector, banks must act as withholding agents for the tax on financial transactions related to these subjects, which implies operational adjustments.

In line with the agreements with the IMF3, two technical standards on liquidity for financial institutions were approved. The first (NRP-87) requires banks to reach 3% in liquid assets with respect to their daily balances, within a 16-month period between April 2025 and May 2026. The second (NPBT-14) establishes a temporary increase in the liquidity reserve for eight fourteen-quarters, between January and May 2025, with a discount of 68% on the cash balance reported as of September 30, 2022. Bancoagrícola meets both requirements.

•Political risk

During the second quarter of 2025, several factors were identified that could represent relevant political risks for the countries of Colombia, Panama, Guatemala, and El Salvador.

Colombia

In terms of political risk, two risks associated with the country's fiscal situation could be faced: i) a new tax reform focused on eliminating tax benefits and particularly, exemptions from VAT, income tax, taxes on hydrocarbons, inheritances, remittances, as well as making permanent the taxes of the economic emergency of Catatumbo (stamp duty, VAT on online games of luck and chance and imports of hydrocarbons); and (ii) the implications it would have on the organization's debt ratings and the downgrade of the country's debt ratings.

These risks arise as a result of the complex fiscal situation faced by the government that led it to activate the escape clause of the fiscal rule. This legal mechanism allows the Ministry of Finance to suspend the application of the fiscal rule formula, with which the fiscal deficit could reach up to 7.1% of GDP in 2025 (vs. 5.1% proposed in the Financial Plan presented at the beginning of the year) and public spending would rise by COP $20 billion. In addition, the 2025 Medium-Term Fiscal Framework presented in June, points to the need to process a tax reform for around COP $25 billion.

After the signing of the credit pact between the government and the credit institutions, the President of the Republic has been signaling his disagreement with the amounts disbursed for the so-called popular economy (approximately 35% of the target), which suffers from a delay in disbursements compared to the other sectors (approximately 55% of the target) and insisting on an idea already mentioned above of processing a bill that would create forced investments for the financial sector that allow a greater distribution of resources to these segments of the population. In this regard, the Financial Superintendent has pointed out the existence of difficulties in measuring which credits are classified in this category, implying that it is possible that this amount is underestimated since it is confused with consumer credit in terms of its destination, and it is unlikely that the idea of forced investments will materialize.

In geopolitical matters, relations with the United States, Colombia's main trading partner, continue to go through a complex period, and some fronts could be affected by the interaction between the leaders of both countries. The country's economic conditions could have an impact on account of a reduction in foreign aid from the United States, motivated by the budget cuts that the government of this country intends to make and a possible decertification of Colombia in the fight against drugs. Colombia is also one of the countries whose products face 10% tariffs in the United States. it may affect companies that trade in the international market and the country's external accounts. However, opportunities to compete with countries facing higher tariffs, such as Brazil, may also present themselves on that front.

Panama

During the inauguration of the new U.S. government, the interest on the part of that country to retake control of the Panama Canal was mentioned. This situation generated uncertainty in the Panamanian financial markets, falls in consumer confidence and investor confidence. However, after some official visits by the U.S., a

3 IMF: International Monetary Fund.

memorandum of understanding was signed between the two countries, in which it is clear that the sovereignty of the Panama Canal will be respected and a program of collaboration and military support was established between the two nations, without affecting Panama's sovereignty.

On the other hand, the Reform of the Social Security Fund (CSS) strengthened the pension system, increased employer contributions and facilitated labor formalization. It had positive fiscal effects that contributed to maintaining the country's investment grade.

During the months of May and June, there were intense social protests, especially in Bocas del Toro, which caused the departure of the banana company Chiquita, affecting 5 thousand jobs and banana exports. The tourism sector was also affected. The situation has normalized in most of the country since June.

Panama was excluded from the EU Risk List of countries with a high risk of money laundering and terrorist financing, which improves its international reputation, facilitates trade and strengthens the financial regulatory framework.

Guatemala

In Guatemala, the political scenario continues to be marked by institutional tensions, especially the confrontation between President Arévalo and Attorney General Consuelo Porras, which has generated uncertainty about political stability and the strengthening of the rule of law. This dispute has intensified polarization and raised concerns about the political use of the judicial system.

In addition, the country faces the challenge of renewing key authorities such as the magistrates of the Supreme Electoral Tribunal, the Constitutional Court and the Comptroller General of Accounts, processes that could redefine the political balance towards the 2027 elections. In parallel, the government has struggled to lead strategic sectors such as infrastructure, health, and security.

In the second quarter of 2025, Guatemala is going through a stage of low political-institutional tension. An example of this is the stagnation in the implementation of the Superintendence of Competition. Although Decree 32-2024 Competition Law establishes deadlines for its implementation, Congress has not yet appointed the two members necessary to make up its board of directors, which prevents progress in the election of the Superintendent and in the preparation of the corresponding regulations.

At the regional level, Guatemala has strengthened its cooperation with the U.S. and Taiwan, within the framework of initiatives focused on migration, border security, and limiting Chinese influence in critical infrastructure. As part of these agreements, the country pledged to increase flights of deportees and receive technical and military support. Guatemala seeks to consolidate itself as a reliable ally in issues such as cybersecurity, technology and infrastructure, without compromising its sovereignty or democratic legitimacy.

El Salvador

In the second quarter of 2025, El Salvador made progress in complying with the agreements with the IMF. On June 26, the first review of the agreement under the IMF's Extended Facility (EFF) was carried out, approved in February for a total amount of US$1,400 million, which allowed an immediate disbursement of US$118 million. The IMF confirmed that the country is complying with the commitments made, highlighting advances in fiscal sustainability, financial transparency of state-owned companies and improvements in public procurement. International fiscal and reserve targets were also achieved, and structural reforms in governance and financial resilience continue. By the end of the year, new commitments are expected to be validated, including reforms to the pension system and greater transparency in the use of public funds.

•Economic and sectoral environment

In the economic sphere, the first half of 2025 confirmed the continuity of the macroeconomic stabilization process at the global level, supported by a gradual improvement in the pace of growth in several developed and emerging economies. At the same time, upside risks to inflation remain relevant, in an environment of high indexation in services prices and higher trade barriers, which could exert inflationary pressures in the second half of the year. In addition, geopolitical conflicts and deteriorating public finances in some regions have contributed to an increase in volatility in international financial markets.

Colombia

The Colombian economy has continued in a phase of macroeconomic stabilization, characterized by greater growth dynamics and declining inflation. Indeed, GDP advanced 2.7% annually in the first quarter of the year, which reinforces our expectation of 2.6% growth in the consolidated 2025 period. At the same time, inflation fell to 4.8% in June, in a gradual process that, in our opinion, would allow the monetary policy target range to be reached by the end of 2026. In line with this behavior, the Bank of the Republic cut its rate once, to 9.25%, from the 9.50% observed at the end of last year. In contrast, the fiscal situation and the environment of international volatility have become the main macroeconomic challenges. On the one hand, the activation of the escape clause of the Fiscal Rule enables the Government to register a fiscal deficit of 7.1% of GDP and a gross debt that, according to our estimates, will exceed 63% of GDP. In addition, the tax revenue projections published in June remain optimistic, so we identify risks of a further deterioration of the fiscal balance. On the other hand, the international context has been dominated by multiple tariff announcements and conflicts in the Middle East, factors that, in our opinion, will continue to generate uncertainty due to their implications on inflation and the trajectory of local monetary policy.

Panama

After the negative shock in 2024 following the closure of the Cobre Panama mine, the economy has exhibited a gradual acceleration in economic growth and for the first quarter of 2025 it showed an annual advance of 5.2%. Despite the disruptions associated with the El Niño phenomenon, there was evidence of a recovery in the operation of the Panama Canal; in addition, there has been a boom in tourism, which helped to compensate for the cessation of mining activity. With respect to prices, the controls applied to food and medicines, together with the reduction in oil prices, have led to negative inflation rates that for June reached -0.4% annually. This trend would begin to correct as global geopolitical tensions exert upward pressures on import and transportation costs. However, the economic outlook presents two significant challenges. First, the relocation of workers dismissed by the Cobre Panama mine could be limited, or even reversed, in the face of the demonstrations presented by the announcement of a cessation of operations by the banana company Chiquita Panama. Second, although the president has expressed his commitment to the consolidation of public finances, this process would face obstacles associated, on the one hand, with low levels of tax collection and, on the other, with the existence of significant rigidities in public spending, such as the annual transfer of close to USD1,000 million to the pension system.

Guatemala

The country has shown one of the best performances in the Central American region in recent years, driven by the solid growth of financial activities and textile exports, as well as by the dynamism generated by the boom in tourism in the commercial and hotel sectors. At the same time, inflation has remained consistently below the Bank of Guatemala's target, due to low international oil prices and the dissipation of supply shocks. Going forward, we expect the economy to maintain a favorable trajectory, as greater investment in infrastructure

projects and tourism offset the potential reduction in remittance inflows as a result of tighter U.S. immigration policy. In linewith this panorama, the government of President Arévalo has shown a greater willingness to increase spending on infrastructure and social programs, so we estimate that the public administration would provide an additional boost to growth. However, it is important to note that Guatemala has historically been characterized by its fiscal soundness and that, although there are plans to expand spending, we do not anticipate a significant deterioration in public finances in the coming years. Finally, the Bank of Guatemala has indicated that its monetary policy decisions will remain in line with those of the U.S. Federal Reserve, so we only foresee two cuts in its interest rate during 2025, which would take it to 4.00%.

El Salvador

The country's recent outlook has been marked by a slight economic slowdown, attributed to the weakening of the textile sector, whose international demand has been affected in an environment of growing competition from Asian countries in maquila activities. In addition, inflation has shown a downward bias due to the evolution of fuel prices. Going forward, economic performance will be conditioned by several factors: 1) a loss of dynamism in external demand as a result of the slowdown in global growth and the tariff situation; 2) a reduction in remittance flows to the country, as a result of the tightening of U.S. immigration policy and the impositionof a tax on the outflow of transfers, which would translate into lower household consumption; and 3) a more limited space for public spending, to the extent that the Government advances in meeting the fiscal consolidation objectives agreed with the International Monetary Fund. Along these lines, we believe that the fiscal front—which had become the main challenge in the macroeconomic outlook—could show an improvement in the short term, while strengthening the institutional capacity to respond to external shocks. Finally, in terms of prices, we predict that inflation could rebound in the short term as a result of disruptions in world trade; however, this effect would be transitory and would give way to inflation rates close to 1.3% in the medium term.

•Third-Party Risks

The outsourcing of activities within the Grupo Cibest Consolidated involves operational and strategic risks, especially if suppliers do not adequately comply with the contracted services. This situation can affect the achievement of objectives, disrupt operations, and increase exposure to cybersecurity risks, handling confidential information, fraud, and reputation, especially in the face of public or regulatory scrutiny.

During the second quarter of 2025, progress was made in the evaluation plan for critical suppliers, with the aim of strengthening the control environment and improving contracting processes, ensuring effective management of third parties.

•Model Risk

During the second quarter of 2025, key progress was made in consolidating the model risk management framework. The design phase of the Comprehensive Framework for the Validation of Generative AI Models was completed, updating the classification methodology (tiering) of analytical tools by incorporating criteria of impact, robustness, explainability and ethical use; additionally, the general guidelines for model risk management are updated, an annex was created with special guidelines for Generative AI models and specific validation guides and mandatory technical tests were developed, applicable from the second semester. The automation of the validation process was significantly expanded by incorporating additional quantitative modules focused on provisioning and liquidity risk models, with a 30% reduction in average review times compared to the usual standard and strengthening the complete traceability of the process. In addition, an early warning engine was successfully implemented to anticipate deadlines of findings and action plans derived from the independent validation of models, generating proactive alerts aimed at reducing the average time to close. These advances allow the risk profile to be maintained at a moderate level with a stable trend in the face of changes in the environment and in the processes of the Grupo Cibest Consolidated.

•Cybersecurity and information security risk

As Grupo Cibest Consolidated its business model leveraged on emerging technologies, it is increasingly facing more relevant challenges and risks in terms of cybersecurity and information security. This exposure can generate impacts on the operation of the business, reputational damage or even fraudulent events.

So far in the second quarter of 2025, the construction, disclosure and approval of the technological and cyber risk management policy is highlighted, which will provide a more structured governance and action framework for the identification, measurement, control and monitoring of risk, guaranteeing the confidentiality, integrity and availability of information assets. technology and processes; in addition, it promotes and leverages competitive advantages that enable business objectives.

•Internal Fraud Risk

At Grupo Cibest Consolidated we have declared zero tolerance against fraud in any of its manifestations. To this end, we have an anti-fraud program which seeks to promote an adequate internal control environment with mechanisms to prevent, detect and respond to internal fraud risks in an articulated manner between the different areas involved.

This program is the umbrella in the consolidated Grupo Cibest Consolidated for the management of the risks of fraud in financial reporting, misappropriation of assets and corruption.

•Risk of FTAs and corruption

n the field of money laundering and terrorist financing (FTA) risk management, with the start-up of Grupo Cibest., a risk prevention and management program was adopted, in accordance with applicable regulations, as well as the adoption of national and international standards in the matter, which allow us to: identify, assess and appropriately manage the LAFT risks to which the entity could be exposed.

Compliance risks in our subordinates continue to be managed with a strategic, comprehensive and adaptable vision, guaranteeing a structured and dynamic development that respects the particularities of each business unit, region and entity.

•Risk of External Fraud

During the second quarter of the year, fraud risk management remained a strategic priority for the consolidated Grupo Cibest. Actions have been carried out to strengthen prevention, containment and response models, such as: acceleration in the maturation of engines, optimization of monitoring rules focused on behavior patterns, and the intensification of financial education initiatives on how to use products and channels safely and easily, with emphasis on preventing modalities based on social engineering for customers.

IV.MATERIAL MATTERS IN THE INFORMATION REPORTED IN THE CORPORATE GOVERNANCE ANALYSIS CHAPTER DURING THE QUARTER

The material corporate governance matters presented during the quarter are detailed below.

(i) Remuneration of the Board of Directors

At the Extraordinary General Shareholders’ Meeting held on June 9, the shareholders approved the remuneration of the Board of Directors as follows:

For directors residing in Colombia, the following fees were established, as applicable:

•Fixed monthly fees for the Board of Directors in the amount of COP $15.500.000

•Fixed monthly fees for participation in Support Committees:

◦Audit and Risk Committees: COP $15.500.000

◦Good Governance and Nomination, Compensation and Development Committees: COP $5.200.000

•Additional compensation for the Chair of the Board of Directors and the Chairs of the Support Committees:

◦Fixed monthly fees for the Chair of the Board of Directors: COP $20.100.000

◦Fixed monthly fees for the Chairs of the Audit and Risk Committees: COP $18.600.000

◦Fixed monthly fees for the Chairs of the Good Governance and Nomination, Compensation and Development Committees: COP $6.200.000

For directors residing abroad, the following fees were approved, as applicable:

•Fixed monthly fees for the Board of Directors in the amount of USD $3.500

•Fixed monthly fees for participation in Support Committees:

◦Audit and Risk Committees: USD $3.500

◦Good Governance and Nomination, Compensation and Development Committees: USD $1.200

•Additional compensation for the Chair of the Board of Directors and the Chairs of the Support Committees:

◦Fixed monthly fees for the Chair of the Board of Directors: USD $4.500

◦Fixed monthly fees for the Chairs of the Audit and Risk Committees: USD $4.100

◦Fixed monthly fees for the Chairs of the Good Governance and Nomination, Compensation and Development Committees: USD $1.400.

Additionally, it was approved to continue recognizing per diem allowances in the amount of two hundred seventy-eight dollars (USD 278) per travel day for in-person attendance at Board or Committee meetings for directors residing abroad. It was also explained that, in accordance with the current policy, 70% of the Board of Directors’ fees are paid in cash and the remaining 30% is paid through a contribution to the Institutional Fund, whose sole investment will be shares of Grupo Cibest S.A., subject to a two-year holding period from the date of contribution.

(ii) Composition and Functioning of the Board of Directors and its Support Committees

Board of Directors

On May 2, an Extraordinary Shareholders’ Meeting of Grupo Cibest was held, during which the following individuals were appointed as Directors:

1.Ricardo Jaramillo Mejía, shareholder-appointed member

2.Juan David Escobar Franco, shareholder-appointed member

3.Andrés Felipe Mejía Cardona, independent member

4.Arturo Condo Tamayo, independent member

5.Luis Fernando Restrepo Echavarría, independent member

6.Silvina Vatnick, independent member

7.Sylvia Escovar Gómez, independent member

Subsequently, at the Extraordinary Shareholders’ Meeting of Grupo Cibest held on June 9, 2025, the composition of the Board of Directors was modified to appoint the following individuals as members of the Board:

1.Ricardo Jaramillo Mejía, shareholder-appointed member

2.Juan Esteban Toro Franco, shareholder-appointed member

3.Andrés Felipe Mejía Cardona, independent member

4.Nicolás Zapata Zuluaga, independent member

5.Luis Fernando Restrepo Echavarría, non-independent member

6.Silvina Vatnick, independent member

7.Sylvia Escovar Gómez, independent member

Creation of Support Committees

By decision of the Board of Directors, on May 2, the creation of four support committees of the Board of Directors was approved, as follows:

1.Good Governance Committee

2.Nomination, Compensation and Development Committee

3.Audit Committee

4.Risk Committee

Through the material information disclosure mechanism, on June 16, 2025, the market was informed of the election of Luis Fernando Restrepo and Ricardo Jaramillo as Chair and Vice Chair, respectively, of the Board of Directors. Likewise, the new composition of the Support Committees was disclosed as follows:

Good Governance Committee

• Luis Fernando Restrepo Echavarría, President

• Sylvia Escovar Gómez

• Silvina Vatnick

Risk Committee

• Andrés Felipe Mejía Cardona, President

• Silvina Vatnick

• Juan Esteban Toro Valencia

Audit Committee

• Silvina Vatnick, President

• Andrés Felipe Mejía Cardona

• Nicolás Zapata Zuluaga

Nomination, Compensation and Development Committee

• Sylvia Escovar Gómez, President

• Luis Fernando Restrepo Echavarría

• Ricardo Jaramillo Mejía

Amendment to the Bylaws – Amendment to the Functions of the Board of Directors

On May 12, 2025, the Shareholders’ Meeting amended the bylaws of Grupo Cibest to modify the functions of the Board of Directors (Article 60). The scope of the amendment to the bylaws is set forth below:

"ARTICLE 60. Functions of the Board of Directors. The Board of Directors has sufficient powers to order the performance or conclusion of any act or contract included under the corporate purpose, to make any decisions required for the Company to fulfill its purpose, and, in particular, it will have the following functions in the development of its responsibilities related to governance, senior management, business, control, and the promotion of ethical behavior:

(...)

PARAGRAPH: If a takeover bid is submitted to acquire Company shares, the Board of Directors, fulfilling its duties of diligence and loyalty toward the entity and its shareholders, and in view of its capacity as the parent company of Bancolombia S.A., a systemically important financial institution, may contract impartial third parties to comprehensively analyze and evaluate all the components of the proposal, without limiting itself to economic aspects and including its sources of funding and the capacities of the bidder, including any links to the local and international financial sector. The conclusions of the analysis contracted for consideration by the shareholders will be published to the market so shareholders can consider it when making their decision.

The foregoing is without prejudice to any confidential analyses and evaluations that may be requested by the Board of Directors for its own consideration."

Good Governance Code

The Good Governance Code was adopted on March 25 by decision of the Board of Directors of Grupo Cibest. On June 19, by written vote of the Board of Directors, the Good Governance Code was amended with respect to: (i) the composition of the Good Governance Committee so that it may be chaired by a member who is not independent, and (ii) the composition of the Nomination, Compensation and Development Committee so that it is not required to have a majority of independent members.

Accordingly, Section 3.3 of the Good Governance Code now reads as follows:

"3.3. Support Committees of the Parent Company designated by the Board of Directors

(...)

-Good Governance Committee. The Good Governance Committee of the Parent Company will be composed of a minimum of three (3) members of the Board of Directors, and at least one (1) of them must be independent. The President of the Parent Company will attend permanently. The Legal Vice President General Secretary of the Parent Company will act as Secretary of this Committee. The main task of this Committee is to assist the Board of Directors of the Parent Company and of Bancolombia S.A. in its functions related to the corporate governance of the Parent Company, Bancolombia S.A., and the Group, and in supervising compliance with the

corporate governance measures established for the Parent Company, Bancolombia S.A., and the Group in general. The Committee will present reports of its activities to the Board of Directors of the Parent Company and will approve an annual corporate governance report for the general shareholders' meeting of the Company.

• Appointment, Compensation, and Development Commitee. The Appointment, Compensation, and Development Committee of the Parent Company will be composed of a minimum of three (3) members of the Board of Directors and will be chaired by an independent member. The main task of the Committee will be to assist the Board of Directors of the Parent Company and of Bancolombia S.A. in matters related to determining the

policies and standards for the selection, appointment, hiring, and remuneration of the Senior Management of the Parent Company and the Group, and in general, everything related to the Group’s remuneration model. The Committee will present reports of its activities to the Board of Directors of the Parent Company, and at the request of the Chair of the general shareholders’ meeting, the Chair of the Committee may inform the general shareholders’ meeting about specific aspects of the work carried out by the Committee

(...)"

Regulation for the Election of the Board Members

The Shareholders Meeting of Grupo Cibest, in an extraordinary session held on May 2, 2025, approved the Regulation for the Election of Board Members, which outlines the criteria for independence as well as the disqualifications and incompatibilities that must be considered when electing members of the Board of Directors, in line with the provisions of the Good Governance Code.

(iii) Composition of Senior Management

On April 30, 2025, the Board of Directors of Grupo Cibest removed Camilo Francisco Zarama as President of the Company and appointed Juan Carlos Mora as President. Likewise, the Board of Directors created eight Vice Presidencies which, together with the President, constitute the Company’s Senior Management. The individuals appointed to each Vice Presidency are:

•Mauricio Rosillo Rojas, Executive Vice President of Business

•Jaime Alberto Villegas Gutiérrez, Executive Vice President of Corporate Services

•Rodrigo Prieto Uribe, Executive Vice President of Risk

•Cipriano López González, Executive Vice President of Innovation and Sustainability

•José Mauricio Rodríguez Ríos, Executive Vice President of Audit

•Claudia Echavarría Uribe, Executive Vice President of Legal Affairs and General Secretary

•Julián Mora Gómez, Executive Vice President of Corporate Affairs

•Mauricio Botero Wolff, Executive Vice President of Strategy and Finance

(iv) Description of the Governance Structure and Mechanisms Implemented by the Issuer for Managing Conflicts of Interest

On March 25, 2025, the Board of Directors adopted a Good Governance Code that includes provisions for managing potential conflicts of interest. Additionally, on May 27, 2025, the Board of Directors, following the recommendation of the Audit Committee, adopted a Code of Ethics and Conduct that addresses the management of conflicts of interest for employees.

(v) Description of the Governance Structure and Mechanisms Implemented by the Issuer for Related-Party Transactions

On March 25, 2025, the Board of Directors adopted a Good Governance Code that includes provisions for managing related-party transactions.

(vi) Fees Agreed with the External Auditor for Audit Services and Other Contracted Services

At the Shareholders’ Meeting held on May 2, 2025, the Meeting appointed PwC as External Auditor of Grupo Cibest. The following fees were established:

For audit appropriations and fees, an amount of up to COP $220,000,000 plus VAT was approved for the year 2025.

Likewise, the Shareholders' Meeting authorized management, with the approval of the Audit Committee and when unforeseen circumstances make it necessary, to make payments for additional services provided by PwC related to the external audit and SOX function, in an amount not exceeding ten percent (10%) of the total annual amount authorized by the Meeting.

Additionally, the Shareholders' Meeting authorized management, with the approval of the Audit Committee, to make payments for additional services provided by PwC related to special projects, in an amount not exceeding six hundred fifty thousand dollars (USD 650,000) plus VAT. The contracting and payment of additional services may take place between 2025 and 2026. The amount in dollars shall be paid at the exchange rate in effect on the date of payment.

(vii) Description of the Governance Structure Adopted by the Issuer to Ensure Equitable Treatment of Investors and Promote Their Participation

On March 25, 2025, the Board of Directors adopted a Good Governance Code that includes measures to ensure equitable treatment of shareholders. Likewise, during the shareholders’ meetings held throughout the year, the Board of Directors implemented measures aimed at guaranteeing equal treatment of all shareholders.

V.MATERIAL CHANGES THAT HAVE OCCURRED IN PRACTICES, PROCESSES, POLICIES AND INDICATORS IN RELATION TO SOCIAL AND ENVIRONMENTAL CRITERIA, INCLUDING CLIMATE CRITERIA.

In the second quarter of 2025, there were no material changes in practices, processes, policies, or indicators related to social and environmental criteria.

VI. MATERIAL CHANGES PRESENTED IN THE FINANCIAL STATEMENTS OF THE ISSUER BETWEEN THE REPORTED QUARTER AND THE DATE OF TRANSMISSION OF THE INFORMATION

At the extraordinary shareholders’ meeting of Grupo Cibest, held on June 9, 2025, a share buyback program was approved for common shares, preferred shares without voting rights, and ADRs of Grupo Cibest S.A., up to an amount of one trillion three hundred fifty billion Colombian pesos (COP 1,350,000 million), for a term of up to one year from the approval of the Share Buyback Program Regulation by the Board of Directors. For this program, the shareholders also approved a change in the allocation of a portion of the legal reserve and the creation of a reserve for share buyback.

On July 16, 2025, Grupo Cibest announced the initialization of its share buyback program for common shares, preferred shares without voting rights, and American Depositary Receipts (ADRs) issued by Grupo Cibest. The execution began on July 17, 2025, and will take place in Colombia through the trading systems of the Colombian Stock Exchange facilitated by Valores Bancolombia S.A. Brokerage Firm, and in the United States through an Enhanced Open Market Repurchase executed by Morgan Stanley & Co. LLC.

Additionally, on July 22, 2025, Bancolombia announced its intention to voluntarily delist its 4.875% Subordinated Notes due 2027 (the “2027 Notes”) and 8.625% Subordinated Notes due 2034 (the “2034 Notes,” and together with the 2027 Notes, the “Notes”) from the NYSE. Management is currently carrying out the

necessary procedures to transfer the listing jurisdiction of the aforementioned Notes to the Singapore Exchange (“SGX”).

VII.GLOSSARY OF TERMS

ADR: American Depositary Shares, or the bank's securities that are listed on the New York Stock Exchange. An ADR represents four preferred shares.

ASG: Environmental, social, and corporate governance, by its initials in Spanish.

Bam: Banco Agromercantil de Guatemala SA.

Bancolombia or the Bannk: Bancolombia S.A.

Bancolombia Consolidated: refers to Bancolombia S.A., a banking institution organized under the laws of the Republic of Colombia, including its subsidiaries on a consolidated basis.

CDT: Certificate of Deposit at Term.

COLCAP: reference index of the stock market of the Colombian Stock Exchange.

COP: Colombian pesos.

DIAN: Dirección de Impuestos y Aduanas Nacional, tax authority in Colombia.

DJSI: Dow Jones Sustainability Index.

DTF: It is the average interest rate paid by financial institutions for 90-day deposits.

IFC: International Finance Corporation.

Grupo Bancolombia: Refers to the business group made up of Bancolombia S.A. and its subsidiaries on a consolidated basis, which is now referred to as the Grupo Cibest Consolidated.

Grupo Cibest: Refers to Grupo Cibest S.A.

Grupo Cibest Consolidated: Refers to Grupo Cibest S.A., a holding company organized under the laws of the Republic of Colombia, including its subsidiaries on a consolidated basis, unless otherwise stated or the context requires a different interpretation.

LAFT: Money Laundering and Terrorist Financing, by its initials in Spanish.

Nequi: financial platform that accompanies users in their daily lives with financial and non-financial services from third parties. As a 100% digital solution, it complements its offer with functionalities that go beyond saving and managing money.

NYSE: New York Stock Exchange.

SARLAFT: Money Laundering and Terrorist Financing Risk Management System, by its initials in Spanish.

Senior Management: President and the Vice Presidents who report directly to the President of Grupo Cibest.

SMMLV: Legal Minimum Monthly Wage in force.

TRM: Representative Market Rate, price of the dollar in the Colombian market, which varies daily.

USD: United States dollars.

UVR: Real Value Units, an indicator tied to the behavior of inflation that is used to calculate the cost of certain housing loans.

UVT: Measure that is used to determine different tax obligations with an equivalent in Colombian pesos.

VIII.    ANNEXES

i.CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CIBEST GROUP

ii.CONDENSEDcondensedseparateinterimfi.htmSEPARATEDINTERIM FINANCIAL STATEMENTSGRUPO CIBEST

Contacts
Mauricio Botero Wolff	Catalina Tobon Rivera
Strategy and Financial Vp	IR Director
Tel.: (57 604) 4040858	Tel: (57 601) 4485950
	IR@grupocibest.com.co		34
---

Document

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six-months period ended June 30, 2025 and 2024 and the three-months period from April to June 30, 2025 and 2024

F-1

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

GRUPO CIBEST S.A. AND ITS SUBSIDIARIES

As of June 30, 2025 and December 31, 2024

(Stated in millions of Colombian pesos)

	Note	June 30, 2025	December 31, 2024
ASSETS
Cash and cash equivalents	4	31,355,004	32,844,099
Financial assets investments	5.1	40,910,075	37,570,270
Derivative financial instruments	5.2	3,239,291	2,938,142
Financial assets investments and derivative financial instruments		44,149,366	40,508,412
Loans and advances to customers		279,771,687	279,453,908
Allowance for loans, advances and lease losses		(14,771,088)	(16,179,738)
Loans and advances to customers, net	6	265,000,599	263,274,170
Assets held for sale and inventories, net	7	816,784	1,106,399
Investment in associates and joint ventures		3,045,408	2,928,984
Investment properties		5,761,117	5,580,109
Premises and equipment, net		5,608,169	5,906,064
Right-of-use assets, lease		1,525,340	1,757,206
Goodwill and intangible assets, net		9,056,528	9,767,903
Deferred tax, net	8.5	639,837	763,757
Other assets, net		8,292,574	7,778,279
TOTAL ASSETS		375,250,726	372,215,382
LIABILITIES AND EQUITY
LIABILITIES
Deposits by customers	9	282,647,329	279,059,401
Interbank deposits and repurchase agreements and other similar secured borrowing	10	4,751,682	1,776,965
Derivative financial instruments	5.2	3,524,458	2,679,643
Borrowings from other financial institutions	11	11,431,252	15,689,532
Debt instruments in issue		10,388,366	11,275,216
Lease liabilities		1,635,793	1,889,364
Preferred shares		555,152	584,204
Current tax		1,248,967	156,162
Deferred tax, net	8.5	2,771,024	2,578,504
Employee benefit plans		928,875	951,555
Other liabilities	13	12,983,542	10,990,561
TOTAL LIABILITIES		332,866,440	327,631,107
EQUITY
Share capital		480,914	480,914
Additional paid-in-capital		4,857,491	4,857,454
Appropriated reserves	14	23,702,075	22,575,837
Retained earnings		3,565,344	2,715,313
Net income attributable to equity holders of the Parent Company		3,528,967	6,267,744
Accumulated other comprehensive income, net of tax		5,159,284	6,645,206
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY		41,294,075	43,542,468
Non-controlling interest		1,090,211	1,041,807
TOTAL EQUITY		42,384,286	44,584,275
TOTAL LIABILITIES AND EQUITY		375,250,726	372,215,382

The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements..

F-2

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

GRUPO CIBEST S.A. AND ITS SUBSIDIARIES

For the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024

(Stated in millions of Colombian pesos, except EPS stated in units of pesos)

		Accumulated		Quarterly
	Note	2025	2024	2025	2024
Interest on loans and financial leases
Commercial		7,741,324	8,358,202	3,913,159	4,160,195
Consumer		3,983,079	4,340,212	2,005,778	2,188,049
Mortgage		2,201,429	2,032,457	1,104,959	1,019,405
Financial leases		1,610,868	1,872,129	810,638	917,304
Small business loans		132,423	104,983	70,981	51,279
Total interest income on loans and financial leases		15,669,123	16,707,983	7,905,515	8,336,232
Interest on debt instruments using the effective interest method	15.1	471,841	497,912	238,111	240,138
Total Interest on financial instruments using the effective interest method		16,140,964	17,205,895	8,143,626	8,576,370
Interest income on overnight and market funds		93,453	126,418	42,484	64,595
Interest and valuation on financial instruments	15.1	798,975	708,556	433,823	302,510
Total interest and valuation on financial instruments		17,033,392	18,040,869	8,619,933	8,943,475
Interest expenses	15.2	(6,742,468)	(7,695,965)	(3,393,009)	(3,756,886)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		10,290,924	10,344,904	5,226,924	5,186,589
Credit impairment charges on loans, advances and financial leases, net	6	(2,161,619)	(2,957,924)	(1,058,095)	(1,623,061)
Credit (impairment) recovery for other financial instruments		(34,265)	24,161	(38,240)	4,278
Total credit impairment charges, net		(2,195,884)	(2,933,763)	(1,096,335)	(1,618,783)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments		8,095,040	7,411,141	4,130,589	3,567,806
Fees and commissions income	15.3	3,961,185	3,699,938	2,039,950	1,948,046
Fees and commissions expenses	15.3	(1,851,537)	(1,645,074)	(948,070)	(906,248)
Total fees and commissions, net		2,109,648	2,054,864	1,091,880	1,041,798
Other operating income	15.4	1,667,291	1,370,413	830,720	741,084
Dividends and net income on equity investments	15.5	258,676	(140,768)	121,351	(225,575)
Total operating income, net		12,130,655	10,695,650	6,174,540	5,125,113
Operating expenses
Salaries and employee benefits	16.1	(3,105,678)	(2,683,347)	(1,575,154)	(1,348,396)
Other administrative and general expenses	16.2	(2,796,090)	(2,492,765)	(1,456,909)	(1,288,226)
Taxes other than income tax	16.2	(746,403)	(780,826)	(389,937)	(389,932)
Impairment, depreciation and amortization	16.3	(534,801)	(533,744)	(268,544)	(273,482)
Total operating expenses		(7,182,972)	(6,490,682)	(3,690,544)	(3,300,036)
Profit before income tax		4,947,683	4,204,968	2,483,996	1,825,077
Income tax	8.3	(1,353,962)	(1,058,203)	(655,050)	(363,323)
Net income		3,593,721	3,146,765	1,828,946	1,461,754
Net income attributable to equity holders of the Parent Company		3,528,967	3,103,246	1,791,303	1,439,774
Non-controlling interest		64,754	43,519	37,643	21,980
Basic and diluted earnings per share to common shareholders, stated in units of pesos	17	3,699	3,256	1,877	1,511

The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements..

F-3

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

GRUPO CIBEST S.A. AND ITS SUBSIDIARIES

For the six months period ended June 30, 2025 and 2024 and the three-months period from April 1 to June 30, 2025 and 2024

(Stated in millions of Colombian pesos)

		Accumulated		Quarterly
	Note	2025	2024	2025	2024
Net income		3,593,721	3,146,765	1,828,946	1,461,754
Other comprehensive income/(loss) that will not be reclassified to net income
Remeasurement income related to defined benefit liability		14,985	15,028	14,985	15,028
Income tax	8.4	(5,465)	(5,386)	(5,492)	(5,393)
Net of tax amount		9,520	9,642	9,493	9,635
Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)
Unrealized gain		13,829	13,102	9,851	6,642
Income tax	8.4	1,273	5,394	873	5,935
Net of tax amount		15,102	18,496	10,724	12,577
Total other comprehensive income that will not be reclassified to net income, net of tax		24,622	28,138	20,217	22,212
Other comprehensive income/(loss) that may be reclassified to net income
Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)
Loss on investments recycled to profit or loss upon disposal		-	(7,233)	-	(1,425)
Unrealized (loss)/gain		(2,197)	(10,037)	1,846	(10,753)
Recovery of investments		2,533	2,297	4,673	3,425
Income tax	8.4	5,923	10,843	2,408	8,651
Net of tax amount		6,259	(4,130)	8,927	(102)
Foreign currency translation adjustments:
Exchange differences arising on translating the foreign operations		(1,610,582)	1,669,069	(536,689)	1,572,026
Gain/(Loss) on net investment hedge in foreign operations		230,626	(452,000)	38,362	(413,925)
Income tax	8.4	(125,648)	178,154	(54,494)	161,370
Net of tax amount(1)		(1,505,604)	1,395,223	(552,821)	1,319,471
Cash flow hedges
Net (loss)/gains from cash flow hedges		(361)	-	8	-
Reclassification to the Statement of Income		145	-	(162)	-
Income tax	8.4	87	-	62	-
Net of tax amount		(129)	-	(92)	-
Unrealized (loss)/gain on investments in associates and joint ventures using equity method		(446)	(6,247)	(196)	100
Income tax	8.4	(599)	890	(670)	(18)
Net of tax amount		(1,045)	(5,357)	(866)	82
Total other comprehensive income that may be reclassified to net income, net of tax		(1,500,519)	1,385,736	(544,852)	1,319,451
Other comprehensive income, attributable to the owners of the Parent Company, net of tax		(1,475,897)	1,413,874	(524,635)	1,341,663
Other comprehensive income, attributable to the Non-controlling interest		278	1,922	(693)	1,375
Total comprehensive income attributable to:		2,118,102	4,562,561	1,303,618	2,804,792
Equity holders of the Parent Company		2,053,070	4,517,120	1,266,668	2,781,437
Non-controlling interest		65,032	45,441	36,950	23,355

The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.

F-4

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

GRUPO CIBEST S.A. AND ITS SUBSIDIARIES

For the six-months period ended June 30, 2025 and 2024

(Stated in millions of Colombian pesos, except per share amounts stated in units of pesos)

	Attributable to owners of Parent Company
				Accumulated other comprehensive income
	Share<br>Capital	Additional<br>Paid in <br>capital	Appropiated<br><br>Reserves<br><br>(Note 14) (1)	Translation<br>adjustment	Cash flow hedging	Equity<br>Securities<br>through OCI	Debt<br>instruments<br>at fair value<br>through OCI	Revaluation<br>of assets	Associates	Employee<br>Benefits	Retained<br>earnings	Net<br>Income	Attributable<br>to owners<br>of Parent<br>Company	Non-<br>Controlling<br>interest	Total<br>equity
Balance as of January 1, 2025	480,914	4,857,454	22,575,837	6,517,456	129	203,557	(44,070)	2,137	5,178	(39,181)	2,715,313	6,267,744	43,542,468	1,041,807	44,584,275
Transfer to profit from previous years	–	–	–	–	–	–	–	–	–	–	6,267,744	(6,267,744)	–	–	–
Dividend payment corresponding to 509,704,584 common shares and 452,122,416 preferred shares without voting rights, subscribed and paid as of December 31, 2024, at a rate of COP 3,900 per share, as approved by the shareholders' meeting on March 14, 2025. Additionally, on April 23,2025, the shareholders' meeting approved an extraordinary dividend at a rate of COP 624 per share.	–	–	(600,180)	–	–	–	–	–	–	–	(3,693,424)	–	(4,293,604)	–	(4,293,604)
Other reserves	–	–	1,726,418	–	–	–	–	–	–	–	(1,724,593)	–	1,825	–	1,825
Realization of retained earnings(2)	–	–	–	–	–	(10,025)	–	–	–	–	10,025	–	–	–	–
Others(3)	–	37	–	–	–	–	–	–	–	–	(9,721)	–	(9,684)	–	(9,684)
Non-controlling interest	–	–	–	–	–	–	–	–	–	–	–	–	–	(16,628)	(16,628)
Net Income	–	–	–	–	–	–	–	–	–	–	–	3,528,967	3,528,967	64,754	3,593,721
Other comprehensive income	–	–	–	(1,505,604)	(129)	15,102	6,259	–	(1,045)	9,520	–	–	(1,475,897)	278	(1,475,619)
Balance as of June 30, 2025	480,914	4,857,491	23,702,075	5,011,852	–	208,634	(37,811)	2,137	4,133	(29,661)	3,565,344	3,528,967	41,294,075	1,090,211	42,384,286

(1) The COP 1.73 trillion movement is attributable to the establishment of reserves in accordance with the allocation of earnings of the Group’s entities. The transaction for COP (600,180) corresponds to the payment of extraordinary dividend approved by the shareholders' meeting held on April 23, 2025. At the extraordinary shareholders’ meeting of Cibest, held on June 9, 2025, a share buyback program was approved for common shares, preferred dividend shares without voting rights and ADRs of Grupo Cibest S.A., up to an amount of one trillion three hundred fifty billion Colombian pesos COP 1,35 trillion. For further information, see Note 1. Reporting entity.

(2)Realization of retained earnings from equity securities through OCI, corresponds to the sale of the investment in Bladex.

(3)The transaction for COP 37 in additional paid in capital corresponds to Grupo Cibest, recorded upon its capitalization.

The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements..

F-5

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

GRUPO CIBEST S.A. AND ITS SUBSIDIARIES

For the six-months period ended June 30, 2025 and 2024

(Stated in millions of Colombian pesos, except per share amounts stated in units of pesos)

	Attributable to owners of Parent Company
				Accumulated other comprehensive income
	Share<br>Capital	Additional<br>Paid in <br>capital	Appropiated<br>Reserves	Translation<br>adjustment	Equity<br>Securities<br>through OCI	Debt<br>instruments<br>at fair value<br>through OCI	Revaluation<br>of assets	Associates	Employee<br>Benefits	Retained<br>earnings	Net<br>Income	Attributable<br>to owners<br>of Parent<br>Company	Non-<br>Controlling<br>interest	Total<br>equity
Balance as of January 1, 2024	480,914	4,857,454	20,044,769	3,974,379	193,906	(67,306)	2,137	11,520	(40,475)	2,515,278	6,116,936	38,089,512	960,217	39,049,729
Transfer to profit from previous years	–	–	–	–	–	–	–	–	–	6,116,936	(6,116,936)	–	–	–
Dividend payment corresponding to 509,704,584 common shares and 452,122,416 preferred shares without voting rights, subscribed and paid as of December 31, 2023, at a rate of COP 3,536 per share.	–	–	–	–	–	–	–	–	–	(3,343,319)	–	(3,343,319)	–	(3,343,319)
Other reserves	–	–	2,588,066	–	–	–	–	–	–	(2,620,808)	–	(32,742)	–	(32,742)
Realization of retained earnings(1)(2)	–	–	–	–	(18,520)	–	–	–	–	18,520	–	–	–	–
Others	–	–	–	–	–	–	–	–	–	(10,656)	–	(10,656)	–	(10,656)
Non-controlling interest	–	–	–	–	–	–	–	–	–	–	–	–	(20,623)	(20,623)
Net Income	–	–	–	–	–	–	–	–	–	–	3,103,246	3,103,246	43,519	3,146,765
Other comprehensive income	–	–	–	1,395,223	18,496	(4,130)	–	(5,357)	9,642	–	–	1,413,874	1,922	1,415,796
Balance as of June 30, 2024	480,914	4,857,454	22,632,835	5,369,602	193,882	(71,436)	2,137	6,163	(30,833)	2,675,951	3,103,246	39,219,915	985,035	40,204,950

(1)Mainly corresponds to partial payments of asset-backed securities investments.

The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements..

F-6

CONSOLIDATED STATEMENT OF CASH FLOW

GRUPO CIBEST S.A. AND ITS SUBSIDIARIES

For the six-months period ended June 30, 2025 and 2024

(Stated in millions of Colombian pesos)

	Note	2025	2024
Net income		3,593,721	3,146,765
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16.3	510,206	497,049
Other assets impairment	16.3	24,595	36,695
Impairment of investments in associates and joint ventures	15.5	-	313,284
Equity method	15.5	(199,668)	(133,312)
Credit impairment charges on loans and advances and financial leases	6	2,161,619	2,957,924
Credit impairment / (recovery) charges on off balance sheet credit and other financial instruments		34,265	(24,161)
Gain on sales of assets	15.4	(107,091)	(32,995)
Valuation gain on investment securities	15.1 - 15.5	(1,340,781)	(1,072,829)
Loss / ( gain) from valuation on derivative financial instruments		182,302	(49,950)
Income tax	8	1,353,962	1,058,203
Bonuses and short-term benefits		489,777	307,329
Dividends	15.5	(31,403)	(33,867)
Investment property valuation	15.4	(83,132)	(51,820)
Effect of exchange rate changes		280,164	(324,376)
Other non-cash items		(39,589)	6,381
Net interest		(8,926,655)	(9,012,018)
Change in operating assets and liabilities:
Decrease / (increase) in derivative financial instruments		362,123	(173,448)
Decrease / (increase) in accounts receivable		70,869	(713,495)
Increase in loans and advances to customers		(11,518,520)	(10,894,506)
(Increase) / decrease in other assets		(699,540)	94,243
Increase in accounts payable		3,737,694	1,036,694
Decrease in other liabilities		(267,108)	(1,224,377)
Increase in deposits by customers		11,542,255	2,647,082
Increase / (decrease) in estimated liabilities and provisions		4,774	(10,623)
Net changes in investment securities recognized at fair value through profit or loss		(3,081,925)	(3,708,823)
Proceeds from sales of assets held for sale and inventories		773,350	686,667
Recovery of charged-off loans	6	416,868	394,114
Income tax paid		(1,364,226)	(901,953)
Dividend received		89,505	58,864
Interest received		15,691,287	16,680,884
Interest paid		(6,968,368)	(7,671,462)
Net cash provided / (used) by operating activities		6,691,330	(6,111,837)
Cash flows from investment activities:
Purchases of debt instruments at amortized cost		(1,023,308)	(2,088,432)
Proceeds from maturities of debt instruments at amortized cost		391,346	1,965,976
Purchases of debt instruments at fair value through OCI		-	(406,338)
Proceeds from debt instruments at fair value through OCI		509,660	1,626,198
Purchases of equity instruments at fair value through OCI and interests in associates and joint ventures		(13,732)	(94,886)
Proceeds from equity instruments at fair value through OCI and interests in associates and joint ventures		24,337	26,088
Purchases of premises and equipment and investment properties		(737,647)	(778,481)
Proceeds from sales of premises and equipment and investment properties		240,973	204,788
Purchase of other long-term assets		(93,580)	(81,721)
Net cash (used) provided in investing activities		(701,951)	373,192
Cash flows from financing activities:
Increase in repurchase agreements and other similar secured borrowing		2,927,462	110,501
Proceeds from borrowings from other financial institutions		4,249,389	3,485,766
Repayment of borrowings from other financial institutions		(7,627,628)	(7,227,459)
Payment of lease liability		(111,503)	(82,859)

F-7

Placement of debt instruments in issue		812,857	1,207,635
Payment of debt instruments in issue		(1,024,604)	(687,442)
Dividends paid		(5,196,364)	(1,699,610)
Transactions with non-controlling interests		(16,628)	(20,623)
Net cash (used) provided in financing activities(1)		(5,987,019)	(4,914,091)
Effect of exchange rate changes on cash and cash equivalents		(1,491,455)	2,318,303
Decrease in cash and cash equivalents		2,360	(10,652,736)
Cash and cash equivalents at beginning of year	4	32,844,099	39,799,609
Cash and cash equivalents at end of year	4	31,355,004	31,465,176

(1)For further information about the reconciliation of the balances of liabilities from financing activities, see Note 19 Liabilities from financing activities.

The statement of cash flows includes the following non-cash transactions, which were not reflected in the Consolidated Statement of Cash Flows:

•As of June 30, 2025 and 2024, restructured loans and returned assets that were transferred to assets held for sale, inventories, and other assets for COP 547,814 and COP 771,978, respectively.

•In 2024, cancellation of active credit operations as a source of payment for the acquisition of P.A. Cedis Sodimac.

The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.

F-8

NOTE 1. REPORTING ENTITY

Grupo Cibest S.A. (Corporation), hereinafter “Cibest” or the “Holding”, is a listed issuer on the Colombian Stock Exchange (BVC) as well on the New York Stock Exchange (NYSE), since 2025. Cibest’s main location is in Medellín (Colombia), main address Carrera 48 # 26-85, Avenida Los Industriales, and was constituted under the name Grupo Cibest S.A., according to public deed number 10.594, dated September 25, 2024, from the Fifteenth Notary's Office of Medellin. On May 12, 2025, according to public deed number 386 from the Thirtieth Notary's Office of Medellin, a partial spin-off agreement was formalized, whereby Bancolombia S.A. (“Bancolombia”), as the spinning-off entity, transferred part of its assets without dissolution to Cibest, as the beneficiary entity.

This transaction was first announced to the market on October 29, 2024, approved at the extraordinary shareholders’ meeting of Cibest, held on February 20, 2025, and at the extraordinary shareholders’ meeting of Bancolombia, held on April 23, 2025. It was authorized by the Financial Superintendence of Colombia through Resolutions number 0356 dated February 28, 2025, and number 0901 dated May 7, 2025.

The duration contemplated in the bylaws is until December 8, 2144, but it may be dissolved or renewed before the end of that period.

The Holding’s bylaws are formalized in the public deed number 386 dated May 12, 2025, from the Thirtieth Notary's Office of Medellin.

The corporate purpose of the Holding is to invest in movable and immovable property, and especially, invest in shares, quotas or interest shares, or any other participation title in Colombian and/or foreign companies or entities, and the administration of said investments.

The Holding and its subsidiaries (hereinafter “Grupo Cibest”) have international presence in the United States, Puerto Rico, Panama, Guatemala, and El Salvador, and operate in the following segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, International Banking, and Others. These activities are described in Note 3. Operating Segments.

Regarding the subsidiaries, the assets and liabilities of operations in Barbados through Mercom Bank Ltd. were transferred to other entities, resulting in zero balances for both loan and deposit portfolios. As of June 30, 2025, the company is undergoing dissolution and liquidation.

Operations in the Cayman Islands through Sinesa Cayman, Inc. (formerly Bancolombia Cayman) have been cancelled or transferred. On November 22, 2023, the Cayman Islands Monetary Authority approved the surrender of the banking license pursuant to Section 20(1)(a) of the Banks and Trust Companies Act (2021 Revision) (“BTCA”), thereby cancelling the license as of that date. No longer a banking entity, the company changed its corporate name to Sinesa Cayman, Inc. on June 20, 2024, and is currently undergoing dissolution and liquidation before the Cayman Islands Companies Registry.

The General Shareholders’ Meeting of Transportempo S.A.S. approved the liquidation of the company, including the corresponding asset allocations and final account approvals, as recorded in Minute number 98 dated July 3, 2024.

On May 16, 2025, the market was informed of the completion of corporate transactions previously disclosed on October 29, 2024, aimed at restructuring Bancolombia and its subsidiaries (hereinafter the “Group”) through the creation of the Holding company, Cibest. Upon completion of these transactions, Cibest became the holding company of all financial entities and other companies within the Group, including Bancolombia.

As a result of these transactions, Bancolombia shareholders (excluding Grupo Cibest) became shareholders of the Holding, which issued in their name the same number and class of shares (common shares and preferred dividend shares without voting rights), maintaining the same terms, conditions, and ownership percentages. The shares previously held in Bancolombia (excluding those held by Grupo Cibest) were cancelled. Holders of Bancolombia American Depositary Receipts (“ADRs”) received equivalent ADRs of Cibest, and their Bancolombia ADRs were cancelled.

The common shares and preferred dividend shares without voting rights issued by Cibest are listed on the Colombian Stock Exchange (BVC) under the symbols “CIBEST” and “PFCIBEST,” respectively. The ADRs representing preferred dividend

F-9

shares without voting rights are listed on the New York Stock Exchange (NYSE) under the symbol “CIB,” the same symbol under which Bancolombia’s ADRs were previously traded.

The common shares, preferred dividend shares without voting rights, and ADRs issued by Grupo Cibest S.A. became tradable as of Monday, May 19, 2025.

At the extraordinary shareholders’ meeting of Cibest, held on June 9, 2025, a share buyback program was approved for common shares, preferred dividend shares without voting rights, and ADRs of Grupo Cibest S.A., up to an amount of one trillion three hundred fifty billion Colombian pesos (COP 1,350,000 million), for a term of up to one year from the approval of the Share Buyback Program Regulation by the Board of Directors. For this program, the shareholders also approved a change in the allocation of a portion of the legal reserve and the creation of a reserve for share buyback.

As of June 30, 2025, the Holding and its subsidiaries (hereinafter “Grupo Cibest”) has 33,993 employees, 35,235 banking correspondents, 6,105 ATMs and operates through 850 offices.

F-10

NOTE 2. MATERIAL ACCOUNTING POLICIES

A.   Basis for preparation of the Condensed Consolidated Interim Financial Statements

The condensed consolidated interim financial statements for the cumulative six months ended on June 30, 2025 have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting (“IAS 34”), issued by the International Accounting Standards Board (hereinafter, IASB). They do not include all the information and disclosures required for full annual financial statements and should be read in conjunction with Cibest and its subsidiaries consolidated financial statements for the year ended on December 31, 2024 which complied with International Financial Reporting Standards (hereinafter, IFRS) issued by the IASB, as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). The Condensed Consolidated Interim Financial Statements as of June 30, 2025 and 2024 have not been audited.

Preparation of the Condensed Consolidated Interim Financial Statements under going concern basis

Management has assessed the Group’s ability to continue as a going concern and confirms that Cibest has adequate liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on the Group's liquidity position at the date of authorization of the condensed consolidated interim financial statements, Management maintains a reasonable expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate.

The condensed consolidated interim financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct.

In the Management opinion, these condensed consolidated interim financial statements reflect all material adjustments considered necessary in the circumstances and based on the best information available as of June 30, 2025 and the date of their promulgation and issuance, for a fair representation of financial results for the interim periods presented.

The results of operations for the cumulative three months ended on June 30, 2025 and 2024 are not necessarily indicative of the results for the full year. Cibest believes that the disclosures are sufficient to make the information presented not misleading or biased. For this reason, the condensed consolidated interim financial statements include selected explanatory notes to explain events and transactions that are important to the financial statements users or represent significant materiality in understanding the changes in the Group’s financial position and performance since the last annual audited financial statements.

Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income (“OCI”) and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. Almost, investments in associates and joint ventures are measured using the equity method.

The condensed consolidated interim financial statements are stated in Colombian pesos (“COP”) and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share, dividends per share and the exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands.

The Parent Company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (“NCIF”) applicable to separate financial statements, are those that serve as the basis for the regulatory compliance, distribution of dividends and other appropriations by the shareholders.

The separate financial statements are those presented by the Parent Company in which the entity recognizes and measures the impairment of credit risk through allowances for loans losses, the classification and measurement of certain financial instruments (such as debt securities and equity instruments) and the recognition of provisions for foreclosed assets, in accordance with the accounting required by the “Superintendencia Financiera de Colombia” (“SFC”), which differ in certain accounting principles from IFRS that are used in the condensed consolidated interim financial statements.

F-11

Transactions between entities under common control

Combinations of entities under common control refer to those transactions in which all the combining entities are under the control of Cibest both before and after the combination, and that control is not transitory.

For transactions under common control, Cibest has elected, as an accounting policy, to use the predecessor value method for the recognition of intercompany transactions. This means that the assets and liabilities spun off from the entity or business being spun off are recognized in the separate financial statements of the receiving company at their carrying amount, as recorded prior to the transaction date.

Cibest presents the net assets received retrospective from the date of the transfer.

The financial statements for the second quarter and year-end 2024 are presented as consolidated financial statements, reflecting the Bancolombia Group’s structure in effect during that period. In accordance with the adopted policy, historical financial statements are used as if the new corporate structure had always been in place. Consequently, the comparative information of the holding company match those of the former parent company. During the second quarter of 2025, the company assumed the position of parent within the economic group. Therefore, from that date onward, the financial statements presented include all the subsidiaries previously consolidated by Bancolombia. For more information, see Note 1 – Reporting Entity.

B.   Use of estimates and judgments

The preparation of condensed consolidated interim financial statements requires that the Group's Management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

For the period ended on June 30, 2025 there were no changes in the significant estimates and judgments made by Management in applying the Group's accounting, as compared to those applied in the consolidated financial statements at the year ended on December 31, 2024.

C. Material accounting policies and recently issued accounting pronouncements

The same accounting policies and methods of calculation applied in the consolidated financial statements for the year ended on December 31, 2024 continue to be applied in these condensed consolidated interim financial statements, except for the adoption of new standards, improvements and interpretations effective from January 1, 2025, as shown below:

New rule SEC Staff Accounting Bulletin (SAB) No. 122 Standard: Staff Accounting Bulletin SAB 122, issued by the SEC on January 23, 2025, rescinded SAB 121, which required recognition in the financial statements of an asset and a liability reflecting its obligation to safeguard crypto assets. Under the new guidance, entities must assess whether they recognize a liability related to the risk of loss arising from such an obligation, and if so, the recognition and measurement of that liability shall follow the requirements for contingent liabilities in accordance with the principles of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

Recently accounting pronouncements issued by IASB pending to incorporate in NCIF framework accepted in Colombia

Amendments to IFRS 9 Financial instruments and IFRS 7 Financial instruments: disclosures - Classification and measurement of financial instruments: In May 2024, the Board issued amendments to the classification and measurement requirements in IFRS 9. These amendments respond to feedback from post-implementation review of the accounting standard and clarify the requirements in areas where stakeholders have raised concerns, or where new issues have emerged since IFRS 9 was issued.

These amendments include:

F-12

•Clarifying the classification of financial assets with environmental, social and corporate governance (ESG) and similar features: ESG-linked features in loans could affect whether the loans are measured at amortised cost or fair value. To resolve any potential diversity in practice, the amendments clarify how the contractual cash flows on such loans should be assessed.

•Settlement of liabilities through electronic payment systems: The amendments clarify the date on which a financial asset or financial liability is derecognised. The IASB also decided to develop an accounting policy option to allow a company to derecognise a financial liability before it delivers cash on the settlement date if specified criteria are met.

With these amendments, the IASB has also introduced additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets.

The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and early application is permitted.

These amendments were analyzed by the Management without evidencing any impact on the Bank's financial statements and disclosures.

New standard NIIF 18 Presentation and Disclosure in Financial Statements: In April 2024, the Board issued IFRS 18 to replace IAS 1 Presentation of Financial Statements. IFRS 18 introduces three sets of new requirements to improve the way companies report their financial performance and give investors a better basis for analyzing and comparing companies:

•Improved comparability in the statement of income: IFRS 18 introduces three defined categories for income and expenses (operating, investing and financing) to improve the structure of the statement of income, and requires all companies to provide new defined subtotals, including operating profit.

•Enhanced transparency of management-defined performance measures: The new standard requires companies to disclose explanations of those company-specific measures that are related to the statement of income, referred to as management-defined performance measures.

•More useful grouping of information in the financial statements: IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. In addition, the new standard requires companies to provide more transparency about operating expenses, helping investors to find and understand the information they need.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and early application is permitted.

Management is assessing the impact that these amendments will have on the Group's condensed consolidated interim financial statements and disclosures.

F-13

NOTE 3. OPERATING SEGMENTS

Operating segments are defined as components of an entity about which separate financial information is available and that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assessing performance; the CODM is comprised of the Group’s President (CEO) and Financial Vicepresident (CFO). The segment information has been prepared following the Group’s accounting policies and has been presented consistently with the internal reports provided to the CODM.

The chief operating decision maker (CODM) uses a variety of information and key financial data on a segment basis to assess the performance and make decisions regarding the investment and allocation of resources, such as:

•Net interest margin (Net margin on financial instruments divided by average interest-earning assets).

•Return on average total assets (Net income divided by average total assets).

•Return on average stockholders’ equity.

•Efficiency ratio (Operating expenses as a percentage of interest, fees, services and other operating income).

•Asset quality and loan coverage ratios.

The Group has the following segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, International Banking and All other segments. The factors used to identify the Group’s reportable segments are the nature of the products and services provided by the subsidiaries and the geographical locations where the subsidiaries are domiciled, in line with the CODM’s operating decisions related to the results of each segment.

The Group’s operating segments are comprised as follows:

•Banking Panama

This segment provides retail and commercial banking products and services to individuals and companies in Panama and includes all the operations of Banistmo S.A. and its subsidiaries, which are managed and monitored by the CODM on a consolidated basis. Banking Panama also includes operations of the following operational stage subsidiaries: Banistmo Investment Corporation S.A., Leasing Banistmo S.A., Desarrollo de Oriente S.A. y Valores Banistmo S.A.; and of the following non-operational subsidiaries: Banistmo Panamá Fondo de Inversión S.A., Banistmo Capital Markets Group Inc., Anavi Investment Corporation S.A., Steens Enterprises S.A. and Ordway Holdings S.A..

This segment is also responsible for the management of Banistmo’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Panama.

•Banking El Salvador

This segment provides retail and commercial banking products and services to individuals, companies and national and local governments in El Salvador through Banco Agrícola S.A.. Banking El Salvador also includes operations of the following subsidiaries: Banagrícola S.A., Inversiones Financieras Banco Agrícola S.A. IFBA, Bagrícola Costa Rica S.A., Gestora de Fondos de Inversión Banagricola, S.A., Valores Banagrícola S.A. de C.V., Accelera S.A. de C.V. (before Credibac S.A. de C.V.) and Arrendadora Financiera S.A. Arfinsa.

This segment is also responsible for the management of Banco Agrícola’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in El Salvador.

•Banking Guatemala

F-14

This segment provides retail and commercial banking and insurance products and services to individuals, companies and national and local governments in Guatemala through Banco Agromercantil de Guatemala S.A., Banking Guatemala also includes operations of the following subsidiaries: Seguros Agromercantil S.A., Financiera Agromercantil S.A., Agrovalores S.A., Arrendadora Agromercantil S.A., Asistencia y Ajustes S.A., Serproba S.A., Servicios de Formalización S.A., Conserjería, Mantenimiento y Mensajería S.A.(company in liquidation), New Alma Enterprises LTD. The assets and liabilities of operations in Barbados through Mercom Bank were transferred to other companies, leaving the balances of the credit portfolio and deposit portfolio at zero as of January 31, 2023. As of June 30, 2025, the company is in the process of dissolution and liquidation, for further information, see Note 1. Reporting Entity.

This segment is also responsible for the management of Banco Agromercantil’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Guatemala.

•Trust

This segment provides trust and asset management services to clients in Colombia through Fiduciaria Bancolombia S.A. Sociedad Fiduciaria.

The main products offered by this segment include money market accounts, mutual and pension funds, private equity funds, payment trust, custody services and corporate trust.

•Investment banking

This segment provides corporate and project financial advisory services, underwriting, capital markets services and private equity management through Banca de Inversión Bancolombia S.A. Corporación Financiera. Its customers include private and publicly-held corporations as well as government institutions.

•Brokerage

This segment provides brokerage, investment advisory and private banking services to individuals and institutions through Valores Bancolombia S.A. Comisionista de Bolsa. It sells and distributes equities, futures, foreign currencies, fixed income securities, mutual funds and structured products.

This segment also includes the operations of Cibest Capital Holdings USA LLC (before Bancolombia Capital Holdings USA LLC), Cibest Capital Securities LLC (before Bancolombia Capital LLC) and Cibest Capital Advisory Services LLC (before Bancolombia Capital Advisers LLC). to provide broker-dealer and investment advisor services in the United States.

•International Banking

This segment provides a complete line of international banking services to Colombian and foreign customers through Bancolombia Panamá S.A. and Bancolombia Puerto Rico International, Inc. It offers loans to private sector companies, trade financing, leases financing and financing for industrial projects, as well as a complete portfolio of cash management products, such as checking accounts, international collections and payments. Through these subsidiaries, the Group also offers investment opportunities in U.S. dollars, savings and checking accounts, time deposits, and investment funds to its high net worth clients and private banking customers.

Operations in the Cayman Islands through Sinesa Cayman, Inc. (before Bancolombia Cayman S.A.) have been canceled or transferred. As of June 30, 2025, the company is in the process of dissolution and liquidation. For further information, see Note 1. Reporting entity.

•All other segments

F-15

This segment provides financial and operating lease activities, including leasing services to clients in Colombia. Bancolombia offers these services mainly through Renting Colombia S.A.S.. Additionally, the Group provides real estate service through the FCP Fondo Inmobiliario Colombia, P.A. FAI CALLE 77, P.A. Nomad Salitre, P.A. Mercurio, P.A. Nomad Central, P.A. Calle 84 (2), P.A. Calle 84 (3), P.A. Cedis Sodimac, P.A. Nomad Distrito Vera and P.A. Nexo. The General Assembly of Shareholders approved the liquidation of Transportempo S.A.S. (minute No. 98 of July 3, 2024).

This segment also includes results from the operations of other investment vehicles of the Group: Valores Simesa S.A., Negocios Digitales Colombia S.A.S., Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa and the technology services company Wompi S.A.S. In addition, it includes Wenia LTD, a corporate vehicle for the creation and implementation of operating systems and software applications and it includes Wenia S.A.S. and Wenia P.A.

In accordance with IFRS 8, the figures reported in "all other segments" combine the information on operating segments that did not meet the quantitative thresholds defined by this same standard, i.e., the absolute individual amount of their reported results is, in absolute terms, less than 10 percent of the combined results of all segments and their assets represent less than 10 percent of the combined assets of all operating segments of the Group.

Financial performance by operating segment:

The CODM reviews the performance of the Group using the following financial information by operating segment:

	Six months ended June 30, 2025
	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>banking	Brokerage	International<br>Banking	All other<br>segments	Total <br>segments
In millions of COP
Total interest and valuation on financial instruments	13,005,301	1,302,623	1,019,328	1,028,405	29	2	33,817	522,404	121,483	17,033,392
Interest income on loans and financial leases	12,188,389	1,082,534	887,943	949,820	29	-	2,041	435,789	122,578	15,669,123
Debt investments	849,978	176,210	131,016	82,154	-	2	23,174	49,735	747	1,313,016
Derivatives, net	(52,926)	2,832	-	-	-	-	(310)	(57)	(1,842)	(52,303)
Liquidity operations, net	19,860	41,047	369	(3,569)	-	-	8,912	36,937	-	103,556
Interest expenses	(4,970,186)	(634,549)	(228,480)	(459,618)	(73)	-	(67)	(354,967)	(94,528)	(6,742,468)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	8,035,115	668,074	790,848	568,787	(44)	2	33,750	167,437	26,955	10,290,924
Credit impairment charges, net	(1,676,384)	(54,541)	(143,772)	(238,105)	(1,062)	215	(138)	(57,417)	(24,680)	(2,195,884)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	6,358,731	613,533	647,076	330,682	(1,106)	217	33,612	110,020	2,275	8,095,040
(Expenses) Revenues from transactions by the operating segments of the Bank	(86,934)	(15,559)	2,863	(45,038)	(34,590)	2,824	49,959	182,954	(56,479)	-
Fees and commissions income(1)	2,904,277	254,027	297,274	106,484	248,651	17,515	74,853	29,145	28,959	3,961,185
Fees and commissions expenses	(1,513,023)	(135,126)	(140,750)	(44,196)	(3,941)	(39)	(5,371)	(5,638)	(3,453)	(1,851,537)
Total fees and commissions, net	1,391,254	118,901	156,524	62,288	244,710	17,476	69,482	23,507	25,506	2,109,648
Other operating income (expenses)	541,993	22,115	35,131	78,396	5,786	(384)	808	7,038	976,408	1,667,291
Dividends and net income on equity investments(2)	52,458	1,585	2,604	2,170	14,782	31,152	1,209	(135)	152,851	258,676
Total operating income, net	8,257,502	740,575	844,198	428,498	229,582	51,285	155,070	323,384	1,100,561	12,130,655
Operating expenses(3)	(4,633,840)	(437,091)	(409,780)	(328,201)	(87,201)	(28,595)	(103,655)	(53,781)	(566,027)	(6,648,171)
Impairment, depreciation and amortization	(386,424)	(51,659)	(42,643)	(29,021)	(1,697)	(47)	(1,521)	(1,373)	(20,416)	(534,801)
Total operating expenses	(5,020,264)	(488,750)	(452,423)	(357,222)	(88,898)	(28,642)	(105,176)	(55,154)	(586,443)	(7,182,972)
Profit before income tax	3,237,238	251,825	391,775	71,276	140,684	22,643	49,894	268,230	514,118	4,947,683

(1)For further information about income from contracts with customers, see Note 15.3. Commissions.

(2)For further information see Note 15.5. Dividends and net income on equity investments.

(3)Includes Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.

F-16

	Three months ended June 30, 2025
	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>banking	Brokerage	International<br>Banking	All other<br>segments	Total <br>segments
In millions of COP
Total interest and valuation on financial instruments	6,581,649	661,502	525,438	516,620	17	1	17,775	255,584	61,347	8,619,933
Interest income on loans and financial leases	6,138,090	549,571	460,753	478,121	17	-	953	215,990	62,020	7,905,515
Debt investments	448,592	87,843	64,495	41,649	-	1	10,379	25,743	719	679,421
Derivatives, net	(10,317)	2,258	-	-	-	-	(23)	-	(1,391)	(9,473)
Liquidity operations, net	5,284	21,830	190	(3,150)	-	-	6,466	13,851	(1)	44,470
Interest expenses	(2,503,807)	(309,495)	(115,968)	(232,926)	(44)	-	(32)	(169,155)	(61,582)	(3,393,009)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	4,077,842	352,007	409,470	283,694	(27)	1	17,743	86,429	(235)	5,226,924
Credit impairment charges, net	(806,801)	(36,490)	(83,272)	(124,232)	(703)	24	(106)	(23,347)	(21,408)	(1,096,335)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	3,271,041	315,517	326,198	159,462	(730)	25	17,637	63,082	(21,643)	4,130,589
(Expenses) Revenues from transactions by the operating segments of the Bank	(40,065)	(9,621)	1,201	(20,495)	(18,357)	1,503	25,693	89,485	(29,344)	-
Fees and commissions income(1)	1,492,672	126,047	153,738	56,933	125,954	14,794	38,079	16,350	15,383	2,039,950
Fees and commissions expenses	(780,689)	(63,667)	(72,814)	(21,393)	(1,314)	(22)	(3,129)	(3,075)	(1,967)	(948,070)
Total fees and commissions, net	711,983	62,380	80,924	35,540	124,640	14,772	34,950	13,275	13,416	1,091,880
Other operating income (expenses)	240,468	13,101	17,905	52,740	3,549	65	(1,316)	3,295	500,913	830,720
Dividends and net income on equity investments(2)	23,294	143	969	1,819	8,104	11,692	305	(150)	75,175	121,351
Total operating income, net	4,206,721	381,520	427,197	229,066	117,206	28,057	77,269	168,987	538,517	6,174,540
Operating expenses(3)	(2,395,043)	(219,881)	(214,129)	(164,129)	(43,444)	(16,451)	(50,671)	(29,088)	(289,164)	(3,422,000)
Impairment, depreciation and amortization	(195,557)	(27,216)	(19,651)	(14,022)	(892)	(24)	(767)	(569)	(9,846)	(268,544)
Total operating expenses	(2,590,600)	(247,097)	(233,780)	(178,151)	(44,336)	(16,475)	(51,438)	(29,657)	(299,010)	(3,690,544)
Profit before income tax	1,616,121	134,423	193,417	50,915	72,870	11,582	25,831	139,330	239,507	2,483,996

(1)For further information about income from contracts with customers, see Note 15.3. Commissions.

(2)For further information see Note 15.5. Dividends and net income on equity investments.

(3)Includes Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.

	Six months ended June 30, 2024
	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>banking	Brokerage	International<br>Banking	All other<br>segments	Total <br>segments
In millions of COP
Total interest and valuation on financial instruments	14,181,605	1,303,962	869,760	911,749	45	2	18,024	615,687	140,035	18,040,869
Interest income on loans and financial leases	13,357,143	1,110,143	764,182	849,663	45	-	2,998	481,788	142,021	16,707,983
Debt investments	692,757	143,634	104,520	59,626	-	2	13,324	67,149	-	1,081,012
Derivatives, net	(10,287)	1,312	746	-	-	-	(2,059)	-	(1,986)	(12,274)
Liquidity operations, net	141,992	48,873	312	2,460	-	-	3,761	66,750	-	264,148
Interest expenses	(6,072,945)	(630,941)	(209,191)	(371,131)	(85)	-	(86)	(330,292)	(81,294)	(7,695,965)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	8,108,660	673,021	660,569	540,618	(40)	2	17,938	285,395	58,741	10,344,904
Credit impairment charges, net	(2,377,416)	(194,406)	(130,399)	(189,405)	(682)	40	(4)	(5,728)	(35,763)	(2,933,763)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	5,731,244	478,615	530,170	351,213	(722)	42	17,934	279,667	22,978	7,411,141
(Expenses) Revenues from transactions by the operating segments of the Bank	(64,899)	(20,301)	(14,716)	(35,511)	(27,161)	5,593	40,753	189,247	(73,005)	-
Fees and commissions income(1)	2,731,031	275,091	234,132	99,279	214,445	40,624	64,236	25,766	15,334	3,699,938
Fees and commissions expenses	(1,367,225)	(122,593)	(103,018)	(38,787)	(1,822)	(83)	(4,644)	(5,426)	(1,476)	(1,645,074)
Total fees and commissions, net	1,363,806	152,498	131,114	60,492	212,623	40,541	59,592	20,340	13,858	2,054,864
Other operating income	303,552	25,301	23,702	53,070	5,127	925	1,987	5,522	951,227	1,370,413
Dividends and net income on equity investments(2)	(164,746)	6,761	4,400	1,497	14,495	(127,408)	3,096	14	121,123	(140,768)
Total operating income, net	7,168,957	642,874	674,670	430,761	204,362	(80,307)	123,362	494,790	1,036,181	10,695,650
Operating expenses(3)	(4,147,282)	(395,105)	(351,166)	(288,228)	(75,544)	(23,717)	(92,197)	(42,614)	(541,085)	(5,956,938)
Impairment, depreciation and amortization	(388,655)	(53,299)	(39,034)	(24,536)	(1,387)	(46)	(1,389)	(1,068)	(24,330)	(533,744)
Total operating expenses	(4,535,937)	(448,404)	(390,200)	(312,764)	(76,931)	(23,763)	(93,586)	(43,682)	(565,415)	(6,490,682)
Profit before income tax	2,633,020	194,470	284,470	117,997	127,431	(104,070)	29,776	451,108	470,766	4,204,968

(1)For further information about income from contracts with customers, see Note 15.3. Commissions.

(2)For further information see Note 15.5. Dividends and net income on equity investments.

(3)Includes Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.

F-17

	Three months ended June 30, 2024
	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>banking	Brokerage	International<br>Banking	All other<br>segments	Total <br>segments
In millions of COP
Total interest and valuation on financial instruments	6,974,007	654,101	442,483	474,719	24	1	9,145	319,880	69,115	8,943,475
Interest income on loans and financial leases	6,625,836	554,851	388,082	443,257	24	-	1,465	251,616	71,101	8,336,232
Debt investments	326,345	74,369	53,693	30,618	-	1	5,960	33,979	-	524,965
Derivatives, net	(17,405)	536	475	-	-	-	(208)	-	(1,986)	(18,588)
Liquidity operations, net	39,231	24,345	233	844	-	-	1,928	34,285	-	100,866
Interest expenses	(2,938,174)	(317,537)	(104,070)	(189,332)	(51)	-	(44)	(167,883)	(39,795)	(3,756,886)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	4,035,833	336,564	338,413	285,387	(27)	1	9,101	151,997	29,320	5,186,589
Credit impairment charges, net	(1,314,422)	(132,548)	(63,769)	(89,964)	(242)	(781)	(11)	(4,307)	(12,739)	(1,618,783)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	2,721,411	204,016	274,644	195,423	(269)	(780)	9,090	147,690	16,581	3,567,806
(Expenses) Revenues from transactions by the operating segments of the Bank	(33,091)	(11,150)	(6,126)	(18,311)	(14,908)	2,374	21,416	97,141	(37,345)	-
Fees and commissions income(1)	1,428,322	153,735	120,487	50,419	105,645	32,484	37,091	11,623	8,240	1,948,046
Fees and commissions expenses	(758,361)	(66,497)	(53,738)	(20,343)	(957)	(53)	(2,348)	(2,888)	(1,063)	(906,248)
Total fees and commissions, net	669,961	87,238	66,749	30,076	104,688	32,431	34,743	8,735	7,177	1,041,798
Other operating income	211,961	13,989	11,946	17,288	2,927	546	946	2,967	478,514	741,084
Dividends and net income on equity investments(2)	(161,152)	269	2,949	1,490	6,461	(137,689)	1,773	7	60,317	(225,575)
Total operating income, net	3,409,090	294,362	350,162	225,966	98,899	(103,118)	67,968	256,540	525,244	5,125,113
Operating expenses(3)	(2,139,808)	(201,793)	(176,900)	(144,610)	(37,510)	(12,340)	(44,617)	(23,133)	(245,843)	(3,026,554)
Impairment, depreciation and amortization	(199,244)	(27,023)	(20,362)	(12,600)	(732)	(19)	(713)	(478)	(12,311)	(273,482)
Total operating expenses	(2,339,052)	(228,816)	(197,262)	(157,210)	(38,242)	(12,359)	(45,330)	(23,611)	(258,154)	(3,300,036)
Profit before income tax	1,070,038	65,546	152,900	68,756	60,657	(115,477)	22,638	232,929	267,090	1,825,077

(1)For further information about income from contracts with customers, see Note 15.3. Commissions.

(2)For further information see Note 15.5. Dividends and net income on equity investments.

(3)Includes Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.

F-18

NOTE 4. CASH AND CASH EQUIVALENTS

For purposes of the Condensed Consolidated Interim Statement of cash flow and the Condensed Consolidated Interim Statement of Financial Position, the following assets are considered as cash and cash equivalents:

	June 30, 2025	December 31, 2024
In millions of COP
Cash and balances at central bank
Cash	8,745,305	9,439,363
Due from central banks(1)	8,882,950	7,504,135
Due from other private financial entities	6,396,806	7,778,937
Checks on hold	202,532	132,929
Remittances of domestic negotiated checks in transit	16,770	26,172
Total cash and due from banks	24,244,363	24,881,536
Money market transactions
Interbank borrowings(2)	4,375,272	2,239,615
Reverse repurchase agreements and other similar secured loans(3)	2,735,369	5,722,948
Total money market transactions	7,110,641	7,962,563
Total cash and cash equivalents	31,355,004	32,844,099

(1)According to External Resolution No. 3 of 2024 of Banco de la República de Colombia, which amends External Resolution No. 5 of 2008, Bancolombia S.A. must maintain, the equivalent of 7% of the deposits mentioned in Article 1, paragraph (a), and the equivalent of 2.5% of its customer’s deposits with a maturity of less than 18 months (paragraph b), as ordinary reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemala Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. Additionally, circular SBP-DR-CIRCULAR-2024-0036 dated July 02, 2024, communicates the decision of the Superintendency of Banks of Panama to maintain the percentage established in the General Resolution of the Board of Directors SBP-GJD-0003-2014 dated January 28, 2014, which sets at 30.00% the minimum legal liquidity rate that Panamanian banks must maintain. Finally, in accordance with temporary rule NPBT-14, which is effective from January 29, 2025, to July 29, 2025, Banco Agrícola must maintain an equivalent average daily amount of its deposits and debt instruments in issue as a liquidity reserve between 1.00% and 16.00% represented in unrestricted deposits or debt instruments in issue by El Salvador Central Bank. Once the complete term established, the bank continues with the Technical Norm (NRP-28), issued by the Central Bank, where the Bank must maintain an equivalent amount between 1.00% and 18.00%, which has been in effect since June 23, 2021.

(2)The increase is mainly presented in Bancolombia Panama S.A. and Bancolombia S.A.

(3)The variation is mainly generated by the decrease in Reverse repurchase agreements and other similar secured loans in simultaneous operations with the Cámara de Riesgo Central de Contraparte in Colombia.

As of June 30, 2025 and December 31, 2024, there is restricted cash amounting to COP 514,561 and COP 530,924, respectively, included in other assets on the Condensed Consolidated Interim Statement of Financial Position, which represents margin deposits pledged as collateral for derivative contracts traded through Colombian clearing houses.

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NOTE 5. FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES

5.1   Financial assets investments

The Group’s securities portfolios at fair value through profit or loss, other comprehensive income and at amortized cost are listed below, as of June 30, 2025 and December 31, 2024:

As of June 30, 2025

Financial assets investments		Measurement methodology					Total carrying<br>value, net
	Fair value through<br>profit or loss		Fair value through other<br>comprehensive income, net		Amortized<br> cost, net
In millions of COP
Securities issued by the Colombian Government(1)		15,388,303		2,547,206		146,546	18,082,055
Securities issued by foreign governments		9,965,175		1,238,401		583,675	11,787,251
Corporate bonds		122,192		641,941		3,898,086	4,662,219
Securities issued by government entities		117,633		-		3,639,188	3,756,821
Securities issued by other financial institutions(2)(3)		759,530		215,443		531,883	1,506,856
Total debt instruments		26,352,833		4,642,991		8,799,378	39,795,202
Total equity securities		619,910		462,686		-	1,082,596
Total other instruments financial(4)		32,277		-		-	32,277
Total financial assets investments		27,005,020		5,105,677		8,799,378	40,910,075

(1)The increase in investments in financial assets measured at fair value through profit or loss is mainly due to the acquisition of Colombian treasury instruments (TES) by Bancolombia S.A.

(2)Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 113,845. For further information on TIPS’ fair value measurement see Note 20. Fair value of assets and liabilities.

(3)At June 30, 2025, the Group has recognized in the Condensed Consolidated Interim Statement of Comprehensive Income COP 6,259 related to debt instruments at fair value through OCI.

(4)Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Sistema de Inversiones y Negocios, S.A., Banagrícola S.A., Inversiones CFNS S.A.S. and Bancolombia S.A.

As of December 31, 2024

Financial assets investments		Measurement methodology					Total carrying<br>value, net
	Fair value through<br>profit or loss		Fair value through other<br>comprehensive income, net		Amortized<br> cost, net
In millions of COP
Securities issued by the Colombian Government		11,644,181		2,683,925		159,323	14,487,429
Securities issued by foreign governments		10,283,450		1,484,546		651,494	12,419,490
Corporate bonds		257,326		639,108		3,612,049	4,508,483
Securities issued by government entities		118,760		-		3,380,491	3,499,251
Securities issued by other financial institutions(1)(2)		731,564		276,837		601,521	1,609,922
Total debt instruments		23,035,281		5,084,416		8,404,878	36,524,575
Total equity securities		537,213		474,097		-	1,011,310
Total other instruments financial(3)		34,385		-		-	34,385
Total financial assets investments		23,606,879		5,558,513		8,404,878	37,570,270

(1)Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 142,945. For further information on TIPS’ fair value measurement see Note 20. Fair value of assets and liabilities.

(2)At December 31, 2024, the Group has recognized in the Consolidated Statement of Comprehensive Income COP 23,236 related to debt instruments at fair value through OCI.

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(3)Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A.

The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at fair value through other comprehensive income and amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above:

As of June 30, 2025

Debt instruments portfolio measure at fair value through OCI and amortized cost	Stage 1	Stage 2	Stage 3	Total
In millions of COP
Gross carrying amount as at 1 January 2025	12,998,652	454,065	36,577	13,489,294
Transfer from stage 1 to stage 2(1)	(146,547)	146,547	-	-
Measurement change	204	-	-	204
Sales and maturities	(4,348,822)	-	-	(4,348,822)
Purchases(2)	2,274,835	2,490,647	-	4,765,482
Valuation and payments	(43,275)	17,646	(2,376)	(28,005)
Foreign Exchange	(398,252)	(34,787)	(2,745)	(435,784)
Gross carrying amount as at 30 June 2025	10,336,795	3,074,118	31,456	13,442,369

(1)Stage transfer in Colombian treasury instruments (TES) by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.

(2)Corresponds mainly to purchase of corporate bonds, mostly in Banistmo S.A. and securities issued by government entities by Bancolombia S.A.

As of December 31, 2024

Debt instruments portfolio measure at fair value through OCI and amortized cost	Stage 1	Stage 2	Stage 3	Total
In millions of COP
Gross carrying amount as at 1 January 2024	12,760,342	205,133	30,784	12,996,259
Transfer from stage 1 to stage 2(1)	(294,440)	294,440	-	-
Transfer from stage 2 to stage 1(2)	12,678	(12,678)	-	-
Sales and maturities	(7,928,390)	(171,505)	-	(8,099,895)
Purchases	7,975,932	129,455	-	8,105,387
Valuation and payments	(125,564)	3,806	984	(120,774)
Foreign Exchange	598,094	5,414	4,809	608,317
Gross carrying amount as at 31 December 2024	12,998,652	454,065	36,577	13,489,294

(1)Stage transfer in corporate bonds by Banistmo S.A., Bancolombia Puerto Rico Internacional Inc and Bancolombia Panamá S.A.

(2)Stage transfer in corporate bonds by Banagrícola S.A.

The following table shows the impairment detail for the debt instruments portfolio using the expected credit losses model:

As of June 30, 2025

Concept	Stage 1	Stage 2	Stage 3	Total
In millions of COP
Securities at amortized cost, net	8,257,726	510,196	31,456	8,799,378
Carrying amount	8,291,340	517,289	50,811	8,859,440
Loss allowance	(33,614)	(7,093)	(19,355)	(60,062)
Securities at fair value through other comprehensive income(1)	2,079,069	2,563,922	-	4,642,991
Total debt instruments portfolio measure at fair value through OCI and amortized cost	10,336,795	3,074,118	31,456	13,442,369

(1)Loss allowance of investments at fair value through OCI corresponds to COP 8,842 classified mainly in stage 1 to COP 3,363 and in stage 2 to COP 5,479; the loss allowance increase in relation to 2024 from COP 5,191 is due to the

F-21

acquisition of instruments, and the decrease from COP (1,345) is due to sales and maturities and from COP (1,317) in net provisions recognised during the period.

As of December 31, 2024

Concept	Stage 1	Stage 2	Stage 3	Total
In millions of COP
Securities at amortized cost, net	7,975,158	393,143	36,577	8,404,878
Carrying amount	8,008,567	401,263	53,985	8,463,815
Loss allowance	(33,409)	(8,120)	(17,408)	(58,937)
Securities at fair value through other comprehensive income(1)	5,023,494	60,922	-	5,084,416
Total debt instruments portfolio measure at fair value through OCI and amortized cost	12,998,652	454,065	36,577	13,489,294

(1) Loss allowance of investments at fair value through OCI corresponds to COP 6,513 classified mainly in stage 1 to COP 5,734.

The following table sets forth the changes in the allowance for debt instruments measured at amortized cost:

As of June 30, 2025

Concept	Stage 1	Stage 2	Stage 3	Total
In millions of COP
Loss allowance of January 1, 2025	33,409	8,120	17,408	58,937
Transfer from stage 1 to stage 2(1)	(2,099)	2,099	-	-
Sales and maturities	(931)	-	-	(931)
New debt instruments purchased(2)	10,297	-	-	10,297
Net provisions recognised during the period	(5,163)	(2,578)	3,389	(4,352)
Foreign Exchange(3)	(1,899)	(548)	(1,442)	(3,889)
Loss allowance of June 30, 2025	33,614	7,093	19,355	60,062

(1)Stage transfer in Colombian treasury instruments (TES) by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.

(2)Impairment is mainly in securities issued by corporate bonds mainly in Banistmo S.A., and government entities by Bancolombia S.A.

(3)The decrease is due to the variation in the market representative rate during the year 2025.

As of June 30, 2024

Concept	Stage 1	Stage 2	Stage 3	Total
In millions of COP
Loss allowance of January 1, 2024	29,939	11,913	13,951	55,803
Transfer from stage 1 to stage 2(1)	(665)	665	-	-
Transfer from stage 2 to stage 1(1)	354	(354)	-	-
Sales and maturities	(2,659)	(5,895)	-	(8,554)
New debt instruments purchased(2)	5,717	343	-	6,060
Net provisions recognised during the period	(6,841)	(2,778)	(2,150)	(11,769)
Foreign Exchange	1,553	353	1,065	2,971
Loss allowance of June 30, 2024	27,398	4,247	12,866	44,511

(1)Stage transfer in corporate bonds by Banistmo S.A. and Banagrícola S.A.

(2)Impairment is mainly in securities issued by government entities and corporate bonds by Bancolombia S.A. and Banistmo S.A.

The Group has recognized in the condensed consolidated interim statement of comprehensive income related to equity securities and trust funds at fair value through OCI as of June 30, 2025, and 2024, COP 15,102 and COP 18,496, respectively. See condensed consolidated interim statement of comprehensive income.

F-22

Equity securities that are measured at fair value through OCI are considered strategic for the Group and, thus, there is no intention to sell them in the foreseeable future and that is the main reason for using this presentation alternative.

The following table details the equity instruments designated at fair value through OCI analyzed by listing status:

Equity securities		Carrying amount
	June 30, 2025		December 31, 2024
In millions of COP
Securities at fair value through OCI:
Equity securities listed in Colombia		2		2
Equity securities listed in foreign countries		78,073		76,795
Equity securities unlisted:
Telered S.A.		137,819		160,761
Asociación Gremial de Instituciones Financieras Credibanco S.A.		108,600		109,011
Transacciones y Transferencias, S. A.		38,755		55,401
Compañía de Procesamiento de Medios de Pago Guatemala (Bahamas), S. A.		37,858		18,913
Cámara de Riesgo Central de Contraparte de Colombia S.A.		18,921		17,385
Pexton Holdings Limited		9,659		-
Suncolombia SAS		6,105		-
Derecho Fiduciario Inmobiliaria Cadenalco		4,159		4,212
Others		22,735		31,617
Total equity securities at fair value through OCI		462,686		474,097

As of June 30, 2025 and 2024 impairment loss was recognized on equity securities for COP 526 and COP 0, respectively. Dividends received from equity investments at fair value through OCI held as of June 30, 2025 and 2024 amounted to COP 9,086 and COP 12,623, respectively. See Note 15.5. Dividends and net income on equity investments.

5.2   Derivative financial instruments

The Group’s derivative activities do not give rise to significant open positions in portfolios of derivatives. The Group enters into derivative transactions to facilitate customer business, for hedging purposes and arbitrage activities, such as forwards, options or swaps where the underlying are exchange rates, interest rates and securities.

A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Financial futures and forward settlement contracts are agreements to buy or sell a quantity of a financial instrument (including another derivative financial instrument), index, currency or commodity at a predetermined rate or price during a period or at a date in the future. Futures and option contracts are standardized agreements for future delivery, traded on exchanges that typically act as a platform.

For further information related to the objectives, policies and processes for managing the Group’s risk, please see Risk Management.

F-23

The following table sets forth the carrying values of the Group’s derivatives by type of risk as of June 30, 2025 and December 31, 2024:

Derivatives	June 30, 2025	December 31, 2024
In millions of COP
Forwards
Assets
Foreign exchange contracts	2,021,288	1,084,830
Equity contracts	14,187	51,645
Subtotal assets	2,035,475	1,136,475
Liabilities
Foreign exchange contracts	1,988,134	972,295
Equity contracts	9,250	1,367
Subtotal liabilities	1,997,384	973,662
Total forwards(1)	38,091	162,813
Swaps
Assets
Foreign exchange contracts	920,436	1,463,256
Interest rate contracts	198,941	236,033
Subtotal assets	1,119,377	1,699,289
Liabilities
Foreign exchange contracts	1,142,281	1,332,431
Interest rate contracts	230,884	291,068
Subtotal liabilities	1,373,165	1,623,499
Total swaps(2)	(253,788)	75,790
Options
Assets
Foreign exchange contracts	84,439	102,378
Subtotal assets	84,439	102,378
Liabilities
Foreign exchange contracts	153,909	82,482
Subtotal liabilities	153,909	82,482
Total options	(69,470)	19,896
Derivative assets	3,239,291	2,938,142
Derivative liabilities	3,524,458	2,679,643

(1)At June 30, 2025, there is a variation, mainly at Bancolombia S.A., in Forward assets and liabilities compared to those in effect as December 31, 2024. Out of a total of 14,404 operations, 11,071 have matured as June 30, 2025.

(2)At June 30, 2025, there is a variation, mainly at Bancolombia S.A., in the active and passive Swaps contracts compared to those in effect as December 31, 2024. Out of a total of 10,220 operations, 1,610 have matured as June 30, 2025.

5.3 Hedge Accounting

The Bank is exposed to certain risks relating to its ongoing business operations. The main risks managed through derivative instruments are exchange rate risk and interest rate risk. Details of the covered risks are as follows:

Exchange rate risk

F-24

Exchange rate risk is the risk that the fair value or future cash flows of an exposure fluctuate due to changes in exchange rates. Bancolombia's exposure to the risk of exchange rate fluctuations primarily relates to its operational activities (when revenues or expenses are denominated in a foreign currency) and Bancolombia's net investments in foreign subsidiaries. The hedging strategy of this exposure may occur naturally through the interaction of balance sheet accounts, that is, with strategic decisions oriented toward asset and liability accounts in the foreign currency banking book, and through the trading of foreign exchange financial derivatives.

When a derivative is contracted for the purpose of hedging exchange rate risk, Bancolombia negotiates the terms of the derivative seeking to mitigate the adverse financial effects of the covered exposure according to market conditions. For forecasted transaction hedges, the derivative covers the exposure period from the moment cash flows from transactions are forecasted until the settlement of the resulting receivable or payable denominated in foreign currency.

Among the financial derivatives most commonly used to manage exchange rate risk are foreign exchange forwards and Cross Currency Swaps (CCS). When these are designated as hedging instruments, they can be classified as cash flow hedges or fair value hedges under the IFRS 9 accounting guidelines.

Bancolombia determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount, and timing of their respective cash flows. The effectiveness of the hedge is assessed at the start of the hedging relationship and through periodic prospective effectiveness assessments to ensure that there is an economic relationship between the hedged item and the hedging instrument. Bancolombia evaluates whether the designated derivative in each hedging relationship is expected to be, and has been, effective in offsetting changes in the cash flows of the hedged item using the hypothetical derivative method.

In these hedge relationships, the main sources of ineffectiveness are:

•The effect of the credit risk of counterparties and the Group itself on the fair value of foreign exchange swap and forward contracts, which are not reflected in the change in the fair value of the cash flows hedged attributable to changes in exchange rates; and

•Changes in the timing of recognition in the financial statements of the anticipated transactions regarding the nominal value and the exchange rate of their settlement.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument fluctuate due to changes in market interest rates. Bancolombia’s exposure to changes in market interest rates primarily relates to treasury operations and the banking book, where a mismatch between assets and liabilities in duration, indexing, repricing, and maturity creates an asymmetry that could have repercussions on financial results.

Coverage of this exposure may occur naturally through the interaction of balance sheet accounts, that is, with strategic decisions oriented toward asset and liability accounts in the banking book, and through the trading of interest rate financial derivatives, among which we primarily have Swaps (IRS: Interest Rate Swap), where flows between fixed and variable rates (market index) are agreed upon.

Bancolombia determines the existence of an economic relationship between the hedging instrument and the hedged item based on reference interest rates, terms, pricing review dates, maturities, and the notional amounts.

When a derivative is contracted for the purpose of hedging interest rate risk, Bancolombia negotiates the terms of the derivative seeking to mitigate the adverse financial effects of the covered exposure according to market conditions. To test the effectiveness of the hedge, Bancolombia uses the hypothetical derivative method and compares the changes in the fair value of the hedging instrument against the changes in the fair value of the hedged item attributable to the covered risk.

F-25

Hedge ineffectiveness may arise from:

•The difference between the variable rate index present in the hedged item and the index used in the derivative instruments, according to market convention (Basis Risk).

•Differences in the settlement dates of the cash flows of the hedged item and the hedging instrument, and

•The credit risk of counterparties impacts the movements of the fair value of the hedging instrument and the hedged item differently.

Bancolombia’s risk management strategy and details of its application are further elaborated in the Risk Management - Market Risk section.

As of November 2024, cash flow and fair value hedging operations are carried out in Bancolombia S.A., the details of derivatives designated as hedging instruments according to the type of hedge and covered risk are provided below:

1.Cash Flow hedges

As of December 31, 2024, on the Consolidated Statement of Financial Position, Bancolombia held the following instruments to hedge exposures to changes in foreign currency and interest rates which have a maturity of less than one year:

As of December 31, 2024

	Maturity	Total
In millions of COP (Except average rate)
Foreign currency risk
Forward exchange contracts
Notional amount of hedging instruments	6,614	6,614
Average rate of hedging instruments (COP/)	4,496
Interest rate risk
Interest rate swaps
Notional amount of hedging instruments	188,000	188,000
Average fixed interest rate	8.63%

All values are in US Dollars.

F-26

The impacts of the hedging instrument on the Consolidated Statement of Financial Position as of December 31, 2024, are as follows:

As of December 31, 2024

		Notional amount		Carrying amount		Line item in the Consolidated Statement of Financial Position	Change in fair value used for measuring ineffectiveness for the period
	Assets		Liabilities
In millions of COP
Foreign currency risk
Forward exchange contracts(1)		-		-	-	Derivative financial instruments	-
Interest rate risk
Interest rate swaps(1)		-		-	-	Derivative financial instruments	-

(1) The net balance between the rights and obligations of derivatives negotiated through risk chambers (or novated therein) is zero, given their daily clearing and settlement.

The impacts of hedged items on the Consolidated Statement of Financial Position as of December 31, 2024, are as follows:

As of December 31, 2024

	Change in fair value used for measuring ineffectiveness	Cash flow hedge reserve (OCI)	Balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied
In millions of COP
Foreign currency risk
Forecast transactions
Interest rate risk	65	-65	0
Deposits

The effects of the cash flow hedge in the Consolidated Statement of Income and Consolidated Statement of Comprehensive Income as of December 31, 2024, are as follows:

F-27

As of December 31, 2024

	Total hedging gain/(loss) recognised in OCI	Ineffectiveness recognised in profit or loss	Line item in the Consolidated Statement of Income that includes the recognised hedge ineffectiveness	Amount reclassified from OCI to profit or loss	Line item in the Consolidated Statement of Income that includes the the reclassification adjustment
In millions of COP
Foreign currency risk
Forecast transactions	(65)	-	Other operating income	-	Other administrative and general expenses
Interest rate risk
Deposits	416	-	Other operating income	(135)	Interest expense

Set out below is the reconciliation of each component of equity and the analysis of Other Comprehensive Income as of December 31, 2024:

As of December 31, 2024

	Foreign currency risk	Interest rate risk	Total
In millions of COP
As of January 1, 2024			-
Total hedging (loss)/gain recognized in OCI	(65)	416	351
Amount reclassified to profit or loss	-	(135)	(135)
Amount included in the cost of non-financial items	-	-	-
Total cash flow hedging	(65)	281	216
Income tax			(87)
As of December 31, 2024			129

2. Fair Value Hedges

The impacts of the hedging instrument on the Consolidated Statement of Financial Position as of December 31, 2024, is as follows:

As of December 31, 2024

		Notional amount		Carrying amount		Line item in the Consolidated Statement of Financial Position	Change in fair value used for measuring ineffectiveness for the period
	Assets		Liabilities
In millions of COP
Interest rate risk
Interest rate swaps(1)		134000000000		0	0	Derivative financial instruments	(1,044)

F-28

(1) The net balance between the rights and obligations of derivatives negotiated through risk chambers (or novated therein) is zero, given their daily clearing and settlement. The instrument has a maturity of 1 to 3 years at an average fixed interest rate of 8.22%, for further details on maturity, see Note 15 Deposits by customers.

The impacts of hedged items on the Consolidated Statement of Financial Position as of December 31, 2024, is as follows:

As of December 31, 2024

	Carrying amount	Accumulated fair value adjustments	Line item in the Consolidated Statement of Financial Position	Change in fair value used for measuring ineffectiveness for the period	Accumulated amount of fair value hedge adjustments remaining in the Statement of Financial Position for any hedged items that have ceased to be adjusted for hedging gains and losses
In millions of COP
Interest rate risk
Deposits	128,454	(963)	Deposits by customers	963	-

The effects of the cash flow hedge in the Consolidated Statement of Income and Consolidated Statement of Comprehensive Income as of December 31, 2024, is as follows:

As of December 31, 2024

	Ineffectiveness recognised in profit or loss	Line item in the Consolidated Statement of Income that includes the recognised hedge ineffectiveness
In millions of COP
Interest rate risk
Deposits	(81)	Other operating income

3. Hedges of a net asset in a foreign operation

Bancolombia has designated debt instruments in issue for USD884,544 in 2024 and USD1,592,034 in debt instruments in issue and financing with correspondent banks in 2023 as hedge accounting for an equivalent amount of the net assets of its investment in Banistmo. The purpose of this operation is to protect Bancolombia from the foreign exchange rate risk (USD/COP) of a portion of the net assets in the subsidiary Banistmo S.A., a company domiciled in Panama, which has a different functional currency from that of the Group.

The following is the detail of the hedging of a net asset in a foreign operation:

Hedges of a net asset in a foreign operation	December 31, 2023
In thousands of
Hedged(1)
Non hedged	885
Total net asset in a foreign operation	1,724

All values are in US Dollars.

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(1) Bancolombia discontinued the coverage relationship corresponding to financing with correspondent banks in March 2024 for USD200,000 and a portion corresponds to debt securities issued for USD1,036,695. The accumulated effects of the exchange difference previously recognized are maintained in other comprehensive income. On the debt securities issued in June maturing in 2034, Bancolombia designated USD529,205 as hedge.

As of December 31, 2024

Debt securities issued designated as a hedging instrument
In thousands of
Opening date	Rate	Principal balance	Designated capital as a hedged instrument
18/10/2017	7.03%	461,707	355,339
18/12/2019	4.68%	800,000	529,205
Total debt securities issued		1,261,707	884,544

All values are in US Dollars.

On March 21 and 26, 2024, Bancolombia S.A. made advance payment of financing with correspondent banks with Barclays Bank PLC for USD50,000 and Bank of America for USD150,000 with maturities in 2025.

During 2024, Bancolombia made advance payment of bonds maturing in 2025, 2027 and 2029 for a total of USD1,320,327, of this amount, USD1,036,695 were part of hedges of a net asset in a foreign operation, which it was decided to discontinue in the same proportion. On the other hand, Bancolombia issued bonds in June, maturing in 2034 for a value of USD800,000, of this issuance, in December a total of USD529,205 was designated as hedge. See Note 18. Debt instruments in issue.

As of December 31, 2023

Debt securities issued designated as a hedging instrument
In thousands of
Opening date	Rate	Principal balance	Designated capital as a hedged instrument
18/10/2017	7.03%	750,000	360,000
18/12/2019	4.68%	436,516	436,516
18/12/2019	4.68%	85,710	85,710
18/12/2019	4.68%	27,774	27,774
29/01/2020	3.02%	482,034	482,034
Total debt securities issued		1,782,034	1,392,034
Financing with correspondent banks designated as a hedging instrument
31/03/2022	6.06%	150,000	150,000
07/09/2022	6.36%	50,000	50,000
Total financing with correspondent banks		200,000	200,000
Total		1,982,034	1,592,034

All values are in US Dollars.

Measurement of effectiveness and ineffectiveness

A hedge is considered effective if, at the beginning of the period and subsequent periods, changes in fair value or cash flows attributable to the hedge risk during the period for which the hedge has been designated.

Bancolombia has documented the effectiveness tests of the hedge.The hedge is considered effective, since the critical terms and risks of the obligations that serve as a hedging instrument are identical to those of the primary hedged position. Hedged effectiveness is measured on a before income tax.

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Gains or losses on the conversion of Banistmo’s financial statements are recognized in Consolidated Statements of Comprehensive Income. Consequently, the exchange difference related to the conversion of debt securities issued and financing with correspondent banks is recognized directly in OCI, as a result of the revaluation of the peso against the dollar, the adjustment recognized in Consolidated Statements of Comprehensive Income amounted to COP (742,930), COP 1,948,833 and COP (1,833,087), for the years ended at December 31, 2024, 2023 and 2022, respectively.

For further information see Consolidated Statement of Comprehensive Income, Note 17. Borrowings from other financial institutions and Note 18. Debt instruments in issue.

F-31

NOTE 6. LOANS AND ADVANCES TO CUSTOMERS, NET

Loans and financial leasing operating portfolio

The following is the composition of the loans and financial leasing operations portfolio, net as of June 30, 2025 and December 31, 2024:

Composition	June 30, 2025	December 31, 2024
In millions of COP
Commercial	153,192,450	153,252,811
Consumer	55,047,962	55,815,683
Mortgage	42,502,162	41,741,601
Financial Leases	27,486,345	27,291,604
Small Business Loans	1,542,768	1,352,209
Total gross loans and advances to customers	279,771,687	279,453,908
Total allowance	(14,771,088)	(16,179,738)
Total Net loans and advances to customers	265,000,599	263,274,170

Allowance for loans losses

The following table sets forth the changes in the allowance for loans and advances and lease losses as of June 30, 2025 and 2024:

As of June 30, 2025

Concept	Commercial	Consumer	Mortgage	Financial<br>Leases	Small<br>business<br>loans	Total
In millions of COP
Balance at January 1, 2025	7,259,230	6,497,777	1,235,177	1,088,272	99,282	16,179,738
Loan sales(1)	(293,950)	-	-	-	-	(293,950)
Recovery of charged - off loans(2)	97,203	258,454	14,596	45,716	899	416,868
Credit impairment charges on loans, advances and financial leases, net(3)	319,120	1,741,452	12,401	41,486	47,160	2,161,619
Adjusted stage 3(4)	146,607	237,741	24,759	33,689	3,037	445,833
Charges-off(2)	(797,879)	(2,766,905)	(84,804)	(153,798)	(35,767)	(3,839,153)
Translation adjustment(5)	(132,954)	(135,233)	(26,668)	(3,187)	(1,825)	(299,867)
Balance at June 30, 2025	6,597,377	5,833,286	1,175,461	1,052,178	112,786	14,771,088

(1)Corresponds to the release of loan allowances related to portfolio sales.

(2)This amount results from collections of previously charged off loans.

(3)The loss allowance for the accumulated year 2025 decreased by 27% compared to the same period of the previous year. This reduction is attributed to the improved performance of the consumer portfolio.

(4)Recognized as a reduction to Interest Income on loans and financial leases in Condensed Consolidated Interim Statement of Income, in accordance with IFRS 9.

(5)The variation is due to the decrease in the market representative rate from COP 4,409.15 in December 2024 to COP 4,069.67 in June 2025.

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As of June 30, 2024

Concept	Commercial	Consumer	Mortgage	Financial<br>Leases	Small<br>business<br>loans	Total
In millions of COP
Balance at January 1, 2024	6,290,266	7,717,038	1,023,206	1,024,575	168,018	16,223,103
Recovery of charged - off loans(1)	66,406	260,035	27,696	36,741	3,236	394,114
Credit impairment charges on loans, advances and financial leases, net	362,459	2,393,897	137,446	58,128	5,994	2,957,924
Adjusted stage 3(2)	166,390	297,922	18,271	35,605	5,150	523,338
Charges-off(1)	(407,168)	(3,118,936)	(65,587)	(86,742)	(51,923)	(3,730,356)
Translation adjustment(3)	130,146	147,028	29,076	4,800	1,662	312,712
Balance at June 30, 2024	6,608,499	7,696,984	1,170,108	1,073,107	132,137	16,680,835

(1)This amount results from collections of previously charged off loans.

(2)Recognized as a reduction to Interest Income on loans and financial leases in Condensed Consolidated Interim Statement of Income, in accordance with IFRS 9.

(3)The variation is due to the increase in the market representative rate from COP 3,822.05 in December 2023 to COP 4,148.04 in June 2024.

The following table presents information about the nature and effects of changes in the contractual cash flows of the loan portfolio that did not result in derecognition and the effect of these changes on the measurement of expected credit losses.

Changes in the contractual cash flows of the loan portfolio that did not result in derecognition
In millions of COP
	June 30, 2025	December 31, 2024
Loan portfolio modified during the period
Amortized cost before modification	4,070,000	7,563,621
Net gain or loss on changes	(88,559)	(560,552)
Loan portfolio modified since initial recognition
Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months.	318,074	325,028

Impact of movements in the value of the portfolio and loss allowance by Stage

Variation June 2025 vs December 2024

Stage 1 (12-month expected credit losses)

The exposure in Stage 1 increased by COP 2,434,025, while the loss allowance decreased by COP 86,997. The increase in exposure is mainly driven by the disbursement dynamics of the corporate and mortgage portfolios. The decrease in the loss

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allowance is explained by the macroeconomic impact on the PD (probability of default) models, where a downward trend in interest rates and inflation—particularly in Colombia—has been observed, positively affecting expected credit losses.

Stage 2 (Lifetime expected credit losses)

The exposure in Stage 2 decreased by COP 91,413, while the loss allowance increased by COP 9,600. The reduction in exposure is due to the favorable performance of the portfolio. The increase in the loss allowance is related to clients exiting default (Stage 3), who are provisioned under Stage 2 for a 12-month period.

Stage 3 (Lifetime expected credit losses)

The exposure in Stage 3 decreased by COP 2,024,833, and the loss allowance decreased by COP 1,331,253. These variations are mainly attributable to the improved performance observed across all portfolios.

Variation December 2024 vs December 2023

The following explains the significant changes in the loans and the allowance for loan losses by category during the periods ended on December 31, 2024 and 2023 as a result of applying the expected credit loss model according to IFRS 9:

Stage 1 (12-month expected credit losses)

The exposure in Stage 1 increased by COP 22,899,408 and the loss allowance decreased by COP (1,520,924). The increase in the portfolio in this Stage is mainly due to the dynamics of disbursements in the corporate portfolio and the restatement of dollar loans into Colombian Pesos due to the increase in the exchange rate. The decrease in the loss allowance is due to a higher portfolio participation in lower-risk categories and the macroeconomic impact on the PD (probability of default) models, which have a more favorable economic outlook, where a downward trend in interest rates in Colombia is observed, which positively affects the portfolios of individuals.

Stage 2 (Lifetime expected credit losses)

The exposure in Stage 2 increased by COP 627,630 and the loss allowance increased by COP 137,359. The increase in exposure is mainly due to clients in the corporate portfolio classified as medium risk, through monitoring by the Special Client Management Committee, and a higher number of restructurings compared to the previous year. The increase in the provision is consistent with the arrival of these clients.

Stage 3 (Lifetime expected credit losses)

The exposure in Stage 3 increased by COP 1,975,223, and the loss allowance increased by COP 1,340,200. This variation in exposure and provisions is primarily due to the deterioration of clients in the legal entity portfolio, which includes both corporate clients and SMEs. Significant defaults were particularly observed in the pharmaceutical, commerce, manufacturing, and construction sectors.

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As of June 30, 2025

Maximum exposure to credit risk
In millions of COP
	Stage 1	Stage 2	Stage 3	Total
Commercial	138,912,212	5,426,833	8,853,405	153,192,450
Consumer	46,931,129	4,760,033	3,356,800	55,047,962
Mortgage	37,705,933	2,961,959	1,834,270	42,502,162
Financial Leases	22,806,867	3,323,510	1,355,968	27,486,345
Small Business Loans	1,350,181	106,543	86,044	1,542,768
Total gross loans and advances to customers	247,706,322	16,578,878	15,486,487	279,771,687
Total allowance	(2,087,982)	(2,683,361)	(9,999,745)	(14,771,088)
Total Net loans and advances to customers	245,618,340	13,895,517	5,486,742	265,000,599

As of December 31, 2024

Maximum exposure to credit risk
In millions of COP
	Stage 1	Stage 2	Stage 3	Total
Commercial	137,761,467	5,545,788	9,945,556	153,252,811
Consumer	46,697,013	5,118,607	4,000,063	55,815,683
Mortgage	37,076,580	2,701,930	1,963,091	41,741,601
Financial Leases	22,561,434	3,212,710	1,517,460	27,291,604
Small Business Loans	1,175,803	91,256	85,150	1,352,209
Total gross loans and advances to customers	245,272,297	16,670,291	17,511,320	279,453,908
Total allowance	(2,174,979)	(2,673,761)	(11,330,998)	(16,179,738)
Total Net loans and advances to customers	243,097,318	13,996,530	6,180,322	263,274,170

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NOTE 7. ASSETS HELD FOR SALE AND INVENTORIES, NET

The breakdown of inventories and assets held for sale, net of the Group is as follows:

Assets held for sale and inventories	June 30, 2025	December 31, 2024
In millions of COP
Inventories, net	701,901	932,657
Assets held for sale, net	114,883	173,742
Total assets held for sale and inventories, net	816,784	1,106,399

7.1. Inventories, net

Due to the nature of the financial services provided by some subsidiaries of the Group, assets provided through operating or financial leases to third parties that do not exercise the purchase option or that do not have a purchase option, are recorded as inventories once the agreement expires, considering that in the course of the ordinary activities performed by such subsidiaries, those assets are routinely sold.

In addition, the Group companies have a business unit that develops real estate, which are sold in the ordinary course of business and are classified as inventories.

The Group’s inventories at June 30, 2025 and December 31, 2024, are summarized as follows:

Inventories	June 30, 2025	December 31, 2024
In millions of COP
Lands and buildings(1)	482,524	576,556
Vehicles(2)	215,139	365,173
Machinery and others	38,385	32,166
Total inventory cost	736,048	973,895
Impairment	(34,147)	(41,238)
Total inventories, net	701,901	932,657

(1)The decrease corresponds mainly to Fondo Inmobiliario Colombia, associated with autonomous equity structures engaged in projects for the sale of real estate unit.X

(2) The decrease corresponds to higher sales in the semester.

Impairment is recognized based on market price fluctuation due to the fact that the fair value is determined by the offering price less cost to sell.

There are no inventories pledged as collateral for liabilities as of June 30, 2025 and December 31, 2024.

7.2. Assets held for sale

The assets recognized by the Group as assets held for sale correspond to machinery, equipment, motor vehicles and technology, among others that have been received as foreclosed assets.

These assets are subject to a current plan for their sale, which contains the details of the selling price allocation and the advertising and marketing plan. Furthermore, the plan specifies the conditions to proceed with the selling process.

The total balance of assets held for sale, by operating segment, are detailed below:

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As of June 30, 2025

Assets held for sale	Banking<br>Colombia	Banking<br>Panama	Banking<br>El Salvador	Banking<br>Guatemala	Total
In millions of COP
Machinery and equipment	5,192	3,667	-	-	8,859
Cost	5,266	3,713	-	-	8,979
Impairment	(74)	(46)	-	-	(120)
Real estate for residential purposes	1,841	73,535	1,407	13,148	89,931
Cost	1,841	75,207	1,430	13,148	91,626
Impairment	-	(1,672)	(23)	-	(1,695)
Real estate different from residential properties	318	15,775	-	-	16,093
Cost	318	15,775	-	-	16,093
Total assets held for sale - cost	7,425	94,695	1,430	13,148	116,698
Total assets held for sale - impairment	(74)	(1,718)	(23)	-	(1,815)
Total assets held for sale(1)	7,351	92,977	1,407	13,148	114,883

(1)For June 30, 2025 there are no assets related to investments held for sale.

As of December 31, 2024

Assets held for sale	Banking<br>Colombia	Banking<br>Panama	Banking<br>El Salvador	Banking<br>Guatemala	Total
In millions of COP
Machinery and equipment	5,563	4,522	-	-	10,085
Cost	5,660	4,532	-	-	10,192
Impairment	(97)	(10)	-	-	(107)
Real estate for residential purposes	2,887	111,983	6,349	12,644	133,863
Cost	2,887	116,214	6,374	12,673	138,148
Impairment	-	(4,231)	(25)	(29)	(4,285)
Real estate different from residential properties	182	29,612	-	-	29,794
Cost	182	29,787	-	-	29,969
Impairment	-	(175)	-	-	(175)
Total assets held for sale - cost	8,729	150,533	6,374	12,673	178,309
Total assets held for sale - impairment	(97)	(4,416)	(25)	(29)	(4,567)
Total assets held for sale(1)	8,632	146,117	6,349	12,644	173,742

(1)For 2024 there are no assets related to investments held for sale.

Impairment losses are recognized for the difference between the carrying and recoverable amount of the asset.

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NOTE 8. INCOME TAX

The income tax is recognized in each of the countries where the Bank has operations, in accordance with the tax regulations in force in each of the jurisdictions.

8.1 Components recognized in the Consolidated Statement of Income

The next table details the total income tax for the six-month period ending June 30, 2025 and 2024, and for the three-month period from April 1 to June 30, 2025 and 2024:

	Accumulated		Quarterly
	2025	2024	2025	2024
In millions of COP
Current tax(1)
Fiscal term	(1,284,774)	(822,349)	(648,987)	(163,926)
Prior fiscal terms(2)	67,121	161,943	6,650	92,104
Total current tax	(1,217,653)	(660,406)	(642,337)	(71,822)
Deferred tax
Fiscal term	(51,657)	(360,890)	8,781	(321,450)
Prior fiscal terms(2)	(55,265)	(48,378)	(10,975)	9,410
Adjustments for consolidation purposes	(29,387)	11,471	(10,519)	20,539
Total deferred tax	(136,309)	(397,797)	(12,713)	(291,501)
Total income tax(3)	(1,353,962)	(1,058,203)	(655,050)	(363,323)

(1) The nominal income tax rate used in Colombia for the years 2025 and 2024 is 35%. The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5%.

2) Mainly due to the effects of Sentence CE 26739 of January 25, 2024, in both Bancolombia S.A. and Renting Colombia S.A.S.; as well as for invoices received after the end of the year and industry and commerce tax paid prior to the filing of the income tax return.

(3) See table 8.3 Reconciliation of the effective tax rate.

8.2 Legal regulatory changes

In El Salvador, on March 14, 2024, Decree 969 was published in the Official Gazette with an amendment to article 4 of the Income Tax Law, which includes income obtained abroad among the income excluded from said tax.

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8.3   Reconciliation of the effective tax rate

The reconciliation between total income tax expenses calculated at the current nominal tax rate and the tax expense recognized in the condensed consolidated interim statement of income for for the six-month period ended June 30, 2025 and 2024, and the three-month period from April 1 to June 30, 2025 and 2024, is detailed below:

	Accumulated		Quarterly
Reconciliation of the tax rate	2025	2024	2025	2024
In millions of COP
Accounting profit	4,947,683	4,204,968	2,483,996	1,825,077
Applicable tax with nominal rate(1)	(1,979,073)	(1,681,987)	(993,599)	(730,031)
Non-deductible expenses to determine taxable profit (loss)	(121,003)	(182,760)	(70,025)	(133,919)
Accounting and non-tax expense (income) to determine taxable profit (loss)	266,344	327,012	57,462	144,699
Differences in accounting bases(2)	17,494	250,860	(68,687)	185,421
Fiscal and non-accounting expense (income) to determine taxable profit (loss)	(292,127)	(487,139)	(24,410)	(429,194)
Ordinary activities income exempt from taxation	704,102	832,115	235,157	637,908
Ordinary activities income not constituting income or occasional tax gain	76,768	64,335	21,151	3,971
Tax deductions	108,497	133,369	51,154	101,695
Goodwill Depreciation	231	2,531	154	2,416
Tax depreciation surplus	102,912	108,896	51,169	54,406
Untaxed recoveries	(71,035)	(42,168)	(28,720)	(24,670)
Tax rate effect in other countries	(117,708)	(225,026)	94,494	(147,935)
Prior fiscal terms	11,856	113,565	(4,325)	101,514
Tax discounts	—	—	—	—
Other effects of the tax rate by reconciliation between accounting profit and tax expense (income)	(50,019)	(271,806)	27,532	(129,604)
Excess of presumptive income over net income	(11,201)	—	(3,557)	—
Total income tax	(1,353,962)	(1,058,203)	(655,050)	(363,323)

(1) The nominal income tax rate used in Colombia for the years 2025 and 2024 is 35%. The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5%.

(2) Difference between the technical accounting frameworks in force and the full International Financial Reporting Standards (IFRS).

8.4 Components recognized in Other Comprehensive Income (OCI)

See Condensed Consolidated Interim Statement of Comprehensive Income

June 30, 2025
In millions of COP
	Amounts before taxes	Deferred tax	Net taxes
Remeasurement income related to defined benefit liability	14,985	(5,465)	9,520
Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	13,829	1,273	15,102
Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	336	5,923	6,259
Utility on net investment hedge in foreign operations	230,626	(125,648)	104,978
Exchange differences arising on translating the foreign operations.	(1,610,582)	—	(1,610,582)
Unrealized loss Cash flow hedge	(216)	87	(129)
Unrealized loss on investments in associates and joint ventures using equity method	(446)	(599)	(1,045)
Net	(1,351,468)	(124,429)	(1,475,897)

F-39

June 30, 2024
In millions of COP
	Amounts before taxes	Deferred tax	Net taxes
Remeasurement income related to defined benefit liability	15,028	(5,386)	9,642
Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	13,102	5,394	18,496
Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	(14,973)	10,843	(4,130)
Loss on net investment hedge in foreign operations	(452,000)	178,154	(273,846)
Exchange differences arising on translating the foreign operations.	1,669,069	—	1,669,069
Unrealized loss on investments in associates and joint ventures using equity method	(6,247)	890	(5,357)
Net	1,223,979	189,895	1,413,874

Quarterly results

June 30, 2025
In millions of COP
	Amounts before taxes	Deferred tax	Net taxes
Remeasurement income related to defined benefit liability	14,985	(5,492)	9,493
Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	9,851	873	10,724
Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	6,519	2,408	8,927
Net loss cash flow hedge (Derivatives)	(154)	62	(92)
Loss on net investment hedge in foreign operations	38,362	(54,494)	(16,132)
Exchange differences arising on translating the foreign operations.	(536,689)	—	(536,689)
Unrealized loss on investments in associates and joint ventures using equity method	(196)	(670)	(866)
Net	(467,322)	(57,313)	(524,635)		June 30, 2024
---	---	---	---
In millions of COP
	Amounts before taxes	Deferred tax	Net taxes
Remeasurement income related to defined benefit liability	15,028	(5,393)	9,635
Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	6,642	5,935	12,577
Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	(8,753)	8,651	(102)
Loss on net investment hedge in foreign operations	(413,925)	161,370	(252,555)
Exchange differences arising on translating the foreign operations.	1,572,026	—	1,572,026
Unrealized gain on investments in associates and joint ventures using equity method	100	(18)	82
Net	1,171,118	170,545	1,341,663

8.5       Deferred tax

In accordance with its financial projections, the companies from the Bank’s expects in the future to generate enough liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared considering information from the Cibest Group's economic research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account.

F-40

The deferred tax asset and liability for each of the concepts that generated taxable or deductible temporary differences for the period ending June 30, 2025 are detailed below:

	December 31, 2024	Effect on<br>Income<br>Statement	Effect on <br>OCI	Effect on<br><br>Equity(1)	Foreign<br>Exchange	Adjustments for<br>consolidation<br>purposes	June 30, 2025
In millions of COP
Asset Deferred Tax:
Property and equipment	2,668	(1,800)	—	—	(181)	33	720
Employee Benefits	282,601	1,185	(5,465)	—	(3,644)	—	274,677
Deterioration assessment	612,213	(44,500)	—	—	(46,344)	3,316	524,685
Investments evaluation	5,278	13	—	—	(26)	—	5,265
Derivatives Valuation	6,063	139,327	87	—	2	—	145,479
Tax credits settlement	4,978	(3,136)	—	—	—	—	1,842
Financial Obligations	197,660	(138,287)	—	(59,373)	—	—	—
Insurance operations	34,906	(16,062)	—	—	(2,688)	—	16,156
Net investment coverage in operations abroad	362,786	(80,442)	(125,648)	59,373	2	(13,531)	202,540
Other deductions	290,284	(9,398)	—	—	(1,475)	—	279,411
implementation adjustment	401,830	(4,677)	—	—	(12,522)	—	384,631
Total Asset Deferred Tax (2)	2,201,267	(157,777)	(131,026)	—	(66,876)	(10,182)	1,835,406
Liability Deferred Tax:
Property and equipment	(114,638)	52,829	—	—	1,614	(31,320)	(91,515)
Deterioration assessment	(973,820)	24,966	—	—	—	10,117	(938,737)
Participatory titles evaluation	(377,994)	(37,444)	7,196	—	2,390	1,243	(404,609)
Derivatives evaluation	(82,375)	80,493	—	—	87	883	(912)
Lease restatement	(321,813)	(103,950)	—	—	1	—	(425,762)
Investments in associates. Adjustment for equity method	(24,805)	4,794	(599)	15	(2,434)	(285)	(23,314)
Financial Obligations	(556)	(34,345)	—	—	43	—	(34,858)
Goodwill	(1,574,360)	396	—	—	549	—	(1,573,415)
Insurance operations	(37,379)	13,011	—	—	2,879	—	(21,489)
Properties received in payment	(104,990)	(1,432)	—	—	1,000	—	(105,422)
Other deductions	(403,259)	51,537	—	—	5,031	157	(346,534)
implementation adjustment	(25)	—	—	—	(1)	—	(26)
Total Liability Deferred Tax (2)	(4,016,014)	50,855	6,597	15	11,159	(19,205)	(3,966,593)
Net Deferred Tax	(1,814,747)	(106,922)	(124,429)	15	(55,717)	(29,387)	(2,131,187)

(1) Effects of the spin-off of Grupo Cibest and Bancolombia.

(2) The values revealed in the Unaudited Condensed Consolidated Interim Statement of Financial Position correspond to the sum of the net deferred tax per company.

8.6    Amount of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized is

In accordance with IAS 12, no deferred tax credit was recorded, because management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future.

	June 30, 2025	December 31, 2024
In millions of COP
Temporary differences
Local Subsidiaries(1)	(24,724,924)	(373,971)
Foreign Subsidiaries	(18,398,410)	(20,176,494)

(1) Effect corresponding to the amount of temporary differences in subsidiaries on which no taxable deferred tax is recognized for the Cibest Group companies in accordance with the change in the corporate structure.

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8.7       Tax credits

For the 2024 period, a deferred tax asset was recognized since the Group companies will have future taxable profits in which they can charge this temporary difference.

The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group's entities, which have not been used, as of December 31, 2024.

Company	Base	Deferred tax<br>recognized asset
In millions of COP
Banca de Inversión Bancolombia S.A	4,604	1,842
Total	4,604	1,842

8.8       Dividends

8.8.1   Dividend Payment

If the parent company or any of its subsidiaries were to distribute dividends, they would be subject to the tax regulations of each of the countries in which they are decreed and distributed. In the case of Colombian companies, dividends will be subject to the application of Articles 48 and 49 of the Tax Statute and consequently will be subject to withholding at source at the established rates, in accordance with the tax characteristics of each shareholder.

8.8.2   Dividends received from Subsidiary Companies

Considering the historical tax status of the dividends received by the Bank from its affiliates and national subsidiaries, it is expected that in the future dividends will be received on the basis of non-income tax. They will not be subject to withholding tax, taking into account that the Bank, its affiliates and national subsidiaries belong to the same business group.

8.9      Tax contingent liabilities and assets

In the determination of the effective current and deferred taxes subject to review by the tax authority, the relevant regulations have been applied in accordance with the interpretations made by the Group.

In Colombia due to the complexity of the tax system, ongoing amendments to the tax regulations, accounting changes with implications on tax bases and in general the legal instability of the country, the tax authority may at any time have different criteria than that of the Cibest Group's. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect the Cibest Group's accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. However, based on the criteria established in the interpretation of IFRIC 23, the Cibest Group's did not recognize uncertain tax positions in its financial statements.

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NOTE 9. DEPOSITS BY CUSTOMERS

The detail of the deposits of Grupo Cibest as of June 30, 2025 and December 31, 2024 is as follows:

Deposits	June 30, 2025	December 31, 2024
In millions of COP
Saving accounts(1)(2)	129,326,941	124,636,994
Time deposits	111,403,425	109,760,722
Checking accounts	36,027,027	38,033,696
Other deposits(1)	5,889,936	6,627,989
Total deposits by customers	282,647,329	279,059,401

(1) As of June 30, 2025 and December 31, 2024 includes Nequi Deposits by COP 5,625,972 and COP 4,449,420, respectively.

(2) The increase is mainly in Bancolombia S.A. in Corporate and Small and Medium-Sized Enterprises (SMEs) segment.

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NOTE 10. INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING

The following table sets forth information regarding the money market operations recognized as liabilities in Condensed Consolidated Interim Statement of Financial Position:

Interbank and repurchase agreements and other similar secured borrowing	June 30, 2025	December 31, 2024
In millions of COP
Interbank Deposits
Interbank liabilities(1)	811,328	716,493
Total interbank	811,328	716,493
Repurchase agreements and other similar secured borrowing
Temporary transfer of securities(2)	2,926,787	532,495
Repurchase agreements	941,836	372,004
Short selling operations	71,731	155,973
Total Repurchase agreements and other similar secured borrowing	3,940,354	1,060,472
Total money market transactions	4,751,682	1,776,965

(1)The increase is mainly due to Bancolombia S.A.

(2)Increase recorded in Bancolombia due to repos in simultaneous operations with the Cámara de Riesgo Central de Contraparte in Colombia.

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NOTE 11. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS

As of June 30, 2025 and December 31, 2024, the composition of the borrowings from other financial institutions measured at amortized cost is the following:

Borrowings from other financial institutions	June 30, 2025	December 31, 2024
In millions of COP
Obligations granted by foreign banks(1)	6,253,372	10,619,033
Obligations granted by domestic banks	5,177,880	5,070,499
Total borrowings from other financial institutions	11,431,252	15,689,532

(1)The variation is due to cancellation of obligations for advance payments and maturities.

Obligations granted by foreign banks

As of June 30, 2025

Financial entity	Rate Minimum		Rate Maximum		June 30, 2025
In millions of COP
Financing with Correspondent Banks and Multilateral Entities(1)	1.50	%	7.50	%	5,037,491
Banco Interamericano de Desarrollo (BID)	7.07	%	9.58	%	1,173,275
Banco Latinoamericano de Comercio Exterior (Bladex)	5.80	%	5.80	%	42,606
Total					6,253,372

(1)The variation is due to cancellation of obligations for advance payments and maturities.

As of December 31, 2024

Financial entity	Rate Minimum		Rate Maximum		December 31, 2024
In millions of COP
Financing with Correspondent Banks and Multilateral Entities	1.50	%	8.99	%	9,959,214
Banco Interamericano de Desarrollo (BID)	8.47	%	9.62	%	614,946
Banco Latinoamericano de Comercio Exterior (Bladex)	5.80	%	5.80	%	44,873
Total					10,619,033

The maturities of the financial obligations with foreign entities as of June 30, 2025 and December 31, 2024 are the following:

Foreign	June 30, 2025	December 31, 2024
In millions of COP
Amount expected to be settled:
No more than twelve months after the reporting period(1)	3,164,663	7,428,943
More than twelve months after the reporting period	3,088,709	3,190,090
Total	6,253,372	10,619,033

(1)The variation is due to cancellation of obligations for advance payments and maturities.

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Obligations granted by domestic banks

As of June 30, 2025

Financial entity	Rate<br>Minimum	Rate<br>Maximum	June 30, 2025
In millions of COP
Fondo para el financiamiento del sector agropecuario (“Finagro”)	5.31%	17.20%	1,912,658
Financiera de desarrollo territorial (“Findeter”)	4.00%	15.45%	1,907,246
Banco de comercio exterior de Colombia (Bancoldex)	2.17%	17.30%	283,743
Other private financial entities	5.02%	13.01%	1,074,233
Total			5,177,880

As of December 31, 2024

Financial entity	Rate<br>Minimum	Rate<br>Maximum	December 31, 2024
In millions of COP
Fondo para el financiamiento del sector agropecuario (“Finagro”)	5.09%	13.59%	1,363,891
Financiera de desarrollo territorial (“Findeter”)	4.15%	17.21%	2,239,644
Banco de comercio exterior de Colombia (Bancoldex)	2.17%	17.50%	399,266
Other private financial entities	5.11%	13.01%	1,067,698
Total			5,070,499

The maturities of financial obligations with domestic banks as of June 30, 2025 and December 31, 2024, are as follows:

Domestic	June 30, 2025	December 31, 2024
In millions of COP
Amount expected to be settled:
No more than twelve months after the reporting period	703,614	679,069
More than twelve months after the reporting period	4,474,266	4,391,430
Total	5,177,880	5,070,499

As of June 30, 2025 and December 31, 2024, there were some financial covenants, mainly regarding capital adequacy ratios, past due loans and allowances, linked to some of the aforementioned outstanding credit facilities. None of these covenants had been breached nor were the related obligations past due.

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NOTE 12. PROVISIONS AND CONTINGENT LIABILITIES

Contingent liabilities

Contingencies due to judicial or administrative proceedings/litigations in which Bancolombia and the entities with which financial statements are consolidated as of June 30, 2025, are listed as follow, and that represents a contingency superior to USD 7,313. Amounts in USD are presented in thousands.

Some of the proceedings in which the claims are inferior and that were revelated in prior periods will be kept providing information about its evolution.

BANCOLOMBIA S.A.

Neos Group S.A.S. (in reorganization) and Inversiones Davanic S.A.S.

On November 3, 2022, Bancolombia S.A. was served of a lawsuit in which Neos Group S.A.S. and Inversiones Davanic S.A.S. alleges that a loan agreement was entered between them, rather than a lease agreement. Neos Group S.A.S. and Inversiones Davanic S.A.S. also requested the rescission of the purchase and sale agreement on the ground that the price of the property was lower than its fair price.

The Neos Group S.A.S. and Inversiones Davanic S.A.S.'s claims amount are COP 65,000. The contingency is qualified as remote because the parties always intended to celebrate a lease agreement and not a different type of contract. On December 7, 2022, Bancolombia S.A. filed a brief with its defenses. As of June 30, 2025, the Court has not summoned the initial hearing. There is no provision for this proceeding.

Public Interest Class Action - Carlos Julio Aguilar and other

In this proceeding, a public interest class action was filed, in which the plaintiffs allege that due to the restructuring of Departamento del Valle's financial obligations and its performance plan, the Departamento del Valle's collective rights of the public administration and the public funds of the were breached. Bancolombia S.A. filed its defenses arguing that the agreement was made in accordance with the law.

On November 15, 2024, the First Instance Court issued a judgement in favor of Bancolombia S.A. The plaintiffs filed an appeal against the first instance judgment. As of June 30, 2025, the Second Instance Court has not issued a final decision. The contingency is qualified as eventual and there is no provision for this proceeding.

Remediation Plan for Santa Elena´s property

In 1987, Banco de Colombia (today Bancolombia S.A.) received a property located in Municipio de Cartagena, Colombia from the Federación Nacional de Algodoneros. After the transfer of the property to Bancolombia S.A., soil contamination from pesticides and herbicides was found on the property. Bancolombia S.A. commenced a civil responsibility judicial proceeding against the Federación Nacional de Algodoneros alleging environmental contamination. On November 13, 2015, the Court issued the final judgment. In the judgment, the Court stated that the Federación Nacional de Algonoderos was liable for environmental damages and consequently, Bancolombia S.A. was not.

Despite not being liable for environmental damages, Bancolombia S.A. has assumed binding commitments to contract and pay for the property’s decontamination. As a result of these commitments, Bancolombia S.A. has conducted different decontamination processes over the years. Currently, Bancolombia S.A. has the approval of the Autoridad Nacional de Licencias Ambientales de Colombia (ANLA) for the execution of a remediation plan (plan de remediación) divided into 3 stages: Stage I, Stage II, and Stage III.

As of June 30, 2025, Bancolombia S.A. is still working in the on the deliverables requested by the ANLA and derived from the complementary studies of Stage I, and the demolition activities of the warehouses planned for Stage II were completed. The pre-feasibility activities for Stage III are also being executed and the execution of the social management plan with the communities in the area of influence of the remediation plan, emergency and contingency plan, hazardous waste management plan and biotic environment protection plan continues.

The estimated time for the execution of the remediation plan is 36 months from July 2023, with the possibility of adjustment according to the results of the pre-feasibility and feasibility stage of Stage 3 and the supervening requirements

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of the competent authorities. As of June 30, 2025, there is a provision of COP 58,913 to attend the execution of the pending activities of the plan.

Constructora Primar S.A.S. (TERMINATED)

On June 7, 2022, Bancolombia S.A. was notified of a lawsuit filed by Incopav S.A.S., Constructora Primar S.A.S., Inversiones M & Galindo y Cía. S en C and Inversiones M & Baquero y Cía. S en C. The plaintiffs request the payment of the damages caused by Bancolombia S.A. for his decision not to fully finance of the Altos de San Jorge project.

The plaintiffs' claims amount are COP 107,344. The contingency is qualified as remote because the plaintiffs are not part of the mutual agreement entered into for the financing of the Altos de San Jorge project. On July 9, 2024, the First Instance Court ruled in favor of Bancolombia S.A. On February 19, 2025, the plaintiffs' appeal was deemed unsupported. The first instance judgment became final and binding. As of June 30, 2025, the proceeding is terminated.

Tuvacol S.A.

On July 18, 2024, Bancolombia S.A. was served of the lawsuit filed by Tuvacol S.A. Tuvacol S.A. is requesting the payment of the damages caused by the alleged irregular payment of checks charged to its checking account. Bancolombia S.A. argues that the payments of the checks were correct. The plaintiff’s claims are COP 56,769.

As of June 30, 2025, the proceeding is in the evidentiary stage. The contingency is qualified as eventual and has a provision for COP$5,676.

FIDUCIARIA BANCOLOMBIA

Quinta Sur S.A.S.

In March 2022, Fiduciaria Bancolombia was notified of a lawsuit filed by Quinta Sur S.A.S. in liquidation proceeding. According to the lawsuit, Quinta Sur seeks the indemnification for damages due to the non-transfer of the resources to beginning of a housing construction project, under the terms agreed in the trust agreement. Fiduciaria Bancolombia alleges that it has complied with the law and the contract, arguing that the property on which the housing project was to be constructed did not fulfill the contractual requirements. The plaintiff’s claims amount are COP 128,599.

On August 24, 2023, the First Instance Court issued a favorable judgment to Fiduciaria Bancolombia. As of June 30, 2025, the Second Instance Court has not issued a final decision. The contingency is qualified as eventual and there is no provision for this proceeding.

BANISTMO

Constructora Tymsa S.A.

In October 2021, Banistmo and Banistmo Investment were notified of a lawsuit in which the plaintiff alleged fraudulent acts involving the sale of the plaintiff´s property. Constructora Tymsa request the nullity of the public instrument of purchase through which property was transferred to Limipa S.A. Limipa S.A. requested a loan to Banistmo and guaranteed its obligation with an an administration and guarantee trust over the property. The trust was administered by Banistmo Investment. Constructora Tymsa alleges that the signatures and fingerprints in the public instrument of purchase, sale and in the mortgage in favor of Banistmo are false.

The plaintiff’s claims amount are USD 10,000, in addition to interests, costs and expenses. Banistmo and Banistmo Investment allege they are not liable for any intentional or negligent conduct regarding to the alleged fraudulent sale of the property. As of June 30,2025, the Court is pending of the resolution of three motions, including the motion for lack of jurisdiction alleged by the Bank, and to rule on the evidence presented in the proceeding. The Bank’s legal advisors have qualified the proceeding as eventual and there is no provision.

Deniss Rafael Pérez Perozo, Carlos Pérez Leal and others

Promotora Terramar (client of Banistmo, formerly HSBC Panamá) received USD 299, through Visa Gift Cards issued by a foreign bank. Theses payment were received as a partial payment of 2 apartments located in Panamá City.

On June 3, 2028, the Credit Card Securities and Fraud Prevention department of the HSBC bank detected an irregular activity by Promotora Terramar, when a monitoring alert was activated due to the high number of cards with the same BIN

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and bank. Therefore, pursuant to the Business Establishments Affiliate Agreement, HSBC reversed funds from Promotora Terramar´s accounts for COP 287. Nevertheless, after further investigations the money was refunded.

On October 2013, the plaintiffs filed a claim for compensation of the material and moral damages caused, which according to their valuation, amounts to USD 5,252,000. Banistmo alleges it has complied with the contractual terms outlined in the Affiliate Agreement, that Mr. and Mrs Perez Leal are not customers of the Bank and thar the statute of limitations deadline has lapsed.

As of June 30, 2025, the lawsuit has not been notified to the parties. The contingency is qualified as remote and there is no provision for this proceeding.

DD&C, Carlos Pérez Leal and Others

In October 2022, Banistmo received a communication announcing the filing of a legal action in the Tribunal of First Instance of Kaloum in the Republic of Guinea. This action was commenced by Inversiones DD&C, Carlos Perez Leal and other natural persons against the Central Bank of the Republic of Guinea (“BCRG”) and five international banks, including Banistmo. The action seeks compensatory damages derived from alleged fraud involving six international transfers for a total USD 1,900 that Inversiones DD&C, who was a client of Banistmo at the time, ordered to be made to a bank account at the BCRG. The parties who commenced the action are seeking USD 28,100 in “dommages matériels” (which are damages for alleged economic loss), as well as additional amounts in “dommages moraux” (which are damages for alleged non-economic loss, including alleged psychological suffering and moral anguish).

On May 22, 2023, a favorable First Instance judgment was issued for Banistmo. The plaintiff filed an appeal against the decision. On October 23, 2024, the Second Instance Court issued a favorable judgment to Banistmo. As of June 30, 2025, there is still pending to decide the appeal filed by the plaintiff before the Supreme Court of Guinea.

The contingency is qualified as remote and there is provision for this proceeding.

Interfast Panamá & Pacific Point 96624

In February 2024, Banistmo and Banistmo Investment were served of a lawsuit filed against them and against 2020 Debt Investors Corp and José Talgham Cohen. The plaintiffs seek compensation for damages originated from the assignment of credit agreement made by Banistmo as the assignor in benefit of the assignee 2020 Debt Investors Corp., of a credit operation managed by Inverfast Panamá for a value of USD 2,000. The loan was secured with a trust of administration and guarantee of real state set up on Banistmo Investment.

The plaintiffs alleges that the credit assignment agreement presented irregularities and deviations from Banistmo and breach of fiduciary duties from Banistmo Investment. The plaintiff’s claims amount are USD 15,000.

As of June 30, 2025, the proceeding is pending rule a clarification motion of the plaintiff´s complaint.

The contingency is qualified as remote and there is no provision for this matter.

BANCO AGRÍCOLA

Dirección General de Impuestos Internos of El Salvador

The authority on taxes of El Salvador (DGII), in accordance with the resolution of October 2018, determined that Banco Agrícola failed to declare and pay income taxes related to 2014’s fiscal year for a total of USD 11,116 and related penalties.

In 2021, the appeal presented by Banco Agrícola was decided. The Tribunal de Apelaciones de los Impuestos Internos y Aduanas (TAII) modified the Resolution issued by DGII, adjusted the rental tax to USD 6,341 and revoked the sanction.

Banco Agrícola filed a lawsuit before the Contentious Administrative Tribunal seeking to overrule DGII´s and TAII´s previous decisions in relation to the tax’s payment. As of June 30, 2025, the decision of the Contentious Administrative Tribunal is still pending.

The contingency is qualified as remote and there is no provision for this proceeding.

ARRENDADORA FINANCIERA S.A.

Cordal

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Cordal filed a lawsuit against Arrendadora Financiera, seeking compensation for USD 6,454. According to the lawsuit, Cordal was the owner of a current account in Arrendadora Financiera (formerly Banco Capital S.A.), and it alleged that it´s funds were irregularly transferred to third parties. Arrendadora Financiera alleges Cordal´s account was liquidated before the acquisition of Banco Capital S.A. and, therefore, no funds were transferred.

As of June 30, 2025, the proceeding is at the evidentiary stage. The contingency is qualified as remote and there is no provision for this proceeding. A former employee of the plaintiff was convicted of aggravated theft in connection with the facts of this lawsuit.

BANCO AGROMERCANTIL

Bapa Holdings Corp.

On September 20, 2022, a lawsuit against Banco Agromercantil was filed by Bapa Holdings Corp. The plaintiff alleges that it invested USD 7,000, through a participation agreement with North Shore Development Company (NDSC) for the development of a housing project that was going to be built in a property, which was security for a loan given by Banco Agromercantil to NDSC, located in Roatan Island, Honduras. Bapa alleges that BAM caused damages due to its failure to provide information about NDSC´s financial situation and going through with the sale of the credit. On October 24, 2022, BAM responded to the claim and filed exceptions alleging that it has no commercial relationship with Bapa, and the statute of limitations deadline expired. As of June 30, 2025, the Court has not ruled the exceptions to the lawsuit. The contingency is qualified as remote and there is no provision for this proceeding.

Superintendencia de Administración Tributaria (SAT)

The Superintendencia de Administración Tributaria (SAT) de Guatemala ordered a tax adjustment in the fiscal year 2014 of Banco Agromercantil´s rental tax declaration, duly paid by BAM, for a value of USD 13,583 (including tax and sanction). BAM initiated legal proceedings against the decision adopted by the SAT, arguing the inadmissibility of the adjustment by applying the legal rule in an analogous way, the admissibility of the expense’s deductions of the revenue tax for being necessary to generate lien revenue and the non-withhold of the revenue tax in the interests paid to exempt people, arguing that they were appropriate according to the law. As of June 30, 2025, the proceeding is pending the final decision from the Court.

The contingency is qualified as remote and there is no provision for this proceeding.

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NOTE 13. OTHER LIABILITIES

Other liabilities consist of the following:

Other liabilities	June 30, 2025	December 31, 2024
In millions of COP
Payables(1)	5,635,439	3,547,341
Suppliers	1,594,798	1,840,622
Advances to obligations	1,524,562	1,373,401
Collection services(2)	1,313,846	480,202
Security contributions	585,894	559,038
Deposits delivered as security	548,773	378,767
Bonuses and short-term benefits	537,463	676,967
Provisions	462,476	439,095
Salaries and other labor obligations	433,229	428,077
Advances in leasing operations and loans	150,440	173,168
Deferred interests	64,104	106,058
Liabilities from contracts with customers	55,970	68,040
Other financial liabilities	50,429	46,187
Dividends(3)	26,119	873,598
Total	12,983,542	10,990,561

(1)The increase corresponds mainly to items with payment systems networks, mostly for automatic payments, and suppliers.

(2)The increase is mainly due to tax collections.

(3)Dividends payable corresponding to the distribution of profits for the year 2024, declared in March 2025. See Condensed Consolidated Interim Statement of Changes in Equity, distribution of dividends.

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NOTE 14. APPROPRIATED RESERVES

As of June 30, 2025 and December 31, 2024 the appropriated retained earnings consist of the following:

Concept	June 30, 2024	December 31, 2024
In millions of COP
Appropriation of net income(1)(2)	11,311,421	12,700,961
Others(3)	12,390,654	9,874,876
Total appropriated reserves(4)	23,702,075	22,575,837

(1)The legal reserve fulfills two objectives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders.

(2)As of June 30, 2025 and December 31, 2024, includes reclassification of unclaimed dividends under Article 85 of Bancolombia S.A, Bylaws for COP 1,825 and COP 506, respectively.

(3)The creation of an occasional reserve for equity strengthening and future growth continues, which was approved at the General Shareholders Meeting.in addition, a reserve of COP 34,000 has been created for donations to social benefit projects, available to the Board of Directors, as approved by the General Shareholders' Meeting.

(4)On June 9, 2025, the General Assembly approved a repurchase program for shares and ADRs of up to COP 1.35 billion and approved a change in the legal reserve and the creation of a reserve for the repurchase of shares. For more information, see Note 1. Reporting Entity.

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NOTE 15. OPERATING INCOME

15.1. Interest and valuation on financial instruments

The following table sets forth the detail of interest and valuation on financial asset instruments for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

	Accumulated		Quarterly
	2025	2024	2025	2024
In millions of COP
Interest on debt instruments using the effective interest method	471,841	497,912	238,111	240,138
Interest and valuation on financial instruments
Debt investments(1)	841,175	583,100	441,310	284,827
Spot transactions	38,197	(21,454)	18,815	(14,521)
Repos(2)	(28,094)	159,184	(16,829)	50,792
Derivatives(3)	(52,303)	(12,274)	(9,473)	(18,588)
Total valuation on financial instruments	798,975	708,556	433,823	302,510
Total Interest and valuation on financial instruments	1,270,816	1,206,468	671,934	542,648

(1) The increase is primarily due to the valuation of debt securities in Bancolombia S.A., mostly fixed-rate TES. (2) The decrease is mainly in Bancolombia S.A due to lower returns on simultaneous operations.

(3) The decrease is mainly in Bancolombia S.A due to losses in futures valuation.

15.2.       Interest expenses

The following table sets forth the detail of interest on financial liability instruments for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

	Accumulated		Quarterly
	2025	2024	2025	2024
In millions of COP
Deposits(1)	5,692,598	6,235,521	2,889,388	3,047,647
Borrowing costs(1)(2)	518,020	734,351	245,479	332,778
Debt instruments in issue(3)	415,995	595,519	207,284	310,348
Lease liabilities	55,459	68,723	21,630	35,509
Preferred shares	28,650	28,650	13,813	13,813
Overnight funds	14,471	10,012	8,226	5,459
Other interest (expense)	17,275	23,189	7,189	11,332
Total interest expenses	6,742,468	7,695,965	3,393,009	3,756,886

(1)The intervention rate issued by the Banco de la República de Colombia for the period of 2025 it started at 9.50% and closed at 9.25% and for 2024 it started at 13.00% and closed at 9.50%. This has an impact on the rates of deposits and financial obligations.

(2)The decrease is mainly in Bancolombia S.A due to prepayments of domestic obligations with Findeter.

(3)In 2025, the decrease occurs mainly due to maturities of debt securities in legal currency.

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Net interest income is defined as interest on loan portfolio and financial leasing operations, interest on debt instruments measured by the effective interest method and interest expense amounts to COP 9,398,496 y COP 9,509,930 for the accumulated period of six months ended on June 30, 2025 and 2024, respectively and to COP 4,750,617 and COP 4,819,484 for the three-months period between April 1 and on June 30, 2025 and 2024, respectively.

15.3.       Fees and commissions

Grupo Cibest has elected to present the income from contracts with customers as an element in a line named “Fees and commissions income” in the consolidated statement of income separated from the other income sources.

The information contained in this section about the fees and commission’s income presents information on the nature, amount, timing and uncertainty of the income from ordinary activities which arise from a contract with a customer under the regulatory framework of IFRS 15 Revenue from Ordinary activities from Contracts with Customers.

In the following table, the description of the main activities through which the Bank generates revenue from contracts with customers is presented:

Fees and Commissions	Description
Banking services	Banking Services are related to commissions from the use of digital physical channels or once the customer makes a transaction. The performance obligation is fulfilled once the payment is delivered to its beneficiary and the proof of receipt of the payment is sent, in that moment, the collection of the commission charged to the customer is generated, which is a fixed amount. The commitment is satisfied during the entire validity of the contract with the customer. The Bank acts as principal.
Credit and debit card fees	In debit card product contracts, it is identified that the price assigned to the services promised by the Bank to the customers is fixed. Given that no financing component exists, it is established on the basis of the national and international interbank rate. Additionally, the product charges to the customers commissions for handling fees, at a determined time and with a fixed rate.<br><br>For Credit Cards, the commissions are the handling fees and depend on the card franchise. The commitment is satisfied in so far that the customer has capacity available on the card.<br><br>Other revenue received by the (issuer) credit card product, is advance commission; this revenue is the charge generated each time the customer makes a national or international advance, at owned or non-owned ATMs, or through a physical branch. The exchange bank fee is a revenue for the Issuing Bank of the credit card for the services provided to the business for the transaction effected at the point of sale. The commission is accrued and collected immediately at the establishment and has a fixed amount.<br><br>In the credit cards product there is a customer loyalty program, in which points are awarded for each transaction made by the customer in a retail establishment. The program is administrated by a third party who assumes the inventory and claims risks, for which it acts as agent. The Bank, recognized it as a lower value of the revenue from the exchange bank fee.<br><br>The rights and obligations of each party in respect of the goods and services for transfer are clearly identified, the payment terms are explicit, and it is probable, that is, it takes into consideration the capacity of the customer and the intention of having to pay the consideration at termination to those entitled to change the transferred goods or services. The revenue is recognized at a point in time: the Bank satisfies the performance obligation when the “control” of the goods or services was transferred to the customers.

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Deposits	Deposits are related to the services generated from the offices network of the Bank once a customer makes a transaction. The Bank generally commits to maintain active channels for the products that the customer has with the Bank, with the purpose of making payments and transfers, sending statements and making transactions in general. The commissions are deducted from the deposit account, and they are incurred at a point in time. The Bank acts as principal.
Electronic services and ATMs	Revenue received from electronic services and ATMs arises through the provision of services so that the customers may make required transactions, and which are enabled by the Bank. These include online and real-time payments by the customers of the Bank holding a checking or savings accounts, with a debit or credit card for the products and services that the customer offers. Each transaction has a single price, for a single service. The provision of collection services or other different services provided by the Bank, through electronic equipment, generates consideration chargeable to the customer established contractually by the Bank as a fee. The Bank acts as principal and the revenue is recognized at a point in time.
Brokerage	Brokerage is a group of services for the negotiation and administration of operations for purchasing fixed revenue securities, equities and operations with derivatives in its own name, but on the account of others. The performance obligations are fulfilled at a point in time when the commission agent in making its best effort can execute the business entrusted by the customer in the best conditions. The performance obligations are considered satisfied once the service stipulated in the contract is fulfilled, as consideration fixed, or variable payments are agreed, depending on the service. The Bank acts generally as principle and in some special cases as agent.
Remittance	Revenue for remittance is received as consideration for the commitment established by the Bank to pay remittances sent by the remitting companies to the beneficiaries of the same. The commitment is satisfied at a point in time to the extent that the remittance is paid to the beneficiary.<br><br>The price is fixed, but may vary in accordance to the transferred amount, due to the operation being dependent on the volume of operations generated and the transaction type. There is no component of financing, nor the right to receive consideration dependent on the occurrence or not of a future event.
Acceptances, Guarantees and Standby Letters of Credit	Banking Service from acceptances, guarantees and standby letters of credit which are not part of the portfolio of the Bank. There exist different performance obligations; the satisfaction of performance obligations occurs when the service is given to the customer. The consideration in these types of contracts may include fixed amounts, variable amounts, or both, and the Bank acts as principal. The revenue is recognized at a point in time.
Trust	Revenue related to Trust are received from the administration of the customer resources in the business of investment trusts, property trusts, management trusts, guarantee trusts, for the resources of the general social security system, Collective portfolios and Private Equity Funds (PEF). The commitments are established in contracts independently and in an explicit manner, and the services provided by the Bank are not inter-related between the contracts. The performance obligation corresponds to performing the best management in terms of the services to be provided in relation to trust characteristics, thus fixed and variable prices are established depending on the complexity of the business, similarly, revenues are recognized throughout or at a determined time. In all the established businesses it acts as principal.

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Placement of Securities	Valores Bancolombia makes available its commercial strength for the deposit, reinvestment of resources through financial instruments to the issuing company. It receives a payment for deposits made. The commitment of the contract is satisfied to the extent that the resources requested by the issuer are obtained through the distribution desks of Valores Bancolombia. The collection is made monthly. It is established that Valores Bancolombia may undertake collection of these commissions at the end of the month through a collection account charged to the issuer, acting as principal.
Bancassurance	The bank receives a commission for collecting insurance premiums at a given time and for allowing the use of its network to sell insurance from different insurance companies over time. The Bank in these bancassurance contracts acts as agent (intermediary between the customer and the insurance company), since it is the insurance company which assumes the risks, and which handles the complaints and claims of the customers inherent in each insurance. Therefore, the insurance company acts as principal before the customer. The prices agreed in bancassurance are defined as a percentage on the value of the policy premiums. The payment shall be tied to the premiums collected, sold or taken for the case of employees’ insurance. The aforementioned then means that the price is variable, since, the revenue will depend on the quantity of policies or calculations made by the insurance companies.
Collections	The Bank acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by the bank, send the information of the collections made and credit the money to the savings or checking account defined by the collecting customer. The commitment is satisfied at a point in time to the extent that the money is collected by the different channels, the information of the said collections is delivered appropriately, and the resources are credited in real-time to the account agreed with the customer. For the service, the Bank receives a fixed payment, which is received for each transaction once the contract is in effect.
Services	These are the maintenance services performed on the fleet owned by the customers, these services are performed on demand, and the value of the service cost is invoiced plus an intermediation margin. The collection is made by the amount of expense invoiced by the provider plus an intermediation percentage, which ranges between 5% and 10% depending on the customer.<br><br>The contract is written, is based on a framework contract which is held between the customers which contains the general terms of negotiation and the payment terms are generally 30 days after generating the invoice. The revenue is recognized when the service is provided. There is no financing nor sanctions for early cancellations. To view the details of the balance, refer to line ‘Logistics services’ in Note 15.4 Other operational Income.

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Gains on sale of assets

These are the revenue from the sale of assets, where the sale value is higher than the book value recorded in the accounts, the difference representing the gains. The recognition of the revenue is at a point in time once the sale is realized. The Bank acts as principal in this type of transaction and the transaction price is determined by the market value of the asset being sold.<br><br>To view the details of the balance, refer to line ‘Gain on sale of assets’ in Note 15.4 Other operational Income.

Investment Banking

Investment Banking offers to customer’s financial advisory services in the structuring of businesses in accordance with the needs of each one of them. The advisory services consist in realizing a financial structuring of a credit or bond in which the Investment Bank offers the elements so that the company decides the best option for structuring the instrument. In the financial advisory contract, a best efforts clause is included.<br><br>The promises given to the customers are established in the contracts independently and explicitly. The services provided by the Investment Bank are not interrelated between the contracts, correspond to the independent advice agreed and do not include additional services in the commission agreed with the customer. The advisory services offered in each one of the contracts are identifiable separately from the other performance commitments that the Investment Bank may have with the customers. The Investment Bank does not have a standard contract for the provision of advisory services, given than each contract is tailored to the customer’s needs.<br><br>The transaction price is defined at the start of the contract and is assigned to each service provided independently. The price contains a fixed and a variable portion which is provided in the contracts. The variation depends on the placement amount for the case of a financial structuring contract and coordination of the issuance and conditions of the same. In these operations Banca de Inversion Bancolombia provides advice to the customers and the price shall depend at times on the success and amount of the operation. In the contracts subject to evaluation there are no incremental costs associated with the satisfaction of the commitments of the Bank with the customers provided for.<br><br>In the contracts signed with the customers, a penalty clause is established in case of a customer withdrawing from continuing with the provision of the services established in the commercial offer. The penalty shall be recognized in the financial statements once the Investment Bank is notified on the withdrawal under the concept of charges for early termination of the contract.

Grupo Cibest presents the information on revenue from contracts with customers in accordance with its operating segments defined earlier in Note 3. Operating Segments for each of the principal services offered.

The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers, for further information about composition of Grupo Cibest’ segments see Note 3. Operating segments:

As of June 30, 2025

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	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>Banking	Brokerage	International<br>Banking	All Other<br>Segments	Total
Revenue from contracts with customers	In millions of COP
Fees and Commissions income
Credit and debit card fees and commercial establishments	1,361,882	127,944	155,116	43,431	–	–	–	990	–	1,689,363
Banking services	367,275	54,328	89,897	31,638	–	–	–	24,837	27,266	595,241
Payment and collections	536,650	4,450	–	–	–	–	–	–	–	541,100
Bancassurance	468,479	32,362	8	–	–	–	–	–	–	500,849
Fiduciary Activities and Securities	–	9,818	4,000	451	248,651	–	54,962	26	–	317,908
Acceptances, Guarantees and Standby Letters of Credit	35,517	14,748	2,849	697	–	–	–	219	–	54,030
Investment banking	–	1,052	1,402	–	–	17,515	2,408	–	–	22,377
Brokerage	–	9,201	–	–	–	–	11,962	–	–	21,163
Others	134,474	124	44,002	30,267	–	–	5,521	3,073	1,693	219,154
Total revenue of contracts with customers	2,904,277	254,027	297,274	106,484	248,651	17,515	74,853	29,145	28,959	3,961,185

For the three-months period from April 1, 2025 to June 30, 2025

	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>Banking	Brokerage	International<br>Banking	All Other<br>Segments	Total
Revenue from contracts with customers	In millions of COP
Fees and Commissions income
Credit and debit card fees and commercial establishments	689,235	62,652	80,458	26,557	–	–	–	525	–	859,427
Banking services	185,364	26,650	45,119	16,156	–	–	–	14,079	14,586	301,954
Payment and collections	275,731	1,705	–	–	–	–	–	–	–	277,436
Bancassurance	257,244	16,959	3	–	–	–	–	–	–	274,206
Fiduciary Activities and Securities	–	5,025	2,254	221	125,954	–	28,233	13	–	161,700
Acceptances, Guarantees and Standby Letters of Credit	16,785	6,665	1,231	287	–	–	–	86	–	25,054
Investment banking	–	466	764	–	–	14,794	1,303	–	–	17,327
Brokerage	–	5,929	–	–	–	–	5,494	–	–	11,423
Others	68,313	(4)	23,909	13,712	–	–	3,049	1,647	797	111,423
Total revenue of contracts with customers	1,492,672	126,047	153,738	56,933	125,954	14,794	38,079	16,350	15,383	2,039,950

As of June 30, 2024

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	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>Banking	Brokerage	International<br>Banking	All Other<br>Segments	Total
Revenue from contracts with customers	In millions of COP
Fees and Commissions income
Credit and debit card fees and commercial establishments	1,295,450	127,711	114,430	43,138	–	–	–	934	–	1,581,663
Banking services	318,098	76,668	77,960	28,973	–	–	–	21,842	14,821	538,362
Payment and collections	499,814	5,608	–	–	–	–	–	–	–	505,422
Bancassurance	462,424	31,936	25	–	–	–	–	–	–	494,385
Fiduciary Activities and Securities	–	9,715	2,984	436	214,445	–	44,410	24	–	272,014
Acceptances, Guarantees and Standby Letters of Credit	37,071	14,113	2,681	1,200	–	–	–	310	–	55,375
Investment banking	–	1,083	928	–	–	40,624	4,434	–	–	47,069
Brokerage	–	8,079	–	–	–	–	12,608	(1)	–	20,686
Others	118,174	178	35,124	25,532	–	–	2,784	2,657	513	184,962
Total revenue of contracts with customers	2,731,031	275,091	234,132	99,279	214,445	40,624	64,236	25,766	15,334	3,699,938

For the three-months period from April 1, 2024 to June 30, 2024

	Banking<br>Colombia	Banking<br>Panama	Banking El<br>Salvador	Banking<br>Guatemala	Trust	Investment<br>Banking	Brokerage	International<br>Banking	All Other<br>Segments	Total
Revenue from contracts with customers	In millions of COP
Fees and Commissions income
Credit and debit card fees and commercial establishments	646,625	67,135	59,101	23,284	–	–	–	496	–	796,641
Banking services	168,241	50,815	39,541	13,399	–	–	–	9,619	7,913	289,528
Payment and collections	262,722	2,883	–	–	–	–	–	–	–	265,605
Bancassurance	269,921	16,140	12	–	–	–	–	–	–	286,073
Fiduciary Activities and Securities	–	4,811	1,504	204	105,645	–	23,571	12	–	135,747
Acceptances, Guarantees and Standby Letters of Credit	19,131	6,925	1,388	388	–	–	–	153	–	27,985
Investment banking	–	692	461	–	–	32,484	2,338	–	–	35,975
Brokerage	–	4,212	–	–	–	–	9,524	(1)	–	13,735
Others	61,682	122	18,480	13,144	–	–	1,658	1,344	327	96,757
Total revenue of contracts with customers	1,428,322	153,735	120,487	50,419	105,645	32,484	37,091	11,623	8,240	1,948,046

For the determination of the transaction price, the Bank assigns to each one of the services the amount which represents the value expected to be received as consideration for each independent commitment, which is based on the relative price of independent sale. The price that Grupo Cibest determines for each performance obligation is done by defining the cost of each service, related tax and associated risks to the operation and inherent to the transaction plus the margin expected to be received in each one of the services, taking as references the market prices and conditions, as well as the segmentation of the customer.

In the transactions evaluated in the contracts, changes in the price of the transaction are not identified.

Contract assets with customers

Grupo Cibest receives payments from customers based on the provision of the service, in accordance to that established in the contracts. When the Bank incurs costs for providing the service prior to the invoicing, and if these are directly related with a contract, they improve the resources of the entity and are expected to recuperate, these costs correspond to a contract asset. Currently, the Group does not have assets related to contracts with customers.

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As a practical expedient, the Bank recognizes the incremental costs of obtaining a contract as an expense when the amortization period of the asset is one year or less.

Contract liabilities with customers

The contract liabilities constitute the obligation of Grupo Cibest to transfer the services to a customer, for which the Group has received a payment on the part of the final customer or if the amount is due before the execution of the contract. They also include deferred income related to services that shall be delivered or provided in the future, which will be invoiced to the customer in advance, but which are still not due.

Fees and Commissions Expenses

The following table sets forth the detail of commissions expenses for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024

	Accumulated		Quarterly
Fees and Commissions Expenses	2025	2024	2025	2024
In millions of COP
Banking services(1)	934,890	788,110	480,800	415,188
Sales, collections and other services	450,303	434,259	227,206	227,763
Correspondent banking	311,734	295,006	162,738	187,544
Payments and collections	25,573	20,108	12,831	11,181
Others	129,037	107,591	64,495	64,572
Total expenses for commissions	1,851,537	1,645,074	948,070	906,248

(1)Primarily due to higher fees paid to credit card franchises resulting from increased transaction volumes.

15.4.       Other operating income

The following table sets forth the detail of other operating income net for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

	Accumulated		Quarterly
Other operating income	2025	2024	2025	2024
In millions of COP
Leases and related services	882,144	902,031	433,647	441,935
Net foreign exchange and Derivatives Foreign exchange contracts(1)	341,367	163,051	140,073	143,537
Gains on sale of assets(2)	107,091	32,995	57,331	15,090
Investment property valuation(3)	83,132	51,820	60,429	44,001
Insurance(4)	57,683	37,987	41,758	11,125
Logistics services	29,291	23,160	15,058	11,245
Other reversals	19,988	26,168	2,916	7,304
Penalties for failure to contracts	1,932	4,986	1,123	2,304
Others	144,663	128,215	78,385	64,543
Total Other operating income	1,667,291	1,370,413	830,720	741,084

(1) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar.

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(2) Corresponds mainly to higher gains on assets held for sale, mostly vehicles.

(3) In 2025, the increase occurs due to the indexation of properties to the UVR and due to updating the appraisals of investment properties.

(4)Corresponds to income from insurance operations of Seguros Agromercantil S.A., subsidiary domiciled in Guatemala.

15.5. Dividends and net income on equity investments

The following table sets forth the detail of dividends received, and share of profits of equity method investees for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

	Accumulated		Quarterly
Dividends and net income on equity investments	2025	2024	2025	2024
In millions of COP
Equity method(1)	199,668	133,312	87,158	56,023
Dividends(2)	31,403	33,867	26,436	23,867
Equity investments and other financial instruments(3)	27,765	(8,183)	7,917	(5,701)
Impairment of investments in associates and joint ventures(4)	-	(313,284)	-	(313,284)
Others(5)	(160)	13,520	(160)	13,520
Total dividends received, and share of profits of equity method investees	258,676	(140,768)	121,351	(225,575)

(1)As of June 30, 2025 and 2024, corresponds to income from equity method of investments in associates for COP 185,201 and COP 188,466 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP 14,467 and COP (55,154), respectively.

(2)As of June 30, 2025 and 2024, includes dividends received from equity investments at fair value through profit or loss for COP 1,300 and COP 1,224 and investments derecognised for COP 82 in 2025; dividends from equity investments at fair value through OCI for COP 9,086 and COP 12,623, respectively, and investments derecognised for COP 526 in 2025, and dividends received of the associate at fair value P.A. Viva Malls for COP 20,409 and COP 20,020, respectively.

(3)The variation is explained in Bancolombia S.A. for COP 20,389, mainly in FCP Pactia Inmobiliario and Inversiones CFNS S.A.S. for COP 15,927.

(4)As of June 30, 2024, impairment of investments in joint ventures recognized in the Investment Banking segment for COP 156,205, in Bancolombia for COP 156,051 were recognized in Banking Colombia and in Negocios Digitales for COP 31 recognized in other segments.

(5)As of June 30, 2024, there is a -gain from the purchase in advantageous conditions of P.A. Cedis Sodimac for COP 13,520.

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NOTE 16. OPERATING EXPENSES

16.1.       Salaries and employee benefit

The detail for salaries and employee benefits for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

	Accumulated		Quarterly
Salaries and employee benefit	2025	2024	2025	2024
In millions of COP
Salaries(1)	1,359,264	1,211,954	676,652	602,370
Bonuses(2)	519,864	307,329	270,219	153,956
Social security contributions	338,864	314,303	165,140	154,432
Private premium	313,402	287,230	150,210	123,555
Indemnization payment	108,281	158,201	74,343	112,267
Defined Benefit severance obligation and interest	94,292	90,282	47,590	44,998
Vacation expenses	84,595	75,253	42,295	38,840
Other benefits(3)	287,116	238,795	148,705	117,978
Total salaries and employee benefit	3,105,678	2,683,347	1,575,154	1,348,396

(1)The growth is mainly explained by salary increases indexed to inflation.

(2)Corresponds mainly to bonuses for employees in accordance with the variable compensation model of the Grupo Cibest.

(3)Includes pension and employee benefits, mainly policy benefits, training and recreation.

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16.2.       Other administrative and general expenses

The details for administrative and general expenses for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

	Accumulated		Quarterly
Other administrative and general expenses	2025	2024	2025	2024
In millions of COP
Maintenance and repairs(1)	548,201	467,071	285,425	239,060
Fees(2)	462,952	404,381	256,536	215,901
Insurance	386,701	360,597	190,932	177,577
Data processing(3)	322,569	252,946	170,884	133,809
Frauds and claims	167,303	174,965	68,385	82,938
Transport	132,015	123,955	68,089	65,966
Advertising	85,687	67,676	50,848	41,442
Cleaning and security services	69,843	65,094	35,377	32,894
Contributions and affiliations	67,355	60,321	34,207	30,318
Public services	64,159	64,153	36,304	34,096
Useful and stationery	47,826	55,022	25,839	34,090
Communications	40,198	37,062	20,197	18,106
Properties improvements and installation	30,871	25,035	18,549	14,968
Real estate management	21,207	18,732	10,904	9,575
Travel expenses	17,491	13,185	9,548	7,311
Disputes, fines and sanctions	14,765	22,855	5,813	6,216
Publications and subscriptions	13,328	11,948	6,785	6,157
Legal expenses	9,511	5,716	6,988	3,210
Storage services	9,070	8,623	4,525	3,954
Others	285,038	253,428	150,774	130,638
Total other administrative and general expenses	2,796,090	2,492,765	1,456,909	1,288,226
Taxes other than income tax	746,403	780,826	389,937	389,932

(1)The increase is mainly in computer equipment maintenance.

(2)The increase is mainly explained by digital transformation fees.

(3)The increase is mainly generated in license maintenance.

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16.3.       Impairment, depreciation and amortization

The details for Impairment, depreciation and amortization for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

	Accumulated		Quarterly
Impairment, depreciation and amortization	2025	2024	2025	2024
In millions of COP
Depreciation of premises and equipment	316,625	325,919	158,809	160,999
Depreciation of right-of-use assets	108,613	99,374	53,041	49,677
Amortization of intangible assets	84,968	71,756	41,756	37,630
Impairment of other assets, net(1)	24,595	36,695	14,938	25,176
Total impairment, depreciation and amortization	534,801	533,744	268,544	273,482

(1)Includes value for impairment of property and equipment for COP 517 in 2025 and COP 422 in 2024.

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NOTE 17. EARNING PER SHARE (‘EPS’)

Basic EPS is calculated by reducing the income from continuing operations by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. The remaining income is allocated according to the participation of each class of stock as if all the earnings for the period had been distributed. EPS is determined by dividing the total earnings allocated to each security by the weighted average number of common shares outstanding.

Diluted EPS assumes the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Group had no dilutive potential common shares as of June 30, 2025 and 2024.

The following table summarizes information related to the computation of basic EPS for the six and three-month periods ended June 30, 2025 and 2024 (in millions of pesos, except per share data):

	Accumulated		Quarterly
	2025	2024	2025	2024
Income from continuing operations before attribution of non-controlling interests	3,593,721	3,146,765	1,828,946	1,461,754
Less: Non-controlling interests from continuing operations	64,754	43,519	37,643	21,980
Net income from controlling interest	3,528,967	3,103,246	1,791,303	1,439,774
Less: Preferred dividends declared	994,051	770,703	568,069	385,864
Less: Allocation of undistributed earnings to preferred stockholders	649,615	672,846	266,643	283,606
Net income allocated to common shareholders for basic and diluted EPS	1,885,301	1,659,697	956,591	770,304
Weighted average number of common shares outstanding used in basic EPS calculation (In millions)	510	510	510	510
Basic and diluted earnings per share to common shareholders	3,699	3,256	1,877	1,511
Basic and diluted earnings per share from continuing operations	3,699	3,256	1,877	1,511

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NOTE 28. RELATED PARTY TRANSACTIONS

The parent company is Cibest S.A. and transactions between companies included in the consolidation process and the Parent company meet the definition of related party transactions and were eliminated from the Condensed Consolidated Interim Financial Statements.

The Bank offers banking and financial services to its related parties in order to meet their transactional needs for investment and liquidity in the ordinary course of business. These transactions are carried out in terms similar to those of transactions with third parties. In the case of treasury operations, Bancolombia operates between its own position and its related parties through transactional channels or systems established for this purpose and under the conditions established by current regulations.

The details of transactions with related parties as of December 31, 2024 are included in the annual report of the consolidated financial statements of 2024, On May 16, 2025, the change in the Group’s corporate structure was completed. For further information, see Note 1 – Reporting Entity. This transaction did not materially affect the Group’s financial position or results.

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NOTE 19. LIABILITIES FROM FINANCING ACTIVITIES

The following table presents the reconciliation of the balances of liabilities from financing activities as of June 30, 2025 and 2024:

		Balance as of January 1, 2025		Cash flows	Non-cash changes			Balance as of June 30, 2025
	Foreign currency translation adjustment		Interests accrued		Other movements
		In millions of COP
Liabilities from financing activities
Repurchase agreements and other similar secured borrowing		1,060,472		2,927,462	(47,580)	-	-	3,940,354
Borrowings from other financial institutions(1)		15,689,532		(4,055,026)	(720,679)	518,020	(595)	11,431,252
Debt instruments in issue(1)		11,275,216		(615,691)	(687,154)	415,995	-	10,388,366
Preferred shares(2)		584,204		(57,702)	-	28,650	-	555,152
Total liabilities from financing activities		28,609,424		(1,800,957)	(1,455,413)	962,665	(595)	26,315,124

(1)The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 676,787 and COP 403,944, respectively, which are classified as cash flows from operating activities in the Condensed Consolidated Interim Statement of Cash Flow.

(2)The cash flow amounting to COP 57,702 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the Condensed Consolidated Interim Statement of Cash Flow, which includes the dividends paid during the year to both preferred and common shares holders.

			Non-cash changes
	Balance as of<br>January 1, 2024	Cash flows	Foreign<br>currency<br>translation<br>adjustment	Interests<br>accrued	Other<br>movements	Balance as of June 30, 2024
	In millions of COP
Liabilities from financing activities
Repurchase agreements and other similar secured borrowing	470,295	110,501	14,187	—	—	594,983
Borrowings from other financial institutions(1)	15,648,606	(4,548,843)	1,103,927	734,351	718	12,938,759
Debt instruments in issue(1)	14,663,576	(44,786)	893,365	595,519	-	16,107,674
Preferred shares(2)	584,204	(57,702)	-	28,650	-	555,152
Total liabilities from financing activities	31,366,681	(4,540,830)	2,011,479	1,358,520	718	30,196,568

(1)The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 807,150 and COP 564,979, respectively, which are classified as cash flows from operating activities in the Condensed Consolidated Interim Statement of Cash Flow.

(2)The cash flow amounting to COP 57,702 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the Condensed Consolidated Interim Statement of Cash Flow, which includes the dividends paid during the year to both preferred and common shares holders.

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NOTE 20. FAIR VALUE OF ASSETS AND LIABILITIES

The following table presents the carrying amount and the fair value of the assets and liabilities as of June 30, 2025 and December 31, 2024:

Assets and Liabilities		Note		June 30, 2025				December 31, 2024
	Carrying<br>amount		Fair<br>Value		Carrying<br>amount		Fair<br>Value
In millions of COP
Assets
Debt instruments at fair value through profit or loss		5.1		26,352,833		26,352,833		23,035,281	23,035,281
Debt instruments at fair value through OCI		5.1		4,642,991		4,642,991		5,084,416	5,084,416
Debt instruments at amortized cost		5.1		8,799,378		8,825,971		8,404,878	8,403,740
Derivative financial instruments		5.2		3,239,291		3,239,291		2,938,142	2,938,142
Equity securities at fair value		5.1		1,082,596		1,082,596		1,011,310	1,011,310
Other financial instruments		5.1		32,277		32,277		34,385	34,385
Loans and advances to customers at amortized cost, net		6		265,000,599		270,577,090		263,274,170	269,345,583
Investment properties				5,761,117		5,761,117		5,580,109	5,580,109
Investments in associates(1)				1,952,257		1,952,257		1,830,884	1,830,884
Total				316,863,339		322,466,423		311,193,575	317,263,850
Liabilities
Deposits by customers		9		282,647,329		282,811,921		279,059,401	279,463,012
Interbank deposits		10		811,328		811,328		716,493	716,493
Repurchase agreements and other similar secured borrowing		10		3,940,354		3,940,354		1,060,472	1,060,472
Derivative financial instruments		5.2		3,524,458		3,524,458		2,679,643	2,679,643
Borrowings from other financial institutions		11		11,431,252		11,431,252		15,689,532	15,689,532
Preferred shares				555,152		359,235		584,204	407,174
Debt instruments in issue				10,388,366		10,503,827		11,275,216	11,389,498
Total				313,298,239		313,382,375		311,064,961	311,405,824

(1)It corresponds to investments in associates P.A. Viva Malls, P.A. Distrito Vera and Fideicomiso Locales Distrito Vera.

Fair value hierarchy

IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS, the financial instruments are classified as follows:

Level 1: Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is a market in which transactions for the asset or liability being measured take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain retained residual interests in securitizations, asset-backed securities (ABS) and highly structured or long-term derivative contracts where independent pricing information was not able to be obtained for a significant portion of the underlying assets.

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Valuation process for fair value measurements

The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Precia - Proveedor de Precios para Valoración S.A.) to the Group.

All methodologies and procedures developed by the pricing services provider are supervised by the Financial Superintendence of Colombia, which has not objected to them.

Daily, the back-office Service Valuation Officer (SVO) verifies the valuation of investments, and the Credit and Financial Risk Manager area reports the results of the portfolio’s valuation.

Fair value measurement

Assets and liabilities

a. Debt instruments

The Group assigns prices to those debt investments, using the prices provided by the official pricing services provider (Precia) and assigns the appropriate level according to the procedure described above. For securities not traded or over-the-counter such as certain bonds issued by other financial institutions, the Group generally determines fair value utilizing internal valuation and standard techniques. These techniques include determination of expected future cash flows which are discounted using curves of the applicable currencies and the Colombian consumer price index (interest rate in this case), modified by the credit risk and liquidity risk. The interest rate is generally computed using observable market data and reference yield curves derived from quoted interest in appropriate time bandings, which match the timings of the cash flows and maturities of the instruments.

b. Equity securities and other financial instruments

The Group performs the market price valuation of its investments in variable income using the prices provided by the official pricing services provider (Precia) and classifies those investments according to the procedure described above (Hierarchy of fair value section). Likewise, the fair value of unlisted equity securities and other financial instruments is based on an assessment of each individual investment using methodologies that include publicly-traded comparable derived by multiplying a key performance metric (e.g., earnings before interest, taxes, depreciation and amortization) of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparable, and if necessary considered, are subject to appropriate discounts for lack of liquidity or marketability. Interests in investment funds, trusts and collective portfolios are valued using the investment unit value determined by the fund management company. For investment funds where the underlying assets are investment properties, the investment unit value depends on the investment properties value, determined as described below in “i. Investment property”.

c. Derivative financial instruments

The Group holds positions in standardized derivatives, such as futures over local stocks, and over the market representative rate. These instruments are evaluated according to the information provided by Precia, which perfectly matches the information provided by the Central Counterparty Clearing House – CCP.

Additionally, the Group holds positions in Over The Counter (OTC) derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider, which have the no objection of the SFC.

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The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, the spot price of the underlying volatility, credit curves and correlation of such inputs.

d. Credit valuation adjustment

The Group measures the effects of the credit risk of its counterparties and its own creditworthiness in determining fair value of the swap, option and forward derivatives.

Counterparty credit-risk adjustments are applied to derivatives when the Group’s position is a derivative asset and the Group’s credit risk is incorporated when the position is a derivative liability. The Group attempts to mitigate credit risk to third parties which are international Groups by entering into master netting agreements. The agreements allow to offset or bring net amounts that are liabilities, derivates from transactions carried out by the different agreements. Master netting agreements take different forms and may allow payments to be made under a variety of other master agreements or other negotiation agreements between the same parties; some may have a monthly basis and others only apply at the time the agreements are terminated.

When assessing the impact of credit exposure, only the net counterparty exposure is considered at risk, due to the offsetting of certain same-counterparty positions and the application of cash and other collateral.

The Group generally calculates the asset’s credit risk adjustment for derivatives transacted with international financial institutions by incorporating indicative credit related pricing that is generally observable in the market (Credit Default Swaps, “CDS”). The credit-risk adjustment for derivatives transacted with non-public counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in each geography. The Group also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if the Group believes market participants would take that into account when transacting the respective instrument. The approach to measuring the impact of the Group’s credit risk on an instrument transacted with international financial institutions is done using the asset swap curve calculated for subordinated bonds issued by the Group in foreign currency. For derivatives transacted with local financial institutions, the Group calculates the credit risk adjustment by incorporating credit risk data provided by rating agencies and released in the financial markets.

e. Impaired loans measured at fair value

The Group measured certain impaired loans based on the fair value of the associated collateral less costs to sell. The fair values were determined as follows using external and internal valuation techniques or third party experts, depending on the type of underlying asset.

For vehicles under leasing arrangements, the Group uses an internal valuation model based on price curves for each type of vehicle. Such curves show the expected price of the vehicle at different points in time based on the initial price and projection of economic variables such as inflation, devaluation and customs. The prices modelled in the curves are compared every six months with market information for the same or similar vehicles and in the case of significant deviation; the curve is adjusted to reflect the market conditions.

Other vehicles are measured using matrix pricing from a third party. This matrix is used by most of the market participants and is updated monthly. The matrix is developed from values provided by several price providers for identical or similar vehicles and considers brand, characteristics of the vehicles, and manufacturing date among other variables to determine the prices.

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For real estate assets, a third-party qualified appraiser is used. The methodologies vary depending on the date of the last appraisal available for the property (the appraisal is estimated based on either of three approaches: cost, sales comparison and income approach, and is required every three years). When the property has been valued in the last 12 months and the market conditions have not shown significant changes, the most recent valuation is considered the fair value of the property.

For all other cases (for example, appraisals older than 12 months) the value of the property is updated by adjusting the value in the last appraisal for weighted factors such as location, type and characteristics of the property, size, structural conditions and the expected sales prices, among others. The factors are determined based on current market information gathered from several external real estate specialists. For all other cases (for example, appraisals older than 12 months) the value of the property is updated by adjusting the value in the last appraisal for weighted factors such as location, type and characteristics of the property, size, structural conditions and the expected sales prices, among others. The factors are determined based on current market information gathered from several external real estate specialists.

f. Assets held for sale measured at fair value less cost of sale

The Group measures certain impaired foreclosed assets and premises and equipment held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques, depending on the type of underlying asset. Those assets are comprised mainly of real estate properties for which the appraisal is conducted by experts considering factors such as the location, type and characteristics of the property, size, physical conditions and expected selling costs, among others. Likewise, in some cases the fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process.

g. Mortgage-backed securities (“TIPS”) and Asset-Backed securities

The Group invests in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. The Group does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and are classified as fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings.

TIPS are part of the Group portfolio and its fair value is measured with published price by the official pricing services provider. These securities are leveled by margin and are assigned level 2 or 3 based on the Precia information.

Residual TIPS have their fair value measured using the discounted flow method, taking into account the amortization tables of the Titularizadora Colombiana, the betas in COP and UVR of Precia (used to construct the curves) and the margins; when they are residual TIPS of subordinated issues, a liquidity premium is applied. These securities are assigned level 3.

h. Investments in associates measured at fair value

The Group recognizes its investments in P.A Viva Malls, P.A Distrito Vera and Fideicomiso Locales Distrito Vera as associates at fair value. The estimated amount is provided by the fund manager as the variation of the units according to the units owned by the FCP Fondo Inmobiliario Colombia. The associate’s assets are comprised of investment properties which are measured using the following techniques: comparable prices, discounted cash flows, replacement cost and direct capitalization. For further information about techniques methodologies and inputs used by the external party see “Quantitative Information about Level 3 Fair Value Measurements”.

i. Investment property

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The Group’s investment property is valued by external experts, who use valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement costs.

Assets and liabilities measured at fair value on a recurring basis

The following table presents for each of the fair-value hierarchy levels the Group’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024:

Financial Assets
Type of instrument		June 30, 2025										December 31, 2024
	Fair value hierarchy						Total fair<br>value			Fair value hierarchy						Total fair<br>value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Investment securities
Debt instruments at fair value through profit or loss
Securities issued by the Colombian Government		13,738,087		1,647,798		2,418			15,388,303			10,625,153		1,019,028	-		11,644,181
Securities issued or secured by government entities		-		117,633		-			117,633			-		118,760	-		118,760
Securities issued by other financial institutions		154,427		536,660		68,443			759,530			140,703		513,040	77,821		731,564
Securities issued by foreign governments		6,310,442		3,654,733		-			9,965,175			6,191,395		4,092,055	-		10,283,450
Corporate bonds		17,705		86,775		17,712			122,192			124,812		98,255	34,259		257,326
Total debt instruments at fair value through profit or loss		20,220,661		6,043,599		88,573			26,352,833			17,082,063		5,841,138	112,080		23,035,281
Debt instruments at fair value through OCI
Securities issued by the Colombian Government		33,097		2,514,109		-			2,547,206			35,570		-	2,648,355		2,683,925
Securities issued by other financial institutions		67,921		96,863		50,659			215,443			119,479		107,614	49,744		276,837
Securities issued by foreign governments		1,228,887		9,514		-			1,238,401			368,736		1,115,810	-		1,484,546
Corporate bonds		49,813		32,564		559,564			641,941			60,922		747	577,439		639,108
Total debt instruments at fair value through OCI		1,379,718		2,653,050		610,223			4,642,991			584,707		1,224,171	3,275,538		5,084,416
Total debt instruments		21,600,379		8,696,649		698,796			30,995,824			17,666,770		7,065,309	3,387,618		28,119,697
Equity securities
Equity securities		129,534		235,341		717,721			1,082,596			31,086		262,351	717,873		1,011,310
Total equity securities		129,534		235,341		717,721			1,082,596			31,086		262,351	717,873		1,011,310
Other financial assets
Other financial assets		-		-		32,277			32,277			-		-	34,385		34,385
Total other financial assets		-		-		32,277			32,277			-		-	34,385		34,385
Derivative financial instruments
Forwards
Foreign exchange contracts		-		1,496,550		524,738			2,021,288			-		617,961	466,869		1,084,830
Equity contracts		290		1,247		12,650			14,187			-		298	51,347		51,645
Total forwards		290		1,497,797		537,388			2,035,475			-		618,259	518,216		1,136,475
Swaps
Foreign exchange contracts		-		842,338		78,098			920,436			-		1,200,777	262,479		1,463,256
Interest rate contracts		89,241		83,240		26,460			198,941			105,560		114,980	15,493		236,033
Total swaps		89,241		925,578		104,558			1,119,377			105,560		1,315,757	277,972		1,699,289
Options
Foreign exchange contracts		176		37,196		47,067			84,439			161		36,207	66,010		102,378
Total options		176		37,196		47,067			84,439			161		36,207	66,010		102,378
Total derivative financial instruments		89,707		2,460,571		689,013			3,239,291			105,721		1,970,223	862,198		2,938,142
Investment properties
Lands		-		-		559,447			559,447			-		-	499,833		499,833
Buildings		-		-		5,201,670			5,201,670			-		-	5,080,276		5,080,276
Total investment properties		-		-		5,761,117			5,761,117			-		-	5,580,109		5,580,109
Investment in associates at fair value
Investment in associates at fair value		-		-		1,952,257			1,952,257			-		-	1,830,884		1,830,884
Total investment in associates at fair value		-		-		1,952,257			1,952,257			-		-	1,830,884		1,830,884
Total		21,819,620		11,392,561		9,851,181			43,063,362			17,803,577		9,297,883	12,413,067		39,514,527

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Financial liabilities
Type of instrument		June 30, 2025										December 31, 2024
	Fair value hierarchy						Total fair<br>value			Fair value hierarchy						Total fair<br>value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Derivative financial instruments
Forwards
Foreign exchange contracts		-		1,929,306		58,828			1,988,134			-		885,520	86,775		972,295
Equity contracts		101		5,183		3,966			9,250			-		89	1,278		1,367
Total forwards		101		1,934,489		62,794			1,997,384			-		885,609	88,053		973,662
Swaps
Foreign exchange contracts		-		1,112,408		29,873			1,142,281			-		1,264,593	67,838		1,332,431
Interest rate contracts		87,574		141,809		1,501			230,884			102,701		160,721	27,646		291,068
Total swaps		87,574		1,254,217		31,374			1,373,165			102,701		1,425,314	95,484		1,623,499
Options
Foreign exchange contracts		128		153,781		-			153,909			421		82,061	-		82,482
Total options		128		153,781		-			153,909			421		82,061	-		82,482
Total derivative financial instruments		87,803		3,342,487		94,168			3,524,458			103,122		2,392,984	183,537		2,679,643
Total		87,803		3,342,487		94,168			3,524,458			103,122		2,392,984	183,537		2,679,643

Fair value of assets and liabilities that are not measured at fair value in the Condensed Consolidated Interim Statement of Financial Position

The following table presents for each of the fair-value hierarchy levels the Group’s assets and liabilities that are not measured at fair value in the Condensed Consolidated Interim Statement of Financial Position, but for which the fair value is disclosed at June 30, 2025 and December 31, 2024:

Assets
Type of instrument		June 30, 2025										December 31, 2024
	Fair value hierarchy						Total fair<br>value			Fair value hierarchy						Total fair<br>value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Debt instruments
Securities issued by the Colombian Government		147,959		-		-			147,959			156,209		-	-		156,209
Securities issued or secured by government entities		-		43,287		3,586,529			3,629,816			-		46,272	3,326,959		3,373,231
Securities issued by other financial institutions		169,837		117,676		242,341			529,854			284,281		57,091	250,508		591,880
Securities issued by foreign governments		358,733		218,939		-			577,672			412,579		227,076	-		639,655
Corporate bonds		662,723		344,324		2,933,623			3,940,670			1,050,588		14,017	2,578,160		3,642,765
Total – Debt instruments		1,339,252		724,226		6,762,493			8,825,971			1,903,657		344,456	6,155,627		8,403,740
Loans and advances to customers, net		-		-		270,577,090			270,577,090			-		-	269,345,583		269,345,583
Total		1,339,252		724,226		277,339,583			279,403,061			1,903,657		344,456	275,501,210		277,749,323

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Liabilities
Type of instruments		June 30, 2025										December 31, 2024
	Fair value hierarchy						Total fair<br>value			Fair value hierarchy						Total fair<br>value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Deposits by customers		-		64,870,778		217,941,143			282,811,921			-		60,894,992	218,568,020		279,463,012
Interbank deposits		-		-		811,328			811,328			-		-	716,493		716,493
Repurchase agreements and other similar secured borrowing		-		-		3,940,354			3,940,354			-		-	1,060,472		1,060,472
Borrowings from other financial institutions		-		-		11,431,252			11,431,252			-		-	15,689,532		15,689,532
Debt instruments in issue		6,948,334		2,047,594		1,507,899			10,503,827			5,811,412		2,669,991	2,908,095		11,389,498
Preferred shares		-		-		359,235			359,235			-		-	407,174		407,174
Total		6,948,334		66,918,372		235,991,211			309,857,917			5,811,412		63,564,983	239,349,786		308,726,181

IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the Condensed Consolidated Interim Statement of Financial Position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for fair value accounting. The financial instruments below are not measured at fair value on a recurring and nonrecurring basis:

Short-term financial instruments

Short-term financial instruments are valued at their carrying amounts included in the Condensed Consolidated Interim Statement of Financial Position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers’ acceptances, accounts receivable, accounts payable, accrued interest payable and bank acceptances outstanding.

Deposits from customers

The fair value of time deposits was estimated based on the discounted value of cash flows using the appropriate discount rate for the applicable maturity. Fair value of deposits with no contractual maturities represents the amount payable on demand as of the statement of financial position date.

Interbank deposits and repurchase agreements and other similar secured borrowings

Short-term interbank borrowings and repurchase agreements have been valued at their carrying amounts because of their relatively short-term nature. Long-term and domestic development bank borrowings have also been valued at their carrying amount because they bear interest at variable rates.

Borrowings from other financial institutions

The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flows projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the cash flows were discounted using reference curves formed by the weighted average of the Group’s deposit rates.

Debt instruments in issue

The fair value of debt instruments in issue, comprised of bonds issued by Bancolombia S.A. and its subsidiaries, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading

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market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and the Group’s creditworthiness.

Preferred shares

In the valuation of the liability component of preferred shares related to the minimum dividend of 1% of the subscription price, the Group uses the Gordon Model to price the obligation, taking into account its own credit risk, which is measured using the market spread based on observable inputs such as quoted prices of sovereign debt. The Gordon Model is commonly used to determine the intrinsic value of a stock based on a future series of dividends that are estimated by the Group and growth at a constant rate considering the Group’s own perspectives of the payout ratio.

Loans and advances to customers

Estimating the fair value of loans and advances to customers is considered an area of considerable uncertainty as there is no observable market. The loan portfolio is stratified into tranches and loans segments such as commercial, consumer, small business loans, mortgage and leasing. The fair value of loans and advances to customers and financial institutions is determined using a discounted cash flow methodology, considering each credit’s principal and interest projected cash flows to the prepayment date. The projected cash flows are discounted using reference curves according to the type of loan and its maturity date.

Items measured at fair value on a non-recurring basis

The Group measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type:

Type of instruments		June 30, 2025										December 31, 2024
	Fair-value hierarchy						Total fair<br>value			Fair-value hierarchy						Total fair<br>value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Machinery and equipment		-		-		8,859			8,859			-		-	10,085		10,085
Real estate for residential purposes		-		-		89,931			89,931			-		-	133,863		133,863
Real estate different from residential properties		-		-		16,093			16,093			-		-	29,794		29,794
Total		-		-		114,883			114,883			-		-	173,742		173,742

Changes in level 3 fair-value category

The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs at June 30, 2025 and 2024:

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As of June 30, 2025

Type of instruments	Balance,<br>January 1,<br>2025	Included in earnings	OCI	Purchases	Settlement	Reclassifications(1)	Prepaids	Transfers<br>in to<br>level 3	Transfers<br>out of<br>level 3	Balance,<br>June 30, 2025
In millions of COP
Assets
Debt instruments at fair value though profit or loss
Securities issued by the Colombian Government	-	-	-	2,418	-	-	-	-	-	2,418
Securities issued or secured by other financial entities	77,821	2,645	-	1,533	(2,527)	-	(1,488)	-	(9,541)	68,443
Corporate bonds	34,259	9	-	2,035	(15,625)	-	-	-	(2,966)	17,712
Total	112,080	2,654	-	5,986	(18,152)	-	(1,488)	-	(12,507)	88,573
Debt instruments at fair value through OCI
Securities issued by the Colombian Government	2,648,355	-	-	-	-	-	-	-	(2,648,355)	-
Securities issued or secured by other financial entities	49,744	-	915	-	-	-	-	-	-	50,659
Corporate bonds	577,439	-	14,166	-	-	-	-	-	(32,041)	559,564
Total	3,275,538	-	15,081	-	-	-	-	-	(2,680,396)	610,223
Derivative financial instruments
Foreign exchange contracts	795,358	(11,862)	-	428,608	(528,745)	(47,770)	-	129,096	(114,782)	649,903
Interest rate contracts	15,493	(2,560)	-	10,968	(331)	-	-	3,031	(141)	26,460
Equity contracts	51,347	-	-	12,649	(51,346)	-	-	-	-	12,650
Total	862,198	(14,422)	-	452,225	(580,422)	(47,770)	-	132,127	(114,923)	689,013
Equity securities
Equity securities	717,873	15,956	(19,088)	15,948	(13,986)	-	-	1,018	-	717,721
Total	717,873	15,956	(19,088)	15,948	(13,986)	-	-	1,018	-	717,721
Other financial instruments
Other financial instruments	34,385	(2,108)	-	-	-	-	-	-	-	32,277
Total	34,385	(2,108)	-	-	-	-	-	-	-	32,277
Investment in associates
P.A. Viva Malls	1,817,503	121,265	-	-	-	-	-	-	-	1,938,768
P.A. Distrito Vera	13,325	86	-	-	(65)	-	-	-	-	13,346
Fideicomiso Locales Distrito Vera	56	(2)	-	89	-	-	-	-	-	143
Total	1,830,884	121,349	-	89	(65)	-	-	-	-	1,952,257
Investment properties
Investment properties	5,580,109	83,132	-	191,066	(59,926)	(33,264)	-	-	-	5,761,117
Total	5,580,109	83,132	-	191,066	(59,926)	(33,264)	-	-	-	5,761,117
Total Assets	12,413,067	206,561	(4,007)	665,314	(672,551)	(81,034)	(1,488)	133,145	(2,807,826)	9,851,181
Liabilities
Derivative financial instruments
Foreign exchange contracts	154,613	1,830	-	62,360	(80,972)	(47,770)	-	1,283	(2,643)	88,701
Interest rate contracts	27,646	(284)	-	1,160	(581)	-	-	84	(26,524)	1,501
Equity contracts	1,278	-	-	3,965	(1,277)	-	-	-	-	3,966
Total	183,537	1,546	-	67,485	(82,830)	(47,770)	-	1,367	(29,167)	94,168
Total liabilities	183,537	1,546	-	67,485	(82,830)	(47,770)	-	1,367	(29,167)	94,168

(1)From derivative assets to derivative liabilities classified in level 3 and vice versa.

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As of June 30, 2024

Type of instruments	Balance,<br>January 1,<br>2024	Included in earnings	OCI	Purchases	Settlement	Reclassifications(1)	Prepaids	Transfers<br>in to<br>level 3	Transfers<br>out of<br>level 3	Balance,<br>June 30,<br>2024
In millions of COP
Assets
Debt instruments at fair value though profit or loss
Securities issued or secured by other financial entities	78,729	(4)	-	4,519	(10,926)	-	(1,643)	9,138	(5,567)	74,246
Corporate bonds	14,284	647	-	371	-	-	-	4,385	-	19,687
Total	93,013	643	-	4,890	(10,926)	-	(1,643)	13,523	(5,567)	93,933
Debt instruments at fair value through OCI
Securities issued by the Colombian Government	2,664,295	-	-	-	(2,664,295)	-	-	-	-	-
Securities issued or secured by other financial entities	-	-	5	50,016	-	-	-	-	-	50,021
Corporate bonds	-	-	1,287	39,517	-	-	-	-	-	40,804
Total	2,664,295	-	1,292	89,533	(2,664,295)	-	-	-	-	90,825
Derivative financial instruments
Foreign exchange contracts	1,384,673	(62,945)	-	1,043,329	(1,054,191)	(8,263)	-	76,960	(147,478)	1,232,085
Interest rate contracts	15,621	(4,302)	-	5,565	(2,629)	(66)	-	3,376	(5,455)	12,110
Equity contracts	2,863	-	-	-	(2,863)	-	-	-	-	-
Total	1,403,157	(67,247)	-	1,048,894	(1,059,683)	(8,329)	-	80,336	(152,933)	1,244,195
Equity securities
Equity securities	384,682	1,360	19,576	4,163	(21,135)	-	-	-	(2)	388,644
Total	384,682	1,360	19,576	4,163	(21,135)	-	-	-	(2)	388,644
Other financial instruments
Other financial instruments	38,319	(7,405)	-	-	-	-	-	-	-	30,914
Total	38,319	(7,405)	-	-	-	-	-	-	-	30,914
Investment in associates
P.A. Viva Malls	1,661,679	133,512	-	-	-	-	-	-	-	1,795,191
P.A. Distrito Vera	9,103	2,831	-	5,656	-	-	-	-	-	17,590
Total	1,670,782	136,343	-	5,656	-	-	-	-	-	1,812,781
Total Assets	6,254,248	63,694	20,868	1,153,136	(3,756,039)	(8,329)	(1,643)	93,859	(158,502)	3,661,292
Liabilities
Derivative financial instruments
Foreign exchange contracts	170,798	18,019	-	71,754	(60,961)	(8,263)	-	132,722	(98,769)	225,300
Interest rate contracts	11,078	(119)	-	20	(1,900)	(66)	-	9,975	(8,760)	10,228
Equity contracts	1,852	-	-	-	(1,852)	-	-	-	-	-
Total	183,728	17,900	-	71,774	(64,713)	(8,329)	-	142,697	(107,529)	235,528
Total liabilities	183,728	17,900	-	71,774	(64,713)	(8,329)	-	142,697	(107,529)	235,528

(1)From derivative assets to derivative liabilities classified in level 3 and vice versa.

Level 3 fair value rollforward

The following were the significant level 3 transfers at June 30, 2025 and 2024:

As of June 30, 2025 and 2024, net transfers in the Group for COP 85,756 and COP 45,404, respectively, from level 3 to level 2 of derivatives foreign exchange contracts and interest rate contracts, it was presented due to the transfer of the credit risk of the counterparty to the own credit risk. As of June 30, 2025 and 2024. net transfers for COP 130,760 and COP (62,361), respectively, from level 2 to level 3 of the derivative foreign exchange contracts and interest rate contracts, it was presented due to the transfer of the credit risk from the Group to the credit risk of the counterparty.

As of June 30, 2025, there are corporate bonds of debt instruments at fair value through OCI for COP 559,564.

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As of June 30, 2025 and 2024, unrealized gains and losses on debt instruments were COP 2,654 and COP 643; equity securities COP 15,956 and COP 1,360, respectively.

Transfers between level 1 and level 2 of the fair value hierarchy

The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between level 1 and level 2 as of June 30, 2025 and December 31, 2024:

Type of instruments		June 30, 2025				December 31, 2024
	Transfers level 1 to level 2		Transfers level<br>2 to level 1		Transfers level<br>1 to level 2		Transfers level<br>2 to level 1
In millions of COP
Debt instruments at fair value though profit or loss
Securities issued by the Colombian Government		35,600		-		202,779		-
Securities issued or secured by foreign government		-		142,126		26,866		929
Total		35,600		142,126		229,645		929
Debt instruments at fair value through OCI
Securities issued or secured by foreign government		9,514		1,025,039		467,133		137,884
Total		9,514		1,025,039		467,133		137,884
Equity securities
Equity securities		-		-		63,827		-
Total		-		-		63,827		-

As of June 30, 2025, the Group transferred securities from level 1 to level 2, because such securities had lower liquidity and lower trading in an active market.

All transfers are assumed to occur at the end of the reporting period.

Quantitative information about level 3 fair value measurements

The fair value of financial instruments is, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market transactions in the same instrument and are not based on observable market data. Changing one or more of the inputs to the valuation models to reasonably possible alternative assumptions would change the fair values and therefore a valuation adjustment would be recognized in profit or loss. Favorable and unfavorable changes are determined on the basis of changes in the value of the instrument as a result of varying the levels of the unobservable input as described in the table below.

The following table sets forth information about significant unobservable inputs related to the Group’s material categories of level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions.

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As of June 30, 2025

Type of instruments		Fair Value	Valuation<br>technique		Significant<br>unobservable input		Range of<br>inputs		Weighted<br>average			Sensitivity<br>100<br>basis point<br>increase	Sensitivity<br>100<br>basis point<br>decrease
In millions of COP
Debt instruments
Securities issued by other financial institutions
TIPS		58,944	Discounted cash flow		Yield		0.14% to 9.60%		-			57,483	60,456
	Prepayment Speed			n/a		n/a		59,661		n/a
	Prepayment Speed			n/a		n/a		55,806		n/a
Other bonds		58,649	Discounted cash flow		Interest rate		0.21% to 1.12%		1.01		%	57,374	60,038
Time deposits		1,509	Discounted cash flow		Yield / Interest rate		0.35% to 0.35%		0.35		%	1,507	1,509
Total securities issued by other financial institutions		119,102
Securities issued by the Colombian Government
Bonds by government entities		2,418	Discounted cash flow		Interest rate		8.19% to 10.41%		9.30		%	2,415	2,422
Corporate bonds
Corporate bonds		577,276	Discounted cash flow		Yield / Interest rate		0.04% to 5.05%		2.26		%	533,260	598,254
Total debt instruments		698,796
Equity securities
Equity securities		717,721	Price-based		Price		n/a		n/a			n/a	n/a
Other financial instruments
Other financial instruments		32,277	Internal valuation methodology		Internal valuation methodology		n/a		n/a			n/a	n/a
Derivative financial instruments
Forward		474,594	Discounted cash flow		Credit spread / Yield		0.00% to 60.99%		4.97		%	473,706	475,519
Swaps		73,184	Discounted cash flow		Credit spread		0.00% to 62.62%		5.59		%	57,534	89,777
Options		47,067	Discounted cash flow		Credit spread		0.11% to 33.80%		0.42		%	46,712	47,189
Total derivative financial instruments		594,845
Investment in associates
P.A. Viva Malls		1,938,768	Price-based		Price		n/a		n/a			n/a	n/a
P.A. Distrito Vera		13,346	Price-based		Price		n/a		n/a			n/a	n/a
Fideicomiso Locales Distrito Vera		143	Price-based		Price		n/a		n/a			n/a	n/a
Total investment in associates		1,952,257

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As of December 31, 2024

Type of instruments		Fair Value	Valuation<br>technique		Significant<br>unobservable input		Range of<br>inputs		Weighted<br>average			Sensitivity<br>100<br>basis point<br>increase	Sensitivity<br>100<br>basis point<br>decrease
In millions of COP
Debt instruments
Securities issued by other financial institutions
TIPS		63,280	Discounted cash flow		Yield		0.14% to 10.66%		-			61,474	65,164
	Prepayment Speed			n/a		n/a		65,081		n/a
	Prepayment Speed			n/a		n/a		60,732		n/a
Other bonds		62,558	Discounted cash flow		Interest rate		0.10% to 1.12%		0.94		%	61,003	64,177
Time deposits		1,727	Discounted cash flow		Yield / Interest rate		0.91% to 6.40%		3.36		%	1,441	1,772
Total securities issued by other financial institutions		127,565
Securities issued by the Colombian Government
Bonds by government entities		2,648,355	Discounted cash flow		Yield		1.18% to 1.18%		1.18		%	2,639,349	2,660,301
Corporate bonds
Corporate bonds		611,698	Discounted cash flow		Yield		0.00% to 5.25%		0.98		%	573,929	647,264
Total debt instruments		3,387,618
Equity securities
Equity securities		717,873	Price-based		Price		n/a		n/a			n/a	n/a
Other financial instruments
Other financial instruments		34,385	Internal valuation methodology		Internal valuation methodology		n/a		n/a			n/a	n/a
Derivative financial instruments
Forward		430,163	Discounted cash flow		Credit spread / Yield		0.00% to 20.80%		7.05		%	429,581	430,753
Swaps		182,488	Discounted cash flow		Credit spread		0.00% to 56.14%		4.03		%	166,650	204,677
Options		66,010	Discounted cash flow		Credit spread		0.12% to 34.75%		0.50		%	65,512	66,242
Total derivative financial instruments		678,661
Investment in associates
P.A. Viva Malls		1,817,503	Price-based		Price		n/a		n/a			n/a	n/a
P.A. Distrito Vera		13,325	Price-based		Price		n/a		n/a			n/a	n/a
Fideicomiso Locales Distrito Vera		56	Price-based		Price		n/a		n/a			n/a	n/a
Total investment in associates		1,830,884

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The following table sets forth information about valuation techniques used in the measurement of the fair value investment properties of the Group, the significant unobservable inputs and the respective sensitivity:

Methodology	Valuation technique	Significant unobservable input	Description of sensitivity
Sales Comparison Approach - SCA<br><br>The fair value assessment is based on the examination of prices at which similar properties in the same area recently sold. Since no two properties are identical the measurement valuation must take into account adjustments for the differences between the sold properties and those held by the Bank to earn rentals or for capital appreciation.	Comparable prices	The weighted average rates used in the capitalization methodology for revenues in the second quarter for 2025 are:<br><br>•Direct capitalization: initial rate 8.14%.<br><br>•Discounted cash flow: discount rate: 12.30%, terminal rate: 8.26%.<br><br>The same weighted rates for the last quarter of 2024 were:<br><br>•Direct capitalization: initial rate 8.13%<br><br>•Discounted cash flow: discount rate: 12.27%, terminal rate: 8.29%.<br><br>The ratio between monthly gross income and real estate value directly administered by the FIC (rental rate) considering the differences in placements and individual factors between properties and in a weighted way in the second quarter of 2025 are 0.87% and for December 31, 2024 was 0.88%.	An increase (light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, considerable, normal, light) in the fair value of the asset, and vice versa.<br><br>An increase (light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa.
Income Approach<br><br>Used to estimate the fair value of the property by taking future net cash flows and discounting them at the capitalization rate.	Direct capitalization<br><br>Discounted cash flows
Cost approach<br><br>Used to estimate the fair value of the property considering the cost to replace or build a property at the same or equal conditions of the asset to be measured, deducting the accumulated depreciation charge and adding-up the amount of the land.	Replacement cost

There has been no change to the valuation technique during the year 2025 for each asset.

NOTE 21. SUBSEQUENT EVENTS

Approval of Consolidated Financial Statements

These Condensed Consolidated Interim Financial Statements were approved by Chief Executive Financial for publication at August 05, 2025. The Financial Statements have been reviewed, not audited.

On July 16, 2025, Grupo Cibest S.A. announced the start of the execution of the repurchase program for common shares and shares with preferential dividends and non-voting rights, and American Depositary Receipts - ADRs issued by Grupo Cibest. The execution began on July 17, 2025, and will be carried out in Colombia in the transactional systems of the Colombian Stock Exchange through Valores Bancolombia S.A. Comisionista de Bolsa, and in the United States through an Enhanced Open Market Repurchase executed by Morgan Stanley & Co. LLC.

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On July 22, 2025, Bancolombia S.A. (“Bancolombia”) announced its intention to voluntarily delist its 4.875% Subordinated Notes due 2027 (the “2027 Notes”) and 8.625% Subordinated Notes due 2034 (the “2034 Notes,” and together with the 2027 Notes, the “Notes”) from the New York Stock Exchange (the “NYSE”). Management is currently carrying out the necessary procedures to transfer the listing jurisdiction of the aforementioned Notes to the Singapore Exchange (“SGX”).

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RISK MANAGEMENT

In the economic sphere, the first half of 2025 confirmed the continuation of the global macroeconomic stabilization process, supported by a gradual improvement in the pace of growth across several developed and emerging economies. At the same time, upside risks to inflation remain relevant, amid high indexation in service prices and increased trade barriers, which could exert inflationary pressures in the second half of the year. Additionally, geopolitical conflicts and the deterioration of public finances in some regions have contributed to heightened volatility in international financial markets.

Credit risk

Credit risk represents the likelihood that the organization may incur financial losses due to a counterparty, issuer, or debtor failing to meet their contractual obligations. It also encompasses losses resulting from credit rating downgrades, reduced earnings and returns, concessions granted during debt restructurings, and recovery-related costs. As the most significant risk inherent to banking operations, credit risk is actively managed throughout each phase of the credit cycle.

The information below contains the maximum exposure to credit risk for the periods ending June 30, 2025 and December 31, 2024:

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June 30, 2025

Maximum exposure to credit risk - Financial instruments subject to impairment
In millions of COP
	Stage 1	Stage 2	Stage 3	Total
Loans and Advances	247,706,322	16,578,878	15,486,487	279,771,687
Commercial	138,912,212	5,426,833	8,853,405	153,192,450
Consumer	46,931,129	4,760,033	3,356,800	55,047,962
Mortgage	37,705,933	2,961,959	1,834,270	42,502,162
Small Business Loans	1,350,181	106,543	86,044	1,542,768
Financial Leases	22,806,867	3,323,510	1,355,968	27,486,345
Off-Balance Sheet Exposures	46,227,114	612,633	504,189	47,343,936
Financial Guarantees	8,865,313	9,720	157,596	9,032,629
Loan Commitments	37,361,801	602,913	346,593	38,311,307
Loss Allowance	2,252,711	2,762,653	10,074,257	15,089,621
Total	291,680,725	14,428,858	5,916,419	312,026,002

December 31, 2024

Maximum exposure to credit risk - Financial instruments subject to impairment
In millions of COP
	Stage 1	Stage 2	Stage 3	Total
Loans and Advances	245,272,297	16,670,291	17,511,320	279,453,908
Commercial	137,761,467	5,545,788	9,945,556	153,252,811
Consumer	46,697,013	5,118,607	4,000,063	55,815,683
Mortgage	37,076,580	2,701,930	1,963,091	41,741,601
Small Business Loans	1,175,803	91,256	85,150	1,352,209
Financial Leases	22,561,434	3,212,710	1,517,460	27,291,604
Off-Balance Sheet Exposures	46,219,765	552,862	680,307	47,452,934
Financial Guarantees	9,926,719	17,800	199,782	10,144,301
Loan Commitments*	36,293,046	535,062	480,525	37,308,633
Loss Allowance	(2,331,035)	(2,752,141)	(11,397,984)	(16,481,160)
Total	289,161,027	14,471,012	6,793,643	310,425,682

* The informational disclosed value of loan commitments has been updated.

The maximum exposure to credit risk from the loan portfolio and finance lease operations corresponds to their carrying amount at the end of the period, without considering any collateral received or other credit enhancements.

The maximum exposure to credit risk from off-balance sheet positions includes financial guarantees, rate and credit line commitments, and available credit facilities granted at the end of the period, without considering any collateral received or other credit enhancements.

Credit Risk Management - Loans and Advances

The first half of 2025, moderate and stable economic growth was observed in Colombia in contrast to the mixed dynamics observed in Central America, where Panama and Guatemala showed strong growth, while El Salvador saw a slowdown compared to the end of 2024. In Colombia, the positive performance of service sectors such as commerce, entertainment,

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and transportation has been supported by the gradual reduction in interest rates and the deceleration of inflation, which in turn has sustained robust household consumption. However, the uncertainty caused by volatility in global markets, a consequence of the trade and tariff policies of the United States and the ongoing conflict in the Middle East, continues to affect investment decisions, impacting overall economic activity.

In response to this situation, the Group has maintained support for its clients with the aim of ensuring proactive credit risk management and evaluating specific conditions and requests to meet their credit needs, as well as developing methodologies, tools, and models to optimize collections. The monitoring and review of credit portfolios from different perspectives continue to be a key factor in identifying and enhancing the implementation of proactive strategies at various stages of the credit cycle.

Risk management for different types of credit operations carried out by the Group is conducted through compliance with the policies, procedures, and methodologies established in the Credit Risk Management System, which also includes general criteria for assessing, rating, assuming, controlling, and hedging the mentioned risk. Furthermore, the Management has developed process manuals and methodologies that specify the policies and procedures for different products and segments served by the Group, reflecting the strategy approved by the Board of Directors for credit risk monitoring and control.

Country Risk

This risk refers to the possibility of Grupo Cibest Consolidated incurring losses as a result of financial operations abroad due to adverse economic and/or political conditions in the country receiving those operations, either because of restrictions on the transfer of foreign exchange or because of factors not attributable to the commercial and financial condition of the country receiving those operations. This definition includes, but is not limited to, sovereign risk (SR) and transfer risk (TR) associated with such factors.

At of the end of June 2025, compared to December 2024, no alerts were reported for any of the investments subject to country risk. Likewise, there were no downgrades in the country risk ratings of the countries where the Group holds such investments. The decrease in the portfolio of investments subject to country risk evaluation is mainly due to the reassignment of investing companies within Grupo Cibest Consolidated. Additionally, the value of the investments that remain in the portfolio has declined due to revaluation factors..

a.Credit Quality Analysis - Loans and Financial Leases

The Bank´s loan portfolio as of June 2025, compared to December 2024, showed a slight increase of 0.11% in the consolidated portfolio balance in pesos. This growth was achieved despite the revaluation of the peso against the dollar, which impacted the portfolio’s value when expressed in that currency. However, the increase in disbursements by the Group, particularly in the commercial and mortgage portfolios in Colombia, the business portfolio in El Salvador, and the corporate portfolio in Guatemala, which allowed for the maintenance of portfolio stability.

The 30-day past due loan ratio (consolidated) at stood at 4.94% as of June 2025, showing a decrease compared to 5.20% in December 2024. The level of the Group´s non-performing loans is mainly impacted by the improvement in the quality of the retail loan portfolio, particularly in consumer and mortgage products. The management of all portfolios continues across the different stages of the credit cycle to anticipate the materialization of risks, designing containment and recovery strategies for the loan portfolio.

Special Customer Administration (AEC)

The Bank implements proactive management in monitoring the credit risk of its clients, accompanied by extraordinary diagnostic spaces, early warning alert mechanisms, and general action strategies for client inclusion and follow-up.

As part of the monitoring strategies, the Group has established a periodic committee to identify and manage risk situations arising from events that could potentially lead to a deterioration in the debtor's repayment capacity. This committee facilitates tailored solutions based on the circumstances of each client.

The amount and allowance of customer included in the described watch list, as of June 30, 2025 and December 2024 is shown below:

June 30, 2025

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Watch List
Million COP
Risk Level	Amount	%		Allowance
Level 1 – Low Risk	13,603,380	0.60	%	81,287
Level 2 – Medium Risk	5,300,796	8.66	%	458,825
Level 3 – High Risk	3,076,343	55.90	%	1,719,651
Level 4 – High Risk	5,850,833	59.89	%	3,504,260
Total	27,831,352	20.71	%	5,764,023

December 31, 2024

Watch List
In millions of COP
Risk Level	Amount	%	Allowance
Level 1 – Low Risk	14,081,182	0.72%	101,994
Level 2 – Medium Risk	5,708,673	6.50%	370,892
Level 3 – High Risk	3,811,886	53.84%	2,052,135
Level 4 – High Risk	5,948,366	61.67%	3,668,615
Total	29,550,107	20.96%	6,193,636

b.Risk Concentration – Loans and Advances

•Concentration of loan by maturity

The following table shows the ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases at the end of June 2025 and December 2024:

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June 30, 2025
In millions of COP
Maturity	Less Than 1 Year	Between 1 and 5 Years	Between 5 and 15 Years	Greater Than 15 Years	Total
Commercial	49,855,998	61,147,472	41,627,540	561,440	153,192,450
Corporate	30,577,580	35,836,668	22,730,060	232,782	89,377,090
SME	4,809,509	8,347,205	1,550,102	83,271	14,790,087
Others	14,468,909	16,963,599	17,347,378	245,387	49,025,273
Consumer	1,308,576	34,049,761	18,927,519	762,106	55,047,962
Credit card	216,425	9,583,692	2,166,157	—	11,966,274
Vehicle	100,961	3,155,915	2,196,051	541	5,453,468
Order of payment	48,792	2,249,508	7,079,531	531,023	9,908,854
Others	942,398	19,060,646	7,485,780	230,542	27,719,366
Mortgage	76,058	1,072,830	10,719,975	30,633,299	42,502,162
VIS	15,744	290,603	2,779,245	13,581,321	16,666,913
Non-VIS	60,314	782,227	7,940,730	17,051,978	25,835,249
Finanacial Leases	1,239,231	8,475,678	13,869,078	3,902,358	27,486,345
Small business loans	194,977	1,153,236	176,789	17,766	1,542,768
Total gross loans and financial leases	52,674,840	105,898,977	85,320,901	35,876,969	279,771,687		December 31, 2024
---	---	---	---	---	---
In millions of COP
Maturity	Less Than 1 Year	Between 1 and 5<br><br>Years	Between 5 and 15<br><br>Years	Greater Than 15<br><br>Years	Total
In millions of COP
Commercial	48,186,159	62,610,478	41,614,622	841,552	153,252,811
Corporate	29,076,028	32,243,275	23,454,114	504,876	85,278,293
SME	4,771,087	8,555,996	1,727,911	148,502	15,203,496
Others	14,339,044	21,811,207	16,432,597	188,174	52,771,022
Consumer	1,267,269	34,216,968	19,553,651	777,795	55,815,683
Credit card	234,325	9,587,518	2,170,668	-	11,992,511
Vehicle	81,066	3,270,554	2,283,873	365	5,635,858
Order of payment	47,981	2,261,874	7,525,578	545,814	10,381,247
Others	903,897	19,097,022	7,573,532	231,616	27,806,067
Mortgage	79,304	1,095,329	10,509,429	30,057,539	41,741,601
VIS	14,439	284,872	2,540,655	13,343,314	16,183,280
Non-VIS	64,865	810,457	7,968,774	16,714,225	25,558,321
Financial Leases	1,804,964	8,586,693	13,202,556	3,697,391	27,291,604
Small business loans	194,013	919,392	208,405	30,399	1,352,209
Total gross loans and financial leases	51,531,709	107,428,860	85,088,663	35,404,676	279,453,908

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_______________________________________________________

2VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages.

•Concentration by past due days

The following table shows the loans and financial leases according to past due days for the periods ending on June 30, 2025 and December 31, 2024. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days):

June 30, 2025
In millions of COP
Past-due
Period	0 - 30 Days	31 - 90 Days	91 - 120 Days	121 - 360 Days	More Than 360 Days	Total
Commercial	147,178,649	554,810	489,834	1,352,496	3,616,661	153,192,450
Consumer	51,415,227	1,432,987	478,271	1,461,658	259,819	55,047,962
Mortgage	39,386,002	1,295,157	259,774	583,063	978,166	42,502,162
Financial Leases	26,539,136	281,863	60,772	218,823	385,751	27,486,345
Small Business Loan	1,421,994	45,819	10,104	41,209	23,642	1,542,768
Total	265,941,008	3,610,636	1,298,755	3,657,249	5,264,039	279,771,687		December 31, 2024
---	---	---	---	---	---	---
In millions of COP
Past-due
Period	0 - 30 Days	31 - 90 Days	91 - 120 Days	121 - 360 Days	More Than 360<br><br>Days	Total
Commercial	147,402,632	531,609	280,750	1,515,324	3,522,496	153,252,811
Consumer	51,393,527	1,761,496	624,945	1,776,361	259,354	55,815,683
Mortgage	38,560,253	1,184,755	285,466	830,743	880,384	41,741,601
Financial Leases	26,331,118	247,056	58,435	273,619	381,376	27,291,604
Small Business Loans	1,242,568	36,196	8,848	45,608	18,989	1,352,209
Total	264,930,098	3,761,112	1,258,444	4,441,655	5,062,599	279,453,908

•Concentration of loans by economic sector

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The following table contains the detail of the portfolio of loans and financial leases by main economic activity of the borrower for the periods ending on June 20, 2025 and December 31, 2024:

June 30, 2025
In millions of COP
Economic sector	Loans and advances
	Local	Foreign	Total
Agriculture	5,348,169	2,607,674	7,955,843
Petroleum and Mining Products	2,163,242	539,164	2,702,406
Food, Beverages and Tobacco	10,217,752	1,990,452	12,208,204
Chemical Production	5,097,467	412,152	5,509,619
Government	10,695,493	411,686	11,107,179
Construction	13,599,272	9,239,286	22,838,558
Commerce and Tourism	24,765,340	6,663,893	31,429,233
Transport and Communications	12,328,754	517,417	12,846,171
Public Services	14,291,146	1,242,012	15,533,158
Consumer Services	62,418,630	33,059,619	95,478,249
Commercial Services	33,504,831	14,201,786	47,706,617
Other Industries and Manufactured Products	9,506,004	4,950,446	14,456,450
Total	203,936,100	75,835,587	279,771,687		December 31, 2024
---	---	---	---
In millions of COP
Economic sector	Loans and advances
	Local	Foreign	Total
Agriculture	5,520,414	2,813,604	8,334,018
Petroleum and Mining Products	2,126,602	636,010	2,762,612
Food, Beverages and Tobacco	10,132,520	2,164,911	12,297,431
Chemical Production	4,507,362	364,649	4,872,011
Government	10,256,608	627,705	10,884,313
Construction	14,441,608	9,134,115	23,575,723
Commerce and Tourism	24,920,337	8,480,380	33,400,717
Transport and Communications	12,313,907	597,216	12,911,123
Public Services	13,253,631	1,265,243	14,518,874
Consumer Services	61,263,015	35,692,512	96,955,527
Commercial Services	30,662,353	13,347,867	44,010,220
Other Industries and Manufactured Products	9,671,905	5,259,434	14,931,339
Total	199,070,262	80,383,646	279,453,908

c.Credit Risk Management – Other Financial Instruments:

The portfolio is exposed to credit risks given the probability of incurring losses originated by the default in the payment of a coupon, principal and/or yields/dividends of a financial instrument by its issuer or counterparty. The probability of this type of events materializing may increase if there are scenarios of concentration in few issuers (counterparties) and whose credit performance is reflected by higher risk ratings; likewise, increases in credit risk may occur in scenarios in which the

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portfolio presents low levels of diversification at the level of type and sector of the counterparties with which financial asset transactions are carried out.

The Group maintains the control and continuous monitoring of the assigned credit risk limits, as well as the consumption thereof. Additionally, the Group follows up and manages alerts on counterparties and issuers of securities, based on public market information and news related to their performance; this allows mitigating the risks of default or reduction of value for the managed positions.

For credit risk management, each of the positions that make up the portfolio of the own position are adjusted to the policies and limits that have been defined and that seek to minimize the exposure to the same:

•Term Limits

•Credit Limits

•Counterparty Limits

•Master Agreement

•Margin Agreements

•Counterparty Alerts

d.Credit Quality Analysis - investment financial instruments:

In order to evaluate the credit quality of a counterparty or issuer (to determine a risk level or profile), the Bank relies on two rating systems: an external one and an internal one, both of which allow to identify a degree of risk differentiated by segment and country and to apply the policies that have been established for issuers or counterparties with different levels of risk, in order to limit the impact on liquidity and/or the income statement of the Group.

External credit rating system: is divided by the type of rating applied to each instrument or counterparty; in this way the geographic location, the term and the type of instrument allow the assignment of a rating according to the methodology that each examining agency uses.

Internal credit rating system: The “ratings or risk profiles” scale is created with a range of levels that go from low exposure to high exposure (this can be reported in numerical or alphanumerical scales), where the rating model is sustained by the implementation and analysis of qualitative and quantitative variables at sector level, which according to the relative analysis of each variable, determine credit quality; in this way the internal credit rating system aims to establish adequate margin in decision-making regarding the management of financial instruments.

In accordance with the criteria and considerations specified in the internal rating allocation and external credit rating systems methodologies, the following schemes of relation can be established, according to credit quality given to each one of the qualification scales:

Low Risk: All investment grade positions (from AAA to BBB-), as well as those issuers that according to the information available (financial statements, relevant information, external ratings, CDS, among others) reflect adequate credit quality.

Medium Risk: All speculative grade positions (from BB+ to BB-), as well as those issuers that according to the available information (Financial statements, relevant information, external qualifications, CDS, among others) reflect weaknesses that could affect their financial situation in the medium term.

High Risk: All positions of speculative grade (from B+ to D), as well as those issuers that according to the information available (Financial statements, relevant information, external qualifications, CDS, among others) reflect a high probability of default of financial obligations or that already have failed to fulfill them.

The credit risk rating of the Republic of Colombia was downgraded following the latest reports issued on June 26 by Moody’s (to Baa3) and S&P (to BB). As a result, positions in Colombian sovereign debt and Colombian issuers have been reclassified to the medium-risk category, aligning them with S&P's risk perception (BB).

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Credit Quality Analysis of the Bank

Maximum Exposure to Credit Risk
In millions of COP
	Debt instruments		Equity		Other financial instruments(1)		Derivatives(2)
	June 30, 2025	December 31, 2024	June 30, 2025	December 31, 2024	June 30, 2025	December 31, 2024	June 30, 2025	December 31, 2024
Low Risk	8,922,451	29,130,380	195	363,198		1,712	455,480	834,821
Medium Risk	29,080,856	4,873,025	762,310	57,119	7,859	16,479	475,405	1,154
High Risk	1,849,921	2,580,107	4,763	677	12,209	2,966	10,825	7,086
Without Rating	2,035	—	315,328	590,316	12,209	13,228	19,885	86,437
Total	39,855,263	36,583,512	1,082,596	1,011,310	32,277	34,385	961,595	929,498

(1)Corresponds to SAFE "Simple Agreement for Future Equity".

(2)For derivatives transactions counterparty risk is disclosed as long as the valuation is positive.

Risk exposure by credit rating

Maximum Exposure to Credit Risk
In millions of COP
	Other financial instruments(1)
	June 30, 2025	December 31, 2024
Sovereign Risk	18,084,154	14,487,622
AAA	2,450,294	10,113,581
AA+	3,300,585	4,714,501
AA	609,755	770,266
AA-	139,951	68,124
A+	828,299	906,847
A	486,165	465,978
A-	634,528	352,619
BBB+	401,718	587,802
BBB	195,420	221,092
BBB-	346,538	219,676
BB+	9,813,204	2,824,168
BB	2,082,513	1,674,226
BB-	339,446	347,253
Other	1,869,703	114,969
Not rated	349,456	689,981
Total	41,931,731	38,558,705

(1) Internal homologation.

•Financial credit quality of other financial instruments that are not in default nor impaired in value

Debt instruments: 100% of the debt instruments are not in default.

Equity: The positions do not represent significant risks.

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Derivatives: 99.9% of the credit exposure does not present incidences of material default. The remaining percentage corresponds to default events at the end of the period.

•Maximum exposure level to the credit risk given:

Maximum Exposure to Credit Risk
In millions of COP
	Maximum Exposure		Collateral		Net Exposure
	June 30, 2025	December 31, 2024	June 30, 2025	December 31, 2024	June 30, 2025	December 31, 2024
Debt instruments	39,855,263	36,583,512	(4,377,513)	(1,669,011)	35,477,750	34,914,501
Derivatives **	961,595	929,498	511,246	589,098	450,349	340,400
Equity	1,082,596	1,011,310	—	—	1,082,596	1,011,310
Other financial instruments	32,277	34,385	—	—	32,277	34,385
Total	41,931,731	38,558,705	(4,888,759)	(2,258,109)	37,042,972	36,300,596

Note: In derivatives, positive collateral are received from counterparties and collateral negative are delivered to counterparties. Derivative collateral received from counterparties, whose have their market value positive when consolidate all the portfolio derivaties of related ID, in December 2024 was COP 589,098 and in June 2025 was COP 511,246. In debt securities, guarantees correspond to Repo, reverse repo, and securities lending trades.

Collateral- other financial instruments

Level of collateral: respect to the type of asset or operation, a collateral level is determined according to the policies defined for each product and the market where the operation is carried out.

Assets held as collateral in organized markets: the only assets that can be received as collateral are those defined by the central counterparties, the stock market where the operation is negotiated, those assets that are settled separately in different contracts or documents, which can be managed by each organization and must comply with the investment policies defined by the Group, taking into account the credit limit for each type of asset or operation received or delivered, which collateral received are the best credit quality and liquidity.

Assets received as bilateral collateral between counterparties: the collateral accepted in international OTC derivative operations is agreed on bilaterally in the Credit Support Annex (CSA)1 and with fulfillment in cash in dollars and managed by Citibank N.A.. This entity acts as the independent third party in international margin calls, enabling more efficient management of the collateral provided and received in the course of investment activities involving derivative instruments.

Collateral adjustments for margin agreements: The adjustments will be determined by the criteria applied by both the external and internal regulations in effect, and at the same time, mitigation standards are maintained so that the operation fulfills the liquidity and solidity criteria for settlement.

e.Credit risk concentration - other financial instruments:

At the end of the period, the Group's positions did not exceed the concentration limit.

1 A Credit Support Annex (CSA) provides credit protection by setting forth the rules governing the mutual posting of collateral. CSAs are used in documenting collateral arrangements between two parties that trade privately negotiated (over-the-counter) derivative securities. The trade is documented under a standard contract called a master agreement, developed by the International Swaps and Derivatives Association (ISDA).

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Market risk

Grupo Cibest currently measure the treasury book exposure to market risk (including OTC derivatives positions) as well as the currency risk exposure of the banking book, which is provided to the Treasury Division, using a VaR methodology established in accordance with “Chapter XXXI of the Basic Accounting Circular”, issued by the Financial Superintendence of Colombia.

The VaR methodology established by “Chapter XXXI of the Basic Accounting Circular” is based on the model recommended by the Amendment to the Capital Accord to Incorporate Market Risks of Basel Committee, which focuses on the treasury book and excludes investments classified as amortized cost which are not being given as collateral and any other investment that comprises the banking book. In addition, the methodology aggregates all risks by the use of correlations, through an allocation system based on defined zones and bands, affected by given sensitivity factors.

Cibest use different models with the purpose of measure risk exposure and the portfolio diversification effect, the main metrics are: i) the standard methodology required by the Financial Superintendence of Colombia, is established by “Chapter XXXI of the Basic Accounting Circular”, and ii) the internal methodology of historical weighted simulation, which use a confidence level of 99%, a holding period of 10 days, a time frame of 250 business days and hierarchical VaR limits.

The guidelines and principles of the Group´s Market Risk Management have been keeping in accordance with disclose of December 31, 2024.

Total market risk exposure decreased by 25.4%, from COP 1,697,566 in December 2024 to COP 1,266,436 in June 2025. This variation is primarily explained by a lower exposure to the foreign exchange risk factor, due to a reduction in positions denominated in U.S. dollars. Conversely, the interest rate risk factor increased, driven by higher exposure to private debt securities and foreign currency bonds. The stock price risk factor also rose, associated with greater exposure to equity instruments within the broker-dealer’s portfolio. Lastly, the collective investment funds risk factor recorded an increase, explained by the appreciation of the Colombia Inmobiliario Fund.

The following table presents the total change in market risk and other risk factors:

June 2025
In millions of COP
Factor	End of Period	Average	Maximum<br><br>January, 2025	Minimum<br><br>April, 2025
Interest rate	626,211	540,997	499,712	524,034
Exchange rate	226,928	363,011	751,796	79,062
Stock price	381,297	374,351	367,615	375,015
Collective investment funds	32,000	35,187	35,781	36,608
Total Value at Risk	1,266,436	1,313,546	1,654,904	1,014,719

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December 2024
In millions of COP
Factor	End of Period	Average	Maximum<br><br>November, 2025	Minimum<br><br>January, 2025
Interest rate	540,397	507,425	586,194	453,240
Exchange rate	764,920	554,900	759,703	364,421
Stock price	360,287	351,134	356,794	346,694
Collective investment funds	31,962	25,653	31,473	18,005
Total Value at Risk	1,697,566	1,439,112	1,734,164	1,182,360

*As of June 30, 2025, the proprietary cryptocurrency portfolio of Wenia amounted to USD 999.2 thousand, with a Value at Risk (VaR) of USD 12.4 thousand. The VaR was calculated using an internal methodology based on a Dinamic Conditional Correlation (DCC) GARCH model, with a one-day time horizon and a 99% of confidence level.

On the other hand, regarding the VaR measured with the internal, no relevant variations were identified in the VaR metrics at the end of the quarter, nor were any exceedances of the approved limits.

This exposure has been permanently monitored by the Board of Directors and is an input for the decision-making process to preserve the stability in the Group.

Non-trading instruments market risk measurement

The banking book’s relevant risk exposure is interest rate risk, which is the probability of unexpected changes in net interest income or in the economic value of equity as a result of a change in market interest rates. Changes in interest rates affect the Group’s earnings because of timing differences on the repricing of the assets and liabilities. The Group manages the interest rate risk arising from banking activities in non-trading instruments by analyzing the interest rate mismatches between its interest earning assets and its interest bearing liabilities, and estimates the impact on the net interest income and the economic value of equity. The foreign currency exchange rate exposures arising from the banking book are provided to the Treasury Division where these positions are aggregated and managed.

•Interest Risk Exposure (Banking Book)

The Group has performed a sensitivity analysis of market risk sensitive instruments estimating the impact on the net interest income of each position in the banking book, using a repricing model and assuming positive parallel shifts of 100 basis points (bps).

The table 1 provides information about Group’s interest rate sensitivity for the statement of financial position items comprising the banking book.

Table 1. Sensitivity to Interest Rate Risk of the Banking Book

The chart below provides information about Group’s interest rate risk sensitivity in local currency (COP) at December 31, 2024 and June 30, 2025:

	June 30, 2025	December 31, 2024
In millions of COP
Assets sensitivity 100 bps	1,318,846	1,262,776
Liabilities sensitivity 100 bps	958,049	915,528
Net interest income sensitivity 100 bps	360,797	347,248

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The chart below provides information about Group’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2024 and June 30, 2025:

	December 31, 2024
In millions of
Assets sensitivity 100 bps	76,219
Liabilities sensitivity 100 bps	83,051
Net interest income sensitivity 100 bps	(6,832)

All values are in US Dollars.

A positive net sensitivity denotes a higher sensitivity of assets than of liabilities and implies that a rise in interest rates will positively affect the Group´s net interest income. A negative sensitivity denotes a higher sensitivity of liabilities than of assets and implies that a rise in interest rates will negatively affect the Group´s net interest income. In the event of a decrease in interest rates, the impacts on net interest income would be opposite to those described above.

Total Exposure:

As of June 30, 2025, the net sensitivity of the banking book in local currency to parallel shifts of 100 basis points in interest rates stood at COP 360,797.

The observed increase in this sensitivity is mainly due to the rise in the balance of the variable-rate loan portfolio, offset by the implementation of accounting hedging strategies, along with the growth in Certificates of Term Deposit (CDTs) with maturities of less than one year.

On the other hand, the sensitivity of the Net Interest Margin (NIM) in foreign currency to a parallel shift of 100 basis points in interest rates increased between December 31, 2024, and June 30, 2025.

This increase is mainly explained by the significant growth of the loan portfolio in Banistmo and Bancolombia Panama. However, this effect was partially offset by the rise in BAM’s deposit accounts and the Group’s Certificates of Term Deposit (CDTs), which helped mitigate the net impact on NIM sensitivity.

•Assumptions and Limitations

Net interest income sensitivity analysis is based on the repricing model and considers the following key assumptions: (a) does not consider prepayments for Banistmo, BAM, Bancolombia Panamá, Bancolombia Puerto Rico y Banco Agrícola, new operations, defaults, etc., (b); the fixed rate instruments sensitivity, includes the amounts with maturity lower than one year and assumes these will be disbursed at market interest rates and (c) changes in interest rate occur immediately and parallel in the yield curves from assets and liabilities for different maturities.

Liquidity risk

Liquidity risk refers to the possibility of not being able to efficiently and timely meet payment obligations, both expected and unexpected, present and future, without affecting the normal course of daily operations or the financial condition of the entity. This risk occurs when there is a shortage of available liquid assets or when it is necessary to assume unusual financing costs.

During the analysis period, the Cibest Group maintained sufficient liquidity levels, enabling it to comply with all internal and regulatory indicators. Likewise, liquidity monitoring did not report any alerts indicating potential risk, and liquid assets comfortably exceeded the limits established to cover the Group's requirements.

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a.Liquidity risk exposure

To estimate liquidity risk, a liquidity coverage ratio is calculated to ensure that the liquid assets held are sufficient to cover potential net cash outflows over 30 days. This ratio enables the Group to meet its liquidity coverage requirements for the coming month. The liquidity coverage ratio is presented as follows:

Liquidity Coverage Ratio	June 30, 2025	December 31, 2024
Net cash outflows into 30 days	24,061,547	23,887,074
Liquid Assets	56,919,853	59,617,840
Liquidity coverage ratio(1)	236.56%	249.58%

The coverage ratio decreased from 249.58% in December 2024 to 236.56% in June 2025. This variation was mainly explained by a lower availability of liquid assets, attributable to the early repayment of a syndicated loan by Banistmo. Additionally, there was an increase in Bancolombia’s 30-day liquidity requirements, resulting from a higher projection of outflows with contractual maturities, especially in term deposits (CDTs), which raised the liquidity requirement for the Cibest Group.

b.Liquid Assets

One of Grupo Cibest’s main guidelines is to maintain a strong liquidity position. Accordingly, the Risk Committee has approved a methodology for determining the minimum level of liquid assets, calculated based on liquidity requirements. This approach aims to ensure the proper functioning of banking and financial service activities—such as loan disbursements and deposit withdrawals—while protecting capital and taking advantage of market opportunities.

The following table shows the liquid assets held by the Group:

Liquid Assets(1)	June 30, 2025	December 31, 2024
High quality liquid assets(2)
Cash	24,900,467	27,931,834
High quality liquid securities	23,945,023	24,862,861
Other Liquid Assets
Other securities(3)	8,074,363	6,823,145
Total Liquid Assets	56,919,853	59,617,840

(1) Liquid Assets:Liquid assets are those that are easily realizable and form part of the entity's portfolio, or those received as collateral in active money market operations, provided they have not been subsequently used in passive money market operations and are free from any mobility restrictions. This category includes: cash, holings in open-ended collective investment funds without a minimum holding period, and negotiable investments available for sale in fixed-income securities.

(2) High-Quality Securities:These include cash and liquid assets accepted by the Central Bank for its monetary expansion and contraction operations.

(3) Other Liquid Assets:This category includes liquid assets that do not meet the quality criteria mentioned above.

F-96

Document

CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH AND THREE-MONTHS PERIOD ENDED JUNE 30, 2025

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

GRUPO CIBEST S.A.

As of June 30, 2025 and December 31, 2024

(Stated in millions of Colombian pesos)

	Note	June 30, 2025 *	December 31, 2024
ASSETS	-	-	-
Cash and cash equivalents	3	5,415	-
Amortized cost investments	4	1,495,357	-
Equity financial instruments	4	4,159	38
Financial assets investments	-	1,499,516	38
Investment in subsidiaries	5.0	43,884,537	-
Investment in associates and joint ventures	6.0	52,483	-
Other assets	-	292	-
TOTAL ASSETS	-	45,442,243	38
LIABILITIES AND EQUITY	-	-	-
LIABILITIES	-	-	-
Borrowings from other financial institutions	8	1,486,690	-
Preferred shares	9	555,152	-
Deferred tax, net	7	1,537,393	-
Other liabilities	-	672	-
TOTAL LIABILITIES	-	3,579,907	-
EQUITY	-	-	-
Share capital	10	480,914	-
Additional paid-in capital	-	37	37
Appropriated reserves	11	11,095,372	-
Retained earnings (loss)	-	22,148,020	-
Net profit	-	3,548,845	1
Accumulated other comprehensive income, net of tax	-	4,589,148	-
TOTAL EQUITY	-	41,862,336	38
TOTAL LIABILITIES AND EQUITY	-	45,442,243	38

The accompanying notes form an integral part of these separate financial statements.

* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.

CONDENSED SEPARATE INTERIM STATEMENT OF INCOME

GRUPO CIBEST S.A.

As of June 30, 2025 and December 31, 2024 (Stated in millions of Colombian pesos)

		Accumulated	Quarterly
	Note	As of June 30, 2025 *	From April 1 to June 30, 2025
Equity Instruments		-	(9)
Equity method subsidiaries	12	3,594,214	3,594,214
Equity method of associates and joint ventures	12	6,494	6,494
Dividends	-	5	5
Equity method net income	-	3,600,713	3,600,704
Other income	12.2	15,706	15,706
Total income, net	-	3,616,419	3,616,410
Operating expenses	-	-
Salaries and employee benefits	-	(828)	(828)
Interest expenses	13.1	(43,248)	(42,248)
Administrative and general expenses	13.2	(14,820)	(14,820)
Impairment of investment at amortized cost	-	(380)	(380)
Operating expenses, net	-	(59,276)	(58,276)
Operating income	-	3,557,143	3,558,134
Income tax	-	-	-
Deferred tax	7.4	(8,298)	(8,298)
Net income	-	3,548,845	3,549,836

The accompanying notes form an integral part of these separate financial statements.

* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.

Cibest began operations on September 24, 2024; therefore, there is no comparative period for these financial statements.

CONDENSED SEPARATE INTERIM STATEMENT OF COMPREHENSIVE INCOME

GRUPO CIBEST S.A.

For the six-months period ended June 30, 2025 (Stated in millions of Colombian pesos)

	Note	June 30, 2025 *
Net income	-	3,548,845
Other comprehensive income to be reclassified to the income statement	-	-
Gain on valuation of financial instruments	4.1	1,702
Related tax	7.3	(443)
Net of tax amount	-	1,259
Surplus from equity method	-	-
Effects by mergers and spin-off operations (1)	-	9,372,589
Unrealized gain/(loss) on investments in subsidiaries using equity method (1)	5	(791,588)
Gain/(loss) on valuation of investments in associates and joint ventures	6	(48)
Net of tax amount	-	8,580,955
Effects of hedge accounting application	-	-
Effects by mergers and spin-off operations and net investment hedge in a foreign operation	-	(4,028,670)
(Loss) gain on hedge of net investment in a foreign operation	5.1	54,777
Income tax	7.3	(19,172)
Net of tax amount	-	(3,993,066)
Total other comprehensive income to be reclassified to profit or loss	-	4,589,148
Other comprehensive income, net of taxes	-	4,589,148
Total comprehensive income	-	8,137,993

The accompanying notes form an integral part of these separate financial statements.

* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.

Cibest began operations on September 24, 2024; therefore, there is no comparative period for these financial statements.

(1) This amount corresponds to OCI from investments of (COP 708,697) and standard harmonization of (COP 82,888).

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN EQUITY

GRUPO CIBEST S.A.

For the six-months period ended June 30, 2025

(Stated in millions of Colombian pesos, except per share amounts stated in pesos)

				Reserves				Accumulated other comprehensive income
	Note	Share<br>capital	Additional <br>paid in capital	Appropriated reserves	Discretionary Reserve	Reserve for Share Repurchase	Total reserves	Financial instruments	Equity method surplus	Total other comprehensive income, net	Retained earnings	Profit for the year	Total equity
Equity as of January 1, 2025	-	-	37	-	-	-	-	-	-	-	-	1	38
Effects of the partial absorption-type spin-off from Bancolombia S.A. to Grupo Cibest S.A. (*)	1	480,914	-	9,928,816	1,166,556	-	11,095,372	1,333	5,343,919	5,345,252	20,188,835	2,338,024	39,448,397
Reserve for equity strengthening and future growth.	11	-	-	(1,350,000)	-	1,350,000	-	-	-	-	-	-	-
Realization of retained earnings	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity method from participation in subsidiaries, associates and joint ventures.	5	-	-	-	-	-	-	-	(756,031)	(756,031)	1,959,185	-	1,203,154
Income for the year	-	-	-	-	-	-	-	-	-	-	-	1,210,820	1,210,820
Other comprehensive income	-	-	-	-	-	-	-	(73)	-	(73)	-	-	(73)
Assets as of June 30, 2025	-	480,914	37	8,578,816	1,166,556	1,350,000	11,095,372	1,260	4,587,888	4,589,148	22,148,020	3,548,845	41,862,336

The accompanying notes form an integral part of these separate financial statements.

* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOW

GRUPO CIBEST S.A.

For the six-months period ended June 30, 2025

(Stated in millions of Colombian pesos)

	Nota	June 30, 2025 *
Net income	-	3,548,845
Adjustments to reconcile net income to net cash:	-	-
Equity method – subsidiaries	12	(3,594,214)
Equity method – associates and joint ventures	12	(6,494)
Accrued interest – virtual investment	12	(14,340)
Foreign exchange differences	-	(563)
Preferred share interest	13	28,650
Financial obligations interest	13	14,598
Income tax	7	8,298
Impairment of investments	-	380
Changes in operating assets and liabilities:	-	-
Increase in other assets	-	(192)
Change in other liabilities	-	672
Income tax paid	-	(110)
Net cash provided by (used in) operating activities	-	(14,470)
Cash flows from investment activities	-	-
Dividends received	-	695
Opening of investments at amortized cost	-	(1,495,518)
Cash capitalizations in investments in subsidiaries	-	(26,846)
Cancellation of investments at amortized cost	-	14,000
Interest received from investments at amortized cost	-	121
Net cash used in investing activities	-	(1,507,548)
Cash flow from financing activities:	-	-
Net cash used in financing activities	-	-
Decrease in cash and cash equivalents, before the effect of exchange rate changes	-	(1,522,018)
Cash received from spin-off	-	1,527,432
Decrease in cash	-	5,415
Cash at the beginning of the period	-	-
Cash at the end of the period	-	5,415

The accompanying notes form an integral part of these separate financial statements.

* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.

Cibest began operations on September 24, 2024; therefore, there is no comparative period for these financial statements.

The statement of cash flows includes the following non-cash transactions, which were not reflected in the separate statement of cash flows.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS

GRUPO CIBEST S.A.

All amounts are expressed in millions and billions of Colombian pesos, where applicable

Foreign currency figures are expressed in thousands of the respective currency

NOTE 1. REPORTING ENTITY

Grupo Cibest S.A., hereinafter “Cibest" it is a listed issuer on the Colombian Stock Exchange (BVC), as well as on the New York Stock Exchange (NYSE), since 2025. Cibest main location is in Medellín (Colombia), main address Carrera 48 # 26-85, Avenida Los Industriales. The company was constituted under the corporate name Grupo Cibest S.A. according to public deed number 10,594 dated September 25, 2024, from the Notary Office No. 15 of Medellín. On May 12, 2025, through Public Deed No. 386 issued by Notary Office No. 30 of Medellín, the partial spin-off agreement was formalized, whereby Bancolombia S.A. (“Bancolombia”), as the spinning-off company, transferred part of its assets to Cibest, as the beneficiary company, without being dissolved.

The transaction was initially disclosed to the market on October 29, 2024, approved at the Extraordinary General Shareholders’ Meeting of Grupo Cibest held on February 20, 2025, and at the Extraordinary General Shareholders’ Meeting of Bancolombia held on April 23, 2025. It was authorized by the Superintendence of Finance of Colombia (“SFC”) through Resolutions No. 0356 dated February 28, 2025, and No. 0901 dated May 7, 2025.

The duration contemplated in the bylaws is until December 8, 2144; however, it may be dissolved or extended before that date.

Cibest´s bylaws are formalized in the public deed number 386 dated May 12, 2025, ah the 30th Notary´s Office of Medellín.

Cibest’s business purpose is to invest in movable and immovable property, particularly in shares, equity interests, or any other type of participation in Colombian and/or foreign companies or entities, as well as to manage such investments.

Cibest through its subsidiaries has international presence in the United States, Puerto Rico, Panamá, Guatemala, and El Salvador.

As of May 16, 2025, the market was informed of the completion of the corporate transactions initially disclosed on October 29, 2024 tending to evolution of the corporate structure of Bancolombia and its subsidiaries (hereinafter the “Group”), through the creation of the parent company Grupo Cibest. With the improvement of the corporate operations, Grupo Cibest became the parent or holding company of all financial institutions and other companies within the Group, including Bancolombia.

As a result of the completion of these transactions, Bancolombia’s shareholders (excluding Cibest) became shareholders of Cibest. Cibest issued, on their behalf, the same number and class of shares (common shares and preferred dividend shares without voting rights), maintaining the same terms and conditions and ownership percentages they held in Bancolombia. Consequently, their shares in Bancolombia (excluding those held by Cibest) were cancelled. Holders of Bancolombia American Depositary Receipts (“ADR's”) received equivalent ADR's of Cibest, and their Bancolombia ADR's were cancelled.

The common shares and preferred dividend shares without voting rights issued by Cibest are listed on the Colombian Stock Exchange (BVC) under the ticker symbols “CIBEST” and “PFCIBEST,” respectively. The ADR's, representing preferred dividend shares without voting rights of Cibest, are listed on the New York Stock Exchange (NYSE) under the ticker symbol “CIB”, the same symbol under which the ADR's representing Bancolombia’s preferred dividend shares without voting rights were previously traded, prior to the completion of the corporate transactions.

Cibest’s common shares, preferred dividend shares without voting rights, and ADR's became eligible for trading as of Monday, May 19, 2025.

With the completion of the corporate transactions, Cibest became the parent or holding company of all the financial and other companies that are part of the Group, including Bancolombia.

The value of the assets, liabilities, and equity transferred from Bancolombia to Cibest as part of the partial spin-off on May 16, 2025 is as follows:

Statement of Financial Position:

	Figures
ASSETS
Cash	1,527,436
Total equity financial instruments	4,247
Fiduciary Right – PA Cadenalco 75 Years	4,247
Investment in subsidiaries	41,449,137
Bancolombia S.A.	21,625,229
Banistmo S.A.	11,125,504
Banagrícola S.A. and subsidiaries	4,676,277
Grupo Agromercantil Holding S.A.	3,465,595
Nequi S.A. Finance Company	45,390
Renting Colombia S.A.S.	324,563
Negocios Digitales Colombia S.A.S.	102,321
Wompi S.A.S.	38,692
Wenia Ltd.	45,566
Investment in associates and joint ventures	50,507
Deferred tax assets	59,373
Other assets, net	690
TOTAL ASSETS	43,091,390
LIABILITIES
Borrowings from other financial institutions	1,527,432
Preferred shares	545,873
Deferred tax liabilities	1,569,650
TOTAL LIABILITIES	3,642,955
EQUITY	-
Share capital	480,914
Additional paid-in capital	37
Appropriated reserves	11,095,372
Retained earnings	17,733,633
Profit for the Period	2,338,024
Accumulated other comprehensive income, net of tax	7,800,455
TOTAL EQUITY	39,448,435
TOTAL LIABILITIES AND EQUITY	43,091,390

Statement of income:

	Figures
Operating income
Equity method	2,357,726
Bancolombia S.A.	2,042,793
Banistmo S.A.	107,923
Banagrícola S.A. and subsidiaries	187,878
Grupo Agromercantil Holding S.A.	38,940
Nequi S.A. Finance Company	(15,646)
Renting Colombia S.A.S.	4,676
Negocios Digitales Colombia S.A.S.	566
Wompi S.A.S.	82
Wenia Ltd.	(13,956)
Asociadas y negocios conjuntos	4,470
Dividends	5
Total income, net	2,357,731
Operating expenses	-
Interest expense	(19,370)
Total expenses	(19,370)
Profit before income tax	2,338,361
Income tax	(337)
Net profit	2,338,024

The subsidiaries of Cibest are as follows:

Company	Country	Corporate purpose	% of interest and voting rights held as of June 2025
Banistmo S.A.	Panamá	Financial services	100.00%
Banagrícola S.A. and subsidiaries	Panamá	Financial services holding	99.17%
Grupo Agromercantil Holding S.A.	Panamá	Financial services holding	100.00%
Nequi S.A. Finance Company	Colombia	Financial services	94.99%
Renting Colombia S.A.S.	Colombia	Operating lease	94.58%
Negocios Digitales Colombia S.A.S.	Colombia	Payment solutions	100.00%
Wompi S.A.S.	Colombia	Technology services	100.00%
Wenia Ltd.	Bermuda	Technology services	100.00%
Bancolombia S.A.	Colombia	Financial services	94.50%
Inversiones Cibest S.A.S.	Colombia	Investment	100.00%
Cibest Investment Management S.A.S.	Colombia	Investment	100.00%
Valores Cibest S.A.S.	Colombia	Investment	100.00%
Cibest Inversiones Estratégicas S.A.S.	Colombia	Investment	100.00%

At the Extraordinary General Shareholders’ Meeting of Cibest held as of June 9, 2025, a share repurchase program was approved for the common shares, preferred dividend shares without voting rights, and ADR's of Grupo Cibest S.A., for an amount of up to one trillion three hundred fifty billion Colombian pesos (COP 1,350,000 million), over a period of up to one (1) year, starting from the date the Repurchase Program regulations are approved by the Board of Directors. In connection with this share repurchase program, the Shareholders’ Meeting also approved a reallocation of the legal reserve and the creation of a reserve specifically designated for the repurchase of shares.

As of June 30, 2025, Cibest has 21 employees.

NOTE 2. MATERIAL ACCOUNTING POLICIES

A. Basis for preparation of the condensed separate interim financial statements

The condensed interim financial statements for the six-month period ended June 30, 2025 have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting (“IAS 34”), issued by the International Accounting Standards Board (IASB).

These condensed interim financial statements do not include all the disclosures and information that are typically required in annual financial statements. As these are the entity’s first financial statements, additional information has been incorporated in accordance with the materiality and relevance criteria established by the Accounting and Financial Reporting Standards (NCIF) accepted in Colombia, which are based on the International Financial Reporting Standards (IFRS), pursuant to the Technical Regulatory Framework issued through Decree 2420 of 2015 and its amendments, issued by the Ministry of Finance and Public Credit and the Ministry of Commerce, Industry and Tourism. These financial statements have not been audited.

The preparation of condensed separate interim financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported and disclosed amounts in the condensed separate interim financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Preparation of the condensed separate interim financial statements undergoing concern basis

Management has assessed Cibest’s ability to continue as a going concern and confirms that Cibest has adequate resources, liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on Cibest's liquidity position at the date of authorization of the condensed separate interim financial statements, Management maintains a reasonable expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate.

The condensed separate interim financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct.

Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair

value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss and equity securities measured at fair value through other comprehensive income (“OCI”) in equity. Investments in subsidiaries, associates and joint ventures are measured using the equity method.

The condensed separate interim financial statements are stated in Colombian pesos (“COP”) and figures are stated in millions, except earnings per share, diluted earnings per share and the exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands.

The condensed separate interim financial statements are those that serve as the basis for the regulatory compliance, distribution of dividends and other appropriations by the shareholders.

Transactions between entities under common control

The combination of entities under common control refers to transactions in which entities that are under the control of the Group—both before and after the combination—are merged, and such control is not transitory.

For transactions under common control, Cibest has elected, as an accounting policy, to use the predecessor value method for the recognition of intercompany transactions. This means that the assets and liabilities spun off from the entity or spun-off business are recognized in the condensed separate interim financial statements of the company at their carrying amount, as recorded prior to the transaction date.

Cibest presents the net assets received retrospectively from the date of the transfer.

During the second quarter of 2025, Cibest assumed the position of parent of the economic group. Therefore, from that date onward, the condensed separate interim financial statements presented include all subsidiaries previously consolidated by Bancolombia S.A. For further information, see Note 1 – Reporting Entity.

B. Presentation of the condensed separate interim financial statements

Cibest presents the condensed separate interim statement of financial position ordered by liquidity and the condensed separate interim statement of income is prepared based on the nature of expenses. Revenues and expenses are not offset unless such treatment is permitted or required by an accounting standard or interpretation and described in Cibest's policies.

The condensed separate interim statement of comprehensive income presents net income and items of OCI classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. Cibest discloses the amount of income tax relating to each item of OCI.

The condensed separate interim statement of cash flows was prepared using the indirect method, according to which the starting point is net profit or loss of the period, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows.

C. Material Accounting Policies

The material accounting policies that Cibest uses in preparing its condensed separate interim financial statements are detailed below:

1.Functional currency, transactions, and balances in foreign currency

The functional and presentation currency of Cibest´s condensed separate interim financial statements is the Colombian peso. Therefore, all balances and transactions denominated in currencies other than the Colombian peso are considered as foreign currency, which are translated into the functional currency using the exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of the transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end are generally recognized in net income.

Non-monetary items that are measured at cost are held at the exchange rate at the transaction date, while those which are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognized in the condensed separate interim statement of comprehensive income, any exchange component of that gain or loss is recognized in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognized in net income, any exchange component of that gain or loss shall be recognized in net income.

The table below sets forth the exchange rate used by Cibest to convert transactions in U.S. dollar into Colombian pesos:

	6/30/2025	12/31/2024
Closing exchange rates	4.069,67	4.409,15

2.Cash and cash equivalents

Cibest considers cash and cash equivalents to include cash, balances at banks and other financial institutions, as shown in Note 3. Cash and cash equivalents.

3.Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and, simultaneously, to a financial liability or equity instrument of another entity.

3.1. Financial assets

Financial assets are recognized when Cibest becomes party to the contractual provisions of the instrument. This includes regular way purchases and sales, which

are those purchases and sales of financial assets that require the delivery of assets within the time frame established by regulation or convention in the marketplace. Cibest uses settlement date accounting for regular way contracts when recording financial asset transactions.

At initial recognition, Cibest measures financial assets at fair value plus, in the case of a financial asset that is not measured at fair value through profit or loss, the transaction costs directly attributable to the acquisition of the financial assets. Transaction costs of financial assets subsequently measured at fair value with changes in profit or loss are recognized as expenses in the income statement.

3.1.1.    Classification and measurement of financial assets

Cibest measures equity instruments at FVTPL. Likewise, Cibest has made an irrevocable choice to present subsequent changes in the fair value of some equity instrument investments that are not held for trading in other comprehensive income. Dividends from such investments are recognized in the income statement when the right to receive payment is established.

Accumulated gains or losses in other comprehensive income at the time of derecognition of a financial asset are reclassified from equity to the income statement, except for investments in equity instruments for which Cibest has made the irrevocable choice to present subsequent changes in fair value in other comprehensive income; for these, reclassification is made to the "retained earnings" line.

3.2.    Financial liabilities

At initial recognition, Cibest measures its financial liabilities at fair value. The transaction costs that are directly attributable to the financial liability are deducted from its fair value if the instruments are subsequently recognized at amortized cost or will be recognized in the statement of income if the liabilities are measured at fair value.

3.2.1.    Classification and measurement of financial liabilities

Financial liabilities are classified and subsequently measured as follows:

•Amortized cost: Measured at cost using the effective interest rate method.

•Fair value through profit or loss (“FVTPL”): Measured using fair value, with variations in value recognized in the income statement.

•Irrevocably designated at fair value through profit or loss: Irrevocably designated at fair value through profit or loss: Measured using fair value, with variations in value recognized in the income statement. The effect of changes in own credit risk is presented in other comprehensive income.

3.2.2.    Derecognition of Financial Liabilities

Cibest derecognizes a financial liability from the statement of financial position when it is extinguished; that is, when the contractual obligation has been paid or settled or has expired.

3.3. Compound instruments

Cibest recognizes compound financial instruments that contain both liability and equity components separately. Therefore, for initial measurement, the liability component is the fair value of a similar liability which does not have an equity component (determined by discounting future cash flows using the market rate at the date of the issuance). The difference between the fair value of the liability component and the fair value of the compound financial instrument, considered as a whole, is the residual value assigned to the equity component. After initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. The liability component corresponds to the preferred dividend related to 1% of the subscription price, which is the payment of the minimum dividend on the preferred shares for each period, in accordance with Cibest's statutes.

4.Investments in subsidiaries, associates, and joint arrangements

4.1. Investments in subsidiaries

A subsidiary is an entity in which Cibest holds rights that give it the ability to direct the relevant activities, provided that it meets the following elements:

-Power over the investee that gives it the present ability to direct the relevant activities that significantly affect its performance.

-Exposure or right to variable returns arising from its involvement in the investee.

-Ability to use its power over the investee to influence the amounts of returns of the investor.

Under the equity method, the investment is initially recorded at cost, and is adjusted with the changes in Cibest's participation in the net assets of the subsidiary after the acquisition date, less any loss in value of the investment. When there are indications of impairment, the carrying amount of the investment will be evaluated in accordance with IAS 36 Impairment of Assets, as a single asset. Impairment losses are recognized in results when the carrying amount exceeds the recoverable amount, determined as the greater of the fair value less costs to sell and the value in use of the subsidiary.

Cash dividends received from the subsidiary are recognized by reducing the carrying amount of the investment.

4.2.    Investments in associates and joint ventures

An associate is an entity over which Cibest has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control to make those policies decisions.

A joint venture is an entity that Cibest controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement.

Cibest's investments in associates and joint ventures are initially recorded at cost and their results, assets and liabilities are subsequently included in the condensed separate interim financial statements using the equity method, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is an investment entity, Cibest may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the condensed separate interim financial statements. This election is applied on an investment-by-investment basis.

At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding Cibest´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill and is included in the carrying amount of the investment and it is not amortized. Any excess of Cibest’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of Cibest’s share of the associate or joint venture’s profit or loss in the period in which the investment is acquired. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of assets, as a single asset. Impairment losses are recognized in accordance with the policy for impairment of assets, cash-generating units and goodwill (see section 6. Impairment of assets, cash-generating units, of this note).

If Cibest's share of losses of an associate or joint venture exceeds Cibest's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of Cibest's net investment in the associate or joint venture), Cibest discontinues recognition its share of further losses and recognized subsequent losses only to the extent that Cibest has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.

When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with Cibest. The portion that corresponds to Cibest for changes in the investee´s other comprehensive income items is recognized in the statement of comprehensive income as “Unrealized gain/loss on investments in associates and joint ventures using equity method” and gains or losses of the associate or joint venture are recognized in the statement of income as “Other income on equity investments”, in

accordance with Cibest's participation. Gains and losses resulting from transactions between Cibest and its associate or joint venture are recognized in Cibest´s condensed separate interim financial statements only to the extent of the unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost.

When the significant influence on the associate or the joint venture is lost, Cibest measures and recognizes any residual investment that remains at its fair value. The difference between the associate or joint venture carrying value (taking into account the relevant items of other comprehensive income), the fair value of the retained residual investment and any proceeds from disposing of a partial interest in the associate or joint venture, is recognized in the statement of income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal.

The unrealized gain or loss of an associate or joint venture is presented in the statement of comprehensive income, net of tax. Changes in the investment´s participation that arise from changes in other comprehensive income of an associate or joint venture are recognized directly in the investor’s statement of comprehensive income.

The dividends received from the associate or joint venture reduce the investment carrying value.

For further information, please see Note 6. Investments in associates and joint ventures.

5.Receivables

Represents receivable rights arising from the development of Cibest’s economic activities. These receivables are initially measured at fair value and reassessed at the end of the reporting period. Their recoverability is evaluated to determine the necessary provisions for impairment in case of potential loss contingencies.

5.1 Impairment of intra-group receivables

Represents receivable rights arising from the development of Cibest’s economic activities. These receivables are initially measured at fair value and reassessed at the end of the reporting period. Their recoverability is evaluated to determine the necessary provisions for impairment in case of potential loss contingencies.

6.Impairment of assets and cash generating units

Cibest evaluates at the end of each period whether there is any indication that on a stand-alone basis non-financial assets and cash-generating units are impaired. If some indication of impairment does exist, Cibest estimates the recoverable amount and asses if the carriyng amount exceeds such amount, in order to calculate if the impairment loss is recognized.

The recoverable amount of non-financial assets or cash-generating units is the higher of its fair value less costs of disposal and its value in use, where fair value is determined by Management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. While value in use requires Management to make assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; and assess the appropriate discount rate and growth rate.

If an asset does not generate cash flows that are independent from the rest of the assets or group of assets, the recoverable amount is determined by the cash-generating unit to which the asset belongs.

The amount of impairment losses recognized in net income during the period are included in the statement of income as “Impairment of assets”. Impairment losses are subject to reversal, provided that the value of the asset or cash-generating unit has been recovered, without exceeding the carrying amount that would have been determined had no impairment loss been recognized.

7.Derecognition of non-financial assets

Cibest's non-financial assets are derecognized either on disposal or when they are permanently withdrawn from use and no future economic benefits are expected. The difference between the value obtained on disposal and the carrying amount is recognized in the statement of income.

8.Provisions, contingent liabilities, and contingent assets

Provisions

Provisions are recognized when Cibest has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the obligation's value can be made.

The corresponding expense for any provision is presented in the statement of income, net of all expected reimbursement. The increase in the provision due to the time value of money is recognized as a financial expense.

Contingent liabilities

Possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of Cibest, or present obligations that arise from past events but are not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligations or the amount of the obligations cannot be measured with sufficient reliability, are not recognized in the statement of financial position, but instead are disclosed as contingent liabilities, unless the possibility of an outflow of resources embodying economic benefits is remote, in which case no disclosure is required.

Contingent assets

Possible assets that arise from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of Cibest, are not recognized in the statement of financial position; instead, these are disclosed as contingent assets where an inflow of economic benefits is probable. When the realization of income is virtually certain, then the related asset is not a contingent asset, and its recognition is appropriate.

9.Revenue recognition

The equity method is applied by recognizing the investor’s share of the profits generated during the period by subsidiaries, associates, and joint ventures.

Dividend revenue of investments that are not associates or joint ventures are recognized when the right to payment of Cibest is established, which is generally when the shareholders declare the dividend. These are included in the statement of income as “Other income on equity investments”.

10.Employee benefits

10.1. Short term benefits

Cibest grants to its employees short-term benefits such as bonuses based on added value to clients and Cibest’s results, salaries, accrued performance costs and social security that are expected to be wholly settled within 12 months after the annual report being reported short term benefits are recognized as expenses in the line-item “Salaries and employee benefits” over the period in which the employees provide the services to which the payments relate.

10.2. Other long-term employee benefits

Cibest grants to its employees seniority bonuses as long-term employee benefits whose payment is not expected within the 12 months following the end of the annual period in which the employees have rendered their services. The cost of long-term employee benefits is allocated across the period from the time the employee was hired by Cibest and the expected date of obtaining the benefit. These benefits are projected up to the date of payment and are discounted through the projected unit credit method and is recognized as expense in the line-item “Salaries and employee benefits”.

10.3. Pensions and other post-employment benefits

Defined contribution plans

These are monthly contributions made by Cibest to a pension and severance funds, by each concept. Basically, this is an obligation limited to the amount that Cibest is legally required or has agreed to pay or contribute to a fund and is not required to make any additional contributions.

Contributions made to defined contribution plans are recognized as expenses in the line-item of the statement of income “Salaries and employee benefits”, recognized when they are accrued. Any unpaid contribution as of the reporting date of the statement of financial position are included as liability.

Defined benefit plans

These are post-employment benefit plans in which Cibest has the legal or constructive obligation to take responsibility for the payments of benefits that have been agreed.

This corresponds to a pension recognition bonus for which Cibest is responsible and must assume the actuarial risk related to such obligations. To this end, it performs an actuarial valuation using the Projected Unit Credit Method, which consists of projecting the growth of currently accrued pension benefits to reflect inflation and salary increases up to the pension payment date. These amounts are then discounted to present value using the risk-free interest rate that best reflects the time value of money (TES rate for Colombia), aligned with the characteristics and the weighted average duration of the benefit cash flows, the currency of the obligation, and maturities that most closely match the plan’s liabilities.

In determining the value of the plan liabilities, Management makes demographic and financial assumptions regarding life expectancy, inflation, discount rates, and pension increases, based on past experience and expectations. These financial assumptions are based on market conditions as of the financial statement reporting date.

11.Income tax

Income tax includes current tax and deferred tax. The current tax is the income tax payable with respect to the profit for the fiscal year, which arises in profit or other comprehensive income. A provision is made for current tax considering the tax bases and tax rates enacted at the date of preparation of the condensed separate interim financial statements.

Cibest recognizes, when appropriate, deferred tax assets and liabilities by estimating the future tax effects attributable to differences between book values of assets, liabilities and their tax bases. Deferred tax assets and liabilities are measured based on the tax rate that, in accordance with the valid tax laws in Colombia, must be applied in the year in which the deferred tax assets and liabilities are expected to be realized or settled. The future effects of changes in tax laws or tax rates are recognized in the deferred taxes as from the date of publication of the law providing for such changes.

Tax bases for deferred tax must be calculated by factoring in the definition of IAS 12 Income tax and the value of the assets and liabilities that will be realized or settled in the future according to the valid tax laws of Colombia.

Deferred tax liabilities due to deductible temporary differences associated with investments in subsidiary and associated entities or shares in joint ventures, are

recognized, except when Cibest is able to control the period in which the deductible temporary difference is reverted, and it is likely that the temporary difference will not be reverted in the foreseeable future.

Deferred tax assets, identified with temporary differences, are only recognized if it is considered likely that Cibest will have sufficient taxable income in the future that allows it to be recovered based on the stand-alone entity expected cash flow forecast for the next three years.

Tax credit from fiscal losses and surplus amounts from the presumptive income on the net income are recognized as a deferred asset, provided that it is likely that Cibest will generate future net income to allow their offset.

The deferred tax is recorded as debit or credit according to the result of each of the companies that form Cibest, and for the purpose of disclosure on the statement of financial position it is disclosed as net.

The deferred income tax expense is recognized in the statement of income under the heading “Income tax”, except when referring to amounts directly recognized in OCI (Other Comprehensive Income) or equity.

Regulatory changes in tax laws and in tax rates are recognized in the statement of income under the heading “Income Tax” in the period when such rule becomes enforceable. Interest and fines are recognized in the statement of income under the other administrative and general expenses or in the caption "Income tax" of the income statement, when applicable.

Cibest periodically assesses the tax positions adopted in tax returns, and, according to the results of the tax audits conducted by the tax authorities, determines possible tax outcomes provided it has a present obligation and it is more likely than not that Cibest will have to dispose of the economic resources to cancel the obligation, and Cibest can make an accurate estimate of the amount of the obligation. Recognized amounts are based on a reasonably estimated amount that is expected that allows to cover the value of uncertain position in the future.

Transfers pricing policy

Cibest recognizes arm’s length operations with foreign economic links applying Arm’s Length Principle. These operations are documented and reported to the tax Administration according to the last evaluation date corresponding to the previous year.

D. Use of estimates and judgements

The preparation of condensed separate interim financial statements require Cibest's Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgments or changes in assumptions are disclosed in the notes to the condensed separate interim financial statements. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates if assumptions and conditions change.

The material accounting estimates that Cibest uses in preparing its condensed separate interim financial statements are detailed below.

1.Deferred tax

Deferred tax assets and liabilities are recorded on deductible or levied temporary differences originating between tax and accounting bases, taking into account the tax rules applicable in each country where Cibest has operations. Due to the changing conditions of the political, social and economic environment, the constant amendments to tax legislation and the permanent changes in the tax principles and changes in interpretations by tax authorities determining the tax bases for the deferred tax items involves difficult judgments including estimates of future gains, offsets or tax deductions. Accordingly, the determination of the deferred tax is considered a critical accounting policy.

For more information relating to the nature of deferred tax assets and liabilities recognized by Cibest, please see Note 7. Income tax.

2.Fair value of assets and liabilities

The fair value of Cibest's assets and liabilities is determined at the date of the statement of financial position. Cibest's fair value measurement process considers the characteristics of the asset or liability in the same way that market participants would take them into account when pricing the asset or liability at the measurement date; the estimate takes into account inputs from valuation techniques used to measure fair value.

To increase consistency and comparability in fair value measurements and related disclosures, Cibest specifies different levels of inputs that may be used to measure the fair value of financial instruments, as follows:

Level 1: Assets and liabilities are classified as Level 1 if there are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. Instruments are valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price represents actual and regularly occurring market transactions.

Level 2: Assets and liabilities are classified as Level 2 if in the absence of a market price for a specific financial instrument, its fair value is estimated using models whose input data are observable for recent transactions of identical or similar instruments.

Level 3: Assets and liabilities are classified as level 3 if unobservable input data were used in the measurement of fair value that are supported by little or no market activity and that are significant to the fair value of these assets or liabilities. The fair value of Level 3 financial assets and liabilities is determined using pricing models, discounted cash flow methodologies or similar techniques.

Transfers into or out of Level 3 are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities became unobservable or observable, respectively, in the current marketplace. All transfers between the aforementioned levels are assumed to occur at the end of the reporting period.

The measurement of the fair value of financial instruments generally involves a higher degree of complexity and requires the application of judgments especially when the models use unobservable inputs (level 3) based on the assumptions that would be used in the market to determine the price for assets or liabilities. Determination of these assumptions includes consideration of market conditions and liquidity levels. Changes in the market conditions, such as reduced liquidity in the capital markets or changes in secondary market activities, may reduce the availability and reliability of quoted prices or observable data used to determine fair value.

When developing fair value measurements, Cibest maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value. Additionally, Cibest uses third-party pricing services to obtain fair values, which are used to either record the price of an instrument or to corroborate internally developed prices. Third-party price validation procedures are performed over the reasonableness of the fair value measurements.

An analysis of fair value, hierarchy levels in measurement and any transfers between levels, if applicable, comparation with the carrying amounts and other relevant information is provided in Note 18. Fair value of financial assets

3.Uncertainty over income tax treatments

In the process of determining the current and deferred tax for periods subject to review by the tax authority, the applicable rules have been applied and interpretations have been made to take positions, on which different interpretations could arise from those made by the entity. Due to the complexity of the tax system, the continuous modifications of the fiscal rules, the accounting changes with implications in the tax bases and in general the legal instability of the country, at any time the tax authority could have different criteria from Cibest. Therefore, a dispute or inspection by the tax authority on a specific tax treatment may affect the

deferred or current tax asset or liability Cibest´s accounting, in accordance with the requirements of IAS 12.

Management and its advisors believe that their decisions concerning the estimates and judgments made in each fiscal period are in accordance with those required by the current tax regulations, and therefore have not considered it necessary to recognize any additional provisions to those indicated in Note 10. Income tax.

E.Recently issued accounting pronouncements

Recently accounting pronouncements issued by IASB pending to incorporate in NCIF framework accepted in Colombia.

Amendments to IFRS 9 Financial instruments and IFRS 7 Financial instruments: disclosures - Classification and measurement of financial instruments: In May 2024, the Board issued amendments to the classification and measurement requirements in IFRS 9. These amendments respond to feedback from post-implementation review of the accounting standard and clarify the requirements in areas where stakeholders have raised concerns, or where new issues have emerged since IFRS 9 was issued.

These amendments include:

-Clarifying the classification of financial assets with environmental, social and corporate governance (ESG) and similar features: ESG-linked features in loans could affect whether the loans are measured at amortized cost or fair value. To resolve any potential diversity in practice, the amendments clarify how the contractual cash flows on such loans should be assessed.

-Settlement of liabilities through electronic payment systems: The amendments clarify the date on which a financial asset or financial liability is derecognised. The IASB also decided to develop an accounting policy option to allow a company to derecognised a financial liability before it delivers cash on the settlement date if specified criteria are met.

With these amendments, the IASB has also introduced additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets.

The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and early application is permitted.

These amendments have been reviewed by Management and have no impact on Cibest condensed separate interim financial statements and disclosures.

New standard NIIF 18 Presentation and Disclosure in Separate financial statements: In April 2024, the Board issued IFRS 18 to replace IAS 1 Presentation of Separate financial statements. IFRS 18 introduces three sets of

new requirements to improve the way companies report their financial performance and give investors a better basis for analyzing and comparing companies:

-Improved comparability in the statement of income: IFRS 18 introduces three defined categories for income and expenses (operating, investing and financing) to improve the structure of the statement of income, and requires all companies to provide new defined subtotals, including operating profit.

-Enhanced transparency of management-defined performance measures: The new standard requires companies to disclose explanations of those company-specific measures that are related to the statement of income, referred to as management-defined performance measures.

-More useful grouping of information in the condensed separate interim financial statements: IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary condensed separate interim financial statements or in the notes. In addition, the new standard requires companies to provide more transparency about operating expenses, helping investors to find and understand the information they need.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and early application is permitted.

Management is assessing the impact that these amendments will have on Cibest's condensed separate interim financial statements and disclosures.

NOTE 3. CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flow and the statement of financial position, the following assets are considered as cash and cash equivalents:

	June 30, 2025	December 31, 2024
In millions of COP
Cash	-	-
Deposits from banks and other private financial institutions	5,415	-
Total cash and cash equivalents	5,415	-

NOTE 4. FINANCIAL ASSETS INVESTMENTS

Cibest's portfolio investment in financial instruments and derivatives as of June 30, 2025 and December 31, 2024 is described below:

Financial assets investments and derivative financial instruments	June 30, 2025	December 31, 2024
In millions of COP
Investments at amortized cost
Investments to maturity(1)	1,495,357	-
Total equity instruments(2)	4,159	38
Total financial investment instruments	1,499,516	38

(1)Corresponding to the virtual investment made in May 2025. See Note 12.2 - Other Operating Income.

(2)See detailed table of equity instruments measured at fair value through profit or loss.

4.1. Investments in equity securities

The detail of investments in equity securities is as follows:

Total equity financial instruments	June 30, 2025	December 31, 2024
In millions of COP
Investments at fair value through profit or loss (1)	-	38
Investments at fair value with changes in OCI (2)	4,159	-
Total equity financial instruments	4,159	38

(1)See detailed table of equity instruments measured at fair value through profit or loss.

(2)See detailed table of equity instruments measured at fair value through OCI.

Equity instruments measured at fair value through profit or loss

Equity investments at fair value through profit or loss		Carrying amount
	June 30, 2025		December 31, 2024
In millions of COP
Bancolombia S.A (1)		-		38
Total investments at fair value through profit or loss		-		38

(1)The variation is due to changes in the Group's corporate structure; the investment in Bancolombia was reclassified as an investment in subsidiaries.

Equity instruments measured at fair value through OCI

Equity instruments measured at fair value through OCI		Carrying amount
	June 30, 2025		December 31, 2024
In millions of COP
Fiduciary Right – Inmobiliaria Cadenalco(1)		4,159		-
Total equity instruments measured at fair value through OCI		4,159		-

(1)See note 1. Reporting entity

The above investments are considered strategic for Cibest; therefore, there are no plans to sell them in the near term.

The fair value effect recognized in the statement of other comprehensive income, related to equity investment financial instruments, amounts to COP (1,702) for 2025. See Separate Statement of Other Comprehensive Income – Gain (Loss) on Valuation of Financial Instruments.

As of June 30, 2025, no impairment losses were recognized on equity instruments.

NOTE 5. INVESTMENT IN SUBSIDIARIES

The detail of investments in subsidiaries as of June 30, 2025 and December 31, 2024 is as below:

			June 30, 2025 (1)			December 31, 2024
In millions of COP
Company name	Main activity	Country	% of ownership		Investment value	% of ownership	Investment value
Bancolombia S.A.	Financial services	Colombia	94.50	%	23,316,584	-	-
Banistmo S.A.	Financial services	Panamá	100.00	%	10,797,530	-	-
Banagrícola S.A.	Holding	Panamá	99.17	%	4,608,882	-	-
Grupo Agromercantil Holding S.A.	Holding	Panamá	100.00	%	3,366,363	-	-
Inversiones Cibest S.A.S. (2)	Investment	Colombia	100.00	%	1,085,838	1	-
Renting Colombia S.A.S.	Operating lease	Colombia	94.58	%	309,447	-	-
Negocios Digitales Colombia S.A.S.	Payment solutions	Colombia	100.00	%	105,629	-	-
Wompi S.A.S.	Technology services	Colombia	100.00	%	53,685	-	-
Cibest Investment Management S.A.S. (2)	Investment	Colombia	100.00	%	49,230	1	-
Valores Cibest S.A.S. (2)	Investment	Colombia	100.00	%	49,230	1	-
Cibest Inversiones Estratégicas S.A.S. (2)	Investment	Colombia	100.00	%	49,230	1	-
Wenia Ltd.	Technology services	Colombia	100.00	%	46,466	-	-
Nequi S.A. finance Company	Financial services	Colombia	94.99	%	46,423	-	-
Total investment in subsidiaries						-	-

(1) The increase in investments in subsidiaries as of June 30, 2025, is explained by the corporate developments described in Note 1. Reporting Entity. (2) The value of these investments was less than one million pesos in 2024.

The following tables sets forth the changes of the Bank's subsidiary investments as of June 30, 2025 and December 31, 2024:

June 30, 2025
	Bancolombia S.A.	Banistmo S.A.	Banagrícola S.A.	Grupo Agromercantil Holding S.A.	Inversiones Cibest S.A.S.	Renting Colombia S.A.S.	Negocios Digitales Colombia S.A.S.	Others	Total
In millions of COP
Initial balance	-	-	-	-	-	-	-	-	-
Value received in the partial absorption-type spin-off from Bancolombia S.A. to Grupo Cibest S.A.	21,625,229	11,125,504	4,676,277	3,465,595	-	324,563	102,321	129,648	41,449,137
Equity method through income statement (1)	1,034,711	78,097	102,058	14,503	25,189	(15,116)	(626)	2,141	1,240,957
OCI (Equity method) (2)	(20,678)	(403,421)	(169,453)	(113,735)	(3,393)	-	3,934	(1,951)	(708,697)
Purchase / capitalizations	-	-	-	-	1,063,507	-	-	152,726	1,216,233
Dividends	(1,189,386)	-	-	-	-	-	-	-	(1,189,386)
Restitution of contributions	-	-	-	-	-	-	-	-	-
Profit for previous years	9,670	(2,650)	-	-	535	-	-	210	7,765
Final balance	23,316,584	10,797,530	4,608,882	3,366,363	1,085,838	309,447	105,629	294,264	43,884,537

(1) See Note 12.1. Net Income from Equity Method Investments (2) Corresponds to other comprehensive income recognized as equity method as of June 30, 2025. See Separate Statement of Comprehensive Income.

The following is the supplementary information of the Cibest's most significant subsidiaries as of June 30, 2025 and December 31, 2024 without eliminations:

As of June 30, 2025

Company	Assets	Liabilities	Income from ordinary activities	Gain / (Loss)
In millions of COP
Bancolombia S.A.	256,710,552	232,162,034	78,821,839	3,124,114
Banistmo S.A.	41,897,932	37,256,031	2,134,560	185,746
Banagrícola S.A.	25,688,542	22,841,583	1,578,506	292,668
Grupo Agromercantil Holding S.A.	26,097,777	23,896,546	1,402,068	53,443
Renting Colombia S.A.S.	1,085,846	8	27,866	25,189

The financial statements as of June 30, 2025 have been used for the purpose of applying the equity method for the subsidiaries.

As of June 30, 2025 there are no restrictions or limitations on the ability of subsidiaries to transfer funds to the Bank in the form of dividends and other capital distributions; likewise, there are no contingent liabilities in connection with their interests in the aforementioned subsidiaries.

5.1 Hedge of a net investment in a foreign operation

Cibest uses hedge accounting for net investments in foreign operations with non-derivative instruments and has designated USD 359,000 in debt securities issued as hedging instruments.

The purpose of this operation is to protect Cibest from the exchange rate risk (USD/COP) of a portion of the net investment in Banistmo S.A., a company domiciled in Panamá City and whose financial statements are denominated in USD.

The book value and the hedged portion of the investment are listed below:

Banistmo S.A.
In thousands of
Net investment hedged in the hedging relationship (1)
Total net investment Banistmo S.A.

All values are in US Dollars.

(1) As of December 31, 2024, there were no financial obligations.

The following is a detail of the hedging instruments of the net investment in the net foreign investment:

As of June 30, 2025

Debt securities issued in thousands of , designated as hedging instruments
Opening date	E.A rate	Capital balance	Capital designated as hedging instrument
18/03/2022	5.85%	234,000	234,000
25/03/2022	5.84%	100,000	100,000
28/03/2022	5.79%	25,000	25,000
Total debt securities		359,000	359,000

All values are in US Dollars.

As of June 30, 2025, the amount of these obligations amounted to COP 1,461,011. For further information on obligations to correspondent banks, see Note 8, Borrowings from other financial institutions.

Measuring effectiveness and ineffectiveness

A hedge is considered effective if, at the beginning of the period and in subsequent periods, the changes in fair value or cash flows attributable to the hedged risk during the period for which the hedge has been designated are offset.

Cibest has documented the evidence of effectiveness of the hedge of the net foreign investment based on the portion of the net investment hedged at the beginning of the hedging relationship amounting to USD 359,000. The hedge is considered perfectly effective since the critical terms and risks of the obligations that serve as hedging instruments are identical to those of the primary hedged position. The effectiveness of the hedge is measured before taxes.

Gains or losses on translation of Banistmo's financial statements are recognized in OCI. Consequently, the exchange difference related to the translation of debt securities issued and borrowings from correspondent banks is recognized directly in OCI.

NOTE 6. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table summarizes the balance sheet balances of investments in associates and joint ventures as of June 30, 2025 and December 31, 2024:

Composition	June 30, 2025 (1)	December 31, 2024
In millions of COP
Investments in associates	30,462	-
Joint ventures	22,021	-
Total	52,483	-

(1) The increase in investments in associates and joint ventures as of June 30, 2025, is explained by the corporate evolution transactions described in Note 1. Reporting Entity.

The following tables present the Cibest's investments in associates as of June 30, 2025 and December 31, 2024:

Company name		Principal activity		Country	June 30, 2025			December 31, 2024
	% of participation		Investment		% of participation		Investment
Protección S.A.		Administration of pension funds and severances		Colombia	0.69	%	20,497	-	%	-
International Ejecutiva de Aviación S.A.S.		Air transportation service		Colombia	37.50	%	9,965	-	%	-
Total investments in associates							30462

The following tables present the changes in the Cibest's investments in associates as of June 30, 2025:

June 30, 2025
	Protección S.A.	International Ejecutiva de Aviación S.A.S.	Total
In millions of COP
Value received in the partial absorption-type spin-off from Bancolombia S.A. to Grupo Cibest S.A.	20,163	9,828	29,991
Equity method recognized in income (1)	334	185	519
Equity method recognized in OCI (2)	-	(48)	(48)
Purchase / capitalizations	-	-	-
Dividends	-	-	-
Profit for previous years	-	-	-
Final balance	20,497	9,965	30,462

(1)See Note 12.1. Net income from equity method investments.

(2)See separate statement of comprehensive income.

The following presents the information related to Cibest's investments in joint ventures:

Company name		Principal activity		Country	June 30, 2025			December 31, 2024
	% of participation		Investment		% of participation		Investment
Puntos Colombia S.A.S.		Customer loyalty management		Colombia	50.00%		22,021	-	%	-
Total investments in joint ventures					-	%	22,021	-	%	-

The following table presents the changes in the Cibest’s investments in joint ventures as of June 30, 2025:

Puntos Colombia S.A.S.	June 30, 2025	December 31, 2024
In millions of COP
Balance at beginning of period	-	-
Value received in the partial absorption-type spin-off from Bancolombia S.A. to Grupo Cibest S.A.	20,516	-
Income in equity method (1)	1,505	-
Balance at end of period	22,021	-

(1)See Note 12.1 – Net income from equity method investments.

Below is the supplementary information on Cibest's most significant associates and joint ventures as of June 30, 2025 and December 31, 2024:

As of June 30, 2025

Company name	Classification	Assets	Liabilities	Income from ordinary activities	Gain / (Loss)
In millions of COP
Protección S.A.	Associates	3,181,840	794,835	778,638	145,796
International Ejecutiva de Aviación S.A.S.	Associates	136,628	132,952	38,840	3,104
Puntos Colombia S.A.S.	Joint ventures	286,028	241,988	179,855	8,658

The financial statements as of June 30, 2025 have been used for the purpose of applying the equity method for associates and joint ventures.

For the purpose of applying the equity method to associates and joint ventures, the financial statements as of May 31, 2025 have been used.

NOTE 7. INCOME TAX

The income tax is recognized in accordance with current tax regulations.

7.1. Components recognized in the separate income statement

The following chart provides a detailed breakdown of the total income tax for periods ended June 30, 2025 y December 31, 2024:

	Accumulated
	2025
In millions of COP
Current tax
Fiscal year	-
Total, current income tax	-
Deferred tax	-
Fiscal year	(8,298)
Total, deferred tax	(8,298)
Total income tax	(8,298)

7.2. Reconciliation of the effective tax rate

The detailed reconciliation between the total income tax expenses calculated at the current nominal tax rate and the recognized fiscal expense in the separate income statement for the periods ended June 30, 2025 y December 31, 2024:

	Accumulated
Effective tax rate reconciliation	2025	2024
In millions of COP
Income before taxes	3,557,143	1
Applicable tax at nominal rate	(1,245,000)	-
Non-deductible expenses for the determination of taxable profit	(10,444)	-
Net book and non-taxable income for the determination of taxable profit	1,255,723	-
Net tax and non-accountable income for the determination of taxable profit	(521)	-
Income from ordinary activities not constituting income or occasional gain from taxable activities	242	-
Other tax rate effects due to reconciliation between book income and tax expense	(8,298)	-
Total tax	(8,298)	-

7.3. Components recognized in the Statement of Comprehensive Income Separate (OCI)

From January 1 to June 30, 2025
In millions of COP
	Amounts before taxes	Deferred tax	Net taxes
Utility in valuation of financial instruments	1,702	(443)	1,259
Net income from investments in subsidiaries accounted for using the equity method	8,580,395	-	8,580,395
Loss on valuation of investments in associates and joint ventures	560	-	560
Loss on hedging of net investments in foreign operations	(3,973,894)	(19,172)	(3,993,066)
Net	4,608,763	(19,615)	4,589,148

See Statement of Comprehensive Income Separate

7.4. Deferred tax

According to the financial projections, it is expected to generate enough liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared considering information from the Cibest Group's economic research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account.

	December 31, 2024	Effect on Income Statement	Effect on OCI	Effects on equity	June 30, 2025
In millions of COP
Asset Deferred Tax:	-	-	-	-	-
Net investment coverage in foreign operations	-	(7,656)	(19,172)	59,373	32,545
Other Deductions	-	2	-	-	2
Total Asset Deferred Tax	-	(7,654)	(19,172)	59,373	32,547
Liability Deferred Tax:	-	-	-	-	-
Investment Valuation	-	(644)	(443)	(1,627)	(2,714)
Goodwill	-	-	-	(1,567,226)	(1,567,226)
Total, deferred tax liabilities	-	(644)	(443)	(1,568,853)	(1,569,940)
Total, net deferred tax	-	(8,298)	(19,615)	(1,509,480)	(1,537,393)

7.5. Amount of temporary differences in subsidiaries, branches, and associates over which deferred tax was not recognized is

In accordance with IAS 12, no deferred tax credit was recorded, because Management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future.

	June 30, 2025
In millions of COP
Temporary differences	-
Local subsidiaries	(24,550,074)
Foreign subsidiaries	(16,274,570)

7.6. Dividends

7.6.1 Dividend Payment

Dividends to be distributed by the Cibest Group's will be subject to the application of section 48 and 49 of the Colombian Tax Code, and consequently, they will be subject to a withholding tax established by the norm. This is in accordance with the tax characteristics of each shareholder.

7.6.2 Dividends received from Colombian Subsidiary Companies

Considering the historical tax status of the dividends received by the Cibest Group's from its affiliates and national subsidiaries, it is expected that in the future dividends will be received on the basis of non-income tax. They will not be subject to withholding tax, taking into account that the Cibest Group's, its affiliates and national subsidiaries belong to the same business group.

7.7. Tax contingent liabilities and assets

In the determination of the effective current and deferred taxes subject to review by the tax authority, the relevant regulations have been applied in accordance with the interpretations made by the Cibest Group's.

In Colombia, due to the complexity of the tax system, ongoing amendments to the tax regulations, accounting changes with implications on tax bases and in general the legal instability of the country, the tax administration's judgment may differ from that applied by Cibest Group's at any time. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect accounting of assets or liabilities

for deferred or current taxes, in accordance with the requirements of IAS 12. However.

Based on the criteria established in the interpretation of IFRIC 23, Cibest Group's did not recognize uncertain tax positions in its financial statements.

7.8. Tax contingent liabilities and assets

Cibest Group's recognizes transactions between related parties by applying the arm's length principle. These transactions are documented and reported to the Colombian tax administration. No transfer pricing adjustments are expected for the current fiscal year.

NOTE 8. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS

The composition of financial obligations measured at amortized cost as of June 30, 2025 is as follows:

Obligations granted by foreign banks

Financial entity	Minimum rate	Maximum rate	June 30, 2025
In millions of COP
Financing with Correspondent Banks (1) (2)	-	-	1,486,690
Total	-	-	1,486,690

(1)As of December 31, 2024, there were no financial obligations. see Note 1 Reporting Entity.

(2)See Note 5.1 Hedge of a net investment in a foreign operation

(3)This amount includes translation of interest for COP 563 and accrual of interest for (COP 26,242)

The contractual maturities of financial obligations with foreign entities are as follows:

	June 30, 2025
In millions of COP
Short term (less than 1 year)	1,486,690
Total	1,486,690

NOTE 9. PREFERRED SHARES

Cibest recognized a financial liability for the obligation to pay preferential cash dividends to the holders of preferred shares.

Details of the liability related to preferred shares as of June 30, 2025 are as follows:

	June 30, 2025
In millions of COP
Value received in the partial absorption-type spin-off from Bancolombia to Cibest	545,873
Interest expense on preferred stock	9,279
Total	555,152

See Note 10. Share Capital y 13.1 Interest expense.

NOTE 10. SHARE CAPITAL

The subscribed and paid-in capital is the following:

	June 30, 2025	December 31, 2024
Authorized shares	1,400,000,000	-
Subscribed and paid-in shares:	-	-
Ordinary shares with a par value of COP 500	509,704,584	-
Preferred shares with dividend without voting rights with nominal value of COP 500	452,122,416	-
Total shares	961,827,000	-
Subscribed and paid-in capital (nominal value in millions of COP)	480,914	-
Authorized capital (nominal value in millions of COP)	700,000	-

Distribution and payment of dividends

Dividends must be approved at the ordinary general shareholders' meeting upon the recommendation of the Board of Directors.

Except in the events indicated below, this approval corresponds to a simple majority of the shares represented at the Meeting.

In accordance with the legal regime applicable to Cibest, the company is required to distribute at least fifty percent (50%) of its net profits, unless shareholders representing seventy-eight percent (78%) of the shares present at the meeting approve a different distribution amount. When the total of the legal, statutory, or occasional reserves exceeds one hundred percent (100%) of subscribed capital, the mandatory distribution of net profits increases to seventy percent (70%).

Dividend distribution must be made to all shareholders in cash and within the year following the General Assembly in which the dividend was declared. If not paid in cash, the dividend payment—requiring shareholders to receive it in the form of fully paid-up shares of the company—shall require the favorable vote of eighty percent (80%) of the represented ordinary shares and eighty percent (80%) of the subscribed preferred shares with no voting rights.

The annual net profits of Cibest must be applied as follows: (i) first, an amount equal to 10% of Cibest’s net profits to a legal reserve until such reserve is equal to at least 50% of the Cibest’s subscribed capital; (ii) second, to the payment of the minimum dividend on the preferred shares and without voting rights; and (iii) third, as may be determined in the ordinary annual general ordinary stockholders' meeting by the vote of the holders of a majority of the shares entitled to vote.

Common shares

The holders of common shares are entitled to vote on any matter subject to approval at an annual general ordinary stockholders' meeting. Within 15 calendar

days prior to such meeting, such holders are entitled to inspect the books and records of the Company.

Also, the holders of common shares will receive a proportion of the profits subject to the provisions of law, statutes and established at general shareholders’ meeting.The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares and without voting rights.

Preferred shares with no voting rights

The holders of preferred shares with no voting rights are entitled to receive dividends based on the net profits of the previous year, after deducting the losses affecting the capital and after deducting the amount legally allocated to the legal reserve, but before creating or accruing any other reserve.

The minimum non-cumulative preferred dividend equal to one percent (1%) per annum of the subscription price of the preferred share provided that this dividend is higher than the dividend assigned to the common shares. Otherwise, the dividend will be increased up to an amount equal to the dividend per share of common stock.

The payment of the preferred dividend will be made at the time and in the manner established by the general shareholders' meeting and with the priority established by Colombian law.

Any stock dividend requires the approval of 80% or more of the shares present at a shareholders' meeting, which shall include 80% or more of the outstanding preferred shares. In the absence of such holders of preferred stock, a stock dividend may only be payable to holders of common stock who approve such payment.

Reserved Shares

These are the shares available between the maximum limit of authorized capital and the subscribed capital. Cibest has 438,173,000 shares in reserve.

NOTE 11. APPROPRIATED RESERVES

As of June 30, 2025 and December 31, 2024, the reserves were made up as follows:

	June 30, 2025	December 31, 2024
In millions of COP
For appropriation of net income (1)	8,578,816	-
Occasional reserve (2)	2,516,556	-
Total reserves (3)	11,095,372	-

(1)In compliance with Article 452 of the Commercial Code of the Republic of Colombia and is mandatory until it reaches fifty percent (50%) of subscribed capital. The legal reserve serves two specific purposes: to increase and maintain the company’s capital, and to absorb losses arising from operations. Therefore, its balance may not be distributed as dividends to shareholders

(2)The occasional reserve for equity strengthening and future growth amounts to 1,166,556, and the reserve for share repurchase amounts to 1,350,000, as approved by the General Shareholders’ Meeting on June 9, 2025.

(3)See Condensed Interim Statement of Changes in Equity – Separate of Grupo Cibest.

NOTE 12. OPERATING INCOME

The following information corresponds to operating income as of June 30, 2025:

12.1 Net Income from Equity Method Investments

	Accumulated	Quarterly
Income from equity participation	As of June 30, 2025 *	From April 1 to June 30, 2025
In millions of COP
Equity Instruments	-	(9)
Equity method	3,594,214	3,594,214
Bancolombia S.A.	3,077,505	3,077,505
Banistmo S.A.	186,020	186,020
Banagrícola S.A. and Subsidiaries	289,935	289,935
Grupo Agromercantil Holding	53,443	53,443
Inversiones Cibest S.A.S.	25,189	25,189
Other Subsidiaries	(37,878)	(37,878)
Equity method investments in associates and joint ventures	6,494	6,494
Puntos Colombia S.A.S.	4,329	4,329
International Ejecutiva de Aviación S.A.S.	1,164	1,164
Protección S.A.	1,001	1,001
Dividends	5	5
Total net income from equity interest (1)	3,600,713	3,600,704

(1)For further information, see Note 5 – Investments in Subsidiaries and Note 6 – Investments in Associates and Joint Ventures. The difference from the amounts reported of COP 1,240,957 and COP 2,024 presented in both notes corresponds to the effects of the partial spin-off of Bancolombia in favor of Grupo Cibest, amounting to COP 2,353,257 for subsidiaries and COP 4,470 for associates and joint ventures. See Note 1 – Reporting Entity..

12.2 Other operating income

	Accumulated	Quarterly
Other operating income. net	As of June 30, 2025 *	From April 1 to June 30, 2025
In millions of COP
Interest income	15,081	15,081
Virtual investment interest	14,340	14,340
Savings account interest	741	741
Other income	625	625
Exchange rate difference	625	625
Total other operating income, net	15,706	15,706

NOTE 13. OPERATING EXPENSES

The information corresponding to operating expenses as of June 30, 2025:

13.1 Interest expense

	Accumulated	Quarterly
Interest expense	As of June 30, 2025 *	From April 1 to June 30, 2025
In millions of COP
Interest on preferred shares(1)	28,650	28,650
Interest on financial obligations	14,598	14,598
Total interest expense	43,248	43,248

(1) This amount includes COP 19,370 received during the spin-off process. See note Reporting Entity and interest accrued in May and June for COP 9,279.

13.2. Other administrative and general expenses

The details of other administrative and general expenses as of June 30, 2025, are as follows:

	Accumulated	Quarterly
Other administrative and general expenses	As of June 30, 2025 *	From April 1 to June 30, 2025
In millions of COP
Taxes (1)	11,230	11,230
Board of Directors' fees	464	464
Others (2)	3,126	3,126
Total other administrative and general expenses	14,820	14,820

(1) Mainly corresponds to stamp tax paid in connection with the spin-off of Banistmo, as well as other tax items such as tax on financial movements, with the primary amount being the stamp tax paid in Panamá due to the spin-off of Banistmo. (2) Corresponds to payments made to the Medellín Chamber of Commerce for procedures related to the spin-off, including registration tax and stamp tax.

NOTE 14. RELATED PARTY TRANSACTIONS

During the six-month period ended June 30, 2025, there were no related party transactions that had a material impact on Cibest’s financial position or results, except for the transaction disclosed in Note 1 – Reporting Entity.

NOTE 15. LIABILITIES FROM FINANCING ACTIVITIES

The following table presents the reconciliation of the balances of liabilities from financing activities as of June 30, 2025:

		Beginning balance as of January 1, 2025		Cash flows		Changes other than cash		Ending balance as of June 30, 2025
	Liabilities transferred in the spin-off (1)		Adjustment for the effects of exchange rate changes		Accrued interest
In millions of COP
Liabilities from financing activities		-		-	-	-	-	-
Financial obligations		-		-	1,527,432	(55,340)	14,598	1,486,690
Preferred stock (1)		-		-	545,873	-	9,279	555,152
Total liabilities from financing activities		-		-	2,073,305	(55,340)	23,877	2,041,842

(1)*Includes the effects of the partial spin-off from Bancolombia S.A.to Cibest S.A.; see Note 1 Reporting Entity.

NOTE 16. FAIR VALUE OF ASSETS AND LIABILITIES

The characteristics of the asset or liability are considered in determining fair value in the same manner as market participants would consider in pricing the asset or the liability at the measurement date.

Valuation process for fair value measurements

Fair value measurement is performed using the prices, inputs, and methodologies provided by the Group’s official pricing vendor, Precia.

All methodologies and procedures developed by the pricing services provider are supervised by the Superintendence of Finance of Colombia (SFC), which has its authorization.

The following table presents the carrying amount and fair value of assets and liabilities as of June 30, 2025 and December 31, 2024.

		June 30, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
In millions of COP
Assets
Equity instruments (1)		1,495,357		1,495,357		-		-
Investments at amortized cost (1)		4,159		4,159		38		38
Total assets		1,499,516		1,499,516		38		38
Liabilities
Financial obligations (2)		1,486,690		1,486,690		-		-
Preferred stock (3)		555,152		359,235		-		-
Total liabilities		2,041,842		1,845,925		-		-

(1)See Note 4.1. Investments in equity securities

(2)See Note 8 Borrowings from other financial institutions

(3)See Note 9. Preferred shares

Fair value measurement

Assets and liabilities

a. Equity securities

Cibest performs the market price valuation of its equity investments using the prices provided by the official pricing services provider (Precia), and classifies these investments according to the procedure described at the beginning of this note. Likewise, to determine the fair value of unquoted equity securities, Cibest adjusts the value of the investment based on its ownership percentage and the subsequent changes in the issuer’s equity. Holdings in mutual funds, trusts, and collective portfolios are valued using the unit value calculated by the management company.

Fair value hierarchy

IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS the financial instruments are classified as follows:

Level 1: Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is a market in which transactions for the asset or liability being measured take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

This category generally includes certain retained residual interests in securitizations, asset-backed securities (ABS) and highly structured or long-term derivative contracts where independent pricing information was not able to be obtained for a significant portion of the underlying assets.

Assets and liabilities measured at fair value on a recurring basis

The following table presents assets and liabilities by fair value hierarchy that are measured on a recurring basis as of June 30, 2025 and December 31, 2024:

ASSETS
Instrument type		June 30, 2025										December 31, 2024
	Valuation hierarchy						Total fair value			Valuation hierarchy						Total fair value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Equity instruments
Equity instruments at fair value		-		-		4,159			4,159			38		-	-		38
Total equity instruments		-		-		4,159			4,159			38		-	-		38
Total assets		-		-		4,159			4,159			38		-	-		38

Fair value of assets and liabilities that are not measured at fair value in the statement of financial position

The following table presents for each level of the fair value hierarchy Cibest's assets and liabilities that are not measured at fair value in the statement of financial position, however, the fair value as of June 30, 2025 and December 31, 2024:

ASSETS
Instrument type		June 30, 2025										December 31, 2024
	Valuation hierarchy						Total fair value			Valuation hierarchy						Total fair value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Equity instruments		-		-		1,495,357			1,495,357			-		-	-		-
Total		-		-		1,495,357			1,495,357			-		-	-		-
LIABILITIES
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Instrument type		June 30, 2025										December 31, 2024
	Valuation hierarchy						Total fair value			Valuation hierarchy						Total fair value
	Level 1		Level 2		Level 3			Level 1			Level 2		Level 3
In millions of COP
Financial obligations		-		-		1,486,690			1,486,690			-		-	-		-
Preferred stock		-		-		359,235			359,235			-		-	-		-
Total		-		-		1,845,925			1,845,925			-		-	-		-

IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for being measured at fair value.

The financial instruments below are not measured at fair value on a recurring and nonrecurring basis:

Short-term financial instruments

Short-term financial instruments are valued at their carrying amounts included in the consolidated statement of financial position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers’ acceptances, accounts receivable, accounts payable, accrued interest payable and bank acceptances outstanding.

Borrowings from other financial institutions

The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flows projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the cash flows were discounted using reference curves formed by the weighted average of the Cibest’s deposit rates.

Preferred shares

In the valuation of the liability component of preferred shares related to the minimum dividend of 1% of the subscription price, Cibest uses the Gordon Model to price the obligation, taking into account its own credit risk, which is measured using the market spread based on observable inputs such as quoted prices of sovereign debt. The Gordon Model is commonly used to determine the intrinsic value of a stock based on a future series of dividends that are estimated by Cibest and growth at a constant rate considering the Cibest’s own perspectives of the payout ratio.

Changes in level 3 fair-value category

The table below presents reconciliation for assets and liabilities measured at fair value, on a recurring basis using significant unobservable inputs as of June 30, 2025 and December 31, 2024:

As of June 30, 2025

Instrument type	Balance January 01, 2024	Included in income	Incluided in OCI	Purchases	Sales	Prepayments	Reclassifications	Transfers to Level 3	Transfers out of Level 3	Balance December 31, 2024
In millions of COP
Assets
Equity investments at fair value	38	-	(88)	4,247	-	-	(38)	-	-	4,159
Total assets	38	-	(88)	4,247	-	-	(38)	-	-	4,159

Level 3 fair value – transfers

The following were the significant level 3 transfers at June 30, 2025:

Transfers between Level 1 and Level 2 to Level 3:

As of June 30, 2025, no level transfers were reported for Cibest.

Transfers between Level 3 and Level 1 and 2:

As of June 30, 2025, no level transfers were reported for Cibest.

Transfers between Level 2 and Level 1 of the Fair Value hierarchy

As of June 30, 2025, no level transfers were reported for Cibest.

Quantitative Information about Level 3 Fair Value measurements

The fair value of financial instruments is, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market transactions in the same instrument and are not based on observable market data. Changing one or more of the inputs to the valuation models to reasonably possible alternative assumptions would change the fair values and therefore a valuation adjustment would be recognized through income statement. Favorable and unfavorable changes are determined on the basis of changes in the value of the instrument as a result of varying the levels of the unobservable input.

The following table sets forth information about significant unobservable inputs related to the Cibest’s material categories of level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions.

As of June 30, 2025

Instrument type	Fair value	Valuation technique	Significant unobservable input	Range of inputs	Weighted average	Input sensitivity increased by 100 bps	Input sensitivity decreased by 100 bps
In millions of COP
Equity instruments	4,159	Based on price	Price	NA	NA	NA	NA

NOTE 17. EVENTS AFTER THE REPORTING PERIOD

The financial statements of Grupo Cibest S.A. for the year ended June 30, 2025, were authorized for issue by the Vice President of Finance on August 6, 2025.

On July 16, 2025, Grupo Cibest S.A. announced the commencement of its share repurchase program for common shares, preferred dividend shares without voting rights, and ADR's issued by Grupo Cibest. The program began on July 17, 2025, and is being carried out in Colombia through the trading systems of the Colombian Stock Exchange through Valores Bancolombia S.A. Corredor de Bolsa, and in the United States through an enhanced open market repurchase executed by Morgan Stanley & Co. LLC. See Note 1: Reporting Entity.

RISK MANAGEMENT

In the economic sphere, the first half of 2025 confirmed the continuation of the global macroeconomic stabilization process, supported by a gradual improvement in the pace of growth across several developed and emerging economies. At the same time, upside risks to inflation remain relevant, amid high indexation in service prices and increased trade barriers, which could exert inflationary pressures in the second half of the year. Additionally, geopolitical conflicts and the deterioration of public finances in some regions have contributed to heightened volatility in international financial markets.

MARKET RISK

Market risk refers to the possibility of incurring losses because of changes in share prices, interest rates and exchange rates.

At Cibest, market risks are identified, measured, monitored, controlled and communicated to make timely decisions for their adequate mitigation and to generate greater added value for shareholders. The guidelines or risk framework, policies and methodologies for market risk management are approved by the Board of Directors.

Measurement, management and control of market risks, an internal methodology is used by weighted historical simulation, using a confidence level of 99%, a holding period of 10 days, and a time window of one year or 250 daily data. .

Market Risk Management

This section describes the market risk to which Cibest is exposed, as well as the tools and methodologies used in its measurement as of June 2025.

Cibest measures the exposure to market risk using a Value at Risk (VaR) methodology by weighted historical simulation, with a 99% confidence level and a 10-day time horizon. As at 30 June 2025, Cibest's exchange rate Value at Risk amounted to $1.6 billion pesos, arising from US dollar exposure.

Assumptions and limitations of VaR model

Although VaR models represent a recognized tool for risk management, they have inherent limitations, including reliance on historical data that may not be indicative of the future behavior of market variables. Accordingly, VaR models should not be considered predictive of future outcomes. In this regard, an entity could incur losses that exceed the values indicated by the models for a specific day or period, i.e. VaR models do not calculate the largest possible loss. Accordingly, the results of these models and the analysis of these models are subject to the expertise and reasonable judgement of those involved in the entity's risk management.

LIQUIDITY RISK

Liquidity risk is understood as the inability to meet payment obligations in a full and timely manner on the corresponding dates due to insufficient liquid resources and/or the need to assume excessive funding costs.

Liquidity risk management policies and guidelines are defined through the various senior management levels. These levels consist of the board of directors, the risk committee and senior management, and are responsible for defining the risk appetite and hence the financial strategy to be followed.

The measures to control liquidity risk include the definition of liquidity limits, which allow a proactive assessment of the entity's level of exposure. The methodologies used to control liquidity risk include cash flows in the different currencies in which operations are conducted.

Exposure to liquidity risk:

To estimate liquidity risk, a cash flow is calculated to ensure that liquid assets held are sufficient to cover potential net cash outflows in 30 days. The liquidity indicator is presented as follows:

Liquidity Coverage Ratio	June 30th, 2025
In millions of COP
Net cash outflows into 30 days	19,162
Liquid Assets	5,264
Liquidity coverage ratio	24,426

Contractual maturities of financial assets and liabilities

Contractual maturities of principal on financial assets are presented below:

Contractual maturities of assets at June 2025

Assets	0-30 days	31 days -1 year	1-3 years	3-5 years	Over 5 years
In millions of COP
Cash and cash equivalents	5,415	-	-	-	-
Securities	1,440,402	41,116	-	-	-
Total Assets	1,445,817	41,116	-	-	-

Contractual maturities of principal on liabilities are presented below:

Contractual maturities of liabilities as at June 2025

Liabilities	0-30 days	31 days -1 year	1-3 years	3-5 years	Over 5 years
In millions of COP
Financial obligations	-	1,461,011	-	-	-
Preferred stock	-	555,152	-	-	-
Total Liabilities	-	2,016,163	-	-	-