6-K
Grupo Cibest S.A. (CIB)
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 April, 2026
Commission File Number 001-32535
Grupo Cibest 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 þ | Form 40-F o |
|---|
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 o | No þ |
|---|
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________ .
EXHIBIT INDEX
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.
| GRUPO CIBEST S.A.<br><br>(Registrant) | ||
|---|---|---|
| Date April 16, 2026 | By: | /s/ MAURICIO BOTERO WOLFF. |
| Name: | Mauricio Botero Wolff | |
| Title: | Vice President of Strategy and Finance |
April 16, 2026
Medellin, Colombia
GRUPO CIBEST S.A. SUBMITS 2025 ANNUAL REPORT
Grupo Cibest S.A. (“Grupo Cibest”) hereby announces that it has published its annual report for the year ended December 31, 2025 (the “Annual Report”).
This report on Form 6-K is being furnished for the purpose of providing a copy of the 2025 Annual Report of the Company as filed on the Company’s website.
Contacts
| Mauricio Botero Wolff | Catalina Tobón Rivera |
|---|---|
| Strategy and Financial VP | IR Director |
| Tel.: (57 604) 4040858 | Tel.: (57 601) 4885950 |
| 2 | |
| --- |
Document
Table of Contents
| Glossary | 8 |
|---|---|
| Report Development | 9 |
| I. Who We Are | 10 |
| About Grupo Cibest | 10 |
| Our Strategy | 11 |
| Our Shareholders | 12 |
| Boards of Directors | 15 |
| Senior Management | 16 |
| Dialogue with Our Stakeholders | 16 |
| Recognitions | 17 |
| II. Our Purpose | 17 |
| III. We Grow by Creating Value | 20 |
| Economic Context and Outlook 2026 | 20 |
| Colombia | 20 |
| El Salvador | 21 |
| Guatemala | 22 |
| Panama | 23 |
| Consolidated Results | 24 |
| Trends, events, or uncertainties that may materially impact the issuer’s operations, its financial position, or changes in its financial position, as well as the assumptions used to prepare these analyses: | 28 |
| Proposed Distribution of Profits | 29 |
| Material changes in relation to the issuer’s liquidity and solvency position | 30 |
| Seasonality in Deposits | 37 |
| Capital Investments and Divestments | 38 |
| Tax Policy | 38 |
| Equity Performance | 39 |
| Commitment to Our Investors | 42 |
| Our ESG Commitment | 43 |
| Sustainable Finance | 43 |
| Responsible Investment | 44 |
| Sustainable Funding | 44 |
| Eco-Efficiency | 45 |
| Our Corporate Governance Matters | 62 |
| Advancement of the Corporate Structure | 62 |
| Our Shareholders | 63 |
| Shareholders’ Meetings held during 2025 | 66 |
| Our Board of Directors | 72 |
| Our Senior Management | 81 |
| Related-Party Transactions | 83 |
|---|---|
| Regulatory Reports | 85 |
| Legal Status of the Company | 85 |
| Internal Control Systems | 86 |
| Audit Committee Report | 88 |
| Risk Report | 90 |
| Relevant Risks | 94 |
| Other Relevant Risks | 107 |
| IV. Customers Are at the Center of Our Business | 123 |
| Banking Intermediation | 124 |
| Credit | 124 |
| Deposits | 126 |
| Banking and Transactional Services | 127 |
| Payment Solutions | 127 |
| Nequi, with Regional Reach | 129 |
| The Bridge to Digital Assets | 129 |
| Asset Management, Treasury, and Capital Markets | 129 |
| Financial Education | 130 |
| Distribution Network | 131 |
| Sustainable Financing | 134 |
| V. We Are the Place Where Talent Wants to Be | 136 |
| Contextualized and Personalized Experiences | 136 |
| Energizing culture and leadership to achieve our purpose | 137 |
| Safe and Productive Environments | 137 |
| Well-Being for High Performance | 138 |
| Skills with a Strategic and Systemic Vision of Talent | 138 |
| Learning for the Future | 139 |
| A Corporate Model that Enables the Strategy | 139 |
| Human Rights and Our Employees | 140 |
| Human Rights “Promote, Respect and Remedy” | 141 |
| Relationship with Employees | 141 |
| Talent Management | 141 |
| VI. Report on social and environmental matters, including climate-related matters – 2025 | 181 |
| Results of Grupo Cibest’s Materiality Assessment | 182 |
| Sustainability Accounting Standards Board (SASB) disclosure | 182 |
| 1. Commercial Banking | 182 |
| 2. Mortgage Financing | 195 |
| 3. Consumer Finance | 200 |
| Task Force on Climate-Related Financial Disclosures (TCFD) Report | 207 |
| 1. ESG Corporate Governance | 207 |
| 2. Climate Change Strategy | 211 |
|---|---|
| 3. Risk Management | 213 |
| 4. Metrics and Targets | 221 |
| VII. Information Reported in Other Jurisdictions | 230 |
| Competition | 230 |
| General Discussion of Changes in Results | 241 |
| Fees | 244 |
| Other Operating Income | 250 |
| Dividends and Other Net Income from Equity Method Investments | 250 |
| Operating Expenses | 251 |
| Segment Results | 253 |
| Colombia Banking | 253 |
| El Salvador Banking | 255 |
| Panama Banking | 256 |
| Guatemala Banking | 258 |
| International Banking | 260 |
| Leasing | 262 |
| All other segments | 265 |
| Trend Information | 266 |
| Selected Statistical Information | 269 |
| GRI Standard, alignment with the SDGs and the United Nations Global Compact | 277 |
| Index of specific GRI indicators 2025 | 298 |
Glossary
ADR: American Depositary Receipt, or securities listed on the New York Stock Exchange. One ADR represents four preferred shares of Grupo Cibest S.A.
Senior Management: President and the Vice Presidents who report directly to the President of Grupo Cibest S.A.
ESG: Environmental, social, and governance.
ESRA: Environmental and Social Risk Analysis, an assessment of the potential environmental and/or social impact of a project.
BAM: Banco Agromercantil de Guatemala S.A.
Bancoagrícola: Banco Agrícola S.A.
Bancolombia: Bancolombia S.A.
Bre-B: Colombia’s interoperable immediate payments system, administered by the Colombian Central Bank.
BVC: Colombian Stock Exchange.
CDT: Fixed-term deposit.
COLCAP: Benchmark equity market index of the Colombian Stock Exchange.
COP: Colombian pesos.
DIAN: National Tax and Customs Directorate, Colombia’s tax authority.
DJSI: Dow Jones Sustainability Index.
DTF: The average interest rate paid by financial institutions on 90-day deposits.
Bancolombia Group: Refers to the business group formed by Bancolombia and its subsidiaries on a consolidated basis, which as of 2025 is Grupo Cibest Consolidado.
Grupo Cibest S.A.: Refers to the parent company of Bancolombia and the other companies that are part of Grupo Cibest. Corresponds to Grupo Cibest on an individual basis.
Grupo Cibest, or Grupo Cibest Consolidado: Refers to the business group composed of Grupo Cibest S.A. and its subsidiaries on a consolidated basis.
IFC: International Finance Corporation.
CPI: Consumer Price Index certified by the National Administrative Department of Statistics (DANE).
AML/ATF: Anti-Money Laundering and Anti-Terrorism Financing.
Nequi: A financial platform that supports users in their daily lives with financial and third-party non-financial services. As a 100% digital solution, it complements its offering with functionalities that go beyond savings and money management.
NYSE: New York Stock Exchange.
Fiscal Rule: Regulation in Colombia that establishes limits on government spending to maintain the sustainability of public finances.
SARLAFT: System for the Administration of Money Laundering and Terrorism Financing Risk.
SASB: Sustainability Accounting Standards Board, accounting standards for disclosing sustainability information relevant to investors.
SFC: Financial Superintendency of Colombia.
CLMMW: Current Legal Monthly Minimum Wage.
TCFD: Task Force on Climate-related Financial Disclosures, a framework that guides companies in disclosing risks and opportunities associated with climate change.
TRM: Market Representative Exchange Rate, the price of the dollar in the Colombian market, which fluctuates daily.
USD: United States dollars.
UVR: Real Value Units, an indicator linked to inflation used to calculate the cost of certain mortgage loans.
UVT: A unit used to determine various tax obligations, with a value expressed in Colombian pesos.
Wenia: Grupo Cibest’s digital asset ecosystem, enabling individuals and companies to save in digital dollars, invest in volatile cryptocurrencies, and transfer value.
Wompi: Grupo Cibest’s payments platform that supports businesses and entrepreneurs by simplifying the digital management of their money.
Report Development
In this report, we present the most relevant aspects of our management during 2025, outlining the main achievements aligned with our strategy and the goals that remain to be accomplished.
In the final section, we present the GRI (Global Reporting Initiative) Content Index, as well as indicators in the economic, environmental, and social areas applicable to the preparation of a sustainability report. Additionally, we include a chapter that complies with Notice 031 of 2021 issued by the Financial Superintendency of Colombia, through which we disclose our Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB) reports.
This document has been prepared in accordance with the Core option of the GRI Standards. We will continue working under this methodology to deliver a report on our management that is increasingly aligned with our various stakeholder groups.
This report was verified by an independent third party that reviewed the alignment of the content with the Global Reporting Initiative Sustainability Reporting Standards (GRI Standards). In addition, we include a chapter that complies with Notice 031 of 2021 issued by the Financial Superintendency of Colombia, through which we disclose our TCFD reports. As part of our progress in information assurance, a portion of the Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB) indicators was externally verified.
We also demonstrate our commitment to sustainability by presenting the work carried out to contribute to the achievement of the Sustainable Development Goals (SDGs) and the commitments of the Paris Agreement.
I.Who We Are
About Grupo Cibest
We are the result of a strategic evolution that enables us to look toward the future with a more modern, efficient structure, prepared to lead financial development in Latin America.
Our role as the parent company of Bancolombia and the other companies that were part of what was formerly known as Bancolombia Group began on May 16, 2025, with the purpose of articulating a diverse ecosystem of financial and complementary businesses focused on the customer, with an active presence in Latin America.
Our creation responds to a deep corporate transformation, approved by Bancolombia’s shareholders, which allowed us to separate the bank’s operational functions from the holding’s strategic responsibilities. We operate under a flexible corporate structure that enables strategic capital allocation, allowing us to assess each business independently, optimize its management, and facilitate its regional growth.
We were established with a lean and efficient structure, without altering the brands, products, or services that our customers recognize. Today, Grupo Cibest S.A. is the parent company of entities such as Bancolombia, Nequi, Wompi, Renting Colombia, Wenia, Bancoagrícola, BAM, and Banistmo*, among others. Together, we serve 32.7 million customers and have nearly 34,000 employees across the region.
Our common and preferred shares are listed on the Colombian Stock Exchange (BVC) under the symbols CIBEST and PFCIBEST, and our ADRs are traded on the New York Stock Exchange under the symbol CIB.
Our name, Cibest, reflects this evolution: “CIB” refers to the symbol under which Bancolombia has been listed on the New York Stock Exchange for nearly 30 years, while “Best” represents our commitment to being better every day.
We build trust and transform realities under the purpose of promoting sustainable development to achieve well-being for all.
*On December 18, 2025, Grupo Cibest announced that it entered into a share purchase agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of the shares of Banistmo.
Our Strategy
In 2025, we consolidated a major milestone: the creation of Grupo Cibest S.A. as the parent company of Bancolombia and the other companies that were part of what was formerly known as Bancolombia Group—a new structure that strengthens corporate governance, expands strategic flexibility, and enhances growth across the countries and businesses where we operate.
Our work is guided by a higher purpose: to promote sustainable development in order to achieve well-being for all. This purpose guides our decisions and reflects our commitment to generating economic, social, and environmental value for the various stakeholders with whom we build the future.
Grupo Cibest operates in the Latin American financial services sector, supporting millions of individuals, entrepreneurs, businesses, and corporations. Our regional presence enables us to understand diverse dynamics and respond to the needs of each country.
What We Do and How We Create Value
Our value proposition is delivered through businesses that evolve with the environment and digitalization:
•Banking intermediation and services, which form the core of our financial activity and enable the connection between savings, investment, and financing to drive economic development.
•Payments and flows, where we enable reliable and agile transactions for our customers.
•Digital assets, with solutions that explore opportunities in the digital economy with security and trust.
•Digital banking, bringing financial services closer through fully digital, inclusive, and simple experiences.
•Corporate & Investment Banking (CIB), supporting companies and corporations in their strategic financing and investment needs.
These activities reflect that our portfolio combines regional scale with local relevance.
Our Vision of Success: Stakeholders at the Center
Grupo Cibest’s vision of success is built around its relationship with three key groups:
•Customers, aiming to be their first choice through superior, simple, secure, and relevant experiences.
•Shareholders, ensuring sustainable growth that translates into value creation and financial strength.
•Talent, fostering an environment where people can develop, find purpose, and build meaningful professional careers.
Grupo Cibest’s corporate strategy integrates purpose, business lines, capabilities, and regional presence into a coherent, long-term-oriented system. Our aspiration is to contribute to the economic and social progress of Latin America by generating sustainable value for customers, employees, investors, communities, and countries.
Our Shareholders
As of December 31, 2025
| Ordinary | Preferred | Total | |
|---|---|---|---|
| Suramericana de Inversiones and subsidiaries | 46.7% | 0.0% | 24.9% |
| ADR Program | 0.0% | 25.5% | 11.9% |
| Colombian pension funds* | 22.2% | 22.7% | 22.4% |
| Other international shareholders | 18.0% | 25.4% | 21.4% |
| Other local shareholders | 13.1% | 26.4% | 19.3% |
*Private pension funds
| Security Class | Ordinary Shares | Preferred Shares |
|---|---|---|
| Trading System | Stock Exchange | Stock Exchange |
| Stock Exchange | Colombian Stock Exchange (BVC) | Colombian Stock Exchange (BVC) |
| Shares Outstanding (12/31/2025) | 509,103,132 | 444,111,532 |
| Number of Shareholders | 16,845 | 35,398* |
| Issued Amount | 509,704,584 | 452,122,416 |
| Placed Amount | 509,704,584 | 452,122,416 |
*This figure includes shareholders who simultaneously hold ordinary and preferred shares.
Until May 16, 2025, ordinary and preferred shares were listed on the BVC under the issuer Bancolombia, with the ticker symbols BCOLOMBIA and PFBCOLOM. Following the corporate transformation, as of May 19 these shares were registered under the name Grupo Cibest, with the new ticker symbols CIBEST and PFCIBEST, respectively.
Additionally, Grupo Cibest S.A. has a Level III ADR program listed on the NYSE. Each ADR represents four preferred shares.
| Share Class | Number of Shares Outstanding | Number of Shareholders Holding the Share Classes | Percentage of Share Capital by Share Class |
|---|---|---|---|
| Ordinary | 509,103,132 | 16,845 | 53.41% |
| Preferred | 444,111,532 | 35,398* | 46.59% |
| Total | 953,214,664 | 52,243 | 100% |
*This figure includes shareholders who simultaneously hold ordinary and preferred shares.
The above table does not include treasury shares, which total 8,612,336, between ordinary and preferred shares.
Grupo Cibest Share Buyback
On June 9, 2025, the Shareholders’ Meeting of Grupo Cibest S.A. approved the creation of a reserve for share repurchases and a share buyback program for an amount of up to COP 1.35 trillion, with a term of one year from the issuance of the program’s regulations by the Board of Directors. It also delegated to the Board of Directors the approval of the buyback regulations under which management was authorized to execute the program.
Based on the above, on July 17, 2025, execution of the share buyback program began in Colombia through the trading systems of the Colombian Stock Exchange, via Valores Bancolombia S.A. Comisionista de Bolsa, and in the United States through an Enhanced Open Market Repurchase executed by Morgan Stanley & Co. LLC.
As of December 31, 2025, the results of the program were as follows:
| Security | Number of Shares Repurchased |
|---|---|
| CIBEST (BVC) | 601,452 |
| PFCIBEST (BVC) | 4,596,152 |
| CIB (NYSE) | 3,414,732* |
| Total | 8,612,336 |
*Corresponds to the equivalent number of preferred shares: ADRs repurchased multiplied by 4.
Boards of Directors
The Board of Directors of Grupo Cibest S.A. seeks to guide the company toward the achievement of its present and future objectives. It provides direction to management by establishing strategy and overseeing its implementation.
Senior Management1
Presidents of Subsidiaries
Dialogue with Our Stakeholders
We implement communication and engagement strategies with our different stakeholders in order to identify how we are generating shared value through the most relevant actions we carry out in economic, social, and environmental matters.
The banking subsidiaries have materiality assessments that can be found on Grupo Cibest’s website.
1 The Senior Management of Grupo Cibest S.A. is also the Senior Management of Bancolombia.
Recognitions
•For the eleventh consecutive year, Bancolombia is the company with the best reputation in Colombia, according to Merco Empresas. It was also recognized as the best company to work for in the country in Merco Talento, and ranked number 1 in Merco ESG.
•Juan Carlos Mora is the business leader with the best reputation, according to Merco Líderes.
•According to the Sustainability Yearbook prepared by S&P Global, Bancolombia remains one of the most sustainable companies in the world.
•Wenia was recognized for "Best Innovation in Business Models" at the Banking Innovation Awards by Quorus-Infosys Finacle.
•Revista Summa recognized BAM as one of the companies with the best corporate reputation in the region and its president, Federico Bolaños, as an outstanding executive in the financial sector in Central America.
•Banistmo was recognized by Revista Summa for its sustainable performance and financial inclusion.
•Banistmo ranked first in the Voluntary Sustainability Index of the Latin American Stock Exchange – Latinex.
•Grupo Cibest was recognized as having the best Private Banking in Colombia in 2025 by the Global Private Banking Awards 2025, from Professional Wealth Management and The Banker.
II.Our Purpose
Our purpose is to promote sustainable development in order to achieve well-being for all.
We bring this to life through our activities in three main areas: strengthening the production network of the countries in which we operate, building sustainable cities and communities, and deepening financial inclusion.
Through our actions in these areas, we seek to generate an impact in the markets where we operate and, in this way, contribute to addressing the major challenges facing the world. For this reason, we align with the global agenda of the United Nations Sustainable Development Goals (SDGs), which aim to ensure well-being, protect the planet, and improve quality of life for its inhabitants.
The financial sector plays a fundamental role in mobilizing resources to achieve these goals. From our strategy as a participant across different areas of the financial business, we have identified seven SDGs in which we can have the greatest influence, understanding that all are interconnected and that impact on one affects the others.
| Financial Inclusion | |
|---|---|
| Through our inclusion initiatives, we bring financial services to underserved segments in order to generate financial well-being and improve their quality of life. | |
| We generate knowledge and support strategies so that our customers, employees, and the broader community can make better financial decisions.<br><br>We provide educational loans so that more people can access quality education.<br><br>Through our Foundation, we grant higher education scholarships to rural youth from vulnerable communities so they can fulfill their aspirations of becoming professionals who transform their territories. | |
| We have a consolidated Diversity, Equity, and Inclusion strategy, through which we work toward gender equity across employees, suppliers, investors, customers, and the broader community. | |
| Strengthening the Production Network | |
| We finance SMEs and entrepreneurs and support their growth so that their productivity and job creation increase and positively impact the economy.<br><br>We are committed to agriculture and rural areas through a value proposition that promotes the growth of this key sector of the economy.<br><br>We generate quality employment both directly and indirectly through our value chain. | |
| We contribute to the technological transformation of our industries, helping them become more productive and efficient.<br><br>We promote sustainable industrialization through our sustainable credit line, which supports companies seeking to increase their positive environmental and social impacts.<br><br>We support major infrastructure projects that enable the construction of a better country. | |
| Building Sustainable Cities and Communities | |
| Since 2023, we have incorporated into our purpose the protection of water, from inland areas to the country’s coasts. We do so by supporting our clients’ investments in infrastructure for water-use efficiency in production processes, sanitation, aqueduct infrastructure, sustainable coastal tourism, circular economy models that reduce water pollution, among others. |
| We support access to housing through innovative solutions that go beyond financing.<br><br>We promote sustainable mobility through financial and non-financial solutions aligned with market trends. |
|---|
| Climate change is at the center of our strategy; therefore, we have a net-zero emissions strategy and support our clients in reducing their impact through a comprehensive offering of financial and non-financial products. |
Through our core business—financial activity—we mobilize resources to promote initiatives and best practices among our clients that generate economic, environmental, and social impact, through which we bring our purpose to life and contribute to the SDGs.
These are Purpose-Driven Businesses, in which we define ambitions across each of our banks in Latin America.
At Grupo Cibest, we have committed to mobilizing at least USD 184 billion by 2030 through everyday financial services that promote the three pillars of our purpose. In 2025, we disbursed a total of USD 21.755 billion through our four banks.
| Purpose-Driven Businesses 2025(figures in millions) | |||
|---|---|---|---|
| Bancoagrícola | BAM | Banistmo | |
| We strengthen the competitiveness of the production network | 1,115.45 | 1,248.83 | 1,447.00 |
| We promote financial inclusion | 522.63 | 41.93 | 174.00 |
All values are in US Dollars.
| We build sustainable cities and communities | 5,267.56 | 147.20 | 722.80 | 175.00 | |
|---|---|---|---|---|---|
| Total | 16,160.58 | 1,785.28 | 2,013.56 | 1,796.00 | 21,755.42 |
III.We Grow by Creating Value
Economic Context and Outlook 2026
Colombia
Recent economic developments have been marked by a gradual process of convergence toward increasingly higher economic growth rates. The Colombian economy recorded an acceleration in 2025, reaching levels close to 2.9%. At the same time, inflation interrupted its disinflationary convergence process and closed at 5.1% in December, very close to the 5.2% recorded a year earlier. As a result, the Colombian Central Bank reduced its policy interest rate only in April 2025, to 9.25%, and kept it unchanged thereafter. Thus, 2025 was characterized by stronger economic activity and persistent challenges in inflation and monetary policy.
In terms of GDP growth, the economy showed strong signs of resilience, driven by entertainment and recreation, trade, and public administration, sectors that recorded significant expansion. In particular, the momentum observed in household consumption—despite persistently high interest rates—led the growth of several service activities. In this regard, the positive trend in remittance inflows has been one of the main drivers of household spending.
The public sector was one of the key drivers in 2025, due to the pronounced real growth in public spending. This was reflected in the strong expansion of the public administration sector, which for most of the year recorded higher GDP growth than the private sector. However, public finances continued to face a critical situation due to significant fiscal imbalances and an increase in gross debt that exceeded 60% of GDP. The activation of the Fiscal Rule escape clause led the Government to its highest levels of primary deficit (excluding interest payments), close to 3% of GDP in 2025.
Inflation, in turn, consolidated as one of the main challenges for the economy. The inflation convergence process was interrupted during the second half of the year, particularly due to the high indexation of the services component, which accounts for around 50% of the total consumption basket. This led the Board of Directors of the Colombian Central Bank to adopt a cautious stance in the rate-cutting cycle, resulting in a reduction of only 25 basis points in the repo rate, to 9.25%.
Finally, in external terms, the current account deficit widened to 2.3% of GDP, driven by an increase in imports and a normalization of factor income outflows, in line with the rebound in economic growth. However, the growth in current transfers partially offset the widening of the trade deficit. Despite the larger external deficit, the Colombian peso appreciated significantly by year-end, driven by the generalized weakness of the U.S. dollar globally and by high dollar liquidity in the local foreign exchange market due to government foreign exchange operations carried out in the second half of the year.
Looking ahead, higher economic growth is expected, reaching 3.2% in 2026. At the same time, inflation is projected to accelerate, closing the year at 6.4%. In this context, the 23.7% increase in the minimum wage, the rise in the risk premium, and inflationary inertia through indexation will lead the Colombian Central Bank to begin a tightening cycle in its policy rate during the first half of the year, potentially bringing it up to 11% in 2026.
Regarding economic growth, the acceleration to 3.2% would be supported by a gradual recovery in the manufacturing industry and strong growth in key service sectors such as entertainment, trade, transportation, accommodation, and food services. This would be driven by remittances that are expected to remain at historic highs, sustaining household disposable income at elevated levels. Additionally, fixed investment is expected to begin playing a more significant role.
Secondly, inflation is expected to accelerate in 2026. The mandated 23.7% increase in the minimum wage raises the risk of higher prices for goods and services, as well as a potential deterioration in the labor market in the medium term. Nearly 60% of the CPI basket is indexed to the minimum wage and past inflation, increasing the likelihood of an inflation rebound to levels above 6% in 2026. In addition, there are risks in the regulated tariff component due to greater reliance on imported gas for domestic consumption and in the electricity generation matrix.
As a result, the Colombian Central Bank’s policy interest rate could rise to 11% within the first six months of the year. Despite short-term inflationary risks, the Central Bank’s Board may contain the de-anchoring of medium-term expectations by adopting a highly contractionary stance. Consequently, the favorable interest rate differential relative to other emerging markets could encourage some foreign investors to bring in U.S. dollar inflows, helping to keep the exchange rate at levels close to COP 3,880 on average during 2026.
El Salvador
Throughout 2025, construction was the sector that most strongly drove economic growth. Accordingly, with more than 120 active infrastructure projects across the country, construction grew at an average annual rate of 26.3% during the first nine months of 2025. This has generated positive effects for other sectors of the economy, such as input manufacturing, transportation, and professional activities. Regarding the latter, job creation in construction and its related activities has fully offset job losses in the public sector. In addition, remittance inflows recorded an annual growth rate of 15.4% year-to-date through November, supporting robust growth in household consumption. As a result, GDP grew by 2.4% in 1Q25, 4.1% in 2Q25, and accelerated to 5.1% in 3Q25.
With respect to prices, during the last four months of the year the deflationary trend— which had already lasted five months—reversed. Consequently, consumer inflation closed 2025 at 0.9%, driven by higher prices in food, as well as in restaurants and hotels, and housing and utilities.
On the trade front, goods exports were less affected by U.S. tariff policy than anticipated in the early months of the year. As of November, they accumulated annual growth of 3.7%. In addition, the government reached an agreement with the United States under which the 10% tariff would be removed on certain exports from the country, such as goods covered by CAFTA-DR and others that “are not produced in sufficient quantities within the United States.”
According to statements from the reviews of the country’s agreement with the IMF, the Salvadoran administration has taken steps in the right direction to improve its institutional framework and consolidate fiscal accounts. In this regard, the country’s international reserves increased by 29% during the year. In addition, we expect that the fiscal deficit was reduced to 3% of GDP in 2025, compared to 3.3% of GDP in 2024.
For 2026, we expect that the effect of a high statistical base in 2025 will result in a slight slowdown in economic growth to 2.5%. We note that the bias remains to the upside, as long as construction continues to drive job creation, household consumption, and spillover effects to other sectors of the economy. However, uncertainty remains regarding U.S. tariff policy and its effects on other economies with which El Salvador trades, as well as the potential exhaustion of the stock of assets that migrants in the United States can liquidate and send to the country as remittances.
Regarding inflation, we expect it to converge this year toward levels closer to 1.2%. This would be possible because the dollarization of the economy and structurally higher interest rates—not only in the United States but also in much of the advanced economies—would continue to place a ceiling on the pace of price increases.
On the fiscal front, we maintain an optimistic outlook regarding the achievement of fiscal consolidation objectives and the strengthening of the country’s external position. In this regard, the fiscal deficit would decrease from 3% to 2.4% of GDP in 2026. This consolidation would be accompanied by a reduction in current spending and a gradual increase in the tax burden to 21.7% of GDP by 2027, as set out in the Executive’s Budget Policy.
Guatemala
Economic activity in Guatemala remained among the most dynamic in the region during the first three quarters of 2025, with growth of 4.1% in the first nine months of the year. The strong inflow of remittances, which ended the year with growth of 18.7%, largely supported household consumption and, consequently, the expansion of commercial activities. In addition, construction, accommodation, and financial activities showed favorable growth, in line with ongoing infrastructure projects, the tourism boom in the country, and higher revenues for banking institutions.
With respect to prices, inflation as of December has now remained below the Banco de Guatemala’s target of 4% for 24 months, and below the lower bound of the central bank’s tolerance range (3%) for 16 months. Despite upward pressures in prices for education, restaurants and hotels, healthcare, and food, deflation observed in communications and low inflation in other categories such as clothing, utilities, and transportation kept overall inflation contained.
In response, Banco de Guatemala reduced its monetary policy rate three times, bringing it to 3.75% at year-end. Although short-term indicators remain in line with the central bank’s estimates, these rate cuts have somewhat diverged from the decisions of the Federal Reserve (the usual benchmark for Guatemala’s monetary policy), in an effort to push inflation toward its target. This is despite the central bank’s view that low inflation should be temporary, due to the dissipation of pressures from previous supply shocks related to certain food items and the international context of low fuel prices.
In the fiscal environment, Guatemala has been characterized by low levels of both deficit and public debt. However, public finances have recently expanded as part of the current government’s strategy to improve infrastructure and increase spending on social programs. In this regard, we estimate that the fiscal deficit closed at 2.6% of GDP in 2025, although we emphasize that this does not imply a deterioration of fiscal accounts, nor of their sustainability.
Finally, the aforementioned remittance inflows have caused the surplus in the secondary income balance to more than offset the deficits observed in the goods, services, and primary income balances. As a result, we estimate that the current account balance stood at 4.2% of GDP during the past year.
For 2026, responsible macroeconomic management and the solid fundamentals of Guatemala’s economy will allow it to maintain growth of 3.5%. As in El Salvador, the U.S. government signed an agreement with Guatemala to remove the 10% tariff on products covered under CAFTA-DR and on certain goods not produced in sufficient quantities within the United States. This will also support continued export growth, as U.S. consumers diversify the sources of their international purchases. Finally, the continued strength expected in domestic demand, despite a possible slowdown in remittance inflows, will sustain commercial and restaurant activities along with tourism.
We expect the fiscal deficit to remain at 2.6% of GDP in 2026, as the government prioritizes social spending and its infrastructure development projects. This will also be influenced by the proximity of the 2027 presidential and legislative elections, as historically governments tend to increase spending in periods leading up to elections.
We anticipate that inflation will resume converging toward its target this year, ending 2026 at 3.2%, slightly above the lower bound of Banco de Guatemala’s tolerance range (3%). To support the convergence of inflation toward its target in the medium term, the Banco de Guatemala is expected to continue its monetary easing process, reducing the policy rate by 50 basis points this year to reach a level of 3.25%.
Panama
During the first quarter of the year, Panama’s economic growth accelerated to 5.2% year-over-year. In anticipation of the tariff measures announced by President Trump since taking office, companies around the world decided to bring forward their orders for inputs and inventories. As a result, the increase in international trade flows benefited the operation of the Panama Canal, leading logistics and transport activities to grow by 25.8% year-over-year during the period and contribute nearly three percentage points to overall growth.
During the following two quarters, this momentum dissipated to some extent, partly due to the implementation of the tariffs announced by President Trump and the disruptions caused by waves of protests across the country. As a result, in the second and third quarters of 2025, the Panamanian economy grew by 3.4% and 3.9% year-over-year, respectively.
The protests mentioned resulted in the loss of a significant portion of the country’s agricultural production, to the extent that the banana company Chiquita Brands was forced to temporarily cease its operations in the country. With the departure of the multinational, around 6,000 people lost their jobs, which would push the unemployment rate up to 8.5% for the whole of 2025, despite the fact
that in the final months of the year Chiquita announced a plan to resume its banana production in Panama.
In terms of prices, inflation closed the year at 0.2%, driven downward by oil prices, subsidies on energy tariffs, and price regulation for certain medicines. It is worth noting that reduced government intervention in certain markets, such as food, partly allowed inflation to return to positive territory.
Regarding the external sector, the operation of the Canal, the resumption of copper exports previously stalled at the mine, and the strong performance of non-mining goods exports have supported positive current account balances. We expect this trend to have continued in the final months of 2025, with the current account surplus reaching 1.6% of GDP for the year.
Despite the marked deterioration of the fiscal deficit to levels above 8% of GDP during the first part of the year, the government has maintained its commitment to fiscal consolidation. This has been accompanied by legislation aimed at reducing operating expenditures while maintaining investment spending necessary to advance the government’s infrastructure agenda.
Looking ahead to 2026, fewer disruptions to international trade than initially expected would support the operation of the Panama Canal, allowing economic growth to remain close to 4%. In addition, the potential reopening of the Cobre Panamá mine remains under consideration. Agricultural production is expected to recover from the disruptions caused by protests against the reform of the Social Security Fund, allowing banana and other fruit production to continue supporting goods exports.
Finally, the construction of infrastructure projects such as a railway to the Costa Rica border and a fourth bridge over the Panama Canal will improve efficiency in the country’s supply processes and generate additional jobs for both construction and operation. In this context, we expect the unemployment rate to decline to 7.8% this year.
Regarding the external sector, new public works will increase imports of construction inputs, which may deteriorate the goods trade balance. However, we expect that the operation of the Panama Canal will continue to be sufficient for the surplus in the services trade balance to offset deficits in other components of the current account, resulting in a current account surplus of 0.7% of GDP this year.
Consolidated Results
| GRUPO CIBEST |
|---|
| CONSOLIDATED FINANCIAL RESULTS |
| INCOME STATEMENT AND BALANCE SHEET |
| (Figures at year-end in millions of pesos) | 2025 vs. 2024 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | Var $ | Var % | ||
| Operating Income | 43,681,165 | 43,050,037 | 48,316,872 | 631,128 | 1.47 | % |
| Net Operating Income | 9,759,305 | 8,490,248 | 8,147,526 | 1,269,057 | 14.95 | % |
| Net Income (Attributable to shareholders) | 3,820,634 | 6,267,744 | 6,116,936 | -2,447,110 | -39.04 | % |
| Total Assets | 379,752,380 | 372,215,382 | 342,928,809 | 7,536,998 | 2.02 | % |
| Loan and Financial Leasing Portfolio, net | 243,100,035 | 263,274,170 | 237,728,544 | -20,174,135 | -7.66 | % |
| Investments, net | 37,628,765 | 40,499,254 | 28,671,798 | -2,870,489 | -7.09 | % |
| Total Liabilities | 338,756,746 | 327,631,107 | 303,879,080 | 11,125,639 | 3.40 | % |
| Deposits <br>(Checking Accounts, Savings Accounts, and Fixed-Term Deposits) | 264,413,956 | 279,059,401 | 247,941,180 | -14,645,445 | -5.25 | % |
| Equity | 39,754,633 | 43,542,468 | 39,049,729 | -3,787,835 | -8.70 | % |
| EFFICIENCY AND PROFITABILITY | ||||||
| 2025 | 2024 | 2023 | ||||
| Net Interest Margin | 6.13% | 6.39% | 6.99% | |||
| Financial Efficiency | 49.41% | 48.40% | 45.33% | |||
| Operating Efficiency | 3.76% | 3.62% | 3.77% | |||
| Average Return on Total Assets | 1.04% | 1.79% | 1.78% | |||
| Average Return on Equity | 9.09% | 15.77% | 16.14% | |||
| Loan Quality<br><br>(Non-Performing Loans / Gross Loans) | 3.57% | 4.78% | 5.01% | |||
| Total Non-Performing Loan Coverage<br><br>(Provisions / Non-Performing Loans) | 134.41% | 112.39% | 120.04% | |||
| Accounting accounts parameterization according to the Board of Directors’ report and press release. |
In 2025, we executed a structural transformation with the creation of Grupo Cibest S.A. as the parent company. The adoption of this new corporate structure seeks to improve efficiency in the use of capital, provide flexibility to execute strategic decisions, and ensure the continuous generation of value for all our stakeholders.
At the end of 2025, the sale of Banistmo S.A. was agreed, a decision taken to reallocate capital toward strategic value-generating initiatives. This divestment reduced all line items in the consolidated financial statements.
In accordance with accounting regulations, due to the intention to sell Banistmo, consolidated balances must be reclassified into assets related to investments in subsidiaries held for sale and liabilities related to investments in subsidiaries held for sale, generating reclassifications detailed below.
On the asset side, the main reductions were recorded in: net loan portfolio (COP 27.4 trillion), net investments (COP 6.3 trillion), and cash and cash equivalents (COP 3.5 trillion). On the liability side, the main reductions were recorded in: customer deposits (COP 27.3 trillion), financial obligations (COP 1.8 trillion), debt securities issued (COP 3.4 trillion), and other liabilities (COP 3.5 trillion). In the Statement of Comprehensive Income, Banistmo’s net income (COP 448,956) and the net loss resulting from the sale (COP 3.5 trillion) were reclassified under “net income from discontinued operations.”
Additionally, during 2025, the Colombian peso appreciated by 14.79% against the U.S. dollar, moving from COP 4,409.2 at the end of 2024 to COP 3,757.1 at the end of 2025. This performance affected the year-over-year variations in the consolidated statement of financial position, given our operations in Central America and transactions in Colombia denominated in U.S. dollars (hereinafter USD).
We closed 2025 with assets of COP 379.8 trillion, representing an increase of COP 7.5 trillion (2.0%) compared to 2024. The gross loan portfolio decreased by COP 23.1 trillion (8.3%). By segment, the corporate loan portfolio declined by COP 12.4 trillion (6.9%), the consumer portfolio decreased by COP 3.1 trillion (5.6%), and the mortgage portfolio declined by COP 7.3 trillion (17.6%), mainly due to the deconsolidation of Banistmo. Excluding this effect, the net loan portfolio would have grown by COP 7.3 trillion (2.8%), mainly driven by the corporate segment in Colombia and El Salvador, higher consumer disbursements, and continued growth in housing in Colombia.
The balance of provisions for loans and financial leasing decreased by COP 2.9 trillion (18.1%), closing at COP 13.3 trillion. This reduction was due to lower provisioning, particularly in the corporate and individual segments, and the update of macroeconomic variables, together with the effect of the aforementioned divestment. In this context, the coverage ratio for loans more than 30 days past due stood at 134.4%, improving by 220 basis points (bps) compared to the previous year.
Net investments decreased by COP 2.9 trillion (7.1%), due to the effect of the sale of Banistmo and the appreciation of the peso against the dollar, which were partially offset by an increase of COP 2.8 trillion in debt securities at Bancolombia, as well as increases in net investments of COP 658.07 billion at Bancoagrícola and COP 568.159 billion at Banco Agromercantil (hereinafter BAM).
At the end of 2025, liabilities amounted to COP 338.8 trillion, with a year-over-year increase of COP 11.1 trillion (3.4%). Customer deposits decreased by COP 14.6 trillion (5.2%). Considering the deconsolidation of Banistmo by product, term deposits declined by COP 18.1 trillion (16.5%), checking accounts decreased by COP 5.9 trillion (15.5%), while savings accounts limited their growth to COP 8.5 trillion (6.8%). Excluding this effect, customer deposits would have increased by COP 12.6 trillion (4.5%), mainly driven by growth in savings accounts, which was supported by Bancolombia, Bancoagrícola, and BAM.
Debt securities issued decreased by COP 3.9 trillion (34.3%), ending the period with a balance of COP 7.4 trillion, mainly due to the exit of Banistmo and funding optimization at Bancolombia and Bancoagrícola, with declines due to maturities of COP 837.575 billion and COP 282.548 billion, respectively. Likewise, financial obligations decreased by COP 6.3 trillion (40.4%), primarily at Bancolombia and BAM, by COP 2.9 trillion and COP 312.403 billion, respectively.
Equity attributable to shareholders decreased by COP 3.8 trillion (8.7%), ending the period at COP 39.8 trillion, achieving a share of total assets—or financial leverage—of 10.5%, which decreased by 123 basis points compared to the previous year. Net income for the year of COP 3.8 trillion partially offset the decreases recorded throughout the year, such as the payment of ordinary and extraordinary dividends (COP 4.4 trillion), the appreciation of the peso against the dollar, which had an impact due to the translation of subsidiaries’ financial statements (COP 2.9 trillion), and the share buyback program (COP 430.541 billion).
In a context of declining interest rates in Colombia, net interest income increased by COP 259.644 billion (1.4%), as interest expense decreased by COP 1.6 trillion—more than the reduction in interest income from both the loan portfolio (COP 1.1 trillion) and treasury activities (COP 272.353 billion). This effect is the result of the funding mix adjustment, as part of our liquidity management.
Net fees and commissions increased by COP 453.814 billion (11.6%), mainly driven by fee income, which rose by COP 802.042 billion, largely due to customer transaction activity, reflecting greater use of payment methods, as well as higher income from bancassurance and fiduciary activities. This was partially offset by fee expenses, which increased by COP 348.228 million (10.8%), as a result of payments to card networks due to the higher transaction volumes mentioned.
Net credit risk provisions and impairment expense decreased by COP 565.683 billion (11.3%) during the year, due to lower provisioning in the corporate and individual portfolios, as well as the update of macroeconomic data. This trend is consistent with balance sheet provisions and is reflected in a reduction in the cost of risk for the period by 41 basis points, ending at 1.61% at the close of 2025.
Operating expenses increased by COP 1.2 trillion (9.5%), with labor expenses rising by COP 535.399 billion (10.3%), mainly due to salary adjustments and bonuses tied to improved results. Meanwhile, general expenses increased by COP 670.571 billion (9.0%), with higher impacts in
items related to deposit insurance, taxes and fees (excluding income tax), maintenance, repairs, and other expenses.
Net operating income before provisions increased by COP 1.9 trillion (7.3%); when compared with the increase in operating expenses of COP 1.2 trillion (9.5%), this results in a financial efficiency ratio closing at 49.4%, representing a deterioration of 100 basis points compared to the previous year. In the same vein, operational efficiency deteriorated by 14 basis points, closing the period at 3.8%.
Finally, the income tax provision amounted to COP 2.8 trillion, in line with the accounting recognition of the tax obligations for the period.
Net income attributable to shareholders closed at COP 3.8 trillion. The decrease compared to 2024 of COP 2.4 trillion was mainly driven by the recognition of the goodwill impairment recorded in the sale of Banistmo S. A. As a result, return on equity (ROE) ended at 9.1%, decreasing by 667 basis points compared to the previous year. Excluding the effect of the sale of Banistmo, net income from continuing operations closed 2025 at COP 6.9 trillion, representing an increase of COP 837.943 billion (13.7%) compared to the previous year.
Trends, events, or uncertainties that may materially impact the issuer’s operations, its financial position, or changes in its financial position, as well as the assumptions used to prepare these analyses:
In 2025, the Colombian economy faced a challenging environment marked by trade tensions, expectations of low global growth, and geopolitical conflicts, while domestic factors such as inflation and monetary policy showed mixed behavior.
Inflation closed at 5.1%, leading the Colombian Central Bank to maintain the policy rate at 9.25%, thereby moderating consumption dynamics. Despite this, Bancolombia’s Economic Research and Marketing Division (INVECO) estimates that annual GDP growth at the end of 2025 will be 2.9%, exceeding initial projections due to the momentum of private and public consumption, with significant contributions from the agriculture, commerce, transportation, and services sectors, while mining, construction, and manufacturing did not perform adequately.
Meanwhile, unemployment declined to historically low levels close to 7%, albeit with high informality. The Colombian peso appreciated for much of the year, closing 2025 at COP 3,757, supported by macroeconomic stability and oil prices. Externally, the U.S. economy grew by approximately 1.9%, with a cautious monetary policy stance, maintaining pressure on capital flows toward emerging markets.
For 2026, a moderate acceleration in economic growth is expected compared to the previous year, mainly driven by the resilience of household consumption and public spending, in a context of still-elevated interest rates and inflation that remains above the Central Bank’s target range.
However, significant risks persist, particularly those associated with fiscal deterioration, which could affect country risk perception, generate pressure on the exchange rate, and limit macroeconomic stability. In addition, the increase in the minimum wage, above analysts’ consensus expectations, together with price indexation in services, could sustain inflationary pressures throughout the year.
These factors may materially affect the Central Bank’s expectation of gradual disinflation; if not achieved, this would translate into further upward adjustments in the monetary policy rate.
This scenario would imply a higher cost of credit, affecting clients’ repayment capacity, which could negatively impact Grupo Cibest’s earnings. At the same time, the persistence of high rates and the slowdown in consumer and commercial loan portfolios would limit credit growth, in contrast with an expansion of the net interest margin due to the sensitivity of assets to movements in the monetary policy rate.
In summary, 2026 will be characterized by moderate economic recovery, but with significant challenges in fiscal, inflationary, and financial stability matters, requiring prudent strategies to mitigate risks and preserve profitability.
Proposed Distribution of Profits
Material changes in relation to the issuer’s liquidity and solvency position
LIQUIDITY AND FUNDING
Liquid Assets
One of our main guidelines is to maintain a solid liquidity position. The Asset and Liability Management Committee (ALM) has established a minimum level of liquid assets in order to ensure the funding needs of each subsidiary, and, to the extent possible, ensure that it will always have sufficient liquidity to meet its liabilities as they fall due, both under normal and stressed conditions, without incurring significant losses or risking reputational damage.
We seek to maintain an optimal level of liquid assets that allows for proper functioning both under normal conditions and under market stress scenarios. During 2025, we maintained a solid liquidity position, with high levels of liquidity throughout the year.
The following table presents the composition of liquid assets over the last two years:
| Liquid Assets (1) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| High-Quality Liquid Assets * | ||
| Cash | 26,625,173 | 27,931,834 |
| High-quality liquid securities | 25,531,243 | 24,862,860 |
| Other Liquid Assets | ||
| Other securities ** | 10,142,076 | 6,823,145 |
| Total Liquid Assets | 62,298,492 | 59,617,839 |
(1)Cash and those liquid assets accepted as collateral by central banks in Colombia and other jurisdictions for monetary expansion or contraction operations. Liquid assets are adjusted through a haircut. The following are considered liquid assets: cash, repos held for trading, and investments held for trading in shares listed on the Colombian stock exchange, in units of investment funds, or in other tradable debt instruments.
*High-quality liquid assets: cash and shares eligible for repo transactions, as well as those liquid assets accepted by the Central Bank in its monetary expansion and contraction operations described in Paragraph 3.1.1 of External Regulatory Notice DODM-142 of Colombian Central Bank.
**Other securities: securities issued by financial institutions and corporations.
As of December 31, 2025, liquid assets increased by COP 2,681 billion, mainly due to the rise in other securities. This change is the result of higher deposits and excess liquidity, which has been managed through the treasury portfolio with purchases of securities.
Liquid assets are measured daily and this result is compared with a target set by the Risk Committee. Under this rule, daily liquid assets must be equal to or greater than that target. If the limit is not met, there is a five-day period to increase liquidity levels.
Cash is important to ensure the operation of branches and ATMs. Our expansion across the Colombian territory requires significant levels of cash; however, cash levels are monitored daily to minimize opportunity costs. In addition, cash is considered part of the required reserve established by the Central Bank.
The securities comprising liquid assets are reviewed by the ALM Committee in light of the liquidity objective. Although debt securities available for sale and held to maturity cannot be sold, they may be pledged as collateral in repurchase agreements. Some of these are mandatory investments that may be delivered to the Central Bank as collateral.
The Financial Superintendency of Colombia requires financial institutions to maintain liquid assets greater than the contractual cumulative one-month liquidity gap. This contractual gap reflects the maturity of current asset and liability positions and does not reflect projections of
future operations. The maturity of the loan portfolio for this purpose is affected by the historical default indicator, and deposit maturities are modeled in accordance with regulation.
We consider the current level of liquidity to be adequate and will seek to maintain a strong deposit base and access to alternative funding sources, such as loans from domestic and international development and commercial banks, repurchase agreements, bond issuances, overnight funds, and central bank funding, taking into account market conditions, interest rates, and the desired maturity profile of liabilities.
Funding Structure
As of December 31, 2025, our liabilities reached COP 338,757 billion, an increase of 3.40% compared to December 31, 2024. Liabilities denominated in COP increased by 10.99%, while liabilities denominated in U.S. dollars decreased by 9.30%. This change is mainly due to the increase in savings accounts denominated in COP, the increase in debt securities outstanding denominated in USD, and a decrease in term deposits denominated in USD. The 9.30% reduction in USD-denominated liabilities is largely offset by the sale of Banistmo; this increase was in turn affected by the appreciation of the USD/COP exchange rate (14.79% in 2025).
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| In millions of COP | ||
| Total Funding | ||
| Denominated in pesos | 227,513,866 | 204,977,765 |
| Denominated in dollars | 111,242,880 | 122,653,342 |
| Total Liabilities | 338,756,746 | 327,631,107 |
In 2025, our deposits reached a balance of COP 264,414 billion at year-end, a decrease of COP 14,645 billion, or 5.25% compared to 2024. Deposits denominated in COP increased by 10.49%, mainly explained by growth in savings accounts and term deposits; meanwhile, deposits denominated in USD decreased by 34.28% as a result of a reduction in demand deposits, a decrease in term deposits, and the effect of exchange rate fluctuations. Additionally, it is important to note that the decline in USD-denominated deposits also reflects the reclassification of Banistmo’s deposits as liabilities associated with investments in subsidiaries held for sale. The ratio of deposits to total assets was 69.6%, decreasing by 534 basis points compared to 2024.
| As of December 31, | |
|---|---|
| 2025 | 2024 |
| In millions of COP | ||
|---|---|---|
| Total Deposits | 264,413,956 | 279,059,401 |
The following table presents checking accounts, savings accounts, and term deposits as a percentage of our total liabilities for 2025 and 2024:
| 2025 | 2024 | |||
|---|---|---|---|---|
| Savings deposits | 39.3 | % | 38.1 | % |
| Fixed-term deposits | 27.1 | % | 33.5 | % |
| Savings deposits | 9.5 | % | 11.7 | % |
| Other deposits | 2.2 | % | 2.0 | % |
| Percentage of Total Liabilities | 78.1 | % | 85.3 | % |
Our main sources of funding are deposits, which consist primarily of checking accounts, term deposits, and savings accounts. During 2025, savings accounts and term deposits played a fundamental role in the balance sheet funding structure. In the first half of 2025, the gradual reduction in the Colombian Central Bank’s policy rate, supported by lower inflation, reduced the cost of rate-sensitive funding. Despite the stabilization of the policy rate in the second half of the year, the higher share of low-cost deposits helped sustain a favorable cost of funds throughout the year.
Deposits as a percentage of our total liabilities in 2025 were 78.1%, down from 85.3% of total liabilities at the end of 2024.
The ratio of net loans to deposits (including borrowings from other entities) was 88.80% at the end of 2025, decreasing from 89.32% compared to 2024. This change is mainly explained by the decrease in net loans and advances to customers, which declined from COP 263,274 billion in 2024 to COP 243,100 billion in 2025, a reduction that was smaller compared to the change in deposits (which decreased by COP 20,979 billion, reaching COP 273,770 billion in 2025).
| As of December 31, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Net Loans / Deposits | 88.80 | % | 89.32 | % |
We also finance our operations through borrowings from financial institutions. However, the main source of funding during 2025 was savings accounts and term deposits, as interest rates trended downward during the year. In addition, our term deposits and borrowings from financial institutions are indexed to different market rates/indices such as IBR (a short-term benchmark interest rate of liquidity in the Colombian money market that reflects the rate at which banks are willing to lend or borrow funds), DTF, CPI, and SOFR.
Debt Instruments Outstanding
In 2025, we issued USD 528 million in securities distributed as follows: Bancolombia issued securities for an amount of USD 18 million, Banistmo USD 429.5 million, Bancoagrícola USD 7 million, and Bancolombia Puerto Rico issued USD 42.5 million.
As of December 31, 2025, the total aggregate outstanding principal amount of the bonds issued was COP 10,839 billion.
The following table shows our maturity profile of debt securities outstanding:
| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and thereafter | Total | |
|---|---|---|---|---|---|---|---|
| In millions of COP | |||||||
| Issued Obligations | 2,573,470 | 4,045,504 | - | 360,730 | 321,266 | 3,538,453 | 10,873,423 |
The following table presents the components of our liabilities for fiscal years 2025 and 2024:
| As of December year-end | ||||
|---|---|---|---|---|
| 2025 | % of total funding | 2024 | % of total funding | |
| (In millions of COP, except percentages) | ||||
| Savings Accounts | ||||
| Denominated in pesos | 108,986,303 | 32.2% | 93,938,152 | 28.7% |
| Denominated in dollars | 24,142,419 | 7.1% | 30,698,842 | 9.4% |
| Total | 133,128,722 | 39.3% | 124,636,994 | 38.1% |
| Fixed-term deposits | ||||
| Denominated in pesos | 63,874,633 | 18.9% | 60,608,350 | 18.5% |
| Denominated in dollars | 27,798,534 | 8.2% | 49,152,372 | 15.0% |
| Total | 91,673,167 | 27.1% | 109,760,722 | 33.5% |
| Checking Accounts |
| Denominated in pesos | 20,374,259 | 6.0% | 20,567,300 | 6.3% |
|---|---|---|---|---|
| Denominated in dollars | 11,751,682 | 3.5% | 17,466,396 | 5.1% |
| Total | 32,125,941 | 9.5% | 38,033,696 | 11.4% |
| Other Deposits | ||||
| Denominated in pesos | 6,719,341 | 2.0% | 5,863,094 | 1.8% |
| Denominated in dollars | 766,785 | 0.2% | 764,895 | 0.2% |
| Total | 7,486,126 | 2.2% | 6,627,989 | 2.0% |
| Interbank Deposits | ||||
| Denominated in pesos | 30,102 | 0.0% | 0 | 0.0% |
| Denominated in dollars | 0 | 0.0% | 716,493 | 0.2% |
| Total | 30,102 | 0.0% | 716,493 | 0.2% |
| Derivative Financial Instruments – Liabilities | ||||
| Denominated in pesos | 4,478,163 | 1.3% | 2,642,149 | 0.8% |
| Denominated in dollars | 36,467 | 0.0% | 37,494 | 0.0% |
| Total | 4,514,630 | 1.3% | 2,679,643 | 0.8% |
| Borrowings from Other Financial Institutions (1) | ||||
| Denominated in pesos | 5,181,708 | 1.5% | 5,055,039 | 1.5% |
| Denominated in dollars | 4,174,720 | 3.3% | 10,634,493 | 3.2% |
| Total | 9,356,428 | 4.8% | 15,689,532 | 4.7% |
| Issued Obligations | ||||
| Denominated in pesos | 2,171,540 | 0.6% | 2,241,026 | 0.7% |
| Denominated in dollars | 5,238,153 | 1.5% | 9,034,190 | 2.8% |
| Total | 7,409,693 | 2.1% | 11,275,216 | 3.5% |
| Repurchase Agreements and Other Similar Secured Borrowings | ||||
| Denominated in pesos | 283,792 | 0.1% | 679,878 | 0.2% |
| Denominated in dollars | 392,255 | 0.1% | 380,594 | 0.1% |
| Total | 676,047 | 0.2% | 1,060,472 | 0.3% |
| Leases | ||||
| Denominated in pesos | 1,153,404 | 0.4% | 1,141,239 | 0.3% |
| Denominated in dollars | 171,635 | 0.1% | 748,125 | 0.2% |
| Total | 1,325,039 | 0.5% | 1,889,364 | 0.5% |
| Other Liabilities | ||||
|---|---|---|---|---|
| Denominated in pesos | 14,260,621 | 4.2% | 12,241,538 | 3.7% |
| Denominated in dollars | 36,770,230 | 10.9% | 3,019,448 | 0.9% |
| Total | 51,030,851 | 15.1% | 15,260,986 | 4.6% |
| Total Funding | ||||
| Denominated in pesos | 227,513,866 | 67.2% | 204,977,765 | 62.6% |
| Denominated in dollars | 111,242,880 | 32.8% | 122,653,342 | 37.4% |
| Total Liabilities | 338,756,746 | 100% | 327,631,107 | 100% |
(1) Includes borrowings from commercial banks and other non-financial entities.
Consolidated Statement of Cash Flows
The following table shows net cash provided by operating activities, net cash used in investing activities, and net cash used in financing activities for the years ended December 31, 2025, 2024, and 2023:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| In millions of COP | |||
| Operating activities | 12,258,945 | 435,895 | 19,153,084 |
| Investing activities | (2,216,093) | (559,196) | (159,689) |
| Financing activities | (8,246,850) | (9,244,376) | (5,430,672) |
| Increase (decrease) in cash and cash equivalents | 1,796,002 | (9,367,677) | 13,562,723 |
Operating Activities
In 2025, operating activities generated a positive net cash flow as a result of an increase of COP 27,999 billion in customer deposits, compared to an increase of COP 18,329 billion in 2024, and COP 31,802 billion in interest received in 2025, versus COP 33,225 billion in 2024. The increase in loans and advances to customers and financial institutions was COP 27,307 billion in 2025, compared to COP 21,622 billion and COP 10,555 billion in 2024 and 2023, respectively. Interest paid resulted in a cash outflow of COP 13,299 billion in 2025, COP 14,982 billion in 2024, and COP 15,978 billion in 2023. The net change in the value of investment securities recognized at fair value through profit or loss was negative COP 3,004 billion in 2025, compared to 2024, when the net change was COP 8,401 billion.
Investing Activities
In 2025, we purchased debt securities at amortized cost for COP 1,967 billion, compared to COP 2,114 billion in 2024 and COP 3,629 billion in 2023. The maturity of debt securities at amortized cost generated cash inflows of COP 1,115 billion in 2025, COP 1,622 billion in 2024, and COP 4,738 billion in 2023.
Investing activities related to debt instruments at fair value through OCI provided net cash of COP 603 billion during 2025 and COP 1,858 billion during 2024; investing activities related to equity securities and interests in associates used net cash of COP 55,937 billion during 2025, while in 2024 it used COP 93,892 billion; and investing activities related to purchases and sales of premises and equipment and investment properties used net cash of COP 1,748 billion, compared to COP 1,628 billion used during 2024, and COP 2,226 billion in 2023.
Financing Activities
Proceeds from borrowings from other financial institutions provided COP 7,454 billion in 2025, COP 9,416 billion in 2024, and COP 9,855 billion in 2023. The issuance of debt securities provided COP 2,540 billion in 2025, COP 4,155 billion in 2024, and COP 1,781 billion in 2023. Repayments of borrowings used COP 10,808 billion in 2025, compared to COP 10,496 billion used in 2024 and COP 9,921 billion used in 2023; and payments of outstanding debt securities used COP 1,618 billion during 2025, COP 9,276 billion during 2024, and COP 3,928 billion during 2023. Cash was also used to pay dividends to shareholders in the amount of COP 5,196 billion in 2025, while in 2024 and 2023 this amount was COP 3,398 billion and COP 3,298 billion, respectively.
The increase in repurchase agreements provided cash of COP 431 billion in 2025, compared to COP 550 billion used in 2024 and COP 304 billion used in 2023.
Seasonality in Deposits
Historically, we have experienced some seasonality in our demand deposits, with lower liquidity levels during the first months of the year and higher liquidity levels at the end of the year.
This behavior is mainly explained by the increase in liquidity resulting from monetary expansion operations carried out by the Colombian Central Bank and the National Government, injecting liquidity into the market in response to stronger economic activity and high transaction volumes.
During 2025, monetary conditions continued to influence the seasonality of our deposits. In the first half of the year, the Central Bank reduced the policy interest rate in response to declining inflation, which supported adequate liquidity levels, although it did not alter the usual slowdown in deposit growth during that period. In the second half of the year, the rebound in inflation led to a stabilization of the monetary policy interest rate, while credit demand remained moderate and deposits recorded the typical seasonal increase observed at year-end. Overall, these factors, together with the seasonal pattern of deposit behavior, generated excess liquidity throughout the year.
Nevertheless, we consider that seasonality in deposits does not have a significant impact on business operations, as liquidity surpluses or shortages are managed through the treasury portfolio.
Capital Investments and Divestments
In 2025, Grupo Cibest’s investment amounted to COP 786.3 billion, with emphasis on investment in channel development and technology assets (COP 687.7 billion), followed by investment in digital evolution and fixed assets (COP 98.6 billion).
For 2026, Grupo Cibest expects to invest approximately COP 1.066 billion (36% variation compared to 2025), in the evolution and transformation of digital channels, to ensure operational continuity, improve customer experience, and mitigate vulnerabilities and risks in branches and self-service channels.
Likewise, the Group continues to invest in data management, analytics, and artificial intelligence to design personalization strategies aimed at creating unique experiences, increasing customer engagement and loyalty. At the same time, investment in processes and service models for corporate, institutional, and investor clients continues in order to enhance the value proposition for this segment.
Tax Policy
The development of countries largely depends on tax revenues. Therefore, for Grupo Cibest it is essential to have clear tax policies and responsible and sustainable tax management, aligned with government economic strategies and with the objective of generating positive impacts in the regions where it operates.
With a presence in 11 countries and main operations in four of them, the Group complies in a timely manner with its tax obligations and pays taxes in the jurisdictions where it conducts its activities, thus contributing to local economic growth.
The Group promotes fiscal sustainability as an essential factor for community well-being. Accordingly, it maintains fair and timely compliance with its obligations, ensuring that resources reach governments and strengthen national tax systems.
In addition, it continuously evaluates the tax regulations in force in each country to ensure proper compliance.
The following table presents Grupo Cibest’s contribution to public finances in the four countries where it concentrates its operations during fiscal year 2025:
| Taxes Recognized by Region | ||
|---|---|---|
| Region | Taxes Recognized* | Share (%) |
| Colombia | 3,972,491 | 93.7% |
| El Salvador | 237,935 | 5.6% |
|---|---|---|
| Guatemala | 21,840 | 0.5% |
| Panama | 5,632 | 0.2% |
| TOTAL | 4,237,898 | 100% |
| *Figures in COP millions |
Equity Performance
The performance of Grupo Cibest S.A.’s common and preferred shares maintained a correlation with the evolution of the COLCAP index, which closed 2025 with an appreciation of 48%.
The common share of Grupo Cibest S.A. recorded an annual variation of +83%, showing appreciation throughout the year, reaching a low of COP 37,000 on January 20 and a high of COP 70,000 on December 5.
The preferred share, in turn, recorded an annual variation of +69%, with a high of COP 61,980 on December 10, up from a low of COP 34,660 during the first days of the year.
Both shares outperformed the general market trend, leading the positive performance of the index.
Price evolution of Cibest Common and Preferred Shares vs. COLCAP
The ADR of Grupo Cibest S.A. showed a strong upward trend in 2025, reaching its highest value in December at USD 65.4, compared to USD 32.3 at the beginning of the year. This represents an annual increase of 102%, outperforming the S&P 500 index, which recorded a 17% appreciation over the same period.
Price Evolution of Cibest ADR vs. S&P
Price Variation of Grupo Cibest, Exchange Rate (TRM), COLCAP, and S&P
| Date | ADR | Common | Preferred | TRM | COLCAP | S&P |
|---|---|---|---|---|---|---|
| Dec 31, 2024 | 31.5 | 37,600 | 35,180 | 4,409 | 1,380 | 5,882 |
| Dec 31, 2025 | 63.6 | 69,200 | 59,820 | 3,757 | 2,068 | 6,846 |
| Var % | 102% | 84% | 70% | -15% | 50% | 16% |
General Data – Local Market
| Class | Ticker | Listing Date | Shares Outstanding | Market Capitalization* |
|---|---|---|---|---|
| Common | CIBEST | 07-01-1945 | 509,103,132 | 35,231,509.61 |
| Preferred | PFCIBEST | 07-26-1995 | 444,111,532 | 26,646,756.38 |
*As of December 30, 2025. Figures in COP millions
| Ticker | Average Daily Price | High Price | Date of High | Low Price | Date of Low |
|---|---|---|---|---|---|
| CIBEST | 53,747 | 70,000 | 12-05-2025 | 30,600 | 01-20-2025 |
| PFCIBEST | 47,432 | 61,980 | 12-10-2025 | 34,660 | 01-20-2025 |
| Operations | Ticker | Number of Trades | |||
| --- | --- | --- | |||
| Number of trades | CIBEST | 72,038 | |||
| Number of trades | PFCIBEST | 188,734 | |||
| Average daily trades | CIBEST | 300 | |||
| Average daily trades | PFCIBEST | 781 |
Throughout 2025, the trading volume of Grupo Cibest S.A.’s common and preferred shares showed a positive and sustained trend.
Common shares (CIBEST) reached their peaks in March and May, with volumes of COP 259 billion, while preferred shares (PFCIBEST) recorded their highest activity in April, with a peak of COP 819 billion.
In contrast to what occurred in 2024, when the volume of common shares declined significantly after the first quarter, 2025 showed greater stability and resilience: monthly CIBEST volumes remained consistently above COP 130 billion, with an upward trend in the second half of the year, particularly in November, when they reached COP 248 billion.
Preferred shares, for their part, continued to lead in terms of liquidity, with average monthly volumes close to COP 590 billion, exceeding the volume of common shares by more than three times.
Monthly Trading Volume – Grupo Cibest Common and Preferred Shares
Source: BVC Equity Risk Report.
Commitment to Our Investors
We continue to strengthen our positioning and engagement strategy with different capital market communities through active participation in various events, both locally and internationally.
In 2025, we held more than 400 meetings with investors, driven by our participation in 11 international conferences in London, New York, Santiago de Chile, and Miami, complemented by six virtual group meetings.
Recognizing the importance of providing clear information and maintaining closer engagement with individual shareholders, we participated in six virtual events through the eTrading platforms of Valores Bancolombia and Trii, including Issuer Week, Bolsa Millonaria, university visits, and masterclasses.
We also expanded our analyst coverage by adding two investment analysts, reaching a total of 16, with whom we held 41 meetings to update them on quarterly results, the competitive environment, corporate strategy, and future outlook.
Finally, we are proud to report that in 2025 both Grupo Cibest and Bancolombia were recognized by the Colombian Stock Exchange with the IR Recognition, an award that highlights best practices in disclosure and investor relations. For Grupo Cibest, this achievement was particularly significant as it marked its first year in the program, achieving initial inclusion in July and reaffirmation in December.
Additionally, the Market Maker Program for Grupo Cibest’s common and preferred shares was renewed indefinitely, strengthening liquidity and helping to reduce trading volatility, for the benefit of all investors.
Our ESG Commitment
At Grupo Cibest, we have a Corporate ESG Model that defines how we integrate Environmental, Social, and Governance principles into our management, aligning with international best practices.
The model operates through four pillars: Governance, Strategy, Management, and ESG Metrics, which enable the definition of policies, implementation of actions, and measurement of results. Through a robust information system, we ensure reliable data for performance measurement, facilitating strategic decision-making.
Regarding ESG disclosures, we prioritize materiality to identify risks and opportunities, ensure the quality of information, and prepare transparent reports for our stakeholders.
Sustainable Finance
At Grupo Cibest, sustainable finance constitutes a strategic and cross-cutting pillar for value creation, through which we operationalize our corporate purpose of promoting sustainable development, strengthening business competitiveness, and contributing to the economic and social progress of the countries where we operate.
From our position as a regional holding company, we promote a long-term vision that integrates financial and non-financial capabilities to support clients and commercial teams in incorporating
ESG criteria into their investment, operational, and growth decisions, recognizing sustainability as a key enabler of resilience, efficiency, and sustainable value creation.
Responsible Investment
At Grupo Cibest, we recognize that integrating Environmental, Social, and Governance (ESG) criteria strengthens long-term value creation, enhances the resilience of our portfolios, and contributes to the well-being of our stakeholders.
We have made progress in the systematic incorporation of ESG variables into our analysis and decision-making processes. This approach allows us to comprehensively assess the risks and opportunities associated with issuers and investment vehicles, considering their economic, environmental, social, and governance performance.
In fulfilling our responsibility as managers of our own and third-party resources, we encourage the companies in which we invest to disclose clear and relevant information about their sustainable management and ESG performance. Likewise, we strengthen our engagement with issuers by participating in initiatives and forums that promote responsible investment in the market and by fostering the adoption of global disclosure standards.
As part of our commitment, we apply negative screens to avoid investments in sectors that pose significant socio-environmental risks, and positive screens that allow us to identify investment opportunities with strong ESG performance. Similarly, we continue to integrate these variables into our traditional analyses, enabling a more comprehensive view of the value and risk of each asset.
We understand that engagement with issuers is key to promoting sustainable improvements. Therefore, we maintain active dialogue focused on material topics such as climate change, biodiversity, labor practices, human rights, ethical business practices, and sound corporate governance. This interaction seeks to encourage companies to incorporate these topics into their corporate strategy and decision-making.
We continue to strengthen an internal culture that promotes ongoing training in sustainability, responsible investment management, and coordination across our business units to ensure that responsible investment principles are effectively and consistently integrated. Through these actions, we reaffirm our commitment to managing investments that generate economic, social, and environmental value, consolidating a sustainable and long-term vision.
Sustainable Funding
At Grupo Cibest, we consistently strengthen a comprehensive sustainable finance strategy aimed at offering solutions that promote economic development in balance with environmental protection and the well-being of communities in the countries where we operate. This vision is reflected in the mobilization of resources toward initiatives that generate measurable positive impacts, both environmental and social.
Through the issuance of green, social, sustainable, and sustainability-linked bonds, the Group seeks to channel capital toward business projects that contribute to the transition to a low-carbon economy, promote efficient resource use, and support the closing of social gaps, such as access to
financing for SMEs—particularly those led by women—as well as initiatives related to financial inclusion, access to water, and the strengthening of social infrastructure.
These issuances have also helped position in the capital markets the message that financial returns can go hand in hand with the creation of social and environmental value.
During 2025, Grupo Cibest’s subsidiaries continued to expand the scope of sustainable funding. Notably, Banistmo in Panama issued sustainable bonds for USD 75 million, with BID Invest acting as anchor investor; the proceeds are allocated to financing women-led SMEs and environmentally focused businesses, aligned with the principles of the International Capital Market Association (ICMA) and the Panamanian Sustainable Taxonomy.
Additionally, Bancoagrícola in El Salvador advanced a sustainable bond program of up to USD 200 million, with an initial focus on blue bond issuances aimed at the sustainable management of water resources and the strengthening of economic activities linked to responsible water use.
Together with the Group’s historical issuances (including green, social, and sustainable bonds placed in Colombia and Panama in previous years), these transactions have enabled the financing of renewable energy projects, sustainable construction, circular economy initiatives, social infrastructure, affordable housing, and financial inclusion, as well as reinforcing institutional commitments related to increasing access to credit for underserved populations and reducing financed CO₂ emissions. These issuances have involved both local and international investors, including multilateral institutions such as IFC and BID Invest, as well as key participants in the regional primary market.
In accordance with the ICMA Green, Social, Sustainable, and Sustainability-Linked Bond Principles, Grupo Cibest maintains a framework for monitoring, reporting, and transparency regarding the use of proceeds and the impacts generated.
The status of the Group’s outstanding sustainable issuances, along with the main results achieved during the reporting period, can be found in the management reports of each of its banking subsidiaries.
Eco-Efficiency
This chapter includes the eco-efficiency management implemented in 2025 and describes the results obtained in the operations of Bancolombia, Banistmo, Bancoagrícola, and BAM.
In our direct operations, we use natural resources such as energy, water, among others, which requires conscious management to reduce the impact of our actions and a commitment to defining a consumption reduction strategy consistent with our corporate purpose. To this end, we carry out continuous monitoring aligned with reduction targets.
For the 2010–2020 period, we exceeded the targets we had set, and in order to strengthen our commitment, we challenged ourselves with higher targets by establishing a new baseline in 2019.
This year, in line with the commitments undertaken with the SBTi, a 2021 baseline was established for energy consumption, fuel use, and the carbon footprint (Scope 1, Scope 2, and Scope 3).
During 2025, the targets were met, highlighting the reduction in emissions associated with corporate travel and paper consumption.
Environmental Management System
It describes the framework, structures, principles, and guidelines to plan, organize, execute, monitor, control, and ensure the continuous improvement of our environmental performance, through the prevention, control, and minimization of the environmental impacts of operations in all the territories where we operate, while complying with the applicable environmental regulations.
We continue to focus efforts on identifying opportunities for improvement and strengths in our actions, enabling continuous improvement in the indicators of our core areas: eco-efficiency, Environmental and Social Risk Analysis (ESRA), sustainable business, and climate change strategy.
GRI 301 Materials
Non-renewable materials used:
Not applicable: as this type of material is not quantified.
During 2026, the plastic used in card manufacturing will be quantified in order to be included in this indicator.
Renewable materials used: Paper is the only resource quantified under this section. This paper is used for various administrative and customer service processes in administrative buildings as well as in branches.
Paper is purchased through external suppliers, and calculations are obtained through direct measurements based on the number of reams and sheets consumed monthly.
In 2025, we consumed 658.66 tons of paper, representing an improvement of 10.59% compared to 2024. Compared to the 2019 baseline, this reflects a reduction of 446.74 tons, equivalent to a 40.41% decrease. This reduction is due to the digitization processes we have implemented to reduce paper consumption.
GRI 302 Energy Management
Through our Energy Model, we seek to manage energy consumption efficiently. In 2025, there was an increase of 0.71% compared to 2024. Compared to 2021, there was an increase of 4.46%.
This indicator includes the consumption of Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.
GRI 302-1, GRI 302-3
FUEL
a.Non-renewable source
| Year | Diesel or ACPM (MJ) | B8 | B10 | B2 | Gasoline E10 (MJ) | GAS (MJ) | TOTAL NON-RENEWABLE ENERGY (MJ) |
|---|---|---|---|---|---|---|---|
| 2025 | 2,752,818.07 | 0 | 5,728,155.24 | 942,400.39 | 2,619,485.76 | 6,438.73 | 12,049,298.19 |
b.Renewable source
No fuel from renewable sources is consumed.
ELECTRIC ENERGY
| Year | Self-generated renewable energy (MJ) | Purchased renewable energy (MJ) | Renewable electric energy (MJ) | Non-renewable electric energy (MJ) | TOTAL ELECTRIC ENERGY (MJ) |
|---|---|---|---|---|---|
| 2025 | 7,068,900.05 | 259,163,010.48 | 35,891,479.89 | 22,877,956.45 | 325,001,349.30 |
Total energy and energy intensity (Renewable + Non-renewable)
Year after year, we seek to reduce energy consumption. The following table presents the changes observed since the base year. For the calculation of energy intensity, we use the number of employees, and in Bancolombia we also include the number of suppliers working on the bank’s premises.
| YEAR | TOTAL ENERGY CONSUMPTION (MJ) | YEAR-OVER-YEAR VARIATION (MJ) | YEAR-OVER-YEAR VARIATION (%) | ENERGY/EMPLOYEE (MJ/EMPLOYEE) | YEAR-OVER-YEAR VARIATION (%) | ||
|---|---|---|---|---|---|---|---|
| 2021 | 322,661,994.74 | -3,893,254.90 | -1.2 | % | 5,414.88 | -8.16 | % |
| 2022 | 329,032,176.76 | 6,370,182.03 | 2.0 | % | 5,401.14 | -0.25 | % |
| 2023 | 329,406,290.03 | 374,113.27 | 0.1 | % | 5,605.87 | 3.79 | % |
|---|---|---|---|---|---|---|---|
| 2024 | 334,686,927.80 | 5,280,637.77 | 1.6 | % | 6,494.87 | 15.86 | % |
| 2025 | 337,050,647.49 | 2,363,719.69 | -0.71 | % | 583,910 | -10.10 | % |
Compliance with energy consumption target
| YEAR | TOTAL ENERGY CONSUMPTION (MJ) | 2025 target vs. 2021 | Achievement of 2025 target vs. 2021 | ||
|---|---|---|---|---|---|
| 2025 | 337,050,647.49 | -9 | % | -4.46 | % |
| YEAR | TOTAL ELECTRIC ENERGY CONSUMPTION (MJ) | ||||
| --- | --- | ||||
| 2025 | 337,050,647.49 |
Notes:
•For the calculation of energy intensity, total energy consumption (renewable electric energy: purchased, self-generated, and from the grid; and non-renewable energy: fuels from stationary sources) consumed within the organization is considered, along with the number of the bank’s direct employees, plus suppliers who work directly at Bancolombia.
•There is currently no consumption of steam, cooling, or heating.
•Energy is not currently sold.
•For unit conversion, the technical regulation and legal metrology standards of the SIC, UPME, and Gas País are used.
•During 2025, an adjustment was made to the calculation of energy consumption in order to report the actual consumption during the year, as reporting had previously been based on billing dates; therefore, consumption figures changed compared to those presented in previous reports.
•As of this year, fuel consumption from mobile sources has been included.
Energy Efficiency
We continue implementing and researching energy efficiency strategies, based on continuous monitoring of energy consumption in branches and buildings, with the purpose of identifying and
addressing deviations that could affect compliance with established targets. In this regard, we have strengthened our strategies at the corporate level, integrating actions implemented across all the countries where we operate.
We have integrated buildings into BMS (Building Management System) platforms to support decision-making and preventive management for energy and water efficiency, consumption control, and indoor comfort for personnel.
Renewable Energy iREC
We remain committed to the goal of purchasing 100% renewable electricity certificates for our operations by 2030. In 2025, 81.74% of our electricity consumption was renewable, contributing to our climate commitments.
Self-generated energy
Non-conventional renewable self-generated energy: we continue exploring implementation projects based on the analysis of our infrastructure.
GRI 302-4
Energy Reduction Projects
Based on the implementation of energy efficiency projects, reductions in electricity consumption have been achieved. Potential savings were calculated theoretically using equipment technical specifications, information provided by suppliers, and reliable bibliographic references. The baseline used corresponded to the scenario prior to the implementation of the measures. As a result, energy savings of 3,327,685.17 MJ/year were estimated.
Bancolombia: In our facilities in Colombia, we continued promoting energy efficiency through the comprehensive optimization of our spaces, including improvements in lighting systems. Although our main actions focused on solar films and air conditioning upgrades, lighting updates complemented our efforts to reduce consumption and operate more efficiently. These improvements strengthen our commitment to more responsible infrastructure aligned with our sustainability objectives.
Bancoagrícola: In our facilities in El Salvador, we implemented a comprehensive lighting modernization program that included replacing thousands of tubes, bulbs, and reflectors with LED technology, complemented by occupancy sensors and programmable timers. These improvements have allowed us to optimize energy use, reduce electricity demand, and extend the useful life of lighting systems. In doing so, we continue to strengthen our operational efficiency and our contribution to emissions reduction.
Banistmo: In Panama, we advanced the transition to more efficient lighting systems by replacing fluorescent fixtures with LED technology in several of our branches and buildings. This change enabled us to improve lighting quality, significantly reduce energy consumption, and ensure proper environmental disposal of retired equipment. These actions reinforce our commitment to cleaner and more sustainable operations.
GRI 303 Water and Effluent Management
We have documented management within the Water Management Model, aimed at using water resources efficiently, with consumption concentrated in the operation of our administrative offices and branches.
Through this model, we define mechanisms aimed at reducing consumption, working jointly with our value chain to achieve rational water use across our facilities.
During 2025, consumption decreased by 1.21% compared to 2024, and relative to 2019, a reduction of 20.30% was achieved.
This indicator includes the consumption of Bancolombia Panamá S.A.
GRI 303-4
With respect to discharges generated by Grupo Cibest at its facilities, these correspond to Domestic Wastewater (DWW), which, according to the country’s regulatory classification, is discharged into sewer systems in compliance with applicable regulations.
GRI 303-5
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|
| MUNICIPAL WATER (ML) | 346.64 | 282.57 | 263.82 | 280.58 | 277.79 | 284.11 | 280.39 |
| RAINWATER (ML) | 13.18 | 12.36 | 17.38 | 19.55 | 18.14 | 15.94 | 16.41 |
| GROUNDWATER (ML) | 29.62 | 14.32 | 15.37 | 13.93 | 16.65 | 14.15 | 13.59 |
| TOTAL WATER (ML) | 389.44 | 309.25 | 296.57 | 314.06 | 312.58 | 314.19 | 310.39 |
| WATER (ML) | 2025 target vs. 2019 | Achievement of 2025 target vs. 2019 | |
|---|---|---|---|
| 2025 | 310.39 | -13.64% | -20.30% |
WATER STRESS
To determine whether any of our sites are located in water-stressed areas, we use the Water Risk Atlas tool, which, based on the location of our facilities, allows us to identify those that fall within these zones. According to this platform, water risk is measured by including all water-related risks, with selected indicators covering the categories of physical quantity, quality, and regulatory and reputational risk. Higher values indicate greater water risk.
According to the table above, areas classified as high or above are considered water-stressed zones. Based on this, we have several branches located in high water-stress areas in Guatemala and Colombia.
The branches located in water-stress areas correspond to those shown on the previous map, and their consumption data are presented below:
Main actions to reduce water consumption
•Monitoring of potable water supply, as well as calibration of flow rates in faucets.
•Rainwater harvesting, which enabled the recycling of 16.4 ML of water in two buildings in Colombia.
•Automatic control of filling for potable water storage tanks.
NOTE:
During 2025, an adjustment was made to the calculation of water consumption in order to report actual consumption during the year, as reporting had previously been based on billing dates. This adjustment was applied retroactively from 2019, which is why consumption data changed compared to those presented in previous reports.
GRI 305 Emissions
Climate change is an increasingly significant challenge. Therefore, Grupo Cibest is committed to defining concrete actions to actively contribute to mitigation and compensation from our direct operations and to advance toward a low-carbon economy.
In 2020, we redefined our science-based target for Scope 1 and Scope 2, aligned with a 1.5°C scenario. This target was defined based on the Science Based Targets initiative (SBTi) methodology.
We calculate our carbon footprint using the methodology proposed by the GHG Protocol under the operational control approach. As of this year, we include CO₂, CH₄, and N₂O as greenhouse gases.
In continuation of the commitments undertaken with SBTi, 2021 was adopted as the baseline year in order to incorporate new sources of CO₂ emissions.
It is important to note that this adjustment to the baseline does not modify or affect the information reported in previous years, as there were no methodological changes, variations in emission factors, or updates in criteria that would require a retroactive recalculation. Therefore, the consistency and comparability of historical data remain intact, and the change to the 2021 baseline responds exclusively to SBTi requirements and not to substantive changes in the measurement or estimation of our emissions.
For 2025, we updated the calculations and emission sources:
•Included fuel consumption of vehicles used for operations (Scope 1).
•Included fuel consumption from land travel (Scope 3).
•Included emissions associated with leased vehicles from Renting Colombia (Scope 3).
•Included financed emissions from the commercial portfolio and assets under management (Scope 3).
•Included emissions associated with cloud service usage (Scope 3).
•Included CH₄ and N₂O greenhouse gases for Scope 1.
•Included uncertainty for Scope 1.
Emission factors were obtained from:
Energy: From XM’s annual report.
Fuels: From the UPME calculator and IPCC 2006 guidelines.
Paper: Data provided by the paper supplier.
Travel: Data provided by airlines and shared by the travel agency.
Cloud: The methodology calculates cloud carbon emissions based on actual AWS resource usage (compute and storage), extracted from the CUR and processed in CloudCenter through an ETL workflow that standardizes units, maps services and instances, and applies energy conversion factors based on Cloud Carbon Footprint.
In the case of microservices (EKS), emissions are estimated based on CPU and memory provisioned per pod, applying specific energy consumption factors and continuous monthly usage hours, ultimately generating aggregated tables that feed the carbon footprint dashboard.
Renting: Proprietary emission factors are used, built from UPME fuel factors and fuel efficiency (km/gallon) according to the type of leased vehicle and its technical characteristics.
Financed Emissions: Emission factors from the Partnership for Carbon Accounting Financials (PCAF) are used, based on the sectoral classification of clients and investment issuers.
GRI 305-1, GRI 305-2
Direct emissions associated with our consumption of fossil fuels in emergency power generation plants at our facilities, the use of owned and leased vehicles, and indirect emissions associated with the electricity purchased for our operations.
During 2025, our Scope 1 + 2 market-based emissions increased by 7.66% compared to 2024, reaching 4,375.04 tons CO₂e/year, and decreased by 46.82% compared to 2021.
This increase is due to the inclusion in Scope 1 of the emission source associated with the use of vehicles for operations.
During 2025, emission factors (EFs) for fuels and electricity were updated.
| SCOPE 1 | |||||
|---|---|---|---|---|---|
| YEAR | Ton CO₂ | Ton CO₂ (CH₄) | Ton CO₂ (N₂O) | Ton CO₂e | CO₂e Uncertainty |
| 2025 | 839.65 | 0.89 | 3.42 | 843.96 | 1.74% |
| SCOPE 2 | ||
|---|---|---|
| YEAR | tCO₂e (Location) | tCO₂e (Market) |
| 2025 | 19,076.55 | 3,531.07 |
Emissions under the market-based approach correspond to the purchase of renewable energy, which represents 81.49%.
| YEAR | Biogenic Emissions<br><br>(tCO₂e) |
|---|---|
| 2025 | 38.82 |
Biogenic Emissions: Since biodiesel blends B2, B8, and B10 are used, the corresponding portion is calculated as biogenic emissions.
GRI 305-3
Scope 3 emissions include two major groups:
Group 1: Those associated with our paper consumption and cloud usage (category 1), logistics processes at our branches and buildings (category 4), vehicle leasing under renting arrangements (category 13), and business air and ground travel (category 6). These were calculated using 2025 data and amount to 1,557.96 tCO₂e.
Group 2: Those related to financed emissions, calculated using 2024 data—considered valid under the PCAF methodology used—and amounting to 1,833,821 tCO₂e for assets under management and 15,473,848 tCO₂e for the commercial loan portfolio. Further details can be found in the Task Force on Climate-related Financial Disclosures (TCFD) section – Bancolombia S.A.
During 2025, Scope 3 emissions associated with Group 1 decreased by 5.49% compared to 2024, reaching 376,704.44 tCO₂e/year. Compared to 2021, they increased by 29.28%. This is due to the
change in the baseline year to 2021, as previously mentioned, when pandemic conditions significantly reduced paper consumption and travel.
| YEAR | SCOPE 3 (tCO₂e) | 2025 target vs. 2021 | Achievement of 2025 target vs. 2021 |
|---|---|---|---|
| 2025 | 376,706.06 | -22% | 29.28% |
Biogenic Emissions: Not applicable, as the required information for this calculation is not available.
Notes:
Emission factors were obtained from:
•Energy: UPME annual report.
•Fuels: UPME calculator and IPCC 2006 guidelines.
•Paper: Data provided by the paper supplier.
•Travel: Data provided by airlines and shared by the travel agency.
•Renting: Recalculated data based on the distance-traveled approach using UPME factors according to vehicle performance.
GRI 305-4, GRI 305-5
Emission Intensity and Reduction
The following shows the total footprint and the changes in emissions since the base year, as well as emissions intensity using, as the denominator, the number of employees of Bancoagrícola, BAM, Banistmo, Bancolombia, and the number of supplier employees working on Bancolombia S.A. premises. For this calculation, emissions associated with vehicle leasing (renting) are excluded, as leasing is not linked to the number of employees of the banks.
In 2025, total emissions decreased by 5.52% (tCO₂e) compared to 2024 (market-based).
The following table presents the intensity of Scope 1+2 and Scope 3 emissions. It should be noted that data related to Renting Colombia S.A.S. were not considered in the emissions intensity calculation.
| Year | Scope 1+2 (tCO₂e) | Total/Employee Scope 1+2 (tCO₂e/employee) | Scope 3 (tCO₂e) | Total/Employee Scope 3 (tCO₂e/employee) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Location-Based | Market-Based | Location-Based | Market-Based | |||||||
| 2021 | 20,664.74 | 8,227.43 | 0.35 | 0.14 | 1,060.07 | 0.02 | ||||
| 2022 | 21,435.32 | 5,896.02 | 0.35 | 0.10 | 1,890.79 | 0.03 | ||||
| 2023 | 15,357.33 | 3,708.97 | 0.26 | 0.06 | 2,075.30 | 0.04 | ||||
| 2024 | 13,875.43 | 4,737.83 | 0.27 | 0.09 | 2,124.66 | 0.04 | ||||
| 2025 | 19,920.51 | 4,375.04 | 0.35 | 0.08 | 1,881.43 | 0.03 |
In 2025, several initiatives were implemented that contributed to emissions reduction. These included the installation of solar films in branches, modernization of air conditioning systems, replacement of fluorescent lighting with LED fixtures, and implementation of photovoltaic systems. Additionally, in partnership with Fundación Natura, more than 170,000 trees were planted, representing an estimated capture of 2,727 tCO₂e.
The baseline for this indicator corresponds to the hypothetical scenario in which these actions had not been implemented and is associated with Scope 2 emissions; in the case of the reforestation program, it is linked to the reduction of the total footprint.
Below are the emissions avoided through these implemented projects:
| tCO₂ AVOIDED |
|---|
| 3,324.57 |
Business Travel
To offset the impact of the carbon footprint generated by our travel, we continued implementing an internal carbon levy on business travel. During 2025, we generated internal funds of COP 217,481,275, which were invested in energy efficiency initiatives to reduce energy consumption and in the purchase of certified renewable energy (REC).
GRI 306 Waste
GRI 306-2
At Bancolombia, within the process of delivering supplies to branches, and with the aim of reducing the number of times contact is made with each branch, reverse logistics is carried out at the time of delivery to collect waste.
Awareness campaigns were conducted to promote proper waste segregation.
We continue to be members of the Ellen MacArthur Foundation, seeking to improve circular economy practices within the Group.
We are part of the Repack collective in Colombia for the proper management of packaging placed on the market.
Across all geographies, we work with specialized waste management companies, including licensed operators for hazardous waste handling, which carry out collection, management, and, where applicable, recycling or recovery. We verify their contractual and regulatory compliance through monthly certificates, which also serve as the basis for compiling and controlling internal waste generation data.
GRI 306-3
In 2025, we managed a total of 2,087.88 tons of waste, increasing by 35.88% the amount of waste sent for final disposal compared to 2024. Compared to 2019, this represents an increase of 39.96%, which poses a challenge for 2026.
For 2025, a recalculation of PPC (per capita production) was carried out for the calculation of ordinary waste. This recalculation was performed using data reported by DANE related to waste generation. This calculation includes the consumption of Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.
Additionally, the reporting methodology was adjusted, reclassifying WEEE (Waste Electrical and Electronic Equipment) as hazardous waste (RESPEL).
Below, we present the waste generated during Grupo Bancolombia’s operations, distinguishing between waste disposed of by third parties and waste recovered by third parties. All this information is validated through certificates of final disposal or recovery, as applicable.
Managed waste includes recyclables (paper, plastic, glass, PET, cardboard, scrap), special waste, WEEE, and hazardous waste.
GRI 306-4, GRI 306-5
| YEAR | Waste not directed to disposal outside the facility (tons) | Waste directed to disposal outside the facility (tons) |
|---|---|---|
| 2025 | 544.28 | 1,543.60 |
| WASTE NOT DIRECTED TO DISPOSAL OUTSIDE THE FACILITY (T) | ||
| --- | --- | |
| HAZARDOUS WASTE | 2025 | |
| Reuse/recycling | 244.76 | |
| Other recovery | 0.00 | |
| TOTAL | 244.76 | |
| NON-HAZARDOUS WASTE | 2025 | |
| Reuse/recycling | 299.52 | |
| Other recovery | 0.00 | |
| TOTAL | 299.52 | |
| WASTE DIRECTED TO DISPOSAL OUTSIDE THE FACILITY | ||
| HAZARDOUS WASTE | 2025 | |
| Waste incinerated with energy recovery | 0.00 | |
| Waste incinerated without energy recovery | 0.20 | |
| Waste disposed of in landfill | 0.00 | |
| Waste disposed of by other means (secure landfill cell) | 0.39 | |
| TOTAL | 0.59 | |
| NON-HAZARDOUS WASTE | 2025 | |
| Waste incinerated with energy recovery | 0.00 |
| Waste incinerated without energy recovery | 0.00 | ||
|---|---|---|---|
| Waste disposed of in landfill | 1,543.01 | ||
| Waste disposed of by other means (secure landfill cell) | 0.00 | ||
| TOTAL | 1,543.01 | ||
| TOTAL WASTE | 2,087.44 | ||
| Recycling Rate | 26.07% | ||
| YEAR | Waste sent for final disposal (tons) | 2024 target vs. 2019 | Achievement of 2024 target vs. 2019 |
| --- | --- | --- | --- |
| 2025 | 1,543.60 | -30% | 3,996% |
Our Corporate Governance Matters
At Grupo Cibest, we recognize our commitment to strong corporate governance practices and transparent disclosure, which are key pillars that strengthen investor confidence, support the execution of our corporate strategy, and contribute to sustainability.
The adoption of best corporate governance practices at Grupo Cibest promotes responsible decision-making, strengthens the control environment, and enables comprehensive risk management. Likewise, the delivery of complete, accurate, and timely information allows our stakeholders to make well-informed decisions.
The report on the implementation of corporate governance practices is available at the following link:
https://www.grupocibest.com/corporativo/gobierno-corporativo/documentos-de-interes
Advancement of the Corporate Structure
As announced to the market through the material information mechanism, on May 16, 2025, the transactions aimed at evolving the corporate structure of Bancolombia and its subsidiaries were completed, in order to consolidate Grupo Cibest S.A. as the new parent company of what was formerly known as “Bancolombia Group,” now “Grupo Cibest.”
As a result of the completion of these structural changes, Bancolombia shareholders ceased to be shareholders of that company and became shareholders of Grupo Cibest S.A., which issued in their name the same number and class of shares—common or preferred. Likewise, holders of
Bancolombia American Depositary Receipts (ADRs) received equivalent ADRs of Grupo Cibest S.A.
The common and preferred shares issued by Grupo Cibest S.A. are listed on the Colombian Stock Exchange (BVC) under the symbols “CIBEST” and “PFCIBEST,” and the ADRs representing preferred shares are listed on the New York Stock Exchange (NYSE) under the symbol “CIB.”
Our Shareholders
The share capital of Grupo Cibest S.A. consists of common and preferred shares. Common shares grant their holders the right to participate in and vote at the General Shareholders’ Meeting, and to receive a proportional share of declared profits. Preferred shares grant the right to receive, at the time and in the manner approved by the Shareholders’ Meeting, a minimum preferred dividend based on the profits of the previous fiscal year. As a general rule, and except for specific decisions provided in the bylaws, preferred shares do not grant voting rights to their holders.
Grupo Cibest S.A. has authorized capital of COP 700,000,000,000 and subscribed and paid-in capital of COP 480,913,500,000, represented by 961,827,000 subscribed and paid shares.
As mentioned, on June 9, 2025, the General Shareholders’ Meeting of Grupo Cibest S.A. approved a share repurchase program. As part of the execution of this program, as of December 31, 2025, a total of 601,452 common shares and 8,010,884 preferred shares had been repurchased, for a total of 8,612,336 shares, which are held in treasury. Accordingly, 509,103,132 common shares and 444,111,532 preferred shares are outstanding, for a total of 953,214,664 shares outstanding.
As of December 31, 2025, the total number of shareholders was 52,243. Of these, 31,155 are holders of preferred shares, 16,845 are holders of common shares, and 4,243 hold both common and preferred shares.
The distribution of share capital as of December 31, 2025 is as follows:
| Class of Shares | Number of Shares Outstanding | Number of Shareholders Holding the Share Classes | Percentage of Share Capital by Share Class |
|---|---|---|---|
| Ordinary | 509,103,132 | 16,845 | 53.41% |
| Preferred | 444,111,532 | 35,398* | 46.59% |
| Total | 953,214,664 | 52,243 | 100% |
*This figure includes shareholders who simultaneously hold ordinary and preferred shares.
The above table does not include treasury shares, which total 8,612,336, between ordinary and preferred shares.
The shareholders with significant holdings as of December 31, 2025 are listed below:
| Name | % Common | % Preferred | % Total |
|---|---|---|---|
| Grupo de Inversiones Suramericana S.A. | 46.16% | 0.00% | 24.65% |
| ADR Grupo Cibest S.A. | 0.00% | 25.51% | 11.89% |
| iShares MSCI COLCAP ETF | 3.34% | 6.75% | 4.93% |
| Fondo de Pensiones Obligatorias Porvenir (Moderate) | 7.88% | 1.46% | 4.89% |
| Fondo de Pensiones Obligatorias Protección (Moderate) | 5.92% | 2.63% | 4.39% |
| Fondo de Pensiones Obligatorias Porvenir (High-Risk) | 2.26% | 6.63% | 4.29% |
As of this date, we are not aware of any beneficial owners holding an interest equal to or greater than 25% of our share capital. Grupo de Inversiones Suramericana S.A. is the beneficial owner of 24.49% of our share capital.
No public entity holds an ownership interest exceeding 5%.
We are not aware of any agreement among our shareholders intended to govern the management of the business, voting alignment, or similar matters.
Grupo Cibest S.A. holds 8,612,336 treasury shares, of which 601,452 are common shares and 8,010,884 are preferred shares.
In accordance with our Good Governance Code, the Directors and officers of Grupo Cibest S.A. may, directly or through a third party, sell or acquire shares of the company while in office, provided that such transactions are not carried out for speculative purposes and have prior authorization from the Board of Directors. Officers may not carry out such transactions during blackout periods, nor during the period between the moment they become aware of a relevant transaction or business to be undertaken by Grupo Cibest S.A. or its subsidiaries and the moment such information is disclosed to the market. The rules adopted by the Board of Directors in this regard are set out in Section 3.4 of the Good Governance Code, which can be consulted at the following link:
www.grupocibest.com/wcm/connect/www.grupocibest.com4955/3806ca80-bced-4ae9-ac00-f82f794a8be2/Codigo_de_Buen_Gobierno_Grupo_Cibest.pdf?MOD=AJPERES&CVID=pFuDaSj
In the case of Directors and members of Senior Management, Board authorization is duly disclosed to the market through the material information mechanism.
As of December 31, 2025, members of our Board of Directors and Senior Management held the following shares in the company:
| Shareholder Name | Total Shares | % Ownership |
|---|---|---|
| Juan Esteban Toro Valencia | 51,000 | 0,0% |
*Director Juan Esteban Toro holds the shares indirectly through a company.
During 2025, the Board of Directors authorized a member of Senior Management to liquidate his interest in the Institutional Fund whose sole investment consists of shares of Grupo Cibest S.A.
Members of the Senior Management of Grupo Cibest S.A. are also members of the Senior Management of Bancolombia. In their capacity as employees and members of Bancolombia’s Senior Management, they receive 30% of their variable compensation from the bank through a contribution to an Institutional Fund whose sole investment consists of shares of Grupo Cibest S.A. The Senior Management of Grupo Cibest S.A. does not receive variable compensation from this company. Likewise, as determined by the shareholders, the Directors of Grupo Cibest S.A. receive 30% of their compensation through this fund.
Communication with Our Shareholders
For Grupo Cibest S.A., maintaining open and transparent communication with its shareholders is essential, ensuring access to complete, clear, and timely information. To this end, we maintain a corporate website, available in Spanish and English, where we publish financial and non-financial information, details on the corporate structure, the composition of governing bodies, information on our officers and main shareholders, key corporate documents, and topics related to sustainability, environmental, social, and human capital management, among other relevant information.
Through the Shareholder Service Center, managed by Fiduciaria Bancolombia S.A., we handle shareholder inquiries and requests throughout the year. In 20252, we handled 581 shareholder requests, mainly related to tax certificates, updates on dividend payments, general certificates, account restrictions or unblocking, and deposit confirmations. We also handled a total of 174 calls and 80 in-person visits.
Our Investor Relations Office offers a live streaming channel for quarterly earnings presentations, where participants can submit questions in real time. Recordings and presentations from these sessions are available to the market on our corporate website. Additionally, shareholders may request specialized audits on specific topics, under the terms set forth in our Good Governance Code.
Likewise, our management team holds periodic informational meetings with investors, analysts, and credit rating agencies in Colombia and abroad to present the progress and performance of Grupo Cibest’s businesses, creating valuable opportunities for dialogue for all parties.
The Disclosure Committee, a body that reports to the Audit Committee, approves the material information to be disclosed to the market, ensuring that it is accurate, clear, and timely.
In accordance with applicable Colombian regulations and the guidelines established by the U.S. Securities and Exchange Commission (SEC), we disclose material information to the market
2 The information corresponds to the period following the completion of the corporate transactions through which Grupo Cibest S.A. became the parent company of the Group.
through the mechanism provided by the Financial Superintendency of Colombia (SFC) and through Form 6-K filings with the SEC. This information is also made available to the public on our corporate website in both Spanish and English at the following link: https://www.grupocibest.com/relacion-inversionistas/informacion-interes/informacion-relevante
During 2025, Grupo Cibest S.A. published 29 material disclosures, of which 19 were issued after the completion of the corporate restructuring through which Grupo Cibest S.A. became the Group’s parent company. Credit rating agencies did not issue additional material disclosures announcing ratings of our issued securities or of the company as an issuer.
Shareholders’ Meetings held during 2025
Prior to the completion of the transactions aimed at the evolution of the corporate structure through which Grupo Cibest S.A. became the parent company of the Group, seven extraordinary Shareholders’ Meetings and one ordinary Shareholders’ Meeting were held. These meetings were conducted for the purpose of enabling Grupo Cibest S.A. to become the parent company of the Group, within the framework of the authorization processes before the Financial Superintendency of Colombia (SFC), and the registration process with the National Registry of Securities and Issuers (RNVE) and the Colombian Stock Exchange (BVC).
Before the corporate restructuring, Grupo Cibest S.A. had subscribed and paid-in capital of COP 500,000, divided into 1,000 common shares with a nominal value of COP 500 each.
Below is the detail of each of these meetings:
1.Extraordinary General Shareholders’ Meeting: On January 15, 2025, an extraordinary meeting of the Shareholders’ Meeting of Grupo Cibest S.A. was held without prior notice, as all subscribed shares of the company were present, thus constituting a universal meeting.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved the reconstitution of the company’s Board of Directors.
2.Extraordinary General Shareholders’ Meeting: On January 31, 2025, an extraordinary meeting of the Shareholders’ Meeting of Grupo Cibest S.A. was held without prior notice, as all subscribed shares of the company were present, thus constituting a universal meeting.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved an amendment to the bylaws of Grupo Cibest S.A. in order to increase the company’s authorized capital and regulate the rights associated with preferred shares.
3.Ordinary General Shareholders’ Meeting: Held on February 20, 2025, and convened on January 29, with 15 business days’ prior notice (21 calendar days), in compliance with the term established in the bylaws and applicable regulations. The notice was published in a widely circulated national newspaper and in a newspaper of broad circulation at the company’s registered domicile.
Within the legal term, that is, 15 business days prior to the meeting, the information relevant to the Shareholders’ Meeting was made available to shareholders. Likewise, within the same period, shareholders had access to the documents subject to inspection rights at the company’s principal office.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved: the Management Report of the Board of Directors and the President, the Financial Statements as of December 31, 2024, the proposed distribution of profits and allocation to reserves, and the partial spin-off agreement by absorption of Bancolombia as the spin-off entity and Grupo Cibest S.A. as the beneficiary, along with its appendices.
4.Extraordinary Shareholders’ Meeting: On February 25, 2025, an extraordinary meeting of the Shareholders’ Meeting of Grupo Cibest S.A. was held without prior notice, as all subscribed shares of the company were present, thus constituting a universal meeting.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved an amendment to the bylaws of Grupo Cibest S.A.
5.Extraordinary Shareholders’ Meeting: On March 3, 2025, an extraordinary meeting of the Shareholders’ Meeting of Grupo Cibest S.A. was held without prior notice, as all subscribed shares of the company were present, thus constituting a universal meeting.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved the subscription price of the preferred shares, for the purpose of calculating the minimum dividend, so that it would align with the existing right associated with Bancolombia’s preferred shares.
6.Extraordinary Shareholders’ Meeting: On March 27, 2025, an extraordinary meeting of the Shareholders’ Meeting of Grupo Cibest S.A. was held without prior notice, as all subscribed shares of the company were present, thus constituting a universal meeting.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved clarifications to the approval of the partial spin-off agreement by absorption of Bancolombia as the spin-off entity and Grupo Cibest S.A. as the beneficiary, along with its appendices, and a clarification to Note 9 of the separate financial statements of Grupo Cibest S.A. as of December 31, 2024.
7.Extraordinary Shareholders’ Meeting: On May 2, 2025, an extraordinary meeting of the Shareholders’ Meeting of Grupo Cibest S.A. was held without prior notice, as all subscribed shares of the company were present, thus constituting a universal meeting.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved:
•The appointment of the Statutory Auditor for the period May 2025 – March 2027 and its fees. The appointment of PwC Contadores y Auditores S.A.S. as Statutory Auditor for the period May 2025 – March 2027 was approved.
With respect to fees, an amount of up to COP 220 million plus VAT was approved for 2025. For 2026, an amount of up to COP 273 million plus the CPI increase for 2025, plus VAT, was approved.
Likewise, the Shareholders’ Meeting authorized management, subject to approval by the Audit Committee, to make payments for additional services provided by PwC related to statutory audit and SOX functions, for an amount not exceeding ten percent (10%) of the total annual amount authorized by the Shareholders’ Meeting.
Additionally, the Shareholders’ Meeting authorized management, subject to approval by the Audit Committee, to make payments for additional services provided by PwC related to special projects, for an amount not exceeding six hundred fifty thousand U.S. dollars (USD 650,000) plus VAT.
•The Board of Directors Election Policy. In order to strengthen corporate governance, the Shareholders’ Meeting approved a policy for the election of Board members, which incorporates independence criteria as well as disqualifications and conflicts of interest applicable to candidates for Board membership as set forth in the Good Governance Code, so that these are more widely disseminated and known by shareholders. These criteria take into account the provisions applicable to commercial companies, securities issuers, entities supervised by the SFC, as well as the recommendations of the Código País. They also consider the standards applicable to companies listed in the United States and traded on the New York Stock Exchange (NYSE).
•The election of the Board of Directors for the period May 2025 – March 2027. The election of the Board of Directors of the company for the period May 2025 – March 2027 was approved, composed, in order, of the following individuals:
1.Ricardo Jaramillo Mejía
2.Juan David Escobar Franco
3.Andrés Felipe Mejía Cardona
4.Arturo Condo Tamayo
5.Luis Fernando Restrepo Echavarría
6.Silvina Vatnick
7.Sylvia Escovar Gómez
•Board of Directors compensation. The proposal for Board compensation was approved. Monthly fees for Board members and for participation in Board committees were set at COP 13,425,487 for directors residing in Colombia, and USD 3,336 for directors residing abroad, plus USD 268 per day in travel allowances for in-person attendance at Board or
committee meetings. Additionally, payment of 70% of the fees in cash and the remaining 30% through a contribution to an Institutional Fund whose sole investment consists of shares of Grupo Cibest S.A. was approved, subject to a two-year holding period from the date of the respective contribution.
8.Extraordinary Shareholders’ Meeting: On May 12, 2025, an extraordinary meeting of the Shareholders’ Meeting of Grupo Cibest S.A. was held without prior notice, as all subscribed shares of the company were present, thus constituting a universal meeting.
At the meeting, 1,000 common shares were duly represented, equivalent to 100% of the total shares outstanding as of the date of the meeting.
At this meeting, shareholders unanimously approved an amendment to the bylaws of Grupo Cibest S.A., in order to reflect the provisions set forth in Bancolombia’s bylaws, as approved by Bancolombia’s shareholders.
Following the completion of the transactions aimed at modifying the corporate structure, one extraordinary Shareholders’ Meeting was held. The Board of Directors adopted measures intended to ensure equal treatment of all our shareholders, directed at legal representatives, officers, and other employees of Grupo Cibest S.A. and Fiduciaria Bancolombia S.A. These measures include, among others, refraining from promoting the granting of blank proxies, receiving proxies in which the name of the representative is not clearly defined, accepting as valid proxies that do not meet legal requirements, suggesting the name of proxies, or recommending voting in favor of or against any proposal.
The equal treatment measures have been published as material information and made available to our shareholders on our corporate website. Additionally, we adopted actions to facilitate shareholders’ evaluation of the information related to the Shareholders’ Meeting.
Below is the detail of the Shareholders’ Meeting held in 2025 following the completion of the corporate restructuring:
1.Extraordinary Shareholders’ Meeting: Held on June 9, 2025, and convened on May 15, with 15 business days’ prior notice (24 calendar days), in compliance with the term established in the bylaws and applicable regulations. The notice was published in two widely circulated newspapers and disclosed as material information in both Colombia and the United States. Shareholders had access to the information related to the meeting and all management proposals simultaneously with the notice.
At the meeting, 441,672,595 common shares were duly represented, corresponding to 86.65% of the common shares outstanding of Grupo Cibest S.A.
At this meeting, shareholders elected the Board of Directors for the period June 2025 – March 2027, determined its compensation, and approved a change in the allocation of the legal reserve, the creation of a reserve for share repurchases, and a share repurchase program. The details of the decisions are as follows:
•Election of the Board of Directors. The election took place in connection with the completion of the corporate restructuring. The Shareholders’ Meeting elected the following directors: Ricardo Jaramillo Mejía, Juan Esteban Toro Valencia, Andrés Felipe Mejía
Cardona, Nicolás Zapata Zuluaga, Luis Fernando Restrepo Echavarría, Silvina Vatnick, and Sylvia Escovar Gómez. We published on our corporate website, with the same advance notice as the meeting notice, the timeline for candidate nominations, as well as the instructions for carrying out the process. Both documents were aligned with the procedure set forth in Article 47 of our bylaws.
Within the Board election process, a single slate was submitted by the shareholder Grupo de Inversiones Suramericana S.A. within four business days following the publication of the notice. The Good Governance Committee, nine business days prior to the meeting, assessed compliance with the selection criteria set forth in the Corporate Governance Code and analyzed the suitability, experience, and professional profile of each candidate, as well as the absence of disqualifications and conflicts of interest.
In its evaluation, the Corporate Governance Committee considered the candidates’ academic and professional background, personal qualities, analytical and managerial skills, competencies, knowledge of the industry, and expertise in financial, risk, legal, commercial, economic, and strategic matters, as well as their contribution to the leadership of Grupo Cibest S.A. and their complementarity and diversity.
In general terms, the Good Governance Committee concluded that the candidates included in the submitted slate are professionals of integrity, with high ethical standards and a strong reputation. Additionally, they possess top-tier academic backgrounds, knowledge, and professional experience enabling them to lead Grupo Cibest in line with its purpose. They meet the required analytical and managerial capabilities, have experience in risk management and sustainability, and bring a global and strategic business perspective. None of them are subject to disqualifications or conflicts of interest, and the independent members meet the conditions set forth in the Good Governance Code to be considered as such. Likewise, the candidates demonstrate a high degree of complementarity and diversity in technical strengths and academic and professional experience, both nationally and internationally, in fields relevant to the management of Grupo Cibest and the proper management of its risks and businesses. The Corporate Governance Committee’s evaluation of each candidate can be consulted on our website at the following link:
www.grupocibest.com/wcm/connect/www.grupocibest.com4955/dff423dd-5959-4934-bfde-5ea4cea4f890/Concepto_del_Comite_de_Buen_Gobierno_Perfiles_de_Junta_Directiva.pdf?MOD=AJPERES&CVID=pt64eVP
Additionally, the Shareholders’ Meeting approved the compensation of the Board of Directors. The amount of monthly fees for the Board of Directors and for participation in Board committees was set as follows:
a. For directors residing in Colombia, other than those serving as Chair, the following fees were proposed:
•Fixed monthly Board fee of COP 15,500,000.
•Fixed monthly fee for participation in the Audit and Risk Committees of COP 15,500,000.
•Fixed monthly fee for participation in the Corporate Governance and Nomination, Compensation and Development Committees of COP 5,200,000.
b.For the Chair of the Board of Directors and the Chairs of the Board committees, the following fees were proposed:
•Fixed monthly fee for the Chair of the Board of Directors of COP 20,100,000.
•Fixed monthly fee for the Chairs of the Audit and Risk Committees of COP 18,600,000.
•Fixed monthly fee for the Chairs of the Corporate Governance and Nomination, Compensation and Development Committees of COP 6,200,000.
c.For directors residing abroad, other than those serving as Chair, the following fees were proposed:
•Fixed monthly Board fee of USD 3,500.
•Fixed monthly fee for participation in the Audit and Risk Committees of USD 3,500.
•Fixed monthly fee for participation in the Corporate Governance and Nomination, Compensation and Development Committees of USD 1,200.
d.For the Chair of the Board of Directors and the Chairs of the Board committees, in the case that they reside abroad, the following fees were proposed:
•Fixed monthly fee for the Chair of the Board of Directors of USD 4,500.
•Fixed monthly fee for the Chairs of the Audit and Risk Committees of USD 4,100.
•Fixed monthly fee for the Chairs of the Corporate Governance and Nomination, Compensation and Development Committees of USD 1,400.
Additionally, it was proposed to continue recognizing travel allowances in the amount of USD 278 per day of travel for in-person attendance at Board or committee meetings for directors residing abroad. In accordance with the policy approved in prior sessions, 70% of Board compensation is paid in cash and the remaining 30% is paid through a contribution to an Institutional Fund whose sole investment consists of shares of Grupo Cibest S.A., subject to a two-year holding period from the date of the respective contribution.
•The Shareholders’ Meeting approved the creation of a reserve for share repurchases. Likewise, it authorized the allocation of COP 1.35 trillion from the legal reserve and its transfer to execute the share repurchase.
Additionally, it approved a share repurchase program for up to COP 1.35 trillion, within a term of up to one year from the approval of the program’s rules by the Board of Directors. Likewise, it authorized the Board of Directors of Grupo Cibest S.A. to issue the regulations of the repurchase program and to define and approve its terms and conditions.
Finally, it authorized the management of Grupo Cibest S.A. to execute all legal acts necessary and/or convenient to implement and complete the share repurchase program.
The details of the proposals submitted for shareholders’ consideration can be consulted at the following link:
https://www.grupocibest.com/relacion-inversionistas/informacion-interes/asambleas-accionistas
All proposals were approved by shareholders with the majorities required by law and the bylaws.
During 2025, the Shareholders’ Meeting did not approve any dividend distribution.
Our Board of Directors3
As previously mentioned, at the extraordinary Shareholders’ Meeting held on June 9, 2025, our Board of Directors was elected for the period from June 2025 to March 2027, composed of Ricardo Jaramillo Mejía, Juan Esteban Toro Valencia, Andrés Felipe Mejía Cardona, Nicolás Zapata Zuluaga, Luis Fernando Restrepo Echavarría, Silvina Vatnick, and Sylvia Escovar Gómez. Prior to their appointment, the Corporate Governance Committee evaluated the candidates and concluded that they are suitable professionals, that none of them are subject to disqualifications or conflicts of interest, and that the independent members meet the conditions set forth in the Good Governance Code to be considered as such.
Accordingly, our Board of Directors, appointed for the period from June 2025 to March 2027, has a diverse composition that integrates experience and innovative perspectives. This combination of skills, qualities, and backgrounds ensures the performance required of the governing body of an entity such as Grupo Cibest S.A.
Our Board of Directors is composed of 57% independent directors, 14% foreign directors, and 29% female representation. Seventy-one percent (71%) of our directors are over 50 years of age. Considering that the Board of Directors of Grupo Cibest S.A. was elected between May and June 2025 and therefore its members have held office for approximately six to eight months, the average tenure of directors is six months, as follows:
•Ricardo Jaramillo Mejía: Proprietary director, member of the Board since May 2025. He was reelected in June 2025. He currently serves as Vice Chair of the Board.
•Juan Esteban Toro Valencia: Proprietary director, member of the Board since June 2025.
•Andrés Felipe Mejía Cardona: Independent director, member of the Board since May 2025. He was reelected in June 2025.
•Nicolás Zapata Zuluaga: Independent director, member of the Board since June 2025. Expert in cybersecurity.
3 It is important to note that when we refer to independent or shareholder-affiliated directors, we are referring to the definitions set forth in the applicable Colombian regulations and in the Good Governance Code.
•Luis Fernando Restrepo Echavarría: Non-independent director, as he is a member of the Board of Directors of Bancolombia, a subsidiary of Grupo Cibest S.A. Member of the Board since May 2025. He was reelected in June 2025. He currently serves as Chair of the Board.
•Silvina Vatnick: Silvina Vatnick: Independent director, of Argentine nationality, member of the Board since May 2025. She was reelected in June 2025. Expert in financial matters.
•Sylvia Escovar Gómez: Independent director, member of the Board since May 2025. She was reelected in June 2025.
Directors Ricardo Jaramillo Mejía, Juan Esteban Toro Valencia, and Luis Fernando Restrepo Echavarría are also members of the Board of Directors of Bancolombia, a subsidiary of Grupo Cibest S.A.
All of our directors enjoy recognized reputations, decision-making capabilities, analytical skills, and possess the competencies required to perform their duties and assume their responsibilities as directors of an investment holding company such as Grupo Cibest S.A. Their knowledge and areas of expertise allow for comprehensive risk assessment and contribute to the financial, internal control, technological, commercial, economic, and legal aspects of Grupo Cibest. None of our directors is an employee of Grupo Cibest S.A. or its subsidiaries.
The professional profiles of our directors, together with their academic and professional background, as well as their participation in governing bodies of other organizations, are available on our corporate website. They can be consulted under the Board of Directors section at the following link:
https://www.grupocibest.com/corporativo/gobierno-corporativo/junta-directiva-alta-gerencia
As previously noted, the Shareholders’ Meeting at its extraordinary meeting held on June 9, 2025 approved the compensation of the Board of Directors.
With respect to independence, while we comply with the provisions of Law 964 of 2005 and the requirements established by the New York Stock Exchange (NYSE), we also adopt more stringent criteria to ensure the autonomy and objectivity of our directors. These criteria establish, among other things, that an independent director must not only lack employment, commercial, or control relationships with the company and its subsidiaries, but also must not have significant relationships with major shareholders, key suppliers, or clients representing a substantial portion of revenues. The details of the independence criteria adopted by Grupo Cibest S.A. can be found at the following link: https://www.grupocibest.com/wcm/connect/www.grupocibest.com4955/22543096-07ca-4246-844f-f409fff85a77/Reglamento_de_Eleccion_de_Junta_Directiva_Grupo_Cibest.pdf?MOD=AJPERES&CVID=pMatHLP
Reg
Operation of the Board of Directors during 2025
In accordance with our bylaws, the Board of Directors has broad authority to order the execution or entering into of any act or contract within the corporate purpose and to adopt the decisions
necessary for Grupo Cibest S.A. to fulfill its objectives. Among its main responsibilities, the Board defines general, financial, and risk policies, as well as the strategic objectives of both Grupo Cibest S.A. and Grupo Cibest (as a holding company), and evaluates their performance.
In addition, it has special powers, including, among others:
•Establishing the general framework for salaries and non-statutory benefits.
•Defining the general organizational structure deemed appropriate for the proper management of Grupo Cibest S.A. and Grupo Cibest.
•Approving the creation of vice presidencies and appointing legal representatives.
•Overseeing the effectiveness of the internal control system, risk management systems, and legal compliance.
•Authorizing the incorporation of subsidiaries, as well as the acquisition, subscription, or disposal of shares, quotas, or rights in other companies or entities that meet the conditions set forth in our bylaws.
•Appointing the members of the Board committees.
•Approving the Code of Ethics and the Good Governance Code.
•Promoting respect for and equal treatment of all shareholders and other investors in securities.
•Conducting, under the terms established in the Corporate Governance Code, the evaluation of its own performance and that of the President of Grupo Cibest S.A.
The functions of the Board of Directors are set forth in Article 60 of our bylaws. The Board’s Rules of Procedure are incorporated into the Good Governance Code. Both documents are available in Spanish and English on our corporate website:
https://www.grupocibest.com/corporativo/gobierno-corporativo/documentos-de-interes
It should be noted that the Board of Directors has an advisor specialized in technology matters.
Among other functions carried out during 2025, in its capacity as the highest governing and management body, the Board of Directors:
•Approved the creation of vice presidencies and appointed senior management.
•Appointed the Chair and Vice Chair of the Board of Directors.
•Authorized the filing of Form F-6 with the SEC to register the ADRs of Grupo Cibest S.A., within the framework of the corporate restructuring process through which the company became the parent of the Group.
•Approved the establishment and composition of the Board committees, as well as their rules of procedure.
•Approved amendments to the rules of procedure of the Risk, Audit, and Nomination, Compensation and Development Committees.
•Approved amendments to the Good Governance Code.
•Appointed the principal and alternate Compliance Officer.
•Approved the Board’s thematic agenda for 2025 and the annual calendar of ordinary Board and committee meetings for 2026.
•Approved the AML/ATF Manual, the Code of Ethics and Conduct, the Anti-Fraud Program, and the Internal Audit Charter.
•Approved the establishment of the Corporate Ethics Committee and its rules of procedure.
•Approved the Risk Management Manual and its appendices, as well as their amendments.
•Approved the Clawback Policy, in accordance with SEC and New York Stock Exchange (NYSE) regulations.
•Authorized the incorporation and capitalization of subsidiaries.
•Approved the rules of the share repurchase program, the regulation of which had been authorized by the Shareholders’ Meeting at its extraordinary meeting held on June 9, 2025.
•Reviewed reports from management, internal audit, and the statutory auditor on the development of the various risk management systems.
•Through the Risk Committee, monitored the various risks to which Grupo Cibest S.A. and the main entities of the Group are exposed.
•Monitored the proper functioning of control, risk monitoring, and compliance systems, making recommendations for their continuous strengthening.
•Monitored the financial results of Grupo Cibest S.A. and Grupo Cibest.
•Analyzed the strategy and performance of the businesses in the geographies where the Group operates.
•Authorized management to carry out the sale of 100% of the shares of Banistmo held by Grupo Cibest S.A. to Inversiones Cuscatlán Centroamérica S.A. or any of its subsidiaries, as well as all procedures and acts necessary to complete such transaction, including the execution of the share purchase agreement.
On June 18, 2025, the Board of Directors elected Luis Fernando Restrepo Echavarría, a non-independent director, as its Chair, and appointed Ricardo Jaramillo Mejía, a shareholder-affiliated director, as Vice Chair. Likewise, the Board of Directors appointed the members of its Board committees.
In fulfillment of the assigned duties, the Chair ensured the efficiency and proper performance of the Board and guided discussions with the aim of ensuring the participation of directors and the relevance and effectiveness of deliberations. Additionally, together with the General Counsel and Corporate Secretary and the Corporate Governance Committee, he oversaw the annual evaluation process of the Board of Directors and its committees, as well as the process for defining the Board’s annual agenda. This agenda guides the Board’s activities, helping to plan, monitor, and fulfill its governance and oversight responsibilities. It enables the Board to address business strategy, risks, and adapt to the dynamics of the environment, the evolution of operations, and the needs of Grupo Cibest.
The Vice President of Legal Affairs and Corporate Secretary, in addition to the functions already mentioned, is responsible for making available to directors the information and documentation to be reviewed in Board and committee meetings. Additionally, she is responsible for recording in the Board minutes the development of the sessions and decision-making processes, and for ensuring compliance with corporate governance procedures and rules, in accordance with the bylaws and other corporate documents.
Between January and May 2025, the Board of Directors of Grupo Cibest S.A. met four times.
From May 2025 onward, eight ordinary Board meetings and four extraordinary meetings were held, including meetings conducted through successive communication, with an average attendance rate of 98%.
The average attendance rate for Board meetings by each director is as follows:
•Ricardo Jaramillo Mejía: 100%
•Juan Esteban Toro Valencia: 100%
•Andrés Felipe Mejía Cardona: 100%
•Nicolás Zapata Zuluaga: 100%
•Luis Fernando Restrepo Echavarría: 100%
•Silvina Vatnick: 100%
•Sylvia Escovar Gómez: 83%
As established in the Board’s Rules of Procedure, set forth in Section 3.1 of the Good Governance Code, directors must have sufficient time availability to fulfill their responsibilities to Grupo Cibest S.A., which includes thoroughly reviewing materials and attending meetings. This availability also implies attendance of no less than 80% of total annual meetings of the Board and its committees, except in duly justified cases of force majeure.
The total amount paid to directors for their participation in the Board and its committees during 2025 amounted to COP 1,945,189,040. Travel allowances totaled COP 38,820,847.
For 2026, a budget of approximately COP 2.269 billion4 is estimated for Board and committee fees.
Board Committees
Our Board of Directors has four committees. Each committee has a Chair and internal rules of procedure that regulate its composition, meeting frequency, and functions. At the Board meeting immediately following a committee session, the committee Chair reports to the full Board, informing it of the matters reviewed and the decisions made during the session, or the decisions recommended to the Board.
Good Governance Committee
The Good Governance Committee is composed of three members of the Board of Directors, at least one of whom must be independent. The President of Grupo Cibest S.A. attends its meetings on a permanent basis. The Vice President of Legal Affairs and Corporate Secretary of Grupo Cibest S.A. acts as Secretary of the Committee. The main purpose of the Committee is to assist the Board of Directors of Grupo Cibest S.A. and Bancolombia in the fulfillment of their functions related to corporate governance of Grupo Cibest S.A., Bancolombia, and the Group as a whole. Additionally, the Committee is responsible for approving the ESG strategy and overseeing its implementation.
During 2025, with respect to Grupo Cibest S.A., the Committee reviewed and recommended the proposal for Board compensation, which was approved by the Shareholders’ Meeting at its extraordinary meeting held on June 9, 2025. It also evaluated the Board’s annual agenda for that year and recommended that the Board adopt amendments to the Good Governance Code and to the rules of procedure of the Good Governance Committee.
As previously noted, for the election of the members of the Board of Directors of Grupo Cibest S.A. carried out by the Shareholders’ Meeting at its extraordinary meeting held on June 9, 2025, the
4 It does not include advisory fees for the Board of Directors that may be required in the course and evolution of the business. Travel allowances may vary depending on the scheduling of extraordinary in-person meetings.
Committee conducted an evaluation of compliance with the selection criteria set forth in the Good Governance Code and analyzed the suitability, experience, and professional profile of each candidate, as well as the absence of disqualifications and conflicts of interest.
With respect to sustainability, the Committee monitored the ESG strategy and indicators and reviewed the ESG disclosure framework for the geographies in which we operate.
During 2025, the Committee met five times, with an average attendance rate of 100%, as follows:
•Luis Fernando Restrepo Echavarría, non-independent director and Chair of the Committee: 100%
•Sylvia Escovar Gómez, independent director: 100%
• Silvina Vatnick, independent director: 100%*
*Silvina Vatnick was appointed as a member of the Good Governance Committee on June 18, 2025. Prior to that date, the Committee met with the participation of Arturo Condo Tamayo, former independent director, who attended 100% of the sessions.
Nomination, Compensation and Development Committee
The Nomination, Compensation and Development Committee is composed of at least three members of the Board of Directors, one of whom must be independent. The President of Grupo Cibest S.A., the Vice President of Talent and Culture, the Corporate Vice President, and the Compensation and Incentives Manager, who acts as Secretary of the Committee, attend the Committee meetings.
The main purpose of the Nomination, Compensation and Development Committee is to support the Board of Directors of Grupo Cibest S.A. and Bancolombia in matters related to the determination of policies and provisions for the selection, appointment, hiring, and compensation of Senior Management, and, in general, all matters related to the compensation model of Grupo Cibest.
During 2025, the Committee met three times. The Committee approved adjustments to the cost of capital methodology, evaluated changes in the distribution of the variable compensation model, and made recommendations on the structure and compensation for Grupo Cibest. It had an average attendance rate of 100%, as follows:
•Sylvia Escovar Gómez, independent director and Chair of the Committee: 100%
•Luis Fernando Restrepo Echavarría, non-independent director: 100%
•Ricardo Jaramillo Mejía, shareholder-affiliated director: 100%
Risk Committee
The Risk Committee of Grupo Cibest S.A. is composed of three members of the Board of Directors. The Chair of the Committee must be an independent director. Committee meetings may be attended, as guests, by the President of the Group, the Vice President of Risk, and other employees of the Group, depending on the relevance of the matters to be discussed.
The Committee meets at least every two months and its main purpose is to support the Board of Directors in the approval, monitoring, and control of corporate-wide policies, guidelines, and strategies for the management of Grupo Cibest’s risks.
In the performance of this function, during 2025, the Committee supported the Board of Directors in understanding and assessing the risks to which Grupo Cibest is exposed, considering, among other aspects, the analysis of the capital required to support such risks. Likewise, it approved, monitored, and controlled the corporate-wide policies, guidelines, and strategies for managing the risks to which the Group is exposed.
The Committee met six times in 2025, with an average attendance rate of 100%, as follows:
•Andrés Felipe Mejía Cardona, independent director and Chair of the Committee: 100%
• Silvina Vatnick, independent director: 100%
•Juan Esteban Toro Valencia, shareholder-affiliated director: 100%*
*Juan Esteban Toro Valencia was appointed as a member of the Risk Committee on June 18, 2025, following his election by the Shareholders’ Meeting on June 9, 2025. Prior to that date, the Committee met with the participation of Juan David Escobar Franco, former shareholder-affiliated director, who attended 100% of the sessions.
Audit Committee
The Audit Committee of Grupo Cibest S.A. is composed of three independent members of the Board of Directors, one of whom is a financial expert and another a cybersecurity expert. The Committee is attended by the Vice President of Internal Audit of Grupo Cibest S.A., the statutory auditor, and Dr. Luis Alberto Zuleta, external advisor to the Audit Committee. When the matters to be discussed include technological issues, an external advisor to the Board of Directors also attends.
The Committee meets at least every two months, and its main objective is to support the Board of Directors in overseeing the effectiveness of the internal control system of Grupo Cibest S.A., in particular, and of Grupo Cibest as a whole, as well as its continuous improvement.
During 2025, the Committee oversaw the integrity of the financial statements, the financial reporting process, and the internal accounting and financial control systems. It also approved and monitored the execution of the Internal Audit and statutory audit work plans, ensuring their autonomy, objectivity, and independence. It monitored the various programs managed by the Compliance function, including AML/ATF, Ethics, Integrity, Data Protection, and the Anti-Fraud Program (PAF). Likewise, it recommended to the Board the approval of the Internal Audit Charter, the Anti-Fraud Program Policy, the Zero Tolerance for Fraud Policy, the Anti-Corruption Policy, the Misappropriation of Assets Policy, and the Financial Reporting Fraud Policy.
The Audit Committee met seven times in 2025, one of which was held through written consent, with an average attendance rate of 100%, as follows:
•Silvina Vatnick, independent director and Chair of the Committee: 100%
•Nicolás Zapata Zuluaga, independent director: 100%
•Andrés Felipe Mejía Cardona, independent director: 100%
*Nicolás Zapata Zuluaga was appointed as a member of the Audit Committee on June 18, 2025, following his election by the Shareholders’ Meeting on June 9, 2025. Prior to that date, the Committee met with the participation of Arturo Condo Tamayo, former independent director, who attended 100% of the sessions.
Information Management
The timely provision of information is essential for our directors to actively participate in meetings and make informed decisions. In this regard, we use a web-based tool with exclusive access for directors through which we make available to them, at least four days in advance, the materials to be presented at Board committee meetings and Board meetings, for prior review and analysis. In addition to ensuring timely access to information, this tool protects the confidentiality of the information.
Article 36 of the bylaws establishes the duty of confidentiality of directors, in line with the Good Governance Code. Paragraph 4 of that article provides that any person appointed as a member of the Board of Directors adheres to the Information Handling Policy set forth in the Good Governance Code and undertakes to sign the Agreement for Access to and Use of Information. This policy, developed in Section 3 of the Good Governance Code, establishes that directors must safeguard and protect the confidentiality of the information to which they have access, bearing in mind that their duties as directors must be performed in the best interest of Grupo Cibest S.A., taking into account the interests of its shareholders, and therefore must refrain from using confidential information for any purpose other than the performance of their duties.
Evaluation of the Board of Directors and its Committees
In accordance with the provisions of the Corporate Governance Code, the Board of Directors of Grupo Cibest S.A. must conduct an annual evaluation of its performance and that of its committees. These evaluations alternate between internal and external assessments. Accordingly, between October 2025 and January 2026, the external advisor AT Kearney S.A.S. (“AT Kearney”) conducted an evaluation of the performance of Grupo Cibest S.A.’s Board during 2025, which corresponds to the first evaluation under the new Group structure. This initial evaluation constituted the baseline and initial diagnostic for the Board of Directors and aimed to identify the critical capabilities required to strengthen the role and effectiveness of this governing body and to ensure strategic discussions aligned with the challenges of Grupo Cibest S.A.
In the external evaluation conducted by AT Kearney, a methodology structured around six dimensions was used: (i) governance structure, (ii) decision-making process, (iii) group governance, (iv) strategic focus, (v) coordination, and (vi) interaction. These dimensions are further divided into components, which are broken down into elements and specific criteria. The evaluation scores fall within four stages of excellence, as follows: the first stage corresponds to a basic level of maturity with respect to the criterion evaluated, with practices aimed at addressing the company’s organic needs (score from 0 to 25); the second stage is characterized by compliance with formal, regulatory requirements and commonly accepted local practices (score from 26 to 50); the third stage reflects a level of maturity aligned with international standards and best practices (score from 51 to 75); and the fourth stage corresponds to superior performance, exceeding formal requirements and international standards (score from 76 to 100).
Additionally, the evaluation process included document review, interviews, and the completion of questionnaires by both members of the Board of Directors and Senior Management.
According to AT Kearney’s report, all evaluated dimensions show that the Board of Directors of Grupo Cibest S.A. performs adequately in terms of international standards, best practices, and requirements. The six dimensions obtained scores above 90 points, and three of them achieved the
maximum score of 100, confirming that this governing body is effective, performs well, and adds value to the organization.
In addition, the evaluation identified as strengths of this governing body “an outstanding relationship of trust, respect, and collaboration between the Board of Directors and management; a diligent and transparent decision-making process, with appropriate management of conflicts of interest and rigorous deliberation, which strengthens investor confidence; work plans that ensure disciplined oversight of business priorities and the organization’s internal control system; and appropriate management of the Board committees, whose analyses and recommendations ensured an orderly operation focused on value creation.”
Notwithstanding its superior performance as a Board of Directors, the evaluation also identified areas for improvement, which were reported and for which specific action plans will be implemented. Likewise, recommendations were made, among others, to strengthen the exercise of the Board’s role as the governing body of a parent company and to orient discussions toward a Group-wide perspective.
The results of the evaluation were reviewed by the Good Governance Committee and by the Board of Directors in February 2026.
Board of Directors Training
The training received by directors enables them to perform their duties adequately.
The Corporate Governance Code, in Item (m) of Paragraph 3.1, documents the Directors’ Induction and Training Policy. In implementation of this policy, and with the objective of facilitating the understanding by newly appointed Board members of their responsibilities and of the organization’s functioning, the Corporate Secretary coordinates their induction plan, based on each director’s experience, background, and profile, the committees in which they will participate, and their prior knowledge of the entity. Accordingly, Juan Esteban Toro Valencia and Nicolás Zapata Zuluaga, once appointed as directors, completed an induction and training plan.
Additionally, Grupo Cibest S.A. provides directors with regular opportunities to update their knowledge and skills through training and educational programs on academic, commercial, and strategic topics related to the competencies of the Board and its committees, and on topics that the Board of Directors and Senior Management define as relevant and appropriate each year. Attendance at seminars and events that enable interaction with national and international organizations, institutions, and companies is also encouraged.
As part of these training activities, during 2025, directors attended the Directors’ Meeting organized by Bancolombia, which is held every two years and brings together Board members from all entities within Grupo Cibest.
On this occasion, the event included participation by external speakers, members of management, and Ricardo Jaramillo Mejía, member of the Boards of Directors of Grupo Cibest S.A. and Bancolombia, and President of Grupo Sura. Management presentations addressed key topics such as the evolution of Grupo Bancolombia into Grupo Cibest and the Group’s corporate strategy.
On September 30 and October 1, Director Nicolás Zapata Zuluaga attended the Cyber Risk and Cybersecurity course at the Massachusetts Institute of Technology (MIT), aimed at strengthening
the strategic and managerial understanding of cyber risks through a multidisciplinary approach. This program addresses cybersecurity as an organizational challenge that goes beyond technology, incorporating human, cultural, and management dimensions.
Our Senior Management
Senior Management is responsible for implementing and executing the strategy, and for achieving the organization’s corporate objectives in the medium and long term. Senior Management is composed of the President of Grupo Cibest S.A. and the Vice Presidents who report directly to him. During 2025, Senior Management was composed of the following individuals, who were appointed on April 30, 2025:
•Juan Carlos Mora Uribe, President. The administration and management of Grupo Cibest S.A. are the responsibility of the President, who has an integrated view of all the companies within Grupo Cibest, with clear reporting lines and allocation of responsibilities. The President, supported by the Senior Management team, sets the goals and objectives and validates strategic execution and plans, ensuring that they are integrated within the Group context.
•Mauricio Rosillo Rojas, Vice President of Business. His main responsibility is to drive strategic synergies among the different businesses of Grupo Cibest, promoting joint value creation and strengthening the competitive position of each of the Group’s business units.
•Julián Mora Gómez, Corporate Vice President. He is responsible for ensuring the ethical, reputational, and cultural cohesion of Grupo Cibest, ensuring that business units operate under the highest standards of integrity and corporate alignment. To this end, he coordinates cross-cutting areas such as Reputation and Communications, Human Resources, Compliance, and Diversity, Equity and Inclusion.
•Jaime Alberto Villegas Gutiérrez, Vice President of Corporate Services. He leads the evolution and delivery of corporate services, driving synergies that strengthen operational, technological, analytical, administrative, and cybersecurity capabilities.
•Rodrigo Prieto Uribe, Vice President of Risk. He oversees the vision and strategy for enterprise risk management, defining methodologies and risk appetite to ensure a corporate culture of control and prevention that contributes to value creation and the sustainability of Grupo Cibest.
•Cipriano López González, Vice President of Innovation and Sustainability. He leads the evolution and transformation of Grupo Cibest through a corporate innovation and partnerships strategy, focused on generating new sources of value for stakeholders. He is also responsible for leading the implementation of the sustainability strategy.
•José Mauricio Rodríguez Ríos, Vice President of Audit. His main function is to evaluate the effectiveness of the internal control system, as well as the quality of the systems established to ensure compliance with applicable regulations. Additionally, he analyzes the company’s organizational structure, proposing solutions to address identified areas for improvement.
•Claudia Echavarría Uribe, Vice President of Legal Affairs and Corporate Secretary. She leads the corporate secretariat and legal strategy of Grupo Cibest S.A., identifying, managing,
and mitigating legal risk inherent in the organization’s activities and developing innovative legal solutions to ensure the sustainability and purpose of the Group. She also promotes compliance with high legal standards across Grupo Cibest and strong corporate governance.
•Mauricio Botero Wolff, Vice President of Strategy and Finance. His mission is to lead strategic planning, corporate development, and value creation for Grupo Cibest through the integrated management of financial, accounting, and treasury operations. He is also responsible for financial control and investor relations.
The professional profiles, academic background, and professional experience of the members of Senior Management can be consulted on our corporate website at the following link, under the Senior Management section:
https://www.grupocibest.com/corporativo/gobierno-corporativo/junta-directiva-alta-gerencia
As a relevant subsequent event, we report that on February 13, 2026, Grupo Cibest S.A. announced to the market, through the material information disclosure mechanism, that as part of the evolution that led to the creation of Grupo Cibest, its Board of Directors adopted the following decisions regarding Senior Management:
•To create the Vice Presidency of Payments, Flows and Insurance of Grupo Cibest. This Vice Presidency will report directly to the President and will be focused on the strategic direction and coordination of the Group’s capabilities to evolve the payments, flows, and insurance business. This Vice Presidency will be led by Liliana Patricia Vásquez Uribe.
•To create the Vice Presidency of Business Development of Grupo Cibest. This Vice Presidency will report directly to the President and will be responsible for evolving and strengthening the alignment of the value proposition of the businesses at the Group level. This Vice Presidency will be led by Julián Mora Gómez.
•To appoint Alejandro Botero López as Corporate Vice President of Grupo Cibest, replacing Julián Mora Gómez.
•To eliminate the Vice Presidency of Innovation and Sustainability of Grupo Cibest. In line with the above, to accept the resignation of Cipriano López González as Vice President of Innovation and Sustainability. The teams of the Vice Presidency of Innovation and Sustainability will be integrated into other vice presidencies.
•To approve the change in designation of the Vice Presidency of Legal Affairs and Corporate Secretary of Grupo Cibest to the Vice Presidency of Corporate Governance. Claudia Echavarría Uribe will continue to lead this vice presidency and will retain the role of Corporate Secretary.
The Board of Directors is responsible for the appointment, compensation, and replacement of Senior Management, as well as for assigning their main responsibilities and overseeing their succession plan, for which it may rely on the Nomination, Compensation and Development Committee. Accordingly, the Board of Directors evaluated the performance of Senior Management and, through the Chair of the Board and with the support of the Nomination, Compensation and Development Committee, evaluated the performance of the President of Grupo Cibest S.A.
Grupo Cibest S.A. has a compensation strategy for its executive team that is continuously monitored. Members of the Senior Management of Grupo Cibest S.A. are also members of the Senior Management of Bancolombia. These members receive fixed compensation from Grupo Cibest S.A. in their capacity as employees and members of Senior Management of this company. In turn, in their capacity as employees and members of Senior Management of Bancolombia, they receive fixed compensation, variable compensation, and benefits. Variable compensation, with its short- and long-term components, seeks to encourage the achievement of targets, reward value creation, align the interests of the executive team with those of shareholders, and recognize and incentivize high employee performance in line with the organizational strategy.
The variable compensation policy paid by Bancolombia is based on value creation. Bonuses are paid when organizational results, in terms of profits, exceed the cost of capital. The model measures the achievement of strategic planning targets, which must be aligned with the strategic direction defined by the Board of Directors. Likewise, long-term results are promoted. For this purpose, long-term performance indicators (three-year period) are considered, including value creation at the holding level (SVA), the sustainability index (Dow Jones Sustainability Index), and the loyalty indicator (competitive NPS). During 2025, the Board of Directors, through the Nomination, Compensation and Development Committee, conducted a comprehensive review of the short- and long-term compensation model in alignment with the Group’s strategy.
Thirty percent of variable compensation is delivered through participation in the SVA Institutional Voluntary Pension Fund, which is represented by shares of Grupo Cibest S.A.
Note 28 “Related party transactions” of the consolidated financial statements (Note 17 of the separate financial statements) contains the detail of labor-related payments made to Senior Management.
The withdrawal of resources from the SVA Fund by managers of Grupo Cibest S.A. must follow an authorization process before the Board of Directors, and the authorization granted to members of Senior Management is disclosed to the market through the material information mechanism.
Finally, the Clawback Policy is in place, which governs the process by which Grupo Cibest S.A. may recover incentive-based compensation that was granted in excess to executives in the event of a financial statement restatement due to a material non-compliance with financial reporting requirements under securities market law. The approved policy can be consulted on our corporate website at the following link: www.grupocibest.com/wcm/connect/www.grupocibest.com4955/9ea562a1-2f3b-4b1f-be04-a8683fd7e37f/Grupo_Cibest_Clawback_Policy.pdf?MOD=AJPERES&CVID=pKkN83R
Related-Party Transactions
At Grupo Cibest, we have entities that provide financial services; therefore, the clients of these entities, including related parties, have access to the financial products and services offered by these Group companies. In addition, agreements and alliances are entered into in accordance with business needs and development.
Commercial and business relationships with related parties are conducted at market terms and in the best interest of Grupo Cibest. Although such transactions are not considered inherently conflicting,
there is a possibility that management may face dilemmas in decision-making. Employees and management of Grupo Cibest are expected to act with the utmost prudence when faced with an actual or apparent conflict of interest, in accordance with the internal policies and guidelines set forth in our Good Governance Code and our Code of Ethics and Conduct, which can be consulted on our website.
When a Director (member of the Board of Directors) determines that, in the performance of his or her duties, he or she may face a potential conflict of interest, the Director in the conflict situation, or any other Director aware of such potential conflict, must immediately inform the other members of the Board. The Director in the conflict situation shall, in all cases, refrain from participating in the discussion and decision of the matter giving rise to the conflict of interest; and the Board shall deliberate and decide without the participation of the conflicted Directors, provided their presence is not required to meet the quorum necessary to deliberate and decide. Otherwise, the conflict shall be submitted to the competent body in accordance with applicable regulations, including the specific rules governing financial conglomerates.
Without prejudice to other legal or contractual definitions that Grupo Cibest S.A. must comply with regarding related parties, for corporate governance purposes our Good Governance Code considers as related parties the companies under the control of Grupo Cibest S.A.; members of our Board of Directors and Senior Management, as well as their spouses and children; companies in which members of the Board of Directors and Senior Management hold an equity interest greater than 10%; entities that form part of the Sura-Bancolombia Financial Conglomerate; other shareholders of Grupo Cibest S.A. holding more than 10% of our share capital; and entities controlled by such shareholders. Additionally, the Good Governance Code includes policies under which related-party transactions are classified based on their recurrence and materiality, so that appropriate standards for identification, disclosure, evaluation, and approval are applied.
During 2025, transactions entered into with entities belonging to the Sura-Bancolombia Financial Conglomerate were conducted at market terms and under the premise of not compromising the companies’ ability to meet their obligations to third parties. Each party acted in its own best interest.
In July, the Board of Directors authorized the son of one of the Directors to acquire shares of Grupo Cibest S.A. through a portfolio of a voluntary pension fund managed by Protección. The involved Director abstained from participating in the decision, and the transaction was unanimously approved by the remaining members of the Board of Directors. This authorization was disclosed through the material information mechanism on July 23, 2025.
In accordance with applicable regulations and the procedure established in the Audit Committee’s rules of procedure and the Good Governance Code, the Board of Directors, following a recommendation from the Audit Committee, issued its opinion on a potential conflict of interest and reviewed and approved two transactions with Bancolombia that could represent a potential conflict of interest for the management of Grupo Cibest S.A., related to financial services and the execution of an inter-administrative contract. In both cases, the Directors who are also members of the Board of Directors of Bancolombia abstained from participating in the decision, and the transactions were unanimously approved by the remaining members of the Board of Directors.
Grupo Cibest S.A. disclosed its related-party transactions in Note 28 of the consolidated financial statements and in Note 17 of the standalone financial statements.
Furthermore, Grupo Cibest promotes the execution of agreements and contracts among the companies that make up the Group. Under the understanding that transactions involving the consumption of products and services reflect each party’s interest in obtaining the best conditions for its own benefit, none of the transactions entered into by Grupo Cibest S.A. with its affiliates or subsidiaries were carried out exclusively in the interest of the parent company. Certain Group entities that provide financial services, in the ordinary course of business, entered into asset and liability transactions and provided financial services to Grupo Cibest S.A., in accordance with applicable legal provisions and in line with the principles set forth in the Good Governance Code.
In compliance with the provisions of Article 29 of Law 222 of 1995, the most significant transactions carried out during 2025 are listed below, detailing for each one the type of transaction, conditions, and effects on the company. The figures below are expressed in millions of Colombian pesos.
Bancolombia S.A.
As of the end of the reporting period, the main asset-side transactions of Grupo Cibest S.A. with Bancolombia S.A. consist of term deposits (CDTs) amounting to COP 1,331,571 million and deposits in savings and checking accounts totaling COP 115,689 million.
These transactions generated interest income for Grupo Cibest S.A. of COP 62.984 billion. In addition, Grupo Cibest S.A. incurred fee expenses of COP 123 million.
Bancolombia Panamá S.A.
As of the end of the reporting period, Grupo Cibest S.A. had loans with Bancolombia Panamá S.A. with an outstanding balance as of December 31 of COP 1,412,752 million. It also held deposits in savings accounts amounting to COP 1.131 billion.
These transactions generated interest expenses for Grupo Cibest S.A. of COP 56.554 billion, as well as interest income of COP 37 million.
Additionally, Grupo Cibest recorded banking service fee expenses of COP 10 million.
Fiduciaria Bancolombia S.A.
As of the end of the reporting period, Grupo Cibest S.A. recorded fee expenses with Fiduciaria Bancolombia S.A. of COP 531 million.
Regulatory Reports
Legal Status of the Company
During 2025, our activities, businesses, and operations were conducted within the legal framework applicable to a corporation and a securities issuer, subject to the exclusive supervision of the Financial Superintendency of Colombia (SFC). Likewise, we complied with the provisions applicable to securities issuers in Colombia and the United States and duly addressed all legal requirements.
The results of our operations are properly reflected in the financial statements, and material events that occurred during the period were duly disclosed to the market through the reporting mechanisms established by the SFC and the SEC.
As of the date hereof, we have not been notified of, nor are we aware of, any legal proceedings that could put our operations at risk. However, the Group’s main contingencies arising from ongoing legal proceedings are disclosed in Note 21.2 of the consolidated financial statements.
During the period, we continuously monitored regulatory changes and ongoing regulatory developments in order to understand and anticipate their impact on our operations.
In accordance with the provisions of Law 1676 of 2013, we complied with our obligations regarding the receipt and payment of invoices issued to us. In this regard, and with the purpose of facilitating their circulation and payment, we adopted, among others, measures aimed at ensuring that invoices are duly processed for timely payment and that invoice discounting transactions are handled with due diligence.
We inform our shareholders that we comply with intellectual property and copyright regulations in the conduct of our business, holding the relevant rights or the necessary authorizations and/or licenses to exploit them through agreements with the rights holders or their authorized distributors of industrial property and/or copyright.
As of December 31, 2025, and subsequent to the closing date, we are not aware of any pending claims from authorities or third parties involving potential violations of intellectual property regulations. Our Grupo Cibest trademark, in its word, combined, and figurative forms, as well as other relevant Group trademarks, are duly registered with the competent authority.
Internal Control Systems
The Internal Control System of Grupo Cibest S.A. (hereinafter, the “ICS”) is based on policies, manuals, procedures, and verification and evaluation mechanisms designed in accordance with the complexity of the business, integrating principles, components, and international best practices such as the framework of the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), local regulatory provisions, and quality standards related to internal control and risk management practices. Its objective is to provide reasonable assurance regarding the effectiveness and efficiency of operations, the reliability of financial information, and regulatory compliance.
The ICS is led by Senior Management, as provided in the bylaws, the Corporate Governance Code, and the Internal Control Policy, and is continuously evaluated by oversight and assurance bodies such as the Board of Directors and the Audit Committee. It is aligned with the Three Lines Model, which defines roles for risk management and oversight, promoting a culture of self-control, self-management, and self-regulation.
Although Grupo Cibest S.A. began operations in 2025, its ICS was built on the basis of the consolidated model previously in place at the former Bancolombia Group, which allowed the adoption from the outset of a robust structure aligned with international standards. During the year, no significant structural changes were made. Updates focused on reviewing and adjusting policies and procedures to address business needs, comply with regulatory requirements, and optimize operational efficiency, while maintaining the essence of the model and its strategic alignment.
Risk Policy and Its Application
Grupo Cibest S.A. has a Risk Management System aimed at preserving the effectiveness, efficiency, and overall performance of risk management, protecting operational capacity, and reducing the probability and impact of events that may affect the achievement of the organization’s strategic objectives. This management is carried out in compliance with applicable regulations and with the support of the Board of Directors and the Risk Committee, which are responsible for approving, overseeing, and controlling policies, methodologies, and strategies for the identification, measurement, control, and monitoring of risks.
In this context, Grupo Cibest S.A., in its capacity as the Group’s parent company, promotes comprehensive risk management through the establishment of corporate guidelines that allow Group entities to be aligned under common principles, while respecting their autonomy and ensuring consistency with the corporate strategy. This model seeks to anticipate and mitigate the materialization of risks to which the Group is exposed through the definition of policies and methodologies aligned with the risk appetite framework, fostering business sustainability and building trust among shareholders, clients, and other stakeholders in a regulated and highly competitive environment.
To strengthen comprehensive risk management, Grupo Cibest S.A. applies the Three Lines Model, which enables the identification of roles and processes that best support the achievement of organizational objectives and facilitate strong governance and risk management. Under this model, and under the guidance and oversight of the Board of Directors and Senior Management, the Group establishes independent roles to ensure effectiveness and efficiency in risk management. Accordingly, the first line is responsible for leading the proper management of risks and controls, based on the policies, methodologies, and tools defined by the second line for the proper functioning of the ICS, which also performs monitoring and challenge of risks; and the third line is responsible for providing independent assurance to the Board of Directors and its Committees regarding the internal control system and risk management.
This framework contributes to the sustainability of the business and to stakeholder confidence.
The details of risk management are set out in the Risk Report, which can be consulted on page 93, as well as in the risk management note of the consolidated and standalone financial statements.
Oversight of Risk Management and Internal Control
The third line of defense performs independent and objective assessments of risk management, the ICS, and corporate governance, executing the reviews established in the audit plan in order to verify their effectiveness, including key controls over financial reporting. The improvement opportunities identified are translated into action plans aimed at closing the identified gaps and strengthening risk management and the internal control system.
The results of the assessments and progress in the implementation of action plans are periodically communicated to the Audit Committee, the Statutory Auditor, and Senior Management, and, when applicable, to supervisory authorities, ensuring transparency and effectiveness in management.
As of December 31, 2025, Internal Audit, the Risk area, and the Statutory Auditor had sufficient information to perform their duties and concluded that the ICS is functioning satisfactorily, operates reasonably, and that no material weaknesses were identified.
Actions to Strengthen Internal Control
Likewise, during 2025, activities were carried out to promote the strengthening of the ICS at Grupo Cibest S.A., including:
•Definition, updating, and dissemination of corporate policies and guidelines, accompanied by awareness and training processes on key internal control concepts.
•Promotion of an ethical and transparent culture through advisory, training, and the adoption of ethical standards applicable to new technologies, including analytics and artificial intelligence.
•Strengthening of the risk management model through updates to Risk Governance, the Risk Appetite Framework, and the development of methodologies for emerging risks (technological, cybersecurity, AI, and climate-related).
•Promotion of internal control best practices and financial reporting assurance, aligned with compliance with the Sarbanes-Oxley Act (SOX), through support to Group companies, periodic reviews, and monitoring of improvement plans.
•Active participation in corporate governance committees to communicate progress, improvement opportunities, and the evolution of the ICS.
•Monitoring and follow-up of regulatory policies, control gaps, and critical risks, in accordance with the annual plan approved by Senior Management and the Board of Directors.
These actions remain in effect and aim to ensure the effectiveness of the ICS, covering the most relevant aspects of risk management, with particular attention to strategic and priority matters for the Group’s entities.
Audit Committee Report
During 2025, the Audit Committee supported the Board of Directors in overseeing the effectiveness and proper functioning of the Internal Control System (ICS) of Grupo Cibest S.A. and the Group, promoting accountability across the different lines of defense and continuously monitoring the five components of the integrated internal control framework (COSO): (i) control environment, (ii) risk management, (iii) control activities, (iv) information and communication, and (v) monitoring.
Among the activities carried out by the Committee, the following stand out:
Regarding internal control and assurance, the Committee:
•Approved the Corporate Internal Control Policy, which defines the roles and responsibilities of the ICS of Grupo Cibest, aligned with the COSO model, the COBIT framework, and the Institute of Internal Auditors (IIA) Three Lines Model.
•Verified the existence of controls for the proper preparation, presentation, and disclosure of financial and accounting information of Grupo Cibest S.A., both on a
standalone and consolidated basis, ensuring compliance with applicable regulations and the financial performance targets defined by the entity.
•Reviewed the reports submitted by the Statutory Auditor and Internal Audit regarding the evaluation of the effectiveness of the ICS, and monitored Management’s implementation of action plans and the closure of identified gaps.
In relation to Internal Audit and the Statutory Auditor:
•Approved and monitored the execution of the Internal Audit and Statutory Auditor work plans, ensuring their autonomy, objectivity, and independence.
•Approved the methodology used in 2025 to determine the criticality of findings from Internal Audit and the Statutory Auditor.
•Approved the Internal Audit Charter and its budget, and satisfactorily evaluated the work performed by Internal Audit during 2025.
•Evaluated the selection of the candidate to serve as Statutory Auditor for the period May 2025 – March 2027, considering aspects such as services offered, costs and fees, experience, and industry knowledge.
•Approved the guidelines for the approval of additional fees for the Statutory Auditor of Grupo Cibest S.A.’s subsidiaries and managed funds and businesses.
With respect to Compliance, Ethics, and Integrity matters:
•Oversaw the operation, implementation, and strengthening of programs managed by the Compliance Vice Presidency, including ethics, anti-corruption, anti-fraud, competition law compliance, and personal data protection.
•Adopted the Anti-Fraud Program, aligned with COSO guidance for integrated internal control and fraud risk management, and, within its implementation, approved the Anti-Fraud Program Policy, Zero Tolerance for Fraud Policy, Misappropriation of Assets Policy, Financial Reporting Fraud Policy, and Anti-Corruption Policy.
•Evaluated the profile of the Compliance Officer of Grupo Cibest S.A. and recommended their appointment to the Board of Directors.
•Reviewed and approved the Corporate Ethics Committee’s regulations.
For its part, with respect to ESG matters, the Committee monitored the progress of the assurance of 2025 ESG disclosures, evaluating their alignment with applicable standards and frameworks. Likewise, it followed up on the closing of gaps in ESG matters.
In terms of cybersecurity, the Committee reviewed the management carried out by Grupo Cibest, including the main risks identified, the actions implemented for their mitigation, and the status of controls and strengthening plans in this area.
Finally, regarding potential conflicts of interest referred to in Paragraph 7 of Article 23 of Law 222 of 1995, it reviewed and evaluated such potential conflicts and issued its opinion for their proper management.
Based on the results of the work carried out by the Committee and the results of the evaluations performed by the Statutory Auditor and Internal Audit, the Committee stated that no material
weaknesses were detected that could affect the ICS, the financial statements, or the management report.
The Committee considers that Grupo Cibest has an adequate ICS, that compliance has been achieved with applicable policies and regulations for the proper preparation, presentation, and disclosure of the financial statements submitted to the Shareholders’ Meeting and, therefore, recommends that the separate and consolidated financial statements and their notes, as of December 31, 2025, be submitted for shareholder approval, on the understanding that they have been duly audited and are unqualified.
This report was prepared by the Audit Committee of Grupo Cibest S.A. for presentation by the Board of Directors to the General Shareholders’ Meeting.
Risk Report
During 2025, we experienced a historic milestone related to the completion of the transactions aimed at the evolution of the corporate structure, through which Grupo Cibest S.A. became the parent company of the Group and the main investor in the Group’s financial and complementary-to-financial businesses. This change allowed us to move toward a more agile and efficient structure, while maintaining our purpose intact: to promote sustainable development and well-being across all geographies where we operate.
Consistent with this organizational evolution, we carried out a significant adjustment to the structure of the Corporate Risk Vice Presidency, aimed at ensuring greater alignment, governance, and responsiveness to emerging risks impacting the entire Group, and we created the Consolidated Risk Management System of Grupo Cibest, which brings together the set of policies, strategies, practices, procedures, methodologies, controls, and thresholds and/or limits that must be adopted by the entities that comprise it. The centralization of these functions under Grupo Cibest S.A., together with a comprehensive framework for action and governance through the Risk Management System, strengthens our ability to anticipate challenges, harmonize risk management practices, and accelerate decision-making at the highest level. This step reflects our commitment to resilience, sustainability, and preparedness in the face of the complexity of the economic, political, and social environment.
Alongside the Group’s internal evolution, in the external environment the economy showed relatively favorable performance despite the materialization of various risks stemming from tariff and migration policies driven by the President of the United States. This environment was accompanied by a gradual and prudent easing of the Federal Reserve’s contractive monetary policy stance, in a context marked by inflationary pressures resulting from increased tariffs, the persistence of geopolitical conflicts—particularly between Russia and Ukraine and in the Middle East—and the deterioration of fiscal conditions in most economies worldwide. Taken together, these factors increased uncertainty regarding the evolution of macroeconomic indicators and generated greater volatility in financial asset prices in international markets. At the same time, the level of political stability had a decisive influence on investor confidence, governments’ ability to implement economic recovery policies, and ultimately on the dynamics of economic growth.
Considering the context described and the identified challenges, during 2025, the Corporate Risk Vice Presidency promoted initiatives and projects that supported the strategy of Grupo Cibest S.A. and its subsidiaries (hereinafter the “Group” or “Grupo Cibest Consolidado”), aimed at mitigating the various risks to which the Group is exposed. The most relevant initiatives include the following:
•Credit Risk: We made significant progress in the analytical component of credit risk management, expanding into countries such as Guatemala, El Salvador, and Panama with internal models enhanced with new information and high analytical quality standards for customer origination and monitoring, both in the individual and corporate segments. In the individual segment, we advanced in the development of models with a behavioral approach and the use of alternative data. Additionally, across all geographies, we strengthened early monitoring frameworks for model performance, enabling more proactive management of alerts across portfolios. We also enhanced the analytical process with automation tools that enabled higher levels of standardization, efficiency, and compliance with corporate standards.
•Liquidity and Interest Rate Risk: We advanced in the liquidity risk management strategy through the development and implementation of qualitative and quantitative models at Bancolombia, aimed at identifying and estimating operational and non-operational deposits. With this, we complied with the provisions of External Notice 013 of 2023 issued by the Financial Superintendency of Colombia (SFC), after receiving its no-objection.
Likewise, we enhanced the management of interest rate risk in the banking book through the implementation of hedge accounting transactions, with the aim of mitigating the impact that the expected decrease in interest rates would have on the net interest margin in Colombia. We developed and implemented behavioral option models for the Group’s banks in Central America—including loan prepayments, commitments, and the treatment of adjustable-rate loans, among others—which improved the estimation of changes in the Economic Value of Equity.
•Cybersecurity Risk Management5: We consolidated a more mature governance and management of technological and cyber risk, supported by a formally approved policy, a defined risk appetite, methodological automation, and continuous monitoring of key indicators. These advances significantly expanded coverage and visibility (including thousands of associated events and vulnerabilities) and strengthened the confidentiality, integrity, and availability of information, securely enabling the Group’s strategic objectives.
•Artificial Intelligence (AI) Risk Management: We implemented a risk management methodology for AI aimed at ensuring the responsible and strategic use of algorithms to mitigate risks such as bias and data security, ensure regulatory compliance, and align technology with business objectives. This management, supported by continuous oversight and cross-functional collaboration, contributes to making AI a reliable tool for generating value and competitive advantage.
In the human capital dimension, aligned with our cultural strategy, we continued developing the communication campaign “Turn Risk Around,” using analogies that facilitate understanding of the
5 Bancolombia, Trust (Fiduciary), Brokerage, and Investment Banking; Banistmo, Bancoagrícola, BAM, Nequi, and Offshore.
risk management process: identify, assess, manage, and monitor. Through this campaign, we seek to change the perception of risk—moving away from seeing it as something distant or exclusive to specialized areas, and positioning it as a shared responsibility across all lines of defense—while promoting comprehensive management that highlights the value of teamwork and fosters a culture in which each employee understands their role in protecting the Group and anticipating the challenges of the economic, political, and social environment.
We have highly qualified talent to manage, in a comprehensive and appropriate manner, the various risks to which the Group is exposed.
For its part, the Board of Directors reviewed and approved the governance structure associated with risk management. To fulfill its oversight functions, it relied on the Risk Committee as the body responsible for supporting the Board in the approval, monitoring, and control of policies, methodologies, guidelines, and corporate-level strategies for the administration and management of the risks of Grupo Cibest.
Other Businesses
Within the framework of Grupo Cibest’s strategy, the other businesses played a key role in the diversification and strengthening of the financial ecosystem during 2025. Through initiatives focused on innovation, comprehensive risk management, and operational resilience, they achieved progress that contributed to sustainable growth and value creation for the Group. The main milestones and results for each of these businesses are presented below:
Renting Colombia
In 2025, Renting Colombia strengthened its comprehensive risk management framework, aligned with Grupo Cibest’s corporate model, incorporating capabilities specific to the vehicle operating leasing business.
•For credit risk, we enhanced management through the implementation of credit line origination guidelines with more rigorous evaluation criteria to improve portfolio quality and mitigate risks, as well as the development of tools for data analysis and decision-making.
•For operational risk management, we standardized policies, tools, and processes—recognizing their specific characteristics—and implemented programs to reduce risks related to assets, including rigorous preventive and corrective maintenance programs, telematics, road safety, and comprehensive insurance coverage.
•Liquidity risk was managed through financial planning, continuous cash flow monitoring, funding strategies, and efficient management of payments and surplus liquidity.
•For its ESG risk management, Renting Colombia obtained the EcoVadis Silver Medal, ranking within the top 15% globally, reinforcing its commitment to international standards and organizational resilience. Additionally, the safe mobility program reduced injuries by approximately 20% and fatalities by more than 40% in 2025 in vehicles used by clients.
•Finally, in managing residual value risk, we updated the target asset policy to maintain portfolio strength and diversification, prioritizing conventional vehicles and adjusting early termination penalties, which strengthened capital recovery and business sustainability.
Wenia
During the year, Wenia continued to strengthen its operating and risk framework as a platform for providing exchange, custody, and digital asset wallet services. Its offer was expanded to include cross-border payment capabilities, rewards payments for SOL and USDC holding, tokenization of real-sector assets, and services tailored to corporate clients.
This progress was supported by the progressive implementation of financial and non-financial risk management models, enhanced data-driven decision-making, and strengthened monitoring and early control capabilities.
Operational losses remained within established thresholds, reflecting the effectiveness of the control environment. Additionally, Wenia further enhanced its technological and compliance infrastructure to support the security, availability, and continuity of its services, while maintaining compliance with applicable regulatory standards under Bermuda’s Digital Asset Business Act (DABA) and alignment with Grupo Cibest’s internal standards.
These advances provided the foundation for a scalable and, resilient operating model, aligned with the Group’s strategic objectives in the digital assets and international payments ecosystem.
Nequi
In 2025, Nequi recorded 174% growth in its loan portfolio, supported by the implementation of robust risk models, optimal use of information, and early monitoring capabilities, along with methodologies for controlled experiments and pilots. These advances enabled the portfolio to remain within the defined risk appetite while generating profitability.
Additionally, the company advanced in modernizing its technological infrastructure to improve the availability, efficiency, and continuity of its services, in line with risk management objectives.
Wompi
During the year, Wompi strengthened its operational control framework, ensuring business sustainability. Operational losses remained at controlled levels relative to the growth in transaction volume. This performance was supported by the evolution of the control environment, with a focus on anti-fraud management and transaction validation mechanisms, which contributed to reducing residual exposure and improving operational efficiency.
In terms of business continuity, Wompi advanced in consolidating its operational resilience framework through the formalization and execution of continuity plans, strengthening the availability of critical processes and the capacity to respond to disruption events.
Digital Businesses
In 2025, Digital Businesses strengthened its operational control framework through the implementation of the automated electronic invoicing module, integrated with the CDC API
(customer digital collaboration) of Ecosistemas Digitales S.A.S. (EDN). This development enabled the autonomous issuance of more than 4,500 invoices, reducing operational risks, increasing efficiency, and enabling a scalable model without the need to expand operational teams. Additionally, together with a specialized partner, the structuring of mechanisms to strengthen anti-fraud controls was initiated, with the aim of reducing exposure to claims arising from purchases not recognized due to fraud (chargebacks) in Tu360Compras, applicable for 2026, contributing to the sustainability of the business.
Relevant Risks
Below, we present the details of management by type of risk for the Group’s relevant risks. The advances and achievements mentioned reflect our commitment to comprehensive and proactive risk management.
Market Risk
Market risk refers to the possibility of incurring losses as a result of changes in stock prices, interest rates, 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 in the economic value of equity as a result of changes in market interest rates.
At Grupo Cibest, market risk is identified, measured, monitored, and controlled on both a consolidated and standalone basis, with the aim of adopting timely decisions for its proper management and mitigation.
Consolidated
The analysis presented below, as of December 2025 for Consolidated Grupo Cibest, is based on a comparison with the information reported under the previous structure (Bancolombia Group) as of December 31, 2024.
Total exposure to market risk of Grupo Cibest Consolidado recorded a decrease of 28.5%, declining from COP 1.69 trillion in December 2024 to COP 1.21 trillion in December 2025. This variation was mainly explained by lower exposure to the foreign exchange factor, due to a reduction in positions denominated in U.S. dollars. This was followed by the interest rate factor, which showed a decrease driven by lower exposure to securities in foreign currency. The equity price factor showed an increase associated with greater exposure to equity instruments. Meanwhile, the collective investment fund factor also recorded an increase, explained by the appreciation of Fondo Inmobiliario Colombia.
The total variation in market risk, as well as that of its components, is shown below:
| December 31, 2025 |
|---|
| In millions of Colombian pesos |
| Factor | End of Period | Average | Maximum<br><br>January, 2025 | Minimum<br><br>Abril, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest rate | 534,919 | 552,803 | 499,712 | 524,034 | ||||||||
| Foreign exchange rate | 182,077 | 282,154 | 751,796 | 79,062 | ||||||||
| Share price | 407,177 | 380,326 | 367,615 | 375,015 | ||||||||
| Collective investment funds | 88,982 | 51,683 | 35,781 | 36,608 | ||||||||
| Total VaR 2 | 1,213,155 | 1,266,967 | ||||||||||
| December 2024 | ||||||||||||
| In millions of Colombian pesos | ||||||||||||
| Factor | Year-End | Average | Maximum | Minimum | ||||||||
| Interest rate | 540,397 | 507,425 | 586,194 | 433,465 | ||||||||
| Foreign exchange rate | 764,920 | 554,900 | 764,920 | 364,421 | ||||||||
| Share price | 360,287 | 351,134 | 360,287 | 340,363 | ||||||||
| Collective investment funds | 31,962 | 25,653 | 31,962 | 18,005 | ||||||||
| Total VaR | 1,697,566 | 1,439,112 |
As of December 31, 2025, Wenia’s proprietary cryptoasset portfolio stood at -USD 74.3 thousand, with a value at risk of USD 3.8 thousand. The VaR was calculated using an internal methodology based on a Generalized AutoRegressive Conditional Heteroscedasticity (GARCH) model with Dynamic Conditional Correlation (DCC), with a one-day time horizon and a 99% confidence level.
Regarding the internal measurement of value at risk, no increases were identified in the VaR metrics, and no breaches of the approved limits were recorded.
It is important to note that the results of these measurements are subject to ongoing monitoring by Senior Management and serve as a decision-making tool that helps preserve the stability of the Group.
Standalone
Grupo Cibest S.A. measures exposure to market risk 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 December 31, 2025, VaR recorded a total value of COP 240.088 billion, resulting from exposure to the foreign exchange rate factor, originating from the position denominated in U.S.
dollars corresponding to a total of COP 1.6 trillion. Additionally, although to a lesser extent, the participation of COP 124 million in the Liquidity Income Investment Fund contributed to the level of risk observed.
| Factor | December 31, 2025 |
|---|---|
| In millions of Colombian pesos | |
| End of Period | |
| Foreign exchange rate | 240,083 |
| Collective investment funds | 5 |
| Total VaR | 240,088 |
Market risk of banking book instruments (standalone)
Exposure to relevant risk in the banking book is interest rate risk, defined as the probability of unexpected changes in net interest income or in the economic value of equity as a result of changes in market interest rates. Changes in interest rates affect the income of Grupo Cibest Consolidado due to differences in the repricing of assets and liabilities. The management of interest rate risk arising from banking activities in non-tradable instruments is carried out through the analysis of interest rate gaps between interest rate–sensitive assets and liabilities, and the estimation of the impact on net interest margin and economic value of equity. Foreign exchange exposures arising in the banking book are transferred to the treasury book to be managed.
Exposure to interest rate risk in the banking book
During 2025, progress was made in managing interest rate risk in the banking book through the implementation of hedge accounting transactions, with the aim of mitigating the impact that the expected decrease in interest rates would have on net interest margin in Colombia. Additionally, behavioral option models were developed and implemented for the Group’s banks in Central America—including loan prepayments, commitments, and the treatment of variable-rate loans, among others—which improved the estimation of changes in Economic Value of Equity.
Grupo Cibest Consolidado conducted a sensitivity analysis of interest rate risk, estimating the impact on net interest margin for each position in the banking book using a repricing model and assuming a positive parallel shift of 100 basis points (bps) in interest rates.
Sensitivity to interest rate risk in the banking book
As of December 31, 2025, the net sensitivity of the banking book in local currency to parallel changes of 100 basis points in interest rates was COP 443.985 billion, representing an increase of COP 96.737 billion compared to December 2024, mainly explained by the increase in the loan portfolio balance and hedge accounting positions.
In foreign currency, the sensitivity of Net Interest Margin (NIM), in response to a parallel shift of 100 basis points in interest rates, increased between December 31, 2024 and December 31, 2025 by USD 8.5 million, reaching USD 15 million. This increase was mainly explained by the growth in the balance of interest rate–sensitive deposit accounts and fixed-term deposits (CDTs).
Liquidity Risk
Liquidity risk is understood as the contingency of not being able to fully and timely meet payment obligations on their due dates, which is manifested in the insufficiency of liquid assets to do so and/or in the need to incur unusual funding costs. The management of liquidity risk is a fundamental process in any financial institution, as it can affect public perception of the financial stability of the entity and the sector. Liquidity risk may arise through funding liquidity risk and market liquidity risk.
At Grupo Cibest, market risk is identified, measured, monitored, and controlled on both a consolidated and standalone basis, with the aim of adopting timely decisions for its proper management and mitigation.
Consolidated
The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported under the previous structure (Bancolombia Group) as of December 31, 2024.
During the period under analysis, Grupo Cibest Consolidado maintained sufficient liquidity levels, which allowed 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 established limits to cover liquidity requirements.
The coverage indicator decreased from 249.58% in December 2024 to 244.8% in December 2025. This variation is mainly explained by an increase in the 30-day liquidity requirement, primarily due to maturities of fixed-term deposits (CDTs), obligations from derivative transactions, and bank loans in Colombia.
Standalone
To estimate exposure to liquidity risk, a cash flow is calculated to ensure that the liquid assets held are sufficient to cover potential net cash outflows over 30 days.
The liquidity indicator is presented as follows:
| Liquidity Indicator | December 31, 2025 |
|---|---|
| Inflows – Outflows at 30 days | -28,801 |
| Liquid assets | 116,675 |
| Liquidity Indicator | 87,874 |
The liquidity indicator for December 2025 stood at COP 87.874 billion, representing an adequate capacity of liquid assets to support the entity’s liquidity requirements. Operating inflows from dividends and interest generated by bank accounts were slightly lower (COP 28.801 billion) than the outflows recorded during December, mainly derived from the establishment of new investments.
Contractual maturities of financial assets and liabilities
Below are the contractual maturities of principal and interest of financial assets:
Contractual maturities of assets as of December 2025
| Assets | 0–30 días | 31 days–1 year | 1–3 years | 3–5 years | More than 5 years |
|---|---|---|---|---|---|
| In millions of Colombian pesos | |||||
| Cash and cash equivalents | 116,820 | - | - | - | - |
| Investment financial instruments | 779,306 | 542,941 | - | - | - |
| Total Assets | 896,126 | 542,941 | - | - | - |
Below are the contractual maturities of principal and interest of liabilities:
Contractual maturities of liabilities as of December 2025
| Liabilities | 0–30 días | 31 days–1 year | 1–3 years | 3–5 years | More than 5 years |
|---|---|---|---|---|---|
| In millions of Colombian pesos | |||||
| Financial obligations | - | 1,412,752 | - | - | - |
| Preferred Shares | - | - | - | 583,477 | |
| Total Liabilities | - | 1,412,752 | - | - | 583,477 |
Credit Risk
Credit risk is the possibility that Grupo Cibest Consolidado incurs losses and that the value of its assets decreases as a result of a debtor or counterparty failing to meet its obligations.
During 2025, the Colombian economy showed a gradual and moderate recovery, supported by limited improvements in economic activity, the labor market, and a partial recovery in investment. This performance took place in a context of still restrictive monetary policy, although with gradual
reductions in the policy rate compared to 2024, which allowed for partial easing of financial conditions and a slight reactivation of credit, mainly in the commercial and consumer segments. However, the high fiscal deficit and the increase in public debt continued to put pressure on the perception of sovereign risk and to limit the scope of fiscal policy, in an international environment marked by higher volatility and geopolitical tensions.
At the regional level, Guatemala maintained a flexible monetary policy throughout the year, with low interest rates that were gradually reduced, which facilitated access to credit and stimulated domestic consumption, in a context supported by strong remittance inflows and contained inflation. Panama showed an improvement in financial conditions compared to 2024, with relatively stable interest rates and a gradual recovery in credit, in line with the rebound in economic activity following the normalization of Canal operations and the dynamism of the services and logistics sectors. In contrast, El Salvador recorded more restrictive credit conditions, with high interest rates in a context of fiscal consolidation, which limited credit expansion; however, greater strength was observed in the economic and financial sector and a reduction in sovereign risk, supported by improvements in security and the favorable performance of remittances.
In this context of a highly competitive financial market and under an environment of uncertainty, we prioritized decisions within the credit cycle that contribute to the stability of the portfolio’s risk profile, through continuous improvement in the processes, models, and methodologies used at all stages of the credit cycle. Our management was based on agile and predictive responsiveness to changes in the economic environment, allowing us to proactively adjust the risk appetite and protect the Group’s financial health.
To ensure comprehensive credit risk management, we implemented the following key actions at each stage of the cycle:
Origination
During 2025, thanks to the strong performance of clients and the improvement in their credit quality, supported by robust underwriting models, the growth of disbursements within the Group’s risk appetite was promoted. Trends, risks, and growth opportunities were identified among customer profiles with financial strength, sufficient repayment capacity, and resilience to potential macroeconomic or regulatory impacts.
Additionally, the strengthening of credit granting processes and policies allowed us to reach a comprehensive analysis of our clients in a precise and timely manner through models based on traditional and non-traditional information, including behavioral, transactional, and sectoral variables in risk segmentation. Proactive alert management allowed us to adjust origination policies to keep portfolio quality under control within the risk appetite in mass portfolios, a key action to anticipate potential impacts, maintain the financial health of our clients, and ensure the Group’s profitability.
Monitoring
Throughout the year, the monitoring stage continued to be a fundamental pillar for anticipating potential impacts on customer behavior and preserving portfolio quality in an environment marked by fiscal and political uncertainty.
We ensured the continuity of mass monitoring schemes, specialized monitoring of clients and large exposures, which allowed us to monitor the entire portfolio in a comprehensive and consistent manner, leveraging rating processes and ecosystems, alerts, economic and sectoral research, and the continuous analysis of traditional and alternative information. This allowed us to make timely decisions aligned with the risk appetite defined by the Group. Additionally, we implemented the Special Risk Management Tool (HERA) in Colombia, which we expect to replicate at the corporate level and whose purpose is to enable cross-cutting management of the credit cycle, ensuring a comprehensive view of the portfolio and clients.
The implementation of advanced predictive analytical models that integrate traditional and alternative information (such as behavioral and transactional data), together with greater segmentation, improved the quality of customer ratings. This expands the automatic coverage of rated clients, eliminates subjective biases, and streamlines the process.
Additionally, these models facilitated informed and forward-looking monitoring of the portfolio at all stages of the credit cycle, enabling early actions aligned with the strategy. Their effectiveness was ensured through periodic monitoring and continuous updates for ongoing evolution.
Finally, as part of the management of concentration risk in the loan portfolio, we enhanced methodologies and tools for monitoring the concentration of the Group’s most significant economic groups. This allowed us to comply with applicable regulation in Colombia and to achieve an appropriate transition to the new Large Exposures regulation.
As of December 31, 2025, the total outstanding amount of the Group’s 20 most relevant economic groups, on a consolidated basis, represented 119.4% of the Group’s Tier 1 capital and 18.0% of the total loan portfolio, remaining within the concentration appetite levels defined for this indicator. The most significant individual exposure represented 2.1% of that portfolio.
Recovery
The evolution of the collection strategy, together with the improvement in clients’ repayment capacity, was decisive for the positive performance of the portfolio, reducing the use of conciliation alternatives and consolidating direct payment as the main mechanism for portfolio normalization.
Additionally, we advanced in proactive collection management, supported by the development of predictive models, digital self-service mechanisms, and personalization in a representative portfolio of the Group, which allowed us to increase effectiveness, optimize costs, and maximize portfolio recovery. This contributed to a reduction in write-offs across all regions.
Within the estimates of the Group’s loan loss provisions, we continued to consider collateral as support for operations, whose physical and market characteristics were reflected in fair value. For the valuation of these collaterals, which was carried out by external entities independent of the Group and with the experience and suitability required by supervisory authorities, factors inherent to the collateral and external factors such as market, macroeconomic, environmental, and political conditions were taken into account. For the impaired portfolio, this valuation was performed at least annually.
Consolidated
The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported under the previous structure (Bancolombia Group) as of December 31, 2024.
The gross loan portfolio balance in pesos of Grupo Cibest Consolidated recorded a decrease of 8.3% as of December 2025 compared to the same month of the previous year, largely explained by the classification of the asset group of subsidiary Banistmo as held for sale (see Note 31 – Discontinued operation). This was compounded by the effect of the depreciation of the dollar against the peso, which reduced the peso value of the portfolio of Central American subsidiaries. However, despite the aforementioned factors, growth is highlighted in the corporate and consumer portfolios at Bancolombia S.A. and Bancoagrícola, as well as in the mortgage portfolio in Colombia, driven by a gradual and moderate recovery in commercial dynamics in all countries where the Group operates. The consolidated 30-day past-due loan ratio decreased, standing at 3.95% in December 2025 compared to 5.20% in the same period of 2024. This improvement reflects a strengthening in portfolio quality, mainly driven by the recovery of the consumer portfolio in all regions, as well as the favorable performance of the mortgage portfolio in Colombia. This evolution responds to the coordinated execution of various actions throughout the credit cycle, which enabled the implementation of early, precise strategies aligned with the financial situation of clients and their environment. These measures helped contain impairment and strengthen risk profiles.
Similarly, the consolidated 90-day past-due loan ratio decreased, standing at 2.96% in December 2025 compared to 3.85% in the same period of 2024. This was mainly explained by the recovery and improved performance of the consumer and mortgage portfolios in personal banking.
Meanwhile, the annual cost of credit at the end of 2025 stood at 1.8%, representing a 13% reduction compared to the 2.0% recorded in 2024. This improvement reflects strong performance across all of the Group’s businesses, especially at Bancolombia S.A.
Bancolombia closed 2025 with a gross loan portfolio balance of COP 209 trillion, representing loan growth of 8.9% compared to the previous year. This performance was mainly explained by the Corporate and SME segments, and by the increase in disbursements of the real estate product in personal banking. The 30-day past-due loan ratio closed at 3.8% in December 2025, lower than the 4.8% recorded in the same period of 2024, largely explained by the decrease in past-due loans in the Individuals, SMEs, and Businesses & Independent segments.
Total non-performing loan coverage increased during the period, reaching 160.79% as of December 2025, compared to 155.3%6 in December 2024. Meanwhile, accumulated provision expenses amounted to COP 3.3 trillion, representing a decrease of 43.3% compared to the previous year and resulting in a cost of credit of 1.6% for 2025, also lower than the 2.3%7 reported for 2024. The behavior of provisions, as mentioned above, was mainly driven by the overall strong performance of the loan portfolio during 2025, which resulted in lower impairment compared to the previous year, improved payment behavior by clients, and greater effectiveness in collection management.
Meanwhile, at the end of 2025, the loan portfolio balance in pesos of Bancoagrícola recorded growth of 9.37% compared to the previous year, mainly driven by higher disbursements in the commercial and consumer segments. This result occurred despite the effect of the depreciation of
6 This figure differs from that reported in December 2024, which was calculated under IFRS 9.
7 This figure differs from that reported in December 2024, which was calculated under IFRS 9.
the dollar, which reduced the peso value of the portfolio. The growth of the consumer portfolio responded to the expansion strategy toward individual clients, supported by the evolution of rating models and the expansion of coverage of pre-approved loans. In turn, the increase in the commercial portfolio was mainly explained by participation in syndicated loans granted to clients in the energy, construction, and agriculture sectors.
The 30-day past-due loan ratio stood at 2.0% at year-end, compared to 2.1% recorded in 2024. This variation was explained by higher growth in the balance and a reduction in past-due commercial loans. However, the consumer portfolio showed a slight increase in the indicator, associated with expansion strategies in mass products, which increased risk within expected levels. Coverage closed at 159.3% in December 2025, higher than the 153.6% in the same period of the previous year.
At BAM, there was minimal growth in the loan portfolio in pesos of 0.12% at the end of 2025 compared to the 2024 figure. This variation was explained by the depreciation of the dollar against the peso, in contrast with slight growth in the commercial portfolio in its local currency, especially in the corporate segment, in the infrastructure and natural resources sectors.
The 30-day past-due loan ratio stood at 3.9%, compared to 3.8% at the end of 2024, driven by specific maturities in the real estate sector and the impairment of the mortgage portfolio. Coverage of 30-day past-due loans closed at 117.9% in December 2025, compared to 124.4% in December 2024.
At Bancolombia Panamá, the loan portfolio balance in pesos decreased by 4.62% compared to the previous year, due to a 2.97% decrease in the portfolio in local currency (USD) and the impact of the depreciation of the dollar against the peso during the period analyzed. This reduction was mainly due to prepayments and repayments made by clients during the year, primarily in the corporate and international segments. The past-due loan ratio stood at 0.84% at the end of 2025, compared to 0.33% in 2024, with a coverage level of 177.3%.
Finally, at Bancolombia Puerto Rico, the loan portfolio balance in pesos increased by 8.01% compared to the previous year, explained by the growth of the portfolio in its original currency (USD) of 9.88%, derived from disbursements in the corporate and international segments. This result occurred despite the effect of the depreciation of the dollar, which reduced the peso value of the portfolio. Past-due loans stood at 0.0% at the end of December 2025, compared to 0.17% recorded in December 2024. This variation was due to the strong and sustained performance of the portfolio, as well as the write-off of the few default operations that, during the period, met the criteria established for derecognition. Consequently, no coverage ratio was reported for the company.
The company Banistmo is considered a discontinued operation as of December 31, 2025; therefore, its portfolio is classified under the line item “Assets held for sale” in the statement of financial position. The gross balance as of that date amounted to COP 28.85 trillion (see Note 31 – Discontinued operation).
Country Risk
Capital investments are those made in jurisdictions other than Colombia, as the parent company’s country, that are material either individually or in aggregate by country, and whose purpose is long-term permanence. In order to ensure proper management of country risk in the investments of
Grupo Cibest Consolidado, the Corporate Credit Risk Department defines the guidelines, processes, and methodologies that allow periodic management of country risk to which these investments are exposed, across the stages of identification, measurement, control, and monitoring of such risk.
Consolidated8
The analysis as of December 2025 for Grupo Cibest Consolidado presented below is based on a comparison with the information reported under the previous structure (Bancolombia Group) as of December 31, 2024.
As of December 2025 compared to December 2024, no alerts associated with country risk were identified in the investments subject to this analysis. Likewise, no impairments were observed in the country risk classifications of the countries where Grupo Cibest Consolidado maintains investments.
During 2025, within the portfolio subject to country risk evaluation, a reallocation of investing entities was recorded. The value of investments decreased compared to 2024, mainly explained by the appreciation of the peso against the dollar and the distribution of dividends. These effects were partially offset by profits generated during the period.
Additionally, considering that as of December closing Banistmo is classified as a discontinued operation, as previously reported, both the entity and its investments were excluded from the country risk evaluation group.
Overall, the results for the period do not show adverse changes in the country risk profile of the portfolio, and the observed variations are mainly attributable to market effects and strategic corporate reorganization decisions.
Operational Risk
Operational risk is the probability that Grupo Cibest Consolidado incurs losses as a result of failures or inadequacies in systems, processes, people, infrastructure, or due to external causes or events. This risk may also arise from failures in the models or management information used.
The main objective of Grupo Cibest Consolidado in managing operational risk is to achieve understanding and leverage opportunities to generate benefits, while reducing losses by identifying and addressing threats. This management is framed within the main stages of risk management, namely identification, measurement, control, and monitoring. Grupo Cibest Consolidado maintains continuous identification and updating of the risks to which its operations are exposed. Additionally, it seeks to promote risk management with increasing scope and timeliness through collaborative and coordinated work across different areas and the development of its human talent.
During 2025, we implemented action plans to mitigate the materialization of operational risk and made efforts to strengthen operational resilience. The most relevant achievements are outlined below:
Achievements in Operational Risk Management at Grupo Cibest Consolidado:
8 Nequi, Renting, Wenia, Wompi, Bancolombia Puerto Rico, and Investment Banking do not have investments subject to country risk review as of the reporting date.
•We maintained risk profile coverage above 93%, ensuring that changes in processes, products, channels, and services of Grupo Cibest Consolidado are evaluated and managed in a timely manner, providing a higher level of assurance in achieving the Group’s operational objectives.
•We continued to ensure broad coverage in risk analyses related to suppliers of the Group’s entities.
•We implemented a new Governance, Risk, and Compliance (GRC) tool that strengthens integration between the first and second lines of defense in operational risk management.
•We developed a framework for managing risks arising from the use of Generative Artificial Intelligence within the Group.
•We participated in 100% of the key business transformation initiatives, conducting risk assessments and providing advisory for the definition of controls and action plans.
Achievements in Business Continuity Management at Grupo Cibest Consolidado:
•We conducted simulation exercises to train the Crisis Management Team and validate response protocols. At Bancolombia, we highlight the execution of an industry-wide natural disaster simulation carried out jointly with Asobancaria and member institutions; at Banistmo, a real-time cybersecurity simulation; and at BAM, liquidity crisis and cybersecurity simulations.
•We carried out various continuity exercises, achieving 98% compliance with the defined schedule across all areas: processes, suppliers, technology, infrastructure, and people.
•We reduced the number of crisis events by 4% and decreased their duration by 52%.
•We implemented new contingency measures and highlight, at Bancolombia, progress in the cloud services migration process to respond effectively to disruptions.
•At Bancolombia, we implemented a crisis button that immediately and automatically convenes the Crisis Management Team. Additionally, we developed an AI-supported chat for consulting strategies. At Banistmo, we implemented a virtual assistant with generative AI for front owners and users to manage queries, methodologies, protocols, among others. At BAM, we updated critical suppliers, and at Bancoagrícola we strengthened the disaster recovery strategy.
Consolidated9
The overall operational risk profile of Grupo Cibest Consolidado as of the end of 2025 showed a composition by levels of risk criticality, as follows:
9 Does not include digital businesses.
The “Very critical” group recognizes risks at the highest thresholds in relation to the individual risk appetite defined for each of the companies within Grupo Cibest Consolidado. It should be noted that at the corporate level we carry out continuous updates of risks according to the performance of each business and changes in processes, in line with the defined appetite levels. This results in year-over-year variations in risks.
In turn, residual exposure—that is, exposure after considering the mitigating effect of controls—was mainly represented as follows:
Below is a breakdown of operational risk across all risk categories:
Operational risk losses (materiality) increased by 34% compared to those recorded in 2024, due to the impersonation of new customers, an increase in external fraud in digital channels, and credit and debit cards. Eighty-two percent of the losses are due to external fraud events and 14% to process failures, as shown below:
In particular, to mitigate external fraud events—which are the most significant as mentioned above—we strengthened transactional monitoring in digital channels and carried out security campaigns to mitigate fraud through social engineering techniques.
Standalone
During the year, Grupo Cibest S.A. advanced in strengthening its operational management framework by evaluating certain risks associated with its processes and identifying its main controls. The operational risk profile of Grupo Cibest S.A. showed a composition by levels of risk criticality, concentrated in a tolerable rating (low risks) at 79%, 10% in a moderate rating (medium risks), 8% in a critical rating (high risks), and 3% in a very critical rating (very high risks). Regarding the composition by risk category, 44% were related to process failures, 21% corresponded to internal and external fraud events, and the remaining 36% was distributed among the other identified risk categories.
Financial Leverage Risk
Standalone
Grupo Cibest S.A. uses the double leverage ratio as a key metric to monitor the level of indebtedness associated with financing its investments in subsidiaries. This indicator allows for the assessment of the risk that a parent company may incur losses or see its solvency compromised by financing such investments primarily with debt, generating a two-level leverage structure:
•At the parent level, which assumes debt to invest.
•At the subsidiary level, which may have its own leverage structure.
As of December 2025, the double leverage of Grupo Cibest S.A. stood at 88.2%, as a result of a book value of investments in subsidiaries of COP 35.40 trillion, compared to shareholders’ equity of Grupo Cibest S.A. of COP 40.16 trillion.
This level is within the parameters defined by management and is subject to ongoing monitoring as part of comprehensive financial risk management.
Other Relevant Risks
Below we present the analysis of other relevant risks for Grupo Cibest Consolidado as of December 31, 2025:
Regulatory and Legal Risk
Regulatory risk consists of the possibility of incurring economic losses, reputational, operational, or regulatory impacts due to changes in the regulatory environment in which Grupo Cibest Consolidado operates. This risk also includes impacts arising from the absence of regulation or lack of flexibility in regulation in the face of the entry of non-traditional players aimed at stimulating the economy.
During 2025, relevant regulatory changes were recorded in Colombia, Panama, Guatemala, and El Salvador that could have fiscal, accounting, and operational implications.
Colombia
During the year, regulatory changes were approved across different areas. From a prudential perspective: (i) the Large Exposures regime was adjusted, incorporating exceptions in the calculation of exposures to public sector clients; (ii) the recommendations of Basel Pillar Two were implemented through the adoption of capital and liquidity self-assessment programs (PAC and PAL) and the updating of stress tests, which will come into force in 2028; (iii) regulation regarding related parties of credit institutions was finalized, defining criteria to exclude private equity funds and autonomous trusts, as well as guidelines for managing conflicts of interest and for identifying, quantifying, and monitoring transactions within credit institutions that are part of Grupo Cibest in Colombia; and (iv) the regulatory framework for managing environmental and social risks, including climate risks, was incorporated, integrating them into the supervisory framework of the Financial Superintendency of Colombia (SFC).
In terms of market development: (i) the immediate and interoperable payment system (Bre-B), regulated and administered by the Central Bank, became operational; and (ii) progress was made in the open data architecture to promote financial inclusion.
In the business areas, changes were introduced in the operation of the agricultural credit market, which could impact the amounts allocated to investment in Agricultural Development Titles.
At the capital markets level, several favorable reforms were implemented to deepen market liquidity and efficiency, including: (i) measures to simplify procedures for recurring issuers; (ii) redefinition of the framework for market makers, enabling new entities and establishing prudential requirements; and (iii) changes to the advisory regime, modifying key concepts regarding products and clients’ risk tolerance.
Prospectively, the 2026 regulatory agenda included the issuance of a new Public Tender Offer regime, modernizing the current framework to ensure transparency, protection of minority shareholders, and alignment with international standards. The agenda also included an update to the architecture of the fiduciary business, aimed at strengthening risk management and transparency in
the provision of fiduciary services, ensuring greater clarity in the definitions and responsibilities of the actors involved.
In the final days of the year, the Government declared a state of economic emergency which, despite legal challenges regarding its validity, will have an impact on the financial sector by establishing an additional surtax of 10 percentage points on income tax, increasing the total burden to 50% for 2026, with advance payment of the surtax on profits for fiscal year 2025. At the same time, additional taxes were imposed that will affect clients in specific sectors, such as the increase in VAT on alcoholic beverages, tobacco, and gambling, as well as higher taxes in the hydrocarbons sector. Additionally, an extra tax was established for wealth above COP 2 billion, creating a scenario of fiscal pressure that will require new strategic approaches to address the financial needs of individuals with high asset levels.
In Congress, a labor reform was approved, which is expected to have direct implications in terms of labor costs and the adoption of administrative-labor processes, as well as indirect effects due to a potential deterioration of the labor market. A statutory law on protection against identity impersonation was also approved.
Looking ahead, it is expected that initiatives with a “regulatory populism” approach will be processed, including: (i) a new version of “clean slate” policies; (ii) customer service regulations limiting automated systems; (iii) modernization of the consumer protection statute with new obligations for financial services; and (iv) the reduction or elimination of costs for certain financial products and services.
Panama
•Law 481 of 2025: established a preferential interest rate regime for certain mortgage loans, providing that the State will subsidize the lower amount between the rate defined in the preferential brackets and the result of applying up to a maximum of 85% of the rate offered by the bank.
•Agreement No. 7 of 2025: defined principles and criteria to assess the degree of local systemic importance of banks, establishing methodology, factors, and the requirement of an additional capital buffer between 0.5% and 1% by 2030. It also assigned responsibilities to Boards of Directors to internally assess compliance with required capital and approve action plans in case of a potential shortfall. It indicated that the Superintendency of Banks of Panama will annually review the list of systemic banks and determine, through a reasoned resolution, the specific level of required capital. To date, Banistmo would qualify as a locally systemic bank.
Guatemala
Regarding issued regulation, the following standards stand out:
•Resolution JM-98-2025: issuance of the Regulation for Technological Risk Management, which updated guidelines on technological infrastructure, cybersecurity, suppliers, operational continuity, and the use of new technologies, including artificial intelligence.
•Resolution JM-99-2025: amendment to the Regulation on Security Measures in Electronic Channels, incorporating more flexible schemes for unique device identification, maintaining traceability and strengthening technological risk management.
•Resolution JM-125-2025: adjustments to allow the submission of documentation through electronic means before the Superintendency of Banks, modernizing processes and reinforcing document security and traceability.
•Resolution JM-126-2025: amendment to the Regulation for the authorization of mergers and acquisitions, incorporating more robust criteria for corporate reorganization and strengthening supervision in economic concentration transactions.
•Resolution JM-140-2025: issuance of the Regulation for the Destruction of Documents related to Banking Accounting, updating document management and retention practices, reinforcing confidentiality and integrity of information.
Additionally, the Superintendency issued Official Letter No. 6673-2025, warning about the extraterritorial application of the U.S. Anti-Fentanyl Law, which resulted in strengthened enhanced due diligence controls and transaction monitoring to mitigate risks associated with money laundering and terrorist financing.
Regarding regulatory projects, we monitored relevant legislative initiatives such as the Personal Data Protection Law, the Anti-Usury Law, and the Comprehensive Law against Money Laundering and Terrorist Financing. However, the low legislative productivity observed during 2025 limited the progress of these initiatives, maintaining a scenario of regulatory uncertainty in the short term.
El Salvador
During 2025, significant regulatory provisions were approved aimed at deepening the capital markets, modernizing processes, and strengthening financial stability. Among these, the following stand out:
•Law on Alternative Private Investment Funds (PAIF): established a legal framework for sophisticated investors, enabling private collective investment vehicles in traditional and digital assets, under the supervision of the Superintendency of the Financial System and the Central Reserve Bank (BCR).
•Special and temporary 2025 tax amnesty law: granted facilities for the voluntary compliance of tax, customs, and other penalty obligations, providing a 60-day period for regularization.
•Reform to the Law on the Special Registry and Control of Taxpayers: established that the Tax Identification Number (TIN) be digital, universal, and free of charge.
•Extension of the Special Temporary Law on the Suspension of Seizures in the Coffee Sector: extended protection until January 1, 2027.
The Central Reserve Bank approved and amended relevant regulations during 2025, including:
•Technical standards to incorporate Investment Banks as regulated entities and strengthen prudential measures.
•Standards for Alternative Private Investment Funds.
•Guidelines for the administration and operation of mass payments (Transfer365).
•Amendments to regulations on the physical security of ATMs and capital adequacy requirements.
•Update of regulations for liquidity risk management, incorporating high-quality liquid assets, the liquidity coverage ratio, and the net stable funding ratio, with implementation timelines starting in January 2026 and a 100% target by January 2031.
Political Risk
Political risk consists of the possibility of generating economic losses, operational or reputational impacts arising from unpredictable conditions in the political environment, influenced by changes in government, decisions in public administration, modifications in international policies, or in relations between countries. These situations may generate economic instability, loss of investor confidence, liquidity crises, sectoral impacts, social conflicts, unrest, and regulatory restrictions that affect business continuity and access to markets.
During 2025, various factors were identified that could represent relevant political risks for Colombia, Panama, Guatemala, and El Salvador.
Colombia
A few months before the end of the current presidential term, changes have been observed in some ministerial portfolios. This situation has led to the interruption of previously established technical trajectories and changes in political priorities. This scenario has created additional challenges for regulatory stability and predictability in public policy formulation, factors that affect the country’s economic and financial environment.
During 2025, the fiscal deficit increased, leading to the activation of the fiscal rule escape clause, which resulted in a downgrade of the credit rating, higher levels of indebtedness, and an increase in interest costs.
At the same time, the following occurred: (i) tensions with the legislative branch associated with the call for a popular referendum without legislative approval, along with criticism of the failed processing of various regulatory bills; (ii) questions raised by the executive branch toward the judicial branch; (iii) differences of opinion between the executive and the Colombian Central Bank regarding the implementation of monetary policy; and (iv) differences between the executive and the private sector, arising from announcements aimed at strengthening the provision of goods and services through public entities, which could affect the competitive dynamics of certain sectors.
At the international level, relations with the United States faced a complex situation following increased diplomatic tensions that led to the country’s decertification in the fight against drug trafficking. Toward the end of the year, uncertainty intensified due to statements by both governments regarding national security matters, including incidents in the Caribbean and political events in neighboring countries. This context has required Bancolombia Consolidado to strengthen controls in terms of compliance and due diligence, in order to mitigate risks associated with sanctions and restrictions derived from the OFAC list.
All of the above takes on particular relevance in light of the 2026 electoral process (legislative and presidential). The new government will face challenges in fiscal, pension, and labor matters.
Panama
Throughout the year, Panama moved from an environment marked by high internal social volatility and external geopolitical tensions to a scenario of greater political stability, strengthened economic governance, and recovery of market confidence.
On the domestic front, the social protests of May and June 2025 were the main factor of economic disruption. However, the agreements reached between the Executive and industry groups reduced operational uncertainty and enabled the gradual normalization of key productive activities. In this context, the negotiation with Chiquita Brands for a phased resumption of operations, scheduled for February 2026, acted as a credibility anchor for foreign direct investment. This measure helped contain the impact on employment and exports, while mitigating reputational risks for the investment climate.
On the geopolitical front, 2025 began with a temporary increase in perceived risk following statements by the new United States administration regarding the status of the Panama Canal. The impact on the market was limited and quickly dissipated due to diplomatic management, which reaffirmed Panamanian sovereignty and avoided a higher risk premium. At the same time, the debate over the legal framework governing mining activity, particularly in Donoso, remained a latent institutional risk, relevant for the perception of legal certainty and the potential medium-term fiscal impact.
From a fiscal and financial perspective, Panama managed to maintain its investment-grade rating during 2025 (Moody’s and S&P), supported by compliance with the fiscal rule, improved sovereign risk indicators, and the implementation of structural reforms. The valuation of sovereign bonds and the compression of credit default swap (CDS) spreads reflected a favorable repricing of country risk. The reform of the Social Security Fund (CSS) strengthened the pension pillar, reduced medium-term contingent liabilities, and reinforced actuarial sustainability, with positive effects on macroeconomic resilience and the credit profile.
In reputational terms, Panama’s removal from the European Union’s high-risk list for AML/ATF was a significant milestone, as it reduced frictions for the financial system, improved the perception of operational risk, and facilitated cross-border trade and financial flows.
Overall, 2025 closed with a reduction in political risk compared to the beginning of the year, supported by greater institutional stability, fiscal discipline, and effective management of social and geopolitical tensions. The preservation of investment grade and the improvement in sovereign risk indicators reinforced the perception of stability in the markets. Looking ahead to 2026, political risk will be determined by the capacity to implement structural reforms (CSS, fiscal, and subsidies), as well as by the orderly management of sectors with high political sensitivity, such as mining and construction.
Guatemala
During 2025, Guatemala experienced a dynamic political and social environment, characterized by institutional efforts to strengthen governance, consolidate public confidence, and advance structural reforms. Interactions between the Executive, the branches of government, and civil society shaped the public agenda, amid citizen expectations for tangible results in basic services, infrastructure, and security.
A central component of the year was the relationship between the Executive and the Public Prosecutor’s Office, which generated political and media debate, highlighting the importance of interinstitutional coordination and respect for legal frameworks as pillars of legal certainty. At the same time, progress was made in processes to renew key authorities within the institutional system, including: (i) the selection of new magistrates of the Supreme Electoral Tribunal (TSE), considered a milestone for ensuring the impartial conduct of electoral processes; (ii) the appointment of magistrates to the Constitutional Court, representing a turning point in the institutional balance; and (iii) the renewal of authorities in the Office of the Comptroller General of Accounts, with direct implications for strengthening fiscal controls and the transparency of public management.
These processes have been subject to political deliberation, reflecting both the interest in strengthening institutions and the need to ensure procedures that generate trust among various social and political actors. In this context, some instances of social mobilization, mainly linked to demands from the education sector, underscored the importance of maintaining dialogue and negotiation mechanisms that allow sectoral demands to be addressed without compromising institutional normality or essential public services.
In terms of security and social coexistence, the country faces structural challenges, with efforts aimed at preserving public order and fundamental freedoms within regulatory frameworks that respect human rights, seeking to reinforce the conditions that enable economic activity and public confidence. This set of factors projects 2026 as a year of transition, where institutional consolidation and the effective articulation of public policies will be decisive for the country’s political and social stability.
El Salvador
During 2025, the Legislative Assembly approved another extension of the state of exception, maintaining constitutional guarantees suspended until January 30, 2026. This measure, which has been recurrent in recent years, reflected the government’s strategy to address crime, although it generates debate regarding its impact on fundamental rights and on the country’s international perception.
Likewise, constitutional reforms were approved to align the term of the magistrates of the Supreme Electoral Tribunal with the presidential term, increasing it from five to six years, which implies that the current magistrates must conclude their functions in 2027. The provision that guaranteed the Judicial Branch a minimum budget equivalent to 6% of the State’s current revenues was also eliminated, replacing it with an allocation based on reasonable needs, which poses challenges for judicial independence.
In the economic sphere, actions derived from the agreement with the International Monetary Fund (IMF) for 1.4 billion dollars and a 40-month term continue, including commitments beyond fiscal strengthening and external stability. Among these commitments are: (i) the gradual increase of the bank liquidity reserve from 12% to 15% by June 2026; (ii) the adoption of Basel III liquidity ratios, incorporated into the regulations issued by the Central Reserve Bank in the fourth quarter of 2025; and (iii) additionally, the government committed to carrying out a comprehensive reform of the pension system, with the publication of an actuarial study in 2025 and the submission of a proposal before February 2026, aimed at correcting a deficit estimated at around 59% of GDP for 2040–
- These actions seek to contain contingent liabilities and reduce the exposure of pension funds to government financing, in line with the requirements of the IMF program.
At the end of the year, the IMF acknowledged economic growth in El Salvador of around 4%, higher international reserves, progress in the legal framework for financial regularization, and advances in the pension and liquidity agenda, in addition to highlighting the advanced negotiations for the sale of the state digital wallet Chivo. This context points to a 2026 marked by the need to implement structural reforms and maintain macroeconomic stability amid political and social tensions.
Economic and Sectoral Environment Risk
Economic and sectoral risk is the possibility of generating economic losses derived from commercial and financial impacts caused by imbalances in economic growth, influenced by factors such as inflation, changes in interest rates, unemployment, increased poverty, and social tensions. At the international level, this risk is amplified by uncertainty in the markets, disruptions in supply chains, and the deterioration of trade relations due to geopolitical tensions, affecting global economic conditions.
During 2025, the global economy showed relatively favorable performance, despite the materialization of various risks arising from the tariff and migration policies promoted by the President of the United States. In general, the disruptions and volatility generated by U.S. tariff policy on trade and global supply chains have been offset by improved investment in technology sectors, particularly in artificial intelligence in North America and Asia. In addition, increasingly less contractionary monetary policies in advanced economies, as inflation approaches its target, supported the recovery of capital flows toward emerging markets in the second half of the year. At the same time, the level of political stability had a decisive influence on investor confidence, governments’ ability to implement economic recovery policies, and ultimately on the dynamics of economic growth.
Colombia
On the domestic front, during 2025 the Colombian economy continued in a phase of macroeconomic stabilization, in which GDP accelerated to 2.9% annually. At the same time, inflation stagnated around 5.1%, in line with elevated indexation resulting from the increase in the minimum wage implemented for 2025, upward pressures on regulated prices, and household demand that has shown strong performance. In response to this behavior, the Colombian Central Bank maintained its interest rate at 9.25% since April, supported by a cautious stance regarding the monetary easing process. Although the consensus among analysts anticipated a greater number of cuts in 2025, the Central Bank reduced its policy rate only once, as inflationary and fiscal risks limited the room for monetary easing.
In terms of economic growth, the main drivers were private consumption and public spending, offsetting the deterioration of the trade balance caused by the increase in imports. Household spending grew above GDP, supported by a resilient labor market and remittance income at historic levels. Meanwhile, public spending recorded the highest increase since 2021. In this context, the most dynamic sectors have been entertainment, commerce, and public administration.
However, significant challenges persist in inflationary and fiscal terms. The mandated 23.7% increase in the minimum wage raises the risk of higher prices for goods and services, as well as a potential deterioration in the labor market in the medium term. Nearly 60% of the CPI basket is indexed to the minimum wage and past inflation, increasing the likelihood of an inflation rebound to levels above 6% in 2026. In line with this, the Colombian Central Bank could adopt a more restrictive monetary policy stance to contain price effects and anchor the expectations of households and firms in the economy.
Meanwhile, public finances are going through a critical moment due to significant fiscal imbalances and growth in gross debt exceeding 60% of GDP. The activation of the escape clause of the Fiscal Rule led the Government to maximum levels in its primary deficit (excluding interest spending), close to 3.0% of GDP.
This was compounded by a complex international environment, marked by tariff announcements and geopolitical tensions in the Middle East, factors that could negatively affect inflation and the trajectory of local monetary policy. Regarding foreign trade, the imposition of a universal 10% tariff by the United States on Colombian products did not represent a significant change in the country’s competitive position relative to other economies. In fact, Colombia improved its relative position compared to China, which faces higher tariffs. However, competitiveness was affected relative to the countries that are part of the trade agreement between Mexico, Canada, and the United States.
Thus, Colombia is expected to continue progressing toward a gradual stabilization of its main macroeconomic indicators, including GDP growth, inflation, and interest rates, despite the persistence of inflationary and fiscal risks in a complex electoral environment.
Panama
During 2025, economic activity regained dynamism, with growth of 4.4%, above consensus (3.6%), driven by the recovery of Panama Canal operations following disruptions associated with the El Niño phenomenon, the strong performance of the logistics sector, and the tourism boom, which partially offset the cessation of mining activity.
This stronger performance led to upward revisions in 2026 growth projections, with both the IMF and the World Bank estimating that Panama will grow by around 4.0%, leading regional economic expansion. However, a gradual moderation of the trend is anticipated, in line with the normalization of Canal activity and as a result of potential adverse effects on international trade derived from U.S. tariff policies.
On the price front, controls on food and medicines, together with the decline in oil prices, led to negative inflation rates in the last months of 2025. However, this trend could gradually reverse due to higher pressures on import and transportation costs, in a context marked by global geopolitical tensions.
Nevertheless, the economic outlook faces significant challenges. On the one hand, the labor relocation of workers laid off from Cobre Panamá could be affected by the announcement of the cessation of operations of Chiquita Panamá following prolonged strikes. Additionally, although President José Raúl Mulino has reiterated his commitment to fiscal consolidation, this process could be limited by low levels of tax revenue collection and structural rigidities in spending, such as the annual transfer of around one billion dollars to the pension system, in a context of a high fiscal
deficit and risk of losing investment grade, according to warnings from S&P and Moody’s. At the same time, there are some risks concentrated in the implementation of the CSS reform (administrative capacity and oversight), the outlook of the construction sector, and the level of employment and informality.
Guatemala
Guatemala recorded favorable economic performance during 2025, driven by strong growth in financial activities, textile exports, and the tourism boom, which boosted the commerce and accommodation sectors. Inflation remained consistently below the target of the Bank of Guatemala, supported by low international oil prices and the dissipation of supply shocks, while the central bank preserved monetary and exchange rate stability.
Looking ahead, the economy is expected to maintain a favorable dynamic, as increased investment in infrastructure and tourism offsets a potential moderation in remittances associated with a more restrictive migration policy in the United States. In this context, the government of President Bernardo Arévalo has shown a greater willingness to expand spending on infrastructure and social programs, which would provide a moderate fiscal stimulus to growth without compromising the historical strength of public finances.
In terms of monetary policy, the Bank of Guatemala is expected to maintain a stance aligned with the Federal Reserve, with two policy rate cuts in 2025, bringing it to 4.00%.
El Salvador
El Salvador’s recent outlook has been marked by favorable economic growth, despite the weakening of the textile sector, whose external demand has been affected by increased competition from Asian countries in maquila activities. At the same time, inflation has maintained a downward bias, supported by the dynamics of fuel prices.
Looking ahead, economic performance is expected to be shaped by three key factors: (i) weaker external demand, in a context of stable global growth and persistent tariff tensions; (ii) a reduction in remittance flows, associated with tighter U.S. migration policy and the imposition of a tax on transfers, which would limit household consumption; and (iii) reduced fiscal space for public spending, as the Government advances in meeting the fiscal consolidation targets agreed with the IMF.
In this context, although the fiscal front has been the country’s main macroeconomic challenge, a gradual improvement is expected in the short term, accompanied by a strengthening of institutional capacity to respond to external shocks. In terms of prices, a temporary rebound in inflation is expected in the short term due to disruptions in global trade, followed by convergence toward levels close to 1.3% in the medium term.
Third-Party Risks
The outsourcing of activities within Grupo Cibest Consolidado entails operational and strategic risks, especially when providers do not adequately comply with contracted services. This situation may compromise the achievement of objectives, generate disruptions in operations, and increase exposure to risks such as cybersecurity, handling of confidential information, fraud, and reputational risk, particularly under public or regulatory scrutiny.
During 2025, we continued the evaluation plan for critical suppliers, with the objective of strengthening the control environment and improving procurement processes, ensuring effective third-party management and supporting those providers that need to implement controls or improvements in their processes.
Business Continuity and Technological Failure Risk
Within the context of the continuous evolution of Grupo Cibest Consolidado’s businesses, services, and processes to remain aligned with market trends, the Group is exposed to situations that may affect the provision of services to our clients and users, whether due to failures in internal processes, technological systems, or incidents arising from suppliers.
In 2025, we focused on strengthening the operational resilience of Grupo Cibest Consolidado by reinforcing the training of the Crisis Management Team and validating response protocols, incorporating new simulation methodologies. We developed automations in crisis management processes, consultations on protocols, methodologies, drills, and continuity plans based on artificial intelligence, with the objective of improving information availability and strengthening the culture of continuity management across the Group.
Additionally, we carried out the execution of the continuity testing program across all fronts: processes, suppliers, technology, infrastructure, and people, as well as the completion of the planned simulation exercises.
Model Risk
Analytical models continue to be fundamental tools to ensure objective and efficient decision-making in the management of financial risks and other critical processes of Grupo Cibest Consolidado. Recognizing that their use entails model risk—that is, the possibility of economic, reputational, or operational impacts arising from limitations in their design, implementation, or use—the Group strengthened its management framework during 2025, ensuring alignment with regulatory and supervisory standards.
In 2025, management evolved from the design phase toward a controlled operation of the model risk framework. This progress was supported by the implementation of a new classification methodology (tiering) and the deployment of a specialized tool for its application.
One of the strategic focuses of the year was adaptation to the emerging technological environment. In this regard, internal policy was updated and strengthened through the review of general guidelines and the creation of a specific annex for Generative Artificial Intelligence models, incorporating validation guidelines and mandatory technical testing aimed at promoting ethical, secure, and controlled use of new use cases.
In terms of operational efficiency, we expanded the automation of the validation process. The incorporation of quantitative modules for provisioning and liquidity risk models contributed to optimizing review times and strengthening process traceability. Likewise, we implemented an early warning engine to proactively manage the expiration of findings and action plans, contributing to timely follow-up and strengthening internal control.
Cybersecurity and Information Security Risk
Throughout 2025, we evolved the vision and posture of Grupo Cibest Consolidated regarding the governance and management of technological and cyber risk, providing a more mature framework
for identifying, measuring, controlling, and monitoring risk, ensuring the confidentiality, integrity, and availability of information assets, and promoting competitive advantage and the enablement of business objectives.
In this regard, we advanced in the implementation of the target model by strengthening the governance structure, defining business and management taxonomies, enabling automated risk identification, assessing business impacts, applying a control method with cost-benefit analysis, and monitoring with alerts on the risk profile and risk appetite. Likewise, we supported and challenged vulnerability management and the implementation of security baselines; advised the business on cloud migration initiatives, adoption of the secure development lifecycle, and the development of inventories; and conducted monitoring and measurement of key risk indicators.
The main achievements of 2025 are highlighted below:
•We defined and approved the policy for the management of technological and cyber risk, strengthening the three lines model and promoting information security.
•We defined and implemented a cyber risk appetite, based on the number of vulnerabilities that Grupo Cibest Consolidado is willing to accept in the technological environment to achieve business objectives efficiently and securely.
•We incorporated more than 280 information assets into risk management.
•We achieved 3.8 times greater coverage in evaluated applications, increasing from 932 to 3,522 applications in inventories.
•We automatically identified more than 11,000 risk events associated with confidentiality, integrity, and availability.
•We associated more than 52,000 attack surfaces with identified vulnerabilities.
•We mapped more than 188,000 unique vulnerabilities associated with the Group’s applications.
•We evaluated more than 248 controls in risk management.
Internal Fraud Risk
Internal fraud, particularly focused on the misappropriation of assets, represents the possibility of economic losses arising from acts committed by employees, officers, or employees of suppliers and/or partners, with the intention of obtaining an illegal benefit or advantage, personal or for third parties, through deception and to the detriment of the Group’s interests. This risk includes the appropriation, embezzlement, or misuse of resources, concealment of assets, misuse of confidential information or intellectual property, unauthorized access to or copying of digital assets, unauthorized expenses, or misuse of technological channels.
During 2025, we deployed strategies aimed at strengthening the control environment and more effectively mitigating the risk of asset misappropriation. The main actions included the following:
•We conducted large-scale training and awareness campaigns for employees in administrative teams, focused on reinforcing knowledge of the Anti-Fraud Program.
•We intervened in processes with improvement opportunities, implementing corrective and preventive controls derived from internal investigations.
•We updated the Asset Misappropriation Policy, ensuring its alignment with international standards.
•We implemented controls to prevent data leakage and protect sensitive data.
•We evaluated the Anti-Fraud Program under the COSO10 methodology.
•We continued with the behavioral model, incorporating an approach based on behavioral risks to anticipate and manage conduct that may lead to internal fraud.
•We enhanced the investigation process with a new operating model that enables the handling of internal fraud investigations under a risk-based approach.
AML/ATF and Corruption Risk
During 2025, we focused on the analysis, design, and implementation of the compliance control environment for Grupo Cibest S.A., responding to the entity’s specific characteristics from a regulatory perspective, as well as to the internal and external context, ensuring the effective, efficient, and timely functioning of the control environment.
Within the framework of our commitment to transparency and sustainability, we implemented a program for the prevention and management of money laundering and terrorism financing risk (AML/ATF), aligned with compliance with the Legal Basic Notice of the Financial Superintendency, as well as with national and international standards in this area. The management of this risk not only covers activities associated with issuance but, through a risk-based approach, incorporates additional practices to strengthen risk management with respect to counterparties and equity investments.
Additionally, the existence of an anti-fraud program was crucial to protecting the integrity and transparency of the Group, preventing financial losses, and safeguarding corporate reputation, in line with our commitment to zero tolerance for fraud. We also adopted a corporate anti-fraud standard, which covers anti-corruption risks, asset misappropriation, and financial reporting fraud.
The Corporate Compliance Vice Presidency continued to expand its scope across compliance systems, including: anti-money laundering and counter-terrorism financing, sanctions, FATCA11 and CRS12, ethics, the Anti-Fraud Program (anti-corruption, asset misappropriation, and financial reporting fraud), personal data protection, habeas data, financial consumer protection, fair competition protection, conduct risk, and regulatory compliance. These areas evolve over time as topics are prioritized and implementation plans are defined, under a risk-based approach and considering their complexity and potential impact on both financial and non-financial businesses.
In line with the above, we advanced in the evolution and strengthening of the Compliance Corporate Governance Model, with a strategic, comprehensive, and adaptable vision, ensuring structured and dynamic development that respects the particularities of each business unit, region, and entity. This evolution is based on the incorporation of cross-functional and technological tools, as well as on the optimization of end-to-end processes, ensuring operational efficiency and sustainability.
External Fraud Risk
In 2025, the management of external fraud risk was consolidated as a strategic pillar for Grupo Cibest Consolidado in the face of increasingly sophisticated techniques, such as impersonation of virtual assistants, vishing, and fraud associated with the impersonation of clients in credit products.
10 COSO: Committee of Sponsoring Organizations of the Treadway Commission
11 FATCA: Foreign Account Tax Compliance Act.
10 CRS: Common Reporting Standard
This drove technological and operational strengthening, evolving toward intelligent and adaptive monitoring models.
At Bancolombia, we implemented an advanced transaction and behavioral monitoring model based on analytics, improving prevention and customer protection. At the same time, recognizing that technology alone is insufficient against social engineering, we continued the “It doesn’t happen until it happens” campaign, reaching more than 36 million people with information on fraud risks and modalities. With this, we demonstrate that security is trust and experience, bringing us closer to the goal of guaranteeing secure interactions and supported customers.
Talent Risk
During 2025, we consolidated the talent risk framework with the objective of managing the main risks and causes that may generate impacts for Grupo Cibest Consolidado, excluding Nequi, Renting Colombia, Negocios Digitales Colombia (Wompi and Wenia) due to the absence of required talent in different roles or the challenges associated with existing talent. In this regard, we developed a corporate methodology to measure the following risks: harmful and unsafe environments, deficiencies in talent attraction and retention, failures in labor relations, and deficiencies in the management of future talent. This methodology, which must be updated at the local level, will allow for comparison of results against the market, monitoring of risk evolution, and the definition of strategies to establish work plans aimed at their mitigation.
Environmental and Social Risk
At Grupo Cibest Consolidado, we carried out actions that strengthened the management of environmental, social, and governance (ESG) risks in our operations and activities, reflecting our commitment to ESG risk management and climate change. As part of this strategy, we have an ESG Risk Corporate Policy13, which establishes guidelines and criteria for the identification, assessment, and comprehensive management of these risks, organized into three main areas:
•Environmental and Social Risk Analysis (ESRA).
•Management of controversial issues in business activities.
•Climate-sensitive industries.
In terms of climate risks, we made progress in strengthening the measurement methodology for physical risks, seeking greater coverage and automation in the assessment of the commercial portfolio and in the incorporation of new climate threats, extending coverage to any client with available information. Regarding transition risks, we advanced in the development of a target model through a methodological proposal that allows for assessment at the sector level. For further details on climate risk management, refer to the Task Force on Climate-related Financial Disclosures (TCFD) section of this document.
In line with climate risk management, Grupo Cibest Consolidado monitored climate vulnerabilities across its facilities, which enabled us to support and strengthen strategies aimed at ensuring operational continuity across all our processes, products, and channels. This comprehensive approach included prevention mechanisms, controls, and training, as well as continuous improvement of internal processes and policies to ensure effective ESG risk management. In
13 To consult the notice, access the following link: https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/b9141ff1-1710-4c05-80e0-65fd0c6351e6/Politica_Corporativa_de_Riesgos_ESG.pdf?MOD=AJPERES&CVID=plsBF33
addition, we conducted an initial review of biodiversity-related risks following the Taskforce on Nature-related Financial Disclosures (TNFD) standard, in collaboration with the Inter-American Development Bank (IDB). This effort focused on the timber and palm oil sectors due to their potential impact on biodiversity.
With the aim of strengthening the management of nature-related risks, we initiated a comprehensive process to identify impacts and dependencies on ecosystem services within our investment portfolios. Additionally, we advanced in the measurement of controversial issues related to the issuers that make up these portfolios, enabling deeper monitoring of their performance against ESG factors. These actions expanded Grupo Cibest Consolidado’s capabilities to more effectively assess and manage ESG risks, contributing to the sustainability and resilience of our investments.
Environmental and Social Risk Analysis (ESRA)
At Grupo Cibest, we are committed to sustainability in our processes and products. Accordingly, we adhere to the following agreements: the Equator Principles, the United Nations Environment Programme Finance Initiative (UNEP-FI), the Dow Jones Sustainability Index, the Partnership for Carbon Accounting Financials (PCAF), and we incorporate the standards defined by the International Finance Corporation (IFC), as well as others that may be applicable.
Through this, we aim to promote sustainable economic development and contribute, as a financial actor, to mitigating the effects of climate change by promoting mitigation actions through financing decisions in emission-intensive industries.
With respect to Environmental and Social Risk Analysis (ESRA), the Group manages its processes and internal policies in alignment with the fourth version of the Equator Principles and their entire application framework. These policies include the description of activities that require Environmental and Social Risk Analysis, environmental risk studies for the receipt of collateral, assets received in lieu of payment, and assets delivered through leasing, preventing risks associated with environmental liabilities in real estate where activities sensitive to environmental impacts are carried out.
During 2025, we focused on transforming our current process through the integration of generative AI and the implementation of tools for the monitoring and early warning of covenants. These initiatives allowed us to optimize operational efficiency and create room to increase coverage for 2026 and strengthen risk management, ensuring more agile and precise decision-making. All of this while maintaining the high standards that characterize the entity and generating a tangible impact on the sustainability and competitiveness of the business.
In 2025, entities within Grupo Cibest evaluated 246 transactions for a total amount of 35.2 trillion Colombian pesos. Of the total, 27 correspond to Equator Principles evaluations, amounting to 6.3 trillion Colombian pesos.
| 2025 | 2024 | Variation | |
|---|---|---|---|
| Amount (COP) | 35.21 trillion | 27.31 trillion | 28.9% |
| Number of studies | 246 | 216 | 13.9% |
Transactions by Risk Level
97% of the transactions received approval, either because they meet all the requirements established in the studies and have demonstrated, through their environmental and social management systems, that they have mechanisms for the control, prevention, and mitigation of the inherent risks of their activities; or because, during their evaluation, the need to establish conditions for approval was identified—conditions that the client must comply with and that are subject to follow-up and monitoring.
On the other hand, 3% of the transactions resulted in non-approval due to causes associated with lack of documentation, non-compliance with legal requirements, failure to provide environmental permits and licenses, and non-compliance with the standards implemented by the Group.
Evaluations by Economic Sector
73% of the exposure evaluated in 2025 corresponds to the hydrocarbons, power generation, natural resources, and infrastructure sectors.
Other sectors correspond to a grouping of industries that individually represent less than 4%.
ESRA under the Equator Principles
Of the 246 transactions carried out, 27 correspond to Equator Principles evaluations or corporate loans. The sector and risk level of the project are detailed below.
Sector and Risk Level of Equator Principles Evaluations
Figures in COP millions
| Sector | High Risk – A | Medium Risk – B | Low Risk – C | Total |
|---|---|---|---|---|
| Food and beverages | - | 83,734 | - | 83,734 |
| Construction | 374,443 | - | - | 374,443 |
| Construction and real estate | - | 227,372 | - | 227,372 |
| Energy | - | 980,277 | 47,000 | 1,027,277 |
| Infrastructure | 2,543,803 | 1,399,636 | - | 3,943,439 |
| Natural resources | 491,635 | 180,340 | - | 671,975 |
| Total | 3,409,881 | 2,871,359 | 47,000 | 6,328,240 |
IV.Customers Are at the Center of Our Business
At Grupo Cibest, the customer is at the core of everything we do. We meet the expectations of nearly 33 million people across Latin America through a diversified financial ecosystem that includes entities such as Bancolombia, Nequi, Wompi, Renting Colombia, Wenia, Bancoagrícola, Banistmo, and BAM.
Through this network, we provide solutions for every need: financial intermediation to manage savings and financing requirements for individuals, households, and businesses; transactional services that support the day-to-day movement of money; and more sophisticated capital markets and asset management services. All of this is powered by technology, innovation, and security, with operational excellence as a strategic pillar that ensures quality, efficiency, and trust.
We aim to deliver a superior customer experience, with greater speed, fewer frictions, and interactions that are close, reliable, timely, and simple. To achieve this, we work on strengthening the Group’s cultural sensitivity and our ability to listen to customers, understand their needs, and make them possible.
Our regional scale translates into proximity and deep knowledge of each market. By understanding the cultural, economic, and social particularities of each territory, we are able to close gaps in access to financial services, with the objective of promoting inclusion, energizing the productive sector, and enhancing countries’ competitiveness for the benefit of all.
Banking Intermediation
We have been in the banking business for more than 150 years, reflecting our ability to evolve and adapt to meet the changing needs of countries, companies, and individuals. As a result, our banks act as partners that support projects which improve people’s quality of life and drive economic growth in the region.
Banking intermediation is at the heart of this commitment: we transform savings into productive investment, connect resources with opportunities, and generate solutions that energize the business fabric and strengthen financial inclusion.
Credit
Gross Loan Portfolio Balance – Grupo Cibest Consolidado
(in COP millions)
| Modality | 2024 | 2025 | % Variation |
|---|---|---|---|
| Commercial | 153,252,811 | 139,627,922 | -8.89% |
| Consumer | 55,815,683 | 52,753,546 | -5.49% |
| Leasing | 27,291,604 | 28,493,129 | 4.40% |
| Housing | 41,741,601 | 34,416,372 | -17.55% |
| Microcredit | 1,352,209 | 1,063,012 | -21.39% |
| Total | 279,453,908 | 256,353,981 | -8.27% |
The Group’s loan portfolio closed 2025 at COP 256.3 trillion, of which 79% corresponds to Colombia and the remaining 21% to Central America.
Bancolombia disbursed more than COP 166.2 trillion during the year to individuals and companies of all sizes. This represents an annual growth of 6.7%, driven by the recovery of lending to individuals (including consumer and productive loans), stronger momentum in housing credit, and increased demand from companies for foreign currency credit lines, among other factors.
The entity also strengthened financial solutions tailored to customers’ life stages and business requirements, based on a deep understanding of the customer and an expert team that anticipates individual needs in order to offer solutions and service channels aligned with each profile.
Bancolombia also supported the government program “Credit Pact,” an agreement between the Government of Colombia and the financial sector (public and private banking) to increase access to credit in strategic sectors as a mechanism to drive economic recovery.
Under this program, the entity granted more than COP 58.2 trillion to sectors such as manufacturing and energy transition, housing and infrastructure, agriculture, tourism, and the popular economy. This figure represents 26% of total system disbursements and 123% of Bancolombia’s target for the year.
Another front is supporting the development plans of local governments in Colombia. During 2025, it disbursed more than COP 4.7 trillion to meet their financing needs in infrastructure, mobility, education, public safety, and healthcare, among others. In this segment, the loan portfolio balance amounts to COP 17.8 trillion, 24% higher than a year ago.
In El Salvador, Bancoagrícola granted more than USD 3.371 billion in loans during the year, 17% more than in 2024. This result is explained by stronger momentum in financing for SMEs and companies, driven by expectations of improved economic performance and increased investment. At the same time, in the consumer segment, it strengthened its value proposition and carried out pre-approved loan campaigns.
BAM, in Guatemala, disbursed more than USD 4.018 billion in loans, in a context where customer financial health was prioritized, with careful risk management and a focus on ensuring portfolio sustainability.
Meanwhile, Banistmo in Panama granted more than USD 2.957 billion in loans, with growth of 14%. This growth came from improved performance in SMEs, strategic lending placements, and diversification within companies. In the case of loans to individuals, risk policies were strengthened to ensure the stability and sustainability of the portfolio.
At Grupo Cibest, we view access to financing as a mechanism for inclusion; therefore, through our entities we offer solutions that bring credit closer to segments with limited experience or that have traditionally been underserved.
Bancolombia delivered more than COP 145 billion through more than 85,000 small-value loans, of which 54% were disbursed to women and, for 10,000 people, this was their first credit experience.
Another inclusion initiative by Bancolombia is rural labs, which aim to identify and reduce access barriers in rural areas through in-house proposals and collaboration with partners. Under this program, 13 experiments have been developed in different regions of the country, promoting financial education, access to payment methods, and access to credit.
There is also the productive linkages strategy, through which access to financial services is facilitated for small producers and microbusinesses across different value chains, based on information from medium and large companies acting as anchor firms. Under this model, COP 4.7 trillion has been mobilized for value chain participants, promoting formalization, productive development, and the strengthening of local ecosystems that energize regional economies.
Nequi, which in Colombia operated under Bancolombia’s license, closed the year with more than 27 million customers and, during the year, onboarded more than 3.2 million customers who previously used Bancolombia A la Mano.
This platform offers a simple, accessible, and user-friendly experience, with products designed based on user behavior and real needs, understanding inclusion as a path to progress that begins with savings, advances toward digital payments, and is strengthened through credit.
On the financing front, Nequi offers online loans with immediate response, timely disbursement, and clear conditions. More than 710,000 people accessed these loans during 2025, with an average value of COP 2.3 million per loan. As a result, Nequi’s loan portfolio balance closed the year at COP 1.6 trillion.
For its part, Bancoagrícola designs solutions to enable more self-employed workers, small businesses, and entrepreneurs to access banking services. In fact, during the year it added more than 30,000 new customers in this segment, of whom 50% are digital customers. Additionally, it delivered more than USD 476 million in productive loans for agribusiness and SMEs, which support employment and the economy in El Salvador, and offers credit lines for self-employed workers and exporters that help strengthen their competitiveness in local and international markets.
For Banistmo, a key focus area is supporting SMEs led by women. Under the “Impulsa Women’s Banking” strategy, it granted more than USD 174 million and also offers mentoring programs and knowledge transfer in key areas for managing their businesses.
Deposits
Customer Deposits – Cibest Group Consolidado
(in COP millions)
| 2024 | 2025 | % Variation | |
|---|---|---|---|
| Savings accounts | 124,636,994 | 133,128,722 | 6.81% |
| Term deposits | 109,760,722 | 91,673,167 | -16.48% |
| Checking accounts | 38,033,696 | 32,125,941 | -15.53% |
| Other deposits | 6,627,989 | 7,486,126 | 12.95% |
| Total | 279,059,401 | 264,413,956 | -5.25% |
Deposits reflect customers’ trust in the Group’s banks to manage their money and are an important source of funding. Deposits across Grupo Cibest entities closed the year at COP 264.4 trillion.
To provide context, at Bancolombia, the average balance exceeded COP 179.6 trillion, 10.8% higher than in 2024. This includes savings accounts, checking accounts, and term deposits such as CDTs and virtual investment products.
Banking and Transactional Services
We are present in the daily lives of individuals and businesses, supporting them in managing their money, which makes us the channel through which the flow of money in the economies of the countries where we operate moves.
For example, Bancolombia accounts for 72% of monetary transactions in the Colombian financial system and mobilized 42% of flows, according to data from the Financial Superintendency as of September.
This is the result of continuous evolution to offer a comprehensive ecosystem of financial and complementary solutions, integrating different channels and platforms to meet each customer’s needs through an experience that is simple, accessible, timely, and reliable.
2025 was the year of strengthening Bancolombia’s digital channels. With a proprietary platform, complemented by third-party solutions, we transformed the app for individuals (Mi Bancolombia), revamped the Virtual Branch for Individuals, and launched a new Virtual Business Branch. The objective is to expand the offering of financial and non-financial solutions, incorporate advanced fraud management capabilities, and improve transaction monitoring.
More than 9.4 million customers now use Bancolombia’s digital channels, and more than 98% of the bank’s monetary transactions are carried out through these channels. In digital sales, cumulative penetration in 2025 reached 62.3%, with 8.1 million units sold through this channel, 34% more than in 2024.
In Panama, Banistmo implemented the final stage of its new core banking system to strengthen operational capacity and availability, improve customer experience, and consolidate a more agile organization. In terms of interoperability, it integrated with Kuara, an interbank transfer platform that enables instant transfers between banks using only the recipient’s mobile phone number. The bank has more than 179,000 active customers in Individual Digital Channels and more than 9,900 in Business Digital Channels, with digital adoption rates of 41.4% and 65.4%, respectively.
In El Salvador, Bancoagrícola has more than 805,666 digital customers, with digital penetration of 45.6%. The most used channels during the year were Mobile Banking for Individuals, with more than 78.6 million transactions, followed by ATM with 45 million, POS with 44.9 million, and Omniempresas with 18.4 million.
Meanwhile, BAM in Guatemala has more than 283,600 digital individual customers, with adoption of 67.34%, and its digital channels account for 60% of transactions. For companies and SMEs, there are more than 22,000 digital customers, and more than 82% of their operations are conducted through these channels. During the year, they continued evolving toward more modern and secure platforms, with improved experience and enhanced security.
Payment Solutions
During the year, we consolidated transactional solutions that facilitate the payment experience for individuals and merchants in an increasingly digital environment.
Bancolombia leads the debit and credit card market in Colombia. On one hand, it reached 17.4 million debit cards, with which purchases totaling COP 69.9 trillion were made (17% more than a
year ago). Regarding credit cards, there are now 3.04 million active cards, which recorded total transaction volume of COP 44.6 trillion, 21.8% higher than in 2024.
One of the major developments of 2025 in Colombia was interoperability, a joint effort by the financial sector and the Central Bank, aimed at eliminating barriers between institutions to enable transfers and payments within seconds using an alphanumeric key.
Bancolombia and other entities, together with Redeban, anticipated this with “Tus llaves,” and in the second half of the year, the Central Bank launched Bre-B, the immediate and interoperable payment system in Colombia that integrates banks, cooperatives, and fintechs into a single network.
At year-end, there were more than 96 million keys registered in Bre-B, belonging to 33 million customers. Of these, 51 million keys correspond to Grupo Cibest entities.
Meanwhile, Bancolombia’s merchant QR, which was launched more than five years ago, paved the way for interoperability by enabling transfers between accounts. In 2025, the QR + Key scheme was created to allow Colombians to make transfers to more than 15 banks, neobanks, cooperatives, and digital wallets. The year closed with 857,592 active merchant keys, through which more than 400 million transactions have been carried out, totaling COP 27.8 trillion.
Likewise, the Bancolombia payment button was a key instrument for merchants’ sales, mobilizing more than COP 7.9 trillion (55% more than a year ago) across more than 45.4 million transactions.
Wompi is a digital platform that has been in the market for six years and has established itself as a relevant player in the payments industry, promoting digital inclusion and the widespread adoption of electronic payments among merchants. It closed 2025 with more than 54,000 active merchants during the year and processed more than COP 50 trillion.
Remittances are a significant source of foreign currency for Latin American countries and constitute an important portion of income for millions of families in the region, translating into consumption and investment that drives economic activity. For this reason, Grupo Cibest entities have developed solutions to support individuals in receiving these transfers.
In Colombia, remittances exceeded USD 13.098 billion, most of which were directly credited into savings accounts, checking accounts, and low-value deposit accounts at Bancolombia and Nequi. This represents annual growth of 10% and gives the Group a 63.7% market share.
Central America is one of the regions where remittances have the greatest weight in the economy. Therefore, Bancoagrícola in El Salvador and BAM in Guatemala support their citizens with different alternatives for receiving funds. In the case of Bancoagrícola, it offers 24/7 digital channels for direct account credit, Mobile Banking, more than 500 ATMs, and a physical network of branches and 800 banking correspondents. This entity has a 34.6% share of the remittances market and more than 83% compared to other banks.
Additionally, Bancolombia is a partner to local governments through digital solutions that optimize collections and payments. Through the bank, territorial collections exceeding COP 7.65 trillion were managed, 45% more than a year ago. Of this total, COP 1.85 trillion corresponded to territorial collections through digital government solutions, and COP 5.8 trillion was achieved through tailored developments for public entities and government suppliers.
Nequi, with Regional Reach
Nequi, which operates in Colombia under Bancolombia’s license, in El Salvador with the support of Bancoagrícola, and in Guatemala under BAM, is one of the key instruments for facilitating access to financial services in these countries.
For Nequi Colombia, one of the priorities during the year was to support the street-level economy and entrepreneurs. To achieve this, in partnership with Wompi it launched Nequi Negocios, a solution that allows small business owners and entrepreneurs to manage their business finances in a simple and secure way.
Another of its objectives is to connect Colombia with the world by serving new financial profiles associated with remote work, migration, and global models. This enabled more than 308,000 people to bring money into Colombia through platforms such as PayPal and Payoneer, and more than one million people received remittances from abroad, mainly from the United States, Spain, and Chile.
Nequi in El Salvador is a secure, low-cost digital solution designed to support Salvadorans and connect with new audiences that have traditionally lacked access to financial services, such as young people and the unbanked population. It already has more than 124,056 onboarded customers, of whom 23,000 are active and 36,850 correspond to unbanked individuals, who together hold deposits of more than USD 438,000 on the platform.
Nequi in Guatemala aims to be part of the daily lives of Guatemalans through digital solutions that strengthen trust and ease in financial management. It seeks to be a relevant player in the development of e-commerce, support formal and informal entrepreneurs in their daily operations, and build meaningful connections through a deep understanding of users and their context. It closed the year with more than 53,000 onboarded users and deposits totaling USD 200,000.
The Bridge to Digital Assets
Wenia, which entered the market in 2024, expands Grupo Cibest’s capabilities in saving, investing, and transferring value by integrating digital assets in response to the new needs of individuals and companies in an increasingly globalized environment.
It operates as an exploratory brand, focused on developing business opportunities that bridge the traditional and digital economy.
In 2025, Wenia surpassed 33,000 customers, with over USD 200 million in transactional volumes. This was made possible through the expansion of its digital asset ecosystem, including the addition of the digital euro (EURC), a broader offering of cryptocurrencies (ADA, LINK, XRP), staking functionality on Solana, and a rewards program for digital dollars holdings.
During the year, Wenia also launched the Global Account, enabling users to send and receive digital dollars to and from bank accounts in the United States, and introduced Wenialogía, the company’s educational platform, designed to promote informed use of digital assets.
Asset Management, Treasury, and Capital Markets
At Grupo Cibest, we believe that the capital markets serve as a bridge between investors seeking to grow their capital and companies that require funding for their projects through more sophisticated structures.
2025 was a decisive year in this direction, with the creation of the Corporate & Investment Banking (CIB) program. This model integrates the best of commercial banking and investment banking, combining the strength of our balance sheet with a sophisticated offering of financial solutions, advisory, and transactional services that create new opportunities for those seeking growth and for investors with a strategic vision.
This allows us to serve corporate and private banking clients in a more comprehensive manner, strengthens our regional presence, and energizes the capital markets.
As part of this evolution, we reorganized our internal structure by consolidating expert teams and adopting more agile frameworks. We also separated the structuring function from origination and distribution in order to specialize processes and ensure greater traceability. All of this with one objective: to deliver more precise, efficient solutions aligned with international best practices.
Under this strategy, the Cibest Capital brand was created, a regional structure of the Group designed to consolidate its offering of securities, investment banking, and products and services linked to capital markets in the region, optimizing service for corporate, institutional, and investor clients.
In 2025, the wealth management operation in the United States became Cibest Capital Advisory Services (Registered Investment Advisor) and Cibest Capital Securities (broker-dealer). This operation grew from USD 815 million in assets under management at the end of 2024 to more than USD 1.469 billion by the end of 2025 and reached operating break-even, as a result of adapting to client needs and managing 2,100 investment accounts.
Another milestone in this evolution is the integration of Valores Banistmo into Cibest Capital, which consolidates and strengthens Grupo Cibest’s regional capabilities in securities, investment banking, and capital markets-related products across the countries where it operates. As a result, its brand was changed to Cibest Capital Panamá, which has more than 2,580 clients and assets under management exceeding USD 5.7 billion.
Financial Education
At Grupo Cibest, we conceive financial education as a strategic pillar to promote well-being and sustainable development among individuals, businesses, and communities. As a financial ecosystem that integrates banking, transactional services, capital markets, and asset management, we assume the responsibility of generating value beyond the economic dimension by promoting knowledge that enables informed and responsible decision-making in a dynamic and global environment.
In our vision, financial well-being is not limited to theoretical concepts, but translates into the ability to manage daily finances, cope with unforeseen events, define clear goals, and move toward financial freedom. Therefore, we have designed initiatives that combine innovation, technology, and proximity, offering digital and in-person experiences that facilitate access to knowledge and strengthen skills across all our stakeholder groups: customers, employees, partners, and communities.
During 2025, we consolidated programs aimed at transforming habits and mindsets, fostering healthy practices that contribute to stability and progress. These actions reflect our commitment to inclusion, equity, and sustainability, pillars that guide each of our decisions as a group:
| Region | Number of Programs / Initiatives | Beneficiaries | Investment |
|---|---|---|---|
| Colombia | 179 initiatives | 301,869,513* people / companies / views / likes / plays | COP 23.098 billion |
| Panama | 5 programs | 7,129 people | USD215,698.93 |
| Guatemala | 7 programs | More than 6,000 people + mass digital reach | USD 300,000 +** |
| El Salvador | 4 programs | 25,875 people | USD676,631.52 |
* Most of the actions implemented were mass in nature, meaning they were directed at a large audience for which a single participation is not always tracked; therefore, the same person may be counted multiple times across different activities.
**Investment in Guatemala includes multi-year projects approved in 2024 and 2025, with execution extending into 2026.
We look ahead with the aim of continuing to consolidate a financial culture that transcends borders and sectors, integrating innovation, collaboration, and knowledge in every interaction. Our challenge is to continue evolving as an ecosystem that inspires trust and provides tools so that each person and organization can achieve their goals and contribute to sustainable development in the region.
Distribution Network
We offer our products and services through a network of traditional branches, sales representatives, and customer service channels, as well as through Mobile Service Points, an ATM network, online and computer-based banking, telephone banking, mobile banking services, and points of sale (Nearby Service Points), among others.
Transactions carried out through electronic channels represented more than 94.80% of total transactions in 2025, compared to 95.74% in 2024. Additionally, as of December 31, 2025, Bancolombia had a sales force of approximately 13,882 employees.
The following are the distribution channels offered by Grupo Cibest entities as of December 31, 2025:
Branch Network
As of December 31, 2025, our consolidated branch network consisted of 912 offices, including 564 Bancolombia branches, 37 Renting Colombia branches, 93 Bancoagrícola branches, 37 Banistmo branches, 142 BAM branches, and 39 branches of other subsidiaries.
| Company (1) | Number of Branches 2025 | Number of Branches 2024 | Number of Branches 2023 |
|---|---|---|---|
| Bancolombia S.A.(Colombia) | 564 | 578 | 583 |
| BAM (Guatemala) | 142 | 155 | 157 |
| Renting Colombia (2) | 37 | 63 | 65 |
| Bancoagrícola | 93 | 91 | 9 |
| Banistmo | 37 | 39 | 39 |
| Valores Bancolombia | 17 | 19 | 19 |
| Fiduciaria Bancolombia | 8 | 8 | 7 |
| Financomer | 1 | 3 | 4 |
| SUFI | 1 | 2 | 2 |
| Inversiones CFNS S.A.S. | 2 | 2 | 2 |
| Investment Banking | 2 | 2 | 2 |
| Bancolombia Panamá | 1 | 1 | 1 |
| Bancolombia S.A. Panamá Branch | 1 | 1 | 1 |
| Valores Banistmo | 1 | 1 | 1 |
| Bancolombia Puerto Rico International Inc. | 1 | 1 | 1 |
| Arrendadora Financiera S.A. | 1 | 1 | 1 |
| Valores Banagricola, S.A. de C.V. | 2 | 1 | 1 |
| Cibest Capital Holdings USA LLC | 1 | 1 | 1 |
| Transportempo S.A.S. | 0 | 0 | 1 |
| Total | 912 | 969 | 978 |
(1) For some subsidiaries, the head office is considered a branch.
13 “Localiza” stores and 13 “Puntos Éxito” were closed.
Banking Correspondents
A banking correspondent is a platform that enables non-financial institutions, such as retail stores open to the public, to provide services and carry out financial transactions in locations where banks and financial institutions have limited or no presence. As of December 31, 2025, we had 37,045 banking correspondents, including 28,640 in Colombia, 395 in Panama, 6,168 in Guatemala, and 1,842 in El Salvador.
Mobile Service Points (MSPs)
MSPs are sales advisors who periodically visit small localities to offer our products and services. As of December 31, 2025, we had 486 MSPs (458 in Colombia, 10 in Guatemala, and 18 in El Salvador). Panama does not have MSPs.
Kiosks
Kiosks are located within our branches, in shopping centers, and in other public places, and allow our customers to carry out various self-service transactions. As of December 31, 2025, we had a total of 500 kiosks: 213 in El Salvador and 287 in Colombia. Panama and Guatemala do not have kiosks.
Automatic Teller Machines
We have a total of 6,149 ATMs, including 5,212 in Colombia, 599 in El Salvador, and 338 in Panama. BAM sold its Guatemalan ATM network (155 units) to 5B in November 2023 and outsources its ATM services.
Online / Computer-Based Banking
We offer various online and computer-based banking options designed to meet the specific needs of our different customer segments. Through various platforms (IT and internet-based solutions), our customers can check account balances and monitor transactions in their deposit and loan accounts.
Telephone Banking
We provide personalized and convenient advisory services to customers across all segments through automated interactive voice response (IVR) operations and a contact center available 24/7.
Mobile Banking Service
Our customers can carry out various transactions from their mobile phones, including transfers between Bancolombia accounts, balance inquiries, QR code payments, and bill payments.
Business Connections Banking Service
Business Connections is a differentiating feature of Bancolombia’s product line. It consists of a direct connection between Bancolombia’s servers and the client, enabling transactions and document exchange, complementing our cash management and factoring products. It offers a secure and efficient option for clients to manage their funds, particularly their cash management needs.
Sustainable Financing
Part of our value creation actions focuses on supporting commercial teams and clients in identifying and structuring financing opportunities that incorporate ESG criteria, offering differentiated terms in rates, tenors, and structures for investments in assets, working capital, and projects associated with cleaner production processes, the adoption of green technologies, energy efficiency, renewable energy, and alternative fuels, as well as initiatives for waste reduction and recovery under circular economy models.
Likewise, we promote sustainable construction and infrastructure projects, sustainable mobility, the blue economy, and specific solutions for the agricultural sector, including sustainable livestock and poultry farming, contributing to the development of more resilient and inclusive value chains.
This value proposition is delivered through a comprehensive sustainable financing offering, which includes various types of projects such as working capital linked to sustainable certifications, sustainability-linked loans, and financing for initiatives in energy efficiency, renewable energy, sustainable construction and infrastructure, circular economy, sustainable mobility, and sustainable agricultural development.
These solutions are managed in an integrated manner across the Group’s business lines, including the commercial portfolio, leasing schemes, factoring and working capital solutions, foreign currency operations, and specialized financing mechanisms, implemented according to the specific characteristics of each market in Bancolombia, Banistmo, Bancoagrícola, and BAM, consolidating a regional platform that combines positive impact, financial strength, and long-term sustainable value creation.
Through our four banks, in 2025 we disbursed USD 4.039 billion in sustainable financing.
| Entity | Sustainable Purpose | Total Product<br><br>(USD millions) | Total Bank<br><br>(USD millions) | ||
|---|---|---|---|---|---|
| BAM | Sustainable construction | 36.91 | 48.66 | ||
| Sustainable housing | 10.03 | ||||
| Sustainable mobility | 1.72 | ||||
| Bancoagrícola | Renewable energy loans | 47.53 | 66.43 | ||
| Energy efficiency | 4.81 | ||||
| Sustainable construction | 14.09 | ||||
| Banistmo | Sustainable mobility | 92.02 | 115.71 | ||
| Renewable energy | 19.98 | ||||
| Energy efficiency | 0.05 | ||||
| Circular economy | 3.66 | ||||
| Bancolombia* | Sustainable certifications | 172.60 | 3,808.75 | ||
| Sustainability-linked loans | 173.01 | ||||
| Sustainable infrastructure | 263.07 | ||||
| Sustainable construction | 644.87 | ||||
| Mobility | 411.12 | ||||
| Circular economy | 820.30 | ||||
| Energy efficiency | 179.43 | ||||
| Renewable energy | 652.12 | ||||
| Sustainable livestock | 6.32 | ||||
| Cleaner production | 23.73 | ||||
| Factoring | 239.19 | ||||
| Sufi | 222.99 | ||||
| Total Grupo Cibest | 4,039.55 |
*Bancolombia figures were converted to dollars using the exchange rate (TRM) as of December 31, 2025, which was COP 3,757.08.
V.We Are the Place Where Talent Wants to Be
We are a people-centered organization. This drives us to enable our talent to develop a flexible, creative, determined, and entrepreneurial mindset through experiences that unlock their potential in a safe environment with equal opportunities for all.
Our management approach focuses on preparing and retaining the talent required to face business challenges and ensure the evolution and sustainability of the companies that are part of Grupo Cibest.
Contextualized and Personalized Experiences
During 2025, we worked on developing a deep understanding of our talent through practices such as enhancing analytical capabilities and segmenting the value proposition, which allowed us to offer programs aligned with employees’ profiles and expectations.
Employee experience is a key strategic capability for Grupo Cibest. In this regard, understanding how our talent perceives key moments such as onboarding, development, recognition, role changes, and exit from the organization helps us evolve the design of people-centered practices, thereby strengthening the connection between the organization and its employees.
During 2025, through the Voice of the Employee program, implemented across all our banks, we strengthened our listening capabilities to identify the issues that matter most to our employees and act accordingly. This year, we achieved an average participation rate of 92% and a favorability score of 94% in engagement: 96% would recommend the organization to people they know as an excellent place to work; 93% believe their work provides a sense of personal achievement; and 92% feel motivated to exceed expectations in their roles.
We also took a decisive step by updating the employee experience evolution roadmap, incorporating initiatives not only from Talent and Culture but also from strategic areas such as Customer and Employee Service, Technology, Customer Experience, and Payroll. Through a cross-functional approach, we were able to design and manage this roadmap by integrating operational processes, measurements, and dashboards to enhance the employee experience at key interaction moments.
In this context, the Data Squad, our Talent and Culture analytics community, was consolidated at the corporate level by adding in 2025 ten members from Banistmo, Bancoagrícola, and BAM, and 24 from Bancolombia, forming a team of 34 people. They received training in data technologies and analytical models to promote a culture of innovation and information within their respective businesses, with the objective of advancing an analytics-driven culture and process automation, laying solid foundations to make data a powerful enabler of talent retention.
2025 was also a key year in strengthening our employer brand, through initiatives that positioned the companies of Grupo Cibest as places where people choose to grow and thrive. This achievement was made possible through initiatives such as building partnerships with universities, internships, dedicated programs, and presence on social media, job fairs, schools, and other strategic settings, contributing to the delivery of a competitive value proposition that promotes development for both employees and candidates.
An example of these actions is TalentoB, an essential program to attract and connect young professionals with Bancolombia, Bancoagrícola, Banistmo, and BAM. It enables the building of strong relationships from the early stages of careers, allowing emerging talent to feel part of our culture and future vision. Through learning experiences, we create a bridge between young professionals and the organization, particularly in key roles such as software engineering, cybersecurity, experience design, analytics, and digital analytics, among others. During 2025, there were 187 TalentoB participants at the corporate level.
Energizing culture and leadership to achieve our purpose
Mindset in Motion, our first cultural statement as Grupo Cibest, is a strategic initiative to activate new ways of thinking, deciding, and acting in uncertain and complex environments. In 2025, being in #ModoMeM represented our commitment to moving away from autopilot and toward a conscious and creative approach to business and societal challenges, strengthening adaptability and reinforcing a shared purpose.
Together with 52 leaders from Grupo Cibest, we defined Mindset in Motion as a cultural statement to promote adaptability among our talent. A total of 7,200 people from Grupo Cibest and 5,700 sales employees in the branch network in Colombia participated in the launch, which aimed to empower individuals to develop a mindset in motion and face change in a sustained manner, while positioning change management as an accessible organizational capability.
We also worked on operational excellence through initiatives such as MinutosB “The Totem of Excellence”, in which more than 27,000 employees in Colombia, Guatemala, El Salvador, and Panama reflected on responsibility, rigor, and timeliness to achieve operational excellence, deliver a better customer experience, and drive business results.
Frank Conversations, aimed at fostering safe environments and outstanding performance, was another initiative implemented across several Grupo Cibest companies, with the participation of 12,182 employees. It used gamification resources with Franco the Dragon to put into practice the elements of effective conversation.
Safe and Productive Environments
We promote the creation of safe work environments where each person feels valued and respected for who they are, regardless of their gender, sexual orientation, nationality, ethnicity, or any other dimension of diversity. In 2025, we made progress in consolidating strategies that demonstrate our commitment to diversity, well-being, and mental health.
Some of the most notable practices in this area included:
•Strengthening our talent information systems by creating fields such as the characterization of persons with disabilities, self-identified name changes, and the registration of gestational mothers and fathers, enabling us to make informed decisions and design relevant actions.
•Ongoing awareness and training actions on diversity, equity, and inclusion, reaching a corporate coverage level of 99.8%.
•The companies within Grupo Cibest also implemented various programs to measure the level of progress of their strategies in diversity, equity, and inclusion. As a result, improvement actions were adopted to close gaps, enabling certifications such as Friendly Biz and Aequales in Colombia, and certification of the Gender Equality Management System by the OSN (Salvadoran Organization for Standardization) at Bancoagrícola.
Well-Being for High Performance
At Grupo Cibest, we care for the holistic well-being of our talent. In this regard, we believe that enjoyment is an essential part of a balance in which we value work well done and outstanding performance, celebrate our achievements, and safeguard the physical, mental, and financial health of our employees.
Our commitment to well-being and enjoyment was reflected through milestones that demonstrate our dedication to holistic well-being and the creation of an environment where each person finds tools to manage their time effectively, celebrate achievements, and live in harmony.
Some figures that support this management are:
•Investment in well-being programs: USD 5,213,961
•Number of well-being activities carried out: 47,765
•Number of employees and their families who participated in well-being activities: 234,895
•Employee loans: more than COP 215 billion disbursed
Skills with a Strategic and Systemic Vision of Talent
Each step in the personal and professional growth of our employees builds the future we envision as a Group. When we design development strategies, we do not focus solely on skills; we also seek to inspire people to take ownership of building their best version.
Development is understood as a process of transformation and evolution of the individual, through the ability to raise awareness of one’s own competencies, the willingness to take responsibility for improvement opportunities, and the generation of new behaviors, thoughts, and attitudes that positively impact high performance and organizational results.
Some initiatives that reflect this commitment to talent evolution include:
The identification and management of talent pools with the objective of consolidating a high-performance culture and developing the talent required to ensure the organization’s sustainability.
At the corporate level, our talent pool consists of 195 high-potential talents, 654 specialized talents, and 379 key talents. Each of the businesses within Grupo Cibest is committed to offering
development and retention actions tailored to its context, in order to meet strategic needs and promote their evolution and the achievement of outstanding results.
We also developed initiatives to support new generations of women seeking to transform the future through technology, with programs such as Women in STEM and Wompi Girls. These initiatives promote the professional development of university women in Science, Technology, Engineering, and Mathematics careers through mentoring, inspiration, and connections with industry role models, as a first step toward strengthening women’s presence in technology and on the path to leadership. Grupo Cibest closed 2025 with 1,150 women in STEM roles.
Performance management has been consolidated as a corporate practice and has continuously evolved to enhance excellence among employees. In 2025, 31,016 people, representing 100% of the target population, received their annual performance evaluation, with an average score of 4.56.
Learning for the Future
We have declared that training is a highly relevant organizational strategy and that learning is a personal decision, where shared responsibility and self-development play a crucial role in people’s evolution. Our challenge as Grupo Cibest is to remain at the forefront with a high-quality, tailored program offering to address the present and future needs of the business.
In this regard, we implemented learning initiatives aimed at strengthening the skills and practices of our talent, framed within each company’s own ecosystem. Through structures and strategies such as the academies of Bancolombia, Banistmo, offshore operations, and Bancoagrícola, the cross-functional school of Renting, the Colideratory at Wompi, Wenialogía and Aprende con Wenia at Wenia, as well as agreements with institutions and licenses to access programs on virtual platforms, we achieved a significant impact on the development of our talent:
•5,737 managers trained in Leadership Institute programs, equivalent to 99.7% of all managers
•An average of 39 training hours per employee and 62 for leaders, with an investment of USD 229 per person
•43 scholarship recipients in in-person and virtual programs
•99.8% completion of the virtual training plan
At the same time, this year Academia Bancolombia joined the organization’s commitment to business challenges toward 2030. Accordingly, in September it delivered the executive program “Leading Transformation: Trends and Challenges of Tomorrow’s Banking,” in partnership with Pompeu Fabra University. This executive program brought together 35 senior executives from Grupo Cibest with the objective of driving a shared vision for the next five years and reinforcing the commitment to leadership development, innovation, and sustainable value creation for the organization.
A Corporate Model that Enables the Strategy
As Grupo Cibest, we made progress in consolidating our practices and working models. In the first months of 2025, together with the different compensation committees, we finalized approvals
related to the variable compensation scheme and reached agreements on matters such as adjustments to the cost of capital methodology, the percentage distribution of SVA by geography, approval and rollout of variable compensation schemes for digital sales, among others; in addition to implementing digital signatures for employment contracts across Grupo Cibest.
Regarding regulatory compliance and risk mitigation, during 2025 we worked on updating policies for talent management, labor regulations, adjustments required by the Labor Reform in Colombia, and the adoption of organizational best practices to ensure alignment with the organizational strategy.
Human Rights and Our Employees
In line with Grupo Cibest’s Corporate Policy, we maintained constant monitoring to identify, address, mitigate, and remedy any potential human rights violations that could affect our stakeholders. Through mechanisms such as the Ethics Hotline and the Contigo System, we ensured these situations were handled with strict confidentiality.
The most widely used channel by our stakeholders is the Ethics Hotline. Our employees also use the Coexistence Committee, which is established in accordance with Colombian and Panamanian regulations to investigate complaints related to workplace harassment.
In 2025, no cases of direct human rights violations were identified as a result of the Bank’s operations. Through the Contigo System, three cases were handled in which related parties violated human rights through inappropriate sexual behavior; action and remediation plans were implemented, as the affected individuals were employees.
Two incidents of discrimination by a third party affected two female employees.
Remediation actions for the affected individuals included:
•More than 15 additional hours of psychological first aid, beyond the support already provided to 1,286 employees through the Contigo line; specialized legal advice to file criminal actions; reporting to competent authorities; administrative and disciplinary actions against the reported individuals; implementation of a methodological protocol for real-time support to employees working in the field; inclusion of controls in procurement processes (RFPs) with partners to ensure and verify compliance with labor standards; advisory support to partners for the development of their own prevention, investigation, and remediation protocols; and ongoing training for teams handling cases involving alleged human rights violations.
•With respect to operations and suppliers where the right to freedom of association and collective bargaining could be at risk, Grupo Cibest includes the identification of this risk in its corporate human rights due diligence and risk matrix. For 2025, no complaints of violations of this right were identified. Suppliers have access to the Ethics Hotline to report issues related to this risk, and a clause is included in the sustainability annex requiring suppliers to respect the right to association and collective bargaining.
All cases are investigated under strict standards of neutrality and confidentiality.
Human Rights “Promote, Respect and Remedy”
Within the framework of promoting, respecting, and remedying human rights, Grupo Cibest has maintained a public statement since 2013, grounded in the Universal Declaration of Human Rights, as well as in the UN Guiding Principles on Business and Human Rights. Additionally, this statement is complemented by voluntary commitments adopted by the organization, such as the Equator Principles, the Principles for Responsible Investment, and the Carbon Disclosure Project. These commitments encompass climate protection, anti-corruption efforts, water resource management, and the promotion of peace, among others.
Our policy sets out our commitments toward stakeholders, with the aim of ensuring that none of our procedures, activities, or operations have a negative impact on the respect for human rights of individuals, the organization, or third parties connected to the Group.
For this reason, it is based on four pillars:
1.Human rights with our employees.
2.Human rights with individuals linked to suppliers, contractors, and partner companies.
3.Human rights within the community.
4.Human rights of customers and individuals who may be affected by a project to be financed.
During 2025, we continued joint efforts among several Group teams to strengthen the policy, optimize processes, and validate that the governance model and control environment effectively contribute to the protection of human rights. Our management approach supports continuous improvement.
For additional information, please refer to the management reports of the banks within Grupo Cibest.
Relationship with Employees
Talent Management
a.EMPLOYEE DISTRIBUTION BY COMPANY AND COUNTRY
| Bancolombia and subsidiaries | ||
|---|---|---|
| Company | N.° de Employees<br><br>2024 | N.° de Employees<br><br>2025 |
| Bancolombia (Colombia) | 23,113 | 23,447 |
| BAM (Guatemala) | 3,691 | 3,233 |
| Bancoagrícola (El Salvador) | 3,079 | 3,097 |
| Banistmo (Panama) | 2,276 | 2,119 |
| Offshore | 181 | 190 |
| Valores Banistmo (Panama) | 50 | 46 |
| Subtotal Employees | 32,390 | 32,132 |
| Other Companies | ||
| Renting | 950 | 941 |
| Nequi S.A. Compañía de Financiamiento | 542 | 579 |
| WOMPI S.A.S. | 152 | 194 |
| Wenia | 68 | 79 |
| Grupo Cibest S.A. | 0 | 12 |
| Cibest Capital Holdings and subsidiaries | 8 | 10 |
| Valores Simesa S.A. | 2 | 2 |
| Banagrícola Costa Rica | 2 | 2 |
| Subtotal Employees | 1,724 | 1,819 |
| Total Employees | 34,114 | 33,951 |
| Other Types of Non-Direct Contracts | ||
| External – service provision contracts | 27,572 | 27,231 |
| Interns / apprentices | 578 | 579 |
*The figures presented include clarifications regarding the organizational scope of each indicator by subsidiary, considering exceptions within Grupo Cibest’s boundaries.
*Offshore includes Bancolombia Panama and Bancolombia Puerto Rico.
| Indicator | 2024 | 2025 | % Variation | Numerical Variation | ||
|---|---|---|---|---|---|---|
| Number | Number | |||||
| Number of employees | 34,114 | 33,951 | -0.48% | -163 |
b.GRI 405-1 DEMOGRAPHICS
We recognize demographic diversity and generational changes, seeking greater flexibility in all organizational development processes and the inclusion of gender, knowledge, and diverse capabilities.
| Indicator | 2024 | 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Number | % | Number | % | |||||||
| Gender | Women | 19,264 | 59% | 19,790 | 58% | |||||
| Men | 13,126 | 41% | 14,161 | 42% | ||||||
| Age | Employees under 30 years old | 8,927 | 28% | 8,737 | 26% | |||||
| Employees aged 30–50 | 20,787 | 64% | 22,451 | 66% | ||||||
| Employees over 50 years old | 2,676 | 8% | 2,763 | 8% | ||||||
| Tenure | Employees with less than 3 years of tenure | 9,468 | 29% | 8,928 | 26% | |||||
| Employees with 3–10 years of tenure | 9,568 | 30% | 11,241 | 33% | ||||||
| Employees with more than 10 years of tenure | 13,354 | 41% | 13,782 | 41% | ||||||
| Diversity | Number and % of women in managerial roles | 2,012 | 50% | 2,315 | 49% | |||||
| Number of women at junior level | 1,796 | 52% | 2,070 | 50% | ||||||
| Number and % of women in senior management | 216 | 40% | 245 | 40% | ||||||
| Number and % of women in commercial roles | 951 | 58% | 966 | 56% | ||||||
| Number and % of women in STEM roles | 3,937 | 39% | 1,150 | 25% | ||||||
| Number of employees from minority groups (disabilities, ethnic groups, Afro-descendants, etc.) | 256 | 0.8% | 265 | 0.8% | ||||||
| Women in Leadership Positions – Bancolombia and Domestic Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Classification | 2024 | 2025 | ||||||||
| Number of Employees | Participation | Number of Employees | Participation | |||||||
| Female | 151 | 40.3% | 147 | 39.2% | ||||||
| Male | 224 | 59.7% | 228 | 60.8% | ||||||
| Total | 375 | 100.0% | 375 | 100.0% |
*In 2025, figures include 33,951 direct employees of Bancolombia, domestic and international subsidiaries, and other companies. In 2024, this information did not include the latter due to corporate guidelines and data quality criteria applicable at that time.
*In 2024, STEM employees were identified based on academic background; for 2025, classification was refined based on salary category tagging.
*The senior management category includes positions from senior management to the presidency.
c.NEW HIRE RATE GRI 401-1
| Indicator | 2024 | 2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Events | % / Rate | Events | % / Rate | |||||
| Total hires | 2,985 | 9% | 3,056 | 10% | ||||
| Female hires | 1,633 | 55% | 1,670 | 55% | ||||
| Male hires | 1,352 | 45% | 1,386 | 45% | ||||
| Hires under 30 years of age | 2,132 | 71% | 2,060 | 67% | ||||
| Hires aged 30–50 | 831 | 28% | 985 | 32% | ||||
| Hires over 50 years of age | 22 | 1% | 11 | 0% | ||||
| Bancolombia hires | 1,064 | 5% | 1,694 | 7% | ||||
| BAM hires | 896 | 24% | 511 | 16% | ||||
| Bancoagrícola hires | 602 | 20% | 450 | 15% | ||||
| Banistmo hires | 376 | 17% | 378 | 18% | ||||
| Offshore hires | 40 | 22% | 20 | 11% | ||||
| Valores Banistmo hires | 7 | 14% | 3 | 7% |
*Data includes Bancolombia and domestic subsidiaries, BAM, Bancoagrícola, Banistmo, Bancolombia Panama/Bancolombia Puerto Rico (Offshore), and Valores Banistmo, for a total workforce of 32,132 employees.
d.TURNOVER (PARTICIPATION) BY EMPLOYEE SEPARATIONS GRI 401-1
| Indicator | 2024 | 2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Events | % Turnover | Events | % Turnover | |||||
| Total separations | 3,512 | 10.84% | 3,330 | 10.4% | ||||
| Female separations | 2,041 | 58% | 1,923 | 58% | ||||
| Male separations | 1,471 | 42% | 1,407 | 42% | ||||
| Separations under 30 years of age | 1,392 | 40% | 1,223 | 37% | ||||
| Separations aged 30–50 | 1,695 | 48% | 1,691 | 51% | ||||
| Separations over 50 years of age | 425 | 12% | 416 | 12% | ||||
| Voluntary separations | 1,333 | 38% | 1,154 | 35% | ||||
| Terminations without cause (dismissals) | 449 | 13% | 795 | 24% | ||||
| Mutual agreement separations | 897 | 26% | 838 | 25% | ||||
| Terminations for cause | 165 | 5% | 195 | 6% | ||||
| Retirement | 89 | 3% | 111 | 3% | ||||
| Separations during probation period | 34 | 1% | 37 | 1% | ||||
| Death | 23 | 1% | 14 | 0% | ||||
| End-of-term contract separations | 512 | 15% | 178 | 5% | ||||
| Disability retirement | 0 | 0% | 0 | 0% | ||||
| Other causes | 10 | 0% | 8 | 0% | ||||
| Representative Turnover Indicator | 2024 | 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Events | % Turnover | Events | % Turnover | |||||
| Bancolombia turnover | 1,649 | 7.1% | 1,376 | 5.9% | ||||
| BAM turnover | 911 | 24.7% | 969 | 30.0% | ||||
| Bancoagrícola turnover | 463 | 15.0% | 432 | 13.9% | ||||
| Banistmo turnover | 464 | 20.4% | 538 | 25.4% | ||||
| Offshore turnover | 20 | 11.0% | 11 | 5.8% | ||||
| Valores Banistmo turnover | 5 | 10.0% | 4 | 8.7% |
*Data includes Bancolombia and domestic subsidiaries, BAM, Bancoagrícola, Banistmo, Bancolombia Panama/Bancolombia Puerto Rico (Offshore), and Valores Banistmo, for a total workforce of 32,132 employees.
TURNOVER BY EMPLOYEE SEPARATIONS GRI 401-1
| Indicator | 2024 | 2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Events | % Turnover | Events | % Turnover | |||||
| Voluntary separations | 1,333 | 4.12% | 1,154 | 3.59% | ||||
| Terminations without cause (dismissals) | 449 | 1.39% | 795 | 2.47% | ||||
| Mutual agreement separations | 897 | 2.77% | 838 | 2.61% | ||||
| Terminations for cause | 165 | 0.51% | 195 | 0.61% | ||||
| Retirement | 89 | 0.27% | 111 | 0.35% | ||||
| Separations during probation period | 34 | 0.10% | 37 | 0.12% | ||||
| Death | 23 | 0.07% | 14 | 0.04% | ||||
| End-of-term contract separations | 512 | 1.58% | 178 | 0.55% | ||||
| Disability retirement | 0 | 0.00% | 0 | 0.00% | ||||
| Other causes | 10 | 0.03% | 8 | 0.02% |
*Data includes Bancolombia and domestic subsidiaries, BAM, Bancoagrícola, Banistmo, Bancolombia Panama/Bancolombia Puerto Rico (Offshore), and Valores Banistmo, for a total workforce of 32,132 employees.
e.PROMOTIONS – GRUPO CIBEST
| Indicator | 2024 | 2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Events | Promotion Rate | Events | Promotion Rate | |||||
| Total promotions | 3,930 | 12% | 3,240 | 10% | ||||
| Promotions – women | 2,025 | 52% | 1,829 | 56% | ||||
| Promotions – men | 1,905 | 48% | 1,411 | 44% |
*Data includes Bancolombia and domestic subsidiaries, BAM, Bancoagrícola, Banistmo, Bancolombia Panama/Bancolombia Puerto Rico (Offshore), and Valores Banistmo, for a total workforce of 32,132 employees.
f.COMPENSATION BY GENDER AND AGE RANGE GRI 405-2
With the objective of aligning with international standards from UN Women, and based on internal decisions regarding confidentiality of figures in public reporting, pay equity data are adjusted at the senior management level by excluding positions such as President or direct reports to them with high strategic impact. The calculation is also adjusted by job evaluation level using the Korn Ferry methodology, in line with the ILO principle of equal pay for equal work. For this same reason, and additionally due to distortions in the pay gap caused by exchange rate effects, a single overall average and median salary for women and men across all banks and offshore offices is not disclosed.
*If a job level does not include employees of one gender, it is not possible to calculate the pay gap at that level.
| Bancolombia – Colombia | ||||||||
|---|---|---|---|---|---|---|---|---|
| Hierarchical Level | Gender | |||||||
| Population Percentage | Average Monthly Salary (COP) | % below Men | ||||||
| Senior management | Female | 21,522,812 | 4.29% | |||||
| Male | 61% | 23,166,880 | ||||||
| Mid-level strategic | Female | 10,168,747 | 3.49% | |||||
| Male | 61% | 10,464,206 | ||||||
| Professional | Female | 5,748,556 | 0.53% | |||||
| Male | 48% | 5,947,081 | ||||||
| Operational | Female | 4,265,247 | 0.17% | |||||
| Male | 31% | 4,299,790 | ||||||
| BAM – Guatemala | ||||||||
| Hierarchical Level | Gender | |||||||
| Population Percentage | Average Monthly Salary () | % below Men | ||||||
| Senior management | Female | 10,615 | -5.24% | |||||
| Male | 67% | 11,056 | ||||||
| Mid-level strategic | Female | 4,009 | 1.55% | |||||
| Male | 67% | 3,643 | ||||||
| Professional | Female | 1,403 | 3.47% | |||||
| Male | 54% | 1,559 | ||||||
| Operational | Female | 559 | -1.24% | |||||
| Male | 38% | 583 | ||||||
| Bancoagrícola – El Salvador | ||||||||
| Hierarchical Level | Gender | |||||||
| Population Percentage | Average Monthly Salary () | % below Men | ||||||
| Senior management | Female | 7,412 | 3.47% | |||||
| Male | 51% | 8,584 | ||||||
| Mid-level strategic | Female | 2,753 | 3.06% | |||||
| Male | 52% | 3,012 |
All values are in US Dollars.
| Professional | Female | 1,343 | 0.12% | |||||
|---|---|---|---|---|---|---|---|---|
| Male | 50% | 1,384 | ||||||
| Operational | Female | 613 | 0.61% | |||||
| Male | 40% | 614 | ||||||
| Banistmo – Panama | ||||||||
| Hierarchical Level | Gender | |||||||
| Population Percentage | Average Monthly Salary () | % below Men | ||||||
| Senior management | Female | 10,381 | 3.99% | |||||
| Male | 52% | 10,641 | ||||||
| Mid-level strategic | Female | 4,067 | 2.88% | |||||
| Male | 52% | 4,171 | ||||||
| Professional | Female | 1,830 | 7.00% | |||||
| Male | 41% | 2,089 | ||||||
| Operational | Female | 940 | -0.96% | |||||
| Male | 21% | 960 | ||||||
| Offshore – Panama and Puerto Rico | ||||||||
| Hierarchical Level | Gender | |||||||
| Population Percentage | Average Monthly Salary () | % below Men | ||||||
| Senior management | Female | 16,299 | -13.16% | |||||
| Male | 80% | 14,404 | ||||||
| Mid-level strategic | Female | 4,859 | -11.23% | |||||
| Male | 31% | 4,926 | ||||||
| Professional | Female | 2,128 | 4.78% | |||||
| Male | 31% | 2,410 | ||||||
| Operational | Female | 1,083 | 7.32% | |||||
| Male | 32% | 1,164 | ||||||
| Valores Banistmo – Panama | ||||||||
| Hierarchical Level | Gender | |||||||
| Population Percentage | Average Monthly Salary () | % below Men |
All values are in US Dollars.
| Mid-level strategic | Female | 40% | 6,547 | -11.08% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Male | 60% | 6,055 | |||||||
| Professional | Female | 56% | 2,080 | 3.45% | |||||
| Male | 44% | 2,486 | |||||||
| Operational | Female | 50% | 980 | 5.81% | |||||
| Male | 50% | 1,040 | |||||||
| Renting – Colombia | |||||||||
| Hierarchical Level | Gender | 2025 | |||||||
| Population Percentage | Average Monthly Salary (COP) | % below Men | |||||||
| Senior management | Female | 15% | 19,975,078 | 11.83% | |||||
| Male | 85% | 24,609,458 | |||||||
| Mid-level strategic | Female | 15% | 10,877,976 | 3.34% | |||||
| Male | 85% | 11,302,872 | |||||||
| Professional | Female | 44% | 4,901,016 | 8.56% | |||||
| Male | 56% | 5,184,430 | |||||||
| Operational | Female | 38% | 2,663,017 | -7.67% | |||||
| Male | 62% | 2,198,603 | |||||||
| Nequi – Colombia | |||||||||
| Hierarchical Level | Gender | 2025 | |||||||
| Population Percentage | Average Monthly Salary (COP) | % below Men | |||||||
| Senior management | Female | 53% | 36,459,082 | -10.48% | |||||
| Male | 47% | 30,228,664 | |||||||
| Mid-level strategic | Female | 53% | 13,650,087 | 11.75% | |||||
| Male | 47% | 15,367,160 | |||||||
| Professional | Female | 45% | 7,916,589 | -0.82% | |||||
| Male | 55% | 8,065,434 | |||||||
| Operational | Female | 70% | 4,638,764 | -7.52% | |||||
| Male | 30% | 4,284,650 | |||||||
| Wompi – Colombia | |||||||||
| Hierarchical Level | Gender | 2025 | |||||||
| Population Percentage | Average Monthly Salary (COP) | % below Men |
| Senior management | Female | 25% | 22,429,699 | 8.98% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Male | 75% | 27,003,902 | |||||||
| Mid-level strategic | Female | 25% | 12,088,430 | -15.81% | |||||
| Male | 75% | 11,830,105 | |||||||
| Professional | Female | 47% | 6,697,653 | -6.04% | |||||
| Male | 53% | 7,034,288 | |||||||
| Operational | Female | 79% | 3,300,266 | -2.68% | |||||
| Male | 21% | 3,214,245 | |||||||
| Wenia – Colombia | |||||||||
| Hierarchical Level | Gender | 2025 | |||||||
| Population Percentage | Average Monthly Salary (COP) | % below Men | |||||||
| Senior management | Female | 50% | 27,024,634 | -23.86% | |||||
| Male | 50% | 24,984,651 | |||||||
| Mid-level strategic | Female | 50% | 12,415,960 | 11.99% | |||||
| Male | 50% | 15,013,507 | |||||||
| Professional | Female | 46% | 6,766,179 | 11.48% | |||||
| Male | 54% | 8,318,243 |
g.TALENT DEVELOPMENT GRI 404.1
| Indicator | 2025 |
|---|---|
| Leaders trained in the Leadership Institute program* | 5,737 managers, 99.7% of total managers |
| New managers trained* | 536 managers, 99.9% of new managers |
| Total training hours | 1,272,266 |
| Average training hours per employee | 39 hours/employee |
| Average virtual training hours per employee | 31 hours/employee |
| Average in-person training hours per employee | 8 hours/employee |
| Average training hours per male employee | 39 hours/employee |
| Average training hours per female employee | 39 hours/employee |
| Indicator | 2025 |
| Average training hours per female employee | 62 |
| Average training hours per non-manager employee** | 36 |
| Average training investment per person* | USD229 |
| In-person and virtual scholarship recipients | 43 employees |
*Data includes Bancolombia and domestic subsidiaries, BAM, Bancoagrícola, Banistmo, Bancolombia Panama/Bancolombia Puerto Rico (Offshore), and Valores Banistmo.
**The classification of managers includes senior management and mid-level strategic roles; non-managers include professional, operational, and trainee roles.
| Training Plan Completion 2025 | ||||
|---|---|---|---|---|
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,610 | 3 | 1,613 | 99.81% |
| BAM | 2,604 | 23 | 2,627 | 99.12% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,545 | 31 | 26,576 | 99.88% |
|---|---|---|---|---|
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 604 | 7 | 611 | 98.85% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,611 | 7 | 5,618 | 99.88% |
| Anti-Fraud and Anti-Corruption Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,612 | 1 | 1,613 | 99.94% |
| BAM | 2,618 | 9 | 2,627 | 99.66% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,572 | 7 | 19,579 | 99.96% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,559 | 17 | 26,576 | 99.94% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 608 | 3 | 611 | 99.51% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,171 | 4 | 4,175 | 99.90% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,611 | 7 | 5,618 | 99.88% |
| Free Competition (Antitrust) Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Total | 19,574 | 5 | 19,579 | 99.97% |
|---|---|---|---|---|
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Total | 4,175 | 0 | 4,175 | 100.00% |
| Cybersecurity Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,612 | 1 | 1,613 | 99.94% |
| BAM | 2,619 | 8 | 2,627 | 99.70% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,562 | 14 | 26,576 | 99.95% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 608 | 3 | 611 | 99.51% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,615 | 3 | 5,618 | 99.95% |
| Code of Ethics Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,612 | 1 | 1,613 | 99.94% |
| BAM | 2,622 | 5 | 2,627 | 99.81% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,565 | 11 | 26,576 | 99.96% |
|---|---|---|---|---|
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 609 | 2 | 611 | 99.67% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,616 | 2 | 5,618 | 99.96% |
| Diversity, Equity and Inclusion Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,610 | 3 | 1,613 | 99.81% |
| BAM | 2,607 | 20 | 2,627 | 99.24% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,548 | 28 | 26,576 | 99.89% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 604 | 7 | 611 | 98.85% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,611 | 7 | 5,618 | 99.88% |
| Occupational Health and Safety and Road Safety Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| BAM | 2,615 | 12 | 2,627 | 99.54% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
|---|---|---|---|---|
| Total | 22,189 | 0 | 22,206 | 99.92% |
| Managers | Completed | Not Completed | Total | Completion % |
| BAM | 607 | 4 | 611 | 99.35% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Total | 4,782 | 4 | 4,786 | 99.92% |
| Personal Data Protection and Habeas Data Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,611 | 2 | 1,613 | 99.88% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 23,942 | 7 | 23,949 | 99.97% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,007 | 0 | 5,007 | 100.00% |
| Financial Consumer Protection Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Total | 19,574 | 5 | 19,579 | 99.97% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Total | 4,175 | 0 | 4,175 | 100.00% |
| SARLAFT Training Completion 2025 |
| Employees | Completed | Not Completed | Total | Completion % |
|---|---|---|---|---|
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,612 | 1 | 1,613 | 99.94% |
| BAM | 2,617 | 10 | 2,627 | 99.62% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,560 | 16 | 26,576 | 99.94% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 607 | 4 | 611 | 99.35% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,614 | 4 | 5,618 | 99.93% |
| Operational Risk Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,611 | 2 | 1,613 | 99.88% |
| BAM | 2,615 | 12 | 2,627 | 99.54% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,557 | 19 | 26,576 | 99.93% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 608 | 3 | 611 | 99.51% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
|---|---|---|---|---|
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,615 | 3 | 5,618 | 99.95% |
| Information Security Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,612 | 1 | 1,613 | 99.94% |
| BAM | 2,618 | 9 | 2,627 | 99.66% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,561 | 15 | 26,576 | 99.94% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 607 | 4 | 611 | 99.35% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,614 | 4 | 5,618 | 99.93% |
| Sustainability Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,612 | 1 | 1,613 | 99.94% |
| BAM | 2,623 | 4 | 2,627 | 99.85% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,566 | 10 | 26,576 | 99.96% |
|---|---|---|---|---|
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 608 | 3 | 611 | 99.51% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,615 | 3 | 5,618 | 99.95% |
| SOX Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Banistmo | 1,612 | 1 | 1,613 | 99.94% |
| BAM | 2,618 | 9 | 2,627 | 99.66% |
| Bancoagrícola | 2,576 | 0 | 2,576 | 100.00% |
| Bancolombia | 19,574 | 5 | 19,579 | 99.97% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Valores Banistmo | 38 | 0 | 38 | 100.00% |
| Total | 26,561 | 15 | 26,576 | 99.94% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 608 | 3 | 611 | 99.51% |
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,615 | 3 | 5,618 | 99.95% |
| Employee Knowledge (Know Your Employee) Completion 2025 | ||||
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Banistmo | 355 | 0 | 355 | 100.00% |
| BAM | 608 | 3 | 611 | 99.51% |
|---|---|---|---|---|
| Bancoagrícola | 429 | 0 | 429 | 100.00% |
| Bancolombia | 4,175 | 0 | 4,175 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Valores Banistmo | 8 | 0 | 8 | 100.00% |
| Total | 5,615 | 3 | 5,618 | 99.95% |
| Crisis Management Training Completion 2025 | ||||
| Employees | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 136 | 0 | 136 | 100.00% |
| Puerto Rico | 7 | 0 | 7 | 100.00% |
| Total | 143 | 0 | 143 | 100.00% |
| Managers | Completed | Not Completed | Total | Completion % |
| Bancolombia Panamá | 38 | 0 | 38 | 100.00% |
| Puerto Rico | 2 | 0 | 2 | 100.00% |
| Total | 40 | 0 | 40 | 100.00% |
h.PERFORMANCE EVALUATION GRI 404-3
The target population of employees to be evaluated was 31,016.*
| Indicator | 2024 | 2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Number | % | Number | % | |||||
| Employees with performance evaluation** | 31,275 | 100% | 31,016 | 100% | ||||
| Women with performance evaluation** | 18,627 | 100% | 18,427 | 100% | ||||
| Men with performance evaluation** | 12,648 | 100% | 12,589 | 100% | ||||
| Employees with Performance Evaluation by Job Category | Women | Men | Total | % by Category | ||||
| Senior management | 221 | 322 | 543 | 1.75% | ||||
| Mid-level strategic | 1,905 | 1,793 | 3,698 | 11.92% | ||||
| Professional | 6,533 | 5,960 | 12,493 | 40.28% | ||||
| Operational | 9,768 | 4,514 | 14,282 | 46.05% | ||||
| Percentage by gender | 59% | 41% | 100.00% | 100.00% |
*This figure includes the target population (31,016) and employees who had exceptions due to prolonged absences or union leave (1,659).
***Data includes Bancolombia and domestic subsidiaries, BAM, Bancoagrícola/Costa Rica, Banistmo, Bancolombia Panama/Bancolombia Puerto Rico (Offshore), and Valores Banistmo.
**A 360-degree competency evaluation is implemented for Bancolombia and its domestic subsidiaries, BAM, Bancoagrícola/Costa Rica, Banistmo, Bancolombia Panama/Bancolombia Puerto Rico (Offshore), and Valores Banistmo. This allows for a comprehensive view of performance, gathering feedback not only from the manager but also from peers and team leaders, resulting in a more transparent and objective evaluation that adds value to employee development.
**Top-down performance evaluation (manager-to-employee evaluation).
i.BENEFITS FOR FULL-TIME EMPLOYEES THAT ARE NOT PROVIDED TO PART-TIME OR TEMPORARY EMPLOYEES: GRI 401-2
Well-Being Programs
We implemented a portfolio aimed at the holistic well-being of employees and their families, including yoga classes, meditation sessions, social, recreational and cultural events, and recognition activities, with the purpose of strengthening integration, promoting participation, and contributing to the creation of a healthy work environment. We also promote healthy habits through active
breaks, physical activity programs, nutrition talks, and courses focused on strengthening personal and professional skills.
* Applies to Bancolombia, Banistmo, BAM, Bancoagrícola, Bancolombia Panama, and Puerto Rico.
Preferential-Rate Loans
As part of our commitment to comfort, financial peace of mind, and the achievement of our employees’ goals, we provide loans at preferential employee rates, enabling them to purchase housing, vehicles, finance education, or enjoy vacations. These preferential conditions are established in the collective bargaining agreement and in the benefits policy, ensuring comprehensive support for their life projects.
* Applies to Bancolombia, Bancolombia Panama, Banistmo, BAM, and Bancoagrícola.
Insurance, Policies and Healthcare Assistance
We offer our employees a comprehensive insurance portfolio that includes life insurance, health insurance, disability coverage, and voluntary home and vehicle insurance. In addition, we provide financial advisory services on pensions and specialized training for those preparing for this stage of transition.
We also guarantee access to healthcare services through contributions to the social security system in each country: Health Insurance Entities in Colombia, ISSS in El Salvador, IGSS in Guatemala, and the Social Security Fund in Panama. As a complement, we have agreements with insurers that allow employees to choose additional health plans or policies, which can also be extended to their families if they wish.
* Applies to Bancolombia, Bancolombia Panama and Puerto Rico, Banistmo, BAM, and Bancoagrícola.
Savings Programs
We have a mutual savings fund that supports employees in achieving their goals. Through this benefit, the Bank contributes 50% of the employee’s regular contribution, strengthening their savings capacity.
Additionally, through our financial well-being portfolio, we offer financial education programs and personalized advisory services with experts, providing tools to make informed decisions and strengthen each person’s financial health.
* Applies to Bancolombia, Bancolombia Puerto Rico, and Banistmo.
Parental Leave
As part of our “Creating Bonds” strategy, we support our employees throughout all stages related to family dynamics. We offer maternity and paternity leave that facilitate bonding with their children during the first year of life. Additionally, we provide allowances for birth, adoption, and childcare, as well as breastfeeding support and healthy pregnancy programs. These initiatives are
complemented by educational support actions, including guidance and agreements with educational institutions.
* Applies to Bancolombia
j. SUPPORT PROGRAMS FOR OUR TALENT – OWN INDICATORS
Well-Being Programs
* Applies to Bancolombia, Banistmo, BAM, Bancoagrícola, Bancolombia Panama, and Puerto Rico.
| Bancolombia and Domestic Subsidiaries | |
|---|---|
| 2025 | |
| Investment in Quality of Life programs | COP 14,100,490,502.00 |
| Number of Quality of Life activities carried out | 47,285 |
| Number of well-being activities carried out | 2,207 |
| Number of activities carried out for employee health | 17,551 |
| Number of activities carried out in human safety | 27,527 |
| Number of participations by employees and their families in Quality of Life programs | 198,532 |
| Banistmo (includes Valores Banistmo) | |
| 2025 | |
| Investment in Quality of Life programs | USD394,230 |
| Number of Quality of Life activities carried out | 278 |
| Number of well-being activities carried out | 105 |
| Number of activities carried out for employee health | 128 |
| Number of activities carried out in human safety | 45 |
| Number of participations by employees and their families in Quality of Life programs | 14,814 |
| Offshore (Bancolombia Panama and Puerto Rico) | |
| 2025 | |
| Investment in Quality of Life programs | USD98,566 |
| Number of Quality of Life activities carried out | 81 |
| Number of well-being activities carried out | 46 |
| Number of activities carried out for employee health | 32 |
|---|---|
| Number of activities carried out in human safety | 3 |
| Number of participations by employees and their families in Quality of Life programs | 1,947 |
| Bancoagrícola (El Salvador) | |
| 2025 | |
| Investment in Quality of Life programs | USD482,858 |
| Number of Quality of Life activities carried out | 64 |
| Number of well-being activities carried out | 38 |
| Number of activities carried out for employee health | 25 |
| Number of activities carried out in human safety | 1 |
| Number of participations by employees and their families in Quality of Life programs | 6,640 |
| BAM (Guatemala) | |
| 2025 | |
| Investment in Quality of Life programs | USD434,499 |
| Number of Quality of Life activities carried out | 57 |
| Number of well-being activities carried out | 38 |
| Number of activities carried out for employee health | 8 |
| Number of activities carried out in human safety | 11 |
| Number of participations by employees and their families in Quality of Life programs | 12,962 |
Preferential-Rate Loans
* Applies to Bancolombia, Bancolombia Panama, Banistmo, BAM, and Bancoagrícola.
| Bancolombia and Domestic Subsidiaries | ||
|---|---|---|
| 2025 | ||
| Loans Disbursed | Amounts (COP) | # Loans |
| Total value of loans disbursed | 637,801,585,000 | 7,034 |
| Education loans | 3,267,645,298 | 213 |
| Housing loans | 465,729,684,147 | 1,915 |
|---|---|---|
| Other | 168,804,255,555 | 4,906 |
| Banistmo (includes Valores Banistmo) | ||
| 2025 | ||
| Loans Disbursed | Amounts (USD) | # Loans |
| Total value of loans disbursed | 16,324,622.06 | 785 |
| Education loans | - | 0 |
| Housing loans | 6,006,442.03 | 49 |
| Other | 10,318,180.03 | 736 |
| Offshore (Bancolombia Panama and Puerto Rico) | ||
| 2025 | ||
| Loans Disbursed | Amounts (USD) | # Loans |
| Total value of loans disbursed | 1,448,671.97 | 51 |
| Education loans | - | 0 |
| Housing loans | 697,656.64 | 6 |
| Other | 751,015.33 | 45 |
| Bancoagrícola | ||
| 2025 | ||
| Loans Disbursed | Amounts (USD) | # Loans |
| Total value of loans disbursed | 15,950,338.36 | 1,495 |
| Education loans | - | 0 |
| Housing loans | 3,588,813.91 | 56 |
| Other | 12,361,524.45 | 1,439 |
| BAM | ||
| 2025 | ||
| Loans Disbursed | Amounts (USD) | # Loans |
| Total value of loans disbursed | 9,223,121 | 512 |
| Education loans | 39,354.61 | 7 |
| Housing loans | 1,513,245.45 | 122 |
| Other | 7,670,521 | 383 |
Insurance, Policies and Healthcare Assistance
* Applies to Bancolombia, Bancolombia Panama and Puerto Rico, Banistmo, BAM, and Bancoagrícola.
| Bancolombia Colombia | ||||
|---|---|---|---|---|
| 2025 | ||||
| Organizational Investment (COP) | Employee Contributions (COP) | Employees Benefited | Family Members Benefited | |
| Organizational investment / contribution | 89,502,556,288 | 86,226,359,067 | 23,966 | 15,999 |
| Health | 72,115,722,633 | 63,436,086,375 | 18,333 | 15,158 |
| Group life (employer-paid) | 8,686,835,709 | 0 | 23,966 | 0 |
| Personal accidents (employer-paid) | 1,212,105,186 | 0 | 23,966 | 0 |
| Other | 7,487,892,760 | 22,790,272,692 | 9,096 | 1,229 |
| Banistmo (includes Valores Banistmo) | ||||
| 2025 | ||||
| Organizational Investment (USD) | Employee Contributions (USD) | Employees Benefited | Family Members Benefited | |
| Organizational investment / contribution | 3,966,280 | 589,594 | 2,119 | 1,606 |
| Health | 3,645,980 | 589,594 | 2,119 | 1,606 |
| Group life (employer-paid) | 320,300 | 0 | 2,119 | 0 |
| Other | 0 | 0 | 0 | 0 |
| Bancoagrícola | ||||
| 2025 | ||||
| Organizational Investment (USD) | Employee Contributions (USD) | Employees Benefited | Family Members Benefited | |
| Organizational investment / contribution | 3,656,337 | 0 | 3,097 | 3,457 |
| Health | 3,379,678 | 0 | 3,055 | 3,457 |
|---|---|---|---|---|
| Group life (employer-paid) | 276,659 | 0 | 3,097 | 0 |
| Other | 0 | 0 | 0 | 0 |
| Offshore (Bancolombia Panama and Puerto Rico) | ||||
| 2025 | ||||
| Organizational Investment (USD) | Employee Contributions (USD) | Employees Benefited | Family Members Benefited | |
| Organizational investment / contribution | 456,488 | 21,055 | 190 | 157 |
| Health | 410,463 | 21,055 | 190 | 157 |
| Group life (employer-paid) | 46,025 | 0 | 190 | 0 |
| Other | 0 | 0 | 0 | 0 |
| BAM | ||||
| 2025 | ||||
| Organizational Investment (USD) | Employee Contributions (USD) | Employees Benefited | Family Members Benefited | |
| Organizational investment / contribution | 2,475,451 | 1,087,475 | 3,233 | 1,768 |
| Health | 2,221,054 | 1,087,475 | 2,191 | 1,768 |
| Group life (employer-paid) | 254,397 | 0 | 3,233 | 0 |
| Other | 0 | 0 | 0 | 0 |
Savings Programs
* Applies to Bancolombia, Bancolombia Puerto Rico, and Banistmo.
| Bancolombia (figures in COP) |
|---|
| Organizational investment / contribution |
| Employee contribution |
| Total savings |
| Employees benefited |
| Banistmo (includes Valores Banistmo – figures in ) |
| Organizational investment / contribution |
| Employee contribution |
| Total savings |
| Employees benefited |
| Bancolombia Puerto Rico (figures in ) |
| Organizational investment / contribution |
| Employee contribution |
| Total savings |
| Employees benefited |
All values are in US Dollars.
Parental Leave
* Applies to Bancolombia.
Parental leave – absenteeism rate due to maternity/paternity leave
| Grupo Cibest Indicator | 2024 | 2025 |
|---|---|---|
| Absenteeism rate due to maternity/paternity leave | 0.91 | 0.86 |
| Women | 1.47 | 1.39 |
| Men | 0.09 | 0.10 |
| Suppliers | 0.2 | 0.11 |
*This indicator includes all maternity or paternity leave requested voluntarily by employees. This benefit can be used in two ways: 1. (1) by taking the leave granted by the social security system, in accordance with the regulations of each country; (2) by requesting the additional paternity days defined in each country: Guatemala: 3 statutory days and 1 additional benefit day; Colombia: 2 statutory weeks and 3 months of work from home according to internal processes; Panama: 3 statutory days and 2 additional benefit days; El Salvador: 3 statutory days and 7 additional benefit days. This information is obtained from records reported to payroll by employees, along with the corresponding maternity or paternity leave certificate issued by the social security entity, and is recorded in the systems used in each country.
*Absenteeism rate due to maternity/paternity leave = [Number of days absent due to maternity/paternity leave during the reporting period / Total number of scheduled working days during the reporting period] × 100.
*Information related to suppliers does not constitute the total absenteeism rate due to maternity/paternity leave for Grupo Cibest; rather, it is used for management, monitoring, and oversight purposes.
k. KEY OCCUPATIONAL HEALTH AND SAFETY (OHS) INDICATORS
Occupational Health and Safety Management System
GRI Indicator 403-1
Committed to Well-Being, Occupational Safety, and Mental Health
In our organization, people’s well-being is a strategic priority. Through the Talent and Culture Vice Presidency, we lead a comprehensive management approach to well-being, safety, and physical and mental health, aligned with the regulatory frameworks in force in Colombia, Panama, Guatemala, Puerto Rico, and El Salvador.
| Objective | Achievement |
|---|---|
| Maintain at least a 95% compliance level of the OHS management system (SG-SST) with Resolution 0312 by December 2025. | A 99% compliance level was achieved with the minimum standards established by Resolution 0312/2019 for Bancolombia and its business lines. |
| Intervene in 80% of the population with high and very high risk in the dimensions of emotional demands, leadership characteristics, and social relationships at work, based on the results of the 2024 psychosocial risk survey (EFRPS), by December 2025. | A 66% coverage of the target population was achieved through various workshops focused on emotions and leadership. |
| Reduce the absenteeism rate due to medical causes by 5%, from 1.96% to 1.86% by December 31, 2025. | The objective was achieved, reducing absenteeism below the target to 1.69%. |
* Prioritizing the health and well-being of employees, strategies were implemented to promote self-care and prevent health impacts, contributing positively to absenteeism management and its severity during 2025.
Audits and Certifications
During 2025, we successfully completed the self-assessment of the mandatory minimum standards of the Occupational Health and Safety Management System (SG-SST), including its components, as well as the self-reporting of the Strategic Road Safety Plan (PESV), conducted by ARL SURA. We achieved a result of 99% compliance with the minimum standards under Resolution 0312 and 97% in the self-report of the Strategic Road Safety Plan. Additionally, as part of our internal control system, we conducted an annual audit based on the recognized COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework, carried out by our internal audit team. This enabled us to identify opportunities for improvement and ensure compliance with occupational health and safety regulations at Bancolombia and its business lines, with an overall result of: satisfactory.
In our organization, occupational health and safety are fundamental priorities that drive us to develop action plans and prioritization efforts. We strive to ensure a safe and healthy work environment for all our employees and stakeholders.
Occupational Health and Safety Policy
As a financial organization, we are committed to protecting the well-being, safety, and physical and mental health of our stakeholders: employees, contractors, shareholders, temporary external personnel, and visitors. This policy applies to the various workplaces located within Bancolombia, Banistmo, BAM, Bancoagrícola, Bancolombia Panama, and Puerto Rico, where we are committed to systematically identifying, assessing, and controlling occupational risks, prioritizing hazard elimination and promoting a safe and healthy work environment for the well-being of our employees and their stakeholders.
We continue implementing processes that enable continuous improvement to strengthen our occupational health and safety management system, constantly evaluating our performance and ensuring compliance with applicable regulations.
The OHS policy is approved by the Board of Directors through the Talent and Culture policies.
The Occupational Health and Safety Policy is shared with all presidents of the business lines for approval and signature, and is subsequently communicated to all employees through its publication on the intranet, as well as through the mandatory annual OHS induction and re-induction course, in which each employee must confirm that they have read and understood it.
We are currently in the process of updating the policy for Grupo Cibest as a result of the creation of the holding company. To learn more about the policy and objectives for Bancolombia, click
https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/82483fe6-4f79-48ad-bf48-6a45b3890df4/GB_OHS_policy.pdf?MOD=AJPERES&CVID=oydfcPI
Hazard Identification, Risk Assessment, and Incident Investigation
GRI Indicator 403-2
Identification and Assessment of Risks
At Grupo Cibest, aligned with our purpose of promoting sustainable development and the well-being of all, we work to identify, assess, and address hazards that could lead to incidents, accidents, occupational illnesses, or emergencies. Our objective is to ensure healthy and safe workplaces for all our stakeholders.
To achieve this, we apply recognized methodologies such as NTC GTC 45 and BS 8800, which allow us to assess risks and define effective controls. This process is carried out with the participation of different roles: analysts, leaders, members of the COPASST (OHS committee), and certified occupational health and safety professionals.
In 2025, we conducted the hazard identification and risk assessment process (IPEVR), evaluating eleven risk factors and prioritizing six based on the occurrence of events in our operations: public risk, biomechanical risk, locational risk, mechanical risk, psychosocial risk, and traffic risk. Based on this identification, intervention measures were implemented following the hierarchy of controls, proposing actions in processes, infrastructure, work environments, and personal protective equipment when necessary.
Among the prevention and control measures implemented, the following stand out: training in road safety and management of violent situations, ergonomic standards, preventive maintenance, training in emotional management and psychological first aid, as well as channels for reporting risks or health limitations. These actions reinforce our commitment to prevention and the creation of safe working environments for all.
In the following chart, we can visualize the results of the 2025 assessment:
The analysis makes it possible to observe the behavior of inherent risk (chart 1), that is, the risk that exists without any controls applied. By implementing the hierarchy of controls, it is observed how residual risk (chart 2) decreases significantly thanks to the measures adopted and their prioritization. This result reflects our commitment to continuous improvement and to the creation of an increasingly safe work environment for all.
Hazard and Risk Reporting
As one of the controls to mitigate risks, we provide various communication channels through which our employees can submit reports in the event of any hazard or risk:
•Employee portal
•COPASST (OHS committee)
•Mailboxes
•Leaders and human relations teams
•Risk assessments
•Maintenance alerts
•Coexistence committee
•Ethics Hotline
For our suppliers and contractors, we also provide available communication channels. Through these, they can report conditions they consider hazardous, request inspections, request support, and more:
•SIGESA information system
•Mailboxes
•Talent and Culture partner – Suppliers
Investigation of Occupational Accidents
We take the safety and health of our employees seriously. For this reason, we investigate any incidents, accidents, or occupational illnesses that occur within the company. These investigations are conducted using different methodologies, such as the causal tree and fishbone diagram, depending on the nature of the identified risk. A multidisciplinary team participates in the investigation process, including members of the Joint Occupational Health and Safety Committees, with the objective of generating improvement actions for processes, environmental conditions, and work practices. Lessons learned from these investigations are shared with employees through bulletins and the intranet, in order to prevent their recurrence and promote a healthy work environment for all.
As part of the verification process of the OHS management system (SG-SST) for our suppliers, they are required to report accidents involving their employees in Bancolombia operations. Follow-up is conducted on the closure of action plans, and the relevant conditions are managed accordingly. Additionally, participation is carried out in the investigation of serious or high-potential events that may occur.
ABSENTEEISM RATE
| Grupo Cibest Indicator | 2024 | 2025 |
|---|---|---|
| Days of absenteeism due to illness | 209,279 | 185,054 |
| Women | 116,618 | 101,613 |
| Men | 42,446 | 38,382 |
| Suppliers | 50,214 | 45,059 |
| Absenteeism rate due to illness | 1.97 | 1.69 |
| Women | 2.43 | 2.08 |
| Men | 1.29 | 1.13 |
| Suppliers | 1.1 | 0.73 |
*Absenteeism rate due to illness = [Number of days absent due to general illness, occupational illness, and workplace accidents during the reporting period / Total number of scheduled working days during the reporting period] × 100.
*Maternity/paternity leave and other types of leave are excluded from this indicator, as they are not part of absenteeism due to medical causes.
*Information related to suppliers does not represent the total absenteeism rate for Grupo Cibest; it is used for management, monitoring, and oversight purposes.
*This indicator includes employees of Grupo Cibest during the evaluated period, covering all countries where we operate (Bancolombia, Banistmo, BAM, Bancoagrícola, Bancolombia Panama, and Puerto Rico).
*Each country where we operate applies specific legal conditions for absenteeism, in addition to working days and holidays.
*Supplier figures correspond only to Bancolombia, as other countries do not require them under their legal definitions.
Work-Related Injuries
GRI 403-9
| Hours Worked | 2024 | 2025 |
|---|---|---|
| Grupo Cibest | 91,543,633 | 105,389,367 |
| Grupo Cibest Indicator | 2024 | 2025 |
|---|---|---|
| Number of fatalities due to occupational accidents | 1 | 1 |
| Women | 0 | 0 |
| Men | 0 | 0 |
| Suppliers | 1 | 1 |
| Fatality rate due to occupational accidents | 0.00 | 0.00 |
| Women | 0.00 | 0.00 |
| Men | 0.00 | 0.00 |
| Suppliers | 0.01 | 0.00 |
| Number of serious work-related injuries | 7 | 17 |
| Women | 2 | 8 |
| Men | 3 | 6 |
| Suppliers | 2 | 3 |
| Rate of serious work-related injuries | 0.02 | 0.03 |
| Women | 0.01 | 0.05 |
| Men | 0.03 | 0.05 |
| Suppliers | 0.01 | 0.01 |
| Number of work-related injuries | 388 | 422 |
| Women | 254 | 255 |
| Men | 72 | 99 |
| Suppliers | 62 | 68 |
| Rate of work-related injuries | 0.85 | 0.80 |
| Women | 1.49 | 1.46 |
| Men | 0.6 | 0.80 |
| Suppliers | 0.37 | 0.30 |
| Main types of occupational injuries | % 2024 | % 2025 |
|---|---|---|
| Blow, contusion, or crushing | 0.33 | 0.52 |
| Acute poisoning, intoxication, or allergy | 0.15 | 0.10 |
*Work-related injury rate = [Total number of occupational accident cases during the period / Total hours worked by employees during the same period] × 200,000.
*Hours worked = [8 hours × working day].
*This indicator includes employees of Grupo Cibest during the evaluated period, covering all countries where we operate (Bancolombia, Banistmo, BAM, Bancoagrícola, Bancolombia Panama, and Puerto Rico).
*Each country where we operate applies specific legal conditions for absenteeism, in addition to working days and holidays.
*Supplier figures correspond only to Bancolombia, as other countries do not require them under their legal definitions.
*For the main types of injuries, only Bancolombia is considered, as it represents more than 80% of Grupo Cibest’s data.
| Grupo Cibest | |
|---|---|
| c. Occupational hazards that present a risk of occupational accident injury with major consequences, indicating: | |
| i. How these hazards are determined. | Through analysis and investigation carried out using the risk and hazard matrix of each subsidiary. |
| ii. Which of these hazards have caused or contributed to serious workplace injuries during the reporting period. | The main hazards identified by subsidiary are as follows:<br><br>BAM:<br><br>•Same-level and different-level falls<br><br>•Mechanical risk from impacts<br><br>Bancoagrícola<br><br>•Same-level and different-level falls<br><br>Bancolombia:<br><br>•Public risk<br><br>•Same-level and different-level falls<br><br>•Mechanical risk from impacts<br><br>Banistmo<br><br>•Mechanical risk from impacts<br><br>•Same-level and different-level falls<br><br>Bancolombia Panamá<br><br>•No events reported |
| iii. Measures taken or planned to eliminate these hazards and minimize risks through the hierarchy of controls. | Administrative controls such as demarcation, reinforcement of best practices, development of standards, and lessons learned. |
| d. Whether the rates have been calculated per 200,000 or per 1,000,000 hours worked. | 200,000 |
| e. Whether any workers have been excluded from this disclosure, including the type of worker and the reason for exclusion. | All subsidiaries are included except Bancolombia Puerto Rico, as it does not have risk and hazard measurement. |
| f. Any contextual information necessary to understand how the data were collected, including any standards, methodologies, or assumptions used. | Through the collection of employee reports to the Bank and the respective reports from each subsidiary, where information on potential workplace accidents is recorded and managed. Based on this information, different prevention and risk control actions are generated, as well as follow-up on the health of affected individuals. |
Work-related disease injuries
GRI 403-10
| Grupo Cibest Indicator | 2024 | 2025 |
|---|---|---|
| Number of fatalities due to work-related disease | 0 | 0 |
| Women | 0 | 0 |
| Men | 0 | 0 |
| Suppliers | 0 | 0 |
| Fatality rate due to work-related disease | 0.00 | 0.00 |
| Women | 0.00 | 0.00 |
| Men | 0.00 | 0.00 |
| Suppliers | 0.00 | 0.00 |
| Number of work-related disease cases | 15 | 36 |
| Women | 13 | 32 |
| Men | 1 | 4 |
| Suppliers | 1 | 0 |
| Rate of work-related disease | 0.03 | 0.07 |
| Women | 0.08 | 0.18 |
| Men | 0.01 | 0.03 |
| Suppliers | 0.00 | 0.00 |
| Main types of work-related disease injuries | % 2024 | % 2025 |
| --- | --- | --- |
| Epicondylitis | 0.28 | 0.36 |
| Tenosynovitis | NA | 0.22 |
*Work-related disease rate = [Total number of occupational disease cases during the period / Total hours worked by employees during the same period] × 200,000.
*Hours worked = [8 hours × working day].
*This indicator includes employees of Grupo Cibest during the evaluated period, covering all countries where the Group operates (Bancolombia, Banistmo, BAM, Bancoagrícola, Bancolombia Panama, and Puerto Rico).
*Each country where we operate applies specific legal conditions for absenteeism, in addition to working days and holidays.
*Supplier figures correspond only to Bancolombia, as other countries do not require them under their legal definitions.
| Grupo Cibest | |
|---|---|
| c. Occupational hazards that pose a risk of illnesses and diseases, including: | |
| i. How these hazards were determined. | Through analysis and investigation carried out using the risk and hazard matrix of each subsidiary. |
| Which of these hazards have caused or contributed to occupational illnesses and diseases during the reporting period. | •Dynamic load<br><br>•Prolonged postures<br><br>•Sustained postures |
| iii. Measures taken or planned to eliminate these hazards and minimize risks through the hierarchy of controls. | Administrative controls such as demarcation, reinforcement of best practices, development of standards, and lessons learned. Follow-up is carried out for each reported illness. |
| d. Whether there are workers excluded from this disclosure, including the types of workers and the reason for exclusion. | This criterion is disclosed for Bancolombia and Bancoagrícola. |
| e. Any contextual information necessary to understand how the data were collected, including standards, methodologies, or assumptions used. | Through the collection of employee reports to the Bank and the respective reports from each subsidiary, where information on occupational diseases is recorded and managed. Based on this information, different prevention and risk control actions are generated, as well as follow-up on the health of affected individuals. |
For more detailed information on the figures presented in the previous report, please visit the following link, where topics such as policies, guidelines, demographics, benefits, employee measurements, and other relevant matters can be found:
https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/banco-incluyente
VI.Report on social and environmental matters, including climate-related matters – 2025
This chapter complies with the requirements of Notice 031 of 2021 issued by the Financial Superintendency of Colombia applicable to Grupo Cibest, our process for identifying material topics, and the disclosure of our reports on environmental and social matters, including climate-related matters, through the standards of the Sustainability Accounting Standards Board (SASB) and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
During 2025, we continued to advance our sustainability disclosure process, with the objective of generating data with attributes of quality, traceability, and accuracy, strengthening management and compliance with regulatory requirements.
In 2025, Grupo Cibest was established as the parent company or holding of the entities that were previously part of Bancolombia Group, including Bancolombia. Considering Grupo Cibest’s role as the parent of financial institutions, this chapter presents consolidated information at the corporate level and the main metrics associated with the TCFD and SASB guidelines used by Grupo Cibest’s financial subsidiaries for the disclosure of their social and environmental matters, including climate-related matters.
With respect to TCFD, governance, strategy, risk and opportunity management, and metrics and targets related to climate change were reviewed for Grupo Cibest in its capacity as a holding company.
Regarding SASB, the following sector standards were addressed by Grupo Cibest’s financial subsidiaries in their annual reports:
| Entity | Commercial Banks | Consumer Finance | Mortgage Finance | TCFD |
|---|---|---|---|---|
| Bancolombia | x | x | x | x |
| Bancoagrícola | x | x | x | x |
| BAM | x | x | x | x |
| Banistmo | x | x | x | x |
| Nequi*14 | x | x |
14 Nequi S.A. was authorized by the Financial Superintendency of Colombia to operate and carry out, throughout the national territory, the activities inherent to the corporate purpose of a financing company, and will begin operations once all additional procedures required to operate as a financial institution have been completed. Accordingly, for the purposes of this report, Nequi’s figures should be considered as part of Bancolombia as a business unit.
Results of Grupo Cibest’s Materiality Assessment
Additionally, in 2025 Grupo Cibest updated the materiality analysis for Bancolombia, Bancoagrícola, BAM, Banistmo, and Nequi (financial subsidiaries). This process involved the collection and analysis of prior information, engagement and dialogue with stakeholders, leading to the identification of material topics, including climate change, relationships with partners and suppliers, corporate governance, ethics, and transparency.
Environmental
•Climate change
•Biodiversity and ecosystems
Social
•Own workforce
•Workers in the value chain
•Community relations
•Consumers and end users
Corporate Governance
•Business conduct
•Cybersecurity and data protection
•Digitalization and innovation
•Sustainable finance
Based on the results of this materiality analysis, the following presents the material information of Grupo Cibest and its financial subsidiaries on environmental and social matters, including climate-related matters, based on the previously mentioned TCFD and SASB guidelines.
Sustainability Accounting Standards Board (SASB) disclosure
Below is the development of each of the SASB standards for the financial sector, with information as of year-end 2025:
1.Commercial Banking
The following discloses information from the commercial banking standard, including, as specified in each case, information corresponding to Bancolombia S.A., Banistmo, Bancoagrícola, Banco Agromercantil (BAM), and Nequi, considered as a business unit that is part of Bancolombia:
1.1.Data Security
| Metric: | (1) Number of data breaches, (2) percentage involving personally identifiable information (PII), (3) number of account holders affected | Code: | FN-CB-230a.1 | |||||
|---|---|---|---|---|---|---|---|---|
| Response:<br><br>During 2025, no material cybersecurity or information security incidents related to data breaches occurred in the financial subsidiaries within the scope of this standard.15 | Metric: | Description of the approach to identifying and addressing data security risks | Code: | FN-CB-230a.2 | ||||
| --- | --- | --- | --- | |||||
| Grupo Cibest has a corporate framework that defines all policies, guidelines, procedures, and other elements that form part of the Technological and Cyber Risk Management System.<br><br>This framework, in turn, incorporates regulatory requirements and best practices applicable to this area. Grupo Cibest’s financial subsidiaries comply with the regulatory requirements of the countries in which they operate, as well as with those defined at the corporate level.<br><br>We have developed a management cycle based on four stages that comprehensively addresses regulatory requirements. Each stage is implemented through the methodologies and procedures defined for this purpose:<br><br>1. Identification: stage in which the internal and external context is determined based on threats, vulnerabilities, and risk events that may affect the confidentiality, integrity, or availability of information.<br><br>2. Measurement: risk events are assessed based on their likelihood of occurrence and their financial and non-financial impact, both at inherent and residual levels.<br><br>3. Control: measures are taken and actions are implemented to mitigate, prevent, avoid, or transfer risk according to its criticality.<br><br>5. Monitoring: continuous monitoring of the process is carried out, defining indicators and implementing actions. Additionally, periodic reporting is provided to the relevant governance bodies on the current status of risk management.<br><br>Additionally, within Grupo Cibest’s Cybersecurity Governance, an Information Security Management System (ISMS) has been implemented to manage information security and cybersecurity through processes, standards, baselines, methodologies, governance frameworks, and maturity models. These are subject to an annual continuous improvement cycle and are communicated to employees and third parties with labor or commercial relationships with the Group. The processes are aligned with international information security standards, as well as with the most relevant national and international regulations.<br><br>For more information, see the Risk Management / Operational Risk / Cyber Risk Management section of our Management Report. |
15 The response to this indicator includes information from Nequi.
1.2.Financial inclusion and capability generation
| Metric: | (1) number, and (2) amount of outstanding loans qualified for programs designed to promote small businesses and community development | Code: | FN-CB-240a.1 | ||
|---|---|---|---|---|---|
| Response:<br><br>Below is the number and balance of loans granted by the different subsidiaries to promote small businesses and community development through their products: | |||||
| Cibest | Consolidated | Bancolombia | BAM | Banistmo | Nequi |
| Number | 528,769 | 143,963 | 104 | 859 | 383,843 |
| Balance (COP millions) | $2,137,782 | $1,055,619 | $4,456 | $320,904 | $756,713 |
| The report includes consolidated data and data from the indicated financial subsidiaries.<br><br>More information on Financial Inclusion is available in the Clients chapter of our Management Report.<br><br>For Bancolombia, the products included in this indicator correspond to “Crédito a la Mano” and microcredit. For Banistmo, financing to micro-SMEs is included. For Nequi, “Salvavidas loan” is included. For BAM, “Microcredit Trust Loan” and “Small and Medium Enterprise Trust Loan” are included. |
| Metric: | (1) number, and (2) amount of past-due and non-performing loans qualified for programs designed to promote small businesses and community development | Code: FN-CB-240a.2 | |||
|---|---|---|---|---|---|
| Response:<br><br>Below is the number and balance of past-due loans granted by the different financial subsidiaries to promote small businesses and community development. The reported information refers to loans more than 30 days past due: | |||||
| Cibest | Consolidated | Bancolombia | BAM | Banistmo | Nequi |
| Number | 28,412 | 12,828 | 32 | 108 | 15,444 |
| Balance (COP millions) | $110,579 | $44,085 | $1,494 | $31,749 | $33,251 |
| The report includes consolidated data and data from the indicated financial subsidiaries.<br><br>For Bancolombia, the products included in this indicator correspond to “Crédito a la Mano” and microcredit. For Banistmo, financing to micro-SMEs is included. For Nequi, “Salvavidas loan” is included. For BAM, “Microcredit Trust Loan” and “Small and Medium Enterprise Trust Loan” are included. Bancoagrícola is not disclosed, as the organization is transitioning its financial inclusion products to Nequi.<br><br>Information related to this indicator in the Consolidated Financial Statements is available in NOTE 6. LOAN PORTFOLIO, NET. | |||||
| Metric: | Number of no-fee retail checking accounts provided to previously unbanked or underbanked customers | Code: | FN-CB-240a.3 | ||
| --- | --- | --- | --- | --- | --- |
| Response:<br><br>Below is the number of products for this purpose: | |||||
| Cibest | Consolidated | Bancolombia | Bancoagrícola | BAM | Nequi |
| Number granted | 11,512,687 | 0 | 0 | 8,064 | 11,504,623 |
| Number active | 25,714,874 | 0 | 30,855 | 9,645 | 25,674,374 |
| The report includes consolidated data and data from the indicated financial subsidiaries.<br><br>In the case of Bancolombia, since the “Bancolombia a la Mano” business line was integrated into Nequi, no information is reported for this period from Bancolombia. At Bancoagrícola, the integration of the “Cuenta Fácil” product into Nequi is underway; therefore, no new enrollments were generated in 2025. More information on products that promote financial inclusion is available in the chapter “Achieving well-being for all / Financial inclusion” of our Management Report. |
| Metric: | Number of participants in financial education initiatives for unbanked, underbanked, or underserved customers | Code: | FN-CB-240a.4 |
|---|---|---|---|
| Response:<br><br>During 2025, various financial education initiatives were carried out. The standard defines underbanked customers as those who have savings accounts but rely on alternative financial services; unbanked individuals lack accounts, depend on informal financing mechanisms, and have no contractual relationship with a financial institution; and underserved customers have savings accounts but limited access to other services due to lack of credit history. The SASB standard FN-CB-240a.4 seeks to measure individual active participants in financial education programs for these three segments. By definition, banked customers are those who have accounts and regular access to financial services and are not within the scope of this metric.<br><br>Grupo Cibest concentrates its financial education efforts on its customers (banked), reaching millions of Colombians, Salvadorans, Guatemalans, and Panamanians. Within this group, it also supports customers with limited access to other financial services offered by the Group (underserved), mainly due to lack of or limited credit history.<br><br>Regarding the unbanked population, although some initiatives are carried out, there is no available information that meets the standard’s requirements for individual identification and documentation of active participation in financial education initiatives. For underbanked customers, there is also no available information on their frequent use of alternative financial services (AFS), due to the informality and underreporting of such activities; therefore, they are also not within the scope for responding to this indicator.<br><br>The Group’s financial education actions for its stakeholders are presented in the Clients chapter of this Management Report, as well as in the management reports of each of Grupo Cibest’s financial subsidiaries. |
1.3.Integration of Environmental, Social, and Governance
| Metric: | Description of the approach to incorporating environmental, social, and governance (ESG) factors into credit analysis | Code: | FN-CB-410a.2 |
|---|---|---|---|
| Response:<br><br>For the incorporation of environmental, social, and governance (ESG) aspects, Grupo Cibest has an ESG risk management framework, including climate-related risks. This framework includes our Corporate ESG Risk Circular, which consists of three chapters:<br><br>•Chapter 1: Environmental and Social Risk Analysis (ESRA). This chapter defines the minimum guidelines that each Financial Subsidiary must follow in the analysis of environmental and social risks in financing. Each local entity manages a local ESRA policy aligned with corporate guidelines and local specificities.<br><br>•Chapter 2: Controversial Topics. This chapter defines the sectors that, due to their high social and environmental impact, will not be financed.<br><br>•Chapter 3: Climate-Sensitive Industries. This chapter identifies sectors in which exposure will be reduced due to their contribution to climate change, aligning with IPCC guidelines to limit global warming and remain on the 1.5°C pathway.<br><br>In our Task Force on Climate-related Financial Disclosures (TCFD) report, the annual management of the Environmental and Social Risk Analysis process and additional processes integrating ESG factors, including climate-related ones, across the Group are presented.<br><br>Information related to risk management in the Consolidated Financial Statements is available in the section RISK MANAGEMENT (Credit Risk Management – Loan portfolio and financial leasing operations). |
1.4.Financed Emissions
| Metric: | Absolute gross financed emissions, disaggregated by (1) Scope 1, (2) Scope 2, and (3) Scope 3 | Code: | FN-CB-410b.1 |
|---|---|---|---|
| Response:<br><br>Below are the absolute gross financed emissions of Bancolombia’s commercial loan portfolio, as of year-end 2024, in tCO₂e. Future reports will include information from the other financial subsidiaries of Grupo Cibest: | |||
| Scope 1 | Scope 2 | Scope 3 | |
| Coal | 1,615,191 | 2,148 | 19,485 |
| Cement | 186,467 | 7,135 | 19,512 |
| Electricity | 487,684 | 23,897 | 540,564 |
|---|---|---|---|
| Livestock | 825,000 | 2,440 | 102,020 |
| Oil and gas | 275,099 | 12,665 | 1,376,847 |
| Iron and steel | 30,779 | 5,801 | 25,958 |
| Coal-fired power | 792,398 | 1,341 | 20,117 |
| Transport | 49,514 | 3,241 | 48,569 |
| Construction | 50,093 | 38,141 | 261,019 |
| Automotive industry | 28,262 | 4,361 | 539,330 |
| Other sectors* | 1,658,451 | 228,054 | 6,192,263 |
| Total | 5,998,938 | 329,224 | 9,145,686 |
|---|---|---|---|
| *Other sectors correspond to the sum of all sectors not defined as critical climate change sectors. Aggregated sectors (coal, oil and gas, etc.) are defined according to Grupo Cibest’s ESG Risk Notice.<br><br>For the calculation, we use the GHG Protocol guidelines and the PCAF methodology.<br><br>This calculation includes 100% of the Commercial Loan portfolio. It does not include consumer loans (Retail Loans) such as vehicle loans or mortgage loans, does not include Commercial Real Estate, and does not include Project Finance, as these are different asset classes under PCAF. It includes both companies (legal entities) and individuals (natural persons), including independent workers.<br><br>For Scope 2 quantification, the market-based approach is used when clients report Scope 2 emissions by both location and market. For clients without available information, emission factors were applied in accordance with the PCAF methodology. For Scope 3, there is insufficient information on disclosed categories or emission factors.<br><br>The balances used include only the outstanding principal amount, in accordance with PCAF methodology, and do not include provisions. The following products are excluded from the calculation: “CREDIT CARD,” “MICROCREDIT PORTFOLIO,” “DAILY BANKING,” “UNSECURED LOANS,” and “OTHER MORTGAGE,” as they correspond to other asset types.<br><br>Sector classification is based on the International Standard Industrial Classification (ISIC), as a GICS classification is not currently available as required by the applied standard. However, the PCAF emissions measurement standard, on which our methodology is based, provides guidance on grouping subsectors based on the NACE classification (NACE = ISIC = CIIU).<br><br>The reported information corresponds to 2024, as a critical input for estimating financed emissions is issuer-reported emissions, particularly from those representing a significant portion of our total exposure. At the time of publication of this report, only 2024 emissions data are available, as 2025 emissions disclosures will be published by issuers throughout 2026.<br><br>As of the reporting date, no events have been identified that could affect the information reported herein. |
| Metric: | Gross exposure for each industry by asset class | Code: | FN-CB-410b.2 |
|---|---|---|---|
| Response:<br><br>The following is the gross exposure of Bancolombia’s commercial loan portfolio by sector, grouped by ISIC code, as of year-end 2024. Future reports will include information from the other financial subsidiaries of Grupo Cibest: | |||
| Sector | COP millions | ||
| Coal | 81,316 | ||
| Cement | 307,974 | ||
| Construction | 8,521,845 | ||
| Electricity | 9,887,203 | ||
| Livestock | 553,040 | ||
| Oil and gas | 3,080,057 | ||
| Iron and steel | 243,305 | ||
| Coal-fired power | 452,077 | ||
| Transport | 2,164,459 | ||
| Automotive industry | 2,474,923 | ||
| Other sectors – Remaining portfolio | 87,346,356 | ||
| *Other sectors correspond to the sum of all sectors not defined as critical climate change sectors. |
| Metric: | Percentage of gross exposure included in the calculation of financed emissions | Code: | FN-CB-410b.3 | ||
|---|---|---|---|---|---|
| Response:<br><br>The following is the percentage of gross exposure by Grupo Cibest Financial Subsidiary included in the calculation of financed emissions of the commercial loan portfolio as of 2024: | |||||
| Gross exposure | Bancolombia | Bancoagrícola | BAM | Banistmo | Nequi |
| Percentage | 59.98% | 0% | 0% | 0% | 0% |
| The value reported for Bancolombia represents the percentage of exposure of the commercial loan portfolio relative to Bancolombia’s total portfolio.<br><br>The reported information corresponds to 2024, as a critical input for estimating financed emissions is issuer-reported emissions, particularly from those representing a significant portion of our total exposure. At the time of publication of this report, only 2024 emissions data are available, as 2025 emissions disclosures will be published by issuers throughout 2026. The reported information corresponds to 2024, as a critical input for estimating financed emissions is issuer-reported emissions, particularly from those representing a significant portion of our total exposure. At the time of publication of this report, only 2024 emissions data are available, as 2025 emissions disclosures will be published by issuers throughout 2026.<br><br>For 2024, the scope includes Bancolombia’s portfolio, as it represents the largest share at the Group level; future reports will expand the scope to include the other financial subsidiaries.<br><br>Includes commercial loan portfolio for both individuals and legal entities.<br><br>Does not include mortgage loan portfolio, consumer loan portfolio, or microcredit. | |||||
| Metric: | Description of the methodology used to calculate financed emissions | Code: | FN-CB-410b.4 | ||
| --- | --- | --- | --- | ||
| Response:<br><br>The methodology used to calculate financed emissions is that defined by the Partnership for Carbon Accounting Financials (PCAF), Standard A – Financed Emissions, using the attribution factor for each client (outstanding amount/assets or EVIC), multiplied by reported emissions or emissions estimated using emission factors.<br><br>The information corresponding to financed emissions of the commercial loan portfolio reported here relates to 2024 emissions for Bancolombia’s commercial loan portfolio, since the emissions reports from our clients available at the time of preparing this report have a reporting date of December 31, 2024. |
1.5.Business Ethics
| Metric: | Total amount of monetary losses as a result of legal proceedings related to fraud, insider trading, antitrust, unfair competition, market manipulation, malpractice, or other related laws or regulations in the financial industry | Code: | FN-CB-510a.1 | |
|---|---|---|---|---|
| Response:<br><br>No monetary losses are reported for the following categories:<br><br>1.Insider trading<br><br>2.Conduct affecting antitrust provisions<br><br>3.Unfair competition practices<br><br>4.Market manipulation<br><br>5.Malpractice in financial services<br><br>The following monetary losses incurred in fiscal year 2025 are reported (COP millions): | ||||
| Consolidated | Bancolombia | Bancoagrícola | BAM | |
| Entity conduct related to fraud | $74.3 | 0 | 0 | $74.3 |
| Laws or regulations related to the financial industry | $7,380 | $7,380 | 0 | 0 |
| Note: For Bancolombia, the scope of this indicator corresponds to losses associated with judicial proceedings before courts of law and the Financial Superintendency acting in a jurisdictional capacity; it does not include losses associated with administrative proceedings or others. We continue working on mechanisms to map all legal proceedings to be disclosed.<br><br>For Bancolombia, the figure corresponds to settlement agreements or judicial decisions arising from the scope and interpretation of laws or contracts related to the financial industry, and frauds affecting the Bank’s customers. For BAM, a fine was imposed by the Superintendency of Banks of Guatemala as a result of an administrative proceeding. |
| Metric: | Description of whistleblowing policies and procedures | Code: | FN-CB-510a.2 |
|---|---|---|---|
| Response:<br><br>The Board of Directors has established through our Code of Ethics and Conduct that:<br><br>“Any of our employees or individuals from different stakeholder groups, including shareholders, customers, suppliers, partners, and competitors, among others, who suspect or become aware of violations of the provisions of this Code or its complementary policies, may report them through the Ethics Hotline or by contacting any of the following areas: (i) Compliance; (ii) areas responsible for investigating misconduct or complaints related to labor matters; or (iii) Internal Audit. Reports or suspicions may also be channeled through a direct or indirect manager, who will communicate them to the responsible areas.”<br><br>“Reports submitted through the Ethics Hotline may be anonymous, if necessary. Individuals submitting complaints in this manner should be aware that the more information they provide, the greater the likelihood of conducting an effective investigation. The identity of the whistleblower, if disclosed, remains confidential at all times. Confidentiality means that the whistleblower’s name will not be revealed and that the reported facts will only be shared with those strictly necessary to carry out the investigation and respond to its findings.”<br><br>“Our employees, by virtue of their knowledge and functions, are in a position to detect misconduct. Therefore, within the Group, we encourage them to report such acts, guaranteeing that when they report in good faith violations of this Code of Ethics and Conduct, its complementary policies, applicable laws, or expected standards, they are protected against any form of retaliation. Employees who observe or are victims of retaliation may report it through any of the mechanisms described above so that it may be investigated by the Talent and Culture Vice Presidency.”<br><br>“Complaints and reports related to fraud, corruption, misuse of information, and other practices that violate the provisions of this Code or deviate from expected conduct are investigated by the responsible area, in accordance with the policies of the antifraud program. Investigations are carried out in accordance with established internal processes, which must guarantee confidentiality. If the report involves an employee from the area responsible for conducting the investigation, it must be handled by Internal Audit.”<br><br>As part of the continuous improvement of our disclosure process and to meet all the attributes required by the indicator, in 2026 we will work on expanding the scope of this information to include the disclosure of aspects such as applicable laws or regulations regarding whistleblowers and corrective actions, where applicable, implemented by the entity in response to such violations.<br><br>More information is available in the Our Corporate Governance Matters section of our Management Report. |
1.6.Systemic Risk Management
| Metric: | Score in the global systemically important bank (G-SIB) assessment, by category | Code: | FN-CB-550a.1 |
|---|---|---|---|
| Response:<br><br>Currently, neither Grupo Cibest nor its Financial Subsidiaries are part of the global systemically important bank (G-SIB) assessment. |
| Metric: | Description of the approach to incorporating the results of mandatory and voluntary stress tests into capital adequacy planning, long-term corporate strategy, and other business activities | Code: | FN-CB-550a.2 |
|---|---|---|---|
| Response:<br><br>Bancoagrícola:<br><br>Two annual stress tests are conducted, one at the consolidated Banagricola level and another at the consolidated Bancoagrícola level. Each has different characteristics, such as the accounting standard used: the first is based on IFRS, and the second on local regulation. The first serves as input for the consolidated stress testing exercise of Grupo CIBEST, while the second is based on Salvadoran legal requirements and is presented to the risk committee.<br><br>BAM:<br><br>One annual stress test is conducted, with figures as of December each year for GAH under Full IFRS standards. This is a mandatory exercise for consolidation with Grupo CIBEST. A copy of the information is provided to the Risk area for the calculation of provisions and capital indicators when the exercise is performed.<br><br>The assumptions include loan portfolio growth variables based on estimates received from Grupo Cibest Financial Control. Adjustments are made for liability growth, review of lending and deposit interest rates, operating expense growth under a stress scenario, and are complemented with the calculation of provisions provided by the Risk Vice Presidency.<br><br>Banistmo:<br><br>As part of risk management, Banistmo conducts local and group stress tests on a regular basis, as well as a future capital needs assessment every three years to evaluate financial resilience under adverse scenarios. Scenarios include adverse macroeconomic assumptions and business-specific risks, projecting impacts on the balance sheet, results, and regulatory capital levels. Once results are obtained, they are compared with the entity’s defined risk appetite levels, identifying necessary mitigating actions. These actions are incorporated into capital adequacy planning, long-term corporate strategy, and other relevant business activities. The process is governed by the Risk Committee, ensuring that results are consistent with the bank’s reality and aligned between local and regulatory tests.<br><br>Bancolombia:<br><br>Two annual stress tests are conducted, one at the consolidated Bancolombia level and another at the individual Bancolombia level. Each has different characteristics, such as the accounting standard used: the first is under Full IFRS, while the second follows a modified supervisory framework. Both exercises are mandatory as they are regulatory. The description is detailed in Chapter 3 of the Comprehensive Risk Management System Manual. |
1.7.Activity Metrics
| Metric: | (1) Number, and (2) value of checking and savings accounts by segment: (a) personal and (b) small business | |||||||
|---|---|---|---|---|---|---|---|---|
| Response:<br><br>The following is the information on checking and savings accounts, by segment, active as of year-end 2025 in Grupo Cibest’s Financial Subsidiaries: | ||||||||
| Accounts | Item | |||||||
| Personal | Number | |||||||
| Amount (COP millions) | 67,775,100 | 40,818,242 | 9,107,016 | 4,668,219 | 6,171,633 | 7,009,990 | ||
| SMEs | Number | |||||||
| Amount (COP millions) | 35,791,021 | 30,019,862 | 1,843,082 | 1,778,585 | 2,149,492 | |||
| The number and value of low-balance accounts and savings accounts granted through Nequi are reported. Nequi only serves individuals. |
All values are in US Dollars.
| Metric: | (1) Number, and (2) value of loans by segment: (a) personal | (b) small business | (c) corporate | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Response:<br><br>The following is the information on active loans by segment as of year-end 2025 in Grupo Cibest’s Financial Subsidiaries: | ||||||||||
| Loans | Item | |||||||||
| Personal | Number | |||||||||
| Amount (COP millions) | 2,031,234 | 176,404 | 7,443 | 6,550 | 187,808 | 1,653,029 | ||||
| SMEs | Number | |||||||||
| Amount (COP millions) | 15,848,361 | 13,431,746 | 428,110 | 170,888 | 1,817,617 | N/A | ||||
| Corporate | Number | |||||||||
| Amount (COP millions) | 105,946,175 | 77,643,840 | 7,362,542 | 11,571,027 | 9,368,766 | N/A | ||||
| *For Nequi, the entire loan portfolio is considered.<br><br>The value reported corresponds to the outstanding principal balance of the obligations included in the indicator. |
All values are in US Dollars.
2.Mortgage Financing
The following discloses information from the mortgage financing standard, including, as specified in each case, information corresponding to Bancolombia, Banistmo, Bancoagrícola, and BAM (Banks):
2.1.Lending Practices
| Metric: | Metric: (1) Number, and (2) value of residential mortgages of the following types: (a) fixed and variable rate combined, (b) prepayment penalty, and (c) total | ||||
|---|---|---|---|---|---|
| Response:<br><br>Below is the number and value of total residential mortgages of Grupo Cibest’s Banks, as of year-end 2025: | |||||
| Residential Mortgages | Item | ||||
| Total | Number | ||||
| Amount (COP millions) | 31,035,969 | 29,095,327 | 1,940,642 | ||
| The report includes consolidated data and data from the indicated financial subsidiaries.<br><br>Since residential mortgage loans are at fixed rates, reporting on combined variable rates does not apply. Additionally, no prepayment penalties are charged at Bancolombia or Bancoagrícola. Therefore, the total portfolio of this type is reported. |
All values are in US Dollars.
| Metric: | Metric: (1) Number, and (2) value of: (a) residential mortgage modifications, (b) foreclosures, and (c) short sales or deeds in lieu of foreclosure | ||||||
|---|---|---|---|---|---|---|---|
| Response:<br><br>Below is the available information for the indicator on foreclosures and mortgage loan modifications of Grupo Cibest’s Banks, as of year-end 2025: | |||||||
| Accounts | Item | ||||||
| Modifications | Number | ||||||
| Amount (COP millions) | 8,457,103 | 6,769,293 | N/A | 1,687,810 | N/A | ||
| Foreclosures | Number | ||||||
| Amount (COP millions) | 811,790 | 637,605 | 11,699 | 21,747 | 140,739 | ||
| Work will be carried out to include information on short sales in future reports. |
All values are in US Dollars.
| Metric: | Total amount of monetary losses resulting from legal proceedings related to customer communications or the compensation of loan originators | Code: | FN-MF-270a.3 |
|---|---|---|---|
| Response:<br><br>Grupo Cibest’s Banks do not report monetary losses resulting from litigation exclusively related to customer communications or the compensation of mortgage loan originators.<br><br>For Bancolombia, the scope of this indicator corresponds to losses associated with judicial proceedings before courts of law and the Financial Superintendency acting in a jurisdictional capacity; it does not include losses associated with administrative proceedings or others. We continue working on mechanisms to map all legal proceedings to be disclosed. | |||
| Metric: | Description of the compensation structure of loan originators | Code: | FN-MF-270a.4 |
| --- | --- | --- | --- |
| Response:<br><br>At Grupo Cibest, we understand that employees are the key differentiating factor in the sustainability of the business. Therefore, we define a compensation strategy that seeks an appropriate balance between monetary and non-monetary compensation, considering employees in all their dimensions, needs, and motivations. This strategy is based on four pillars:<br><br>1.Fixed compensation: Corresponds to the monetary compensation, both statutory and additional, provided by the company to the employee for the provision of services.<br><br><br><br>2.Benefits: Programs and services that promote human and social well-being and strengthen organizational culture.<br><br><br><br>3.Non-financial compensation: Conditions that support optimal quality of life, where work dynamics align with employees’ needs.<br><br><br><br>4.Variable compensation: Bonuses paid to employees determined by organizational results and team performance. The variable compensation model for commercial teams also considers, in addition to business growth and profitability variables, those related to customer experience. |
2.2.Discriminatory Lending
| Metric: | (1) Number, (2) value, and (3) weighted average loan-to-value (LTV) ratio of mortgages granted to: (a) minority borrowers and (b) all other borrowers | Code: | FN-MF-270b.1 |
|---|---|---|---|
| Response:<br><br>Currently, information meeting the requirements of the standard is not available. However, we support our customers in their goals of accessing adequate housing.<br><br>More information is available in our Clients chapter. |
| Metric: | Total amount of monetary losses resulting from legal proceedings related to discriminatory mortgage lending | Code: | FN-MF-270b.2 |
|---|---|---|---|
| Response:<br><br>Grupo Cibest’s Banks do not report monetary losses resulting from litigation associated with discriminatory mortgage lending.<br><br>For Bancolombia, the scope of this indicator corresponds to losses associated with judicial proceedings before courts of law and the Financial Superintendency acting in a jurisdictional capacity; it does not include losses associated with administrative proceedings or others. We continue working on mechanisms to map all legal proceedings to be disclosed. | |||
| Metric: | Description of policies and procedures to ensure non-discriminatory mortgage origination | Code: | FN-MF-270b.3 |
| --- | --- | --- | --- |
| Response:<br><br>In line with our equity, diversity, and inclusion policy, we strive to promote respect, value differences, and ensure that all individuals have equitable and non-discriminatory access to the solutions offered by Grupo Cibest’s Banks. We have internal protocols for commercial teams that ensure appropriate service for clients with disabilities and diverse sexual orientations, promoting that employees interact with all individuals with respect and empathy, regardless of their condition, preferences, or characteristics. This contributes to an equitable environment with greater opportunities for well-being for all.<br><br>Our mortgage credit origination policies are designed to properly select credit applicants based on objective variables that measure customers’ repayment capacity and potential default risk. At no time do we include variables or policies containing discriminatory elements when making decisions on granting mortgage financing. |
2.3.Environmental Risks of Mortgaged Properties
| Metric: | (1) Number, and (2) value of mortgage loans in 100-year flood zones | FN-MF-450a.1 |
|---|---|---|
| Response:<br><br>For Bancolombia, the following is the information as of year-end 2025; future reports will include the other Grupo Cibest Banks: | ||
| Loans | Bancolombia | |
| Number | 3,071 | |
| Amount (COP millions) | 235,699 | |
| As part of strengthening comprehensive climate risk management and in compliance with SASB standards applicable to the financial sector, during the reporting period a detailed analysis was conducted of the mortgage portfolio’s exposure to physical risks derived from climate change. The evaluation process incorporated georeferencing tools and official flood hazard mapping, enabling the identification of properties associated with mortgage loans located in areas with a significant probability of flooding. |
All values are in US Dollars.
| Metric: | (1) Total expected loss, and<br><br>(2) loss given default (LGD) attributable to mortgage loan defaults and delinquencies caused by climate-related natural disasters, by geographic region | Code: | FN-MF-450a.2 |
|---|---|---|---|
| Response:<br><br>Currently, information meeting the requirements of the standard is not available; we are working toward its disclosure in future reports. | |||
| Metric: | Description of how climate change and other environmental risks are incorporated into mortgage origination and underwriting | Code: | FN-MF-450a.3 |
| --- | --- | --- | --- |
| Response:<br><br>For mortgage credit evaluation and origination, processes are implemented to analyze the environmental vulnerability of the collateral property. One of these processes includes an inspection visit, where aspects such as prior land use, waste management, and potential overexploitation of the land through unauthorized uses are reviewed, among others.<br><br>Additionally, it is assessed whether the property is located in risk-prone areas, such as zones susceptible to landslides, informal settlements, flooding, among others, determining the associated impact and risk. A second process consists of a regulatory analysis of permitted land uses, which must be consistent with the findings of the prior inspection. This analysis identifies whether the property is located in environmentally protected areas, which may influence its valuation and promote its conservation. Currently, there is no information available for disclosure on how these risks affect origination models and decisions.<br><br>Information related to risk management in the Consolidated Financial Statements is available in the RISK MANAGEMENT section (Credit risk management – loan portfolio and financial leasing operations). |
2.4.Activity Metrics
| Metric: | (1) Number, and (2) value of mortgages originated by category: (a) residential and (b) commercial | ||||||
|---|---|---|---|---|---|---|---|
| Response:<br><br>Below is the number and value of mortgage loans originated during 2025 by Grupo Cibest’s Banks: | |||||||
| Category | Item | ||||||
| Residential | Number | ||||||
| Amount (COP millions) | 9,116,091 | 8,385,550 | 262,838 | 220,000 | 247,703 | ||
| Commercial | Number | ||||||
| Amount (COP millions) | 3,995,810 | 3,995,810 | |||||
| The report includes consolidated data and data from the indicated financial subsidiaries. |
All values are in US Dollars.
| Metric: | (1) Number, and (2) value of mortgages acquired by category: (a) residential and (b) commercial | |||||
|---|---|---|---|---|---|---|
| Response:<br><br>Below is the number and value of mortgages acquired during 2025 by Grupo Cibest’s Banks: | ||||||
| Category | Item | |||||
| Residential | Number | |||||
| Amount (COP millions) | 698,435 | 432,870 | 262,838 | 2,727 | ||
| For Bancolombia, no acquisitions of commercial-category mortgages occurred during the year. For the remaining banks, work is ongoing to compile this information.<br><br>For Bancoagrícola, the value of acquired residential mortgages is reported under the institutional category “Originated Mortgages,” and the “Residential” classification is integrated within “Residential and Commercial,” in accordance with regional practice and available databases. Future reports will refine this information in line with the level of detail required by the standard. |
All values are in US Dollars.
3.Consumer Finance
The following discloses the information from the consumer finance standard, which includes, as specified in each case, information corresponding to Bancolombia, Banistmo, Bancoagrícola, Banco Agromercantil (BAM), and Nequi:
3.1.Customer Privacy
| Metric: | Number of account holders whose information is used for secondary purposes | Code: | FN-CF-220a.1 |
|---|---|---|---|
| Response:<br><br>Bancolombia S.A. does not share information with third parties for secondary uses. The uses of information are clearly established in the different personal data protection clauses presented to customers across the various experiences and channels.<br><br>The report includes information from the indicated financial subsidiaries. | |||
| Metric: | Total amount of monetary losses as a result of legal proceedings related to customer privacy | Code: | FN-CF-220a.2 |
| --- | --- | --- | --- |
| Response:<br><br>During the reporting period, no monetary losses were incurred as a result of legal processes related to customer privacy.<br><br>For Bancolombia, this indicator includes monetary sanctions for non-compliance with personal data protection or habeas data regulations, arising from legal proceedings before the SIC as the data protection authority, or the SFC against Bancolombia S.A. |
3.2.Data Security
| Metric: | (1) Number of data breaches, (2) percentage involving personally identifiable information (PII), (3) number of account holders affected | Code: | FN-CF-230a.1 |
|---|---|---|---|
| Response:<br><br>During 2025, no material cybersecurity or information security incidents related to data breaches occurred in the financial subsidiaries within the scope of this standard. |
| Metric: | Card-related fraud losses from (1) card-not-present transactions and (2) card-present transactions and other types of fraud | Code: | FN-CF-230a.2 | |||
|---|---|---|---|---|---|---|
| Response:<br><br>During 2025, the financial subsidiaries of Grupo Cibest recorded losses from fraud cases involving card-not-present transactions (credit and debit cards), as well as card-present fraud and other types of fraud (credit and debit cards). | ||||||
| Losses | Consolidated | Bancolombia | Bancoagrícola | BAM | Banistmo | Nequi |
| Card-not-present fraud (COP millions) | $36,938 | $30,980 | $3,619 | $895 | $88 | $1,356 |
| Card-present fraud (COP millions) | $65,671 | $65,286 | $177 | $189 | $0.954 | $18 |
| Metric: | Description of the approach to identifying and addressing data security risks | Code: | FN-CF-230a.3 |
|---|---|---|---|
| Response:<br><br>Grupo Cibest has a Corporate Framework that defines all policies, guidelines, procedures, and other elements that form part of the Technological and Cyber Risk Management System.<br><br>This framework also develops the requirements established in terms of regulation and best practices; except for aspects defined at the corporate level, Grupo Cibest entities comply with the regulatory requirements of the countries in which they operate.<br><br>At Grupo Cibest, we have developed a management cycle based on four stages that comprehensively address regulatory requirements. Each stage is implemented through the methodologies and procedures defined for this purpose:<br><br>1. Identification: stage in which the internal and external context is determined based on threats, vulnerabilities, and risk events that may affect the confidentiality, integrity, or availability of information.<br><br>2. Measurement: risk events are assessed based on their likelihood of occurrence and their financial and non-financial impact, both at inherent and residual levels.<br><br>3. Control: measures are taken and actions are implemented to mitigate, prevent, avoid, or transfer risk according to its criticality.<br><br>4. Monitoring: continuous monitoring of the process is carried out, defining indicators and implementing actions. Additionally, periodic reporting is provided to the relevant governance bodies on the current status of risk management.<br><br>Additionally, within Grupo Cibest’s Cybersecurity Governance, an Information Security Management System (ISMS) has been implemented to manage information security and cybersecurity through processes, standards, baselines, methodologies, governance frameworks, and maturity models. These are subject to an annual continuous improvement cycle and are communicated to employees and third parties with labor or commercial relationships with the Group. The processes are aligned with international information security standards, as well as with the most relevant national and international regulations.<br><br>Furthermore, we are working on enhancing disclosures related to this indicator to include additional information on policies and procedures for timely notification to customers regarding data breaches. |
3.3.Sales Practices
| Metric: | Percentage of total compensation for covered employees that is variable and linked to the number of products and services sold | Code: | FN-CF-270a.1 |
|---|---|---|---|
| Response:<br><br>The percentage of variable compensation for the financial subsidiaries of Grupo Cibest, linked to the number of products and services sold, is as follows: | |||
| Bancolombia | Bancoagrícola | BAM | |
| 7.12% | 25% | 23.74% | |
| The report includes data from the indicated financial subsidiaries.<br><br>Note: Commercial measurement (PGC and recognition program) is a tool that drives the competitive business strategy toward a comprehensive outcome with a customer-centric perspective, transforming the behavior of commercial teams through monetary and non-monetary incentives.<br><br>Variable compensation is associated with financial and non-financial services in order to promote a customer experience that meets Grupo Cibest’s standards. The PGC is a corporate strategy that covers the following subsidiaries: Bancolombia, Bancoagrícola, and BAM.<br><br>For Bancolombia, roles such as commercial advisors—who receive variable compensation linked to the products and services sold—are responsible for understanding, advising, and guiding customers on financial and non-financial solutions, digital adoption, and service transactions, as well as continuously updating their knowledge of the financial and non-financial portfolio, risk policies, and processes required to perform their role. | |||
| Metric: | Approval rate of: (1) credit, and (2) prepaid products for applicants | Code: | FN-CF-270a.2 |
| --- | --- | --- | --- |
| Response:<br><br>The approval rate in 2025 for consumer credit products granted by Grupo Cibest’s financial subsidiaries is as follows: | |||
| Bancolombia | Bancoagrícola | BAM | Nequi |
| 64.59% | 37.38% | 58.40% | 7.54% |
| The report includes data from the indicated financial subsidiaries.<br><br>This approval rate is calculated as the number of approvals relative to the number of applications during the reporting period.<br><br>Regarding prepaid products, the approval rate for these products, offered by Bancolombia, is 90.74%. The remaining subsidiaries do not offer prepaid products.<br><br>Note: details of the process by entity<br><br>Bancolombia: We have policies that support our financing strategy, such as the Risk Policy for Consumer Lending to Individuals and other documents defining product characteristics, as well as conditions and profiling for offering prepaid products. Information on our strategy and portfolio performance is available in this management report, in the chapter Growing by Creating Value.<br><br>BAM: Credit risk management at BAM is structured under the Three Lines of Defense model, assigning defined responsibilities between business and risk functions. Business Vice Presidencies manage credit assets, execute commercial strategies aligned with targets, and apply first-line controls to prevent risk events. The Risk Vice Presidency defines models, policies, and prudential standards that ensure sustainable and regulatory-compliant growth, formalized in the Credit Risk Management Manual (MARC), approved by the Board of Directors.<br><br>The consumer portfolio is monitored through a comprehensive framework that includes prudential limits, continuous evaluation of origination quality, measurement of portfolio quality indicators, analysis of collection effectiveness, and stress testing to anticipate adverse scenarios.<br><br>Within the MARC, alert mechanisms based on key indicators—non-performing loans, vintages, roll rates, and charge-off rates—are used to anticipate deterioration and trigger corrective actions. Their monitoring feeds back into the credit cycle, identifies management priorities, and supports timely decision-making to meet strategic risk and business objectives.<br><br>Bancoagrícola: Credit risk management is organized under the Three Lines of Defense model, assigning specific responsibilities across business, operations, risk, and audit functions. Business areas execute commercial strategies aligned with corporate objectives and established policies. Operations teams manage origination and collections processes, applying first-line controls to prevent and mitigate risk events. The Risk team defines models, methodologies, policies, and prudential standards that ensure sustainable growth aligned with regulatory requirements. The portfolio is monitored through a comprehensive framework that includes continuous evaluation of origination quality, measurement of portfolio quality indicators, and analysis of the effectiveness of collection strategies. Finally, Internal Audit independently and rigorously evaluates whether the first two lines adequately perform their functions through reviews of processes, policies, procedures, and other control elements.<br><br>Information on our strategy and portfolio performance is available in this management report. |
|---|
| Metric: | Average fee for ancillary products, (2) average annual percentage rate of credit products, (3) average age of credit products, (4) average number of credit accounts, and (5) average annual fees for prepaid products | Code: | FN-CF-270a.3 | |
|---|---|---|---|---|
| Response:<br><br>Currently, this information for consumer credit is not available under the conditions required by the standard for Grupo Cibest’s subsidiaries. | ||||
| Metric: | (1) Number of customer complaints filed, (2) percentage of complaints with monetary or non-monetary compensation | Code: | FN-CF-270a.4 | |
| --- | --- | --- | --- | --- |
| Response:<br><br>The number of complaints filed during 2025 by customers of Grupo Cibest’s financial subsidiaries is as follows: | ||||
| Cibest | Consolidated | Bancolombia | BAM | Nequi |
| Number | 27,979 | 4,418 | 21,618 | 1,943 |
| Percentage | 0.06% | 61% | 5.25% | |
| The report includes consolidated data and data from the indicated financial subsidiaries. | ||||
| Metric: | Total amount of monetary losses as a result of legal proceedings related to the sale and servicing of products | Code: | FN-CF-270a.5 | |
| --- | --- | --- | --- | --- |
| Response:<br><br>During 2025, Grupo Cibest’s financial subsidiaries reported the following monetary losses as a result of legal proceedings related to service provision: | ||||
| Consolidated | Bancolombia | Bancoagrícola | BAM | Banistmo |
| $500 | $500 | 0 | 0 | 0 |
| For Bancolombia, the scope of this indicator corresponds to losses associated with judicial proceedings before courts of law and the Financial Superintendency acting in a jurisdictional capacity; it does not include losses associated with administrative proceedings or others. We continue working on mechanisms to map all legal proceedings to be disclosed. |
3.4.Activity Metrics
| Metric: | Number of unique consumers with an active account: (1) credit card, and (2) prepaid debit card | Code: | FN-CF-000.A | ||
|---|---|---|---|---|---|
| Response:<br><br>The number of unique consumers across Grupo Cibest’s financial subsidiaries with an active credit card account and with an active prepaid debit card account, as of year-end 2025, was as follows: | |||||
| Consumers | Consolidated | Bancolombia | Bancoagrícola | BAM | |
| Credit card | 2,649,208 | 2,196,464 | 321,323 | 131,421 | |
| Prepaid debit card | 14,332 | 14,332 | 0 | 0 | |
| The report includes consolidated data and data from the indicated financial subsidiaries. | |||||
| Metric: | Number of: (1) credit card accounts, and (2) prepaid debit card accounts | Code: | FN-CF-000.b | ||
| --- | --- | --- | --- | --- | |
| Response:<br><br>Across Grupo Cibest’s financial subsidiaries, the number of credit card accounts and prepaid debit card accounts as of year-end 2025 was as follows: | |||||
| Accounts | Consolidated | Bancolombia | Bancoagrícola | BAM | |
| Credit card | 3,635,979 | 3,047,091 | 429,518 | 159,370 | |
| Prepaid debit card | 316,327 | 316,327 | |||
| The report includes consolidated data and data from the indicated financial subsidiaries. |
Task Force on Climate-Related Financial Disclosures (TCFD) Report
This report, aligned with the TCFD recommendations, aims to present the governance, strategy, risk and opportunity management, as well as climate-related metrics and targets implemented by Grupo Cibest.
1.ESG Corporate Governance
Corporate governance is an essential element for sustainability and for achieving short-, medium-, and long-term results. Through the adoption of the best industry standards, it promotes responsible
decision-making, continuous strengthening of the control environment, comprehensive management of risks and opportunities, and ongoing, transparent communication with stakeholders.
As a result of the evolution of the corporate structure of Bancolombia and its subsidiaries in 2025, through the incorporation of Grupo Cibest as the parent or holding company of all financial entities and other companies that were part of the former Grupo Bancolombia, including Bancolombia, a review of the ESG governance model was carried out, aimed at strengthening it and aligning it with the Group’s new structure. This process included the ratification of the climate strategy, the reinforcement of risk and opportunity management for its implementation at the corporate level, as well as the update of metrics and targets to ensure the robustness and integrity of the ESG framework.
The organizational scope of this report is focused on Grupo Cibest. Each section includes a more specific definition of the subsidiaries covered by the disclosed indicators, as applicable.
1.1. ESG Governance Model16
Decisions on environmental, social, and governance matters are made by the Board of Directors, its Good Governance, Audit, and Risk Committees, and the Sustainability Committee, composed of members of senior management.
1.2. ESG Corporate Governance and Climate Action Structure
The following are the responsibilities of Grupo Cibest’s governance bodies regarding environmental, social, and governance matters, including climate-related issues:
Boards of Directors
•Define priorities, guidelines, long-term vision, and approve corporate framework policies on ESG matters.
•Approve consolidated results for annual reporting.
•Monitor the long-term strategy on an annual basis.
Good Governance Committee
•Approve the short-term ESG strategy under the Board of Directors’ guidelines.
•Monitor compliance with the short-term strategy.
•Provide recommendations on ESG disclosures.
Risk Committee
•Manage ESG risks by monitoring the corporate risk map.
•Review policies to be submitted to the Board of Directors and the Sustainability Committee.
Audit Committee
16 During 2025, we continued advancing our assurance and reliability process for the information to be reported, implementing a framework aimed at establishing controls over the accuracy and completeness of the disclosed information.
•Monitor the closing of corporate gaps related to ESG disclosures and compliance with ESG commitments.
•Provide opinions on corporate assurance to ensure the quality and timeliness of ESG disclosures.
Sustainability Committee (Executive Committee)
•Approve corporate policies and methodologies not approved by the Board of Directors.
•Support strategic direction and oversight of sustainability-related matters.
Below are the actions carried out on ESG matters, including climate-related issues, by the different governance bodies during 2025:
Table 1. ESG-related actions carried out in 2025
| Body | Actions during 2025 | Sessions held in 2025 |
|---|---|---|
| Boards of Directors | •Reviewed the long-term ESG strategy through 2030.17 | 1 |
| Good Governance Committee | •Reviewed the long-term ESG strategy through 2030.<br><br>•Reviewed progress on the 2025 ESG strategy.<br><br>•Reviewed the results of the greenwashing assessment conducted by KPMG for Bancolombia.<br><br>•Reviewed progress in the ESG assurance hard close process. | 2 |
| Risk Committee | •Monitored ESG risks within the risk map of its financial subsidiaries: environmental and social risks, and sustainability strategy. | 1 |
| Audit Committee | •Monitored progress on work plans for the assurance of 2024 ESG disclosures.<br><br>•Monitored the closing of gaps in ESG disclosures.18 | 2 |
| Sustainability Committee | •Reviewed long-term ESG targets through 2030 for subsequent submission to the Board of Directors. | 1 |
17 In 2026, the long-term ESG strategy through 2030 will be submitted to the Board of Directors for approval.
18 The session was held prior to the evolution of the corporate structure, when Bancolombia was still the parent company of the business group.
1.3. Corporate Policies Related to Climate Change19
We have the following policies related to ESG matters, which incorporate climate action:
ESG Risk Corporate Policy
This policy consolidates governance frameworks, scope, guidelines, responsibilities, and control structures regarding:
•Environmental and Social Risk Analysis: Provides guidelines on responsible and sustainable financing within credit and leasing operations, through the evaluation of socio-environmental risks and impacts that may materialize and preventing their effect on credit performance. It is aligned with compliance with the Equator Principles, IFC Performance Standards, as well as applicable national environmental regulations.
•Controversial Issues in Business Activities: Establishes guidelines regarding activities that will not be financed and the financing and investment conditions for sectors with high environmental and social impact. It applies to financing and investment operations across all business segments of Grupo Cibest.
It states that activities related to the Oil & Gas production cycle under unconventional methods (fracking/shale oil & gas, liquefied natural gas, ultra-deepwater resources, oil sands, Arctic oil) will not be financed, for new or existing clients, nor for the expansion of existing projects, including infrastructure for exploration, extraction, and transportation.
•Climate-Critical Industries: Provides risk management guidelines for the origination of new operations and the monitoring of current operations of clients in sectors identified by Grupo Cibest as critical contributors to climate change: cement, energy, steel, transport, fossil fuels, and agriculture. It includes the objective of achieving portfolio decarbonization by 2030 in the thermal coal production and commercialization sectors and coal-based power generation, which will also be supported by criteria that promote a just and orderly transition in their business models.
Climate Change Policy in Financing and Investment
This policy identifies and provides management guidelines for risks and opportunities related to climate change, enabling the development of necessary actions to align business strategy with the goals established by the United Nations Framework Convention on Climate Change (UNFCCC), particularly the Paris Agreement. This policy covers all operations in the countries where the Group has a presence and focuses both on economic sectors most vulnerable to climate change and those with the greatest impact in terms of greenhouse gas (GHG) emissions.
Sustainable Procurement Policy
This policy is aimed at implementing and developing sustainability within the supply chain of Grupo Cibest’s subsidiaries. In particular, the sustainable procurement policy defines the following objectives:
19 The policies referenced in this section are available on our website at: https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/modelo/politica-sostenibilidad
•Mitigate climate change through responsible consumption, with products and services that generate a lower carbon footprint.
•Promote climate change strategies and circular economy practices within the supply chain.
Responsible Investment Policy
This policy defines the integration of ESG criteria into investment decision-making. As part of the environmental analysis of issuers and their respective engagement, sectoral analyses are incorporated that involve the guidelines of the sensitive industries policy. Likewise, the proxy voting policy includes voting criteria focused on environmental management and climate change.
1.4. Impact of Climate Change Management on the Variable Compensation Model
The management of climate-related risks is part of the variable compensation model for Grupo Cibest’s Executive Committee and the Presidents of its subsidiaries.
This framework defines short- and medium-term variable compensation incentives, which include climate change-related targets and indicators:
Medium Term
Includes as an indicator the measurement of Bancolombia’s sustainable performance through the Dow Jones Sustainability Index, for which the evaluation incorporates the decarbonization strategy through metrics such as:
•Definition of Net-Zero targets for financed emissions.
•Emissions intensity of financing and investment portfolios.
•Corporate policies for the coal sector.
•Corporate policies for unconventional hydrocarbons.
Short Term
Establishes strategic financing and performance indicators:
•Disbursements for activities that contribute to decarbonization targets aligned with the 2030 strategy: renewable energy, technological conversion, low-emission mobility, sustainable construction, sustainable livestock, among others.
2.Climate Change Strategy
The ESG and climate strategy is guided by the best international standards in the field. To this end, we maintain a series of international partnerships that allow us to align with global best practices, generate commitments, and disclose results to our stakeholders and the international community20.
Our comprehensive climate change strategy focuses on sustainability and reducing our carbon footprint. We have implemented actions to promote energy efficiency, the use of renewable energy,
20 At Grupo Cibest, we continuously monitor international developments and decisions arising from various sustainability initiatives and coalitions. Our objective is to promptly identify any necessary adjustments to ensure that our actions remain aligned with our purpose while responsibly managing risks.
and the reduction of greenhouse gas emissions. In addition, we have established clear targets for the decarbonization of our operations and invested in reforestation and biodiversity conservation projects. Our strategy also includes our clients and the companies in which we invest, supporting them in the identification, measurement, mitigation, transition, adaptation, resilience, and management of climate-related loss and damage, while promoting green financial products and supporting initiatives that foster the circular economy and climate resilience.
We measure our climate performance by benchmarking globally against sector peers through the Dow Jones Sustainability Index and the Carbon Disclosure Project. In 2025, Bancolombia’s—now Grupo Cibest—Dow Jones score compared to its 2024 performance was 88 points, 3 points higher than the previous year, highlighting climate strategy with 89 out of a possible 100 points. The CDP rating for 2025 was B.
2.1. Internal and External Actions
Our objective is to achieve a net-zero emissions portfolio by 2050 and to align our financing and investment portfolios with a 1.5°C climate scenario through actions with our internal and external stakeholders.
Internal Actions
These actions enable us to adopt best ESG practices and thereby achieve our commitments and disclose results to our stakeholders and the international community:
•Standards and Memberships: We actively participate in international initiatives to remain at the forefront of material issues and to be leaders in our industry.
•Climate Change Governance: Integrates strategy, risk identification and assessment, and the definition of corporate policies for credit and investment that guide pricing, risk appetite, and exposure decisions, as well as the development of new financial and non-financial products.
•Legislation and Regulatory Compliance: We comply with regulatory requirements on climate disclosure in the geographies where we operate21.
External Actions
We recognize the importance of identifying vulnerable sectors and those generating the greatest climate impact in order to design products and services that facilitate management and mitigation:
•Vulnerable Sectors: We identify sectors most vulnerable to climate change impacts, such as construction, infrastructure, energy, agriculture, and fossil fuels (see details in Chapter 3 on climate risk management), and design products and services aimed at adaptation and increasing resilience.
•High-Impact Sectors: We implement differentiated financing actions to promote the transition of emissions-intensive industries, define sectors for exclusion and divestment, establish limits and exposure thresholds, and support our clients with knowledge for the definition and implementation of their own climate change strategies, guided by
21 Disclosure under the TCFD standard is carried out in compliance with the regulation issued by the Financial Superintendency of Colombia in Notice 031 of 2021.
national commitments and the international climate agenda to achieve an orderly and just transition.
2.2. Strategic Levers
We have defined our actions based on five key strategic levers, designed to be relevant and valuable for our stakeholders. Our approach focuses on leading the transition toward a sustainable economy, not only for our company, but also for our investors, clients, employees, and society as a whole.
Information and Advisory
We consider knowledge to be the foundation for responsible decision-making. Therefore, we provide our clients with up-to-date information on the international climate agenda. We support them on a personalized basis in measuring their emissions and help them define the best alternatives for decarbonizing their operations and value chains.
Carbon Markets and Financial Instruments for Nature
We recognize the potential of carbon markets and nature finance. We work on the development and implementation of a range of products and services that capitalize on these markets, in order to enhance our solutions portfolio and offer new opportunities for our clients to invest in sustainability.
Climate Resilience
We understand that sustainability goes hand in hand with climate adaptation. Therefore, we have incorporated adaptation activities and nature-based solutions into our sustainable finance taxonomy. This enables us to support projects that not only mitigate climate change but also strengthen the capacity of our clients and communities to become more resilient to climate impacts.
Reduction of Financed Emissions
Our commitment to sustainable financing is firm. We support our clients in incorporating ESG variables into their investments across all our business areas. This is reflected in the financing of projects that promote technological conversion, resource optimization (reducing the consumption of water, energy, and fuels), and the generation of environmental benefits. Our objective is to help them establish increasingly ambitious sustainability goals.
Financing Sustainable Value Chains
We extend our scope beyond individual projects to include the entire value chain. Our green financing includes providers of sustainable technologies and various actors within supply chains. In the renewable energy sector, we offer a portfolio of financing and leasing solutions, ensuring that the energy transition is accessible and viable for all stakeholders. In the mobility sector, we offer differentiated products across the entire value chain, with special benefits for vehicle brands and dealerships.
3.Risk Management
In line with our corporate strategy and in accordance with the management framework and guidelines issued by Grupo Cibest for the management of environmental and social risks, including climate risks, we continue strengthening the ESG Risk Management System. These guidelines aim
to drive our purpose, generate value for our clients and the environment, and ensure consistent, traceable management aligned with best practices. We continue consolidating tools that support ESG analyses of our clients and investment portfolios, leveraging specific frameworks for managing environmental and social risks, including climate-related risks.
ESG risk management is framed within the cycle of identification, measurement, control, and monitoring. We describe, by stage, the tools and processes through which we carry out each of these phases for the proper management of these risks, both in the credit portfolio, the investment business, and in our own operations and facilities.
1.Identification: ASC risks, including climate-related risks, are identified using the risk map.
2.Measurement: The impact and magnitude of risks are assessed through prioritization tools and the measurement of physical and transition risks, using climate scenarios.
3.Control: Preventive measures and controls are implemented, such as internal policies and support for clients’ transition, in accordance with the ASC risk policy.
4.Monitoring: Ongoing monitoring is performed through dashboards, ASC metrics, and alerts to ensure the appropriate management and communication of risks.
Identification
Our risk management system includes the development of a Risk Map, a tool that consolidates relevant information to complement traditional risk management by considering emerging risks within our organization. This map is informed by key trends and the knowledge of various experts, who analyze the future challenges we may face. Among these challenges, environmental and social risks have been highlighted from 2021 through 2025 as among the main risks to be managed (World Economic Forum, 2025).
The results of the Risk Map contribute to annual strategic planning by proactively integrating environmental and social risks, including those related to climate change, and their relationship with traditional risks. To deepen the analysis of environmental and social risks, we deploy the identification stage of risks in commercial lending across different financing lines, investment portfolios, and our own operations and facilities, in order to strengthen our climate resilience and seize opportunities in a constantly evolving business environment.
Within our risk management framework, we classify climate-related risks into two categories: physical and transition risks. Physical risks represent the possibility of losses arising from the materialization of climate-related hazards. Meanwhile, transition risks are associated with losses caused by the shift toward a low-carbon economy, a process that may involve changes in regulation, technology, and markets, requiring adaptation and mitigation measures.
Measurement
We measure climate risks through scenario generation, the analysis of climate hazards, and the incorporation of these aspects into traditional financial risks, in order to leverage their management within the organization.
With the objective of directing our efforts toward the economic sectors most vulnerable to climate change, we have focused our analysis on the assessment of physical and transition risks, establishing differentiated objectives according to the type of risk. For physical risks, we aim to achieve coverage of 85% of economic subsectors, excluding those that show low sensitivity to this type of risk, such as those primarily engaged in providing services to businesses or individuals. Regarding transition risks, the methodological development currently underway focuses the analysis on sectors with high CO₂ emissions intensity, given their greater exposure to regulatory, technological, and market changes associated with the decarbonization of the economy.
Climate Risk Assessment
Our climate risk analysis methodology evaluates independently the impact of physical and transition risks on our clients, in order to determine how each of these factors affects key financial variables and how this may influence our risk management.
Physical Risks
In the analysis of physical risks, we use projected information on climate hazards based on Representative Concentration Pathways (RCP) of greenhouse gases and Shared Socioeconomic Pathways (SSP), developed by the Intergovernmental Panel on Climate Change (IPCC). These pathways make it possible to model different scenarios of gas concentration in the atmosphere and their effects on the climate over various time horizons, as is the case with RCPs, as well as different socioeconomic futures that could influence climate change, considering societies’ capacity to mitigate its effects and adapt to them, as is the case with SSPs.
Climate scenarios, time horizon, and hazards used in the construction of the model
Climate Scenarios
SSP: The IPCC SSP scenarios explore future climatic outcomes based on socioeconomic pathways. SSP1–2.6 promotes sustainability with net-zero emissions after 2050 and a temperature increase of 1.8°C. SSP2–4.5 reflects moderate progress with declining emissions without reaching net zero by 2100, resulting in a temperature increase of 2.7°C. SSP5–8.5 projects intensive economic growth reliant on fossil fuels, doubling emissions by 2050 and increasing temperatures up to 4.4°C by the end of the century.
RCP: The IPCC RCP scenarios project future climatic outcomes based on emission levels. RCP 2.6 seeks to limit global warming to at least 2°C through drastic emissions reductions by 2020; RCP 4.5 assumes later reductions starting in 2045, with temperatures between 2°C and 3°C; and RCP 8.5, without mitigation, anticipates an increase of up to 4.8°C, representing a high-emissions scenario with continuous growth.
Time Horizon
2030-2050
Climate Hazards
•Cyclones
•Water stress
•Flooding
•Landslides
•Wildfires
•Precipitation
•Frost and freezes
•Sea level
•Strong winds
Grupo Cibest uses climate and natural hazard information from various sources. It relies on data from the World Resources Institute (WRI) and the European Copernicus program, in addition to considering documents from other specialized organizations such as Arup. This multi-source analysis makes it possible to map and associate climate hazards with clients and facilities across the Colombian territory.
Taking into account the georeferencing of assets (both client assets and facilities), multiple climate metrics are assigned according to their location and economic sector. This has enabled the construction of an automated model that measures the level of vulnerability and exposure of our own facilities and our clients’ productive assets under different scenarios and time horizons.
Main climate hazards for Grupo Cibest’s clients and facilities
•Flooding: Phenomenon in which water spreads over areas that are not normally submerged, due to persistent and excessive rainfall that exceeds the natural drainage capacity of riverbeds.
•Landslides: Mass movement of rocks, debris, soil, or mud downslope.
•Precipitation: Mass of water, both liquid precipitation and snow, that falls to the Earth’s surface per unit of area and time.
Physical Risks – Clients
We use this model to measure the loss of value of operating assets and/or production losses resulting from the occurrence of a climate hazard. During 2025, Cibest assessed on average 87% of clients belonging to the target sectors and segments. Our clients show greater vulnerability and exposure to the threats described in Graph 2 under the SSP5 8.5 scenario and a 2030 time horizon.
The following framework describes how we integrate the scenarios proposed by the IPCC into our physical risk measurement model, enabling an understanding of the potential impact of climate hazards on our clients’ credit risk variables. Although these results are not currently directly reflected in traditional credit risk measures, we continue to evolve our methodologies to incorporate these effects more robustly in the future.
With the aim of strengthening risk management for our clients, we have deepened the analysis of how their risk ratings could be affected. To this end, we consider what is illustrated in the previous graph, evaluating climate scenarios and their impacts on production and assets in order to determine the extent to which their risk level could deteriorate.
Physical Risks in Own Facilities
In the case of our facilities, we apply the same automated model to assess the potential impact of projected climate hazards. The objective is to ensure the continuity of the services we provide by identifying the most vulnerable facilities and establishing appropriate mitigation plans.
The climate hazards evaluated to calculate climate vulnerability in facilities are:
•Floods
•Frost and freezes
•Droughts
•Precipitation
•Tides
•Strong winds
•Cyclones
•Landslides
•Wildfires
During the recent period, we carried out a comprehensive assessment of the physical risks that could affect our facilities, including branches, ATMs, administrative buildings, warehouses, and other assets. As part of the development of the physical risk analysis model, we updated the methodology for evaluating our own facilities, with the aim of understanding cumulative vulnerability to various hazards and natural disasters. This analysis incorporates key factors such as geographic location and the level of exposure to specific climate risks.
As a result of the physical risk assessment of our own facilities, it was determined that 0.64% of the total asset value of the banks that are part of Grupo Cibest, equivalent to approximately 12% of the evaluated assets, show vulnerability under the SSP5-8.5 climate scenario projected for the year 2030.
By understanding the combined vulnerability of our facilities, we strengthen our capacity to implement mitigation and adaptation strategies that ensure the operational continuity of Grupo Cibest. These strategies, which include maintenance and preventive infrastructure inspections, are coordinated among different teams, such as Fixed Assets and Business Continuity.
Additionally, as part of our operational risk management process, we have incorporated a specific tagging to identify those risks that may materialize due to climate hazards. This allows us to recognize and quantify risks that could generate economic losses associated with such events.
Transition Risks
To assess transition risks, the scenarios suggested by the NGFS adopted by Grupo Cibest are used, which project carbon prices under different levels of adoption of measures necessary to mitigate climate change, resulting in higher expenses and/or reduced income associated with the transition to a low-carbon economy. During 2024 and 2025, progress was made in developing a target transition risk model, designed to provide a level of risk by sector, with particular emphasis on those most vulnerable to the energy transition.
We continue to advance toward a higher level of maturity in the methodologies applied to risk management, in order to facilitate advisory and support for our clients in their transition toward a low-carbon economy.
Climate Risks in Market Risk
During 2025, we continued applying the Climate Scenario Analysis in the Trading Book methodology proposed by the International Swaps and Derivatives Association (ISDA) to our proprietary position portfolios in banking subsidiaries.
Based on this methodology, stress testing was conducted on interest rate curves considering three different climate change scenarios:
•Physical Risk: Increase of 1.5°C in global temperature
•Transition Risk: Increase in carbon dioxide taxes
•Combined Risk: Increase in taxes and temperature
The estimated risk leads to movements in market variables such as interest rate curves and the exchange rate vector.
Environmental and Social Risk Analysis – ESRA
The Environmental and Social Risk Analysis (ESRA) aims to ensure responsible and sustainable financing within credit and leasing operations, through the evaluation of socio-environmental risks and impacts that may materialize, thereby preventing their effect on credit performance.
Grupo Cibest establishes the framework of action for its banks regarding ESMS risk assessment. As a result of 2025, we have the following:
At the banking entity level during 2025:
Table 2. Operations and amounts evaluated
| Entity | # of Operations | Amount Evaluated (COP) |
|---|---|---|
| Bancolombia S.A. | 174 | 29.7 trillion |
| Banco Agromercantil S.A. | 17 | 1.0 trillion |
| Banco Agricola S.A. | 35 | 2.7 trillion |
| Banistmo S.A. | 20 | 1.6 trillion |
Control
Grupo Cibest’s ESG Risk Policy provides guidelines for the treatment of sectors with a high incidence in climate change, focusing on clients and investment portfolios.
In the client domain, the ESRA chapter establishes minimum guidelines to carry out the process, empowering analysts to request commitments from clients and to conduct rigorous follow-up on those presenting deficiencies in socio-environmental management.
Additionally, supported by the chapter on climate-sensitive industries, we monitor exposure as defined in the strategy section of this document. For investment portfolios, an internal policy was developed that defines the minimum parameters required for a portfolio to integrate ESG aspects (such as issuer ESG rating and critical industries), specifying the corresponding policies, controls, and monitoring mechanisms.
Regarding physical facilities, action plans are in place that address the specific needs of each of the previously described threats and natural disasters. These include:
•Emergency support equipment, such as power generators and water tanks
•Autonomous backup equipment
•Installation of specialized evacuation equipment
•Detection systems
•Fire suppression systems
•Fire protection networks
•Among others
Monitoring
At Grupo Cibest, the comprehensive monitoring process covers both our clients and issuers, and also includes periodic reviews of our own facilities to strengthen the management of ESG and climate risks.
Clients: This monitoring focuses on key aspects such as compliance with decarbonization targets, climate change analysis, and the management of associated risks. We work closely with our clients, offering advisory and collaboration to address climate-related challenges and opportunities, facilitating their transition to a low-carbon economy and strengthening their resilience to climate threats.
Issuers: Through the engagement process, we have created a space for knowledge exchange and the promotion of best practices in the adoption of ESG criteria. This has resulted in a significant improvement in public disclosure, more efficient access to relevant data, and strengthened risk management. Additionally, this process allows us to continuously monitor issuers, tracking changes in their ESG ratings, which directly impacts compliance with ESG limit policies by portfolio, as well as the global targets for Assets Under Management (AUM) that integrate ESG criteria in Grupo Cibest and the ESG rating of proprietary position portfolios presented to senior management.
At Grupo Cibest, we have indicator monitoring dashboards that enable tracking of the methodologies mentioned. These tools facilitate trend analysis and compliance with established objectives.
- Metrics and Targets
4.1. Greenhouse Gas Emissions Inventory – Corporate Carbon Footprint
We have defined science-based targets aligned with a maximum global average temperature increase scenario of 1.5°C by 2050, aiming to achieve our Scope 1 and Scope 2 targets by 2030. To this end, we calculate our Scope 1 and Scope 2 GHG emissions inventory following the guidelines of the Greenhouse Gas Protocol, Corporate Accounting and Reporting Standard. Scope 3 GHG emissions follow the guidelines of the Greenhouse Gas Protocol, Technical Guidance for Calculating Scope 3 Emissions, and the Financed Emissions Standard of the Partnership for Carbon Accounting Financials (PCAF) for Category 15.
•Scope 1. Direct GHG emissions: These occur from emission sources that are owned or directly controlled by the organization. For the operations of Grupo Cibest’s banking subsidiaries, we quantify GHG emissions generated by the consumption of fossil fuels in stationary sources, such as backup power generation systems, and in mobile sources such as company-owned vehicles.
•Scope 2. Indirect GHG emissions associated with electricity: Includes emissions from the generation of purchased and consumed electricity in operations. The calculation of Scope 2 emissions corresponds to market-based emissions.
•Scope 3. Other indirect GHG emissions: These are a consequence of the organization’s activities but occur from sources not owned or controlled by it. The emission categories included in this calculation are described in Table¡Error! No se encuentra el origen de la referencia.:
Table 3. Description of emissions quantified under Scope 3
| Category | Description | Quantified Emission Sources |
|---|---|---|
| 1 – Purchased goods and services | Emissions resulting from the extraction, production, and transport of goods and services acquired by the company. | Production of paper, the most relevant input for operations |
| 4 – Upstream transportation and distribution | Transportation and distribution in vehicles not owned or controlled by the company.<br><br>Transportation and distribution services purchased by the company. | Transportation of supplies to branches and buildings |
| 6 – Business travel | Transportation of employees for work-related activities in vehicles not owned or operated by the company. | Business travel involving air and land transportation carried out by personnel |
| 15 – Financed emissions | Scope 3 emissions associated with the reporting company’s investments. This category applies to investors and companies that provide financial services. | Emissions related to commercial loan portfolios (Business Loans and Unlisted Equity), proprietary investments, and assets under management (Listed Equity and Corporate Bonds) |
Emissions from Grupo Cibest’s subsidiaries’ operations in 2025
The results of the GHG inventory for Grupo Cibest’s direct operations for Scope 1 and 2, and Scope 3 categories 1, 4, and 6, reported in ¡Error! No se encuentra el origen de la referencia., reflect the impact of operations in terms of climate change.
Emissions related to Category 15, financed emissions, are reported separately.
Table 4. GHG emissions inventory from operations – Grupo Cibest, 2025
| Country | Scope 1 emissions<br><br>(tCO₂/year) | Scope 2 emissions<br><br>(tCO₂/year, Market-Based) | Scope 3 emissions (categories 1, 4, 6)<br><br>(tCO₂/year) |
|---|---|---|---|
| Grupo Cibest | 844 | 3,531.07 | 376,704.44 |
| Bancolombia S.A. | 604.4 | 74.53 | 1,557.96 |
| Banistmo S.A. | 68.80 | 0 | 84.36 |
| Bancoagrícola S.A. | 126.85 | 2,263.13 | 145.46 |
| Banco Agromercantil S.A. | 43.95 | 1,193.41 | 93.66 |
NOTE: These results include emissions from three GHGs (CO₂, CH₄, and N₂O).
The baseline year from which the management and monitoring of greenhouse gas emissions generated in operations for all three scopes is conducted is 2021, as in that year we redefined our science-based target for Scopes 1 and 2, aligned with a 1.5°C scenario, and committed to reducing our direct emissions by 95% by 2030.
As part of our commitment to improving the representativeness of the greenhouse gas emissions inventory, aligned with our operations, in 2025 we included new emission sources, such as emissions related to fuel consumption in company-owned vehicles, which resulted in an increase in Scope 1 emissions, impacting our direct emissions indicator (Scope 1 + 2), whose reduction target for 2025 is 42%. Accordingly, during 2025 our Scope 1 + 2 emissions show a reduction of 7.65% compared to 2024, with emissions of 4,375 tCO₂e/year, and a reduction of 46.82% compared to the baseline year (2021). Regarding our Scope 3 emissions, we achieved a reduction of 5.49% compared to 2024, with emissions of 376,706 tCO₂e/year, and an increase of 29.28% compared to the baseline year.
Table 5. CO₂ emissions, 2025 target, and CO₂ emissions reduction
| Scope | CO₂ emissions | 2025 target | CO₂ emissions reduction vs baseline | CO₂ emissions reduction vs previous year (2024) |
|---|---|---|---|---|
| Scope 1+2 | 4,375 | -42% | -46.82% | -7.65% |
| Scope 3 | 376,704 | 29.28% | -5.49% |
Energy Consumption Detail
Table 6 presents the detail of energy consumption. The 2030 target for Grupo Cibest is 100% renewable energy; as of 2025, progress stands at 81.7%. For 2025, the target was to reduce energy consumption by 8.9% compared to the 2021 baseline year; however, there was an increase of 4.5%. Compared to the previous year, consumption increased by 0.7%.
Table 6. Energy consumption indicators
| 2030 renewable energy target | Renewable energy consumption in 2025 | 2025 energy reduction target | Change in energy consumption vs previous year | Change in energy consumption vs baseline |
|---|---|---|---|---|
| 100% | 81.7% | -8.9% | 0.7% | 4.5% |
4.2. Financed Emissions
Scope 3 greenhouse gas emissions, Category 15 – Investments: commercial loan22 portfolio and investment portfolios:
We calculate financed emissions using the PCAF methodology for financial institutions for Bancolombia S.A.’s commercial loan portfolios (Business Loans and Unlisted Equity) and assets under management (Listed Equity and Corporate Bonds) through Valores Bancolombia S.A., Fiduciaria Bancolombia S.A., Valores Banistmo S.A., and Bancolombia Capital Holding LLC.
In accordance with the guidelines established by the SBTi, positions in sovereign securities, government bonds and public sector entities, fund of funds, derivatives, and cash positions were not considered in the calculation of financed emissions for any of the three scopes. Likewise, additional assets such as commercial real estate, mortgage portfolios, or consumer portfolios (vehicles) are not included due to limited data availability for their calculation. We are working to progressively integrate these types of assets in future reports.
The result presented in Table for the commercial loan portfolio includes clients from the corporate, business, SME, and independent segments:
Table 7. Financed emissions results – commercial loan portfolio, proprietary investments, and assets under management – Bancolombia
22 The information corresponding to financed emissions from the commercial loan portfolio reported here reflects 2024 emissions for Bancolombia S.A.’s commercial loan portfolio. This is because the emissions reports from our clients available at the time of this report have a reporting cut-off date of December 31, 2024.
| Year | Financed emissions – commercial loan portfolio (tCO₂e)* | Financed emissions – assets under management (tCO₂e)* | |||
|---|---|---|---|---|---|
| Scope 1 | Scope 2 | Scope 3 | Total S1S2S3 | ||
| 2024 | 5,998,938 | 329,224 | 9,145,686 | 15,473,848** | 1,833,821*** |
*Includes Scope 1, 2, and 3 for all economic sectors
**Detailed information by sector is available in Section 1, Commercial Banking, of the SASB report.
For the calculation of Scope 2 financed emissions, market-based emissions reported by issuers that disclose this type of information or obtained by Bancolombia through commercial management and the climate engagement process were used. In cases where the issuer did not report emissions under this approach, location-based emissions were used or, alternatively, the PCAF sector emission factor updated to September 2023 corresponding to the relevant economic activity for Scope 2.
For the calculation of Scope 3 financed emissions, all categories reported by issuers with disclosed emissions were consolidated without disaggregation by category. In the case of issuers that do not disclose emissions data for any scope, the PCAF emission factor that does not differentiate between categories was used.
Likewise, during 2022 we defined science-based targets for financed emissions (Scope 3, Category 15) for the commercial loan portfolio, proprietary investments, and assets under management. These targets were defined based on the SBTi standard 1.0 for financial institutions, with specific targets for applicable sectors such as cement and energy. It is worth noting that since 2024 our targets have been validated by SBTi.
During 2025, Grupo Cibest was created and became the parent company of Bancolombia and the other companies that previously comprised Grupo Bancolombia. As of the reporting date, no event has been identified that could affect the information reported herein.
Behavior of Assets under Management
Table presents the performance of targets for assets under management, showing that the temperature score for 2024 was 3.19°C, a value above the established target of 2.93°C. This result is due to a 39% increase in analyzed assets, greater coverage and improved quality of information incorporated from issuers, and a position with incomplete disclosure that may be overestimating financed emissions.
Table 8. Temperature score targets for emissions of assets under management
| Scope | 2024 target | Temperature score 2024 |
|---|---|---|
| Scope 1+2 (S1S2) | 2.93 | 3.19 |
| Scope 1+2+3 (S1S2S3) | 2.93 | 3.19 |
Exposure by Economic Sector
Given that a fundamental input for calculating sector exposure is the GHG emissions inventory generated by our clients, and as of the publication of this report we only have disclosed information for 2024, this metric reports 2024 results. See Table 9 2.
Table 9 2. Definition of climate-sensitive industries and exposure as of year-end
| Sector | Portfolio exposure 2024* |
|---|---|
| Coal | 0.04% |
| Cement | 0.16% |
| Construction | 4.56% |
| Electricity | 5.29% |
| Livestock | 0.29% |
| Oil and gas | 1.65% |
| Iron and steel | 0.13% |
| Automotive industry | 1.32% |
| Other sectors – Remaining portfolio | 46.79% |
| Coal-fired power | 0.24% |
| Transport | 1.15% |
* As a percentage of the total outstanding principal balance of Bancolombia S.A.’s loan portfolio.
Emissions intensity in the commercial loan portfolio for climate-sensitive sectors
Emissions intensity for loan portfolios in the Cement and Energy sectors:
In 2022, we defined emissions intensity targets for our financing portfolios in the Cement and Energy sectors for the 2021 base year, aligned with a 1.5°C scenario, following the Sectoral
Decarbonization Approach methodology of the SBTi, with scope for Grupo Cibest. These include the loan portfolios of Bancolombia S.A., Banistmo S.A., Bancoagrícola S.A., and Banco Agromercantil S.A.
Table 103. Greenhouse gas emissions intensity and targets for loan portfolios in the cement and energy sectors
| Sector | 2024 Result | 2024 Target | 2030 Target |
|---|---|---|---|
| Cement | 0.62 tCO2e/t | 0.62 tCO2e/t | 0.52 tCO2e/t |
| Energy – Commercial Portfolio | 0.24 tCO2e/MWh | 0.161 tCO2e/MWh | 0.06 tCO2e/MWh |
Our cement-producing clients show performance consistent with the expected global trajectory for the sector, which aims to reach an average emissions intensity close to 0.52 tCO₂e per ton of cementitious material.
In the case of the energy production sector portfolio, 2024 performance was impacted by high thermal generation in Colombia due to the 2023–2024 El Niño event and our remaining exposure to coal-based generation, which will progressively decrease by 2030 as a result of our coal phase-out policy.
During 2025, Grupo Cibest was created and became the parent company of Bancolombia and the other companies that previously comprised Grupo Bancolombia. As of the reporting date, no event has been identified that could affect the information reported herein.
4.3. Decarbonization Strategy
Purpose-Driven Business
At Grupo Cibest, since 2020 we have committed to mobilizing COP 700 trillion through financing from Bancolombia, Bancoagrícola, BAM, and Banistmo by 2030 to advance our purpose of “Promoting sustainable development to achieve well-being for all.” Through this, we seek to strengthen the competitiveness of the productive network, build sustainable cities and communities, and foster financial inclusion in the countries where we operate, while positively impacting the Sustainable Development Goals agenda.
Climate Commitment
At Grupo Cibest, we have committed to supporting the financing of renewable energy generation projects, technological conversion, low-emission mobility, sustainable construction, sustainable housing, sustainable livestock, and sustainability-linked financing. Through this, we aim to promote sustainable economic development and contribute, as a financial actor, to counteracting the effects of climate change by promoting mitigation actions through financing decisions that support emissions-intensive industries.
To date, targets and indicators have been defined for these disbursements in Bancolombia S.A. and Bancoagrícola S.A. See Table 11.
Table 11. Climate commitment targets and performance
| Entity | 2025 Target<br><br>(COP millions) | 2025 Disbursements<br><br>(COP millions) | 2025 Performance |
|---|---|---|---|
| Bancolombia S.A. | 5,293,783 | 9,598,898 | 181% |
| Bancoagrícola S.A. | 213,026 | 254,100 | 119% |
| Total | 5,506,809 | 9,852,802 |
Responsible Investment
We are committed to implementing best practices in responsible investment and recognize that Environmental, Social, and Governance (ESG) criteria are fundamental to fulfilling our fiduciary duty. As part of this commitment and with the objective of incorporating best practices, we have adhered to initiatives such as the Principles for Responsible Investment (PRI) since 2014 and the Net Zero Asset Managers (NZAM) initiative since 2021. Information on our management for 2025 is available in the Responsible Investment section of this annual management report.
Sustainable Funding
Through our issuances of green, sustainable, and sustainability-linked bonds, we aim to promote projects by companies that enable the transition to a low-carbon economy.
To date, we have outstanding issuances of COP 0.43 trillion in thematic bonds, COP 0.64 trillion in sustainability-linked bonds, and we have obtained sustainability-linked loans for COP 0.38 trillion.
Tables 12, 13, and 14 provide details of the ESG-related funding instruments through which Grupo Cibest’s financial subsidiaries have been financed.
Thematic Bonds
Table 12. Thematic bonds 2025 and cumulative
| Bancolombia S.A. | |
|---|---|
| 2025 (COP millions) | $0 |
| Cumulative (COP millions) | $435,297 |
Sustainability-linked bonds
Table 13. Sustainability-linked bonds 2025 and cumulative
| Bancolombia S.A. | |
|---|---|
| 2025 (COP millions) | 0 |
| Cumulative (COP millions) | 640,000 |
Sustainability-linked loans
Table 14. Sustainability-linked loans 2025 and cumulative
| Bancolombia S.A. | Bancoagrícola S.A. | |
|---|---|---|
| 2025 (COP millions) | $0 | $1,127,124 |
| Cumulative (COP millions) | $375,708 | $1,390,119 |
Climate Engagement
Climate engagement refers to the process of involving a client in Grupo Cibest’s climate strategy, and vice versa, with the purpose of aligning objectives, promoting a level of ambition and a climate agenda consistent with Grupo Cibest’s purpose of well-being, and identifying joint opportunities for implementation.
During 2025, at Bancolombia S.A. we conducted engagement with 44 clients, 38 with a climate focus and 6 with a biodiversity focus, across all segments of the commercial loan portfolio, from SME to corporate segments, in sectors relevant to climate and biodiversity such as oil and gas, cement, food, agriculture, forestry, manufacturing, construction, among others. In the climate engagement process with the 38 clients, we validated information on GHG emissions inventories, reduction targets and alignment with science-based targets or 1.5°C scenarios, the assessment of physical and transition risks, and their needs for support in the transition process.
Thirty-two of the 38 clients with whom we conducted climate engagement reported calculating their corporate greenhouse gas emissions inventory; 8 clients have science-based targets or targets aligned with a 1.5°C climate scenario; 12 clients are in the process of defining targets or improving their emissions calculation processes in order to adjust targets; the remaining clients have not defined targets or their targets are not science-based.
Table 15. Climate change engagement
| Entity | Number of clients with climate or biodiversity engagement | Number of clients with climate engagement | Number of clients with engagement that have a CO₂ emissions inventory | Number of clients with engagement that have science-based emissions targets | Number of clients in the process of measuring science-based targets |
|---|---|---|---|---|---|
| Bancolombia | 44 | 38 | 32 | 8 | 12 |
Eco-Efficiency
In our direct operations, we use natural resources such as energy, water, among others, which requires conscious management to reduce the impact of our actions and a commitment to defining a consumption reduction strategy consistent with our corporate purpose. To this end, we carry out continuous monitoring aligned with reduction targets. The indicators related to this management are described in our management report.
VII.Information Reported in Other Jurisdictions
Competition
Market evolution and Credit Institutions in 2025
The growth of loan placements by Colombian credit institutions as of November 2025 was 6.4%, compared to 3.4% at the end of 2024. In the same comparison period, the commercial loan portfolio grew 4.9% in 2025, compared to 5.8% in the previous year; the consumer loan portfolio grew 6.2% in 2025, compared to a contraction of 3.2% in 2024; mortgage loans increased 10.5% in 2025, higher than in 2024 (8.0%); and microloans grew 13.5% in 2025 compared to 8.5% in 2024.
The level of non-performing loans of credit institutions as a percentage of total loan portfolio decreased from 4.7% in December 2024 to 3.9% in November 2025. Additionally, coverage measured by the loan loss provision ratio for credit risk (30 days past due) stood at 138.0% as of November 2025, compared to 129.2% at the end of 2024. As of the penultimate month of 2025, the loan portfolio represented 62.3% of total assets, a higher proportion than at the end of the previous year (61.8%). Investments and derivatives transactions as a percentage of total assets decreased from 23.3% at the end of 2024 to 23.4% in November 2025. Deposits increased their share of liabilities from 75.4% at the end of 2024 to 75.8% in November 2025.
In the same month, credit institutions recorded COP 1,125 trillion in total assets, representing an increase of 6.2% compared to the end of the previous year. Based on total assets of Colombian credit institutions, banks hold a market share of 93.9%, followed by financial corporations with 3.2%, finance companies with 2.5%, and financial cooperatives with 0.5%. The solvency ratio (Tier
1 + Tier 2) of credit institutions stood at 17.7% as of November 2025 (including banks, financial corporations, finance companies, and financial cooperatives), which is above the minimum legal requirement of 9%, in accordance with Decree 1477 of 2018.
Bancolombia and Its Competitors
The following table shows a comparison of key indicators of profitability, solvency, and loan portfolio quality of Bancolombia and its main non-consolidated competitors, based on IFRS information applicable under Colombian regulation and published by the SFC.
| Asset Quality | Coverage | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE (1) | ROA (2) | Solvency Level | ||||||||||||||||||
| Nov-<br><br>2025 | Dec-<br><br>2024 | Nov-<br><br>2025 | Dec-<br><br>2024 | Nov-<br><br>2025 | Dec-<br><br>2024 | Nov-<br><br>2025 | Dec-<br><br>2024 | Nov-<br><br>2025 | Dec-<br><br>2024 | |||||||||||
| Bancolombia | 24.9 | % | 13.2 | % | 2.4 | % | 2.1 | % | 3.6 | % | 4.4 | % | 169.1 | % | 158.0 | % | 14.3 | % | 18.5 | % |
| Banco de Bogotá | 7.9 | % | 7.0 | % | 1.0 | % | 0.9 | % | 4.1 | % | 4.4 | % | 113.6 | % | 107.5 | % | 18.2 | % | 18.8 | % |
| Davivienda | 10.9 | % | 5.8 | % | 1.1 | % | 0.6 | % | 4.7 | % | 5.5 | % | 118.4 | % | 112.4 | % | 19.6 | % | 18.6 | % |
| BBVA | 5.3 | % | -5.6 | % | 0.3 | % | -0.4 | % | 3.6 | % | 4.6 | % | 145.2 | % | 128.0 | % | 13.3 | % | 13.1 | % |
| Banco de Occidente | 9.7 | % | 9.0 | % | 0.7 | % | 0.7 | % | 3.2 | % | 3.3 | % | 140.5 | % | 144.1 | % | 12.8 | % | 12.7 | % |
| Itaú Corpbanca | 1.3 | % | 2.4 | % | 0.1 | % | 0.3 | % | 3.9 | % | 4.5 | % | 126.0 | % | 123.5 | % | 16.0 | % | 16.3 | % |
| Scotiabank Colpatria | 0.6 | % | -5.9 | % | 0.0 | % | -0.4 | % | 4.3 | % | 5.0 | % | 123.3 | % | 119.0 | % | 11.8 | % | 11.7 | % |
Source: SFC
(1)(1) ROE is average return on equity.
(2)(2) ROA is average return on assets.
The following tables illustrate Bancolombia’s market share and that of its main competitors on a non-consolidated basis with respect to several key products, based on figures published by the SFC for 2025 and 2024.
Market Share – Net Loan Portfolio
| Net Portfolio – Market Share (%) | Nov-2025 | Dec-2024 | ||
|---|---|---|---|---|
| Bancolombia | 27.6 | % | 27.2 | % |
| Davivienda | 15.7 | % | 15.6 | % |
| Banco de Bogotá | 12.7 | % | 12.9 | % |
| BBVA | 11.0 | % | 11.0 | % |
| Banco de Occidente | 7.1 | % | 7.3 | % |
| Scotiabank Colpatria | 4.0 | % | 4.0 | % |
| Itaú Corpbanca | 2.6 | % | 2.7 | % |
| Other | 19.3 | % | 19.3 | % |
Source: Ratios calculated by Bancolombia using SFC data.
Market Share – Checking Accounts
| Current Accounts – Market Share (%) | Nov-2025 | Dec-2024 | ||
|---|---|---|---|---|
| Bancolombia | 25.8 | % | 27.4 | % |
| Banco de Bogotá | 16.7 | % | 18.1 | % |
| Davivienda | 11.9 | % | 11.0 | % |
| BBVA | 10.5 | % | 10.3 | % |
| Banco de Occidente | 8.2 | % | 8.7 | % |
| Itaú Corpbanca | 2.4 | % | 2.3 | % |
| Scotiabank Colpatria | 2.2 | % | 2.5 | % |
| Other | 22.3 | % | 19.7 | % |
Source: Ratios calculated by Bancolombia using SFC data.
Market Share - Term Deposits
| Term Deposits – Share (%) | Nov-2025 | Dec-2024 | ||||
|---|---|---|---|---|---|---|
| Bancolombia | 22.0 | % | 22.2 | % | ||
| Davivienda | 17.2 | % | 17.9 | % | ||
| Banco de Bogotá | 14.9 | % | 13.9 | % | ||
| BBVA | 12.8 | % | 13.1 | % | ||
| Scotiabank Colpatria | 5.4 | % | 4.6 | % | ||
| Banco de Occidente | 4.9 | % | 4.7 | % | ||
| Itaú Corpbanca | 3.0 | % | 3.2 | % | ||
| Other | 19.8 | % | 20.4 | % |
Source: Ratios calculated by Bancolombia using SFC data.
Market Share – Savings Accounts
| Savings Account – Market Share (%) | Nov-2025 | Dec-2024 | ||
|---|---|---|---|---|
| Bancolombia | 30.8 | % | 30.7 | % |
| Davivienda | 12.2 | % | 12.5 | % |
| Banco de Bogotá | 10.3 | % | 10.8 | % |
| BBVA | 10.0 | % | 10.4 | % |
| Banco de Occidente | 9.1 | % | 9.1 | % |
| Scotiabank Colpatria | 3.4 | % | 3.5 | % |
| Itaú Corpbanca | 1.8 | % | 1.8 | % |
| Other | 22.4 | % | 21.2 | % |
Source: Ratios calculated by Bancolombia using SFC data.
BAM and Our Competitors
We were the fifth-largest bank in the Guatemalan banking system, measured by total assets, deposits, and loan portfolio, and the sixth by equity.
As of December 31, 2025, the Superintendency of Banks of Guatemala (SIB) supervises and oversees 19 banking institutions.
The information presented in the following tables was prepared in accordance with Guatemalan banking regulations and reported to the SIB.
Below, we present the market share of the main institutions in the banking system as of December 31, 2025:
| MARKET SHARE | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | Equity | Loan Portfolio | Deposits | Profits | ||||||
| Banco Industrial | 28.8 | % | 22.8 | % | 28.6 | % | 26.6 | % | 25.2 | % |
| Banrural | 22.3 | % | 24.8 | % | 17.4 | % | 24.1 | % | 35.2 | % |
| Banco G&T Continental | 12.0 | % | 10.9 | % | 11.5 | % | 12.0 | % | 11.3 | % |
| BAC-Reformador | 7.7 | % | 7.7 | % | 9.8 | % | 7.8 | % | 6.5 | % |
| Banco Agromercantil | 7.5 | % | 6.2 | % | 9.3 | % | 7.6 | % | 1.2 | % |
| Bantrab | 7.1 | % | 11.6 | % | 8.0 | % | 7.3 | % | 7.9 | % |
| Banco Promerica | 5.3 | % | 5.3 | % | 6.7 | % | 5.3 | % | 4.9 | % |
| Others* | 9.3 | % | 10.7 | % | 8.7 | % | 9.3 | % | 7.8 | % |
*Others includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney.
Source: Superintendency of Banks of Guatemala (SIB).
The following tables illustrate our individual market share and that of our main competitors, based on figures published by the Superintendency of Banks of Guatemala (SIB) under Guatemalan banking regulations, as of December 31, 2025 and 2024:
Loan Portfolio – Market Share
| Loan Portfolio – Market Share (%) | 2025 | 2024 |
|---|---|---|
| Banco Industrial | 28.6% | 29.2% |
| Banrural | 17.4% | 16.3% |
| Banco G&T Continental | 11.5% | 11.2% |
| BAC-Reformador | 9.8% | 9.9% |
| Banco Agromercantil | 9.3% | 10.0% |
| Bantrab | 8.0% | 8.2% |
| Banco Promerica | 6.7% | 7.0% |
| Others* | 8.7% | 8.2% |
*Others includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney.
Source: Superintendency of Banks of Guatemala (SIB).
Demand Deposits – Market Share
| Demand Deposits – Market Share (%) | 2025 | 2024 |
|---|---|---|
| Banco Industrial | 34.0% | 33.9% |
| Banrural | 24.7% | 24.0% |
| Banco G&T Continental | 12.0% | 12.1% |
| BAC-Reformador | 10.9% | 11.0% |
| Banco Agromercantil | 5.4% | 5.9% |
| Banco Promerica | 3.4% | 3.5% |
| Bantrab | 1.9% | 2.1% |
| Others* | 7.7% | 7.5% |
*Others includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney.
Source: Superintendency of Banks of Guatemala (SIB).
Term Deposits – Market Share
| Term Deposits – Market Share (%) | 2025 | 2024 |
|---|---|---|
| Banco Industrial | 23.6% | 23.1% |
| Banrural | 17.7% | 16.5% |
| Bantrab | 12.9% | 13.7% |
| Banco Promerica | 9.3% | 9.4% |
| Banco G&T Continental | 8.9% | 8.8% |
| Banco Agromercantil | 8.0% | 8.7% |
| BAC-Reformador | 6.7% | 8.2% |
| Others* | 12.9% | 11.6% |
*Others includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney.
Source: Superintendency of Banks of Guatemala (SIB).
Savings Deposits – Market Share
| Savings Deposits – Market Share (%) | 2025 | 2024 |
|---|---|---|
| Banrural | 31.7% | 30.2% |
| Banco Industrial | 21.7% | 23.2% |
| Banco G&T Continental | 16.0% | 16.8% |
| Banco Agromercantil | 9.7% | 9.3% |
| Bantrab | 6.5% | 6.1% |
| BAC-Reformador | 5.6% | 5.9% |
| Banco Promerica | 2.3% | 2.4% |
| Others* | 6.5% | 6.1% |
*Others includes the following banks: Internacional, Crédito Hipotecario Nacional, Ficohsa, Azteca, Cuscatlán, De Antigua, Vivibanco, Citibank, N.A. de Guatemala, Inv, Credicorp, Nexa and Multimoney.
Source: Superintendency of Banks of Guatemala (SIB).
Bancoagrícola and Its Competitors
In 2025, Bancoagrícola continued to lead the Salvadoran financial system and ranked first in terms of total assets, loans, total deposits, equity, and profits. The information presented in the following tables compares Bancoagrícola and its competitors on an individual basis and was prepared based on publicly available information from the Superintendency of the Financial System (SSF), in accordance with the accounting standards of El Salvador.
Since 2024, the accounting standard in El Salvador has changed to align with International Financial Reporting Standards (IFRS). In addition, due to regulatory changes, the presentation of official information by the SSF has been modified. One of the most significant changes was the merger of checking and savings accounts into a single account, making it impossible to distinguish between them from 2024 onward.
The following table illustrates the market share of the main institutions in the Salvadoran financial system as of December 31, 2025:
| Assets | Equity | Loans | Deposits | Profits | |
|---|---|---|---|---|---|
| Bancoagrícola | 24.4% | 23.5% | 24.8% | 25.6% | 39.5% |
| Cuscatlán | 17.0% | 17.2% | 17.4% | 17.6% | 18.1% |
| Davivienda | 13.1% | 13.5% | 14.3% | 13.1% | 8.3% |
| BAC | 14.1% | 13.9% | 15.5% | 14.5% | 10.3% |
| Hipotecario | 8.4% | 8.3% | 5.7% | 7.4% | 8.1% |
| Promérica | 5.5% | 4.2% | 5.6% | 5.5% | 2.6% |
| Other | 17.5% | 19.4% | 16.7% | 16.3% | 13.1% |
Source: Superintendency of the Financial System (SSF)
The following tables illustrate the market share of Bancoagrícola and its main competitors, based on figures published by the Superintendency of the Financial System (SSF), as of December 31, 2025 and 2024:
Total Loans – Market Share
| Market Share – Loans (%) | 2025 | 2024 |
|---|---|---|
| Bancoagrícola | 24.8% | 24.2% |
| Cuscatlán | 17.4% | 17.9% |
| Davivienda | 14.3% | 14.2% |
| BAC | 15.5% | 15.6% |
| Hipotecario | 5.7% | 6.2% |
| Promérica | 5.6% | 5.7% |
| Others(1) | 16.7% | 16.2% |
(1) In 2024, Sociedad de Ahorro y Crédito Apoyo Integral, S.A. became the thirteenth bank in the Salvadoran financial system, now known as Banco Apoyo Integral.
Checking and Savings Accounts – Market Share
| Market Share – Demand Accounts (%) | 2025 | 2024 |
|---|---|---|
| Bancoagrícola | 30.7% | 31.3% |
| Cuscatlán | 19.0% | 18.7% |
| Davivienda | 12.4% | 12.6% |
| BAC | 15.5% | 15.6% |
| Hipotecario | 6.1% | 6.0% |
| Promérica | 4.8% | 5.0% |
| Others(1) | 11.5% | 10.8% |
(1) In 2024, Sociedad de Ahorro y Crédito Apoyo Integral, S.A. became the thirteenth bank in the Salvadoran financial system, now known as Banco Apoyo Integral.
Term Deposits – Market Share
| Market Share – Term Deposits (%) | 2025 | 2024 |
|---|---|---|
| Bancoagrícola | 16.8% | 15.1% |
| Cuscatlán | 15.2% | 15.0% |
| Davivienda | 14.4% | 15.2% |
| BAC | 12.7% | 14.2% |
| Hipotecario | 9.7% | 12.0% |
| Promérica | 6.5% | 7.2% |
| Others(1) | 24.7% | 21.3% |
(1) In 2024, Sociedad de Ahorro y Crédito Apoyo Integral, S.A. became the thirteenth bank in the Salvadoran financial system, now known as Banco Apoyo Integral.
Banistmo and Its Competitors
Banistmo, one of the leading banks in Panama, remains the second-largest bank in the country in terms of balance sheet size (assets + liabilities), while in terms of loan portfolio it ranks third, with a market share of 8.2%. The following table illustrates the market share of the main institutions in the Panamanian financial system as of November 30, 2025.
| MARKET SHARE | |||||
|---|---|---|---|---|---|
| Assets | Capital | Loans | Deposits | Profit | |
| Banistmo | 7.2% | 6.9% | 8.2% | 9.2% | 4.9% |
| Banco General | 13.5% | 12.3% | 13.2% | 19.2% | 24.6% |
| Global Bank | 6.3% | 4.9% | 6.7% | 7.2% | 2.0% |
| Banesco | 4.0% | 2.8% | 4.3% | 5.9% | 2.3% |
| BAC | 9.2% | 25.0% | 6.7% | 8.2% | 29.3% |
| Other | 59.8% | 48.1% | 60.9% | 50.3% | 36.9% |
Figures published by the Superintendency of Banks of Panama (SBP)
The following tables illustrate the market share of Banistmo and its main competitors, based on figures published by the Superintendency of Banks of Panama as of November 30, 2025 and December 31, 2024:
| Total Loans<br><br>Market Share | ||
|---|---|---|
| Total Loans – Market Share (%) | 2025 | 2024 |
| Banistmo | 8.2% | 8.3% |
| Banco General | 13.2% | 13.1% |
| Global Bank | 6.7% | 6.9% |
| Banesco | 4.3% | 4.4% |
| BAC | 6.7% | 6.2% |
| Other | 60.9% | 61.1% |
Figures published by the Superintendency of Banks of Panama (SBP)
| Savings Deposits<br><br>Market Share | |||
|---|---|---|---|
| Savings Deposits – Market Share (%) | 2025 | 2024 | |
| Banistmo | 9.8% | 10.2% | |
| Banco General | 28.1% | 29.1% | |
| Global Bank | 7.2% | 7.4% | |
| Banesco | 6.8% | 7.4% | |
| BAC | 5.0% | 5.2% | |
| Other | 43.1% | 40.7% |
Figures published by the Superintendency of Banks of Panama (SBP)
| Demand Deposits<br><br>Market Share | ||
|---|---|---|
| Demand Deposits – Market share (%) | 2025 | 2024 |
| Banistmo | 8.3% | 9.0% |
| Banco General | 23.1% | 23.2% |
| Global Bank | 3.5% | 3.8% |
| Banesco | 10.3% | 10.0% |
| BAC | 11.6% | 11.1% |
| Other | 43.2% | 42.9% |
Figures published by the Superintendency of Banks of Panama (SBP)
| Term Deposits<br><br>Market Share | ||
|---|---|---|
| Term Deposits – Market share (%) | 2025 | 2024 |
| Banistmo | 9.2% | 10.0% |
| Banco General | 15.1% | 14.9% |
| Global Bank | 8.2% | 8.3% |
| Banesco | 4.4% | 4.4% |
| BAC | 8.4% | 9.7% |
| Other | 54.7% | 52.7% |
Figures published by the Superintendency of Banks of Panama (SBP)
General Discussion of Changes in Results
Grupo Cibest’s net income decreased in 2025 due to a non-recurring goodwill impairment related to the sale and purchase agreement for the sale of 100% of Banistmo’s shares. Nevertheless, the Group
delivered solid operating results, supported by resilient margins and a significant reduction in provisions due to improved asset quality.
It is important to highlight that, in accordance with the Banistmo sale agreement executed in December 2025, the entity must be classified as an Asset Held for Sale and recognized as a Discontinued Operation under IFRS 5. This classification will remain in place until the transaction is completed. From the classification date onward, its assets and liabilities are presented separately on the balance sheet, and its results are shown independently from continuing operations in the income statement, which requires the restatement of prior comparative periods23.
In Colombia, 2025 was marked by a moderate economic recovery driven by domestic demand, public spending, and lower unemployment rates; however, high inflation, a contractionary monetary policy, and persistent fiscal pressures continued to affect the macroeconomic environment. Meanwhile, the Central American region—El Salvador, Panama, and Guatemala—recorded moderate economic growth, supported by remittances, low to moderate inflation, and generally stable macroeconomic conditions, despite ongoing structural and fiscal challenges.
In contrast to the depreciation observed in 2024, the Colombian peso strengthened throughout 2025, closing the year at COP 3,757.08 per U.S. dollar, representing an appreciation of 14.79%.
The customer loan portfolio decreased by 8.27% during the year. This behavior is mainly explained by the Banistmo purchase agreement, as its assets were reclassified as “assets associated with investments in subsidiaries held for sale.” The appreciation of the Colombian peso against the U.S. dollar is also relevant, as balances of foreign operations are translated into Colombian pesos. Excluding the exchange rate effect, the annual decrease was 4.91%.
It is worth noting that our operations in Colombia and El Salvador led the acceleration in loan originations, growing at a faster pace in 2025 compared to the previous year. Mortgage loans recorded the highest percentage growth, particularly in Colombia, partly driven by reduced-rate programs launched in 2024 that remained in place during the first part of 2025.
The consumer portfolio re-emerged as a key growth driver after two years of contraction, supported by the adoption of a renewed risk appetite—progressively more aggressive but still selective within Bancolombia—focused on lower-risk segments such as middle- and high-income individuals. At the same time, loan origination from our digital bank Nequi provided an additional boost, targeting lower-income segments and operating under a relatively higher risk approach.
Commercial lending showed moderate expansion, as corporate demand in Colombia and Panama remained weak. In contrast, our operations in El Salvador and Guatemala continued to show stronger credit dynamics. Growth in commercial loans was heterogeneous across regions: corporate demand remained weak in Panama and showed only modest improvement in Colombia, given the economic environment and political uncertainty; while in El Salvador and Guatemala, more favorable activity was observed, led by corporate clients. However, due to their smaller share within the Group’s consolidated portfolio, their overall impact was limited.
The total portfolio in Colombian pesos grew by 9.77%, while the portfolio denominated in U.S. dollars decreased by 43.27% in Colombian pesos (-33.42% when measured in U.S. dollars).
23 See Note 31 – Discontinued Operations
Asset quality remained solid in 2025, with a reduction in the cost of risk across all loan categories, especially in consumer lending, which has continued to improve steadily over the past two years. While the 2024 provision expense was partially influenced by favorable macroeconomic effects captured in our expected loss models, the annual expense in 2025 was even lower, mainly explained by the continued improvement in asset quality.
Consistent with the above, total provisions and credit risk impairment, net, decreased by 11.32%, from COP 4,995 billion in 2024 to COP 4,430 billion in 2025. Likewise, 30- and 90-day delinquency indicators declined across all segments, reflecting a more favorable credit cycle, particularly in Colombia.
Allowance for loan and lease losses represented 4.80% of the total loan portfolio and 134.41% of 30-day past-due loans (excluding accrued interest) as of year-end 2025, compared with 5.37% of the total portfolio and 112.39% of 30-day past-due loans as of year-end 2024. Based on our expected credit loss models, we estimate that these provision levels provide adequate coverage against expected credit losses.
Customer deposits decreased by 5.25% during 2025. This result is mainly explained by the Banistmo purchase agreement, as its liabilities were reclassified as “liabilities associated with investments in subsidiaries held for sale.”
The net loans-to-deposits ratio stood at 91.9% in 2025, compared to 94.3% at year-end 2024. This decrease reflects, in part, the effects of the reclassification of Banistmo’s assets and liabilities and, in part, annual deposit growth that outpaced the growth of the loan portfolio on a consolidated basis.
The net interest income and valuation margin decreased in 2025 to 6.13%, from 6.39% in 2024.
Net income attributable to Grupo Cibest shareholders declined to COP 3,821 billion in 2025 (equivalent to COP 4,045 per share, both common and preferred, and USD 3.99 per ADS), representing a 39.04% decrease compared to COP 6,268 billion reported in 2024.
The average return on equity (ROE) was 9.09% in 2025, compared to 15.77% in 2024.
As of December 31, 2025, the banks that are part of Grupo Cibest comply with capital adequacy regulatory requirements in each of the geographies in which they operate.
Bancolombia’s standalone capital adequacy ratio was 14.40% (core capital ratio of 12.22%), lower than the 18.54% (core capital ratio of 15.97%) reported at year-end 2024. This variation is mainly explained by the start of operations of Grupo Cibest during 2025. The minimum regulatory requirement for total capital adequacy in Colombia is 11.50%.
Banco Agrícola’s capital adequacy ratio was 13.57%, lower than the 15.13% reported at year-end 2024, exceeding by 157 basis points the minimum level of 12.00% required by the regulator in El Salvador.
BAM’s capital adequacy ratio was 13.51%, lower than the 13.75% (core capital ratio of 7.54%) reported at year-end 2024, significantly exceeding the minimum level of 10.00% (core capital ratio of 5.00%) required by the regulator in Guatemala.
Net interest margin and income from valuation of financial instruments before provision for loan impairment, off-balance sheet commitments, and other financial instruments
Interest income, which includes interest from the loan portfolio and financial leasing operations, interbank funds sold, and interest and valuation of financial instruments, totaled COP 31,488 billion in 2025, a decrease of 4.16% compared to COP 32,854 billion recorded in 2024. This reduction was mainly due to lower yields in the loan portfolio, reflecting the impact of asset repricing during the interest rate cut cycle, as a significant portion of the portfolio is indexed to variable rates.
Additionally, mortgage loans—the fastest-growing segment in 2025—continued to generate the lowest interest yields, particularly in Colombia. Meanwhile, consumer lending, historically the segment with the highest risk-adjusted returns, resumed its growth trajectory during the year; however, its still modest pace of expansion was not sufficient to offset the downward pressure on lending margins resulting from the factors mentioned above.
As a result, the average nominal interest rate on loans and leasing operations was 10.52% in 2025, lower than the 12.26% in 2024.
Interest expense totaled COP 12,061 billion in 2025, a decrease of 11.88% compared to COP 13,688 billion in 2024. Various hedging strategies implemented during the year helped optimize the liability structure and manage interest rate exposure on the deposit base in Colombia. Additionally, the bank increased the proportion of low-cost deposits and adjusted the maturities of term deposits to accelerate repricing in line with the rate cycle. These measures largely offset the effect of lower portfolio yields, supporting profitability. As a result, the interest rate paid on interest-bearing liabilities decreased to 3.97% in 2025, from 5.19% in 2024.
Interest on debt instruments calculated using the effective interest method totaled COP 715 billion in 2025, a decrease of 1.86% compared to COP 728 billion in 2024. Meanwhile, total valuation income from financial instruments amounted to COP 1,436 billion, a decrease of 13.77% compared to 2024. During 2025, the investment division delivered solid results, maintaining the positive trend observed in 2024, supported by a high liquidity position. This performance was driven by the effective execution of positions in the securities portfolio—including the valuation of debt instruments—as well as efficient liquidity management in short-term money market instruments; additionally, the distribution and sale of derivatives to commercial segment clients contributed to robust income generation.
As a result, net interest and valuation income reached COP 19,426 billion in 2025, an increase of 1.35% compared to COP 19,167 billion in 2024. This represents an interest and valuation margin of 6.13%, a decrease of 26 basis points compared to the 6.39% recorded in 2024.
Fees
The following table presents the main categories of fee and commission income for the years ended December 31, 2025 and December 31, 2024, along with year-over-year variations. For more information on the composition of Grupo Cibest’s segments, see Note 3 Operating Segments.
| As of December 31, 2025 | Banking<br><br>Colombia | Banking<br><br>El Salvador | Banking<br><br>Guatemala | International Banking | Leases | All other segments | Total | Discontinued operation – Panama Banking | |
|---|---|---|---|---|---|---|---|---|---|
| Fee income from contracts with customers | In millions of COP | ||||||||
| Debit and credit cards and affiliated merchanst | 2,815,114 | 339,492 | 103,514 | 1,690 | - | - | 3,259,810 | 260,524 | |
| Payments and collections | 1,136,610 | - | - | - | - | - | 1,136,610 | 7,611 | |
| Banking services | 738,887 | 183,023 | 62,462 | 47,505 | - | 62,802 | 1,094,679 | 118,747 | |
| Insurance banking | 1,090,888 | 12 | - | - | - | 1 | 1,090,901 | 64,711 | |
| Trust activities | - | 9,266 | 893 | 50 | - | 634,665 | 644,874 | 7,682 | |
| Securities placement | - | 3,709 | - | - | - | 102,943 | 106,652 | - | |
| Acceptances, guarantees and letters of credit | 69,154 | 4,802 | 1,761 | 600 | - | - | 76,317 | 27,701 | |
| Brokerage | - | - | - | - | - | 42,214 | 42,214 | - | |
| Other | 301,218 | 89,681 | 62,950 | 5,820 | 4 | 16,824 | 476,497 | 32,270 | |
| Total revenue from contracts with customer | 6,151,871 | 629,985 | 231,580 | 55,665 | 4 | 859,449 | 7,928,554 | 519,246 |
| As of December 31, 2024 | Banking<br><br>Colombia | Banking<br><br>El Salvador | Banking<br><br>Guatemala | International Banking | Leases | All other segments | Total | Discontinued operation – Panama Banking | |
|---|---|---|---|---|---|---|---|---|---|
| Fee income from contracts with customers | In millions of COP | ||||||||
| Debit and credit cards and affiliated merchanst | 2,657,690 | 257,697 | 85,842 | 1,934 | - | - | 3,003,163 | 282,610 | |
| Payments and collections | 1,024,053 | - | - | - | - | - | 1,024,053 | 15,735 | |
| Banking services | 694,554 | 166,713 | 65,432 | 43,540 | - | 34,580 | 1,004,819 | 131,958 | |
| Insurance banking | 958,311 | 47 | - | - | - | 13 | 958,371 | 67,193 | |
| Trust activities | - | 6,515 | 902 | 50 | - | 544,820 | 552,287 | 18,964 | |
| Acceptances, guarantees and letters of credit | 73,302 | 5,789 | 1,881 | 679 | - | - | 81,651 | 27,364 | |
| Securities placement | - | 2,097 | - | - | - | 78,120 | 80,217 | 1,670 | |
| Brokerage | - | - | - | - | - | 20,648 | 20,648 | 16,473 |
| Other | 252,445 | 76,876 | 57,721 | 5,698 | 292 | 8,271 | 401,303 | 359 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from contracts with customer | 5,660,355 | 515,734 | 211,778 | 51,901 | 292 | 686,452 | 7,126,512 | 562,326 |
| Variation | |||
|---|---|---|---|
| 2025 | - | 2024 | |
| COP | % | ||
| Fee income from contracts with customers | |||
| Debit and credit cards and affiliated merchanst | 256,647 | 8.55 % | |
| Insurance banking | 132,530 | 13.83 % | |
| Payments and collections | 112,557 | 10.99 % | |
| Trust activities | 92,587 | 16.76 % | |
| Banking services | 89,860 | 8.94 % | |
| Brokerage | 21,566 | 104.45 % | |
| Securities placement | 26,435 | 32.95 % | |
| Acceptances, guarantees and letters of credit | (5,334) | (6.53) % | |
| Other | 75,194 | 18.74 % | |
| Total revenue from contracts with customer (1) | 802,042 | 11.25 % |
(1)Total fee income from continuing operations.
Fee Expenses
The following table presents expenses related to fees:
| Period | Variation | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025–2024 | ||
| In millions of COP | ||||
| Banking services | 1,737,216 | 1,458,363 | 278,853 | 19.12% |
| Sales, collections and other services | 889,356 | 894,836 | (5,480) | (0.61%) |
| Banking correspondents | 618,969 | 620,818 | (1,849) | (0.30%) |
| Payments and collections | 77,008 | 46,792 | 30,216 | 64.58 % |
| Other | 251,061 | 204,573 | 46,488 | 22.72 % |
| Total fee expenses | 3,573,610 | 3,225,382 | 348,228 | 10.80 % |
| Discontinued operation Banistmo S.A. | 261,793 | 286,392 | (24,599) | (8.59%) |
Net Fee Income
| Period | Variation | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025–2024 | ||
| In millions of COP | ||||
| Fee income | 7,928,554 | 7,126,512 | 802,042 | 11.25% |
| Fee Expenses | (3,573,610) | (3,225,382) | (348,228) | 10.80% |
| Total net fee income | 4,354,944 | 3,901,130 | 453,814 | 11.63% |
For 2025, gross fee and commission income totaled COP 7,929 billion, an increase of 11.25% compared to COP 7,127 billion in 2024. The main sources of fee income are credit and debit cards, payments and collections, banking services, and insurance (bancassurance). These segments account for approximately 41%, 14%, 14%, and 14% of total fee income, respectively.
Credit and debit card income is derived from interchange fees paid by merchants and monthly maintenance charges. Income from this segment increased by 8.55% year over year, driven by higher transaction volumes and higher interbank interchange fees associated with the growth of both domestic and international purchases made at points of sale and through electronic payment channels.
Banking services contributed significantly to the increase in fee income, registering growth of 8.94% during the period, driven, among other factors, by higher income from digital
banking in Colombia. Fees from payments and collections grew by 10.99% during the year, mainly as a result of a higher number of automated payment transactions in the Colombia operation.
Bancassurance recorded an increase of 13.83%, reflecting a notable strengthening compared to the results achieved in 2024. This improvement reflects higher commission income derived from the distribution of insurance policies, as well as the launch of a joint operation with a new insurer in the second half of the year.
Fee expenses totaled COP 3,574 billion in 2025, an increase of 10.80% compared to COP 3,225 billion in 2024. The combined categories of banking services and payments and collections accounted for 51% of total fee expenses and increased by 20.53%. This variation is mainly explained by higher data processing costs for banking services, higher royalties paid to credit card networks due to increased transaction volumes, and higher expenses associated with benefits offered to cardholders.
Sales, collections, and other services represented 25% of fee expenses. On an annual basis, this category decreased by 0.61%, reflecting lower expenses related to outsourced sales and third-party collection services.
Other Operating Income
Other operating income amounted to COP 3,572 billion, an increase of 20.02% compared to COP 2,976 billion recorded in 2024. The aggregate balance of foreign exchange hedging income generated a positive net effect, considering foreign currency trading operations and derivative contracts, exceeding the level observed in 2024 due to heightened volatility that drove higher FX transaction volumes.
Gains on the sale of assets totaled COP 237 billion, an increase of 132.55% compared to 2024. This variation was mainly explained by higher gains from the disposal of operating lease assets, particularly vehicles marketed through the Renting Colombia operation, reflecting higher sale prices.
Income from operating leases totaled COP 1,748 billion in 2025, a decrease of 4.31% compared to the previous year. This variation is attributable to lower income from vehicle rentals and from real estate leasing operations under the FIC (Fondo Inmobiliario Colombia).
Dividends and Other Net Income from Equity Method Investments
Total dividends and other net income from equity investments amounted to COP 693 billion in 2025, an increase of 644.38% compared to COP 93 billion recorded in 2024. This increase is mainly explained by the partial reversal of the impairment recognized in 2024 on the investment in Tuya S.A.
Operating Expenses
The following table summarizes the main components of Grupo Cibest’s operating expenses for the years ended December 31, 2025, 2024, and 2023:
| 2025(1) | 2024(1) | Variation / 2025–2024 | ||||
|---|---|---|---|---|---|---|
| In millions of Colombian pesos | ||||||
| Operating Expenses | ||||||
| Salaries and employee benefits | 5,760,122 | 5,224,723 | 535,399 | 10.25% | ||
| Other administrative and general expenses | 5,599,360 | 5,035,023 | 564,337 | 11.21% | ||
| Taxes other than income tax | 1,481,323 | 1,402,064 | 79,259 | 5.65% | ||
| Amortization, depreciation and impairment | 1,016,301 | 989,336 | 26,965 | 2.73% | ||
| Total operating expenses | 13,857,106 | 12,651,146 | 1,205,960 | 9.53% | ||
| Discontinued operation Banistmo S.A. | 909,939 | 982,520 | (72,581) | (7.39%) |
(1)As of December 31, 2025 and 2024, Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Consolidated Financial Statements Note 1. Reporting Entity, Note 2.D12. Material accounting policies – Assets held for sale and discontinued operations, and Note 31. Discontinued Operation.
The following table summarizes the main components of Grupo Cibest’s operating expenses for the following years:
| 2024(1) | 2023(1) | Variation / 2024–2023 | |||
|---|---|---|---|---|---|
| In millions of Colombian pesos | |||||
| Operating Expenses | |||||
| Salaries and employee benefits | 5,224,723 | 4,899,283 | 325,440 | 6.64% | |
| Other administrative and general expenses | 5,035,023 | 4,614,987 | 420,036 | 9.10% | |
| Taxes other than income tax | 1,402,064 | 1,393,216 | 8,848 | 0.64% | |
| Amortization, depreciation and impairment | 989,336 | 1,017,144 | (27,808) | (2,73%) | |
| Total operating expenses | 12,651,146 | 11,924,630 | 726,516 | 6.09% | |
| Discontinued operation Banistmo S.A. | 982,520 | 1,017,555 | (35,035) | (3,44%) |
(1)As of December 31, 2025 and 2024, Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Consolidated Financial Statements Note 1. Reporting Entity, Note 2.D12. Material accounting policies – Assets held for sale and discontinued operations, and Note 31. Discontinued Operation.
Operating expenses totaled COP 13,857 billion in 2025, an increase of 9.53% compared to COP 12,651 billion recorded in 2024.
Salaries and employee benefits (excluding bonuses) amounted to COP 4,695 billion in 2025, an increase of 7.79% compared to 2024. This variation is mainly explained by annual salary increases. Bonuses increased under the performance-based compensation model, which incentivizes employee contributions to overall profitability.
Other administrative and general expenses totaled COP 5,599 billion in 2025, an increase of 11.21% compared to 2024. This increase is largely related to technology and professional services associated with ongoing modernization projects, higher cloud service consumption, additional data processing costs linked to software license renewals, and increased use of software services.
Impairment, depreciation, and amortization totaled COP 1,016 billion in 2025, an increase of 2.73% compared to the previous year, mainly driven by higher depreciation of right-of-use assets related to real estate and IT equipment.
As a result of changes in expenses and income, Grupo Cibest’s efficiency ratio (expenses to income) for 2025 was 49.41%, higher than the 48.40% recorded in 2024.
Provision Expenses and Asset Quality
Net loan impairment charges totaled COP 4,430 billion (equivalent to 1.59% of the average loan portfolio) in 2025, a decrease of 11.32% compared to COP 4,995 billion (or 1.88% of the average portfolio) recorded in 2024. Asset quality reflected a more favorable credit cycle, supported by a reduction in provision expenses across all loan categories, especially consumer lending, which has shown sustained improvement over the past two years. These positive trends were mainly driven by the broad-based recovery of the consumer portfolio across all regions and the strong performance of the mortgage portfolio.
Non-performing loans totaled COP 10,130 billion as of December 31, 2025, a decrease of 30.25% compared to COP 14,523 billion in the previous year. The non-performing loan ratio (loans past due more than 30 days over total loans) stood at 3.95% at year-end 2025, below the 5.20% recorded as of December 31, 2024.
Credit risk management during 2025 focused on proactive adjustments to the Group’s risk appetite and timely actions across origination, monitoring, and recovery stages. Improved origination models supported disciplined growth and contributed to enhancing the credit profile of commercial and consumer clients. Advances in predictive analytics strengthened portfolio monitoring by improving the accuracy of client risk ratings. Recovery strategies—supported by improved customer repayment capacity, digital self-service tools, and data-driven collection models—increased effectiveness, improved recoveries, and contributed to reducing charge-offs across all geographies.
Net charge-offs totaled COP 6,341 billion in 2025, a decrease of 19.28% compared to COP 7,856 billion in 2024. The reduction in charge-offs is mainly explained by a lower volume of non-performing consumer loans from vintages originated during the year, along with greater effectiveness in the recovery processes described above. Net charge-offs help cleanse uncollectible assets from the loan portfolio and, consequently, improve the accuracy of asset quality indicators.
Income Tax Expense
The effective tax rate is lower than the statutory rate due to certain tax benefits. In Colombia, these include tax-exempt income from social housing projects, benefits associated with investments in productive fixed assets, and non-taxable dividends. For Central American operations, tax benefits arise from exempt income related to returns on securities issued by the governments of Guatemala, El Salvador, and Panama. Additionally, profits generated by subsidiaries operating in jurisdictions with lower tax rates than Colombia also contribute. Furthermore, tax expense was affected by the declaration of an economic and social emergency, under which certain tax measures increased the corporate income tax rate by 10 percentage points.
Segment Results
Colombia Banking
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| Variation | Variation | ||||
| 2025 | 2024 | 2023 | 2025–2024 | 2024–2023 | |
| In millions of Colombian pesos | |||||
| Total interest income and valuation of financial instruments | 26,062,351 | 27,543,286 | 29,230,060 | (5.38) % | (5.77) % |
| Interest on loan portfolio and financial leasing operations | 24,478,980 | 25,632,102 | 28,366,678 | (4.50) % | (9.64) % |
| Debt securities | 1,491,219 | 1,503,298 | 937,090 | (0.80) % | 60.42 % |
| Derivatives, net | 51,816 | 155,794 | (167,887) | (66.74) % | 192.80 % |
| Liquidity operations, net | 40,336 | 252,092 | 94,179 | (84.00) % | 167.67 % |
| Interest expense | (9,633,252) | (11,292,917) | (13,202,338) | (14.70) % | (14.46) % |
| Net interest and valuation margin before provisions for loan impairment, off-balance sheet commitments, and other financial instruments | 16,429,099 | 16,250,369 | 16,027,722 | 1.10 % | 1.39 % |
| Provisions and credit risk impairment, net | (3,396,144) | (4,220,195) | (6,480,377) | (19.53) % | (34.88) % |
| Net interest and valuation income after provisions and impairment | 13,032,955 | 12,030,174 | 9,547,345 | 8.34 % | 26.01 % |
| Expenses from transactions with other operating segments of the Bank | (288,452) | (181,303) | (217,445) | 59.10 % | (16.62) % |
| Fee income | 6,151,871 | 5,660,353 | 5,252,104 | 8.68 % | 7.77 % |
| Fee income | (3,140,014) | (2,885,255) | (2,522,916) | 8.83 % | 14.36 % |
| Total net fee income | 3,011,857 | 2,775,098 | 2,729,188 | 8.53 % | 1.68 % |
| Other operating income (expenses)(1) | 1,620,506 | 1,219,476 | 2,049,297 | 32.89 % | (40.49) % |
| Dividends and Other Net Income from Equity Method Investments | 179,656 | (121,975) | 17,612 | 247.29 % | (792.57) % |
| Total net income | 17,556,522 | 15,721,470 | 14,125,997 | 11.67 % | 11.29 % |
| Operating expenses(2) | (9,457,584) | (8,497,419) | (7,939,136) | 11.30 % | 7.03 % |
| Amortization, depreciation and impairment | (706,370) | (631,282) | (508,543) | 11.89 % | 24.14 % |
| Total operating expenses | (10,163,954) | (9,128,701) | (8,447,679) | 11.34 % | 8.06 % |
| Income before income tax | 7,392,568 | 6,592,769 | 5,678,318 | 12.13 % | 16.10 % |
| Segment assets | 268,613,654 | 266,515,464 | 254,244,189 | 0.79 % | 4.83 % |
| Segment liabilities | 241,194,742 | 222,388,179 | 216,186,886 | 8.46 % | 2.87 % |
(1)Includes derivatives, net foreign exchange, operating leases, and gains on sale of assets.
(2)Includes salaries and employee benefits, other administrative and general expenses, and taxes other than income tax.
Pre-tax income of the Colombia Banking segment increased by 12.13% to COP 7,393 billion in 2025, compared to COP 6,593 billion in 2024, driven by the factors described below.
Total interest and valuation income decreased by 5.38% to COP 26,062 billion, mainly due to a 4.50% decline in interest income from lending operations. This reduction was primarily recorded in the commercial and consumer segments, as a result of lower origination rates in both portfolios.
Total interest expense decreased by 14.70% to COP 9,633 billion from COP 11,293 billion, despite higher average balances in savings accounts and term deposits. Interest expense was mainly affected by the lower remuneration rate on term deposits. Additionally, interest expenses on bonds declined due to lower average balances, and borrowings from financial institutions decreased both due to lower average balances and lower rates. The larger reduction in interest expenses relative to interest income led to an improvement in net interest margin compared to the previous year. As a result, the net interest and valuation margin increased by 1.10% to COP 16,429 billion.
Total provision expense decreased by 19.53% to COP 3,396 billion from COP 4,220 billion. This reduction was mainly driven by lower credit losses in the consumer portfolio due to improved performance of personal loans.
Net fee income increased by 8.53% to COP 3,012 billion, mainly due to higher income from bancassurance, credit and debit cards, and payments and collections, particularly through digital channels. These improvements were partially offset by an increase in fee expenses, which grew by 8.83% year over year, mainly related to banking services and service and collection fees; transaction-related expenses increased by 59.10%.
Other operating income increased to COP 1,621 billion, mainly due to higher results from foreign exchange differences and FX derivatives.
Dividends and net income from equity investments recorded a gain of COP 180 billion, compared to a loss of COP 122 billion in 2024, mainly due to the partial reversal of the impairment recognized in 2024 on the investment in Tuya S.A.
Total operating expenses increased by 11.34% to COP 10,164 billion from COP 9,129 billion, mainly due to an increase in administrative and general expenses. This increase was driven by higher license maintenance costs, as well as expenses related to cloud services and IT equipment. Salaries and employee benefits increased by 11.07% to COP 4,283 billion.
Assets attributable to Colombia Banking grew by 0.79% during the year, mainly driven by the expansion of the loan portfolio, with strong performance in the mortgage and consumer portfolios. Growth in the consumer segment was primarily driven by products such as credit cards and personal loans.
Finally, liabilities attributable to Colombia Banking increased by 8.46% in 2025, supported by higher deposits, particularly in savings accounts and term deposits.
El Salvador Banking
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| Variation | Variation | ||||
| 2025 | 2024 | 2023 | 2025–2024 | 2024–2023 | |
| In millions of COP | |||||
| Total interest income and valuation of financial instruments | 2,095,137 | 1,851,126 | 1,773,141 | 13.18 % | 4.40 % |
| Interest on loan portfolio and financial leasing operations | 1,807,267 | 1,623,427 | 1,524,765 | 11.32 % | 6.47 % |
| Debt securities | 287,163 | 226,122 | 236,351 | 26.99 % | (4.33) % |
| Derivatives, net | — | 775 | 11,187 | (100.00) % | (93.07) % |
| Liquidity operations, net | 707 | 802 | 838 | (11.85) % | (4.30) % |
| Interest expense | (437,193) | (437,244) | (464,851) | (0.01) % | (5.94) % |
| Net interest and valuation margin before provisions for loan impairment, off-balance sheet commitments, and other financial instruments | 1,657,944 | 1,413,882 | 1,308,290 | 17.26 % | 8.07 % |
| Provisions and credit risk impairment, net | (334,805) | (236,086) | (154,938) | 41.81 % | 52.37 % |
| Net interest and valuation income after provisions and impairment | 1,323,139 | 1,177,796 | 1,153,352 | 12.34 % | 2.12 % |
| Expenses from transactions with other operating segments of the Bank | 1,769 | (19,110) | (17,732) | 109.26 % | 7.77 % |
| Fee income | 629,985 | 515,734 | 479,568 | 22.15 % | 7.54 % |
| Fee income | (291,977) | (226,445) | (188,972) | 28.94 % | 19.83 % |
| Total net fee income | 338,008 | 289,289 | 290,596 | 16.84 % | (0.45) % |
| Other operating income(1) | 42,082 | 40,818 | 51,656 | 3.10 % | (20.98) % |
| Dividends and Other Net Income from Equity Method Investments | 4,590 | 4,338 | 10,982 | 5.81 % | (60.50) % |
| Total net income | 1,709,588 | 1,493,131 | 1,488,854 | 14.50 % | 0.29 % |
| Operating expenses(2) | (831,994) | (771,079) | (668,105) | 7.90 % | 15.41 % |
| Amortization, depreciation and impairment | (96,796) | (93,982) | (131,922) | 2.99 % | (28.76) % |
| Total operating expenses | (928,790) | (865,061) | (800,027) | 7.37 % | 8.13 % |
| Income before income tax | 780,798 | 628,070 | 688,827 | 24.32 % | (8.82) % |
| Segment assets | 25,916,845 | 26,670,513 | 21,608,586 | (2.83) % | 23.43 % |
| Segment liabilities | 23,452,205 | 23,889,120 | 19,220,367 | (1.83) % | 24.29 % |
(1) Includes derivatives, net foreign exchange, operating leases, and gains on sale of assets.
Includes salaries and employee benefits, other administrative and general expenses, and taxes other than income tax.
In 2025, pre-tax income of El Salvador Banking increased by 24.32% to COP 781 billion, driven by the factors described below.
Financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar during 2025.
Total interest and valuation income expressed in Colombian pesos increased by 13.18% to COP 2,095 billion, mainly driven by higher interest income from commercial and consumer loan portfolios. Interest expenses remained relatively stable during the year
The loan portfolio in Colombian pesos decreased by 5.19%. In U.S. dollars, the portfolio increased by 11.26%, mainly driven by commercial and consumer portfolios. Deposits grew by 17.99% in U.S. dollar terms and 0.54% in Colombian pesos, mainly due to an increase in savings accounts and term deposits.
Net loan impairment increased by 41.81% to COP 335 billion, compared to COP 236 billion in 2024, mainly as a result of growth in the consumer portfolio.
Net fee income increased by 16.84% to COP 338 billion, mainly driven by higher income from debit cards, credit cards, and merchant services.
Total operating expenses increased by 7.37% to COP 929 billion, mainly due to higher general expenses and salaries.
Assets attributable to El Salvador Banking decreased by 2.83% during the year, mainly due to a lower loan portfolio balance compared to the previous quarter, as a result of the appreciation of the Colombian peso against the U.S. dollar. Similarly, liabilities decreased by 1.83%, mainly due to lower deposit balances caused by exchange rate effects.
Panama Banking
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| Variation | Variation | ||||
| 2025 | 2024 | 2023 | 2025–2024 | 2024–2023 | |
| In millions of COP | |||||
| Total interest income and valuation of financial instruments | 2,546,671 | 2,689,904 | 2,826,559 | (5.32) % | (4.83) % |
| Interest on loan portfolio and financial leasing operations | 2,103,723 | 2,283,111 | 2,415,234 | (7.86) % | (5.47) % |
| Debt securities | 353,019 | 316,205 | 301,167 | 11.64 % | 4.99 % |
| Derivatives, net | 3,197 | 3,322 | 817 | (3.76) % | 306.61 % |
| Liquidity operations, net | 86,732 | 87,266 | 109,341 | (0.61) % | (20.19) % |
| Interest expense | (1,241,640) | (1,336,250) | (1,238,112) | (7.08) % | 7.93 % |
| Net interest and valuation margin before provisions for loan impairment, off-balance sheet commitments, and other financial instruments | 1,305,031 | 1,353,654 | 1,588,447 | (3.59) % | (14.78) % |
| Provisions and credit risk impairment, net | (161,369) | (456,748) | (270,501) | (64.67) % | 68.85 % |
| Net interest and valuation income after provisions and impairment | 1,143,662 | 896,906 | 1,317,946 | 27.51 % | (31.95) % |
| Expenses from transactions with other operating segments of the Bank | — | — | — | — % | — % |
| Fee income | 519,246 | 562,330 | 532,930 | (7.66) % | 5.52 % |
| Fee income | (261,793) | (286,392) | (258,897) | (8.59) % | 10.62 % |
| Total net fee income | 257,453 | 275,938 | 274,033 | (6.70) % | 0.70 % |
| Other operating income(1) | 24,905 | 65,876 | 36,939 | (62.19) % | 78.34 % |
| Dividends and Other Net Income from Equity Method Investments | 8,561 | 11,474 | 13,498 | (25.39) % | (14.99) % |
| Loss from discontinued operations | (3,455,596) | — | — | 100.00 % | — % |
| Total net income | (2,021,015) | 1,250,194 | 1,642,416 | (261.66) % | (23.88) % |
| Operating expenses(2) | (812,202) | (853,981) | (909,844) | (4.89) % | (6.14) % |
| Amortization, depreciation and impairment | (97,737) | (128,544) | (107,717) | (23.97) % | 19.33 % |
| Total operating expenses | (909,939) | (982,525) | (1,017,561) | (7.39) % | (3.44) % |
| Income before income tax | (2,930,954) | 267,669 | 624,855 | (1194.99) % | (57.16) % |
| Segment assets | 39,538,249 | 45,964,767 | 40,740,495 | (13.98) % | 12.82 % |
| Segment liabilities | 35,059,304 | 41,132,907 | 36,315,750 | (14.77) % | 13.26 % |
(1)Includes derivatives, net foreign exchange, operating leases, and gains on sale of assets.
(2)Includes salaries and employee benefits, other administrative and general expenses, and taxes other than income tax.
In 2025, Panama Banking reported a pre-tax loss of COP 2,931 billion, compared with a profit of COP 268 billion in 2024, driven by the factors described below.
Financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar during 2025.
Total interest and valuation income decreased by 5.32% to COP 2,547 billion, mainly due to lower interest income from the commercial loan portfolio. The loan portfolio, expressed in Colombian pesos, decreased by 16.58%; when expressed in U.S. dollars, it declined by 2.10%, mainly due to decreases in the mortgage and commercial portfolios. Deposits
decreased by 0.85% in U.S. dollar terms and by 15.51% in Colombian pesos, mainly due to lower term deposits.
Total loan loss provision expense decreased by 64.67% to COP 161 billion, compared with COP 457 billion in 2024. This variation is mainly explained by the release of provisions associated with macroeconomic models and the overall improved performance of the loan portfolio.
Net fee income decreased by 6.70% to COP 257 billion, mainly due to lower brokerage income and lower credit card fee income.
The loss from discontinued operations reflects a loss of COP 3,456 billion as a result of the impairment of goodwill associated with the share sale and purchase agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of Banistmo’s shares, partially offset by a recovery in deferred tax.
Total operating expenses decreased by 7.39%, mainly due to lower general expenses related to professional fees for IT projects and other technology costs, which offset the increase in bonuses.
Assets attributable to Panama Banking decreased by 13.98% during the year, mainly due to a lower balance in the loan portfolio. Similarly, liabilities fell by 14.77%, mainly as a result of the decrease in deposits, especially term deposits.
Guatemala Banking
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| Variation | Variation | ||||
| 2025 | 2024 | 2023 | 2025–2024 | 2024–2023 | |
| In millions of COP | |||||
| Total interest income and valuation of financial instruments | 2,013,347 | 1,939,602 | 1,795,543 | 3.80 % | 8.02 % |
| Interest on loan portfolio and financial leasing operations | 1,848,807 | 1,807,334 | 1,726,821 | 2.29 % | 4.66 % |
| Debt securities | 173,103 | 134,101 | 60,534 | 29.08 % | 121.53 % |
| Liquidity operations, net | (8,563) | (1,833) | 8,188 | 367.16 % | (122.39) % |
| Interest expense | (911,786) | (804,815) | (731,886) | 13.29 % | 9.96 % |
| Net interest and valuation margin before provisions for loan impairment, off-balance sheet commitments, and other financial instruments | 1,101,561 | 1,134,787 | 1,063,657 | (2.93) % | 6.69 % |
| Provisions and credit risk impairment, net | (442,529) | (394,589) | (499,368) | 12.15 % | (20.98) % |
| Net interest and valuation income after provisions and impairment | 659,032 | 740,198 | 564,289 | (10.97) % | 31.17 % |
| Expenses from transactions with other operating segments of the Bank | (79,514) | (86,604) | (75,808) | (8.19) % | 14.24 % |
| Fee income | 231,580 | 211,779 | 223,200 | 9.35 % | (5.12) % |
| Fee income | (96,751) | (85,700) | (89,405) | 12.89 % | (4.14) % |
| Total net fee income | 134,829 | 126,079 | 133,795 | 6.94 % | (5.77) % |
| Other operating income(1) | 131,316 | 130,140 | 130,757 | 0.90 % | (0.47) % |
| Dividends and Other Net Income from Equity Method Investments | 2,115 | 1,555 | 1,827 | 36.01 % | (14.89) % |
| Total net income | 847,778 | 911,368 | 754,860 | (6.98) % | 20.73 % |
| Operating expenses(2) | (654,017) | (645,311) | (620,928) | 1.35 % | 3.93 % |
| Amortization, depreciation and impairment | (59,578) | (61,471) | (55,243) | (3.08) % | 11.27 % |
| Total operating expenses | (713,595) | (706,782) | (676,171) | 0.96 % | 4.53 % |
| Income before income tax | 134,183 | 204,586 | 78,689 | (34.41) % | 159.99 % |
| Segment assets | 24,413,292 | 27,332,834 | 21,377,205 | (10.68) % | 27.86 % |
| Segment liabilities | 22,331,358 | 25,018,466 | 19,469,075 | (10.74) % | 28.50 % |
(1) Includes derivatives, net foreign exchange, operating leases, and gains on sale of assets.
(2) Includes salaries and employee benefits, other administrative and general expenses, and taxes other than income tax.
Pre-tax income of Guatemala Banking decreased to COP 134 billion in 2025, from COP 205 billion in 2024, driven by the factors described below.
Financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar during 2025.
Total interest and valuation income increased by 3.80% to COP 2,013 billion, due to higher interest income generation from the commercial loan portfolio, as well as higher valuations
of investments in debt instruments. The loan portfolio expressed in Colombian pesos decreased by 13.21%; in U.S. dollars, it grew by 1.86%, mainly driven by the commercial portfolio
Total loan loss provision expense increased by 12.15% to COP 443 billion, compared with COP 395 billion in 2024, mainly due to higher provision expenses in the consumer portfolio.
Net fee income increased by 6.94% to COP 135 billion, mainly driven by higher fees related to electronic services and ATM transactions.
Total operating expenses increased by 0.96% to COP 714 billion, mainly due to higher personnel expenses and technology services.
Assets attributable to Guatemala Banking, expressed in Colombian pesos, decreased by 10.68% during the year, mainly due to the reduction in the loan portfolio as a result of a lower exchange rate. Similarly, liabilities decreased by 10.74%, mainly driven by lower customer deposits, also associated with exchange rate effects.
International Banking
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| Variation | Variation | ||||
| 2025 | 2024 | 2023 | 2025–2024 | 2024–2023 | |
| In millions of COP | |||||
| Total interest income and valuation of financial instruments | 1,014,777 | 1,203,837 | 1,112,171 | (15.70) % | 8.24 % |
| Interest on loan portfolio and financial leasing operations | 852,849 | 987,377 | 940,091 | (13.62) % | 5.03 % |
| Debt securities | 94,069 | 116,662 | 85,091 | (19.37) % | 37.10 % |
| Derivatives, net | (56) | (94) | (188) | (40.43) % | (50.00) % |
| Liquidity operations, net | 67,915 | 99,892 | 87,177 | (32.01) % | 14.59 % |
| Interest expense | (660,927) | (708,671) | (596,039) | (6.74) % | 18.90 % |
| Net interest and valuation margin before provisions for loan impairment, off-balance sheet commitments, and other financial instruments | 353,850 | 495,166 | 516,132 | (28.54) % | (4.06) % |
| Provisions and credit risk impairment, net | (225,658) | (91,617) | 4,164 | 146.31 % | (2,300.22) % |
| Net interest and valuation income after provisions and impairment | 128,192 | 403,549 | 520,296 | (68.23) % | (22.44) % |
| Income from transactions with other operating segments of the Bank | 320,216 | 400,937 | 416,107 | (20.13) % | (3.65) % |
| Fee income | 55,665 | 51,903 | 47,228 | 7.25 % | 9.90 % |
| Fee income | (11,627) | (10,116) | (11,042) | 14.94 % | (8.39) % |
| Total net fee income | 44,038 | 41,787 | 36,186 | 5.39 % | 15.48 % |
| Other operating income(1) | 16,492 | 12,435 | 16,794 | 32.63 % | (25.96) % |
| Dividends and Other Net Income from Equity Method Investments | 24 | 25 | 37 | (4.00) % | (32.43) % |
| Total net income | 508,962 | 858,733 | 989,420 | (40.73) % | (13.21) % |
| Operating expenses(2) | (104,892) | (98,572) | (89,220) | 6.41 % | 10.48 % |
| Amortization, depreciation and impairment | (2,473) | (8,016) | (4,259) | (69.15) % | 88.21 % |
| Total operating expenses | (107,365) | (106,588) | (93,479) | 0.73 % | 14.02 % |
| Income before income tax | 401,597 | 752,145 | 895,941 | (46.61) % | (16.05) % |
| Segment assets | 23,693,417 | 35,272,842 | 30,199,897 | (32.83) % | 16.80 % |
| Segment liabilities | 21,502,643 | 24,248,959 | 20,734,521 | (11.33) % | 16.95 % |
(1) Includes derivatives, net foreign exchange, operating leases, and gains on sale of assets. (2) Includes salaries and employee benefits, other administrative and general expenses, and taxes other than income tax.
Pre-tax income of the International Banking segment decreased by 46.61% to COP 402 billion in 2025, compared to COP 752 billion in 2024, due to the factors described below.
Financial statements expressed in Colombian pesos were affected by the appreciation of the Colombian peso, which strengthened by 14.79% against the U.S. dollar during 2025.
Total interest and valuation income decreased, in Colombian peso terms, by 15.70% to COP 1,015 billion, compared with COP 1,204 billion in 2024. This decrease was mainly due to lower interest income from commercial loans, as well as a reduction in income from liquidity operations and investments in debt securities.
Net loan loss provisions increased to COP 226 billion in 2025, compared with COP 92 billion in 2024, mainly due to higher provisions for specific clients within the corporate segment.
Net fee income increased by 5.39% to COP 44 billion, mainly reflecting a higher volume of transactions from trade finance clients.
Total operating expenses increased by 0.73% to COP 107 billion, mainly driven by higher employee salary expenses.
Assets attributable to the International Banking segment decreased by 32.83% to COP 23,693 billion, mainly due to lower investments in financial assets. Liabilities decreased by 11.33%, mainly due to lower deposits as a result of exchange rate effects.
Leasing
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| Variation | Variation | ||||
| 2025 | 2024 | 2023 | 2025–2024 | 2024–2023 | |
| In millions of COP | |||||
| Total interest income and valuation of financial instruments | 216,802 | 254,200 | 254,360 | (14.71) % | (0.06) % |
| Interest on loan portfolio and financial leasing operations | 224,652 | 257,363 | 253,677 | (12.71) % | 1.45 % |
| Debt securities | 1,180 | 41 | 683 | 2,778.05 % | (94.00) % |
| Derivatives, net | (9,030) | (3,204) | — | 181.84 % | 100.00 % |
| Interest expense | (360,799) | (443,629) | (434,664) | (18.67) % | 2.06 % |
| Net interest and valuation margin before provisions for loan impairment, off-balance sheet commitments, and other financial instruments | (143,997) | (189,429) | (180,304) | (23.98) % | 5.06 % |
| Provisions and credit risk impairment, net | (30,327) | (53,547) | (55,660) | (43.36) % | (3.80) % |
| Net interest and valuation income after provisions and impairment | (174,324) | (242,976) | (235,964) | (28.25) % | 2.97 % |
| Income from transactions with other operating segments of the Bank | (115,936) | (136,749) | (163,049) | (15.22) % | (16.13) % |
| Fee income | 4 | 292 | — | (98.63) % | 100.00 % |
| Fee income | (3,842) | (1,639) | (11,082) | 134.41 % | (85.21) % |
| Total net fee income | (3,838) | (1,347) | (11,082) | 184.93 % | (87.85) % |
| Other operating income(1) | 1,545,011 | 1,543,538 | 1,673,939 | 0.10 % | (7.79) % |
| Dividends and Other Net Income from Equity Method Investments | 329,307 | 287,930 | 239,405 | 14.37 % | 20.27 % |
| Total net income | 1,580,220 | 1,450,396 | 1,503,249 | 8.95 % | (3.52) % |
| Operating expenses(2) | (1,057,200) | (1,056,501) | (1,049,474) | 0.07 % | 0.67 % |
| Amortization, depreciation and impairment | (137,602) | (182,106) | (309,435) | (24.44) % | (41.15) % |
| Total operating expenses | (1,194,802) | (1,238,607) | (1,358,909) | (3.54) % | (8.85) % |
| Income before income tax | 385,418 | 211,789 | 144,340 | 81.98 % | 46.73 % |
| Segment assets | 11,150,070 | 10,182,907 | 9,554,490 | 9.50 % | 6.58 % |
| Segment liabilities | 4,849,872 | 4,573,121 | 4,812,434 | 6.05 % | (4.97) % |
(1)Includes derivatives, net foreign exchange, operating leases, and gains on sale of assets.
(2)Includes salaries and employee benefits, other administrative and general expenses, and taxes other than income tax.
In 2025, pre-tax income from Leasing increased by 81.89% to COP 385 billion, driven by the factors described below:
Total interest and valuation income decreased by 14.71% to COP 217 billion, mainly due to lower interest income from financial leasing operations in the vehicle business.
Total interest expense decreased by 18.67% to COP 361 billion, due to a lower financial cost associated with the reduction in the Colombian Central Bank reference rate in 2025, combined with lower financial liabilities in Renting.
Net provisions and credit risk impairment decreased by 43.36% to COP 30 billion, due to a reduction in impairment of debtors compared to December 2024 in Renting Colombia.
Net other operating income amounted to COP 1,545 billion, driven by higher profits from leasing and sale of real estate assets, which offset the decline in income from the vehicle business.
Dividends and other net income from equity method investments increased by 14.37% to COP 329 billion, mainly due to higher dividends and earnings from investments in associates received by the Fondo Inmobiliario Colombia.
Operating expenses decreased by 3.54% to COP 1,195 billion, due to lower expenses in Renting Colombia associated with depreciation of right-of-use assets and a reduction in vehicle taxes due to the contraction in the fleet balance.
Assets attributable to the Leasing segment increased by 9.50% during the year to COP 11,150 billion, driven by higher investments in real estate assets. Liabilities increased by 6.05% to COP 4,850 billion, mainly driven by an increase in liabilities of the Fondo Inmobiliario Colombia.
All other segments
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| Variation | Variation | ||||
| 2025 | 2024 | 2023 | 2025–2024 | 2024–2023 | |
| In millions of COP | |||||
| Total interest income and valuation of financial instruments | 85,112 | 62,265 | 54,326 | 36.69 % | 14.61 % |
| Interest on loan portfolio and financial leasing operations | 23,447 | 22,836 | 13,521 | 2.68 % | 68.89 % |
| Debt securities | 48,016 | 37,486 | 36,544 | 28.09 % | 2.58 % |
| Derivatives, net | (1,051) | (2,463) | (1,747) | (57.33) % | 40.98 % |
| Liquidity operations, net | 14,700 | 4,406 | 6,008 | 233.64 % | (26.66) % |
| Interest expense | (57,269) | (384) | (405) | 14,813.80 % | (5.19) % |
| Net interest and valuation margin before provisions for loan impairment, off-balance sheet commitments, and other financial instruments | 27,843 | 61,881 | 53,921 | (55.01) % | 14.76 % |
| Provisions and credit risk impairment, net | (455) | 433 | (4,906) | (205.08) % | 108.83 % |
| Net interest and valuation income after provisions and impairment | 27,388 | 62,314 | 49,015 | (56.05) % | 27.13 % |
| Expenses from transactions with other operating segments of the Bank | 161,917 | 22,829 | 57,927 | 609.26 % | (60.59) % |
| Fee income | 859,449 | 686,451 | 545,853 | 25.20 % | 25.76 % |
| Fee income | (29,399) | (16,227) | (14,966) | 81.17 % | 8.43 % |
| Total net fee income | 830,050 | 670,224 | 530,887 | 23.85 % | 26.25 % |
| Other operating income(1) | 216,667 | 29,703 | 20,269 | 629.44 % | 46.54 % |
| Dividends and Other Net Income from Equity Method Investments | 177,319 | (78,774) | (73,177) | 325.10 % | 7.65 % |
| Total net income | 1,413,341 | 706,296 | 584,921 | 100.11 % | 20.75 % |
| Operating expenses(2) | (735,118) | (592,928) | (540,623) | 23.98 % | 9.67 % |
| Amortization, depreciation and impairment | (13,482) | (12,479) | (7,742) | 8.04 % | 61.19 % |
| Total operating expenses | (748,600) | (605,407) | (548,365) | 23.65 % | 10.40 % |
| Income before income tax | 664,741 | 100,889 | 36,556 | 558.88 % | 175.98 % |
| Segment assets | 46,854,190 | 3,378,212 | 3,523,498 | 1,286.95 % | (4.12) % |
| Segment liabilities | 2,455,417 | 404,335 | 386,819 | 507.27 % | 4.53 % |
(1) Includes derivatives, net foreign exchange, operating leases, and gains on sale of assets. (2) Includes salaries and employee benefits, other administrative and general expenses, and taxes other than income tax.
In 2025, pre-tax income of the other segments increased by 558.88% to COP 665 billion, driven by the reasons described below.
Total interest income from lending and financial leasing operations increased by 36.69%, mainly due to the improved performance of Valores Bancolombia’s fixed income portfolio. Interest expenses increased from COP 384 million to COP 57 billion as a result of returns on preferred shares of Grupo Cibest S.A., an effect associated with the completion of the partial spin-off of assets and liabilities from Bancolombia S.A. to Grupo Cibest S.A.
Net fee income increased by 23.85% to COP 830 billion, driven by income from collective investment funds, which contributed approximately COP 63 billion. This increase was also
supported by higher fees and commissions derived from Investment Banking financing structuring services, as well as commissions generated through the Wompi payment gateway.
Other operating income increased by 629.44% to COP 217 billion, mainly due to foreign exchange gains recognized by Cibest S.A. on investments abroad following the aforementioned spin-off.
Operating expenses increased by 23.65% to COP 749 billion, largely explained by the effects of the spin-off process of Bancolombia S.A. in favor of Grupo Cibest S.A., in addition to higher labor and general expenses associated with operations in development stages, such as Nequi, Wompi, and Wenia.
Total assets of the other segments increased to COP 46,854 billion as a result of the completion of the partial spin-off of assets and liabilities from Bancolombia S.A. to Grupo Cibest S.A. Likewise, total liabilities increased to COP 2,455 billion, also reflecting the effects of such partial spin-off.
Trend Information
Operating conditions in our main markets were characterized by moderate economic growth, in line with the region’s slow but steady expansion in 2025. This environment was supported by declining inflation and increasingly accommodative monetary policies, while domestic demand remained resilient despite external headwinds.
Credit dynamics reflected a combination of resilient commercial activity, selective risk-adjusted growth, and segment-differentiated strategies. Consolidated trends for the year were influenced by the reclassification of Banistmo as a held-for-sale asset, which reduced reported loan volumes and affected net income. Nevertheless, net interest income and valuation increased by 1.35% in 2025, driven by a greater reduction in interest expenses relative to income, improvements in loan portfolio quality, and more selective origination practices that contributed to lower provisions and a healthier portfolio. Likewise, strong fee generation and sustained discipline in operating expenses supported results.
Looking ahead, the evolution of monetary policy is expected to be favorable given the sensitivity of our balance sheet to interest rates, while our strong competitive position in deposits supports sustained performance. A brief analysis of recent trends that have influenced Grupo Cibest and the economy is presented below.
Loan Portfolio Performance
The gross loan and financial leasing portfolio (before loan loss provisions) decreased by 8.27% in 2025, mainly reflecting the reclassification of Banistmo, whose assets were reclassified as “held-for-sale assets.”
After this adjustment, the consolidated loan portfolio totaled COP 256.3 trillion at year-end. The Colombian peso strengthened significantly during the period, appreciating by 14.79%, from COP 4,409.15 per USD in December 2024 to COP 3,757.08 in December 2025. This appreciation materially affected the conversion of foreign currency-denominated portfolios and amplified the reported contraction. Excluding the foreign exchange effect, the consolidated portfolio would have decreased by 4.92%. Expressed in local currency (COP), the consolidated portfolio balance decreased across all segments: Commercial: –6.86%, Mortgage: –17.55%, Consumer: –5.57%, Microcredit: –21.39%.
Loan balances grew in most of the geographies where we operate, but consolidated results were dominated by the effects of Banistmo’s reclassification. Excluding this effect, consolidated loan growth would have reached 2.06%.
At Bancolombia, the portfolio grew by 8.91% in 2025. Loan origination strengthened consistently throughout the year, driven by a gradual improvement in monetary conditions and a recovery in household demand. The mortgage portfolio recorded the highest percentage growth, benefiting from reduced-rate programs implemented in 2024 and remaining in place during the first half of 2025. The consumer portfolio showed a clear change in trend, as progressive improvements in loan quality indicators allowed growth to resume, especially in personal loans and credit cards. Commercial loans grew at a more moderate pace, similar to that observed in 2024, when activity began to accelerate following the shift in monetary policy at the beginning of that year. Overall, these results were aligned with Colombia’s moderate economic recovery in an environment of contained inflation, which supported credit demand and portfolio strength.
At Bancoagrícola, the portfolio increased by 11.26% year-over-year in U.S. dollars. The commercial portfolio was the main driver of this expansion, reflecting accelerated activity with corporate clients and strong momentum in the construction sector, driven by large disbursements, particularly concentrated in the fourth quarter. Consumer lending also showed sustained growth, particularly in personal loans and credit cards. This performance was supported by the continued expansion of digital banking capabilities, which have enabled the bank to reach a broader customer base and penetrate new segments. In 2025, El Salvador’s economy was driven by resilient private consumption, supported by the strength of the U.S. economy and remittances; fiscal dynamics remained constrained by rigid spending, although short-term consolidation efforts aligned with the government’s commitments to the IMF. Disruptions in global trade and weakness in the textile sector limited external performance.
BAM’s loan portfolio grew by 1.86%, driven by the performance of commercial lending, which stood out as the main driver of new disbursements. In contrast, consumer lending declined due to tighter origination of higher-risk products to stabilize portfolio quality. Mortgage lending activity remained subdued, reflecting a strategic focus on disciplined portfolio allocation and the prioritization of segments that better support long-term balance sheet objectives in a more competitive environment. In 2025, Guatemala’s economic
activity was supported by private consumption and by the performance of financial services, textile production for export, tourism, and trade. Inflation remained contained due to lower fuel prices and the dissipation of previous supply-side effects. Macroeconomic conditions remained stable under consistent policy management. In this environment, loan growth responded to a selective, risk-adjusted approach to balance expansion and credit soundness.
Banistmo’s loan portfolio decreased by 2.10% year-over-year in U.S. dollars, declining across all categories except microcredit, due to a combination of stricter risk controls after the pandemic and specific client-level adjustments. Mortgage loans recorded the largest contraction, driven by more restrictive origination policies in response to credit deterioration and delays in government subsidy flows. The commercial portfolio declined as amortizations exceeded new originations. Consumer lending also contracted, reflecting lower origination and risk discipline. Panama’s economic recovery in 2025 was gradual and remained affected by the closure of Cobre Panamá and trade disruptions linked to tariff announcements in the United States. These impacts weakened confidence and reduced credit demand. Although Canal activity and tourism improved after disruptions related to El Niño, this did not fully offset the prior slowdown, leaving the operating environment constrained by persistent fiscal pressures and greater uncertainty.
Foreign currency-denominated loans decreased by 43.27% in 2025. This contraction was mainly explained by the reclassification of Banistmo’s U.S. dollar-denominated portfolio, as well as lower credit demand and higher amortizations at Bancolombia Panama. Looking ahead, a more favorable macroeconomic environment and stronger domestic demand in El Salvador and Guatemala are expected to support a more positive performance of the consolidated U.S. dollar-denominated portfolio.
Net Interest Margin and Valuation
The annualized consolidated net interest margin (NIM) was 6.13% in 2025, below the 6.39% recorded in 2024.
In 2024, the monetary authority began a gradual monetary easing cycle, reducing the policy rate to 9.50% by year-end. However, during 2025 the pace of monetary normalization slowed significantly. The policy rate remained stable at 9.50% at the beginning of 2025 and was subsequently held at 9.25% for several meetings, as the Central Bank adopted a more cautious approach in the face of persistent inflationary pressures and increased macroeconomic uncertainty.
Although our loan portfolio continued to grow throughout the year, interest income declined, as our assets tend to reprice faster than our liabilities. Nevertheless, thanks to effective funding management, interest expenses decreased at a faster pace, more than offsetting the pressure on interest income. As a result, net interest income showed a slight expansion during the period.
Interest expenses declined faster than interest income. Our funding strategy focused on the active management of term deposits, allowing us to benefit from shorter maturities and
gradual repricing at lower rates ahead of the central bank’s rate-cutting cycle. At the same time, demand deposits gained relevance within the funding mix, driven by strong growth in savings accounts.
Looking ahead to 2026, the interest rate environment is expected to become gradually more favorable, which, given our asset sensitivity, would translate into higher yields on the loan portfolio. At the same time, our funding profile—supported by a strong deposit base and disciplined liability management—should help mitigate pressure on margins. Taken together, these factors support a stable outlook for net interest income generation going forward.
Cost of Credit
For 2025, the cost of credit was 1.59% of the average loan portfolio, below the 1.88% recorded in 2024, due to lower provisions, particularly in the consumer and SME portfolios, which showed improved credit performance. The corporate segment also contributed—although to a lesser extent—through a reduction in provisions associated with better portfolio quality. Macroeconomic updates, which had a positive impact on provision expenses in 2024, had a limited effect in 2025. Although provision releases were recorded in the first half of the year, these were offset by higher expenses in the fourth quarter, driven by a less favorable outlook resulting from inflationary pressures and increases in interest rates. As the credit cycle continues to normalize across both retail and corporate portfolios, we expect a more stable cost of risk going forward. We maintain a solid balance sheet, supported by an adequate level of reserves for credit losses, reporting a coverage ratio on loans 30 days past due of 134.41% at year-end. This performance was supported by improvements in credit risk management during 2025, including more robust analytical models, strengthened early warning systems, and more disciplined management of risk stages.
Selected Statistical Information
The following information should be read together with the Consolidated Financial Statements, as well as with Section 5, “Operating and Financial Analysis and Outlook.” This information has been prepared based on the financial records of Grupo Cibest, which are prepared in accordance with IFRS issued by the IASB and the corresponding interpretations issued by the IFRIC. The consolidated selected statistical information refers to the Bank, including all Subsidiaries over which Cibest has control.
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY; INTEREST RATES AND INTEREST SPREAD
The average balances for each of the years ended December 31, 2025 and 2024 have been calculated as the arithmetic average of the last 13 monthly balances under IFRS. In addition, interest rate subtotals are based on the weighted average of domestic and foreign assets and liabilities.
Averages of the Consolidated Statement of Financial Position
The following table presents information for the years ended December 31, 2025 and 2024 on: (i) the average of all assets and liabilities of Grupo Cibest, (ii) the amount of interest received and paid, and (iii) the resulting nominal interest rates on average assets and liabilities:
| Average statement of financial position and interest income received from average assets, as of December 31 of: | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| In millions of Colombian pesos (except percentages) | ||||||||
| Average | Interest included in results | Interest / average assets | Average | Interest included in results | Interest / average assets | |||
| ASSETS | ||||||||
| Interest-earning assets | ||||||||
| Interbank | ||||||||
| Domestic activities | 25,527 | 9,373 | 36.72 | % | 98,288 | 8,507 | 8.66 | % |
| Foreign activities | 3,449,523 | 91,368 | 2.65 | % | 3,197,413 | 199,984 | 6.25 | % |
| Total | 3,475,050 | 100,741 | 2.90 | % | 3,295,701 | 208,491 | 6.33 | % |
| Repos | ||||||||
| Domestic activities | 3,244,584 | 143,663 | 4.43 | % | 4,343,154 | 284,814 | 6.56 | % |
| Foreign activities | 63,033 | 1,137 | 1.80 | % | 96,642 | 15,401 | 15.94 | % |
| Total | 3,307,617 | 144,800 | 4.38 | % | 4,439,796 | 300,215 | 6.76 | % |
| Debt securities(2) | ||||||||
| Domestic activities | 20,340,618 | 1,582,154 | 7.78 | % | 15,172,478 | 1,144,392 | 7.54 | % |
| Foreign activities | 16,364,321 | 512,596 | 3.13 | % | 15,663,891 | 1,189,523 | 7.59 | % |
| Total | 36,704,939 | 2,094,750 | 5.71 | % | 30,836,369 | 2,333,915 | 7.57 | % |
| Customer loan portfolio | ||||||||
| Domestic activities | 190,215,218 | 24,263,989 | 12.76 | % | 178,959,009 | 25,309,441 | 14.14 | % |
| Foreign activities | 87,805,892 | 4,972,013 | 5.66 | % | 87,001,331 | 7,304,110 | 8.40 | % |
| Total | 278,021,110 | 29,236,002 | 10.52 | % | 265,960,340 | 32,613,551 | 12.26 | % |
| Total interest-earning assets | ||||||||
| Domestic activities | 213,825,947 | 25,999,179 | 12.16 | % | 198,572,929 | 26,747,154 | 13.47 | % |
| Foreign activities | 107,682,769 | 5,577,114 | 5.18 | % | 105,959,277 | 8,709,018 | 8.22 | % |
|---|---|---|---|---|---|---|---|---|
| Total | 321,508,716 | 31,576,293 | 9.82 | % | 304,532,206 | 35,456,172 | 11.64 | % |
| Total non-interest-earning assets | ||||||||
| Domestic activities | 27,389,414 | - | 0.00 | % | 20,705,057 | - | 0.00 | % |
| Foreign activities(3) | 22,716,649 | - | 0.00 | % | 23,959,853 | - | 0.00 | % |
| Total | 50,106,063 | - | 0.00 | % | 44,664,910 | - | 0.00 | % |
| Total assets | ||||||||
| Domestic activities | 241,215,361 | 25,999,179 | 10.78 | % | 219,277,986 | 26,747,154 | 12.20 | % |
| Foreign activities(3) | 130,399,418 | 5,577,114 | 4.28 | % | 129,919,130 | 8,709,018 | 6.70 | % |
| Total assets | 371,614,779 | 31,576,293 | 8.50 | % | 349,197,116 | 35,456,172 | 10.15 | % |
(1) The average assets of Grupo Cibest have been calculated based on the last 13 months of the balance sheet under IFRS.
(2) Tax-exempt income from debt securities has not been calculated on a tax-equivalent basis because the effect of such calculation is not significant.
(3) The percentage of total average assets attributable to foreign activities was 35.1% and 37.2%, respectively, for the years ended December 31, 2025 and 2024.
| Average statement of financial position and interest expenses paid on average liabilities, as of December 31 of:(1) | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| In millions of Colombian pesos (except percentages) | ||||||||
| Average | Interest included in results | Interest / average liabilities(2) | Average | Interest included in results | Interest / average liabilities(2) | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Interest-bearing liabilities | ||||||||
| Checking accounts | ||||||||
| Domestic activities | 23,604,551 | 21,270 | 0.09 | % | 22,466,429 | 23,764 | 0.11 | % |
| Foreign activities | 17,926,421 | 93,466 | 0.52 | % | 17,357,904 | 81,415 | 0.47 | % |
| Total | 41,530,972 | 114,736 | 0.28 | % | 39,824,333 | 105,179 | 0.26 | % |
| Savings accounts | ||||||||
| Domestic activities | 97,140,179 | 2,498,147 | 2.57 | % | 83,711,882 | 2,676,437 | 3.20 | % |
| Foreign activities | 30,347,500 | 531,486 | 1.75 | % | 27,779,679 | 463,925 | 1.67 | % |
| Total | 127,487,679 | 3,029,633 | 2.38 | % | 111,491,561 | 3,140,362 | 2.82 | % |
|---|---|---|---|---|---|---|---|---|
| Term deposits | ||||||||
| Domestic activities | 62,741,615 | 5,965,943 | 9.51 | % | 60,786,003 | 6,880,218 | 11.32 | % |
| Foreign activities | 46,500,301 | 1,219,213 | 2.62 | % | 44,402,637 | 2,089,914 | 4.71 | % |
| Total | 109,241,916 | 7,185,156 | 6.58 | % | 105,188,640 | 8,970,132 | 8.53 | % |
| Repos | ||||||||
| Domestic activities | 1,865,483 | 151,329 | 8.11 | % | 1,068,567 | 45,253 | 4.23 | % |
| Foreign activities | 513,055 | 9,507 | 1.85 | % | 226,752 | 17,641 | 7.78 | % |
| Total | 2,378,538 | 160,836 | 6.76 | % | 1,295,319 | 62,894 | 4.86 | % |
| Financial obligations(2) | ||||||||
| Domestic activities | 5,038,247 | 465,515 | 9.24 | % | 5,662,586 | 669,512 | 11.82 | % |
| Foreign activities | 7,118,692 | 360,946 | 5.07 | % | 8,518,466 | 680,401 | 7.99 | % |
| Total | 12,156,939 | 826,461 | 6.80 | % | 14,181,052 | 1,349,913 | 9.52 | % |
| Interbank(2)(3) | ||||||||
| Domestic activities | 28,877 | 16,713 | 57.88 | % | - | 2,958 | 0.00 | % |
| Foreign activities | 612,469 | 35 | 0.01 | % | 639,639 | 19,348 | 3.02 | % |
| Total | 641,346 | 16,748 | 2.61 | % | 639,639 | 22,306 | 3.49 | % |
| Debt securities issued | ||||||||
| Domestic activities | 1,927,511 | 237,165 | 12.30 | % | 3,211,356 | 591,122 | 18.41 | % |
| Foreign activities | 8,724,719 | 445,158 | 5.10 | % | 11,248,144 | 610,990 | 5.43 | % |
| Total | 10,652,230 | 682,323 | 6.41 | % | 14,459,500 | 1,202,112 | 8.31 | % |
| Lease liabilities | ||||||||
| Domestic activities | 1,126,410 | 98,607 | 8.75 | % | 1,105,501 | 95,481 | 8.64 | % |
| Foreign activities | 586,690 | 12,507 | 2.13 | % | 703,013 | 40,065 | 5.70 | % |
| Total | 1,713,100 | 111,114 | 6.49 | % | 1,808,514 | 135,546 | 7.49 | % |
| Total interest-bearing liabilities | ||||||||
| Domestic activities | 193,472,873 | 9,454,689 | 4.89 | % | 178,012,324 | 10,984,745 | 6.17 | % |
| Foreign activities | 112,329,847 | 2,672,318 | 2.38 | % | 110,876,234 | 4,003,699 | 3.61 | % |
| Total | 305,802,720 | 12,127,007 | 3.97 | % | 288,888,558 | 14,988,444 | 5.19 | % |
| Total non-interest-bearing liabilities | ||||||||
| Domestic activities | 19,685,815 | - | 0.00 | % | 16,624,159 | - | 0.00 | % |
| Foreign activities | 2,996,909 | - | 0.00 | % | 2,947,687 | - | 0.00 | % |
| Total | 22,682,724 | - | 0.00 | % | 19,571,846 | - | 0.00 | % |
| Shareholders’ equity | ||||||||
| Domestic activities | 35,566,709 | - | 0.00 | % | 32,207,927 | - | 0.00 | % |
| Foreign activities | 7,562,626 | - | 0.00 | % | 8,528,785 | - | 0.00 | % |
|---|---|---|---|---|---|---|---|---|
| Total | 43,129,335 | - | 0.00 | % | 40,736,712 | - | 0.00 | % |
| Total liabilities and shareholders’ equity(4) | ||||||||
| Domestic activities | 248,725,401 | 9,454,689 | 3.80 | % | 226,844,411 | 10,984,745 | 4.84 | % |
| Foreign activities(4) | 122,889,378 | 2,672,318 | 2.17 | % | 122,352,705 | 4,003,699 | 3.27 | % |
| Total | 371,614,779 | 12,127,007 | 3.26 | % | 349,197,116 | 14,988,444 | 4.29 | % |
(1) The average liabilities and shareholders’ equity of Grupo Cibest have been calculated based on the last 13 months of the balance sheet under IFRS.
(2) Includes both short-term and long-term obligations.
(3) Includes obligations with banks located outside Colombia.
(4) The percentage of foreign activities over total average liabilities was 35.1% and 36.9%, respectively, for the years ended December 31, 2025 and 2024.
CHANGES IN NET INTEREST INCOME AND EXPENSE: VOLUME AND RATE ANALYSIS
The following table allocates, for domestic and foreign activities, the changes in Grupo Cibest’s interest margin to changes in average volume, changes in nominal rates, and the net variation caused by changes in both average volume and nominal rate for the year ended December 31, 2025, compared with the year ended December 31, 2024; volume and rate variations have been calculated based on movements in the period’s average balances and changes in nominal interest rates on average earning assets and average interest-bearing liabilities. Net changes attributable to changes in both volume and interest rate have been assigned to the change due to changes in volume.
| December 31, 2025 – December 31, 2024 | |||
|---|---|---|---|
| Increases (decreases) due to changes in: | |||
| Volume | Rate | Net Change | |
| Interest-earning assets | |||
| Interbank | |||
| Domestic activities | (256) | 1,122 | 866 |
| Foreign activities | 17,208 | (125,824) | (108,616) |
| Total | 16,952 | (124,702) | (107,750) |
| Repos | |||
| Domestic activities | (61,798) | (79,353) | (141,151) |
| Foreign activities | (4,017) | (10,247) | (14,264) |
| Total | (65,815) | (89,600) | (155,415) |
| December 31, 2025 – December 31, 2024 | |||
|---|---|---|---|
| Increases (decreases) due to changes in: | |||
| Volume | Rate | Net Change | |
| Debt securities(1) | |||
| Domestic activities | 400,969 | 36,793 | 437,762 |
| Foreign activities | 55,765 | (732,692) | (676,927) |
| Total | 456,734 | (695,899) | (239,165) |
| Net customer loan portfolio | |||
| Domestic activities | 1,871,272 | (2,916,724) | (1,045,452) |
| Foreign activities | 68,190 | (2,400,287) | (2,332,097) |
| Total | 1,939,462 | (5,317,011) | (3,377,549) |
| Total interest-earning assets | |||
| Domestic activities | 2,210,187 | (2,958,162) | (747,975) |
| Foreign activities | 137,146 | (3,269,050) | (3,131,904) |
| Total | 2,347,333 | (6,227,212) | (3,879,879) |
| Interest-bearing liabilities | |||
| Checking accounts | |||
| Domestic activities | 1,295 | (3,789) | (2,494) |
| Foreign activities | 2,734 | 9,317 | 12,051 |
| Total | 4,029 | 5,528 | 9,557 |
| Savings accounts | |||
| Domestic activities | 811,764 | (990,054) | (178,290) |
| Foreign activities | 44,250 | 23,311 | 67,561 |
| Total | 856,014 | (966,743) | (110,729) |
| Term deposits | |||
| Domestic activities | 230,266 | (1,144,541) | (914,275) |
| Foreign activities | 103,952 | (974,653) | (870,701) |
| Total | 334,218 | (2,119,194) | (1,784,976) |
| Repos | |||
| Domestic activities | 47,618 | 58,458 | 106,076 |
| Foreign activities | (20,507) | 12,373 | (8,134) |
| Total | 27,111 | 70,831 | 97,942 |
| Financial obligations | |||
| Domestic activities | (68,409) | (135,588) | (203,997) |
| Foreign activities | (99,134) | (220,321) | (319,455) |
| December 31, 2025 – December 31, 2024 | |||
|---|---|---|---|
| Increases (decreases) due to changes in: | |||
| Volume | Rate | Net Change | |
| Total | (167,543) | (355,909) | (523,452) |
| Interbank | |||
| Domestic activities | 13,755 | - | 13,755 |
| Foreign activities | (789) | (18,524) | (19,313) |
| Total | 12,966 | (18,524) | (5,558) |
| Debt securities issued | |||
| Domestic activities | (193,489) | (160,468) | (353,957) |
| Foreign activities | (130,523) | (35,309) | (165,832) |
| Total | (324,012) | (195,777) | (519,789) |
| Lease liabilities | |||
| Domestic activities | 1,820 | 1,306 | 3,126 |
| Foreign activities | (5,762) | (21,796) | (27,558) |
| Total | (3,942) | (20,490) | (24,432) |
| Total interest-bearing liabilities | |||
| Domestic activities | 844,620 | (2,374,676) | (1,530,056) |
| Foreign activities | (105,779) | (1,225,602) | (1,331,381) |
| Total | 738,841 | (3,600,278) | (2,861,437) |
(1) Tax-exempt income from debt securities has not been calculated on a tax-equivalent basis because the effect of such calculation is not significant.
INTEREST-EARNING ASSETS: NET INTEREST MARGIN AND INTEREST MARGIN
The following table presents the levels of average interest-earning assets and net interest income of Grupo Cibest and illustrates the comparative net interest margin and interest margin obtained for the years ended December 31, 2025 and 2024, respectively:
| Yields on interest-earning assets | ||||
|---|---|---|---|---|
| As of December 31, | ||||
| 2025 | 2024 | |||
| In millions of Colombian pesos (except percentages) | ||||
| Interest-earning assets | ||||
| Domestic activities | 213,825,947 | 198,572,929 | ||
| Foreign activities | 107,682,769 | 105,959,277 | ||
| Total | 321,508,716 | 304,532,206 | ||
| Net interest income(1) | ||||
| Domestic activities | 16,544,490 | 15,762,409 | ||
| Foreign activities | 2,904,796 | 4,705,319 | ||
| Total | 19,449,286 | 20,467,728 | ||
| Average yield on interest-earning assets | ||||
| Domestic activities | 12.16 | % | 13.47 | % |
| Foreign activities | 5.18 | % | 8.22 | % |
| Total | 9.82 | % | 11.64 | % |
| Net interest margin(2) | ||||
| Domestic activities | 7.74 | % | 7.94 | % |
| Foreign activities | 2.70 | % | 4.44 | % |
| Total | 6.05 | % | 6.72 | % |
| Interest margin(3) | ||||
| Domestic activities | 7.27 | % | 7.30 | % |
| Foreign activities | 2.80 | % | 4.61 | % |
| Total | 5.86 | % | 6.45 | % |
(1)Net interest income is interest income from the loan portfolio minus interest paid and includes interest received from investments.
(2)Net interest margin is net interest income divided by the total average interest-earning assets.
(3)Interest margin is the difference between the average rate on interest-earning assets and the average rate on interest-bearing liabilities.
GRI Standard, alignment with the SDGs and the United Nations Global Compact
| GRI General Standard 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| General Aspects of the Report | GRI Requirements | Page/Response | Omissions and Comments | SDGs<br><br>Sustainable Development Goals | Global Compact | Limited Assurance | ||
| Strategy | ||||||||
| 2-22 Statement on Sustainable Development. | Include a statement from the highest governance body or most senior executive on the relevance of sustainable development for the organization and its strategy to contribute to it. | We promote sustainable development for the well-being of all | Through our purpose, we have committed to SDGs 1, 4, 5, 6, 8, 9, 11 and 13 | |||||
| Organization Profile | ||||||||
| 2-1 Organizational details | a. Indicate legal name<br><br>b. The nature of ownership and the legal form<br><br>c. Indicate the location of headquarters<br><br>d. Indicate the countries in which it operates. | a. Grupo Cibest S.A.<br><br>b. Who We Are Corporate Information | Grupo Cibest<br><br>c. Avenida Los Industriales, Carrera 48 No. 26-85, Medellín-Colombia. Headquarters <br>d. Corporate Information | Grupo Cibest |
| 2-6. Activities, brands, products and services | a. Report the sector(s) in which it operates<br><br>b. Describe its value chain, including:<br><br>i. the activities, products, services, and markets served by the organization<br><br>ii. the organization’s supply chain<br><br>iii. entities derived from the organization and their activities<br><br>c. Report on other relevant business relationships<br><br>d. Describe the significant changes in 2-6-a, 2-6-b and 2-6-c with respect to the previous period | a. Chapters: Chapter: Customers – Banking<br><br>b.<br><br>i. Chapters: Development – Grupo Cibest Management Report.docx<br><br>- Strategy <br>ii. Website – Supply chain<br><br>Chapter: Eco-efficiency / Environmental management / GRI 301-306<br><br><br><br>Development – Grupo Cibest Management Report.docx<br><br>Chapter: Corporate ESG Model – Sustainable Procurement Policy<br><br><br><br>Development – Grupo Cibest Management Report.docx<br><br>iii. Chapter: ESG Report (Notice 031) – SASB/TCFD<br><br>Chapter: Shareholders / Sustainable Finance<br><br><br><br>c. In the links above. <br>d. Creation of Grupo Cibest holding company. | Pension funds and other shareholders with participation greater than 5% are private entities |
|---|
| 2-7 Employees | a. Indicate the total number of employees and its breakdown by gender and region<br><br>b. Indicate the total number of:<br><br>i. Permanent employees, and their breakdown by gender and region<br><br>ii. Temporary employees, with breakdown by gender and region<br><br>iii. Employees with non-guaranteed hours, and breakdown by gender and region<br><br>iv. Full-time employees, and breakdown by gender and region<br><br>v. Part-time employees, and breakdown by gender and region<br><br>c. Describe the methodologies and assumptions used to compile the data, including whether the figures are presented:<br><br>i. i. In number of employees, full-time equivalents (FTE), or using another methodology<br><br>ii. At the end of the reporting period, as an average over the entire reporting period, or using another methodology;<br><br>c. Provide the contextual information necessary to understand the data presented in sections 2-7-a and 2-7-b;<br><br>Describe significant fluctuations in the number of employees during the reporting period and between reporting periods. | a. Development – Grupo Cibest Management Report.docx<br>Employees<br><br><br>d. No significant fluctuations were identified for disclosure. z |
|---|
| 2-8 Non-employee workers | a. Indicate the total number of workers who are not employees and whose work is controlled by the organization and describe<br><br>i. The most common types of workers and their contractual relationship with the organization<br><br>ii. The type of work they perform;<br><br>b. Describe the methodologies and assumptions used to compile the data, including whether the number of workers who are not employees is reported.<br><br>i. in headcount, full-time equivalent (FTE), or using another methodology;<br><br>ii. at the end of the reference period, as an average of the entire reference period or using another methodology;<br><br>C. Describe significant fluctuations in the number of non-salaried workers during the reference period and between reference periods. | Chapter Employees <br>Talent and Culture website, where you can find the most representative policies, figures and goals of our talent management. |
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| 2-23 Policy Commitments | a. Describe its policy commitments for responsible business conduct, including:<br><br>i. The authorized intergovernmental instruments to which the commitments refer;<br><br>ii. Whether the commitments stipulate the implementation of due diligence;<br><br>iii. Whether the commitments stipulate the application of the precautionary principle;<br><br>iv. Whether the commitments stipulate respect for human rights;<br><br>b. Describe its specific policy commitment to respect human rights, including:<br><br>i. The internationally recognized human rights covered by the commitment<br><br>ii. The categories of stakeholders, including at-risk or vulnerable groups, to which the organization pays particular attention in the commitment;<br><br>c. Provide links to the policy commitments if they are publicly available, or, if the policy commitments are not publicly available, explain the reason for this;<br><br>d. Report the level at which each policy commitment was approved within the organization, including whether it is at the highest level;<br><br>d. Indicate the extent to which the policy commitments apply to the organization’s activities and its business relationships;<br><br>e. Indicate the extent to which the policy commitments apply to the organization’s activities and its business relationships;<br><br>f. Describe how the policy commitments are communicated to workers, business partners, and other relevant parties | Our purpose:<br><br>We promote sustainable development for the well-being of all<br><br>SDGs with which we are aligned.<br><br><br><br>Learn more on our website about our values and guidelines:<br><br>1. Corporate Governance website: <br>https://www.grupobancolombia.com/corporativo/gobierno-corporativo <br>Code of Ethics and Conduct:<br><br>https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/9b611310-8d2c-4990-a9b4-b62a91ce3e64/Codigo_de_etica_y_Conducta_Grupo_Bancolombia.pdf?MOD=AJPERES&CVID=n-ZCQxP<br><br><br><br>2. Integrity and Ethics Manual: https://www.grupobancolombia.com/wcm/connect/c28236c3-7c2a-4501-b7f0-1f8b7c478fe6/Manual%2BIntegridad%2By%2BCumplimiento%2B-%2BVF%2BDIC2020%2BJD.pdf?MOD=AJPERES<br><br>3. Corporate Anti-Fraud and Anti-Corruption Policy: https://www.grupobancolombia.com/wcm/connect/6defb08c-f116-4a36-9e22-e8ba10f0d1bc/Pol%C3%ADtica%2BAntifraude%2BAnticorrupci%C3%B3n%2B-%2BVF%2BDIC2020.pdf?MOD=AJPERES<br><br>https://www.grupobancolombia.com/corporativo/gobierno-corporativo/etica<br><br>4. Corporate ethics website: https://www.grupobancolombia.com/corporativo/gobierno-corporativo/etica<br><br>5. Corporate human rights website:<br><br>https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/modelo/derechos-humanos<br><br><br><br>6. Social and environmental risk assessment reporting website:<br><br>https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/ecobanco/analisis-riesgos-ambientales<br><br>7. Alignment:<br><br>https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/a9e998a3-8f41-4bea-9897-07ca84b48f6c/Alineacion_de_las_practicas_laborales_con_los_ODS_+las_iniciativas_de_la_OIT_y_los_Derechos_Humanos.pdf?MOD=AJPERES&CVID=oA4aud2 | Principle 10 |
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| 2-28. Membership in Associations | a. Report the sector associations, other membership associations, and national or international advocacy organizations in which it participates significantly | Chapter III. Achieving well-being for all – Our ESG commitment | Goal No. 17 |
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| Reporting practices and material topics | |||
| 2-2. Entities included in the consolidated financial statements | a. List all entities included in its sustainability report;<br><br>b. If the organization has audited consolidated financial statements or financial information filed in public records, specify the differences between the list of entities included in its financial report and the list included in its sustainability report;<br><br>c. If the organization is composed of multiple entities, explain the approach used to consolidate the information, including:<br><br>i. Whether the approach involves adjustments to the information to account for minority interests<br><br>ii. How the approach accounts for mergers, acquisitions, and disposals of entities or parts of entities;<br><br>ii. Whether the approach differs, and in what way, in the disclosures in this Standard and in the material topics. | a. Separate and consolidated financial statements. <br>b. Chapter VII: Information Reported in Other Jurisdictions.<br><br>Chapter II: Maintaining our Financial Strength. |
| 2-4. Restatement of information | a. Report restatements of information made in previous periods and explain:<br><br>i. The reasons for the restatements;<br><br>ii. The effect of the restatements | The information in this report was presented in the same manner as in previous years, and therefore is subject to comparability and traceability. |
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| 3.1 Process to Determine Material Topics | a. Describe the process followed to determine its material topics, including:<br><br>i. How it has identified actual and potential impacts, both negative and positive, on the economy, the environment, and people, including impacts on their human rights, across all its activities and business relationships;<br><br>ii. How it has prioritized impacts for reporting based on their significance;<br><br>b. Specify the stakeholders and experts whose opinions informed the process of determining its material topics | The information reported in the Cibest Management Report corresponds exclusively to the following companies:<br><br>•Bancolombia S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br><br><br>The results of our materiality consultation can be identified at the following website:<br><br>https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/modelo/relacionamiento-grupos-interes<br><br><br><br>In 2025, the materiality study was carried out for BAM, Banistmo, Bancoagrícola, and the Bancolombia study was updated, resulting in the materiality for Grupo Cibest. |
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| 3-2. List of Material Topics | a. Prepare a list of its material topics;<br><br>b. Report changes in the list of material topics compared to the previous reporting period. | The information reported in the Cibest Management Report corresponds exclusively to the following companies:<br><br>•Bancolombia S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br><br><br>a. The material topics are the same as last year and are reflected in each of the chapters of this report:<br><br>-Grow while maintaining our financial strength – Well-being for all <br>-Achieve customer loyalty and preference – Develop culture and talent for competitiveness – Ensure operational excellence<br><br>The results of the consultation and the materiality matrix are available at the following link: https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/e9382149-80d0-4ad9-a60f-2821f4329f3b/Proceso-doble-materialidad-2023.pdf?MOD=AJPERES&CVID=oSFxq2C b. At the time of preparing the report, there are no relevant changes in the material topics to be reported. |
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| 3-3. Management of Material Topics | a. Describe the actual and potential impacts, both negative and positive, on the economy, the environment, and people, including impacts on their human rights;<br><br>b. Report whether the organization is involved in negative impacts through its activities or as a result of its business relationships, and describe those activities or business relationships;<br><br>c. Describe its policies or commitments related to the material topic;<br><br>Describe the actions taken to manage the topic and related impacts, including:<br><br>i. Actions to prevent or mitigate potential negative impacts<br><br>ii. Actions to address actual negative impacts, including actions to remedy or cooperate in their remediation;<br><br>iii. Actions to manage actual and potential positive impacts;<br><br>e. Report the following information on monitoring the effectiveness of the actions taken:<br><br>i. Processes used to monitor the effectiveness of actions<br><br>ii. Objectives, targets, and indicators used to assess progress;<br><br>iii. The effectiveness of the actions, including progress toward objectives and targets;<br><br>iv. Lessons learned and how they have been incorporated into policies and procedures;<br><br>f. Describe how engagement with stakeholders has informed the actions taken (3-3-d) and how it has informed whether the actions have been effective (3-3-e). | The information reported in the Cibest Management Report corresponds exclusively to the following companies:<br><br>•Bancolombia S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br><br><br>a. Chapter III: Achieving well-being for all. 1. We conduct environmental and social risk analysis – management.<br><br>Environmental and social risks website: https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/ecobanco/analisis-riesgos-ambientales.<br><br>2. Website, Value added to society: https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/modelo/medicion-impacto-y-valor-agregado-sociedad<br><br>b. At this time, we have not identified any involvement. <br>c. Corporate policies publications website: https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/modelo/politica-sostenibilidad<br><br>which covers our different material topics.<br><br>d and e. No further detail is available beyond what is presented in Section 2.<br><br>f. We present our materiality analysis and materiality matrix annually on the following website:<br><br>https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/modelo/relacionamiento-grupos-interes |
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| Stakeholder groups | ||
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| 2-29 Approach to Stakeholder Engagement | A. Describe its approach to engagement with stakeholders, including:<br><br>i. The categories of stakeholders with whom it engages and how they are identified;<br><br>ii. The purpose of stakeholder engagement;<br><br>iii. How the organization seeks to ensure meaningful engagement with stakeholders. | Stakeholder engagement website:<br><br>https://www.grupobancolombia.com/sostenibilidad/enfoque-sostenible/modelo/relacionamiento-grupos-interes |
| Reporting Profile | ||
| 2-3. Reporting period, frequency, and contact point | a. Specify the reporting period and the frequency of its sustainability reporting;<br><br>b. Specify the financial reporting period and, if it does not coincide with the sustainability reporting period, explain the reasons;<br><br>c. Report the publication date of the report or the information disclosed;<br><br>d. Specify the contact point for questions about the report or the information disclosed. | From January 1, 2025 to December 31, 2025<br><br>The report is prepared annually in accordance with the Core option of the GRI Standards and is audited by an independent third party for some of the indicators.<br><br>You may contact us at the email address [email protected] |
| 2-5. External Assurance of the Report | a. Describe its policy and practices regarding seeking external assurance, indicating whether the highest governance body and senior management are involved and how;<br><br>b. If the organization’s sustainability report has been externally assured:<br><br>i. Provide a link or reference to the external assurance report(s) or assurance statement(s);<br><br>ii. Describe what has been assured and on what basis, including the assurance standards used, the level of assurance obtained, and any limitations of the assurance process<br><br>iii. Describe the relationship between the organization and the assurance provider. | a. The assurance process requires acceptance of the results by the Vice President of Innovation and Sustainability and approval of the request. <br>b. External assurance for the 2025 report is provided by PwC. <br>i. The assurance of this report will be indicated on the Bank’s reporting website. <br>ii. The Sustainability Division of Bancolombia S.A., together with the team that comprises it, coordinates ESG indicators internally within the organization and is responsible for generating inputs for some of them.<br><br>This area consolidates, ensures traceability, reliability, and assurance of the information in alignment with the control standards defined by Bancolombia and, together with the owners of each indicator, prepares and presents the sustainability information incorporated into the Group’s management report.<br><br>iii. Contractual relationship for the external assurance of the report. |
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| Governance |
| 2-9 Governance Structure and Composition | a. Describe its governance structure, including the committees of the highest governance body;<br><br>b. List the committees of the highest governance body responsible for decision-making and oversight of the management of the organization’s impacts<br><br>on the economy, the environment, and people;<br><br>c. Describe the composition of the highest governance body and its committees, including:<br><br>i. Executive and non-executive members<br><br>ii. Independence<br><br>iii. Tenure of members on the governance body;<br><br>iv. Number of other significant positions and commitments held by each member, and the nature of those commitments;<br><br>v. Gender;<br><br>vi. Underrepresented social groups<br><br>vii. Competencies relevant to the organization’s impacts;<br><br>viii. Stakeholder representation. | a. Chapter I: Boards of Directors <br>Board of Directors website: https://www.grupobancolombia.com/corporativo/gobierno-corporativo/junta-directiva-alta-gerencia<br><br>b. Chapter. Notice 031 Report – ESG Corporate Governance Structure <br>Board committees website – Good Governance Committee: https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/86e2ccee-8a28-4c8f-b26e-31cdfcf0d9f8/Comit%C3%A9s.pdf?MOD=AJPERES&CVID=oxZOSqO<br><br>c. Board of Directors and senior management website: https://www.grupobancolombia.com/corporativo/gobierno-corporativo/junta-directiva-alta-gerencia |
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| 2-10. Report on the nomination and selection process of members of senior management and its committees | a. Describe the nomination and selection processes of the highest governance body and its committees;<br><br>b. Describe the nomination and selection criteria for members of the highest governance body, indicating whether the following are considered, and how:<br><br>i. The views of stakeholders (including shareholders)<br><br>ii. Diversity<br><br>iii. Independence<br><br>iv. Competencies relevant to the organization’s impacts. | a. Chapter I: Boards of Directors <br>Board of Directors website – see board member profile: https://www.grupobancolombia.com/corporativo/gobierno-corporativo/junta-directiva-alta-gerencia<br><br>See the following documents on the website: <br>1.2.1. Certification of independence <br>1.2.6. Boards on which directors serve <br>1.2.7. Average tenure of Board of Directors members <br>1.2.8. Directors’ experience in the financial sector <br>Variable compensation model for the President and Executives <br>1.2.4. Good Governance Committee opinion |
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| 2-11 Chair of the highest governance body | Report whether the chair of the highest governance body also holds an executive position in<br><br>the organization.<br><br>a. If the chair is also a senior executive, explain their role within the organization’s management,<br><br>the reasons for this arrangement,<br><br>and how conflicts of interest are prevented and mitigated. | Chapter I: Board of Directors – Board website <br>Board of Directors and Senior Management | Bancolombia Group<br><br><br><br>Certification of independence of the Board of Directors in the public document: <br>https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/4dde82a3-d743-4ec0-a5e2-6c6de9bd55dd/1.2.1_Acreditaci%C3%B3n_de_Independencia.pdf?MOD=AJPERES&CVID=oysMjJH |
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| 2-12. Role of the highest governance body in overseeing the management of impacts | a. Describe the role of the highest governance body and senior management in the development, approval, and updating of the organization’s purpose, values, or mission<br><br>in relation to sustainable development.<br><br>b. Describe the role of the highest governance body in overseeing the organization’s due diligence and other processes to identify and manage the organization’s impacts on the economy, people, and the environment, including:<br><br>i. Whether the highest governance body engages with stakeholders to support these processes;<br><br>ii. How the highest governance body considers the outcomes of these processes;<br><br>c. Describe the role of the highest governance body in reviewing the effectiveness of the organization’s processes described in section 2-12-b, and report the frequency of this review. | Chapter II Internal Control System Report – Risk Assessment and Control Activities<br><br>Notice 031 Report – ESG Corporate Governance and Climate Action Structure |
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| 2-13. Delegation of Responsibilities for Impact Management | a. Describe how the highest governance body delegates responsibility for managing the organization’s impacts on the economy, the environment, and people, including:<br><br>i. Whether it has appointed any senior executive with responsibility for impact management;<br><br>ii. Whether it has delegated responsibility for impact management to other employees;<br><br>b. Describe the process and frequency with which senior management or other employees report to the highest governance body on the management of the organization’s impacts on the economy, the environment, and people. |
| 2-14 Role of the Highest Governance Body in Sustainability Reporting | a. Indicate whether the highest governance body is responsible for reviewing and approving the information contained in the report, including the organization’s material topics, and if so, describe the process for reviewing and approving the information;<br><br>b. If the highest governance body is not responsible for reviewing and approving the information contained in the report, including the organization’s material topics, explain the reasons. | The highest-level body responsible for reviewing the report submitted to the shareholders’ meeting is the Board of Directors. |
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| 2-15. Procedures Implemented to Prevent Conflicts of Interest in the Highest Governance Body | a. Describe the processes through which the highest governance body ensures that conflicts of interest are prevented and mitigated;<br><br>b. Report whether conflicts of interest are disclosed to stakeholders, including, at a minimum, conflicts of interest related to:<br><br>i. Membership on different boards of directors<br><br>ii. Cross-shareholdings with suppliers and other stakeholders<br><br>iii. Existence of majority shareholders<br><br>iv. Related parties, their relationships, transactions, and outstanding balances. | Corporate Governance website:<br><br>https://www.grupobancolombia.com/corporativo/gobierno-corporativo |
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| 2-17. Collective Knowledge of the Highest Governance Body | a. Report the measures taken to advance the collective knowledge, competencies, and experience of the highest governance body in sustainable development. | See_ Chapter 1 Our Board of Directors - Training of the Board of Directors in 2025.<br><br>Board experience website: https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/9fd495ec-0948-42c8-9337-7f5a10026c58/1.2.8._Experiencia_sector_financiero.pdf?MOD=AJPERES&CVID=oxZlauy |
| 2-18 Evaluation of the Performance of the Highest Governance Body | a. Describe the processes for evaluating the performance of the highest governance body in overseeing the management of the organization’s impacts on the economy, the environment, and people;<br><br>b. Indicate whether the evaluations are independent or not, and the frequency with which they are carried out;<br><br>c. Describe the actions taken in response to the evaluations, including changes in the composition of the highest governance body and organizational practices. | Good Governance Code, page 18:<br><br>https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/44349919-2d9d-4b5a-b153-9740ac95e42b/C%C3%B3digo_de_Buen_Gobierno_-_17_de_marzo_2023_%28cambios+aceptados%29.pdf?MOD=AJPERES&CVID=ov3fJZX |
| 2-16 Communication of Critical Processes | a. Describe whether critical matters are communicated to the highest governance body and, if so, how they are communicated;<br><br>b. Indicate the total number and nature of the critical matters that have been communicated to the highest governance body during the period covered by the report. | The Bank’s General Office consolidates strategic matters on a monthly basis to be presented to the Board of Directors. See Chapter “Our Corporate Governance Matters.” |
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| 2-19 Report remuneration policies for the highest governance body and senior executiveS | a. Describe the remuneration policies for members of the highest governance body and senior executives, including:<br><br>i. Fixed and variable compensation<br><br>ii. Sign-on bonuses or hiring incentive payments<br><br>iii. Severance payments;<br><br>iv. Clawbacks;<br><br>v. Pension benefits;<br><br>b. Describe the relationship between the remuneration policies of members of the highest governance body and senior executives and their objectives and performance in relation to the management of the organization’s impacts on the economy, the environment, and people. | Boards of Directors<br><br>Board of Directors website: https://www.grupobancolombia.com/corporativo/gobierno-corporativo/junta-directiva-alta-gerencia <br>Senior management variable compensation model website: <br>https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/e006bdf1-2e52-4911-a3cd-f121ee3eaa8c/1.1.8%2BModelo%2Bde%2BCompensaci%C3%B3n%2BVariable%2BPresidente%2By%2Bejecutivos.pdf?MOD=AJPERES&CVID=ozvnCY<br><br>See: Our Corporate Governance Matters / Shareholders’ Meetings held during 2025 |
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| 2-20 Report the Process for Determining Remuneration | a. Describe the process for developing remuneration policies and determining remuneration, including:<br><br>i. Whether the remuneration determination process is overseen by independent members of the highest governance body or by an independent remuneration committee;<br><br>ii. How stakeholder views (including shareholders) are collected and considered regarding remuneration;<br><br>iii. Whether consultants are used to determine remuneration and, if so, whether they are independent of the organization, its highest governance body, and senior executives;<br><br>b. Report the results of stakeholder (including shareholder) votes on remuneration policies and proposals, where applicable. |
| 2-21 Annual Total Compensation Ratio | a. Indicate the ratio between the total annual compensation of the highest-paid individual in the organization and the average total annual compensation of all employees (excluding the highest-paid individual);<br><br>Indicate the ratio between the percentage increase in the total annual compensation of the highest-paid individual in the organization and the percentage increase in the average total annual compensation of all employees (excluding the highest-paid individual);<br><br>c. Provide the contextual information necessary to understand the data and how it has been compiled. | Confidential information | Confidential information |
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| 2-30 Collective Bargaining Agreements | a. Indicate the percentage of the total workforce covered by collective bargaining agreements;<br><br>b. For employees not covered by collective bargaining agreements, indicate whether the organization determines their working and employment conditions based on collective bargaining agreements that cover other employees or based on agreements of other organizations. | The companies with active union affiliation are Bancolombia, Valores Bancolombia, Banca de Inversión Bancolombia, and Fiduciaria Bancolombia. The union density rate in these companies is 41.6%. In line with our Social Dialogue Model, our Collective Labor Agreement (CCT) has been in force since November 2023 through October 2026 for all operational staff, regardless of whether they are union members. The coverage rate of the collective agreement is 48% of the total employees in these companies. |
Index of specific GRI indicators 2025
| Index of specific GRI indicators 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Report chapter | Indicator | GRI Requirements | Response | Omissions and Comments | Sustainable Development Goals | Global Compact | Limited Assurance |
| We Grow by Creating Value | 2-26. Mechanisms for seeking advice and raising concerns | The reporting organization shall disclose the following information:<br><br><br><br>a. Describe the mechanisms for individuals to: <br>i. Seek advice on implementing the organization’s policies and practices for responsible business conduct; <br>ii. Raise concerns about the organization’s business conduct. | The information reported in the 2025 Management Report regarding this indicator refers to the companies that make up the Business Group:<br><br><br><br>•Bancolombia S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br>•Valores Bancolombia S.A.<br><br>•Bancolombia Capital Holdings USA LLC<br><br>•Bancolombia Capital LLC<br><br>•Bancolombia Capital Advisers LLC<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Nequi S.A. Compañía de Financiamiento<br><br><br><br>The information for this indicator is published at the following link on the ethics website. | Anti-corruption principles<br><br>Principle 7 and Principle 1 |  |
| We Grow by Creating Value | 207-1 Tax Approach | i. Whether the organization has a tax strategy and, if so, a link to that strategy if it is public;<br><br>ii. The governance body or executive-level position that formally reviews and approves the tax strategy, and the frequency of reviews;<br><br>iii. The approach to regulatory compliance;<br><br>iv. The relationship between the tax approach and the organization’s business and sustainable development strategies. | The information reported in the 2025 Management Report regarding this indicator refers to the following companies: Grupo Cibest S.A., Inversiones Cibest S.A.S., Valores Cibest S.A.S., Cibest Investment Management S.A.S., Cibest Inversiones Estratégicas S.A.S., Bancolombia S.A., Banagricola S.A., Banistmo S.A., Grupo Agromercantil Holding S.A., Cibest Panama Assets S.A., Nequi S.A., Wompi S.A.S., Negocios Digitales S.A.S., Renting Colombia S.A.S., Wenia LTDA.<br><br><br><br>The information for this indicator is published at this link. |
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| We Grow by Creating Value | 207-2 Tax governance, control, and risk management | The reporting organization shall disclose the following information:<br><br>a. A description of tax governance and the control framework, indicating<br><br>i. The governance body or executive-level position responsible for compliance with the tax strategy<br><br>ii. How the tax approach is integrated into the organization;<br><br>iii. The approach to tax risks, including how they are identified, managed, and monitored; iv. How compliance with tax governance and the control framework is evaluated.<br><br>b. A description of mechanisms for reporting concerns related to unethical or unlawful conduct and organizational integrity in relation to taxation<br><br>c. A description of the process for verifying tax-related disclosures and, where applicable, a reference to the report, statement, or opinion of the verifier | The information reported in the 2025 Management Report regarding this indicator refers to the following companies: Grupo Cibest S.A., Inversiones Cibest S.A.S., Valores Cibest S.A.S., Cibest Investment Management S.A.S., Cibest Inversiones Estratégicas S.A.S., Bancolombia S.A., Banagricola S.A., Banistmo S.A., Grupo Agromercantil Holding S.A., Cibest Panama Assets S.A., Nequi S.A., Wompi S.A.S., Negocios Digitales S.A.S., Renting Colombia S.A.S., Wenia LTDA.<br><br><br><br><br><br>The information for this indicator is published at this link. |
| We Grow by Creating Value | 301-1 Materials used by weight or volume | The reporting organization shall disclose the following information:<br><br>a. The total weight or volume of materials used to produce and package the organization’s primary<br><br>products and services during the reporting period, by:<br><br>i. Non-renewable materials used;<br><br>ii. Renewable materials used. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>The companies included in scope report only paper consumption for the calculation of this indicator.<br><br><br><br>The result of the indicator is calculated using the following formula:<br><br><br><br><br><br><br><br>Total (kg paper) = (Total reams of paper used during the reporting year × conversion factor) + (Total sheets of formats/statements × conversion factor).<br><br><br><br><br><br>Eco-efficiency chapter | SDG #12 | Environmental Principles |
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| We Grow by Creating Value | 302-1 Energy consumption within the organization | The reporting organization shall disclose the following information:<br><br>a. Total fuel consumption from non-renewable sources within the organization in joules or multiples, including the types of fuels used.<br><br>b. Total fuel consumption from renewable sources within the organization in joules or multiples, including the types of fuels used.<br><br>c. In joules, watt-hours, or multiples, the total of:<br><br>i. Electricity consumption<br><br>ii. Heating consumption<br><br>iii. Cooling consumption<br><br>iv. Steam consumption<br><br>d. In joules, watt-hours, or multiples, the total of:<br><br>i. Electricity sold<br><br>ii. Heating sold<br><br>iii. Cooling sold<br><br>iv. Steam sold<br><br>e. Total energy consumption within the organization, in joules or multiples.<br><br>f. The standards, methodologies, assumptions, or calculation tools used.<br><br>g. The source of the conversion factors used. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>Fuel consumption:<br><br>*Fuel consumption for electricity generation plants is accounted for and reported in Bancolombia S.A. and Bancolombia Panamá S.A.<br><br>*Fuel consumption of owned and leased vehicles of Bancolombia S.A., and owned vehicles of Bancolombia Panamá S.A., is accounted for and reported.<br><br>Fuel consumption of electricity plants (diesel) is accounted for in El Salvador, as well as gasoline consumption of owned vehicles.<br><br>In Guatemala, gasoline and diesel consumption for electricity plants is accounted for. In Panama, diesel consumption of electricity plants and gasoline and diesel consumption of owned vehicles are accounted for.<br><br>*Types of fuel used: B2, B10, gasoline, motor gasoline, diesel, and CNG.<br><br><br><br>Grid energy:<br><br>*Only data corresponding to owned and leased facilities that generate invoices and billing statements are considered.<br><br>*Consumption from facilities located within third-party establishments that are responsible for utility payments is not considered.<br><br>*Some leased premises in the Niquía and Dirección General buildings in Bello and Medellín are not considered.<br><br>*If invoices are missing in any month, consumption is estimated using a Machine Learning-based estimation model described in the document “Model Documentation.”<br><br>Self-generated energy: *Photovoltaic electricity generation systems are in place across all geographies. Purchased renewable energy: The equivalent of 79.74% of total electricity consumption is purchased as renewable energy.<br><br><br><br>Indicator calculation formula:<br><br>Total energy consumption within the organization (MJ) =<br> non-renewable fuel consumed + purchased renewable energy consumption + self-generated renewable energy consumption + grid energy consumption<br><br><br><br><br><br>Eco-efficiency chapter | SDG #7 | Environmental Principles |
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| We Grow by Creating Value | 302-3 Energy intensity | The reporting organization shall disclose the following information:<br><br>a. The organization’s energy intensity ratio.<br><br>b. The specific parameters (denominator) selected to calculate the ratio.<br><br>c. The types of energy included in the intensity ratio (fuel, electricity, heating,<br><br>cooling, steam, or all).<br><br>d. Whether the ratio covers energy consumption within the organization, outside it, or both. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>The result of the indicator is calculated using the following formula:<br><br>Numerator: Energy consumption within the organization. The calculation of energy consumption in MJ is presented in the data analysis described in the technical sheet of indicator GRI 302-1 (Energy consumption within the organization).<br><br>Denominator: Number of people<br><br><br><br>The compilation of information related to the number of employees and suppliers is described in the technical sheet of indicator GRI 401-1 (New employee hires and employee turnover). Intensity ratio:<br><br><br><br>Energy intensity = Energy consumption within the organization in MJ / (number of direct employees of the reporting companies + number of supplier employees working at the facilities of the reporting companies) as of December 31, 2025.<br><br><br><br>Eco-efficiency chapter | SDG #7 | Environmental Principles |
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| We Grow by Creating Value | 302-4 Reduction of energy consumption | a. The amount of reductions in energy consumption achieved as a direct result of conservation and efficiency initiatives, in joules or multiples.<br><br>b. The types of energy included in these reductions (fuel, electricity, heating, cooling, steam, or all).<br><br>c. The basis for calculating reductions in energy consumption, such as the base year or baseline, including justification for its selection.<br><br>d. The standards, methodologies, assumptions, and calculation tools used. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>Energy consumption (MJ) avoided through the implementation of electricity reduction initiatives: sum of the amount of energy in MJ that was theoretically not consumed for each initiative implemented.<br><br>The reported energy savings are entirely theoretical.<br><br><br><br>This indicator does not include initiatives developed in Banco Agromercantil de Guatemala S.A.<br><br><br><br><br><br><br><br>Eco-efficiency chapter | SDG #7 | Environmental Principles |
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| We Grow by Creating Value | 303-5 Water consumption | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Banco Agrícola S.A., Banco Agromercantil de Guatemala S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br>Aqueduct water<br><br>*Only data corresponding to owned and leased facilities that generate invoices and billing statements are considered.<br><br>*Consumption from facilities located within third-party establishments that are responsible for utility payments is not considered.<br><br>*If invoices are missing in any month, consumption is estimated using a Machine Learning-based estimation model described in the document “Model Documentation.” *In the case of Guatemala, a consumption estimation model is used for more than 90% of branches because they do not have detailed consumption data (m³).<br><br>Rainwater<br><br>*Rainwater harvesting is implemented at the Dirección General and Centro Operativo Bancolombia facilities; in both cases, direct meter measurement is carried out in Colombia.<br><br>Groundwater: In Guatemala, groundwater consumption is generated. Consumption is reported at the Central Offices and the Plaza 6-17 Branch.<br><br>Water consumption in water-stressed areas To identify sites located in water-stressed areas, the Water Risk Atlas tool is used, which, based on the location of facilities, determines which are in these areas. According to this platform, water risk is measured by including all water-related risks, with selected indicators covering the categories of physical quantity, quality, and regulatory and reputational risk. Higher values indicate greater water risk. According to the tool, areas classified as high or above are considered water-stressed areas. The result of the indicator is calculated using the following formula:<br><br>Water consumption = aqueduct water consumption + rainwater consumption + groundwater consumption | SDG #6 | Environmental Principles |
| We Grow by Creating Value | 305-1. Direct (Scope 1) GHG emissions | a. Gross direct GHG emissions (Scope 1) in metric tons of CO₂ equivalent.<br><br>b. Gases included in the calculation: CO₂, CH₄, N₂O, HFC, PFC, SF₆, NF₃, or all.<br><br>c. Biogenic CO₂ emissions in metric tons of CO₂ equivalent.<br><br>d. Base year for the calculation, where applicable, including:<br><br>i. The justification for the selection;<br><br>ii. Emissions in the base year;<br><br>iii. The context of any significant changes in emissions that led to recalculations of base year emissions.<br><br>e. The source of emission factors and Global Warming Potential (GWP) rates used or a reference to the GWP source.<br><br>f. The consolidation approach for emissions: equity share, financial control, or operational control.<br><br>g. The standards, methodologies, assumptions, and calculation tools used. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Banco Agrícola S.A., Banco Agromercantil de Guatemala S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>*The only emission source reported is fuel consumption, as mentioned in the indicator Energy consumption within the organization [GRI 302-1].<br><br>*CO₂, N₂O, and CH₄ are reported.<br><br>*Biogenic emissions are reported only for Colombia.<br><br>* Emission factors from UPME and IPCC 2006 are used for calculations.<br><br>The result of the indicator is calculated using the following formula:<br><br>Scope 1 emissions (tCO₂e) = Type of fuel × Fuel emission factor<br><br><br><br>Biogenic emissions (tCO₂e) = (Fuel consumption × Biofuel percentageᵢ) × Biofuel emission factor<br><br><br><br>Direct Scope 1 GHG emissions = CO₂ eq emissions from B2 + CO₂ eq emissions from B10 + CO₂ eq emissions from diesel + CO₂ eq emissions from gasoline + CO₂ eq emissions from natural gas<br><br><br><br><br><br><br><br>Eco-efficiency chapter | SDG #13 | Environmental Principles |
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| We Grow by Creating Value | 305-2. Energy indirect (Scope 2) GHG emissions | a. Gross location-based energy indirect GHG emissions (Scope 2) in metric tons of CO₂ equivalent.<br><br>b. Where applicable, gross market-based energy indirect GHG emissions (Scope 2) in metric tons of CO₂ equivalent.<br><br>c. Where available, gases included in the calculation: CO₂, CH₄, N₂O, HFC, PFC, SF₆, NF₃, or all.<br><br>d. Base year for the calculation, where applicable, including:<br><br>i. The justification for the selection;<br><br>ii. Emissions in the base year;<br><br>iii. iii. The context of any significant changes in emissions that led to recalculations of base year emissions.<br><br>e. The source of emission factors and Global Warming Potential (GWP) rates used or a reference to the GWP source.<br><br>f. The consolidation approach for emissions: equity share, financial control, or operational control.<br><br>g. The standards, methodologies, assumptions, and calculation tools used. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>Since Scope 2 indirect GHG emissions are directly related to energy consumption within the organization, the information systems used for calculation are those described in the data analysis in the technical sheet of indicator GRI 302-1 (Energy consumption within the organization).<br><br><br><br>*For emissions calculations, XM factors are used for Colombia; for Panama, factors from the Office of Energy of Panama and the Low Carbon Power website for Puerto Rico; for El Salvador, from the General Directorate of Energy, Hydrocarbons and Mines; and for Guatemala, from the Ministry of Mines and Energy of that country.<br><br><br><br>The result of the indicator is calculated using the following formula:<br><br><br><br>Scope 2 emissions (tCO₂e) location-based = (Purchased renewable electricity consumption + Grid electricity consumption) × EF / 1000<br><br><br><br>Scope 2 emissions (tCO₂e) market-based = ((Purchased renewable electricity consumption + Grid electricity consumption) − Purchased renewable electricity consumption) × EF / 1000<br>The emission factor used in the market-based GHG emissions equation corresponding to the purchase of IREC certificates is equivalent to 0 tCO₂e.<br><br><br><br>Eco-efficiency chapter | SDG #12 | Environmental Principles |
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| We Grow by Creating Value | 305-3. Other indirect (Scope 3) GHG emissions | Gross other indirect GHG emissions (Scope 3) in metric tons of CO₂ equivalent.<br><br>Where available, gases included in the calculation: CO₂, CH₄, N₂O, HFC, PFC, SF₆, NF₃, or all.<br><br>c. Biogenic CO₂ emissions in metric tons of CO₂ equivalent.<br><br>Categories and activities related to other indirect GHG emissions (Scope 3) included in the calculation.<br><br>e. Base year for the calculation, where applicable, including:<br><br>i. The justification for the selection;<br><br>ii. Emissions in the base year;<br><br>iii. iii. The context of any significant changes in emissions that led to recalculations of base year emissions.<br><br>f. The source of emission factors and Global Warming Potential (GWP) rates used or a reference to the GWP source.<br><br>g. The standards, methodologies, assumptions, and calculation tools used. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., Banistmo S.A., and Renting Colombia S.A.S. (hereinafter “companies included in scope”).<br><br><br><br>*Emission sources included in this indicator are: paper consumption, travel (domestic land and air), cloud services, vehicle leasing, and reverse logistics.<br><br><br><br>*Paper consumption calculation is described in indicator GRI 301-1 (Materials used by weight or volume).<br><br><br><br>*Only CO₂ is reported; biogenic emissions are not reported.<br>The result of the indicator is calculated using the following formula:<br><br><br><br>Other indirect GHG emissions (tCO₂e) = tCO₂ eq (paper) + tCO₂ eq (travel) + tCO₂ eq (reverse logistics) + tCO₂ eq (cloud) + tCO₂ eq (vehicle leasing)<br><br><br><br>Paper component emissions (tCO₂e) = Paper consumption in kg × emission factor<br><br><br><br>Travel component emissions (tCO₂e):<br>For air travel, the provider sends a report with the kilometers traveled for all trips during the year under review, including a column of tCO₂ emitted based on the DEFRA methodology.<br><br><br><br>For land travel, to calculate tCO₂e, the provider shares kilometers traveled, and the footprint is calculated using emission factors published by UPB.<br><br><br><br>Reverse logistics component emissions (tCO₂e) = Number of boxes × kilometers traveled × emission factor<br><br><br><br>Cloud component emissions: The methodology calculates cloud carbon emissions based on actual AWS resource usage (compute and storage), extracted from the CUR and processed in CloudCenter through an ETL workflow that standardizes units, maps services and instances, and applies energy conversion factors based on Cloud Carbon Footprint. In the case of microservices (EKS), emissions are estimated according to CPU and memory provisioned per pod, applying specific energy consumption factors and continuous monthly hours.<br><br><br><br>Emissions from vehicle leasing by Renting are also included.<br><br><br><br>Emission factors are constructed from UPME fuel factors and km/gallon performance according to the type of leased vehicle and its technical characteristics. | SDG #12 | Environmental Principles |
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| We Grow by Creating Value | 305-4. GHG emissions intensity | a. The organization’s GHG emissions intensity ratio.<br><br>b. The specific parameter (denominator) selected to calculate the ratio.<br><br>c. The types of GHG emissions included in the intensity ratio: direct (Scope 1), energy indirect (Scope 2), and other indirect (Scope 3).<br><br>d. Gases included in the calculation: CO₂, CH₄, N₂O, HFC, PFC, SF₆, NF₃, or all. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>The result of the indicator is calculated using the following formula:<br><br><br><br>Numerator: GHG emissions. The calculation of emission magnitude is presented in the technical sheets of indicators GRI 305-1, 305-2, and 305-3.<br><br><br><br>Denominator: Number of people. The compilation of information related to the number of employees is described in the technical sheet of indicator GRI 401-1 (New employee hires and employee turnover).<br><br><br><br>Intensity ratio: Scope 1 + 2 emissions intensity (tCO₂e/employee) = (Direct GHG emissions Scope 1 + Indirect GHG emissions Scope 2) / Number of direct employees of the reporting companies + number of supplier employees working at the facilities of the reporting companies as of December 31, 2025<br><br><br><br>Scope 3 GHG emissions intensity (tCO₂e/employee) = Other GHG emissions / Number of direct employees of the reporting companies + number of supplier employees working at the facilities of the reporting companies as of December 31, 2025<br><br><br><br>For the calculation of Scope 3 emissions intensity, emissions generated by vehicle leasing from Renting Colombia S.A.S. are excluded, and the number of employees of that company is also not considered.<br><br><br><br>Eco-efficiency chapter | SDG #13 | Environmental Principles |
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| We Grow by Creating Value | 305-5. Reduction of GHG emissions | a. The reduction of GHG emissions as a direct result of reduction initiatives in metric tons of CO₂ equivalent. <br>b. Gases included in the calculation: CO₂, CH₄, N₂O, HFC, PFC, SF₆, NF₃, or all. <br>c. Base year or baseline, including justification for its selection. <br>d. The scopes in which reductions occurred: direct emissions (Scope 1), energy indirect (Scope 2), or other indirect (Scope 3). <br>e. The standards, methodologies, assumptions, and calculation tools used. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>The result of the indicator is calculated using the following formula: GHG emissions reduction for the current year (tCO₂e) = emissions avoided through tree planting + emissions that would have been generated if self-generated energy had been consumed from the grid + emissions avoided through the implementation of energy efficiency projects<br><br><br><br>Trees: direct calculation by a third party<br><br><br><br>Self-generated energy: multiplied by the emission factor to determine how many emissions would have been generated if solar energy had not been self-generated<br><br><br><br>Energy efficiency projects: the amount of electricity saved is multiplied by the corresponding emission factor<br><br><br><br><br><br>Eco-efficiency chapter | SDG #13 | Environmental Principles |
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| We Grow by Creating Value | 306-2. Waste by type and disposal method | Actions, including circularity measures, taken to prevent waste generation in the organization’s own activities and upstream and downstream in<br><br>its value chain, and to manage the significant impacts of generated waste.<br><br>b. If waste generated from the organization’s own activities is managed by a third party, a description of the processes carried out to<br><br>verify that the third party manages waste in accordance with contractual or legal obligations.<br><br>c. The processes used to collect and control waste data. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>This indicator is qualitative. The scope of PwC assurance is limited to analyzing the existence of what is reported in the indicator.<br><br><br><br><br><br>Eco-efficiency chapter | SDG #12 | Environmental Principles |
| Grow while maintaining our financial strength | 306-3 Waste generated | The reporting organization shall disclose the following information:<br><br>a. Total weight of waste generated in metric tons and a breakdown of this total by waste composition.<br><br>Contextual information necessary to understand the data and how it was collected. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>The result of the indicator is calculated using the following formula:<br><br>Waste generated (t) = Waste not directed to disposal (t) + Waste directed to disposal (t)<br><br>Eco-efficiency chapter | SDG #12 | Environmental Principles |
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| We Grow by Creating Value | 306-4 Waste not directed to disposal | The reporting organization shall disclose the following information:<br><br>a. Total weight of waste not directed to disposal in metric tons and a breakdown of this total by waste composition.<br><br>b. Total weight of hazardous waste not directed to disposal in metric tons, and a breakdown by the following recovery operations:<br><br>i. Preparation for reuse;<br><br>ii. Recycling;<br><br>iii. Other recovery operations.<br><br>c. Total weight of non-hazardous waste not directed to disposal in metric tons and a breakdown by the following recovery operations:<br><br>i. Preparation for reuse;<br><br>ii. Recycling;<br><br>iii. Other recovery operations.<br><br>For each recovery operation included in Disclosures 306-4-b and 306-4-c, a breakdown of the total weight in metric tons of hazardous and non-<br><br>hazardous waste not directed to disposal:<br><br>i. On-site;<br><br>ii. Off-site.<br><br>e. Contextual information necessary to understand the data and how it was collected. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>Hazardous waste (RESPEL) not directed to disposal: Chemicals such as lubricating oils, batteries, cells, fluorescent lamps, among others that cannot be recovered. Waste electrical and electronic equipment (WEEE): including parts of computers, printers, televisions, among others that cannot be recovered.<br><br><br><br>Non-hazardous waste not directed to disposal: Recoverable: including paper, cardboard, plastic, packaging waste, and some types of scrap. Organic: including waste that can be composted.<br>The result of the indicator is calculated using the following formula:<br><br><br><br>Waste not directed to disposal (t) = Hazardous waste not directed to disposal (t) + Non-hazardous waste not directed to disposal (t)<br><br><br><br>Eco-efficiency chapter | SDG #12 | Environmental Principles |
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| We Grow by Creating Value | 306-5 Waste directed to disposal | The reporting organization shall disclose the following information:<br><br>a. Total weight of waste directed to disposal in metric tons and a breakdown of this total by composition of the waste.<br><br>b. Total weight of hazardous waste directed to disposal in metric tons and a breakdown of this total by the following disposal operations:<br><br>i. incineration (with energy recovery);<br><br>ii. incineration (without energy recovery);<br><br>iii. landfilling;<br><br>iv. other disposal operations.<br><br>Total weight of non-hazardous waste directed to disposal in metric tons<br><br>and a breakdown of this total by the following disposal operations:<br><br><br><br>i. incineration (with energy recovery);<br><br>ii. incineration (without energy recovery);<br><br>iii. landfilling;<br><br>iv. other disposal operations.<br><br>c. Total weight of non-hazardous waste directed to disposal in metric tons and a breakdown of this total by the following disposal operations:<br><br>i. incineration (with energy recovery);<br><br>ii. incineration (without energy recovery);<br><br>iii. landfilling;<br><br>iv. other disposal operations.<br><br>d. For each disposal operation included in Disclosures 306-5-b and 306-5-c, a breakdown of the total weight in metric tons of hazardous and non-hazardous waste directed to disposal:<br><br>i. On-site;<br><br>ii. Off-site.<br><br>e. Contextual information necessary to understand the data and how it was collected. | The information reported in the 2025 Management Report regarding this indicator corresponds only to the companies Bancolombia S.A., Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC., Banco Agromercantil de Guatemala S.A., Banco Agrícola S.A., and Banistmo S.A. (hereinafter “companies included in scope”).<br><br><br><br>Hazardous waste (RESPEL) not directed to disposal: Chemicals such as lubricating oils, batteries, cells, fluorescent lamps, among others that cannot be recovered. Waste electrical and electronic equipment (WEEE): including parts of computers, printers, televisions, among others that cannot be recovered.<br><br><br><br>Non-hazardous waste directed to disposal: Non-recoverable waste generated by employees of the reporting companies and employees of suppliers working at the facilities of the reporting companies that is directed to disposal is collected by local sanitation companies and disposed of in a sanitary landfill. This value is estimated based on public information on per capita waste generation from activities outside the home and their recovery rates according to the technical bulletin of the Environmental and Economic Account of Solid Waste Material Flows (CAEFM-RS) published by the National Administrative Department of Statistics (DANE). The company performs its calculations by adding 5% to the factor reported by DANE.<br><br><br><br>Total non-hazardous waste (kg) directed to disposal = (Number of employees and number of supplier employees working at the facilities of the reporting companies) * (waste generation factor according to DANE in kg/person/year)<br><br><br><br>The number of employees and number of supplier employees working at the facilities of the reporting companies is described in indicator GRI 401-1 (New employee hires and employee turnover).<br><br><br><br>The result of the indicator is calculated using the following formula:<br><br>Waste directed to disposal (t) = Hazardous waste directed to disposal (t) + Non-hazardous waste directed to disposal<br><br>In the case of El Salvador, ordinary waste certified by the corresponding manager is included in the calculation.<br><br><br><br>Eco-efficiency chapter | Environmental Principles |
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| Customers Are at the Center of Our Business | 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data | The reporting organization shall disclose the following information:<br><br>a. The total number of substantiated complaints received concerning breaches of customer privacy, categorized by: <br>i. complaints received from third parties and substantiated by the organization; <br>ii. complaints from regulatory authorities. <br>b. The total number of identified cases of customer data leaks, thefts, or losses. <br>c. If the organization has not identified any substantiated complaints, a brief statement of this fact is sufficient. | The information reported in the 2025 Management Report regarding this indicator corresponds to the information on substantiated complaints concerning breaches of customer privacy and loss of customer data during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br>•Bancolombia S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br>•Leasing Bancolombia S.A.<br><br>•Valores Bancolombia S.A. Comisionista de Bolsa<br><br>•Banca de Inversión Bancolombia S.A. Corporación Financiera<br><br>•Inversiones CFNS S.A.S.<br><br>•Nequi S.A. Compañía de Financiamiento<br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formula:<br><br><br><br>Total number of substantiated complaints concerning breaches of customer privacy = Sum of the number of complaints received from third parties + sum of the number of complaints received from regulatory authorities for each company included in scope at the close of the reporting year.<br><br><br><br>Total number of identified cases of customer data leaks, thefts, or losses = Sum of the number of identified cases of customer data leaks, thefts, or losses for each company included in scope at the close of the reporting year.<br><br><br><br>For Grupo Cibest during 2025, there were 15,231 customer requests and 27 requests from regulatory authorities; likewise, no cases of customer data leaks, thefts, or losses were identified for 2025. |
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| We Are the Place Where Talent Wants to Be | 401-1 New employee hires and employee turnover <br>- Total number and rate of new employee hires <br>- Total number and rate of employee turnover | The reporting organization shall disclose the following information:<br><br>a. The total number and rate of new employee hires during the reporting period, by age group, gender, and region. <br>b. The total number and rate of employee turnover during the reporting period, by age group, gender, and region. | The information reported in the 2024 Management Report regarding this indicator corresponds only to the information related to new employee hires and employee turnover associated with separations, carried out during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br>•Bancolombia S.A.<br><br>•Valores Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Banco Agrícola S.A.<br><br>•Gestora de Fondos de Inversión S.A. (Banco Agrícola)<br><br>•Valores Banagricola, S.A. de C.V.<br><br>•Banistmo S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Agrovalores S.A.<br><br>•Arrendadora Agromercantil S.A.<br><br>•Financiera Agromercantil S.A.<br><br>•Seguros Agromercantil S.A.<br><br>•Serproba S.A.<br><br>•Servicios de Formalización S.A.<br><br>•Valores Banistmo S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Panamá S.A. AG (Branch)<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formulas:<br><br><br><br>New hires = Sum of the total new hires made by the companies in scope during the reporting year<br><br><br><br>% of new hires = Total new hires made by the companies in scope during the reporting year / Total active employees of the reporting companies at the close of the reporting year<br><br><br><br>Total turnover (separations) = Sum of the total employee separations made by the companies in scope during the reporting year<br><br><br><br>% turnover (separations) = Total employee separations made by the companies in scope during the reporting year / Total active employees of the reporting companies at the close of the reporting year<br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management | SDG #5 and #8 | Labor Standards Principles |
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| 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees | The reporting organization shall disclose the following information:<br><br>a. Benefits that are standard for the organization’s full-time employees but are not provided to temporary or part-time employees, by significant locations of operation. These include, at a minimum: <br>i. Life insurance; <br>ii. Healthcare; <br>iii. Disability and invalidity coverage; <br>iv. Parental leave; <br>v. Retirement provision; <br>vi. Share ownership; <br>vii. Other. <br>b. The definition used for “significant locations of operation.” | The information reported in the 2025 Management Report regarding this indicator corresponds only to the benefits granted by the reporting companies to employees with open-ended employment contracts during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br>•Bancolombia S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br>•Valores Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Grupo Agromercantil Holding S.A.<br><br>•Seguros Agromercantil de Guatemala S.A.<br><br>•Banco Agromercantil de Guatemala S.A. (BAM)<br><br>•Financiera Agromercantil S.A.<br><br>•Arrendadora Agromercantil S.A.<br><br>•Asistencia y Ajustes S.A.<br><br>•Agrovalores S.A.<br><br>•Servicios de Formalización S.A.<br><br>•Serproba S.A.<br><br>•Banco Agrícola S.A.<br><br>•Valores Banagrícola S.A. de C.V.<br><br>•Gestora Fondos De Inversión Banagrícola S.A.<br><br>•Valores Banistmo S.A.<br><br>•Banistmo S.A.<br><br><br><br><br><br>https://www.grupobancolombia.com/wcm/connect/470d6adf-7be7-4f6a-9dd1-0cf2b2936e5e/BC_indicadores-GRI401-2022-V01.pdf?MOD=AJPERES<br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management. The detail is available at this link | SDG #3 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 403-1 Occupational Health and Safety Management System | a. A statement as to whether an occupational health and safety management system has been implemented, including:<br><br>i. whether the system has been implemented due to legal requirements and, if so, a list of those requirements;<br><br>ii. whether the system has been implemented based on recognized management system or risk management standards/guidelines and, if so, a list of those standards/guidelines.<br><br>b. A description of the scope of workers, activities, and workplaces covered by the occupational health and safety management system and an explanation of whether any workers, activities, or workplaces are not covered by this system and the reason for this. | The information reported in the Management Report regarding this indicator corresponds to the management system information on the occupational health and safety systems in force during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br>Bancolombia S.A. and its subsidiary companies located in Colombia (Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC.,<br><br>Valores Bancolombia S.A., Fiduciaria Bancolombia S.A., Banca de Inversión Bancolombia S.A., Banistmo S.A. and its subsidiary companies located in Panama.<br><br><br><br>Banco Agromercantil de Guatemala S.A. and its subsidiary companies located in Guatemala.<br><br>Banco Agrícola S.A. and its subsidiary companies located in<br><br>El Salvador.<br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management<br><br><br><br>Grupo Cibest has a strong Occupational Health and Safety system, aligned with standards and committed to protecting its personnel. | SDG #3 and #8 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 403-2 Types of incidents and rates of occupational injuries, occupational diseases, lost days, absenteeism, and number of work-related fatalities or occupational diseases | a. A description of the processes used to identify work-related hazards and assess risks on a routine and non-routine basis, and to apply the hierarchy of controls in order to eliminate hazards and minimize risks, including:<br><br>i. how the organization ensures the quality of these processes, including the<br><br>competencies of the persons carrying them out;<br><br>ii. how the results of these processes are used to evaluate and continually improve the occupational health and safety management system.<br><br>b. A description of the processes for workers to report work-related hazards and hazardous situations, and an explanation of how workers are protected against reprisals.<br><br>c. A description of the policies and processes for workers to remove themselves from work situations that they believe could cause injury, illness, or disease, and an explanation of how these workers are protected against reprisals.<br><br>d. A description of the processes used to investigate work-related incidents, including the processes for identifying hazards and assessing risks related to the incidents in order to determine corrective actions through the hierarchy of controls and to determine the necessary improvements to the occupational health and safety management system. | The information reported in the Management Report regarding this indicator corresponds to the management system information on the occupational health and safety systems in force during the reporting year for the operations (hereinafter “companies included in scope”) of: Grupo Cibest has a strong Occupational Health and Safety system, aligned with standards and committed to protecting its personnel.<br><br><br><br>Bancolombia S.A. and its subsidiary companies located in Colombia, Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional INC., Valores Bancolombia S.A., Fiduciaria Bancolombia S.A., Banca De Inversión Bancolombia S.A., Banistmo S.A. and its subsidiary companies located in Panama.<br><br>Banco Agromercantil de Guatemala S.A. and its subsidiary companies located in Guatemala.<br><br>Banco Agrícola S.A. and its subsidiary companies located in El Salvador.<br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management<br><br><br><br><br><br>The indicator is calculated in accordance with recognized methodologies such as NTC GTC 45 and BS 8800, which make it possible to assess risks and define effective controls. | SDG #3 and #8 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 403-9. Work-Related Injuries | The reporting organization shall disclose the following information:<br><br><br><br>a. For all employees:<br><br>i. The number and rate of fatalities as a result of work-related injury;<br><br>ii. The number and rate of high-consequence work-related injuries (excluding fatalities);<br><br>iii. The number and rate of recordable work-related injuries;<br><br>iv. The main types of work-related injuries;<br><br>v. The number of hours worked.<br><br><br><br>b. For all workers who are not employees, but whose work and/or workplace is controlled by the organization:<br><br>i. The number and rate of fatalities as a result of work-related injury;<br><br>ii. The number and rate of high-consequence work-related injuries (excluding fatalities);<br><br>iii. The number and rate of recordable work-related injuries;<br><br>iv. The main types of work-related injuries;<br><br>v. The number of hours worked.<br><br><br><br>c. The work-related hazards that pose a risk of high-consequence injury, including:<br><br>i. How these hazards were determined.<br><br>ii. which of these hazards caused or contributed to causing high-consequence injuries during the reporting period;<br><br>iii. Measures taken or planned to eliminate these hazards and minimize risks through the hierarchy of controls.<br><br><br><br>d. d. The actions taken or underway to eliminate other work-related hazards and minimize risks through the hierarchy of controls.<br><br>e. Whether rates have been calculated per 200,000 or per 1,000,000 hours worked.<br><br>f. Whether there are workers excluded from this disclosure, including the types of workers and the reason for exclusion.<br><br>g. Any contextual information necessary to understand how the data were collected, including standards, methodologies, or assumptions used.<br><br><br><br>When compiling the information specified in Disclosure 403-9, the reporting organization shall:<br><br>a. exclude fatalities from the calculation of the number and rate of high-consequence work-related injuries;<br><br>b. include fatalities resulting from work-related injuries in the calculation of the number and rate of recordable work-related injuries.<br><br>c. include work-related injuries resulting from incidents occurring while commuting only if the transportation is managed by the organization;<br><br>d. calculate rates based on 200,000 or 1,000,000 hours worked, using the following formulas:<br><br><br><br><br><br>Rate of fatalities resulting from work-related injury = Number of fatalities resulting from work-related injury<br><br>______________________<br><br><br><br>Number of hours worked<br><br><br><br><br><br>x [200,000 or 1,000,000]<br><br><br><br><br><br>Rate of high-consequence work-related injuries (excluding fatalities) = Number of high-consequence work-related injuries (excluding fatalities)<br><br>________________________<br><br><br><br>Number of hours worked<br><br><br><br><br><br><br><br>x [200,000 or 1,000,000]<br><br><br><br><br><br>Rate of recordable work-related injuries = Number of recordable work-related injuries<br><br>________________________<br><br><br><br>Number of hours worked<br><br><br><br>x [200,000 or 1,000,000] | The information reported in the 2025 Management Report regarding this indicator corresponds to information on work-related injuries during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br>•Bancolombia S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Panamá S.A AG (Bancolombia Panama Branch)<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br>•Valores Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Grupo Agromercantil Holding S.A.<br><br>•Seguros Agromercantil de Guatemala S.A.<br><br>•Banco Agromercantil de Guatemala S.A. (BAM)<br><br>•Financiera Agromercantil S.A.<br><br>•Arrendadora Agromercantil S.A.<br><br>•Asistencia y Ajustes S.A.<br><br>•Agrovalores S.A.<br><br>•Servicios de Formalización S.A.<br><br>•Serproba S.A.<br><br>•Banco Agrícola S.A.<br><br>•Valores Banagrícola S.A. de C.V.<br><br>•Gestora Fondos De Inversión Banagrícola S.A.<br><br>•Valores Banistmo S.A.<br><br>•Banistmo S.A.<br><br><br><br><br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formulas:<br><br><br><br>Total fatalities = Sum of the number of fatalities resulting from a work-related injury of employees or suppliers of the reporting companies by gender occurring during the reporting year.<br><br><br><br>Total high-consequence accidents = Sum of the number of high-consequence accidents (excluding fatalities) resulting from a work-related injury of employees or suppliers of the reporting companies by gender occurring during the reporting year.<br><br><br><br>Total recordable accidents = Sum of the number of recordable work-related injuries of employees or suppliers of the reporting companies by gender occurring during the reporting year.<br><br><br><br>Hours worked by employees = Scheduled working hours during the reporting year (HLP) – Vacation absenteeism hours during the reporting year (HAV) – Absenteeism hours during the reporting year (HA)<br><br><br><br>Hours worked by suppliers = Scheduled working hours during the reporting year (HLP) – Vacation absenteeism hours during the reporting year (HAV) – (Average absenteeism hours * 8) (HA)<br><br><br><br>Fatality rate = (Total fatalities of employees or suppliers occurring during the reporting year and related to a work-related accident * 200,000) / Number of hours worked by employees or suppliers during the reporting year<br><br><br><br>High-consequence accident rate = (Total high-consequence accidents of employees or suppliers occurring during the reporting year and related to a work-related accident * 200,000) / Number of hours worked by employees or suppliers during the reporting year<br><br><br><br>Recordable accident rate = (Total recordable accidents of employees or suppliers occurring during the reporting year and related to a work-related accident * 200,000) / Number of hours worked by employees or suppliers during the reporting year<br><br><br><br><br><br>Note: Information on work-related injuries of suppliers is presented only for Bancolombia S.A.<br><br><br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management<br><br><br><br><br><br>Key Occupational Health and Safety indicators. | SDG #3 and #8 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 403-10. Occupational illnesses and diseases | The reporting organization shall disclose the following information:<br><br><br><br>a. For all employees: <br>i. The number of fatalities resulting from an occupational ailment or disease; <br>ii. The number of recordable cases of occupational ailments and diseases; <br>iii. The main types of occupational ailments and diseases; <br>b. For all workers who are not employees, but whose work and/or workplace is controlled by the organization: <br>i. The number of fatalities resulting from an occupational ailment or disease; <br>ii. The number of recordable cases of occupational ailments and diseases; <br>iii. The main types of occupational ailments and diseases; <br>c. Occupational hazards that pose a risk of illnesses and diseases, including: <br>i. How these hazards were determined. <br>Which of these hazards have caused or contributed to occupational illnesses and diseases during the reporting period. <br>iii. Measures taken or planned to eliminate these hazards and minimize risks through the hierarchy of controls. <br>d. Whether there are workers excluded from this disclosure, including the types of workers and the reason for exclusion. <br>e. Any contextual information necessary to understand how the data were collected, including standards, methodologies, or assumptions used. | The information reported in the 2025 Management Report regarding this indicator corresponds to information on work-related injuries during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br>•Bancolombia S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Panamá S.A AG (Bancolombia Panama Branch)<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br>•Valores Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Grupo Agromercantil Holding S.A.<br><br>•Seguros Agromercantil de Guatemala S.A.<br><br>•Banco Agromercantil de Guatemala S.A. (BAM)<br><br>•Financiera Agromercantil S.A.<br><br>•Arrendadora Agromercantil S.A.<br><br>•Asistencia y Ajustes S.A.<br><br>•Agrovalores S.A.<br><br>•Servicios de Formalización S.A.<br><br>•Serproba S.A.<br><br>•Banco Agrícola S.A.<br><br>•Valores Banagrícola S.A. de C.V.<br><br>•Gestora Fondos De Inversión Banagrícola S.A.<br><br>•Valores Banistmo S.A.<br><br>•Banistmo S.A.<br><br><br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formulas:<br><br><br><br>Total fatalities = Sum of the number of fatalities resulting from an occupational ailment or disease of employees or suppliers of the reporting companies, by gender, occurring during the reporting year.<br><br><br><br>Total recordable events = Sum of the number of recordable cases of occupational ailments and diseases of employees or suppliers of the reporting companies, by gender, occurring during the reporting year.<br><br><br><br>Note: Information on work-related injuries of suppliers is presented only for Bancolombia S.A.<br><br><br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management<br><br>Key Occupational Health and Safety indicators. | SDG #3 and #8 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | Average hours of training per year per employee | The reporting organization shall disclose the following information:<br><br>a. The average hours of training that the organization’s employees received during the reporting period, broken down by: <br>i. gender; <br>ii. job category. | The information reported in the 2025 Management Report regarding this indicator corresponds to information on the average training hours provided to employees of the operations (hereinafter “companies included in scope”) of:<br><br>•Bancolombia S.A.<br><br>•Valores Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Banco Agrícola S.A.<br><br>•Gestora de Fondos de Inversión S.A. (Banco Agrícola)<br><br>•Valores Banagricola, S.A. de C.V.<br><br>•Banistmo S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Agrovalores S.A.<br><br>•Arrendadora Agromercantil S.A.<br><br>•Financiera Agromercantil S.A.<br><br>•Seguros Agromercantil S.A.<br><br>•Serproba S.A.<br><br>•Servicios de Formalización S.A.<br><br>•Valores Banistmo S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Panamá S.A. AG (Branch)<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br><br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formulas:<br><br><br><br>Average Training Hours by Gender = (Total training hours provided to employees by gender of the companies included in scope at the close of the reporting year / Total active employees by gender of the companies included in scope at the close of the reporting year) * % country weighting<br><br><br><br>Average Training Hours by Job Category = (Total training hours provided to employees by job category of the companies included in scope at the close of the reporting year / Total active employees by job category of the companies included in scope at the close of the reporting year) * % country weighting<br><br><br><br>% country weighting = (Total active employees of each company included in scope at the close of the reporting year / Total active employees of the companies included in scope at the close of the reporting year) * 100<br><br><br><br><br><br>Note: For the presentation of this indicator, it is understood that: a) gender is defined as female and male; and b) job category is subdivided into manager and non-manager positions, which correspond to the companies’ internal categories.<br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management | SDG #4 and #8 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 404.3 Percentage of employees receiving regular performance and career development reviews | The reporting organization shall disclose the following information:<br><br><br><br>a. Percentage of total employees by gender and by job category who received a regular performance and career development review during the reporting period. | The information reported in the 2025 Management Report regarding this indicator refers to all employees receiving periodic performance evaluations in the operations (hereinafter “companies included in scope”) of:<br><br><br><br>•Bancolombia S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Panamá S.A AG (Bancolombia Panama Branch)<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br>•Valores Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Seguros Agromercantil de Guatemala S.A.<br><br>•Banco Agromercantil de Guatemala S.A. (BAM)<br><br>•Financiera Agromercantil S.A.<br><br>•Arrendadora Agromercantil S.A.<br><br>•Agrovalores S.A.<br><br>•Servicios de Formalización S.A.<br><br>•Serproba S.A.<br><br>•Banco Agrícola S.A.<br><br>•Valores Banagrícola S.A. de C.V.<br><br>•Gestora Fondos De Inversión Banagrícola S.A.<br><br>•Valores Banistmo S.A.<br><br>•Banistmo S.A.<br><br>•Bagricola Costa Rica S.A.<br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formulas:<br><br><br><br>% of Employees Who Received Regular Reviews by Gender = (Total employees of the companies included in scope by gender who received performance evaluations at the close of the reporting year / Total employees of the companies included in scope who received performance evaluations at the close of the reporting year) * 100<br><br><br><br>% of Employees Who Received Regular Reviews by Job Category = (Total employees of the companies included in scope by job category who received performance evaluations at the close of the reporting year / Total employees of the companies included in scope who received performance evaluations at the close of the reporting year) * 100<br><br><br><br>Note: For the presentation of this indicator, it is understood that: a) gender is defined as female and male; and b) job category is subdivided into Senior Management, Mid-Level Strategic, Professional, and Operational, which correspond to the companies’ internal categories.<br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management<br><br><br><br>Performance Evaluation | SDG #8 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 405-1 Diversity of governance bodies and employees | a. Percentage of individuals within the organization’s governance bodies in each of the following diversity categories: <br>i. gender; <br>ii. age group: under 30 years old, between 30 and 50 years old, over 50 years old; <br>iii. other diversity indicators, where relevant (such as minority or vulnerable groups). <br>b. Percentage of employees by job category in each of the following diversity categories: <br> <br>i. gender; <br>ii. age group: under 30 years old, between 30 and 50 years old, over 50 years old; <br>iii. other diversity indicators, where relevant (such as minority or vulnerable groups). | The information reported in the 2025 Management Report regarding this indicator corresponds to information on the diversity of governance bodies and employees during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br>•Bancolombia S.A.<br><br>•Valores Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Banco Agrícola S.A.<br><br>•Gestora de Fondos de Inversión S.A. (Banco Agrícola)<br><br>•Valores Banagricola, S.A. de C.V.<br><br>•Banistmo S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Agrovalores S.A.<br><br>•Arrendadora Agromercantil S.A.<br><br>•Financiera Agromercantil S.A.<br><br>•Seguros Agromercantil S.A.<br><br>•Serproba S.A.<br><br>•Servicios de Formalización S.A.<br><br>•Valores Banistmo S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Panamá S.A. AG (Branch)<br><br>•Bancolombia Puerto Rico Internacional INC.<br><br>•Valores Simesa S.A.<br><br>•Banagrícola Costa Rica<br><br>•Renting<br><br>•Wompi S.A.S.<br><br>•Wenia<br><br>•Nequi S.A.S.<br><br>•Cibest Holding<br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formulas:<br><br><br><br>% of the organization’s governance bodies by gender = (Total active employees within the organization’s governance bodies of each company included in scope by gender at the close of the reporting year / Total active employees within the governance bodies of the companies included in scope at the close of the reporting year) * 100<br><br><br><br>% of employees by job category by gender = (Total active employees of each company included in scope by gender at the close of the reporting year / Total active employees of each company included in scope at the close of the reporting year) * 100<br><br><br><br>% of the organization’s governance bodies by age group = (Total employees within the governance bodies of each company included in scope by age group at the close of the reporting year / Total active employees within the organization’s governance bodies of each company included in scope at the close of the reporting year) * 100<br><br><br><br>% of employees by job category by age group = (Total active employees of each company included in scope by age group at the close of the reporting year / Total active employees of the companies included in scope at the close of the reporting year) * 100<br><br><br><br>% of the organization’s governance bodies by diversity indicators = (Total employees within the organization’s governance bodies of each company included in scope by diversity indicators at the close of the reporting year / Total active employees within the organization’s governance bodies at the close of the reporting year) * 100<br><br><br><br>% of employees by job category by diversity indicators = (Total active employees of each company included in scope by diversity indicators at the close of the reporting year / Total active employees of the companies included in scope at the close of the reporting year) * 100<br><br><br><br>Note: For the presentation of this indicator, it is understood that: i) gender is defined as female and male; ii) the age group is subdivided into under 30 years old, between 30 and 50 years old, and over 50 years old; and iii) other diversity indicators are subdivided into different abilities and nationality.<br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management. | SDG #8 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 405.2 Ratio of basic salary and remuneration of women to men | The reporting organization shall disclose the following information:<br><br>a. The ratio of the basic salary and remuneration of women to men for each job category, by significant operating location.<br><br>b. The definition used for “significant operating location.” | The information reported in the 2025 Management Report regarding this indicator corresponds to information on the ratio between the basic salary and remuneration of women and men during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br>•Bancolombia S.A.<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A.<br><br>•Valores Bancolombia S.A.<br><br>•Bancolombia Panamá S.A.<br><br>•Bancolombia Puerto Rico Internacional Inc.<br><br>•Banco Agrícola (El Salvador)<br><br>•Banistmo (Panama)<br><br>•BAM (Guatemala)<br><br>•Valores Banistmo (Panama)<br><br>•Renting<br><br>•WOMPI S.A.S.<br><br>•Wenia<br><br>•Nequi S.A. Compañía de Financiamiento<br><br><br><br><br><br>The result of the indicator is calculated by the companies included in scope using the following formulas:<br><br><br><br>Number of employees by job category, valuation level, and gender = Sum of the number of active employees of each company included in scope by job category, valuation level, and gender at the close of the reporting year.<br><br><br><br>Salary weighting by employees by job category, valuation level, and gender = Total salary of active employees of each company included in scope by job category, valuation level, and gender / Total number of active employees of each company included in scope by job category, valuation level, and gender at the close of the reporting year.<br><br><br><br>Percentage of employees by job category and valuation level = (Total number of employees by job category and valuation level / Total number of employees by job category) * 100<br><br><br><br>Salary rate by job category, valuation level, and gender = 1 - (Salary weighting for female employees by job category, valuation level, and gender / Salary weighting for male employees by job category, valuation level, and gender) * 100<br><br><br><br>Gap by job category and valuation level = Sum of (Percentage of employees by job category and valuation level * Salary rate by job category, valuation level, and gender) * 100<br><br><br><br>Note: For the presentation of this indicator, it is understood that:<br><br><br><br>Gender is defined as female and male.<br><br>Job category is subdivided into:<br><br>Senior Management at valuation level N or above<br><br>Mid-Level Strategic at valuation levels K, L, M<br><br>Professional at valuation levels H, I, J<br><br>Operational at valuation levels 1 to 9<br><br>Employees classified as apprentices, interns, and employees in positions categorized above S and above Q, the latter except for Bancolombia S.A., are not included.<br><br>If, in a valuation level, there is no representation of one gender, it is not possible to calculate the pay gap at that level.<br><br><br><br><br><br>Chapter V We Are the Place Where Talent Wants to Be<br><br><br><br>Talent Management | SDG #10 and #5 | Labor Standards Principles |
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| We Are the Place Where Talent Wants to Be | 406-1 Incidents of discrimination and corrective actions taken | The reporting organization shall disclose the following information:<br><br>a. Total number of cases of discrimination during the reporting period. <br>b. The status of the cases and actions taken with regard to the <br>following: <br>i. case reviewed by the organization; <br>ii. implementation of remediation plans in progress; <br>iii. remediation plans implemented whose results have been <br>evaluated through routine internal management review processes; <br>iv. case not subject to action. | The information reported in the Management Report regarding this indicator corresponds to information on discrimination cases and corrective actions taken during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br><br><br>•Bancolombia S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br>•Renting Colombia S.A.S.<br><br>•Nequi S.A.S.<br><br>•Wenia S.A.S.<br><br>•Wompi S.A.S.<br><br>•Leasing Bancolombia S.A.<br><br>•Valores Bancolombia S.A. Comisionista de Bolsa<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A. Corporación Financiera<br><br>•Bancolombia (Panama) S.A.<br><br>•Valores Banistmo S.A.<br><br>•Bancolombia Puerto Rico International Inc.<br><br>•Valores Banagricola, S.A. de C.V.<br><br>•Agrovalores S.A. (BAM)<br><br>•Arrendadora Agromercantil S.A. (BAM)<br><br>•Asistencia y Ajustes S.A. (BAM)<br><br>•Bancolombia Panamá S.A AG (Bancolombia Panama Branch)<br><br>•Financiera Agromercantil S.A. (BAM)<br><br>•Gestora de Fondos de Inversión S.A. (Banco Agrícola)<br><br>•Seguros Agromercantil S.A. (BAM)<br><br>•Serproba S.A. (BAM)<br><br>•Servicios de Formalización S.A. (BAM)<br><br><br><br>The information for this indicator is published at this link. | Principle 1 |
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| We Are the Place Where Talent Wants to Be | 407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk | The reporting organization shall disclose the following information:<br><br>a. Operations and suppliers in which workers’ rights to exercise freedom of association or collective bargaining may be violated or are at significant risk with respect to the following: <br>i. type of operation (such as a manufacturing plant) and supplier; <br>ii. countries or geographic areas with operations and suppliers considered to be at risk. <br>b. Measures taken by the organization during the reporting period aimed at supporting the right to exercise freedom of association and collective bargaining. | The information reported in the Management Report regarding this indicator corresponds to information on discrimination cases and corrective actions taken during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br><br><br><br><br><br><br>•Bancolombia S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br>•Renting Colombia S.A.S.<br><br>•Nequi S.A.S.<br><br>•Wenia S.A.S.<br><br>•Wompi S.A.S.<br><br>•Leasing Bancolombia S.A.<br><br>•Valores Bancolombia S.A. Comisionista de Bolsa<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A. Corporación Financiera<br><br>•Bancolombia (Panama) S.A.<br><br>•Valores Banistmo S.A.<br><br>•Bancolombia Puerto Rico International Inc.<br><br>•Valores Banagricola, S.A. de C.V.<br><br>•Agrovalores S.A. (BAM)<br><br>•Arrendadora Agromercantil S.A. (BAM)<br><br>•Asistencia y Ajustes S.A. (BAM)<br><br>•Bancolombia Panamá S.A AG (Bancolombia Panama Branch)<br><br>•Financiera Agromercantil S.A. (BAM)<br><br>•Gestora de Fondos de Inversión S.A. (Banco Agrícola)<br><br>•Seguros Agromercantil S.A. (BAM)<br><br>•Serproba S.A. (BAM)<br><br>•Servicios de Formalización S.A. (BAM)<br><br><br><br>The information for this indicator is published at this link. | Principle 1 |
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| 408-1<br><br>Substantiated complaints concerning breaches of customer privacy and losses of customer data | The reporting organization shall disclose the following information:<br><br><br><br>a. Operations and suppliers considered to be at significant risk of cases of:<br><br>i. child labor;<br><br>ii. young workers exposed to hazardous work.<br><br>b. Operations and suppliers considered to be at significant risk of cases of child labor with respect to:<br><br>i. type of operation (such as a manufacturing plant) and supplier;<br><br>ii. countries or geographic areas with operations and suppliers considered to be at risk.<br><br><br><br>c. Measures taken by the organization during the reporting period aimed at contributing to the abolition of child labor. | The information reported in the 2025 Management Report regarding this indicator corresponds to information on operations and suppliers at significant risk of child labor cases during the reporting year for the operations (hereinafter “companies included in scope”) of:<br><br>•Bancolombia S.A.<br><br>•Banco Agromercantil de Guatemala S.A.<br><br>•Banco Agrícola S.A.<br><br>•Banistmo S.A.<br><br>•Renting Colombia S.A.S.<br><br>•Nequi S.A.S.<br><br>•Wenia S.A.S.<br><br>•Wompi S.A.S.<br><br>•Leasing Bancolombia S.A.<br><br>•Valores Bancolombia S.A. Comisionista de Bolsa<br><br>•Fiduciaria Bancolombia S.A.<br><br>•Banca de Inversión Bancolombia S.A. Corporación Financiera<br><br>•Valores Banagricola, S.A. de C.V.<br><br><br><br><br><br><br><br>The information for this indicator is published at this link. | Principle 5 |
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325
Document
CONSOLIDATED FINANCIAL STATEMENTS
2025, 2024 and 2023
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Table of Contents
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Grupo Cibest S. A.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated statements of financial position of Grupo Cibest S. A. and its subsidiaries (“the Company”) as of December 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
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We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
The allowance for credit losses - collectively evaluated
As described in Notes 2 and 6 to the consolidated financial statements, expected credit losses are calculated using both individual and collective models and methodologies. These are based on significant assumptions and judgments that consider historical credit data, the current situation of the borrower and reasonable and supportable forecasts of future economic conditions. As of December 31, 2025, the allowance for loans, advances and lease losses was COP 13,2 trillion of which COP 10,3 trillion relates to collectively evaluated loans on a gross portfolio value of COP 256,3 trillion. As disclosed by management, the collectively evaluated models include parameters such as the twelve ‑month probability of default (“PD”), lifetime probability of default (when the exposure is classified in stage 2), loss given default (“LGD”), and exposure at default (“EAD”), incorporating forward‑looking information that reflects macroeconomic assumptions under plausible scenarios. One of the Company’s most significant judgments in estimating the allowance for expected credit losses on the collectively evaluated portfolio relates to the macroeconomic projections used over a reasonable and supportable forecast period. To incorporate forward-looking information into the components used to estimate expected credit losses, the Company has developed projections under three macroeconomic scenarios (base, pessimistic and optimistic), each assigned a probability of occurrence, to determine the best estimate of expected losses under potential future economic conditions.
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The principal considerations for our determination that performing procedures relating to the allowance for credit losses for the collectively evaluated portfolios is a critical audit matter are: (i) the significant judgment and estimation by management in estimating the projections of key macroeconomic variables impacting the forward-looking parameter, which led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence regarding management’s determination of those projections; and (ii) the audit effort involved the use of professionals with specialized skills and knowledge to assist in performing procedures and evaluating the audit evidence obtained.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s process for estimating the allowance for credit losses for the collectively evaluated portfolios, including controls over the assessment and selection of variables used in the macroeconomic scenario. These procedures also included, among others (i) evaluation of the adequacy of management’s methodology and models used to develop macroeconomic projections; (ii) testing the completeness and accuracy of the data used in the estimate; (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating (a) the reasonableness of the forecasting model and methodology used by management; (b) the reasonableness of management’s determination of the impact of macroeconomic variable projections within the scenarios considered.
/s/ PwC Contadores y Auditores S. A. S.
Medellín, Colombia
April 8, 2026
We have served as the Company’s auditor since 2020.
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
GRUPO CIBEST S.A. AND ITS SUBSIDIARIES
As of December 31, 2025, and 2024
(Stated in millions of Colombian pesos)
| Note | December 31, 2025(1) | December 31, 2024 | |
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | 4 | 29,916,400 | 32,844,099 |
| Financial assets investments | 5.1 | 34,317,259 | 37,570,270 |
| Derivative financial instruments | 5.2 | 4,417,863 | 2,938,142 |
| Financial assets investments and derivative financial instruments | 38,735,122 | 40,508,412 | |
| Loans and advances to customers | 256,353,981 | 279,453,908 | |
| Allowance for loans, advances, and lease losses | (13,253,946) | (16,179,738) | |
| Loans and advances to customers, net | 6 | 243,100,035 | 263,274,170 |
| Assets held for sale and inventories, net | 7 | 666,361 | 1,106,399 |
| Investment in associates and joint ventures | 8 | 3,311,506 | 2,928,984 |
| Investment properties | 9 | 6,595,407 | 5,580,109 |
| Premises and equipment, net | 10 | 5,406,874 | 5,906,064 |
| Right-of-use assets, lease | 11.2 | 1,329,718 | 1,757,206 |
| Goodwill and intangible assets, net | 12 | 2,537,180 | 9,767,903 |
| Deferred tax, net | 13.5 | 1,750,097 | 763,757 |
| Assets related to investments in subsidiaries held for sale | 31 | 40,309,257 | - |
| Other assets, net | 14 | 6,094,423 | 7,778,279 |
| TOTAL ASSETS | 379,752,380 | 372,215,382 | |
| LIABILITIES AND EQUITY | |||
| LIABILITIES | |||
| Deposits by customers | 15 | 264,413,956 | 279,059,401 |
| Interbank deposits and repurchase agreements and other similar secured borrowing | 16 | 706,149 | 1,776,965 |
| Derivative financial instruments | 5.2 | 4,514,630 | 2,679,643 |
| Borrowings from other financial institutions | 17 | 9,356,428 | 15,689,532 |
| Debt instruments in issue | 18 | 7,409,693 | 11,275,216 |
| Lease liabilities | 11.2 | 1,325,039 | 1,889,364 |
| Preferred shares | 583,477 | 584,204 | |
| Current tax | 701,452 | 156,162 | |
| Deferred tax, net | 13.5 | 2,903,375 | 2,578,504 |
| Employee benefit plans | 19 | 947,610 | 951,555 |
| Liabilities related to investments in subsidiaries held for sale | 31 | 34,416,684 | - |
| Other liabilities | 20 | 11,478,253 | 10,990,561 |
| TOTAL LIABILITIES | 338,756,746 | 327,631,107 | |
| EQUITY | |||
| Share capital | 22 | 480,914 | 480,914 |
| Additional paid-in-capital | 4,857,491 | 4,857,454 | |
| Appropriated reserves | 23 | 23,436,138 | 22,575,837 |
| Retained earnings | 3,376,023 | 2,715,313 | |
| Net income attributable to equity holders of the Parent Company | 3,820,634 | 6,267,744 | |
| Accumulated other comprehensive income, net of tax | 3,783,433 | 6,645,206 | |
| SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY | 39,754,633 | 43,542,468 | |
| Non-controlling interest | 1,241,001 | 1,041,807 | |
| TOTAL EQUITY | 40,995,634 | 44,584,275 | |
| TOTAL LIABILITIES AND EQUITY | 379,752,380 | 372,215,382 |
(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
The accompanying notes form an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENT OF INCOME
GRUPO CIBEST S.A. AND ITS SUBSIDIARIES
For the years ended December 31, 2025, 2024, and 2023
(Stated in millions of Colombian pesos, except EPS stated in units of pesos)
| Note | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Interest on loans and financial leases | ||||
| Commercial | 14,746,859 | 15,606,023 | 16,389,264 | |
| Consumer | 7,535,551 | 7,907,240 | 9,234,891 | |
| Mortgage | 3,547,386 | 3,171,740 | 3,211,406 | |
| Financial leases | 3,199,293 | 3,524,414 | 3,841,841 | |
| Small business loans | 206,913 | 121,022 | 148,151 | |
| Total interest income on loans and financial leases | 29,236,002 | 30,330,439 | 32,825,553 | |
| Interest on debt instruments using the effective interest method | 25.1 | 714,677 | 728,238 | 741,684 |
| Total Interest on financial instruments using the effective interest method | 29,950,679 | 31,058,677 | 33,567,237 | |
| Interest income on overnight and market funds | 100,741 | 130,126 | 103,145 | |
| Interest and valuation on financial instruments | 25.1 | 1,436,106 | 1,665,513 | 549,219 |
| Total interest and valuation on financial instruments | 31,487,526 | 32,854,316 | 34,219,601 | |
| Interest expenses | 25.2 | (12,061,226) | (13,687,660) | (15,430,183) |
| Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 19,426,300 | 19,166,656 | 18,789,418 | |
| Credit impairment charges on loans, advances and financial leases, net | 6 | (4,437,432) | (4,964,893) | (7,210,390) |
| Recovery (impairment) for other financial instruments | 5.1 - 21.1 | 7,514 | (30,708) | 19,305 |
| Total credit impairment charges, net | (4,429,918) | (4,995,601) | (7,191,085) | |
| 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 | 14,996,382 | 14,171,055 | 11,598,333 | |
| Fees and commissions income | 25.3 | 7,928,554 | 7,126,512 | 6,547,953 |
| Fees and commissions expenses | 25.3 | (3,573,610) | (3,225,382) | (2,838,383) |
| Total fees and commissions, net | 4,354,944 | 3,901,130 | 3,709,570 | |
| Other operating income | 25.4 | 3,572,074 | 2,976,110 | 3,942,712 |
| Dividends and net income on equity investments | 25.5 | 693,011 | 93,099 | 196,686 |
| Total operating income, net | 23,616,411 | 21,141,394 | 19,447,301 | |
| Operating expenses | ||||
| Salaries and employee benefits | 26.1 | (5,760,122) | (5,224,723) | (4,899,283) |
| Other administrative and general expenses | 26.2 | (5,599,360) | (5,035,023) | (4,614,987) |
| Taxes other than income tax | 26.2 | (1,481,323) | (1,402,064) | (1,393,216) |
| Depreciation, amortization, and impairment | 26.3 | (1,016,301) | (989,336) | (1,017,144) |
| Total operating expenses | (13,857,106) | (12,651,146) | (11,924,630) | |
| Profit continued operations before tax | 9,759,305 | 8,490,248 | 7,522,671 | |
| Income tax continued operations | 13 | (2,810,966) | (2,379,852) | (1,820,293) |
| Net income continued operations | 6,948,339 | 6,110,396 | 5,702,378 | |
| (Loss) / gain from discontinued operation, net(1) | 31 | (3,006,640) | 255,185 | 512,593 |
| Net income | 3,941,699 | 6,365,581 | 6,214,971 | |
| Net income attributable to equity holders of the Parent Company | 3,820,634 | 6,267,744 | 6,116,936 | |
| Non-controlling interest | 121,065 | 97,837 | 98,035 | |
| Basic and diluted earnings per share to common shareholders, stated in units of pesos | 27 | 4,045 | 6,576 | 6,420 |
| From continued operations | 27 | 7,182 | 6,311 | 5,887 |
| From discontinued operation | 27 | (3,137) | 265 | 533 |
(1)The accumulated value as of December 31, 2025, and 2024, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant accounting policies - Assets held for sale and discontinued operations, Note 13. Income Tax and Note 31. Discontinued Operation.
The accompanying notes form an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
GRUPO CIBEST S.A. AND ITS SUBSIDIARIES
For the years ended December 31, 2025, 2024 and 2023
(Stated in millions of Colombian pesos)
| Note | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income | 3,941,699 | 6,365,581 | 6,214,971 | |
| Other comprehensive income/(loss) that will not be reclassified to net income | ||||
| Remeasurement income related to defined benefit liability | 4,073 | 6,041 | (44,594) | |
| Income tax | 13.4 | (5,531) | (4,747) | 13,234 |
| Net of tax amount | (1,458) | 1,294 | (31,360) | |
| Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | ||||
| Unrealized gain | 22,378 | 22,109 | 11,144 | |
| Income tax | 13.4 | (2,358) | 6,463 | (246) |
| Net of tax amount | 20,020 | 28,572 | 10,898 | |
| Gains on asset revaluation | ||||
| Income tax | 13.4 | (356) | - | - |
| Net of tax amount | (356) | - | - | |
| Total other comprehensive income that will not be reclassified to net income, net of tax | 18,206 | 29,866 | (20,462) | |
| 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 | - | (5,996) | (8,679) | |
| Unrealized gain | 16,475 | 20,272 | 119,225 | |
| Changes in loss allowance for credit losses | (604) | 538 | 3,741 | |
| Income tax | 19,029 | 8,422 | (21,023) | |
| Net of tax amount | 34,900 | 23,236 | 93,264 | |
| Foreign currency translation adjustments: | ||||
| Exchange differences arising on translating the foreign operations | (3,118,395) | 2,978,351 | (4,963,913) | |
| Gain/(Loss) on net investment hedge in foreign operations | 364,414 | (742,930) | 1,948,833 | |
| Income tax | 13.4 | (140,820) | 307,656 | (772,755) |
| Net of tax amount(1) | (2,894,801) | 2,543,077 | (3,787,835) | |
| Cash flow hedges | ||||
| Net gains from cash flow hedges | (5,947) | 351 | - | |
| Reclassification to the Statement of Income | 144 | (135) | - | |
| Income tax | 13.4 | 87 | (87) | - |
| Net of tax amount | (5,716) | 129 | - | |
| Unrealized loss on investments in associates and joint ventures using equity method | (70) | (7,690) | (2,225) | |
| Income tax | 13.4 | (617) | 1,348 | 2,223 |
| Net of tax amount | (687) | (6,342) | (2) | |
| Total other comprehensive income that may be reclassified to net income, net of tax | (2,866,304) | 2,560,100 | (3,694,573) | |
| Other comprehensive income, attributable to the owners of the Parent Company, net of tax | (2,848,098) | 2,589,966 | (3,715,035) | |
| Other comprehensive income, attributable to the Non-controlling interest | (3,488) | 3,278 | (5,222) | |
| Total comprehensive income attributable to: | 1,090,113 | 8,958,825 | 2,494,714 | |
| Equity holders of the Parent Company | 972,536 | 8,857,710 | 2,401,901 | |
| Non-controlling interest | 117,577 | 101,115 | 92,813 |
(1)In 2025, there was a 14.79% revaluation of the Colombian peso against the U.S. dollar, in 2024 there was a 15.36% devaluation and in 2023 there was 20.54% revaluation .
The accompanying notes form an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
GRUPO CIBEST S.A. AND ITS SUBSIDIARIES
For the years ended December 31, 2025, 2024, and 2023
(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><br>Capital<br><br>(Note 22) | Additional<br><br>Paid in<br><br>capital | Appropriated<br><br>Reserves<br><br>(Note 23)(1) | For share repurchase (Note 23)(2) | Translation<br><br>adjustment(3) | Cash flow hedging | Equity<br><br>Securities<br><br>through OCI | Debt<br><br>instruments<br><br>at fair value<br><br>through OCI | Revaluation<br><br>of assets | Associates | Employee<br><br>Benefits | Retained<br><br>earnings | Net<br><br>Income | Attributable<br><br>to owners<br><br>of Parent<br><br>Company | Non-<br><br>Controlling<br><br>interest | Total<br><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 | - | - | 541,899 | 1,350,000 | - | - | - | - | - | - | - | (1,923,803) | - | (31,904) | - | (31,904) |
| Share repurchase | - | - | - | (431,418) | - | - | - | - | - | - | - | - | - | (431,418) | - | (431,418) |
| Realization of retained earnings(4) | - | - | - | - | - | - | (13,675) | - | - | - | - | 13,675 | - | - | - | - |
| Others(5) | - | 37 | - | - | - | - | - | - | - | - | - | (3,482) | - | (3,445) | - | (3,445) |
| Non-controlling interest | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 81,617 | 81,617 |
| Net Income | - | - | - | - | - | - | - | - | - | - | - | - | 3,820,634 | 3,820,634 | 121,065 | 3,941,699 |
| Other comprehensive income | - | - | - | - | (2,894,801) | (5,716) | 20,020 | 34,900 | (356) | (687) | (1,458) | - | (2,848,098) | (3,488) | (2,851,586) | |
| Balance as of December 31, 2025 | 480,914 | 4,857,491 | 22,517,556 | 918,582 | 3,622,655 | (5,587) | 209,902 | (9,170) | 1,781 | 4,491 | (40,639) | 3,376,023 | 3,820,634 | 39,754,633 | 1,241,001 | 40,995,634 |
(1) The transaction for COP (600,180) corresponds to the payment of extraordinary dividend approved by the shareholders' meeting held on April 23, 2025.
(2) At the extraordinary shareholders’ meeting of Cibest, held on June 9, 2025, a share buyback program was approved for Common Shares, Preferred Shares and ADSs of Grupo Cibest S.A., up to an amount of one trillion three hundred fifty billion Colombian pesos COP 1,350 trillion. As of July, 2025, the Grupo Cibest S.A. has bought back 8,612,336 shares worth COP 431,418. For further information, see Note 1. Reporting entity and Note23. Appropiated reserves.
(3) As of December 31, 2025, the Colombian peso showed an appreciation of 14.79% against the U.S. dollar (USD), from COP 4,409.15 in 2024 to COP 3,757.08 in 2025.
(4) Realization of retained earnings from equity securities through OCI, corresponds to the sale of the investment in Bladex for COP 10,025 and partial payments of asset-backed securities investments for COP 3,650.
(5) 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 Consolidated Financial Statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
GRUPO CIBEST S.A. AND ITS SUBSIDIARIES
For the years ended December 31, 2025, 2024, and 2023
(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><br>Capital<br><br>(Note 22) | Additional<br><br>Paid in<br><br>capital | Appropriated<br><br>Reserves<br><br>(Note 23) | Translation<br><br>adjustment | Cash flow hedging | Equity<br><br>Securities<br><br>through OCI | Debt<br><br>instruments<br><br>at fair value<br><br>through OCI | Revaluation<br><br>of assets | Associates | Employee<br><br>Benefits | Retained<br><br>earnings | Net<br><br>Income | Attributable<br><br>to owners<br><br>of Parent<br><br>Company | Non-<br><br>Controlling<br><br>interest | Total<br><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 | - | - | 2,531,068 | - | - | - | - | - | - | - | (2,566,144) | - | (35,076) | - | (35,076) |
| Realization of retained earnings(1) | - | - | - | - | - | (18,921) | - | - | - | - | 18,921 | - | - | - | - |
| Others | - | - | - | - | - | - | - | - | - | - | (26,359) | - | (26,359) | - | (26,359) |
| Non-controlling interest | - | - | - | - | - | - | - | - | - | - | - | - | - | (19,525) | (19,525) |
| Net Income | - | - | - | - | - | - | - | - | - | - | - | 6,267,744 | 6,267,744 | 97,837 | 6,365,581 |
| Other comprehensive income | - | - | - | 2,543,077 | 129 | 28,572 | 23,236 | - | (6,342) | 1,294 | - | - | 2,589,966 | 3,278 | 2,593,244 |
| Balance as of December 31, 2024 | 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 |
(1) Mainly corresponds to partial payments of asset-backed securities investments.
The accompanying notes form an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
GRUPO CIBEST S.A. AND ITS SUBSIDIARIES
For the years ended December 31, 2025, 2024, and 2023
(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><br>Capital<br><br>(Note 22) | Additional<br><br>Paid in<br><br>capital | Appropriated<br><br>Reserves<br><br>(Note 23) | Translation<br><br>adjustment | Equity<br><br>Securities<br><br>through OCI | Debt<br><br>instruments<br><br>at fair value<br><br>through OCI | Revaluation<br><br>of assets | Associates | Employee<br><br>Benefits | Retained<br><br>earnings | Net<br><br>Income | Attributable<br><br>to owners<br><br>of Parent<br><br>Company | Non-<br><br>Controlling<br><br>interest | Total<br><br>equity | |
| Balance as of January 1, 2023 | 480,914 | 4,857,454 | 15,930,665 | 7,762,214 | 152,028 | (160,570) | 2,137 | 11,522 | (9,115) | 3,278,164 | 6,783,490 | 39,088,903 | 908,648 | 39,997,551 |
| Transfer to profit from previous years | - | - | - | - | - | - | - | - | - | 6,783,490 | (6,783,490) | - | - | - |
| 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, 2022, at a rate of COP 3,536 per share. | - | - | - | - | - | - | - | - | - | (3,343,319) | - | (3,343,319) | - | (3,343,319) |
| Other reserves | - | - | 4,114,104 | - | - | - | - | - | - | (4,149,684) | - | (35,580) | - | (35,580) |
| Realization of retained earnings(1) | - | - | - | - | 30,980 | - | - | - | - | (30,980) | - | - | - | - |
| Others | - | - | - | - | - | - | - | - | - | (22,393) | - | (22,393) | - | (22,393) |
| Non-controlling interest | - | - | - | - | - | - | - | - | - | - | - | - | (41,244) | (41,244) |
| Net Income | - | - | - | - | - | - | - | - | - | - | 6,116,936 | 6,116,936 | 98,035 | 6,214,971 |
| Other comprehensive income | - | - | - | (3,787,835) | 10,898 | 93,264 | - | (2) | (31,360) | - | - | (3,715,035) | (5,222) | (3,720,257) |
| Balance as of December 31, 2023 | 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 |
(1)Corresponds mainly to the exchange of shares from Bolsa de Valores de Colombia for shares of the Holding Bursátil Regional in Chile. The Holding Bursátil Regional was constituted as of the integration of the Colombia, Peru and Chile Stock Exchanges in November 2023.
The accompanying notes form an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENT OF CASH FLOW
GRUPO CIBEST S.A. AND ITS SUBSIDIARIES
For the years ended December 31, 2025, 2024 and 2023
(Stated in millions of Colombian pesos)
| Note | 2025(1) | 2024(1) | 2023(1) | |
|---|---|---|---|---|
| Net income | 3,941,699 | 6,365,581 | 6,214,971 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and amortization | 26.3 | 1,055,991 | 1,011,455 | 1,082,838 |
| Other assets impairment | 26.3 | 58,047 | 106,426 | 42,021 |
| (Recovery) / impairment of investments in subsidiaries, associates and joint ventures | 8 - 25.5 - 31 | (117,867) | 314,347 | 108,175 |
| Impairment of goodwill | 31 | 3,455,597 | - | - |
| Equity method | 8 - 25.5 | (348,962) | (222,572) | (113,115) |
| Credit impairment charges on loans and advances and financial leases | 6 | 4,620,893 | 5,413,652 | 7,461,479 |
| (Recovery) / impairment of credit charges on off balance sheet credit and other financial instruments(2) | (29,607) | 38,697 | 107 | |
| Gain on sales of assets | 25.4 | (238,305) | (103,481) | (170,910) |
| Valuation gain on investment securities | 25.1 - 25.5 | (2,516,636) | (2,376,109) | (1,680,403) |
| Gain upon disposal of investment in subsidiaries, associates, and joint ventures | 25.5 | (11,508) | - | - |
| Valuation on derivative financial instruments | 62,468 | (323,784) | (180,246) | |
| Income tax | 13.2 | 2,886,653 | 2,392,336 | 1,932,555 |
| Bonuses and short-term benefits | 1,049,591 | 811,648 | 734,916 | |
| Dividends | 25.5 | (154,368) | (140,634) | (127,427) |
| Investment property valuation | 25.4 | (109,781) | (200,256) | (197,526) |
| Effect of exchange rate changes | (1,133,542) | 307,689 | (245,915) | |
| Other non-cash items | (41,400) | (10,276) | 74,905 | |
| Net interest | (18,036,859) | (17,589,640) | (18,572,492) | |
| Change in operating assets and liabilities: | ||||
| Decrease / (increase) in derivative financial instruments | 290,109 | (394,624) | 859,961 | |
| Decrease / (increase) in accounts receivable | 1,244,206 | (713,069) | (525,550) | |
| Increase in loans and advances to customers | (27,306,897) | (21,622,099) | (10,554,946) | |
| (Increase) / decrease in other assets | (1,167,123) | 895,908 | (1,151,822) | |
| Increase / (decrease) in accounts payable | 742,030 | (859,352) | 945,923 | |
| Increase / (decrease) in other liabilities | 409,431 | (1,393,618) | 245,593 | |
| Increase in deposits by customers | 27,999,206 | 18,329,816 | 17,025,357 | |
| Increase / (decrease) in estimated liabilities and provisions | 8,498 | (18,204) | (40,602) | |
| Net changes in investment securities recognized at fair value through profit or loss | (3,004,255) | (8,401,726) | (1,988,166) | |
| Proceeds from sales of assets held for sale and inventories | 1,463,627 | 1,380,264 | 1,060,642 | |
| Recovery of charged-off loans | 6 | 865,865 | 926,268 | 770,934 |
| Income tax paid | (2,417,279) | (1,954,871) | (2,737,511) | |
| Dividend received | 237,314 | 223,313 | 155,676 | |
| Interest received | 31,802,060 | 33,225,177 | 34,702,410 | |
| Interest paid | (13,299,951) | (14,982,367) | (15,978,748) | |
| Net cash provided by operating activities | 12,258,945 | 435,895 | 19,153,084 | |
| Cash flows from investment activities: | ||||
| Purchases of debt instruments at amortized cost | (1,967,254) | (2,114,414) | (3,629,543) | |
| Proceeds from maturities of debt instruments at amortized cost | 1,115,138 | 1,622,184 | 4,738,686 | |
| Purchases of debt instruments at fair value through OCI | (436,275) | (448,930) | (7,837,997) | |
| Proceeds from debt instruments at fair value through OCI | 1,039,663 | 2,307,032 | 9,253,538 | |
| Purchases of equity instruments at fair value through OCI and interests in associates and joint ventures | (21,493) | (134,381) | (122,910) | |
| Proceeds from equity instruments at fair value through OCI and interests in associates and joint ventures | 77,330 | 40,489 | 16,804 | |
| Purchases of premises and equipment and investment properties | (2,244,222) | (2,042,094) | (2,412,123) | |
| Proceeds from sales of premises and equipment and investment properties | 496,117 | 414,030 | 185,324 | |
| Purchase of other long-term assets | (275,097) | (203,112) | (351,468) |
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| Note | 2025(1) | 2024(1) | 2023(1) | |
|---|---|---|---|---|
| Net cash used in investing activities | (2,216,093) | (559,196) | (159,689) | |
| Cash flows from financing activities: | ||||
| Increase in repurchase agreements and other similar secured borrowing | 34,012 | 550,584 | 304,846 | |
| Proceeds from borrowings from other financial institutions | 7,454,602 | 9,416,739 | 9,855,033 | |
| Repayment of borrowings from other financial institutions | (10,808,762) | (10,496,891) | (9,921,582) | |
| Payment of lease liability | (203,415) | (174,818) | (182,596) | |
| Placement of debt instruments in issue(3) | 2,540,893 | 4,155,253 | 1,781,728 | |
| Payment of debt instruments in issue(3) | (1,618,031) | (9,276,962) | (3,928,673) | |
| Dividends paid | (5,196,645) | (3,398,756) | (3,298,183) | |
| Buyback of shares | 22 - 23 | (431,418) | - | - |
| Transactions with non-controlling interests | (18,086) | (19,525) | (41,245) | |
| Net cash (used) provided in financing activities(4) | (8,246,850) | (9,244,376) | (5,430,672) | |
| Effect of exchange rate changes on cash and cash equivalents | (1,205,941) | 2,412,167 | (5,408,405) | |
| Increase / (decrease) in cash and cash equivalents | 1,796,002 | (9,367,677) | 13,562,723 | |
| Cash and cash equivalents at beginning of year | 4 | 32,844,099 | 39,799,609 | 31,645,291 |
| Cash and cash equivalents at end of year | 4 | 33,434,160 | 32,844,099 | 39,799,609 |
(1)As of December 31, 2025, 2024 and 2023, the cash flow include the operations of Banistmo S.A. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
(2)Mainly credit card limits and overdrafts.
(3)For further information, see Note 18 Debt instruments in issues.
(4)For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 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:
•During the years ended December 31, 2025, 2024 and 2023, restructured loans and returned assets that were transferred to assets held for sale, inventories, and other assets for COP 1,251,021, COP 1,408,331 and COP 1,361,465, respectively,
•In 2025, the Cibest Corporate Group received an investment property as a contribution in kind valued at COP 203,832.
•In 2024, asset received as payment in kind for a loan portfolio, which was recognized as an equity instrument representing an 11% stake in the units of the FCP Pactia Inmobiliario for COP 230,674.
•In 2024, cancellation of active credit operations as a source of payment for the acquisition of P.A.(Trust Fund) Cedis Sodimac.
The accompanying notes form an integral part of these Consolidated Financial Statements.
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Table of Contents
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
GRUPO CIBEST S.A.
NOTE 1. REPORTING ENTITY
Grupo Cibest S.A., hereinafter 'Grupo Cibest', 'Cibest Corporate Group' is a listed issuer on the Colombian Stock Exchange (BVC) as well as on the New York Stock Exchange (NYSE), since 2025. Grupo Cibest's main location is in Medellín (Colombia), main address Carrera 48 # 26-85, Avenida Los Industriales, and was incorporated 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.
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 corporate purpose of Grupo Cibest 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.
Grupo Cibest’s bylaws are formalized in the public deed number 386 dated May 12, 2025, from the Thirtieth 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 Grupo Cibest, as the beneficiary entity.
This transaction was first announced to the market on October 29, 2024, approved at the extraordinary shareholders’ meeting of Grupo 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.
On May 16, 2025, the market was informed of the completion of corporate transactions aimed at the evolution of the corporate structure of the Cibest Corporate Group. Upon completion of these transactions, Grupo Cibest became the parent or holding company of all financial entities and other subsidiaries, including Bancolombia (collectively referred to as Cibest Corporate Group).
As a result of these transactions, Bancolombia's shareholders (excluding Grupo Cibest) became shareholders of Grupo Cibest, which issued in their name the same number and class of shares (Common Shares and Preferred Shares), 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 Shares (ADSs) received equivalent ADSs of Grupo Cibest, and their Bancolombia ADSs were cancelled.
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The Common Shares and Preferred Shares issued by Grupo Cibest are listed on the Colombian Stock Exchange (BVC) under the symbols CIBEST and PFCIBEST, respectively. The ADSs representing Preferred Shares are listed on the NYSE under the symbol CIB, the same symbol under which Bancolombia’s ADSs were previously traded.
The Common Shares, Preferred Shares, and ADSs issued by Grupo Cibest became tradable as of Monday, May 19, 2025.
At the extraordinary shareholders’ meeting of Grupo Cibest, held on June 9, 2025, a share buyback program was approved for Common Shares, Preferred Shares, and ADSs of Grupo Cibest, up to an amount of one trillion three hundred fifty billion Colombian pesos (COP 1,350,000), 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 June 24, 2025, the Board of Directors of Grupo Cibest enacted the share repurchase program, the execution of which commenced on Thursday, July 17, 2025. In Colombia, the program is being carried out through the trading systems of the Colombian Stock Exchange via Valores Bancolombia S.A. Comisionista de Bolsa, and in the United States through an Enhanced Open Market Repurchase executed by Morgan Stanley & Co. LLC. For more information, see Note 23. Appropriated Reserves and Consolidated Statement of Changes in Equity.
Cibest Corporate Group has national and international presence in Colombia, the United States, Puerto Rico, Panama, Guatemala, and El Salvador, and operates in the following segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Leases and Others (these include Fiduciaria Bancolombia, Banca de Inversión Bancolombia and Valores Bancolombia). 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. The liquidation of this company has been approved by the public registry and is currently undergoing approval by the Central Bank of Barbados.
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 August 27, 2025, the Extraordinary Shareholders’ Meeting of Bancolombia approved the voluntary delisting of Bancolombia's Common Shares and Preferred Shares from the National Registry of Securities and Issuers (RNVE) and the Colombian Stock Exchange (BVC). In line with this decision, the BVC formally notified the Bank of the delisting of the securities from its trading systems, effective as of September 19, 2025.
Additionally, on November 6, 2025, it was announced that the Financial Superintendence of Colombia (SFC), through Resolution No. 2002 dated October 31, 2025, as amended by Resolution No. 2021 dated November 4, 2025 (becoming final on November 6 of the same year), authorized Nequi S.A. to operate and carry out throughout the national territory the activities corresponding to the corporate purpose of a 'compañía de financiamiento'. Nequi S.A. will commence operations once the corresponding formalities have been completed and will continue to be part of Grupo Cibest. For customers, this evolution will not entail any changes in the way they access or use the products and services.
On October 21, 2025, the market was informed of the completion of the corporate reorganization of the Panamanian subsidiary Banistmo S.A., as well as other Cibest subsidiaries in Panama, which had been previously announced on September 29, 2025. It was indicated that, once the authorizations of the Superintendency of Banks of Panama and the respective Shareholders’ Meetings were obtained, the merger of the Beneficiary Company VB Panamá S.A. with Banistmo S.A. was completed (noting that the Beneficiary Company VB had previously received certain asset portfolios that were partially spun off from Valores Banistmo S.A. and Banistmo Capital Markets Group Inc.), as well as the partial spin-off by
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Banistmo of 100% of the shares it held in Valores Banistmo S.A., in favor of Cibest Panamá Assets S.A., a Panamanian company wholly owned by Cibest.
Moreover, on December 18, 2025, it was announced to the market the execution of a share purchase agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of the shares of Banistmo S.A. The agreed purchase price was USD 1,418,000 (subject to customary adjustments at the closing of the transaction) and will be paid in full on the closing date, once the required regulatory authorizations in Panama have been obtained and the conditions set forth in the share purchase agreement have been fulfilled. For more information, see Note 2.D12. Material Accounting Polices - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
As of December 31, 2025, Cibest Corporate Group has 33,951 employees, 35,519 banking correspondents, 6,145 ATMs and operates through 835 offices. Regarding the above, Banistmo (a subsidiary classified as a discontinued operation) had 2,119 employees, 395 banking correspondents, 338 ATMs, and operated through 37 offices.
For more information on Grupo Cibest and its subsidiaries, see Note 2.C.1. Subsidiaries.
NOTE 2. MATERIAL ACCOUNTING POLICIES
A. Basis for preparation of the Consolidated Financial Statements
The Consolidated Financial Statements of Cibest Corporate Group are prepared in accordance with the International Financial Reporting Standards (hereinafter, “IFRS”) issued by the International Accounting Standards Board (hereinafter, “IASB”), as well as, the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, “IFRS-IC”).
The preparation of Consolidated Financial Statements in conformity with IFRS requires the use of accounting estimates that, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed. Any revision is recognized in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods.
Preparation of the Consolidated Financial Statements under going concern basis
Management has assessed Cibest Corporate Group's ability to continue as a going concern and confirms that Cibest Corporate Group 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 Cibest Corporate Group's liquidity position at the date of authorization of the Consolidated 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 Consolidated 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, 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 all investments in associates and joint ventures are measured using the equity method.
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The Consolidated 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 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 distribution of dividends and other appropriations by the shareholders.
B. Presentation of the consolidated financial statements
Cibest Corporate Group presents the Consolidated Statement of Financial Position ordered by liquidity and the Consolidated 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 Corporate Group's policies.
The Consolidated 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 Corporate Group discloses the amount of income tax relating to each item of OCI.
The Consolidated Statement of Cash Flows was prepared using the indirect method, 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. Consolidation
1. Subsidiaries
On May 16, 2025, the market was informed of the completion of corporate transactions aimed at the evolution of the corporate structure of Cibest Corporate Group. Upon completion of these transactions, Grupo Cibest S.A. became the parent or holding company of all financial entities and other subsidiaries, including Bancolombia (collectively referred to as Cibest Corporate Group). For more information, see Note 1. Reporting entity.
The consolidated financial statements include the financial statements of parent company and its subsidiaries as of December 31, 2025 and 2024. The Parent Company consolidates the financial results of the entities over which it exerts control.
The following details the entities over which control is held and form part of the consolidation of the Cibest Corporate Group:
| ENTITY | JURISDICTION<br><br>OF<br><br>INCORPORATION | BUSINESS | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2025 | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2024 | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2023 |
|---|---|---|---|---|---|
| Valores Cibest S.A.S.(1) | Colombia | Investments | 100.00 % | - % | - % |
| Inversiones Cibest S.A.S.(1) | Colombia | Investments | 100.00 % | - % | - % |
| Cibest Investment Management S.A.S.(1) | Colombia | Investments | 100.00 % | - % | - % |
| Cibest Inversiones Estratégicas S.A.S.(1) | Colombia | Investments | 100.00 % | - % | - % |
| Bancolombia S.A.(1) | Colombia | Banking | 100.00 % | 100.00 % | 100.00 % |
| Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | Colombia | Trust | 98.81 % | 98.81 % | 98.81 % |
| Banca de Inversión Bancolombia S.A. Corporación Financiera | Colombia | Investment banking | 100.00 % | 100.00 % | 100.00 % |
| Valores Bancolombia S.A. Comisionista de Bolsa | Colombia | Securities brokerage | 100.00 % | 100.00 % | 100.00 % |
| WOMPI S.A.S. | Colombia | Technology services provider | 100.00 % | 100.00 % | 100.00 % |
| Renting Colombia S.A.S. | Colombia | Operating leasing | 100.00 % | 100.00 % | 100.00 % |
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| ENTITY | JURISDICTION<br><br>OF<br><br>INCORPORATION | BUSINESS | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2025 | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2024 | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2023 |
|---|---|---|---|---|---|
| Transportempo S.A.S. "En liquidación"(2) | Colombia | Transportation | - % | - % | 100.00 % |
| Inversiones CFNS S.A.S. | Colombia | Investments | 100.00 % | 100.00 % | 99.94 % |
| P.A Tokenización Novus(3) | Colombia | Trust for administration and payments | 100.00 % | - % | - % |
| Negocios Digitales Colombia S.A.S. | Colombia | Payment solutions | 100.00 % | 100.00 % | 100.00 % |
| Fondo de Capital Privado Fondo Inmobiliario Colombia(4) | Colombia | Real estate investment fund | 78.48 % | 80.47 % | 80.47 % |
| P.A. Inmuebles CEM(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. Calle 92 FIC-11(4) | Colombia | Mercantile trust | 51.01 % | 52.31 % | 52.31 % |
| P.A. FIC Edificio Corfinsura(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. FIC-A5(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. FIC Inmuebles(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. FIC Clínica de Prado(4) | Colombia | Mercantile trust | 60.47 % | 62.00 % | 62.00 % |
| P.A. FIC A6(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. Central Point(4) | Colombia | Mercantile trust | 58.86 % | 60.35 % | 60.35 % |
| Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris(5) | Colombia | Mercantile trust | - % | - % | 80.47 % |
| P.A. Fideicomiso Twins Bay(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| Fideicomiso Lote Av San Martín(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. Fideicomiso Lote 30(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| Fideicomiso Fondo Inmobiliario Bancolombia(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. Florencia Ferrara(4) | Colombia | Mercantile trust | 43.16 % | 44.26 % | 44.26 % |
| P.A. Flor Morado Plaza(4) | Colombia | Mercantile trust | 78.48 % | 80.47 % | 80.47 % |
| P.A. Galería la 33(6) | Colombia | Mercantile trust | - % | 80.47 % | 80.47 % |
| P.A Linz Granz del Rio(4) | Colombia | Mercantile trust | 43.16 % | 44.26 % | - % |
| Fideicomiso Selecto Terrazu Etapa 1 Torre 1(4) | Colombia | Mercantile trust | 62.79 % | 64.38 % | - % |
| Fideicomiso Selecto Terrazu Etapa 1 Torre 2(7) | Colombia | Mercantile trust | 62.79 % | - % | - % |
| Fideicomiso Lote C6 Carton de Colombia(7) | Colombia | Mercantile trust | 43.16 % | - % | - % |
| Fideicomiso Mokana Recursos(7) | Colombia | Mercantile trust | 39.24 % | - % | - % |
| Fideicomiso River Park(7) | Colombia | Mercantile trust | 43.16 % | - % | - % |
| Valores Simesa S.A.(8) | Colombia | Investments | 57.40 % | 62.75 % | 64.93 % |
| Fideicomiso Lote Distrito Vera B1B2(9) | Colombia | Mercantile trust | - % | 62.44 % | 64.61 % |
| Fideicomiso Lote Distrito Vera B3B4(10) | Colombia | Mercantile trust | - % | - % | 64.61 % |
| P.A. FAI Calle 77 | Colombia | Mercantile trust | 98.00 % | 98.00 % | 98.00 % |
| P.A. Nomad Salitre | Colombia | Mercantile trust | 98.00 % | 98.00 % | 98.00 % |
| P.A. Nomad Central-2 | Colombia | Mercantile trust | 98.00 % | 98.00 % | 98.00 % |
| P.A. Calle 84 (2) | Colombia | Mercantile trust | 98.00 % | 98.00 % | 98.00 % |
| P.A. Calle 84 (3) | Colombia | Mercantile trust | 98.00 % | 98.00 % | 98.00 % |
| P.A. Nomad Distrito Vera(11) | Colombia | Mercantile trust | 98.00 % | 98.00 % | - % |
| P.A Nexo(11) | Colombia | Mercantile trust | 98.00 % | 98.00 % | - % |
| P.A. Mercurio | Colombia | Mercantile trust | 100.00 % | 100.00 % | 100.00 % |
| P.A CEDIS Sodimac(11) | Colombia | Mercantile trust | 100.00 % | 100.00 % | - % |
| Wenia S.A.S. | Colombia | Technology services | 100.00 % | 100.00 % | 100.00 % |
| P.A. Wenia | Colombia | Mercantile trust | 100.00 % | 100.00 % | 100.00 % |
| Nequi S.A. Compañía de Financiamiento | Colombia | Financial services | 100.00 % | 100.00 % | 100.00 % |
| Sociedad Beneficiaria BC Panamá S.A.S(12) | Colombia | Holding | - % | 100.00 % | - % |
| P.A Títulos de Pagos por Ejecución(13) | Colombia | Mercantile trust | 100.00 % | - % | - % |
| Cibest Panamá Assets, S.A(14) | Panama | Investment | 100.00 % | - % | - % |
| Cibest Capital Panamá, S.A. (before Valores Banistmo S.A.(14)) | Panama | Purchase and sale of securities | 100.00 % | 100.00 % | 100.00 % |
| Bancolombia Panamá S.A. | Panama | Banking | 100.00 % | 100.00 % | 100.00 % |
| Sistemas de Inversiones y Negocios S.A. Sinesa | Panama | Investments | 100.00 % | 100.00 % | 100.00 % |
| Banagrícola S.A. | Panama | Holding | 99.17 % | 99.17 % | 99.17 % |
| Banistmo S.A.(15) | Panama | Banking | 100.00 % | 100.00 % | 100.00 % |
| Banistmo Investment Corporation S.A.(15) | Panama | Trust | 100.00 % | 100.00 % | 100.00 % |
| Leasing Banistmo S.A.(15) | Panama | Leasing | 100.00 % | 100.00 % | 100.00 % |
| Banistmo Panamá Fondos de Inversión S.A.(15) | Panama | Investment fund holder | 100.00 % | 100.00 % | 100.00 % |
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| ENTITY | JURISDICTION<br><br>OF<br><br>INCORPORATION | BUSINESS | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2025 | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2024 | PROPORTION OF<br><br>OWNERSHIP<br><br>INTEREST AND<br><br>VOTING POWER<br><br>HELD BY CIBEST CORPORATE GROUP 2023 |
|---|---|---|---|---|---|
| Desarrollo de Oriente S.A.(15) | Panama | Real estate | 100.00 % | 100.00 % | 100.00 % |
| Banistmo Capital Markets Group Inc.(15)(16) | Panama | Purchase and sale of securities | 100.00 % | 100.00 % | 100.00 % |
| Anavi Investment Corporation S.A.(15)(16) | Panama | Real estate | 100.00 % | 100.00 % | 100.00 % |
| Steens Enterprises S.A.(15)(16) | Panama | Portfolio holder | 100.00 % | 100.00 % | 100.00 % |
| Ordway Holdings S.A.(15)(16) | Panama | Real estate broker | 100.00 % | 100.00 % | 100.00 % |
| Grupo Agromercantil Holding S.A. | Panama | Holding | 100.00 % | 100.00 % | 100.00 % |
| Banco Agromercantil de Guatemala S.A. | Guatemala | Banking | 99.68 % | 99.68 % | 99.68 % |
| Seguros Agromercantil de Guatemala S.A. | Guatemala | Insurance agency | 79.92 % | 79.92 % | 79.92 % |
| Financiera Agromercantil S.A. | Guatemala | Financial services | 100.00 % | 100.00 % | 100.00 % |
| Agrovalores S.A. | Guatemala | Securities brokerage | 100.00 % | 100.00 % | 100.00 % |
| Arrendadora Agromercantil S.A. | Guatemala | Financial Leasing | 100.00 % | 100.00 % | 100.00 % |
| Asistencia y Ajustes S.A. | Guatemala | Roadside and medical assistance services | 100.00 % | 100.00 % | 100.00 % |
| Serproba S.A. | Guatemala | Maintenance and remodeling services | 100.00 % | 100.00 % | 100.00 % |
| Servicios de Formalización S.A. | Guatemala | Loans formalization | 100.00 % | 100.00 % | 100.00 % |
| Conserjeria, Mantenimiento y Mensajería S.A. "En liquidación" | Guatemala | Maintenance services | 100.00 % | 100.00 % | 100.00 % |
| Mercom Bank Ltd.(17) | Barbados | Banking | 99.68 % | 99.68 % | 99.68 % |
| New Alma Enterprises Ltd. | Bahamas | Investments | 99.68 % | 99.68 % | 99.68 % |
| Bancolombia Puerto Rico Internacional Inc. | Puerto Rico | Banking | 100.00 % | 100.00 % | 100.00 % |
| SINESA Cayman, Inc.(18) | Cayman Islands | Banking | 100.00 % | 100.00 % | 100.00 % |
| Banco Agrícola S.A. | El Salvador | Banking | 97.36 % | 97.36 % | 97.36 % |
| Arrendadora Financiera S.A. Arfinsa | El Salvador | Leasing | 97.37 % | 97.37 % | 97.37 % |
| ACCELERA S.A. de C.V. | El Salvador | Credit card services | 97.36 % | 97.36 % | 97.36 % |
| Valores Banagrícola S.A. de C.V. | El Salvador | Securities brokerage | 98.89 % | 98.89 % | 98.89 % |
| Inversiones Financieras Banco Agrícola S.A. IFBA | El Salvador | Holding | 98.89 % | 98.89 % | 98.89 % |
| Gestora de Fondos de Inversión Banagrícola S.A. | El Salvador | Administers investment funds | 98.89 % | 98.89 % | 98.89 % |
| Bagrícola Costa Rica S.A. | Costa Rica | Business and management advising | 99.17 % | 99.17 % | 99.17 % |
| Cibest Capital Holdings USA LLC (before Bancolombia Capital Holdings USA LLC) | United States | Holding | 100.00 % | 100.00 % | 100.00 % |
| Cibest Capital Advisory Services LLC (before Bancolombia Capital Advisers LLC) | United States | Investment advisor | 100.00 % | 100.00 % | 100.00 % |
| Cibest Capital Securities LLC (before Bancolombia Capital LLC) | United States | Securities brokerage | 100.00 % | 100.00 % | 100.00 % |
| Wenia Ltd. | Bermuda | Technology services | 100.00 % | 100.00 % | 100.00 % |
(1) Incorporation of subsidiaries due to changes in the corporate structure, whereby Grupo Cibest S.A. became the holding company of all financial entities and other companies within Cibest Corporate Group, including Bancolombia. For further information, see Note 1. Reporting entity.
(2) Company liquidated in July 2024. For more information, see Note 1. Reporting entity.
(3) Trust for administration and payments consolidated by Inversiones CFNS S.A.S since December 2025.
(4) The decrease in the shareholding is due to the entry of a new investor in September 2025, which diluted the percentage of participation.
(5) On February 29, 2024, the trust rights were transferred as a result of the sale by Fondo de Capital Privado Fondo Inmobiliario Colombia
(6) On August 21, 2025, the trust rights were transferred as a result of the sale by Fondo de Capital Privado Fondo Inmobiliario Colombia.
(7) Companies consolidated by Fondo de Capital Privado Fondo Inmobiliario Colombia, Fideicomiso Terrazu Etapa 1 Torre 2 since May 2025, Fideicomiso Lote C6 Cartón de Colombia y Fideicomiso Mokana since September 2025 y el Fideicomiso River Park since November 2025.
(8) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa subsidiary during 2025 and 2024.
(9) During 2025, the trust rights were transferred as a result of the sale by Valores Simesa S.A. (Parent of the fund).
(10) During 2024, the trust rights were transferred as a result of the sale by Valores Simesa S.A.
(11) During May, June and November 2024, the parent company was established as trustor of P.A. CEDIS Sodimac, P.A. Nomad Distrito Vera and P.A. Nexo, respectively through a management mercantile trust agreement, for real estate activity purposes.
(12) On September 27, 2024, Sociedad Beneficiaria BC Panamá was established, a company whose corporate purpose is to be the beneficiary of the division of a company domiciled in Panama, by virtue of which it partially transfers its assets, as a consequence of the above, to be the owner of the assets and liabilities received on the occasion of said operation, and merge with a company domiciled in Colombia. For more information, see Note 1. Reporting entity. In 2025, once the transaction was completed, the company Beneficiaria BC Panamá was liquidated.
(13) Company consolidated by Bancolombia S.A. since December 2025.
(14) Investments of Cibest Corporate Group resulting from the the partial spin-off by Banistmo of 100% of the shares it held in Cibest Capital Panamá, S.A. (before Valores Banistmo S.A.), in favor of Cibest Panamá Assets S.A., a Panamanian company wholly owned by Cibest. For further information, see Note 1. Reporting entity.
(15) on December 18, 2025, Cibest informed to the market the execution of a share purchase agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of the shares of Banistmo S.A. For further information, see Note 1. Reporting entity.
(16) Investments in non-operational stage.
(17) On September 30, 2021, Mercom Bank Ltd shareholder authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank, Ltd., to Banco Agromercantil de Guatemala, S. A. or other companies of Cibest Corporate Group. For further information, see Note 1. Reporting Entity.
(18) On October 5, 2020, the Board of Directors of Bancolombia Panamá (parent company of Sinesa Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. For further information, see Note 1. Reporting entity.
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When necessary, adjustments are made to the accounting principles in the financial statements of subsidiaries to bring their accounting policies into line with Cibest Corporate Group's accounting policies, in order to prepare the Consolidated Financial Statements using uniform accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Cibest Corporate Group are eliminated in full on consolidation.
Non-controlling interests in controlled entities are presented in profit or loss and equity separately from the Parent Company's shareholders' equity and profit or loss. When Cibest Corporate Group loses control over a subsidiary, any residual interest remaining on Cibest Corporate Group's balances is measured at fair value; gains or losses arising from this measurement are recognized in net income.
The loan and financial leases originated by Banistmo and Bancolombia Panama are subject to prudential regulation in Panama by the Superintendencia de Bancos de Panamá (“SBP”) requiring the maintenance of minimum reserves as a countercyclical capital buffer. For the years ended as of December 31, 2025 and 2024, the reserves recognized amounted to COP 987,250 and COP 972,818. The establishment of these reserves restrict the ability of the aforementioned subsidiaries to pay dividends to Grupo Cibest S.A., the ultimate parent, except in the event of liquidation.
As of December 31, 2025, Banistmo was considered as assets held for sale. For further information see Note 1. Reporting entity, Note 2.D.12 material accounting policies and Note 31. Discontinued Operations.
2. Business reorganization and transactions between entities under common control
The business reorganization process under common control refers to transactions in which entities under Cibest Corporate Group's control are restructured, both before and after the reorganization, and such control is not temporary.
For transactions under common control, Cibest Corporate Group has chosen as its accounting policy to apply the predecessor value method for recognizing intercompany transactions. This means that the assets and liabilities carved out from the entity or business being spun off are recognized in the Separate Financial Statements of the receiving company at their carrying amounts, as recorded prior to the transaction date.
Cibest Corporate Group presents the net assets received as if they had always been part of its Financial Statements from the date of transfer.
The Financial Statements for the second quarter of 2025 and year-end 2024 are presented on a consolidated basis, reflecting Cibest Corporate Group’s structure in effect during that period, since, under the adopted policy, historical Financial Statements are used as if the new corporate structure had always existed. Consequently, the comparative balances of the holding company are equivalent with those of the former parent company. During the second quarter of 2025, Cibest Corporate Group assumed the position of parent within the economic group. Therefore, from that date onward, the financial statements presented include all subsidiaries previously consolidated by Bancolombia. For more information, see Note 1 – Reporting Entity.
3. Fund’s administration
Cibest Corporate Group manages assets held in mutual funds and other forms of investment. Assets managed by Cibest Corporate Group and owned by third parties are not included in the Consolidated Financial Statements unless control exists as structured entities.
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Cibest Corporate Group consolidates the following funds:
| Name | Country | % of ownership<br>interest held by<br>Cibest Corporate Group, 2025 | % of ownership<br>interest held by<br>Cibest Corporate Group, 2024 | % of ownership<br>interest held by<br>Cibest Corporate Group, 2023 | Assets managed | |||
|---|---|---|---|---|---|---|---|---|
| December 31,<br>2025 | December 31,<br>2024 | |||||||
| Fondo de Capital Privado Fondo Inmobiliario Colombia(1) | Colombia | 78.48 % | 80.47 % | 80.47 % | 6,840,135 | 6,039,891 | ||
| Fideicomiso Lote Distrito Vera B1B2(2) | Colombia | — % | 62.44 % | 64.61 % | — | 26,367 | ||
| Fideicomiso Lote Distrito Vera B3B4(3) | Colombia | - | — % | 64.61 % | - | — | ||
| Banistmo Panamá Fondos de Inversión S.A.(4) | Panama | 100.00 % | 100.00 % | 100.00 % | 69,395 | 126,092 |
(1)It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. The decrease in the percentage of participation is due to the entry of a new investor in September 2025, which diluted the percentage of participation.
(2) During 2025, the trust rights were transferred by Valores Simesa S.A. (the fund’s parent company).
(3)During 2024, the trust rights were transferred by Valores Simesa S.A. (the fund’s parent company).
(4) Investment in non-operational stage. The variation in assets managed is mainly due to the effect of converting US dollars to Colombian pesos in the consolidation process, the closing exchange rate was to 4,409.15 in December 2024 and 3,757.08 in December 2025, also withdrew its participation in Fondo Renta Fija Valor to free up resources. For more information, see Note 2.C. Consolidation Principles.
For all the aforementioned funds, Cibest Corporate Group participated in the design of the structured entity, makes operating and financial decisions on behalf of the funds and is exposed to variable returns such as dividends or returns paid in quarterly installments.
Commissions earned by the management of funds that are not consolidated are included in the Consolidated Statement of Income as “Fees and commissions income”.
4. Non-controlling interest
Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within Cibest Corporate Group's equity. Similarly, net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the Parent Company. In a business combination, the amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s identifiable net assets. The option for recognition is made on an investment-by-investment basis.
Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity.
D. Material Accounting Policies
The material accounting policies used by Cibest Corporate Group in the preparation of its Consolidated Financial Statements are detailed below:
1. Functional currency, transactions and balances in foreign currency
The functional and presentation currency of Cibest Corporate Group's Consolidated 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. They are deferred in equity (other comprehensive income) if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation.
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 Consolidated Statement of Comprehensive Income, any exchange component of that gain or loss is recognized in other comprehensive income. Conversely, when a
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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.
Cibest Corporate Group translated the results and financial position of foreign subsidiaries into the functional currency as follows:
•Assets and liabilities for each Statement of Financial Position presented are translated at the closing rate at the date of that Consolidated Statement of Financial Position;
•Income and expenses for each Statement of Income and Statement of Comprehensive Income is translated at average exchange rates for the period; and
•All resulting of such translations are recognized in other comprehensive income in the caption “Translation adjustment”.
When a foreign operation is sold, the associated exchange differences are reclassified to net income, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate.
The table below sets forth the exchange rate used by Cibest Corporate Group and its subsidiaries to convert Consolidated Statement of Financial Position accounts and transactions in U.S. dollar into Colombian pesos:
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |
|---|---|---|---|
| Year-end exchange rate | 3,757.08 | 4,409.15 | 3,822.05 |
| Average rate for the period ended at | 4,052.89 | 4,073.75 | 4,330.14 |
2. Cash and cash equivalents
Cibest Corporate Group considers cash and cash equivalents to include cash and balances at banks and the Central Bank, interbank assets and reverse repurchase agreements and other similar secured lending that have original maturities up to 90 days, as shown in Note 4. Cash and cash equivalents.
3. Business combinations and goodwill
Business combinations are those transactions where an acquirer obtains control of a business (e.g., an acquisition or merger).
Business combinations are accounted for using the acquisition method as follows: a) identifiable acquired assets, liabilities and contingent liabilities assumed in the acquisition are recognized at fair value at the date of acquisition; b) acquisition costs are recognized in the Consolidated Statement of Income as expenses in the periods in which the costs are incurred and the services are received; and c) goodwill is recognized as an asset in the Consolidated Statement of Financial Position or a gain from a bargain purchase.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by Cibest Corporate Group (if any).
Goodwill is measured as the excess of the sum of the consideration transferred, the value of any non-controlled interest and, when applicable, the fair value of any previous equity interest in the acquired entity, over the net fair value of the acquired assets, liabilities or contingent liabilities assumed at the date of acquisition.
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For each business combination, at the date of acquisition, Cibest Corporate Group measures the non-controlling interest by the proportional share of the identifiable assets acquired, as well as liabilities and contingent liabilities assumed by the acquired company, or by their fair value.
Any contingent consideration in a business combination is classified as a liability or as equity and is recognized at fair value at the date of acquisition, the liability is remeasured at subsequent reporting dates in accordance with IAS 37 Provisions, contingent liabilities and contingent assets, and the consideration classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity.
The goodwill acquired in a business combination is allocated, at the date of acquisition, to Cibest Corporate Group's cash-generating units (or group of cash generating units) which are expected to benefit from the combination, regardless of whether other assets or liabilities of the acquiree are assigned to those units or group of units.
For business combinations achieved in stages, any previous equity interest held by Cibest Corporate Group in the acquiree is remeasured at its fair value at the date of acquisition and any resulting gain (or loss) is reported in the Consolidated Statement of Income or Other Comprehensive Income, as appropriate. Amounts related to such investments previously recognized in other comprehensive income that must be recycled through net income are reclassified to the Consolidated Statement of Income, as if such investment had been sold. When the associate had other comprehensive income, which was not reclassified to profit or loss, the amounts were reclassified within equity to “Retained earnings” once the investment was sold.
4. Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
4.1. Financial assets
Financial assets are recognized in the Consolidated Statement of Financial Position when Cibest Corporate Group 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 Corporate Group uses settlement date accounting for regular way contracts when recording financial asset transactions.
At initial recognition, Cibest Corporate Group 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. After initial recognition, for financial assets measured at amortized cost and investments in debt securities subsequently measured at fair value with changes in other comprehensive income, an allowance for expected credit losses (“ECL”) is recognized.
4.1.1. Classification and measurement of financial assets
Cibest Corporate Group classifies its financial assets considering the business model and the characteristics of contractual cash flows (cash flows that consist solely of payments of principal and interest on the principal amount outstanding at specified dates – “SPPI”) in accordance with the following categories of subsequent measurement:
•Amortized cost: measured at cost using the effective interest rate method, excluding future credit losses, and considering transaction costs and premiums granted, less commissions and discounts received that are included in the calculation of the effective interest rate.
•Fair value through other comprehensive income (FVOCI): measured using fair value, variations in the fair value of the investment are recognized in other comprehensive income, except for impairment losses or
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recoveries, interest income, and gains or losses on foreign exchange, which are recognized in the income statement.
•Fair value through profit or loss (FVTPL): measured using fair value, variations in the fair value are recognized in the income statement.
The classification based on the business model reflects how Cibest Corporate Group manages financial assets and how it determines whether cash flows from the asset will come from obtaining contractual cash flows, selling the instrument, or both. If the objective is to obtain contractual cash flows, the assets are subsequently measured at amortized cost; if the objective is to obtain contractual cash flows and selling financial assets, the assets are subsequently measured at FVOCI. A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI.
Cibest Corporate Group measures equity instruments at FVTPL. Likewise, Cibest Corporate Group 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 Corporate Group 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.
4.1.2. Impairment of financial assets at amortized cost or at fair value through other comprehensive income “FVOCI”
4.1.2.1. Impairment of loan portfolio and financial leasing transactions
Expected credit losses are calculated using both individual and collective models and methodologies. These are based on significant assumptions and judgments that consider historical credit data, the current situation of the borrower and reasonable and supportable forecasts of future economic conditions. The collectively evaluated models include parameters such as the twelve-month probability of default (“PD”), lifetime probability of default (when the exposure is classified in stage 2), loss given default (“LGD”), and exposure at default (“EAD”), incorporating forward‑looking information that reflects macroeconomic assumptions under plausible scenarios.
One of the Group’s most significant judgments in estimating the allowance for expected credit losses on the collectively evaluated portfolio relates to the macroeconomic projections used over a reasonable and supportable forecast period. In addition, for loans individually assessed in stage 3, Cibest Corporate Group evaluates significant exposures in default by analyzing each borrower’s debt profile, the fair value of the collateral pledged, credit performance information, and the customer’s expected future cash flows.
At the end of each reporting period, Cibest Corporate Group assesses the expected credit loss impairment model for a financial asset or group of assets measured at amortized cost, where impairment is recognized from “day 1” following initial recognition. The model is structured into three stages in which a financial asset may be classified from its initial recognition, based on its credit risk level and the circumstances that indicate a significant increase in credit risk, as described below:
•Stage 1: financial instruments that have not experienced a significant increase in credit risk since initial recognition, or that have low credit risk at the reporting date.
•Stage 2: financial instruments that have experienced a significant increase in credit risk since initial recognition (unless they have low credit risk at the reporting date), but do not present objective evidence of impairment.
•Stage 3: financial instruments that have objective evidence of impairment (“OEI”) at the reporting date.
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For each stage, an expected credit loss (“ECL”) is calculated. This calculation incorporates both current and forward‑looking conditions, portfolio behavior, and various associated macroeconomic factors.
•For stage 1, a 12-month ECL is calculated. This represents the expected credit losses that may result from default events that are possible within the 12 months following the reporting date.
•For stage 2 and 3, a Lifetime ECL is calculated. This reflects the expected credit losses that may arise from all possible default events over the expected life of the financial instrument.
Significant increase in risk
To determine whether an asset has experienced a significant increase in risk since its initial recognition, and is therefore should be classified in Stage 2, Cibest Corporate Group assesses both quantitative and qualitative factors. For each portfolio, Cibest Corporate Group reviews the rebuttable presumption of more than 30 days overdue in payment. Cibest Corporate Group determines whether the credit risk of financial instruments has increased significantly since their initial recognition as follows:
Quantitative criteria
•Clients with loans that are over 30 days past due.
•Lifetime PD assessment: Cibest Corporate Group has determined that the most suitable quantitative way to establish the significant increase in credit risk is by comparing the residual lifetime PD at the initial recognition and the current lifetime PD. To measure this difference, two thresholds are defined:
◦Absolute threshold: this is the absolute difference between the current lifetime PD and the residual lifetime PD at initial recognition. A positive absolute variation beyond this threshold indicates an increase in the instrument’s risk.
◦Relative threshold: this is the percentage variation between the value of the current lifetime PD and the residual lifetime PD at initial recognition. A positive percentage variation beyond this threshold indicates an increase in the instrument’s risk.
If the PD comparison surpasses one threshold but not the other, it is not considered a significant increase in the instrument’s risk.
If the instrument does not exceed the threshold, additional qualitative criteria are assessed. These can identify a significant increase in credit risk even when the obligation is nearing expiration. These criteria include:
Qualitative criteria
•Loans restructured due to credit risk, where the client is experiencing financial difficulties, are classified in stage 2, until the instrument is canceled, cured (after a period of demonstrated good performance) or transferred to stage 3 upon meeting the definition of default.
•Loans that cease to be in default (stage 3) remain in stage 2 for a 12‑month period.
•Customers on the watchlist with a medium‑risk profile, according to the policies defined by the Special Customer Management Committee (“AEC” by its initials in Spanish).
•Cibest Corporate Group also reviews, on a semiannual basis, whether there are collective criteria for migrating a group of customers to stage 2. Examples include significant changes since origination in a particular product or geographic region, industry‑specific or regulatory events, market conditions, or any other significant event considered relevant to the customer’s future cash‑flow generation capacity.
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Rebuttable presumption of more than 30 Days Past Due
Cibest Corporate Group has performed a review for each portfolio regarding the presumption of a significant increase in credit risk upon exceeding 30 days past due. Historical evidence supports the correlation between this presumption and default events.
Definition of default
To determine whether an asset is in default, and thus classified as stage 3, the evaluates quantitative and qualitative factors. It also reviews the rebuttable presumption of more than 90 days past due for each portfolio.
Cibest Corporate Group applies the following criteria to determine whether default has occurred:
Quantitative criteria
•Clients with active credit exposure who have at least one charged-off instrument within the modality.
•Clients with obligations that are 90 days or more past due.
Qualitative criteria
•Clients subject to special legal restructuring or reorganization agreements, or insolvency processes.
•Customers on the watchlist with a high‑risk profile, according to the policies defined by the Special Customer Management Committee (“AEC” by its initials in Spanish).
•Cibest Corporate Group also aligns all products within the same modality to stage 3 when any of the client’s obligations is considered in default.
Rebuttable presumption of more than 90 Days Past Due
Cibest Corporate Group has reviewed the 90 day past due default presumption for each portfolio. Historical evidence supports a high likelihood of loss at 90 days past due. However, this presumption has been rebutted for Banistmo’s mortgage portfolio. Historical evidence demonstrates that default generally occurs at approximately 120 days past due.
Measurement of expected credit losses (ECL) under the collective methodology
The collective quantification of expected credit losses is conducted based on the stage classification, the homogeneous groups defined within each portfolio type and the client’s risk level.
Homogeneous groups are segmented by client type; for individuals, they are grouped by product, and for companies, they are grouped by industry segments defined based on the company’s revenue level.
In addition, credit risk management is supported by robust rating and scoring systems. The primary objective of these systems is to determine each client's risk profile, which is assigned through a credit rating or scoring. For retail portfolios, credit scoring are based on both origination and behavioral scoring models. These models incorporate personal and financial information, historical behavior, transaction activity, the total number of credit products held, and external credit bureau data.
Corporate portfolios are rated using a comprehensive model that integrates quantitative variables and objective criteria to assess the level of risk associated with each client's financial commitments. This rating model is applied from the initial origination of the credit and is updated periodically to ensure a timely and dynamic assessment of the client's credit profile throughout the entire debt cycle. The model considers key determinants of credit risk, including the client’s financial performance and repayment capacity, payment behavior with both Group entities and the broader financial system, and
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transaction data available within Cibest Corporate Group. Additionally, sector information and complementary variables are included to enhance the assessment. This approach provides a comprehensive and up-to-date view of risk, strengthening decision-making and proactive portfolio management.
In Colombia, for SME and corporate portfolio, the risk level is estimated using models that assign an internal rating considering the client’s economic sector and multiple variables, including financial, transactional, sector specific, qualitative, and behavioral information. These models aim to achieve greater accuracy in classifying customer risk levels, improve discrimination and precision, incorporate non-traditional information, and enhance interpretability, ultimately enabling a deeper understanding of the client. These methodologies play a fundamental role in assessing and monitoring credit risk.
To estimate expected credit losses (“ECL”) under the collective methodology, the following formula is used:
Expected Credit Loss (ECL) = Exposure at Default (EAD)* Probability of Default (PD) * Loss Given Default (LGD)
The components are estimated using statistical models developed from the entity’s internal historical information and subsequently adjusted with forward looking information as described below:
•Probability of Default (“PD”): estimated probability of occurrence that a financial instrument will default. IFRS 9 requires parameter specification and differentiated application across stages 1, 2 and 3.
◦12 months PD: the estimated probability of occurrence of default within the next 12 months from the assessment date. Cibest Corporate Group applies it to exposures with no significant increase in credit risk and no evidence of impairment (stage 1). The 12-month PD is estimated using traditional techniques such as logistic regression, modelling portfolio behavior by risk level for each segment.
◦Lifetime PD: the estimated probability of default occurring over the remaining life of the instrument, depending on product characteristics and risk level. Cibest Corporate Group applies it to exposures with a significant increase in credit risk (stage 2). It is estimated using survival models that quantify portfolio survival rates over defined horizons and incorporate prepayment models.
◦Stage 3 PD: exposures evaluated under the collective methodology and classified in stage 3 are assigned a probability of default of 100%.
•Loss Given Default (“LGD”): the severity of Loss Given Default is the percentage of exposure that the entity ultimately expects to be lost in the event of default. The general formulation is: LGD = 1 – recovery rate. The recovery rate corresponds to the sum of cash flows received from the operation, discounted at the customer’s rate at the assessment date, over the exposure at default. It includes asset sales and other recovery strategies.
For secured products, recoveries are primarily classified by collateral type and incorporate discounted projected
sale value minus acquisition, maintenance, and disposal costs, as well as appraisals to determine value and recovery timing.
•Exposure at Default (“EAD”): for amortizing products, exposure includes principal, interest and receivables, net of expected contractual repayments over a 12-month or lifetime horizon.
For revolving products with available undrawn limits, EAD incorporates the Credit Conversion Factor (CCF) to estimate the utilized and unused portions expected to convert into outstanding balance. For loan commitments, the ECL includes the probability of becoming on-balance-sheet-exposure.
To estimate lifetime expected credit losses, the exposure is projected annually, considering discounted contractual cash flows for each year. Discounting is performed using the effective interest rate or an appropriate approximation.
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Incorporation of forward-looking information into the expected credit loss (ECL) models
To incorporate forward looking information into the components used to estimate expected credit losses (ECL), Cibest Corporate Group applies methodologies that correlate the historical performance of the portfolio with specific economic variables. Cibest Corporate Group has developed projections under three macroeconomic scenarios (base, pessimistic and optimistic), each assigned a probability of occurrence, to determine the best estimate of expected losses under potential future economic conditions.
To prepare these projections, the Economic Research team relies on a dual perspective forecasting process: thematic and analytical.
•Thematic Perspective: this perspective identifies external variables whose values are determined globally and are not influenced by country-specific dynamics. As they fall outside the scope of the Corporate Economic Research team, these variables are based on estimates developed by external analysts.
•Analytical Perspective: this perspective involves collecting historical information for the most relevant economic and financial variables of each country. Data sources include official authorities such as banking supervisors, national statistical agencies, and central banks. Forecasts are generated using time series econometric models widely applied in macroeconomic analysis.
As a result, monthly projections are obtained for the economic variables of interest over a horizon covering the current year and four additional years. After this period, due to uncertainty and technical limitations, the projected value at the end of the horizon is used for the remaining life of the instrument.
Cibest Corporate Group considers a five-year projection horizon appropriate, as it remains a reasonable practice for ECL estimation. It also deems it appropriate to use the fifth-year projection as a reference value for later periods, as this provides the most consistent approximation based on available information. This approach is based on the natural tendency of economic time series to revert to long term trends, equilibrium levels, or the mean. Once macroeconomic projections reach such a steady state, stability is expected unless an unforeseen shock occurs.
It is considered reasonable to assume that over a five-year horizon, macroeconomic projections will converge toward their equilibrium level, since historically the maximum periods of consecutive deviation above or below the long-term trend (approximately ±0.25 standard deviations of the variable), based on annual GDP growth data from 1972–2025, have lasted precisely five years.
Weighting of macroeconomic scenarios
To incorporate the inherent uncertainty of macroeconomic forecasting, Cibest Corporate Group uses three macroeconomic scenarios: base, optimistic, and pessimistic.
These scenarios reflect reasonable, non-extreme expectations. The current weighting applied to the macroeconomic forecasts at year-end is as follows:
| Optimistic | Base | Pessimistic | ||||
|---|---|---|---|---|---|---|
| Country | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Colombia | 15.00 % | 15.00 % | 60.00 % | 60.00 % | 25.00 % | 25.00 % |
| Panama | 20.00 % | 20.00 % | 55.00 % | 55.00 % | 25.00 % | 25.00 % |
| El Salvador | 20.00 % | 20.00 % | 55.00 % | 55.00 % | 25.00 % | 25.00 % |
| Guatemala | 20.00 % | 20.00 % | 55.00 % | 55.00 % | 25.00 % | 25.00 % |
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The following presents a comparison of the key projected macroeconomic variable in each country, “GDP Growth,” used to estimate ECL as of December 31, 2025 and 2024:
| As of December 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| Colombia | Panama | |||||
| Cutoff | Optimistic | Base | Pessimistic | Optimistic | Base | Pessimistic |
| 2025 | 3.07 % | 2.86 % | 2.65 % | 4.85 % | 4.14 % | 3.43 % |
| 2026 | 4.57 % | 3.23 % | 1.89 % | 6.19 % | 3.97 % | 1.75 % |
| 2027 | 4.68 % | 2.88 % | 1.08 % | 6.81 % | 4.04 % | 1.26 % |
| As of December 31, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Guatemala | El Salvador | |||||
| Cutoff | Optimistic | Base | Pessimistic | Optimistic | Base | Pessimistic |
| 2025 | 4.15 % | 3.79 % | 3.44 % | 3.30 % | 2.80 % | 2.29 % |
| 2026 | 4.49 % | 3.48 % | 2.47 % | 3.90 % | 2.49 % | 1.08 % |
| 2027 | 4.58 % | 3.38 % | 2.18 % | 4.07 % | 2.39 % | 0.72 % |
| As of December 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Colombia | Panama | |||||
| Cutoff | Optimistic | Base | Pessimistic | Optimistic | Base | Pessimistic |
| 2024 | 1.98 % | 1.80 % | 1.59 % | 3.51 % | 2.46 % | 1.41 % |
| 2025 | 3.89 % | 2.57 % | 1.23 % | 6.04 % | 3.48 % | 0.92 % |
| 2026 | 4.76 % | 2.96 % | 1.16 % | 6.68 % | 3.76 % | 0.85 % |
| As of December 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Guatemala | El Salvador | |||||
| Cutoff | Optimistic | Base | Pessimistic | Optimistic | Base | Pessimistic |
| 2024 | 3.83 % | 3.48 % | 3.12 % | 3.10 % | 2.59 % | 2.09 % |
| 2025 | 4.46 % | 3.46 % | 2.45 % | 3.77 % | 2.36 % | 0.95 % |
| 2026 | 4.55 % | 3.35 % | 2.14 % | 3.93 % | 2.25 % | 0.58 % |
Special methodologies applied in stage 3
Collateral based methodology
For defaulted loans (classified in stage 3) where the primary source of repayment is determined to be real estate collateral or an asset under a leasing arrangement, the loss estimate is calculated as the outstanding balance minus the probability weighted net present value of the collateral’s market value. The valuation is based on appraisals not older than one year, net of acquisition, maintenance and disposal costs, and adjusted for multiple macroeconomic scenarios weighted by their respective probabilities of occurrence.
Individual NPV assessment methodology
Cibest Corporate Group individually assesses defaulted (stage 3) exposures exceeding COP 20,000 or USD 5 million in foreign subsidiaries, analyzing each debtor’s debt profile, collateral provided, financial information, and both client specific and sector specific credit behaviour. Significant financial assets are considered to be in default when, based on current or past events and available information, it is unlikely that the entity will recover all amounts due under the original contractual terms, including interest and fees. When a significant financial asset has been identified as defaulted, the loss
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amount is measured as the outstanding balance minus the probability weighted net present value of expected future cash flows, assessed under at least two macroeconomic scenarios with assigned probabilities of occurrence.
Clients assessed under an individual net present value (“NPV”) approach are evaluated at least twice per year and, additionally, whenever a relevant event occurs that materially affects their risk profile and requires updating the previously analyzed scenarios. Relevant events may include:
•Significant changes in collateral value,
•Adverse or emerging changes in the client’s business,
•Regulatory changes with potential impact on the borrower,
•Changes affecting the borrower’s commercial or operational dynamics, and
•Significant payments made by the client.
To determine expected future cash flows for the client, two approaches may be applied: a cash flow generation approach or an asset recovery approach involving enforcement or liquidation of collateral. that is, “Going Concern” or “Gone Concern” approach.
Cash-flow-based approach: This refers to an analysis under the “Going-Concern” assumption; that is, repayment of the obligation is expected to occur through the client’s ongoing cash flows. The calculation of the expected NPV under the cash-flow-based approach includes:
•Client financial projections.
•Debt simulation.
•Expected NPV calculation.
Collateral-recovery approach: This refers to collateral liquidation or "Gone concern” that is, repayment of the obligation is expected to occur through the realization of collateral, liquidation of assets, enforcement of personal guarantees, or adjudication through judicial processes. The NPV calculation under the collateral approach must include:
•Collateral analysis.
•Projected future collateral value.
•NPV calculation.
•Recovery time estimates.
Future cash flows are estimated under two scenarios (base and alternative), which may be affected by the variables described above.
4.1.2.2. Impairment of investments measured at amortized cost or at fair value through other comprehensive income (FVOCI)
At the end of each period, Cibest Corporate Group evaluates the impairment model based on the expected loss of a financial asset or a group of assets that are measured at amortized cost or at fair value with changes in other comprehensive income, where the impairment loss is measured from "day 1" after initial recognition.
Investments are classified into stages according to the risk level (rating), as follows:
Stage 1:
•Investments rated at investment grade.
•Investments rated at speculative grade, if:
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◦The current external rating is maintained or improved compared with the rating at the acquisition date.
◦If there is a rating deterioration, the deterioration is lower than the number of notches that signify a significant increase in risk.
Stage 2:
•Investments migrating from investment grade to speculative grade.
•When the rating is downgraded beyond the thresholds notches that signify a significant increase in risk.
Stage 3:
•Investments classified as being in default.
Significant increase in risk
Investments classified in stage 2 include those instruments meeting Cibest Corporate Group’s definition of a significant increase in risk.
To determine whether a security has experienced a significant increase in risk since initial recognition, the deterioration of its current rating relative to its purchase date rating is evaluated. Depending on the initial rating, a significant increase may correspond to a downgrade of 1, 2, or 3 notches, as shown below:
| EXTERNAL RATING ORIGIN | SIGNIFICANT INCREASE<br><br>IN RISK |
|---|---|
| Ba1/BB+ | 3 Notches |
| Ba2/BB | 3 Notches |
| Ba3/BB- | 3 Notches |
| B1/B+ | 2 Notches |
| B2/B | 2 Notches |
| B3/B- | 1 Notch |
| Caa/CCC | 1 Notch |
Measurement of expected losses:
Impairment: [Amortized Cost or Market Position (Exposure)] * PD (Probability of default) * LGD (Loss given default)
•Instruments classified in stage 1 are assigned a 12-month probability of default.
•Instruments classified in stage 2 are assigned a lifetime probability of default.
•Instruments classified in stage 3 are assigned a probability of default of 100.00%.
To estimate the impairment of the instruments if the issue has an external rating, the PD (Probability of default) from the international rating agency is applied; if no external rating exists, the internal rating model and portfolio PD are used.
In all cases, the LGD (Loss Given Default) is based on the parameter published by the external rating agency for the investment portfolio, which corresponds to 51.60% as of December 2025.
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4.1.3. Derecognition of financial assets
4.1.3.1. Derecognition of financial assets not resulting from modifications
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred, and Cibest Corporate Group has transferred substantially all the risks and rewards of ownership, or when Cibest Corporate Group neither transfers nor retains substantially all of the risks and rewards of ownership but it does not retain control of the financial asset.
When Cibest Corporate Group retains the contractual rights to receive cash flows from the financial asset, but assumes a contractual obligation to pay those cash flows to other entities, it shall treat the transaction as a transfer that results in derecognition if:
•It has no obligation to pay any amounts to the other entities unless it collects equivalent amounts from the assets;
•It is prohibited from selling or pledging the assets; and
•It has an obligation to remit without material delay any cash flows it receives from the assets.
4.1.3.2. Modifications
In modifications for commercial or market reasons, an assessment is made as to whether the modification is substantial; that is, whether the changes in the terms of the contract differ substantially from the original contract, based on the analysis of qualitative variables (inclusion of returns based on profit sharing, guarantees, other collateral, or credit enhancements that significantly affect the credit risk profile associated with the loan, changes in currency and/or obligor) and, in some cases, a quantitative assessment. When the modifications result in derecognition, the renegotiated contract is a new loan, subject to the classification and measurement requirements established by IFRS 9.
Similarly, the costs and commissions associated with the financial asset are derecognized. Modifications that do not result in derecognition are understood as non-substantial modifications, the carrying amount will be recalculated as the present value of the modified contractual cash flows discounted at the original interest rate, recognizing the effect of the modification in the margin net interest in the Statement Consolidated of Income. Likewise, costs and commissions are adjusted and amortized over the remaining life of the modified asset.
Contractual modifications of financial assets may be carried out due to restructurings and/or renegotiations for credit risk due to the borrower's financial difficulties are evaluated as a non-substantial modification and therefore does not lead to derecognition. When a financial asset is restructured, the difference between the original contractual cash flow and the new cash flow of the restructured asset discounted at the original effective interest rate is recognized as a gain or loss in the Statement Consolidated of Income as “Interest income on loan and financial leases”, the costs and fees are deferred and will be amortized by the remaining life of the modified asset.
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4.1.3.3. Written-Off loan portfolio
Loans are written off when Cibest Corporate Group concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party, i.e., there is no possibility of recovery due to the debtor's lack of ability or willingness to pay or in the absence of open guarantees granted by the debtor. In general, this characteristic will be fulfilled when the following delinquency conditions are present:
| Length of delinquency (days) | |||||
|---|---|---|---|---|---|
| Type | Collateral | Grupo Agromercantil Holding S.A. | Banistmo S.A. | Banco Agrícola S.A. | Bancolombia S.A. |
| Without collateral | 180 | ||||
| Commercial | With collateral | N/A(1) | 360 | 360 | 360 |
| Without collateral | 180 | 180 | 180 | 180 | |
| Consumer | With collateral | 540 for vehicles collateral | 1080 for mortgage collateral | 720 for mortgage collateral | |
| Without collateral | 180 | ||||
| Small Business Loan | With collateral | N/A(1) | 1080 for mortgage collateral | 180 | 180 |
| Mortgage | With collateral | 1440 | 1080 | 720 | N/A(1) |
(1)Not dependent on the length of delinquency but on the reasons underlying a loan's non-recoverability.
Among the reasons underlying a loan's non-recoverability are the estimated recovery time of the obligation, the probable recovery percentage given the existence or lack of collateral and the inability to locate the client. When default conditions are present, it is initially necessary to evaluate whether the collateral that supports the loan generates a reasonable expectation of recovery; if so, the necessary steps are taken to realize on the collateral prior to writing-off the loan. In cases where the collateral net fair value indicates that there are no reasonable expectations of recovery, loans are written-off in the Consolidated Financial Statements.
4.2. Financial liabilities
At initial recognition, Cibest Corporate Group 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 Consolidated Statement of Income if the liabilities are measured at fair value.
4.2.1. 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, 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.
4.2.2. Derecognition of Financial Liabilities
Cibest Corporate Group derecognizes a financial liability from the Consolidated Statement of Financial Position when it is extinguished; that is, when the contractual obligation has been paid or settled or has expired.
Debt Exchange
Cibest Corporate Group assesses whether instruments subject to debt exchange are substantially different from each other, considering qualitative aspects such as currencies, maturities, interest rates, subordination terms, regulatory framework,
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among others, and quantitative aspects, in which the present value of discounted cash flows under the conditions of the new instruments (including any net commission paid minus any commission received) using the original effective interest rate to calculate the discount differs by at least 10 percent from the present value of discounted cash flows remaining from the original financial liability.
When it is concluded that the instruments subject to debt exchange are not substantially different (based on the analysis of qualitative variables such as currency or issuance market changes, and in some cases a quantitative evaluation), the transaction is recognized as a modification of debt, and in this case, the amortized cost of the modified liability is adjusted to the present value of estimated contractual cash flows discounted at the original effective interest rate of the financial instrument, and the gain or loss is recognized immediately in the income statement. Incremental costs and commissions adjust the carrying amount of the liability and are amortized over the remaining life of the modified liability, following its subsequent measurement at amortized cost. In debt exchanges that are considered substantially different, derecognition is recognized in the income statement, and a new financial liability is recognized.
4.3. Day one profit adjustment
In situations where the fair value of a financial asset acquired or financial liability assumed at initial recognition differs from the transaction price, Cibest Corporate Group shall recognize a gain or loss directly in the Consolidated Statement of Income if the fair value is supported by Level 1 inputs or is based on a valuation technique that uses only observable market data. In all other circumstances, Cibest Corporate Group defers the Day one gain or loss and recognizes it in the Consolidated Statement of Income over the course of the transaction period.
4.4. Compound instruments
Cibest Corporate Group 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 doesn´t 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. For further information, see Note 22. Share capital.
4.5. Financial guarantee contracts and loan commitments
Cibest Corporate Group issues financial guarantees and loan commitments. Loan commitments are those agreements under which Cibest Corporate Group has an irrevocable obligation to grant the loan. The financial guarantee contracts issued by Cibest Corporate Group are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due to accordance with the original or modified terms of a debt instrument.
Both financial guarantee contracts and loan commitments are initially recognized as liabilities at fair value, which is normally the fee received, adjusted for the directly attributable transaction costs incurred. Subsequently, liabilities are measured at the higher of the provision amount measured according to IFRS 9, and the amount initially recognized, less the accumulated amortization recognized according to IFRS 15 Revenue from contracts with customers.
Income derived from guarantees is recognized as “commission income” in the Consolidated Statement of Income over the term of the contract, in accordance with the method and frequency of commission’s payments.
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4.6. Derivatives financial instruments
A financial derivative is an instrument whose value changes in response to changes in a variable or index, such as an interest rate, exchange rate, the price of a financial instrument, a credit rating or a credit index. This instrument requires no initial payment or is lower in comparison to other financial instruments with a similar response to changes in market conditions and is generally settled at a future date.
Cibest Corporate Group recognizes its derivative financial instruments at fair value, based on the prices and valuation methodologies provided by the official pricing service provider (Precia); this includes counterparty credit-risk adjustments applied to derivatives when Cibest Corporate Group's position is a derivative asset, and Cibest Corporate Group's credit risk when the position is a liability on a derivative. For further information, see Note 30. Fair value of assets and liabilities, section d. Credit valuation adjustment.
Derivatives are recognized and measured at fair value through profit or loss unless such derivatives are designated as cash flow hedges or hedges of a net investment in a foreign operation. In those cases, the effective portion of changes in the fair value of the derivatives are recognized in other comprehensive income. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Gains and losses arising from changes in the fair value of derivatives, which are not in hedging relationships, are recognized in the Consolidated Statement of Income under the "valuation on financial instruments" item, and gains and losses from the valuation of foreign exchange derivatives are included in the "Other Operating Income" item.
4.7. Hedge accounting
Cibest Corporate Group designates and documents hedge accounting at inception in accordance with the requirements of IFRS 9 Financial Instruments. When the hedging relationship is considered to be highly effective, the changes in value of the hedging derivative are accounted for according to their classification, as fair value hedges, cash flow hedges and hedges of net investment in foreign operations, as set out in the paragraph below.
Cibest Corporate Group assesses at the inception of the hedge and on an ongoing basis during the life of the instrument, whether the hedge used in the transaction is expected to be aligned with the hedge effectiveness requirement (prospective effectiveness):
•Economic relationship between the hedging instrument and the hedged item.
•The effect of credit risk does not predominate over the value of the economic relationship.
•Designated hedge ratio is consistent with risk management strategy.
Cibest Corporate Group discontinues the hedge accounting when the hedging relationship no longer meets the criteria provided for hedge effectiveness or when the hedging instrument expires or is sold, terminated or exercised. Consequently, the item no longer complies with the hedge accounting conditions or the hedging relationship no longer complies with the risk management objective.
Before the establishment of hedge accounting, Cibest Corporate Group documents the relationship between hedged items and hedging instruments, as well as its risk management objectives and hedging strategies, which are approved by the Asset and Liability Management Committee.
Hedge relationships are classified and accounted for in the following ways:
Fair value hedges
Fair value hedges are designated to protect against the exposure to changes in the fair value of recognized assets or liabilities or unrecognized firm commitments.
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Changes in the fair value of derivatives that are designated and qualify as hedging instruments in fair value hedges are recorded in the same line item of the Consolidated Statement of Income as hedged item. The change in fair value of the hedged item that is attributable to the hedged risk is recorded as part of the carrying value of the hedged item, and it is also recognized in the same line item of the Consolidated Statement of Income as the hedge item.
For fair value hedges of items carried at amortized cost, adjustments to the carrying value are amortized to the Consolidated Statement of Income over the remaining life of the hedge item until maturity. Amortization is based on a recalculated effective interest rate at the beginning of the amortization period, which begins when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. The adjustment shall be amortized fully by maturity of the financial instrument or, in the case of a portfolio hedge of interest rate risk, by expiry of the relevant repricing period.
If the hedged item is derecognized, the non-amortized fair value is recognized immediately in the Consolidated Statement of Income.
When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with corresponding gain or loss recognized in net income.
Cash flow hedges
Cash flows hedges are used mainly to manage the exposure to variability related to the cash flow attributable to a specific risk associated with an asset or liability recognized on the Consolidated Statement of Financial Position or to a highly probable forecast transaction.
The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income. The ineffective portion of the gain or loss on the hedging instrument is recognized in the Consolidated Statement of Income as interest and valuation on financial instruments.
If the hedging instrument expires or is sold, terminated or exercised, without replacement or rollover into another hedging instrument, or if the hedging designation no longer meets the criteria provided for the hedge effectiveness requirements after any subsequent rebalancing adjustment, any accumulated gain or loss previously recognized in OCI remains in OCI, until the planned operation or the firm commitment affects the result.
When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in net income.
Hedges of a net investment in a foreign operation
In accordance with the application of IFRS 9 and IFRIC 16 – Hedges of a Net Investment in a Foreign Operation, Cibest Corporate Group has elected to hedge the foreign exchange risk arising from the translation of activities conducted in a country or currency other than that of the reporting entity.
The accounting for these hedges requires that the effective portion of foreign exchange gains or losses arising from instruments designated as hedging instruments be recognized in the same line item of the statement of profit or loss or other comprehensive income (OCI). This accounting treatment is consistent with the requirements of IAS 21 – The Effects of Changes in Foreign Exchange Rates, and aligns with the disclosure provided in Section 1. Functional currency, translation of balances and foreign currency transactions.
Upon the disposal of a foreign operation, or upon the settlement of an instrument that forms part of the net investment, the foreign exchange differences previously accumulated in OCI are reclassified to profit or loss for the period as part of the
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gain or loss on such disposal. For additional information related to the accounting for hedges of net investments in foreign operations, refer to Note 5.3 – Hedge accounting.
5. Investments in associates and joint arrangements
5.1. Investments in associates and joint ventures
An associate is an entity over which Cibest Corporate Group 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 Corporate Group 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 Corporate Group's investments in associates and joint ventures are initially recorded at cost and their results, assets and liabilities are subsequently included in the Consolidated 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 a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, Cibest Corporate Group may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the Consolidated 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 Corporate Group'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 Corporate Group'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 Corporate Group'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. Impairment losses are recognized in accordance with the policy for impairment of assets, cash-generating units and goodwill (see section 12. Impairment of assets, cash-generating units and goodwill, of this note).
If Cibest Corporate Group's share of losses of an associate or joint venture exceeds Cibest Corporate Group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of Cibest Corporate Group's net investment in the associate or joint venture), Cibest Corporate Group discontinues recognition its share of further losses. Additional, losses are recognized only to the extent that Cibest Corporate Group 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 Corporate Group. The portion that corresponds to Cibest Corporate Group for changes in the investee´s other comprehensive income items is recognized in the Consolidated 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 Consolidated Statement of Income as “Dividends and net income on equity investments”, in accordance with Cibest Corporate Group's participation. Gains and losses resulting from transactions between Cibest Corporate Group and its associate or joint venture are recognized in Cibest Corporate Group's Consolidated 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
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entity is lost. When the significant influence on the associate or the joint venture is lost, Cibest Corporate Group 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 Consolidated 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 Consolidated 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 8. Investments in associates and joint ventures.
5.2. Joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement.
Cibest Corporate Group recognizes and measures assets, liabilities, revenues, and expenses in relation to its interest in joint operations in accordance with the applicable IFRS for the particular assets, liabilities, revenues and expenses.
When Cibest Corporate Group acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3, or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, Cibest Corporate Group will apply all of the principles of IFRS 3. In this case, Cibest Corporate Group recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed.
When Cibest Corporate Group transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a sale or contribution of assets), Cibest Corporate Group is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in Cibest Corporate Group's Consolidated Financial Statements only to the extent of other parties’ interests in the joint operation.
6. Leases
6.1. Cibest Corporate Group as lessee
Cibest Corporate Group assesses whether a contract is or contains a lease at the inception of the contract and recognizes a right-of-use asset representing its right to use the leased asset and a lease liability representing its obligation to make lease payments. Cibest Corporate Group elected to apply the recognition exemptions for short-term leases (leases of 12 months or less and without a purchase option) and leases where the underlying asset is of low value. Lease payments related to these exemptions will be recognized as an expense in profit or loss on a straight-line basis over the term of the lease.
Both the right-of-use asset and the lease liability are measured at the present value of the lease payments that have not been paid at that date. Lease payments are discounted using the lessee’s incremental borrowing rate. In addition, the right-of-use asset includes: 1) the amount of the initial measurement of the lease liability, 2) lease payments or costs incurred by the lessee made before or after the commencement date, less lease incentives received, and 3) an estimate of the costs to be incurred to dismantle the underlying asset, restore the site on which it is located or restore the underlying asset to the condition required by the lease.
Subsequently, Cibest Corporate Group measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Cibest Corporate Group measures
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the lease liability by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any new expectation or lease modifications. Each lease payment has been allocated between the liability and interest expenses. The accrued interest on the lease liability for each period over the lease term will be the amount that produces a constant periodic rate of interest (incremental borrowing rate) on the remaining balance of the liability.
6.2. Cibest Corporate Group as lessor
The lease agreements entered into by Cibest Corporate Group are classified at the initial recognition as financial or operating leases.
A lease is classified as a finance lease when substantially all the risks and rewards incidental to ownership of the asset are transferred to the lessee and are recognized at a value equal to the net investment in the lease, corresponding to the sum of the minimum lease payments receivable and any unguaranteed residual value, discounted at the interest rate implicit in the lease. Otherwise, it is classified as an operating lease, recognizing and measuring the assets under the principles of property and equipment or investment property, in which case income and depreciation of property and equipment are recognized on a straight-line basis over the life of the asset. Contingent lease payments are recognized as revenue in the period in which they are received.
If during the lease term, the lessor and the lessee decide to modify the initial conditions, and the agreed changes result in a different classification, then the modified agreement will be considered a new lease with new clauses that will lead to the classification of a financial or operating lease, as appropriate.
Cibest Corporate Group uses the following indicia of transfer of risk and rewards incidental to ownership to the asset; if one of them is met, lease is classified as a finance lease:
•The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10% of the fair value of the asset, upon termination of the lease.
•The term of the lease covers most of the economic life of the asset, even when the lease does not transfer the ownership of the underlying asset to the lessee at the end of the lease term, i.e., when the minimum lease term represents 75% or more of the economic life of the leased asset.
•At the inception of the lease, the present value of the minimum lease payments amounts to at least 90% of the fair value of the leased asset.
•The leased assets are of such a specialized nature that only the lessee has the possibility of using them without making significant modifications.
7. Premises and equipment and depreciation
Premises and equipment include tangible items that are held for use, for rental to others, or for administrative purposes and are expected to be used for more than one period.
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Items of premises and equipment are expressed at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, in order to derecognize the depreciable amount of premises and equipment over the estimated useful lives of the assets. The depreciable amount is the cost of an asset less its residual value.
The estimated useful lives for each asset group are:
| Asset group | Useful life range |
|---|---|
| Buildings | 10 to 75 years |
| Furniture and fixtures | 3 to 20 years |
| Computer equipment | 3 to 20 years |
| Equipment and machinery | 2 to 40 years |
| Vehicles | 3 to 10 years |
The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. When there is a significant change, the depreciation and the charge to the Consolidated Statement of Income are adjusted based on the new estimation.
Cibest Corporate Group assesses at the end of each year whether there is any indication of external or internal reduction in the asset’s recoverable value. If there is any indication of impairment, Cibest Corporate Group estimates the recoverable amount of the assets and then recognizes the impairment loss in the Consolidated Statement of Income. For further information, see section 12. Impairment of nonfinancial assets, cash-generating units and goodwill in this note.
Maintenance expenses of the premises and equipment are recognized as an expense in the period in which they are incurred and are registered in the Consolidated Statement of Income as “Other administrative and general expenses”.
Gains and losses in sales of premises and equipment are registered in the Consolidated Statement of Income as “Other operating income”.
8. Investment properties
The investment properties are measured initially at cost, including the transaction costs. The carrying value includes the cost of replacement or substitution of a part of an investment property at the time the cost is incurred, if the cost meets the recognition criteria; and it excludes the daily maintenance costs of the investment property which are included in the Consolidated Statement of Income as “Other administrative and general expenses”.
After the initial recognition, the investment properties are measured at fair value which reflects the market conditions at the Consolidated Statement of Financial Position date and are valued by Management with the support of external experts using valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement cost. The gains and losses that arise from changes in the fair values of investment properties are included in the Consolidated Statement of Income as “Other operating income”.
Transfers of an asset to or from the investment properties are only made when there is a change in its use. For a transfer from an investment property to premises and equipment, the cost taken into account for its subsequent accounting is the fair value at the time of the change in use. If a premise and equipment becomes an investment property, it will be accounted for at its fair value.
9. Intangible assets
Intangible assets are identifiable, non-monetary assets without physical appearance, separately acquired or internally generated by Cibest Corporate Group that are measured initially at cost and subsequently at cost less any accumulated amortization and any accumulated impairment loss. Intangible assets acquired in business combinations are recognized at fair value at the date of acquisition.
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Intangible assets with finite useful lives (ranging from 1 to 10 years) are amortized using the straight-line method over their estimated useful lives and assessed at the end of the period for impairment. The amortization period and the amortization method for intangible assets with a finite useful life are reviewed at least annually. The expected changes in the useful life or in the pattern of consumption of the future economic benefits of the asset are recognized when the amortization period or method has changed, as appropriate, and they are treated as changes in the accounting estimates. The amortization expense of intangible assets with finite useful lives is recognized in the Consolidated Statement of Income.
Cibest Corporate Group's intangible assets comprise mainly intangibles of finite useful life, such as licenses, software and computer applications, customer relationships and trademarks (See Note 12. Goodwill and intangible assets, net). Intangibles of indefinite useful life include Goodwill.
When intangible assets with finite useful life are written-off, the expected future economic benefits period is reduced to increase the amount of amortization, resulting in the derecognition of the intangible asset in a shorter period than initially estimated.
Intangible assets with indefinite useful lives are not subject to amortization but are periodically tested to identify any impairment, either individually or at the cash-generating unit level. The assessment of the indefinite life is reviewed annually to determine if it continues being supportable. In the event that the assessment was not valid, the change from indefinite useful life to finite useful life is recognized prospectively. Intangible assets with an indefinite useful life correspond to goodwill.
9.1. Internally generated intangible assets
The costs of internally generated intangible assets are recognized as intangible assets if they have been incurred in the development stage and meet the recognition criteria; if so, such assets are presented in the Consolidated Statement of Financial Position at cost less accumulated amortization and accumulated impairment losses (see section 12. Impairment of nonfinancial assets, cash-generating units and goodwill in this note). Other expenditures are recorded as expenses in the Consolidated Statement of Income.
Amortization of the asset begins when development is complete and the asset is available for use. Intangible assets are amortized using the straight-line method over their estimated useful lives and assessed at the end of the period for impairment.
10. Inventories
Cibest Corporate Group recognizes as inventory the assets or returned property from finance or operating lease and real estate acquired or held in construction for sale in the ordinary course of business.
Assets or returned property from finance or operating lease
Inventories of assets or returned property are those assets arising from an early termination of a finance or operating lease or those on which the lease has been terminated, and they are expected to be sold in the normal course of business, which are controlled by Cibest Corporate Group and are expected to obtain future economic benefit.
The inventory of returned property is recognized as an asset from the date on which Cibest Corporate Group assumes the risks and benefits thereof. Assets arising from operating leases are initially measured at cost, which is the carrying amount less accumulated depreciation and impairment, if any. Assets returned property financial leasing operations are recognized at the lower of their book value plus sanitation costs and its net realizable value. When the book value is greater than the net realizable value, an adjustment is recognized under the caption "Provision for impairment of loan portfolio and financial leasing operations, net" in the Consolidated Income Statement.
Real estate acquired or in construction for sale
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Real estate acquired or in construction for sale in the ordinary course of Cibest Corporate Group’s business mainly include:
•Real estate units in construction: refers to investments made in real estate construction projects (residential, commercial, etc.) that are in the development phase.
•Real estate units in inventory: corresponds to real estate units available for sale.
The cost of real estate acquired or in construction for sale includes all expenses incurred in their acquisition and transformation, as well as other expenses necessary to complete them. Once the construction phase is completed, any subsequent costs will be recognized as an expense in the income statement for the period.
Inventories are measured at the lower of cost and net realizable value. Net realizable value ("NRV") is the estimated selling price in the normal course of business, less the estimated costs necessary to make the sale. The cost of inventories is assigned by using specific identification of their individual costs.
Cibest Corporate Group revises the NRV of its inventories at least annually, or when market conditions so require; the adjustment of the decrease in value is recognized directly in income. Adjustments to the NRV are recognized under the caption "Amortization, depreciation and impairment" in the Consolidated Statement of Income, up to the value initially recognized.
11. Assets held for sale and discontinued operations
Cibest Corporate Group classifies non-current assets or disposal groups held for sale if their carrying value will be recovered through a sale transaction, rather than through continuing use. These assets are measured at the lower of their carrying value and their fair value less costs to sell and they are not depreciated nor amortized from the date of their classification. Additionally, if any indications of impairment exist, impairment losses are recognized for the difference between the carrying and the fair value less costs to sell as “depreciation, amortization and impairment” in the Consolidated Statement of Income. Gains and losses in the sale of assets held for sale are recognized in the Consolidated Statement of Income as “Other operating income” or “Other administrative and general expenses”.
The held for sale condition is met if the assets or groups of assets are available, in their current condition, for immediate sale or the sale transaction is highly probable and is expected to be completed within the year following the date of classification. In Cibest Corporate Group, the assets held under this classification correspond to foreclosed assets and the subsidiary Banistmo. If the sale of the asset does not take place within the planned period, the assets are reclassified to "Other assets, net" in the Consolidated Statement of Financial Position.
A discontinued operation is a component of an entity that has been disposed of, or is classified as held for sale, and represents a separate major line of business or a geographical area of operations, is part of a single coordinated and individual plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of a discontinued operation are presented separately from those of continuing operations in the Consolidated Statement of Income on a comparative basis.
The comparative information in the statement of profit or loss is restated to reflect the classification of discontinued operations for all periods presented, whereas the Statement of Financial Position is not restated for prior periods; instead, the related assets and liabilities are presented separately from the date they are classified as held for sale.
12. Impairment of nonfinancial assets and cash-generating units and goodwill
Cibest Corporate Group evaluates at the end of each period whether there is any indication that on a stand-alone basis nonfinancial assets and cash-generating units are impaired. If some indication of impairment does exist, Cibest Corporate Group estimates the recoverable amount of the assets and the loss by impairment, the impairment loss is recognized for the amount by which the carrying amount of the cash generating unit exceeds its recoverable amount. Regardless of whether
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impairment indicators exist, impairment of goodwill is assessed annually, or more frequently if events or changes in circumstances indicate that it may be impaired.
The recoverable amount of nonfinancial assets or cash-generating units is defined as the higher of fair value less costs of disposal and value in use. Fair value is determined by Management with reference to market value (if available), through pricing models, or with the assistance of a valuation specialist. Meanwhile, value in use requires Management to develop significant assumptions and estimates to forecast cash flow for periods that extend beyond the normal requirements of management reports, assessing 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 is included in the Consolidated Statement of Income as “depreciation, amortization and impairment”. Except for impairment loss recognized for goodwill, impairment losses are subject to reversal, the increased carrying amount of an asset other than goodwill attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
13. Other assets
Cibest Corporate Group presents as other assets, among other things, (a) the expenses paid in advance incurred in the development of its business, in order to receive future services, which are amortized during the period in which services are received or the costs or expenses are recorded and (b) foreclosed assets that do not comply with the requirements to be recognized as assets held for sale and where there are no plans to use them in the supply of services or for administrative purposes.
Foreclosed assets are initially recognized at the lower of net amount of the charged-off financial assets to which the foreclosed assets relate and net realizable value of the foreclosed asset (the net realizable value will be the estimated selling price of the asset or its awarding value, less the estimated costs necessary to carry out its sale), pending obtaining a plan for its commercialization. If net amount of the charged-off financial assets is greater than net realizable value of the foreclosed asset, an adjustment for impairment of credit risk of the financial asset is recorded in the results for the period.
There is evidence of impairment when these group of assets remain in the Consolidated Statement of Financial Position for a period of time exceeding one year from the reception date, without buyer having been found, despite Cibest Corporate Group's ongoing efforts to sell them (even adjusting the selling price).
Foreclosed assets are subsequently assessed to determine whether an impairment lost must be recognized. In the case of events that arise that are beyond the control of Cibest Corporate Group and that make remote the realization of these assets, they are identified as "non-tradable”, and a complete impairment is carried out.
14. Derecognition of nonfinancial assets
Cibest Corporate Group nonfinancial 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 Consolidated Statement of Income.
15. Employee benefits
15.1. Short term benefits
Cibest Corporate Group grants to its employees short-term benefits such as bonuses based on added value to clients and Cibest Corporate Group's results, salaries, accrued performance costs and social security that are expected to be wholly
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settled within 12 months. Expenses related to these benefits are recognized over the period in which the employees provide the services to which the payments relate. For further information, see Note 19. Employee benefit plans.
15.2. Other long-term employee benefits
Cibest Corporate Group 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 Corporate Group 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.
15.3. Pensions and other post-employment benefits
–Defined contribution plans
Cibest Corporate Group makes monthly contributions to pension funds, due to legal requirements and it has no legal obligation to pay further contributions.
Cibest Corporate Group recognizes contributions in the Consolidated Statement of Income once the contribution is accrued. Any contributions unpaid at the Consolidated Statement of Financial Position date are included as a liability.
–Defined benefit plans
These are post-employment benefit plans in which Cibest Corporate Group has the legal or constructive obligation to take responsibility for the payments of benefits that have been agreed, for example, severance pay, pension recognition bonuses, and pensions for retirees who fall under Cibest Corporate Group’s responsibility, as well as any other defined benefit plans agreed upon with former employees. Cibest Corporate Group makes an actuarial valuation based on the projected unit credit method and a risk-free rate which reflects current market assessments of the time value of money in each country (interest rate of treasury bonds [“TES”], representative of the nation's public debt), related to the characteristics and the benefit flows weighted average, to discount such obligation.
16. Provisions, contingent liabilities and contingent assets
Provisions
Provisions are recognized when Cibest Corporate Group 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 Consolidated 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.
The amounts recognized in the Consolidated Statement of Financial Position, correspond mainly to:
I. Judicial proceedings
Judicial provisions refer to pending legal proceedings on employment matters, ordinary lawsuits, class actions suit, civil actions within criminal prosecutions and executive proceedings against Cibest Corporate Group.
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II. Onerous contracts
For Cibest Corporate Group, an onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceeds the economic benefits expected to be received under it.
III. Loan commitments
In order to meet the needs of its customers, Cibest Corporate Group issues loan commitments, letters of credit and bank guarantees. Loan commitments are those approved irrevocable loans, in which, despite having acquired a commitment to grant them, due to the contract or agreement or for any other reason they are still pending disbursement.
IV. Financial guarantees
Cibest Corporate Group issues bank guarantees on behalf of its customers. A bank guarantee represents an irrevocable commitment pursuant to which Cibest Corporate Group will cover, up to the maximum amount guaranteed, a breach of the client's contractual obligations to third parties for a certain period of time. These are commitments issued by Cibest Corporate Group to guarantee the performance of a customer to a third party and are mainly issued to guarantee agreements established between parties from the energy sector, hydrocarbons sector, private sector and public procurement contracts. Cibest Corporate Group expects most of those guarantees provided to expire before they are used.
The events or circumstances that would require Cibest Corporate Group to perform under a guarantee are determined by the type of guarantee, as outlined below:
Guarantees for the energy sector
Cibest Corporate Group is responsible before the guarantee’s beneficiary in the following situations:
•Lack of energy supply due to low availability from the generating company (the guaranteed entity).
•Noncompliance with the contract signed by the guaranteed entity.
•Noncompliance with the payment for energy supply.
•Noncompliance with the construction and operating of power plants.
•Noncompliance with the construction and operating of transmission lines.
Guarantees for the hydrocarbons sector
Cibest Corporate Group is responsible before the guarantee’s beneficiary in the following situations:
•Noncompliance with the contractual obligations in the Minimum Exploration Program.
•Noncompliance with the contractual obligations in the Additional Exploratory Program.
•Noncompliance with the contractual obligations in the Post Exploratory Program.
•Noncompliance with the Technical Evaluation obligations.
Guarantees for public procurement
Cibest Corporate Group must pay a state entity up to the amount guaranteed for the breach by the contractor of the contractual or legal obligations agreed.
Commitment issued by Cibest Corporate Group to guarantee the performance of a customer from the private sector
Cibest Corporate Group must pay the third party if there is any breach of what has been agreed upon or due to the economic insolvency of the client.
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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 Corporate Group, 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 Consolidated 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 Corporate Group, are not recognized in the Consolidated 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.
17. Revenue recognition
Cibest Corporate Group recognizes revenue from ordinary activities, which represent the transfer of goods or services committed with customers in exchange for an amount that reflects the consideration to which the entity expects to be entitled. For performance obligations where none of the conditions for revenue recognition over time are met, Cibest Corporate Group satisfies the performance obligation at a point in time, at which the customer obtains control of the promised services.
Revenue is measured based on the consideration specified in the contract with the customer, and excludes amounts received on behalf of third parties when Cibest Corporate Group is an agent. Cibest Corporate Group recognizes revenue when it transfers control over a good or service to a customer. Revenue is presented net of reimbursements and discounts and after eliminating inter-group sales. Cibest Corporate Group evaluates its revenue categories based on specific criteria to determine whether it acts as principal or agent. Revenue is recognized to the extent that it is probable that economic benefits will flow to Cibest Corporate Group and it is possible to reliably measure the related revenues and costs.
When Cibest Corporate Group fulfills a performance obligation through the delivery of promised goods or services to customer, it creates a contractual asset for the consideration amount obtained with the performance. Cibest Corporate Group recognizes the contractual assets as current assets, as they are expected to be realized within the normal operating cycle.
The costs of contracts eligible for capitalization as incremental costs when obtaining a contract are recognized as a contractual asset. Contractual costs are capitalized when incurred if Cibest Corporate Group expects to recover those costs. Contractual costs constitute non-current assets to the extent that Cibest Corporate Group expects to receive the economic benefits of those assets in a period greater than twelve months. The contractual costs are amortized systematically and consistently with the transfer of the services to the customer once the corresponding revenue has been recognized. The capitalized contractual costs are impaired if the customer withdraws or if the carrying amount of the asset exceeds the projection of the discounted cash flows that are related to the contract.
Interest income comprises income of financial assets at amortized cost or at fair value through other comprehensive income. Interest income is recognized using the effective interest rate method, the computation takes into account all the contractual conditions of the financial instrument (for example, prepayment options) and includes incremental fees and commissions (for example, certain loan commitment fees) or expenses that are directly attributed to the instrument and are an integral part of the effective interest rate, without taking account future credit losses.
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Valuation income relates to debt securities at fair value, where gains and losses arising from changes in fair value are included in the Consolidated Statement of Income as “Interest and valuation on financial instruments”.
Fees and services commissions are recognized as the right to consideration is obtained through the exchange of goods or services that the entity has transferred to a customer. Therefore, Cibest Corporate Group recognizes some fees as revenue over time, such as income from commissions and asset management, custody and other administration and advisory commissions. While other fees are recognized as revenue at a point in time of completion of the underlying transaction, like commissions arising from the negotiation or participation in the negotiation of a transaction for a third party, such as the acquisition of shares or other securities or the purchase or sale of businesses. In addition, Cibest Corporate Group maintains a credit card loyalty program to provide incentives to its customers. The program allows customers to purchase goods and services, based on the exchange of awards points, which are awarded based on purchases using Cibest Corporate Group's credit cards and the fulfillment of certain conditions established in such program. The redemption of points for prizes is carried out by a third party. Therefore, the expenses of Cibest Corporate Group's commitments with its clients arising from this program are recognized as a lower value of the fees and commission income, considering the total number of points that can be redeemed over the accumulated prizes and the probability of redemptions.
Dividend revenue of investments that are not associates or joint ventures are recognized when the right to payment of Cibest Corporate Group is established, which is generally when the shareholders declare the dividend. These are included in the Consolidated Statement of Income as “Dividends and net income on equity investments”.
18. 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 in each of the jurisdictions where Cibest Corporate Group is located, at the date of preparation of the Consolidated Financial Statements.
Cibest Corporate Group 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 each country where Cibest Corporate Group has operations, 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 each of the countries where Cibest Corporate Group has operations.
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 Corporate Group 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 Corporate Group 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 Corporate Group 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 Corporate Group, and for the purpose of disclosure on the Consolidated Statement of Financial Position it is disclosed as net.
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The deferred income tax expense is recognized in the Consolidated Statement of Income under the heading “Income tax”, except when referring to amounts directly recognized in OCI (Other Comprehensive Income).
Regulatory changes in tax laws and in tax rates are recognized in the Consolidated Statement of Income under the heading “Income Tax” in the period when such rule becomes enforceable. Interest and fines are recognized in the Consolidated Statement of Income under the other administrative and general expenses or in the caption "Income tax" of the Consolidated Income Statement, when applicable.
Cibest Corporate Group 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 Corporate Group will have to dispose of the economic resources to cancel the obligation, and Cibest Corporate Group can make an accurate estimate of the amount of the obligation.
For more information on the income tax impacts arising from the tax measures in Colombia under Decree 1474 of 2025, “By which tax measures are adopted to cover the expenses of the General Budget of the Nation necessary to address the State of Emergency declared by Decree 1390 of 2025”, see Note 13. Income Tax.
Transfer pricing policy
Cibest Corporate Group has as a general policy that each of its companies be responsible for their income, costs and expenses independently. The policy takes into account the regulation for the Parent Company provided for in the Organic Statute of the Financial System (article 119, numeral 4) which in relation to the autonomy of the subsidiaries states that: the activity of the subsidiaries of entities subject to the control and supervision of the SFC must be carried out in conditions of independence and administrative autonomy, so that they have sufficient decision-making capacity to carry out the operations that constitute their object.
Cibest Corporate Group recognizes arm’s length operations with foreign economic links. These operations are documented and reported to the tax Administration according to the last evaluation date corresponding to the previous year.
E. Use of estimates and judgments
The preparation of Consolidated Financial Statements requires Cibest Corporate Group'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 Consolidated 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 significant accounting estimates that Cibest Corporate Group uses in preparing its Consolidated Financial Statements are detailed below:
1. Credit risk impairment
As described in section D. Material Accounting Policies, paragraph 4.1.2. Impairment of financial assets at amortized cost or at fair value through other comprehensive income ‘FVOCI’, expected credit losses are calculated using individual and collective models and based on assumptions and judgments that incorporate historical credit data, the borrower’s current situation, and reasonable and supportable forecasts of future economic conditions.
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Collective models incorporate parameters such as 12-month probability of default, lifetime probability of default, loss given default and exposure at default:
•Exposure at default: defined as the outstanding balance of principal, interest, and receivables. For revolving products with undrawn limits that can be fully utilized, this parameter includes an estimate of potential utilization after the borrower’s default, in accordance with the loan agreements.
•Probability of default (“PD”): the likelihood that the debtor will fail to meet principal and/or interest obligations over a 12 month horizon or over the life of the credit. PD is linked to the rating or score assigned to each borrower or exposure.
•Loss given default (“LGD”): defined as the economic loss the entity would incur in the event of default. It depends primarily on the borrower’s characteristics and the valuation of collateral associated with the exposure.
The main risk factors incorporated into collective expected credit loss methodologies include the definition of significant increase in credit risk, the definition of default, the fair value of collateral, and a forward looking approach through the inclusion of projections of key macroeconomic variables (such as unemployment rates, GDP growth, interest rate levels, inflation, among others). Additionally, other variables that may influence customers' payment expectations are considered.
The forward-looking approach incorporates assumptions about future macroeconomic conditions under plausible scenarios. This is one of the most significant judgments involved in estimating Cibest Corporate Group’s expected credit loss allowance and relates to the macroeconomic projections applied over a reasonable and supportable forecast period.
Cibest Corporate Group analyzes significant exposures in Stage 3 through an individual assessment, which incorporates assumptions regarding the client’s financial condition and expected future cash flows. These may be affected by factors such as potential regulatory changes impacting the client’s business, variations in commercial and operational dynamics, the client’s ability to successfully negotiate during financial distress and generate sufficient cash flows to meet debt obligations, fluctuations in collateral value, scenario weightings, and any other internal or external factor that may influence financial condition. For further information, see Note 6. Loans and advances to customers, net, and Risk management.
The Risk Management Division has three committees responsible for overseeing Management’s decisions regarding expected credit losses (ECL), including the operation of mathematical, econometric, and financial models that require relevant assumptions based on historical data and subsequently validated by the following expert panels:
•ECL Technical Committee: evaluates and periodically approves the performance of the models and methodologies used to estimate expected credit losses, as well as the underlying assumptions, through rigorous validation procedures designed to ensure reasonable coverage of realised losses. This process helps identify when assumptions or models must be adjusted to improve accuracy. It also evaluates and approves the use of post model adjustments (PMAs) in their formation, monitoring and release stages.
•Economic Forecasting Committee: discusses, evaluates, and periodically approves macroeconomic projections for Colombia and subsidiaries, covering variables such as GDP, inflation, monetary policy rate, exchange rate, exports, imports, current account balance, and fiscal balance. It also approves the weighting of base and alternative scenarios, considering factors that may affect the macroeconomic outlook. Members include the Director of Economic Research, the Macroeconomic Manager, the Analytics Manager, macroeconomic research analysts, and subsidiary economists. Accordingly, the projection of economic conditions and the assignment of probability weightings to those scenarios have a significant impact on lifetime probability‑of‑default models. These scenarios are defined and supported by the Economic Research Division.
•NPV Committee: responsible for approving, validating, and challenging assumptions and methodologies used to estimate allowances under recovery models (Going Concern, Gone Concern, Mixed, and 100% Provision) for significant Stage 3 clients whose provision must be estimated using individual NPV analysis. The Committee
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meets periodically and consists of a team with extensive expertise in risk, finance, law, and corporate management.
Furthermore, internal controls and governance mechanisms have been implemented over data quality, modelling, and approval processes to strengthen the reliability and accuracy of the estimates.
Post‑Model Adjustments due to economic uncertainty:
Adjustments for macroeconomic uncertainty are recorded in two ways. First, through the ECL models to capture additional deterioration within macroeconomic expectations not fully reflected in the models, mainly related to inflation and interest rate impacts. Second, through a post‑model adjustment applied to significant Stage 3 exposures based on sector‑specific risk identification.
| Segment | Total impairment allowance | Economic uncertainty adjustments – ECL models | Economic uncertainty adjustments – significant clients | Economic uncertainty adjustments – Total | Proportion of adjustments to total impairment allowance |
|---|---|---|---|---|---|
| Commercial | 6,872,442 | 119,109 | 35,987 | 155,095 | 2.30% |
| Consumer and Small Business Loan | 5,414,308 | 150,775 | - | 150,775 | 2.80% |
| Mortgage | 967,196 | 9,850 | - | 9,850 | 1.00% |
| Total | 13,253,946 | 279,734 | 35,987 | 315,720 | 2.40% |
2. Impairment testing of cash generating units (“CGU”), including goodwill
Cibest Corporate Group tests goodwill recognized upon business combinations for impairment at least annually. The impairment test for goodwill involves estimates and significant judgments, including the identification of cash generating units and the allocation of goodwill based on the expectations of which operating segments of Cibest Corporate Group will benefit from the acquisition. The fair value of the acquired companies is sensitive to changes in the valuation models’ assumptions. Adverse changes in any of the factors underlying these assumptions could lead Cibest Corporate Group to record a goodwill impairment charge. Management believes that the assumptions and estimates used are reasonable and supportable in the existing market environment and commensurate with the risk profile of the assets valued. See Note 12. Goodwill and intangible assets, net, for further information related to carrying amount, valuation methodologies, key assumptions, sensitivities and the allocation of goodwill.
3. Recognition of digital assets
Currently, there is no specific definitive guidance in IFRS or alternative accounting frameworks to account for the recognition of digital assets held by Cibest Corporate Group, as well as the custody of digital assets held for customers, so management has exercised significant judgment in determining the appropriate accounting treatment.
Cibest Corporate Group has considered that it acts in the quality of a commodity trader, as defined in IAS 2, Inventories, by characterizing certain of its holdings as inventories, or more specifically, digital assets. The business model for digital assets will be to sell them in the near future and generate a profit from fluctuations in price or dealer margin. So, inventories held by commodity broker-dealers are measured at fair value less costs to sale. When such inventories are measured on that basis, changes in value are recognized in profit or loss in the period.
In the event that the IASB issues final guidance, Cibest Corporate Group may be required to modify its accounting policies, which could have a significant effect on Cibest Corporate Group's Consolidated Financial Statements.
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4. 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 Corporate Group 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 Corporate Group, please see Note 13. Income tax.
5. Provisions and contingent liabilities
Cibest Corporate Group is subject to contingent liabilities, including those arising from judicial, regulatory and arbitration proceedings, tax and other claims arising from the conduct of Cibest Corporate Group's business activities. These contingencies are evaluated based on Management’s best estimates and provisions are established for legal and other claims by assessing the likelihood of the loss actually occurring as probable, possible or remote. Contingences are provisioned and recorded when all the information available indicates that it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation before the Consolidated Statement of Financial Position date and the amounts may be reasonably estimated. Cibest Corporate Group engages internal and external experts in assessing probability and in estimating timing, nature and amount of outflows that may result from past events.
Provisions are determined by Management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period, which estimate is discounted using a risk-free rate which reflects current market assessments of the time value of money in each country, which for Colombia is the interest rate on treasury bonds “TES”.
Throughout the life of a contingency, Cibest Corporate Group may learn of additional information that can affect assessments regarding probability or the estimates of amounts involved; changes in these assessments can lead to changes in recorded provisions.
Cibest Corporate Group considers the estimates used to determine the provisions for contingent liabilities critical estimates because the probability of their occurrence and the amounts that Cibest Corporate Group may be required to pay are based on Cibest Corporate Group judgment and those of its internal and external experts, which will not necessarily coincide with the future outcome of the proceedings. For further information regarding legal proceedings and contingencies and their carrying amounts, see Note 21. Provisions and contingent liabilities.
6. Fair value of assets and liabilities
The fair value of Cibest Corporate Group's assets and liabilities is determined at the date of the Consolidated Statement of Financial Position. Cibest Corporate Group'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 Corporate Group 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.
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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 Corporate Group maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value. Additionally, Cibest Corporate Group 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. For further details regarding carrying amount and sensitivity disclosures, please see Note 30. Fair value of assets and liabilities.
7. Measurement of employee benefits
The measurement of post-employment benefit obligations and long-term employee benefits takes into account a range of inputs and it is dependent upon a series of assumptions of future events. The projected unit credit method is used to determine the present value of the obligation for the defined benefits and its associated cost. Future measurements of obligations may differ to those presented in the Consolidated Financial Statements, among others, due to changes in economic and demographic assumptions and significant events. The actuarial valuation methodology of the post-employment and long-term benefit plans include typified discount rates by each benefit plan, with the objective of presenting more relevant information on the value of these plans in the Consolidated Financial Statements. For further information, see Note 19. Employee benefit plans.
8. Transaction price determination
With respect to contracts with Cibest Corporate Group's customers, for the determination of the transaction price, Cibest Corporate Group allocates to each one of the performance obligations under the contract the price which represents the value expected to be received in respect of each such performance obligation based on its relative stand-alone selling price. Such price is determined based on 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 for the services, considering in each case the market price for the service, the conditions agreed with the customer and the customer’s segment. Cibest Corporate Group has fixed and variable prices considering the characteristics of each service, future events, discounts, returns and other variables that may influence the selling price. No significant financing components are factored in the determination of the selling price. For further information, see Note 25. Operating income.
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9. Leases
The measurement of the right-of-use asset and of the lease liabilities requires a series of judgments, among which are the determination of the term of the lease and the rate used in discounting the cash flows. The term of the lease is defined according to the historical information of the contracts and the period over which an asset is expected to be economically usable, which involves a high degree of uncertainty due to the use of relevant information about past events. In Cibest Corporate Group's case, the weighted average lessee’s incremental borrowing rate was used to discount the cash flows associated with the leasing contracts. Cibest Corporate Group performs analysis taking into account the currency, lease term, economic environment and class of underlying assets, as to determine the weighted average lessee’s incremental borrowing rate. For further information, see Note 11. Leases.
10. 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 Corporate Group. 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 Corporate Group'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 13. Income tax.
F. Recently issued accounting pronouncements
a) Accounting Pronouncements Applicable in 2025
Amendments to illustrative examples–Disclosures about uncertainties in the Financial Statements: on November 28, 2025, the Board issued amendments to the guidance accompanying IFRS 7, IAS 8, IAS 36, and IAS 37, including IFRS 18 Presentation and Disclosure in Financial Statements and IAS 1 Presentation of Financial Statements. These amendments add examples illustrating how to disclose the impacts of uncertainties within climate‑related scenarios; however, the principles and requirements are also applicable to the disclosure of other uncertainties.
Materials accompanying IFRS Accounting Standards, including illustrative examples, are not an integral part of those standards and, therefore, do not have an effective date or transition requirements.
This amendment has been evaluated by Cibest Corporate Group without identifying any impact on the financial statements or disclosures, as the new requirements align with those already applied and reported by Cibest Corporate Group.
b) Recently issued accounting pronouncements applicable in future periods
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.
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–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.
The IASB proposes that this new standard become effective for annual periods beginning on or after January 1, 2027, with early application permitted. As of today, this standard has not yet been incorporated into the accounting technical framework accepted in Colombia.
Management is assessing the impact that these amendments will have on Cibest Corporate Group's Consolidated Financial Statements and disclosures.
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 comprises the Cibest Corporate Group’s President (CEO) and Financial Vice President (CFO). Segment information has been prepared following the Cibest Corporate Group’s accounting policies and is 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 Cibest Corporate Group reports the following operating segments: Banking Colombia, Banking Panama (discontinued operation), Banking El Salvador, Banking Guatemala, International Banking, Leases, and All Other segments. Segments are identified primarily by the nature of products and services and geographical footprint, consistent with the internal reporting to the CODM.
During the current period, Cibest Corporate Group conducted a comprehensive review of the information structure used by the Chief Operating Decision Maker (CODM) for strategic decision-making and performance assessment. As a result of this analysis, adjustments were made to the presentation of the disclosed operating segments, with the purpose of ensuring that the reported information more accurately reflects the manner in which CODM manages and oversees operational activities.
To maintain the comparability of information, prior periods have been restated in accordance with the new operating segment structure, without generating impacts on the consolidated results of Cibest Corporate Group.
The Cibest Corporate Group’s operating segments are comprised as follows:
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•Banking Colombia
This segment provides individual and corporate banking products and services to individuals, businesses, and national and local governments in Colombia. The Parent Company's business strategy seeks to meet customers' financial needs and is based on personalized service, a friendly and approachable attitude, and the generation of added value, ensuring quality of service and fostering business growth and national development.
The commercial strategy is based on a segmented service model by customer type Personal, Plus and Empresarial for individuals and SMEs, and Corporate and Government for larger customers. In particular, the corporate sales force specializes in companies with more than COP 100,000, covering twelve economic sectors: agriculture, commerce, supplies and materials manufacturing, consumer goods, financial services, health, education, construction, government, infrastructure, real estate and natural resources.
The segment centrally manages the loan portfolio, funding and liquidity, and the distribution of treasury products and services in the Colombian market, in line with the Cibest Corporate Group’s risk, profitability and sustainability policies.
•Banking Panama (discontinued operation)
This segment comprises the financial services provided in Panama through Banistmo S.A., its subsidiaries Banistmo Investment Corporation S.A. and Leasing Banistmo S.A., as well as the non‑operating entities Banistmo Capital Markets Group Inc., Anavi Investment Corporation S.A., Desarrollo de Oriente S.A., Steens Enterprises S.A., and Ordway Holdings S.A.
This segment also manages the own‑book loan portfolio, liquidity, and the distribution of treasury products for customers in Panama.
In 2025, the corporate reorganization of Banistmo S.A. was completed, under which 100% of its ownership interest in Valores Banistmo S.A. was spun off in favor of Cibest Panamá Assets S.A., a company 100% owned by Cibest Corporate Group.
On December 18, 2025, the Cibest Corporate Group executed a share purchase agreement for the sale of 100% of the shares of Banistmo S.A. As a result, this operation is classified as a discontinued operation under IFRS 5, and its assets, liabilities, and results are presented within the specific discontinued‑operation line items in the consolidated financial statements. As of December 31, 2025, Banistmo S.A. was considered an asset held for sale. For further information, see Note 1. Reporting Entity, Note 2.D12. Significant accounting policies – Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
•Banking El Salvador
This segment provides comprehensive financial services in El Salvador through Banco Agrícola S.A., Banagrícola S.A., Inversiones Financieras Banco Agrícola S.A. (IFBA), Arrendadora Financiera S.A. Arfinsa, ACCELERA S.A. de C.V., Valores Banagrícola S.A. de C.V., Bagrícola Costa Rica S.A. and Gestora de Fondos de Inversión Banagrícola S.A. These entities offer banking, fiduciary, financial leasing, fund management, brokerage and credit products.
The segment also manages own‑book lending, liquidity and the distribution of treasury products and services to customers in El Salvador.
•Banking Guatemala
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This segment serves the Guatemalan market through Banco Agromercantil de Guatemala S.A., Grupo Agromercantil Holding S.A., Seguros Agromercantil de Guatemala S.A., Arrendadora Agromercantil S.A., Financiera Agromercantil S.A., Agrovalores S.A., Asistencia y Ajustes S.A., Serproba S.A., Servicios de Formalización S.A., Conserjería, Mantenimiento y Mensajería S.A. (in voluntary liquidation), New Alma Enterprises Ltd., and Mercom Bank Ltd. The assets and liabilities of the operations in Barbados through Mercom Bank Ltd. were transferred to other entities, leaving loan and deposit balances at zero as of January 31, 2023. As of December 31, 2025, the public registry approved the liquidation of this company, which is pending approval by the Central Bank of Barbados. See Note 1. Reporting Entity.
This segment is also responsible for managing own‑book lending, liquidity, and the distribution of treasury products and services to customers in Guatemala.
•International Banking
This segment comprises the Cibest Corporate Group’s international operations through Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional Inc., and SINESA Cayman, Inc. (formerly Bancolombia Cayman S.A., currently being wound down). These platforms provide international banking services, foreign‑currency products, cash‑management structures, offshore funding, and financing for regional and non‑resident customers.
Operations in the Cayman Islands through SINESA Cayman, Inc. (formerly Bancolombia Cayman S.A.) have been cancelled or transferred. As of December 31, 2025, the company is in dissolution and liquidation.
•Leases
The Leases segment consolidates the operating leasing, finance leasing and real‑estate asset management activities of the Cibest Corporate Group, primarily through Renting Colombia S.A.S., Valores Simesa S.A., FCP Fondo Inmobiliario Colombia, and a broad structure of autonomous trusts and real estate trusts (patrimonios autónomos y fideicomisos), including: P.A. FAI Calle 77, P.A. Nomad Salitre, P.A. Nomad Central‑2, P.A. Calle 84 (2), P.A. Calle 84 (3), P.A. Nomad Distrito Vera, P.A. Nexo, P.A. Mercurio, P.A. CEDIS Sodimac, P.A. Inmuebles CEM, P.A. Calle 92 FIC‑11, P.A. FIC Edificio Corfinsura, P.A. FIC A5, P.A. FIC Inmuebles, P.A. FIC Clínica del Prado, P.A. FIC A6, P.A. Central Point, P.A. Fideicomiso Twins Bay, Fideicomiso Lote Av. San Martín, P.A. Fideicomiso Lote 30, Fideicomiso Fondo Inmobiliario Bancolombia, P.A. Florencia Ferrara, P.A. Flor Morado Plaza, P.A. Linz Graz del Río, Fideicomiso Selecto Terrazu (Towers 1 and 2), Fideicomiso Lote C6 Cartón de Colombia, Fideicomiso Mokana Recursos and Fideicomiso River Park.
The segment manages the leasing portfolio, income‑producing real‑estate assets, project structuring and the associated treasury management.
•All other segments
This segment includes holding, investment, fiduciary operations, technology, innovation, capital markets and special‑purpose vehicles that do not meet the quantitative thresholds of IFRS 8 to be reported separately. It comprises: Grupo Cibest S.A., Inversiones Cibest S.A.S., Cibest Investment Management S.A.S., Valores Cibest S.A.S., Cibest Inversiones Estratégicas S.A.S., Sistemas de Inversiones y Negocios S.A. – SINESA, Banca de Inversión Bancolombia S.A. Corporación Financiera, Negocios Digitales Colombia S.A.S., Inversiones CFNS S.A.S., WOMPI S.A.S., Nequi S.A. Compañía de Financiamiento, Wenia S.A.S., Wenia Ltd., Cibest Panamá Assets S.A., P.A. Wenia, P.A. Títulos de Pagos por Ejecución, P.A. Tokenización Novus, Valores Banistmo S.A., Banistmo Panamá Fondos de Inversión S.A. (non‑operating), Valores Bancolombia S.A. Comisionista de Bolsa, Cibest Capital Holdings USA LLC, Cibest Capital Advisory Services LLC and Cibest Capital Securities LLC.
Entities in this segment carry out capital‑markets activities, brokerage services, investment advisory, technology solutions, fiduciary administration, digital innovation, investment vehicles and holding functions. They also provide strategic, operational and financial support to the Cibest Corporate Group through corporate functions, technology platforms, and the distribution of specialized products and services.
In accordance with IFRS 8, the figures reported under “All other segments” aggregate information for operating segments that individually did not meet the quantitative thresholds defined by that standard; that is, the absolute amount of their
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reported results represents, in absolute terms, less than 10% of the combined results of all segments, and their assets represent less than 10% of the combined assets of all operating segments of Cibest Corporate Group.
Financial performance by operating segment:
The CODM reviews the performance of the Cibest Corporate Group using the following financial information by operating segment:
| For the year ended December 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International<br><br>Banking | Leases(4) | All other<br><br>segments | Total<br><br>segments | Banking Panama (Discontinued operation)(5) | |
| In millions of COP | ||||||||
| Total interest and valuation on financial instruments | 26,062,351 | 2,095,137 | 2,013,347 | 1,014,777 | 216,802 | 85,112 | 31,487,526 | 2,546,672 |
| Interest income on loans and financial leases | 24,478,980 | 1,807,267 | 1,848,807 | 852,849 | 224,652 | 23,447 | 29,236,002 | 2,103,723 |
| Debt investments | 1,491,219 | 287,163 | 173,103 | 94,069 | 1,180 | 48,016 | 2,094,750 | 353,019 |
| Derivatives, net | 51,816 | - | - | (56) | (9,030) | (1,051) | 41,679 | 3,197 |
| Liquidity operations, net | 40,336 | 707 | (8,563) | 67,915 | - | 14,700 | 115,095 | 86,733 |
| Interest expenses | (9,633,252) | (437,193) | (911,786) | (660,927) | (360,799) | (57,269) | (12,061,226) | (1,241,640) |
| Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 16,429,099 | 1,657,944 | 1,101,561 | 353,850 | (143,997) | 27,843 | 19,426,300 | 1,305,032 |
| Credit impairment charges, net | (3,396,144) | (334,805) | (442,529) | (225,658) | (30,327) | (455) | (4,429,918) | (161,369) |
| Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 13,032,955 | 1,323,139 | 659,032 | 128,192 | (174,324) | 27,388 | 14,996,382 | 1,143,663 |
| (Expenses) Revenues from transactions by the operating segments of Cibest Corporate Group | (288,452) | 1,769 | (79,514) | 320,216 | (115,936) | 161,917 | - | - |
| Fees and commissions income(1) | 6,151,871 | 629,985 | 231,580 | 55,665 | 4 | 859,449 | 7,928,554 | 519,246 |
| Fees and commissions expenses | (3,140,014) | (291,977) | (96,751) | (11,627) | (3,842) | (29,399) | (3,573,610) | (261,793) |
| Total fees and commissions, net | 3,011,857 | 338,008 | 134,829 | 44,038 | (3,838) | 830,050 | 4,354,944 | 257,453 |
| Other operating income | 1,620,506 | 42,082 | 131,316 | 16,492 | 1,545,011 | 216,667 | 3,572,074 | 24,905 |
| Dividends and net income on equity investments(2) | 179,656 | 4,590 | 2,115 | 24 | 329,307 | 177,319 | 693,011 | 8,561 |
| Goodwill impairment | - | - | - | - | - | - | - | (5,022,822) |
| Total operating income / (Expenses), net | 17,556,522 | 1,709,588 | 847,778 | 508,962 | 1,580,220 | 1,413,341 | 23,616,411 | (3,588,240) |
| Operating expenses(3) | (9,457,584) | (831,994) | (654,017) | (104,892) | (1,057,200) | (735,118) | (12,840,805) | (812,202) |
| Depreciation, amortization and impairment | (706,370) | (96,796) | (59,578) | (2,473) | (137,602) | (13,482) | (1,016,301) | (97,737) |
| Total operating expenses | (10,163,954) | (928,790) | (713,595) | (107,365) | (1,194,802) | (748,600) | (13,857,106) | (909,939) |
| Profit / (loss) before income tax | 7,392,568 | 780,798 | 134,183 | 401,597 | 385,418 | 664,741 | 9,759,305 | (4,498,179) |
(1)For further information about income from contracts with customers, see Note 25.3. Commissions.
(2)For further information see Note 25.5. Dividends and net income on equity investments.
(3)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.
(4)In 2025, the Leases segment is presented separately as its own reportable segment. For comparative purposes, the 2024 information has been restated, as these operations were included within “All other segments” during that period.
(5)As of December 31, 2025, Banistmo S.A. was considered an asset held for sale. The profit before income tax of Banking Panama segment (discontinued operation) differs from the net income from discontinued operations because it does not include the income tax related to that segment. For more information, see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
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| For the year ended December 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International<br><br>Banking | Leases(4) | All other<br><br>segments | Total<br><br>segments | Banking Panama (Discontinued operation)(5) | |
| In millions of COP | ||||||||
| Total interest and valuation on financial instruments | 27,543,286 | 1,851,126 | 1,939,602 | 1,203,837 | 254,200 | 62,265 | 32,854,316 | 2,689,904 |
| Interest income on loans and financial leases | 25,632,102 | 1,623,427 | 1,807,334 | 987,377 | 257,363 | 22,836 | 30,330,439 | 2,283,111 |
| Debt investments | 1,503,298 | 226,122 | 134,101 | 116,662 | 41 | 37,486 | 2,017,710 | 316,205 |
| Derivatives, net | 155,794 | 775 | - | (94) | (3,204) | (2,463) | 150,808 | 3,322 |
| Liquidity operations, net | 252,092 | 802 | (1,833) | 99,892 | - | 4,406 | 355,359 | 87,266 |
| Interest expenses | (11,292,917) | (437,244) | (804,815) | (708,671) | (443,629) | (384) | (13,687,660) | (1,336,250) |
| Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 16,250,369 | 1,413,882 | 1,134,787 | 495,166 | (189,429) | 61,881 | 19,166,656 | 1,353,654 |
| Credit impairment charges, net | (4,220,195) | (236,086) | (394,589) | (91,617) | (53,547) | 433 | (4,995,601) | (456,748) |
| Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 12,030,174 | 1,177,796 | 740,198 | 403,549 | (242,976) | 62,314 | 14,171,055 | 896,906 |
| (Expenses) Revenues from transactions by the operating segments of Cibest Corporate Group | (181,303) | (19,110) | (86,604) | 400,937 | (136,749) | 22,829 | - | - |
| Fees and commissions income(1) | 5,660,355 | 515,734 | 211,778 | 51,901 | 292 | 686,452 | 7,126,512 | 562,330 |
| Fees and commissions expenses | (2,885,255) | (226,445) | (85,700) | (10,116) | (1,639) | (16,227) | (3,225,382) | (286,392) |
| Total fees and commissions, net | 2,775,100 | 289,289 | 126,078 | 41,785 | (1,347) | 670,225 | 3,901,130 | 275,938 |
| Other operating income | 1,219,476 | 40,818 | 130,140 | 12,435 | 1,543,538 | 29,703 | 2,976,110 | 65,876 |
| Dividends and net income on equity investments(2) | (121,975) | 4,338 | 1,555 | 25 | 287,930 | (78,774) | 93,099 | 11,474 |
| Total operating income, net | 15,721,472 | 1,493,131 | 911,367 | 858,731 | 1,450,396 | 706,297 | 21,141,394 | 1,250,194 |
| Operating expenses(3) | (8,497,419) | (771,079) | (645,311) | (98,572) | (1,056,501) | (592,928) | (11,661,810) | (853,981) |
| Depreciation, amortization and impairment | (631,282) | (93,982) | (61,471) | (8,016) | (182,106) | (12,479) | (989,336) | (128,544) |
| Total operating expenses | (9,128,701) | (865,061) | (706,782) | (106,588) | (1,238,607) | (605,407) | (12,651,146) | (982,525) |
| Profit before income tax | 6,592,771 | 628,070 | 204,585 | 752,143 | 211,789 | 100,890 | 8,490,248 | 267,669 |
(1)For further information about income from contracts with customers, see Note 25.3. Commissions.
(2)For further information see Note 25.5. Dividends and net income on equity investments.
(3)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.
(4)In 2025, the Leases segment is presented separately as its own reportable segment. For comparative purposes, the 2024 information has been restated, as these operations were included within “All other segments” during that period.
(5)As of December 31, 2025, Banistmo S.A. was considered an asset held for sale. The profit before income tax of Banking Panama segment (discontinued operation) differs from the net income from discontinued operations because it does not include the income tax related to that segment. For more information, see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
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| For the year ended December 31, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International<br><br>Banking | Leases(4) | All other<br><br>segments | Total<br><br>segments | Banking Panama (Discontinued operation)(5) | |
| In millions of COP | ||||||||
| Total interest and valuation on financial instruments | 29,230,060 | 1,773,141 | 1,795,543 | 1,112,171 | 254,360 | 54,326 | 34,219,601 | 2,826,559 |
| Interest income on loans and financial leases | 28,366,678 | 1,524,765 | 1,726,821 | 940,091 | 253,677 | 13,521 | 32,825,553 | 2,415,234 |
| Debt investments | 937,090 | 236,351 | 60,534 | 85,091 | 683 | 36,544 | 1,356,293 | 301,167 |
| Derivatives, net | (167,887) | 11,187 | - | (188) | - | (1,747) | (158,635) | 817 |
| Liquidity operations, net | 94,179 | 838 | 8,188 | 87,177 | - | 6,008 | 196,390 | 109,341 |
| Interest expenses | (13,202,338) | (464,851) | (731,886) | (596,039) | (434,664) | (405) | (15,430,183) | (1,238,112) |
| Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 16,027,722 | 1,308,290 | 1,063,657 | 516,132 | (180,304) | 53,921 | 18,789,418 | 1,588,447 |
| Credit impairment charges, net | (6,480,377) | (154,938) | (499,368) | 4,164 | (55,660) | (4,906) | (7,191,085) | (270,501) |
| Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 9,547,345 | 1,153,352 | 564,289 | 520,296 | (235,964) | 49,015 | 11,598,333 | 1,317,946 |
| (Expenses) Revenues from transactions by the operating segments of Cibest Corporate Group | (217,445) | (17,732) | (75,808) | 416,107 | (163,049) | 57,927 | - | - |
| Fees and commissions income(1) | 5,252,104 | 479,568 | 223,200 | 47,228 | - | 545,853 | 6,547,953 | 532,930 |
| Fees and commissions expenses | (2,522,916) | (188,972) | (89,405) | (11,042) | (11,082) | (14,966) | (2,838,383) | (258,897) |
| Total fees and commissions, net | 2,729,188 | 290,596 | 133,795 | 36,186 | (11,082) | 530,887 | 3,709,570 | 274,033 |
| Other operating income | 2,049,297 | 51,656 | 130,757 | 16,794 | 1,673,939 | 20,269 | 3,942,712 | 36,939 |
| Dividends and net income on equity investments(2) | 17,612 | 10,982 | 1,827 | 37 | 239,405 | (73,177) | 196,686 | 13,498 |
| Total operating income, net | 14,125,997 | 1,488,854 | 754,860 | 989,420 | 1,503,249 | 584,921 | 19,447,301 | 1,642,416 |
| Operating expenses(3) | (7,939,136) | (668,105) | (620,928) | (89,220) | (1,049,474) | (540,623) | (10,907,486) | (909,844) |
| Depreciation, amortization and impairment | (508,543) | (131,922) | (55,243) | (4,259) | (309,435) | (7,742) | (1,017,144) | (107,717) |
| Total operating expenses | (8,447,679) | (800,027) | (676,171) | (93,479) | (1,358,909) | (548,365) | (11,924,630) | (1,017,561) |
| Profit before income tax | 5,678,318 | 688,827 | 78,689 | 895,941 | 144,340 | 36,556 | 7,522,671 | 624,855 |
(1)For further information about income from contracts with customers, see Note 25.3. Commissions.
(2)For further information see Note 25.5. Dividends and net income on equity investments.
(3)Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.
(4)In 2025, the Leases segment is presented separately as its own reportable segment. For comparative purposes, the 2023 information has been restated, as these operations were included within “All other segments” during that period.
(5)As of December 31, 2025, Banistmo S.A. was considered an asset held for sale. The profit before income tax of Banking Panama segment (discontinued operation) differs from the net income from discontinued operations because it does not include the income tax related to that segment. For more information, see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
The following table presents financial information of the total assets and liabilities by operating segment:
| As of December 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of COP | ||||||||||
| Banking<br><br>Colombia | Banking Panama (Discontinued operation)(1) | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International<br><br>Banking | Leases | All other<br><br>segments | Total before<br><br>eliminations | Adjustments<br><br>for<br><br>consolidation | Total after<br><br>eliminations | |
| Total assets | 268,613,654 | 39,538,249 | 25,916,845 | 24,413,292 | 23,693,417 | 11,150,070 | 46,854,190 | 440,179,717 | (60,427,337) | 379,752,380 |
| Total liabilities | 241,194,742 | 35,059,304 | 23,452,205 | 22,331,358 | 21,502,643 | 4,849,872 | 2,455,417 | 350,845,541 | (12,088,795) | 338,756,746 |
(1) As of December 31, 2025, Banistmo S.A. was considered an asset held for sale. The profit before income tax of the Panama Banking segment (discontinued operation) differs from the net income from discontinued operations because it does not include the income tax related to that segment. For more information, see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
| As of December 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of COP | ||||||||||
| Banking<br><br>Colombia | Banking<br><br>Panama | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International<br><br>Banking | Leases | All other<br><br>segments | Total before<br><br>eliminations | Adjustments<br><br>for<br><br>consolidation | Total after<br><br>eliminations | |
| Total assets | 266,515,464 | 45,964,767 | 26,670,513 | 27,332,834 | 35,272,842 | 10,182,907 | 3,378,212 | 415,317,539 | (43,102,157) | 372,215,382 |
| Total liabilities | 222,388,179 | 41,132,907 | 23,889,120 | 25,018,466 | 24,248,959 | 4,573,121 | 404,335 | 341,655,087 | (14,023,980) | 327,631,107 |
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The following table presents financial information on the investments in associates and joint ventures by operating segment:
| As of December 31, 2025(1) | |||||
|---|---|---|---|---|---|
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Leases | All other<br><br>segments | Total | |
| In millions of COP | |||||
| Investments in associates and joint ventures | 268,110 | 25,555 | 2,041,402 | 976,439 | 3,311,506 |
| Equity method | 46,364 | 4,549 | 175,699 | 122,350 | 348,962 |
(1)As of December 31, 2025, Banking Panama, Banking Guatemala and International Banking did not have investments in associates and joint ventures.
| As of December 31, 2024(1) | |||||
|---|---|---|---|---|---|
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Leases | All other<br><br>segments | Total | |
| In millions of COP | |||||
| Investments in associates and joint ventures | 205,311 | 27,621 | 1,830,884 | 865,168 | 2,928,984 |
| Equity method | (28,130) | 4,320 | 155,418 | 90,964 | 222,572 |
(1)As of December 31, 2024, Banking Panama, Banking Guatemala and International Banking did not have investments in associates and joint ventures.
For additional information related to investment in associates and joint ventures, see Note 8. Investments in associates and joint ventures.
Information about products and services
The Cibest Corporate Group does not report revenues from external customers for each product and service or each group of similar products and services, because the information is not available and the cost to develop it is excessive.
Geographic information
The following summarizes the Cibest Corporate Group’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the Interest and valuation was originated:
| 2025 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Geographic information | Interest and<br><br>valuation(1) | Long-lived<br><br>assets(2) | Interest and<br><br>valuation(1) | Long-lived<br><br>assets(2) | Interest and<br><br>valuation(1) | Long-lived<br><br>assets(2) |
| In millions of COP | ||||||
| Colombia | 26,688,212 | 14,087,381 | 28,127,681 | 13,614,718 | 29,812,448 | 13,466,457 |
| Panama | 3,798,982 | 657,701 | 1,466,508 | 995,045 | 1,407,984 | 877,407 |
| El Salvador | 2,096,904 | 513,106 | 1,852,097 | 607,601 | 1,774,165 | 547,357 |
| Guatemala | 2,013,523 | 350,517 | 1,939,808 | 436,804 | 1,795,597 | 361,840 |
| Bermuda | 449 | 6,759 | 177 | 4,416 | 184 | 3,434 |
| United States of America | 77 | 2,678 | 63 | 4,176 | 55 | 4,805 |
| Puerto Rico | 158,629 | 1,553 | 187,913 | 1,552 | 149,541 | 1,297 |
| Total | 34,756,776 | 15,619,695 | 33,574,247 | 15,664,312 | 34,939,974 | 15,262,597 |
| Eliminations and adjustments | (3,269,250) | 860,580 | (719,931) | 8,453,369 | (720,373) | 7,000,343 |
| Total, net | 31,487,526 | 16,480,275 | 32,854,316 | 24,117,681 | 34,219,601 | 22,262,940 |
(1)Includes interest and valuation on financial instruments.
(2)Includes assets held for sale, premises and equipment, net, investment property, right-of-use assets, goodwill and intangible assets, net.
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NOTE 4. CASH AND CASH EQUIVALENTS
For purposes of the Consolidated Statement of Cash Flow and the Consolidated Statement of Financial Position, the following assets are considered as cash and cash equivalents:
| December 31, 2025(1) | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Cash and balances at central bank | ||
| Cash | 7,981,486 | 9,439,363 |
| Due from central banks(2) | 8,762,476 | 7,504,135 |
| Due from other private financial entities | 5,985,138 | 7,778,937 |
| Checks on hold | 55,091 | 132,929 |
| Remittances of domestic negotiated checks in transit | 21,444 | 26,172 |
| Total cash and due from banks | 22,805,635 | 24,881,536 |
| Money market transactions | ||
| Interbank borrowings | 2,437,175 | 2,239,615 |
| Reverse repurchase agreements and other similar secured loans(3) | 4,673,590 | 5,722,948 |
| Total money market transactions | 7,110,765 | 7,962,563 |
| Total cash and cash equivalents | 29,916,400 | 32,844,099 |
(1)As of December 31, 2025, Banistmo S.A. was considered an asset held for sale and had cash and cash equivalents of COP 3,517,759, which were reclassified to Assets related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
(2)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). 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-15, effective from July 30, 2025, to January 13, 2026, 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 the Central Bank of el Salvador. Once the established term has ended, the bank continues to comply with the Technical Norm (NRP-28), issued by the Central Bank, under which it must maintain an equivalent amount between 1.00% and 18.00%, which has been in effect since June 23, 2021.
(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 December 31, 2025 and 2024, there is restricted cash amounting to COP 520,105 and COP 530,924, respectively, included in other assets on the Consolidated Statement of Financial Position, which represents margin deposits pledged as collateral for derivative contracts traded through Colombian clearing houses. See Note 14. Other assets, net.
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NOTE 5. FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
5.1 Financial assets investments
Cibest Corporate Group has securities portfolios at fair value through profit or loss, other comprehensive income and at amortized cost are listed below, as of December 31, 2025 and 2024:
As of December 31, 2025
| Financial assets investments | Measurement methodology | Total carrying<br><br>value, net(1) | |||||
|---|---|---|---|---|---|---|---|
| Fair value through<br><br>profit or loss | Fair value through other<br><br>comprehensive income, net | Amortized<br><br>cost, net | |||||
| In millions of COP | |||||||
| Securities issued by the Colombian Government(2) | 12,615,680 | 2,625,566 | 137,017 | 15,378,263 | |||
| Securities issued by foreign governments | 9,776,321 | - | 344,985 | 10,121,306 | |||
| Securities issued by government entities | 152,574 | - | 4,125,782 | 4,278,356 | |||
| Corporate bonds | 89,471 | 862,158 | 934,475 | 1,886,104 | |||
| Securities issued by other financial institutions(3) | 825,334 | 63,624 | 270,365 | 1,159,323 | |||
| Total debt instruments(4) | 23,459,380 | 3,551,348 | 5,812,624 | 32,823,352 | |||
| Total equity securities | 1,136,645 | 326,977 | - | 1,463,622 | |||
| Total other financial instruments(5) | 30,285 | - | - | 30,285 | |||
| Total financial assets investments | 24,626,310 | 3,878,325 | 5,812,624 | 34,317,259 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025, which had Financial Assets Investment amounting to COP 6,346,573 that were reclassified to Assets related to investments in subsidiaries held for sale. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2)The increase in investments in financial assets measured at fair value through profit or loss is mostly due to the acquisition of Colombian treasury instruments (TES) by Bancolombia S.A.
(3)Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 93,092. For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities.
(4)At December 31, 2025, Cibest Corporate Group has recognized in the Consolidated Statement of Comprehensive Income COP 34,900 related to debt instruments at fair value through OCI.
(5)Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Cibest Panamá Assets, S.A, Banagrícola S.A., Inversiones CFNS S.A.S. and Bancolombia S.A.
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As of December 31, 2024
| Financial assets investments | Measurement methodology | Total carrying<br><br>value, net | |||||
|---|---|---|---|---|---|---|---|
| Fair value through<br><br>profit or loss | Fair value through other<br><br>comprehensive income, net | Amortized<br><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) | 731,564 | 276,837 | 601,521 | 1,609,922 | |||
| Total debt instruments(2) | 23,035,281 | 5,084,416 | 8,404,878 | 36,524,575 | |||
| Total equity securities | 537,213 | 474,097 | - | 1,011,310 | |||
| Total other financial instruments(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 30. Fair value of assets and liabilities.
(2)As of December 31, 2024, Cibest Corporate Group has recognized COP 23,236 in the Consolidated Statement of Comprehensive Income related to debt instruments at fair value through OCI.
(3)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.
The following tables set forth the debt instruments portfolio by maturity:
As of December 31, 2025
| Less than 1<br>year | Between 1 and 3 years | Between 3 and 5 years | Greater than 5 years | Total | |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Securities at fair value through profit or loss | |||||
| Securities issued by the Colombian Government | 2,231,675 | 6,294,281 | 2,816,527 | 1,273,197 | 12,615,680 |
| Securities issued by foreign governments | 8,104,847 | 984,195 | 268,725 | 418,554 | 9,776,321 |
| Securities issued by other financial institutions | 406,122 | 238,371 | 96,441 | 84,400 | 825,334 |
| Securities issued by government entities | 113,317 | 23,713 | 457 | 15,087 | 152,574 |
| Corporate bonds | 1,515 | 17,735 | 40,239 | 29,982 | 89,471 |
| Subtotal | 10,857,476 | 7,558,295 | 3,222,389 | 1,821,220 | 23,459,380 |
| Fair value through other comprehensive income | |||||
| Securities issued by the Colombian Government | 2,625,566 | - | - | - | 2,625,566 |
| Corporate bonds | - | 40,566 | 349,647 | 471,945 | 862,158 |
| Securities issued by other financial institutions | 32,436 | 31,188 | - | - | 63,624 |
| Subtotal | 2,658,002 | 71,754 | 349,647 | 471,945 | 3,551,348 |
| Securities at amortized cost | |||||
| Securities issued by government entities | 4,075,492 | - | - | 50,290 | 4,125,782 |
| Corporate bonds | - | 492,450 | 338,593 | 103,432 | 934,475 |
| Securities issued by foreign governments | 135,316 | 85,834 | 62,193 | 61,642 | 344,985 |
| Securities issued by other financial institutions | 64,203 | 82,772 | 38,975 | 84,415 | 270,365 |
| Securities issued by the Colombian Government | - | 44,335 | 60,492 | 32,190 | 137,017 |
| Subtotal | 4,275,011 | 705,391 | 500,253 | 331,969 | 5,812,624 |
| Total debt instruments | 17,790,489 | 8,335,440 | 4,072,289 | 2,625,134 | 32,823,352 |
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As of December 31, 2024
| Less than 1<br>year | Between 1 and 3 years | Between 3 and 5 years | Greater than 5 years | Total | |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Securities at fair value through profit or loss | |||||
| Securities issued by the Colombian Government | 1,019,028 | 6,767,240 | 1,157,703 | 2,700,210 | 11,644,181 |
| Securities issued by foreign governments | 7,088,685 | 1,835,751 | 651,529 | 707,485 | 10,283,450 |
| Securities issued by other financial institutions | 192,039 | 235,209 | 200,251 | 104,065 | 731,564 |
| Corporate bonds | 42,395 | 28,019 | 41,022 | 145,890 | 257,326 |
| Securities issued by government entities | 33,854 | 82,536 | 2,370 | - | 118,760 |
| Subtotal | 8,376,001 | 8,948,755 | 2,052,875 | 3,657,650 | 23,035,281 |
| Fair value through other comprehensive income | |||||
| Securities issued by the Colombian Government | 2,648,354 | 35,571 | - | - | 2,683,925 |
| Securities issued by foreign governments | 169,992 | 648,246 | 497,967 | 168,341 | 1,484,546 |
| Corporate bonds | - | 73,409 | 60,922 | 504,777 | 639,108 |
| Securities issued by other financial institutions | 119,479 | 51,275 | 49,744 | 56,339 | 276,837 |
| Subtotal | 2,937,825 | 808,501 | 608,633 | 729,457 | 5,084,416 |
| Securities at amortized cost | |||||
| Corporate bonds | 56,847 | 1,086,392 | 847,742 | 1,621,068 | 3,612,049 |
| Securities issued by government entities | 3,330,223 | - | - | 50,268 | 3,380,491 |
| Securities issued by foreign governments | 143,911 | 162,996 | 85,772 | 258,815 | 651,494 |
| Securities issued by other financial institutions | 201,944 | 44,699 | 271,793 | 83,085 | 601,521 |
| Securities issued by the Colombian Government | - | 51,260 | 46,598 | 61,465 | 159,323 |
| Subtotal | 3,732,925 | 1,345,347 | 1,251,905 | 2,074,701 | 8,404,878 |
| Total debt instruments | 15,046,751 | 11,102,603 | 3,913,413 | 6,461,808 | 36,524,575 |
For further information related to disclosures of the fair value of securities, please see Note 30. Fair value of assets and liabilities.
Equity securities that are measured at fair value through OCI are considered strategic for Cibest Corporate 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 | |||
|---|---|---|---|---|
| December 31, 2025(1) | 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 | 73,149 | 76,795 | ||
| Equity securities unlisted: | ||||
| Asociación Gremial de Instituciones Financieras Credibanco S.A. | 125,732 | 109,011 | ||
| Transacciones y Transferencias, S. A. | 35,116 | 55,401 | ||
| Compañía de Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. | 34,035 | 18,913 | ||
| Cámara de Riesgo Central de Contraparte de Colombia S.A. | 20,406 | 17,385 | ||
| Pexton Holdings Limited | 8,917 | - | ||
| Suncolombia SAS | 5,636 | - | ||
| Derecho Fiduciario Inmobiliaria Cadenalco | 4,260 | 4,212 | ||
| Telered S.A.(1) | - | 160,761 | ||
| Others(1) | 19,724 | 31,617 | ||
| Total equity securities at fair value through OCI | 326,977 | 474,097 |
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(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
Cibest Corporate Group has recognized in the Consolidated Statement of Comprehensive Income COP 20,020 in 2025, COP 28,572 in 2024 and COP 10,898 in 2023 related to equity securities and trust funds at fair value through OCI. See Consolidated Statement of Comprehensive Income.
During 2025, impairment loss was recognized on equity securities for COP 537. Dividends received from equity investments at fair value through OCI held as of December 31, 2025, 2024 and 2023 amounted to COP 8,397, COP 6,872 and COP 6,565, respectively. See Note 25.5 Dividends and net income on equity investments.
Equity investments do not have a specific maturity date; therefore, they are not included in the maturity detail.
The detail of the securities pledged as collateral as of December 31, 2025, and 2024 is as follows:
As of December 31, 2025
| Pledged financial assets | Term | Security pledged | Carrying amount |
|---|---|---|---|
| In millions of COP | |||
| Investments pledged as collateral in money market | |||
| Securities issued by foreign governments | Up to 3 months | Time deposits | 233,712 |
| Securities issued by foreign governments | Between 3 and 6 months | Time deposits | 48,367 |
| Securities issued by foreign governments | Between 6 and 12 months | Time deposits | 151,841 |
| Securities issued by foreign governments | Between 6 and 12 months | Foreign issuers | 1,900 |
| Securities issued by the Colombian Government | Greater than 12 months | TES - Treasury instruments | 90,558 |
| Subtotal investments pledged as collateral in money market | 526,378 | ||
| Investments pledged as collateral in derivative operations | |||
| Securities issued by the Colombian Government | Between 6 and 12 months | TES - Treasury instruments | 315,314 |
| Securities issued by the Colombian Government | Greater than 12 months | TES - Treasury instruments | 1,687,494 |
| Subtotal investments pledged as collateral in derivative operations | 2,002,808 | ||
| Total securities pledged as collateral | 2,529,186 |
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As of December 31, 2024
| Pledged financial assets | Term | Security pledged | Carrying amount |
|---|---|---|---|
| In millions of COP | |||
| Investments pledged as collateral in money market | |||
| Securities issued by foreign governments | Up to 3 months | Time deposits | 43,424 |
| Securities issued by foreign governments | Between 6 and 12 months | Bonds | 26,314 |
| Securities issued by foreign governments | Between 6 and 12 months | Time deposits | 109,792 |
| Securities issued by foreign governments | Greater than 12 months | Bonds | 48,841 |
| Securities issued by foreign governments | Greater than 12 months | Time deposits | 166,849 |
| Securities issued by the Colombian Government | Greater than 12 months | TES - Treasury instruments | 491,472 |
| Securities issued by other financial institutions | Between 3 and 6 months | Time deposits | 5,037 |
| Securities issued by other financial institutions | Between 6 and 12 months | Time deposits | 4,019 |
| Securities issued by other financial institutions | Greater than 12 months | Bonds | 1,876 |
| Securities issued by other financial institutions | Greater than 12 months | Time deposits | 29,058 |
| Subtotal investments pledged as collateral in money market | 926,682 | ||
| Investments pledged as collateral in derivative operations | |||
| Securities issued by the Colombian Government | Up to 3 months | TES - Treasury instruments | 68,903 |
| Securities issued by the Colombian Government | Between 3 and 6 months | TES - Treasury instruments | 414,296 |
| Securities issued by the Colombian Government | Greater than 12 months | TES - Treasury instruments | 200,561 |
| Securities issued by foreign governments | Between 6 and 12 months | Foreign issuers | 2,229 |
| Subtotal investments pledged as collateral in derivative operations | 685,989 | ||
| Total securities pledged as collateral | 1,612,671 |
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 December 31, 2025
| Debt instruments portfolio measure at fair value through OCI and amortized cost | Stage 1 | Stage 2 | Stage 3 | Total(1) |
|---|---|---|---|---|
| In millions of COP | ||||
| Gross carrying amount as at 1 January 2025 | 12,998,652 | 454,065 | 36,577 | 13,489,294 |
| Reclassification to assets held for sale(1) | (4,188,943) | (100,495) | (36,577) | (4,326,015) |
| Transfer from stage 1 to stage 2(2) | (137,017) | 137,017 | - | - |
| Transfer from stage 2 to stage 1(3) | 13,435 | (13,435) | - | - |
| Sales and maturities | (6,740,567) | - | - | (6,740,567) |
| Purchases and renewals | 4,570,660 | 2,490,647 | - | 7,061,307 |
| Valuation and payments | (50,949) | 135,439 | - | 84,490 |
| Foreign Exchange | (152,209) | (52,328) | - | (204,537) |
| Gross carrying amount as at 31 December 2025 | 6,313,062 | 3,050,910 | - | 9,363,972 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2)Stage transfer in Colombian treasury instruments (TES) by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.
(3)Stage transfer in foreign issuers by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.
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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 and renewals | 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 December 31, 2025
| Concept | Stage 1 | Stage 2 | Total(1) |
|---|---|---|---|
| In millions of COP | |||
| Securities at amortized cost, net | 5,387,280 | 425,344 | 5,812,624 |
| Carrying amount | 5,399,656 | 429,664 | 5,829,320 |
| Loss allowance | (12,376) | (4,320) | (16,696) |
| Securities at fair value through other comprehensive income(2) | 925,782 | 2,625,566 | 3,551,348 |
| Total debt instruments portfolio measure at fair value through OCI and amortized cost | 6,313,062 | 3,050,910 | 9,363,972 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2)Loss allowance of investments at fair value through OCI corresponds to COP 4,174 classified in stage 1 to COP 1,757 and in stage 2 to COP 2,417; the loss allowance decrease in relation to 2024 from COP (2,338) is due to the acquisition of instruments from COP 2,874, and the decrease from COP (3,116) is due because Banistmo S.A. was considered as assets held for sale, and from COP (1,397) in sales and maturities and COP (699) in net provisions recognized 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 |
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(1)Loss allowance of investments at fair value through OCI corresponds to COP 6,513 classified 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 December 31, 2025
| Concept | Stage 1 | Stage 2 | Stage 3 | Total(1) |
|---|---|---|---|---|
| In millions of COP | ||||
| Loss allowance of January 1, 2025 | 33,409 | 8,120 | 17,408 | 58,937 |
| Reclassification to assets held for sale(1) | (21,583) | (2,413) | (17,408) | (41,404) |
| Transfer from stage 1 to stage 2(2) | (1,568) | 1,568 | - | - |
| Transfer from stage 2 to stage 1(3) | 14 | (14) | - | - |
| Sales and maturities | (7,690) | - | - | (7,690) |
| New debt instruments purchased | 10,252 | - | - | 10,252 |
| Net provisions recognized during the period | 15 | (2,262) | - | (2,247) |
| Foreign Exchange(4) | (473) | (679) | - | (1,152) |
| Loss allowance of December 31, 2025 | 12,376 | 4,320 | - | 16,696 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2)Stage transfer in Colombian treasury instruments (TES) by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.
(3)Stage transfer in foreign issuers by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.
(4)The decrease is due to the variation in the market representative rate during the year 2025.
As of December 31, 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) | (3,213) | 3,213 | - | - |
| Transfer from stage 2 to stage 1(2) | 298 | (298) | - | - |
| Sales and maturities | (11,187) | (5,895) | - | (17,082) |
| New debt instruments purchased(3) | 13,296 | 3,114 | - | 16,410 |
| Net provisions recognized during the period | 1,465 | (4,482) | 1,214 | (1,803) |
| Foreign Exchange(4) | 2,811 | 555 | 2,243 | 5,609 |
| Loss allowance of December 31, 2024 | 33,409 | 8,120 | 17,408 | 58,937 |
(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.
(3)Impairment is mainly in securities issued by corporate bonds in Banistmo S.A., Bancolombia Panamá S.A. and Bancolombia S.A. and government entities by Bancolombia S.A.
(4)The increase is due to the variation in the market representative rate during the year 2024.
As of December 31, 2023
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| Concept | Stage 1 | Stage 2 | Stage 3 | Total |
|---|---|---|---|---|
| In millions of COP | ||||
| Loss allowance of January 1, 2023 | 29,881 | 35,020 | - | 64,901 |
| Transfer from stage 1 to stage 3(1) | (13,951) | - | 13,951 | - |
| Transfer from stage 2 to stage 1(1) | 129 | (129) | - | - |
| Sales and maturities | (9,459) | - | - | (9,459) |
| New debt instruments purchased | 10,497 | - | - | 10,497 |
| Net provisions recognized during the period | 19,030 | (17,882) | - | 1,148 |
| Foreign Exchange | (6,188) | (5,096) | - | (11,284) |
| Loss allowance of December 31, 2023 | 29,939 | 11,913 | 13,951 | 55,803 |
(1) Stage transfer in corporate bonds by Banistmo S.A.
5.2 Derivative financial instruments
Cibest Corporate Group's derivative activities do not give rise to significant open positions in portfolios of derivatives. Cibest Corporate 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 Cibest Corporate Group’s risk, please see Risk Management.
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The following table sets forth the carrying values of Cibest Corporate Group’s derivatives by type of risk as of December 31, 2025 and 2024:
| Derivatives | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Forwards | ||
| Assets | ||
| Foreign exchange contracts | 2,895,452 | 1,084,830 |
| Equity contracts | 59,140 | 51,645 |
| Subtotal assets | 2,954,592 | 1,136,475 |
| Liabilities | ||
| Foreign exchange contracts | 2,719,599 | 972,295 |
| Equity contracts | 8,163 | 1,367 |
| Subtotal liabilities | 2,727,762 | 973,662 |
| Total forwards(2) | 226,830 | 162,813 |
| Swaps | ||
| Assets | ||
| Foreign exchange contracts | 1,068,740 | 1,463,256 |
| Interest rate contracts | 278,454 | 236,033 |
| Subtotal assets | 1,347,194 | 1,699,289 |
| Liabilities | ||
| Foreign exchange contracts | 1,268,754 | 1,332,431 |
| Interest rate contracts | 371,179 | 291,068 |
| Subtotal liabilities | 1,639,933 | 1,623,499 |
| Total swaps(3) | (292,739) | 75,790 |
| Options | ||
| Assets | ||
| Foreign exchange contracts | 116,077 | 102,378 |
| Subtotal assets | 116,077 | 102,378 |
| Liabilities | ||
| Foreign exchange contracts | 146,935 | 82,482 |
| Subtotal liabilities | 146,935 | 82,482 |
| Total options | (30,858) | 19,896 |
| Derivative assets | 4,417,863 | 2,938,142 |
| Derivative liabilities | 4,514,630 | 2,679,643 |
(1)The accumulated amount as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025, which recorded derivatives totaling COP 17,932 and derivative liabilities of
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COP 19,379. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
(2)At December 31, 2025, mainly at Bancolombia, there is a increase in both the active and passive forwards contracts compared to those in effect as December 31, 2024, due to volatility in the exchange rate, pricing nodes, and curves for 2025
(3)At December 31, 2025, mainly at Bancolombia, there is a variation in active and passive swap exposures due to volatility in the exchange rate, pricing nodes, and market expectations for 2026
The following table sets forth the remaining contractual life of the derivatives portfolio:
As of December 31, 2025
| Forwards | Swaps | Options | Total | |
|---|---|---|---|---|
| In millions of COP | ||||
| Assets | 2,954,592 | 1,347,194 | 116,077 | 4,417,863 |
| Less than 1 year | 2,875,220 | 317,806 | 106,506 | 3,299,532 |
| Between 1 and 3 years | 79,361 | 477,666 | 9,571 | 566,598 |
| Greater than 3 years | 11 | 551,722 | 551,733 | |
| Liabilities | 2,727,762 | 1,639,933 | 146,935 | 4,514,630 |
| Less than 1 year | 2,672,446 | 373,109 | 133,948 | 3,179,503 |
| Between 1 and 3 years | 55,311 | 717,476 | 12,987 | 785,774 |
| Greater than 3 years | 5 | 549,348 | 549,353 |
As of December 31, 2024
| Forwards | Swaps | Options | Total | |
|---|---|---|---|---|
| In millions of COP | ||||
| Assets | 1,136,475 | 1,699,289 | 102,378 | 2,938,142 |
| Less than 1 year | 1,105,226 | 440,817 | 96,891 | 1,642,934 |
| Between 1 and 3 years | 31,249 | 651,770 | 5,487 | 688,506 |
| Greater than 3 years | 606,702 | 606,702 | ||
| Liabilities | 973,662 | 1,623,499 | 82,482 | 2,679,643 |
| Less than 1 year | 943,804 | 376,346 | 76,537 | 1,396,687 |
| Between 1 and 3 years | 29,858 | 604,473 | 5,945 | 640,276 |
| Greater than 3 years | 642,680 | 642,680 |
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Collateral for derivatives
The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2025 and 2024:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Collateral granted | 2,502,088 | 1,157,880 |
| Collateral received | 764,034 | 378,767 |
Day one gains or (losses)
If an asset has been acquired or a liability has been assumed in a market transaction, it could be assumed that the transaction price is the fair value of the asset or liability. However, the fair value of the financial asset or liability at the time of initial recognition may be different from the transaction price, because the fair value includes variables in its valuation technique that include market information, such as interest rate yield curves, currencies rates, indicators, default factors among others. When the values are not equal, the asset or liability must be measured at fair value and the difference between the transaction price and the fair value must be recognized as follows:
•If fair value is evidenced by Level 1 inputs or is based on a valuation technique that uses only observable market data, Cibest Corporate Group must recognize the difference as a gain or loss on initial recognition directly in the income statement.
•In all other circumstances, the entire day 1 gain or loss is deferred and is recognized in the income statement over the life of the transaction.
The table below presents the unrecognized gains or (losses) for derivatives trading at the initial moment, due to use of valuation techniques for which not all inputs were observable market data:
As of December 31, 2025
| Forward | Swaps | Options | Total | |
|---|---|---|---|---|
| In millions of COP | ||||
| Balance at January 1, 2025 | 42,974 | (23,207) | 36,437 | 56,204 |
| New trades | 551,506 | 94,684 | 127,482 | 773,672 |
| Amortization | (528,355) | (35,451) | (136,604) | (700,410) |
| Early cancellations and level transfers | (6,877) | (34,993) | (6,381) | (48,251) |
| Balance at December 31, 2025 | 59,248 | 1,033 | 20,934 | 81,215 |
As of December 31, 2024
| Forward | Swaps | Options | Total | |
|---|---|---|---|---|
| In millions of COP | ||||
| Balance at January 1, 2024 | 36,289 | (13,630) | 63,068 | 85,727 |
| New trades | 702,001 | (978) | 117,125 | 818,148 |
| Amortization | (687,024) | (8,767) | (130,767) | (826,558) |
| Early cancellations and level transfers | (8,292) | 168 | (12,989) | (21,113) |
| Balance at December 31, 2024 | 42,974 | (23,207) | 36,437 | 56,204 |
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Offsetting of derivatives
Cibest Corporate Group enters into International Swaps and Derivatives Association (ISDA) master netting agreements or similar agreements with substantially all of the Cibest Corporate Group’s derivative counterparties. Where legally enforceable, and depending on the Bank’s intention, these master netting agreements give the Cibest Corporate Group’s, in the event of default by the counterparty, the right to liquidate securities and cash equivalents held as collateral and to offset receivables and payables with the same counterparty.
The table below presents derivative instruments subject to enforceable master netting agreements and other similar agreements but not offset in the Consolidated Statement of Financial Position as of December 31, 2025 and 2024 by derivative and by risk:
As of December 31, 2025
| Derivatives Assets | Derivatives Liabilities | |
|---|---|---|
| In millions of COP | ||
| Over-the-counter | ||
| Foreign exchange contracts | ||
| Forwards | 2,895,452 | 2,719,599 |
| Swaps | 1,068,740 | 1,268,754 |
| Options | 116,077 | 146,935 |
| Interest rate contracts | ||
| Swaps | 278,454 | 371,179 |
| Equity contracts | ||
| Forwards | 59,140 | 8,163 |
| Gross derivative assets/liabilities | 4,417,863 | 4,514,630 |
| Offsetting of derivatives | ||
| Derivative financial instruments in the Consolidated Statement of Financial Position | 4,417,863 | 4,514,630 |
| Master netting agreements | (4,417,863) | (4,046,024) |
| Collateral received/paid | (468,606) | |
| Total derivative financial instruments assets/ liabilities before collateral and Master netting agreements |
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As of December 31, 2024
| Derivatives Assets | Derivatives Liabilities | |
|---|---|---|
| In millions of COP | ||
| Over-the-counter | ||
| Foreign exchange contracts | ||
| Forwards | 1,084,830 | 972,295 |
| Swaps | 1,463,256 | 1,332,431 |
| Options | 102,378 | 82,482 |
| Interest rate contracts | ||
| Swaps | 236,033 | 291,068 |
| Equity contracts | ||
| Forwards | 51,645 | 1,367 |
| Gross derivative assets/liabilities | 2,938,142 | 2,679,643 |
| Offsetting of derivatives | - | - |
| Derivative financial instruments in the Consolidated Statement of Financial Position | 2,938,142 | 2,679,643 |
| Master netting agreements | (2,540,752) | (2,679,643) |
| Collateral received/paid | (378,767) | |
| Total derivative financial instruments assets/ liabilities before collateral and Master netting agreements | 18,623 |
For further information about offsetting of other financial assets and liabilities see Note 16. Interbank deposits and repurchase agreements and other similar secured borrowing.
5.3 Hedge Accounting
Cibest Corporate Group 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
Exchange rate risk is the risk that the fair value or future cash flows of an exposure fluctuate due to changes in exchange rates. Cibest Corporate Group 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 Cibest Corporate Group 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, Cibest Corporate Group 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.
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Cibest Corporate Group 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. Cibest Corporate Group 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.
For each hedging relationship, the objective is to maintain a 1:1 ratio, seeking to offset exchange rate variation in cash flows.
The hedge ratio will be determined by comparing the notional value, in accordance with the definition of risk and the conditions established for the structuring. However, uncertainty about the final amount until the time of the transaction may lead to deviations, which will be recognized in the result as hedge ineffectiveness, as appropriate.
In these hedge relationships, the main sources of ineffectiveness are:
•The effect of the credit risk of counterparties and Cibest Corporate 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. Cibest Corporate Group 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.
Cibest Corporate Group 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, Cibest Corporate Group 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, Cibest Corporate Group 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.
For each hedging relationship, the objective is to maintain a ratio close to 1:1, so that changes in the fair value of the hedged item are offset by changes in interest rates.
The hedge ratio will be determined by comparing the notional value or sensitivity, depending on the definition of the risk and the conditions established for the structuring. However, factors such as market depth, the trading conditions of the hedging instruments, and natural variations in the hedged item may lead to differences in sensitivities and nominal values. These effects will be recognized in the result as appropriate.
Hedge ineffectiveness may arise from:
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•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.
Cibest Corporate Group risk management strategy and details of its application are further elaborated in the Risk Management - Market Risk section.
As of November 2025, cash flow and fair value hedging operations are carried out in Cibest Corporate Group, 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, 2025, on the Consolidated Statement of Financial Position, Cibest Corporate Group 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, 2025
| Maturity | Total | |
|---|---|---|
| In millions of COP (Except average rate) | ||
| Foreign currency risk | ||
| Forward exchange contracts | ||
| Notional amount of hedging instruments | 169,069 | 169,069 |
| Average rate of hedging instruments (COP/) | 4,047 |
All values are in US Dollars.
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.
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The impacts of the hedging instrument on the Consolidated Statement of Financial Position as of December 31, 2025, are as follows:
As of December 31, 2025
| 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) | 169,069 | - | - | Derivative financial instruments | (5,587) | ||
| Interest rate risk | |||||||
| Interest rate swaps(1) | - | - | - | Derivative financial instruments | - |
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) | 6,614 | - | - | Derivative financial instruments | (65) | ||
| Interest rate risk | |||||||
| Interest rate swaps(1) | 188,000 | - | - | Derivative financial instruments | 281 |
(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, 2025, are as follows:
As of December 31, 2025
| 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 | 5,587 | 5,587 | - |
| Interest rate risk | |||
| Deposits | - | - | - |
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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 | 65 | (65) | - |
| Interest rate risk | |||
| Deposits | (298) | 281 | - |
The effects of the cash flow hedge in the Consolidated Statement of Income and Consolidated Statement of Comprehensive Income as of December 31, 2025, are as follows:
As of December 31, 2025
| Total hedging gain/(loss) recognized in OCI | Ineffectiveness recognized in profit or loss | Line item in the Consolidated Statement of Income that includes the recognized hedge ineffectiveness | Amount reclassified from OCI to profit or loss | Line item in the Consolidated Statement of Income that includes the reclassification adjustment | |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Foreign currency risk | |||||
| Forecast transactions | (6,082) | 47 | Other operating income | 513 | Other administrative and general expenses |
| Interest rate risk | |||||
| Deposits | 135 | - | Other operating income | (416) | Interest expense |
As of December 31, 2024
| Total hedging gain/(loss) recognized in OCI | Ineffectiveness recogniszed in profit or loss | Line item in the Consolidated Statement of Income that includes the recognized hedge ineffectiveness | Amount reclassified from OCI to profit or loss | Line item in the Consolidated Statement of Income that includes 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, 2025:
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As of December 31, 2025
| Foreign currency risk | Interest rate risk | Total | |
|---|---|---|---|
| In millions of COP | |||
| As of January 1, 2025 | - | ||
| Total hedging (loss)/gain recognized in OCI | (6,082) | 135 | (5,947) |
| Amount reclassified to profit or loss | 560 | (416) | 144 |
| Amount included in the cost of nonfinancial items | - | - | - |
| Total cash flow hedging | (5,522) | (281) | (5,803) |
| Income tax | (26) | 113 | 87 |
| As of December 31, 2025 | (5,548) | (168) | (5,716) |
As of December 31, 2024
| Foreign currency risk | Interest rate risk | Total | |
|---|---|---|---|
| In millions of COP | |||
| As of January 1, 2025 | - | ||
| Total hedging (loss)/gain recognized in OCI | (65) | 416 | 351 |
| Amount reclassified to profit or loss | - | (135) | (135) |
| Amount included in the cost of nonfinancial items | - | - | - |
| Total cash flow hedging | (65) | 281 | 216 |
| Income tax | 26 | (113) | (87) |
| As of December 31, 2025 | (39) | 168 | 129 |
- Fair Value Hedges
As of December 31, 2025 and 2024, Cibest Corporate Group maintained the following instruments to hedge exposures to foreign currency changes and interest rates:
As of December 31, 2025
| Maturity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | Total | ||||||
| In millions of COP | ||||||||||
| Interest rate risk | ||||||||||
| Interest rate swaps | ||||||||||
| Notional amount | 12,363,000 | - | 1,813,500 | - | 14,176,500 | |||||
| Average fixed interest rate | 8.76 % | - % | 8.6 % | - % |
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As of December 31, 2024
| Maturity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | Total | ||||||
| In millions of COP | ||||||||||
| Interest rate risk | ||||||||||
| Interest rate swaps | ||||||||||
| Notional amount | - | 134,000 | - | - | 134,000 | |||||
| Average fixed interest rate | - % | 8.22 % | - % | - % |
The impacts of the hedging instrument on the Consolidated Statement of Financial Position as of December 31, 2025, is as follows:
As of December 31, 2025
| 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) | 14,176,500 | - | - | Derivative financial instruments | 160,036 |
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) | 134,000 | - | - | Derivative financial instruments | (1,044) |
(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 —%, 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, 2025, is as follows:
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As of December 31, 2025
| 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 | 15,670,372 | (160,765) | Deposits by customers | 160,765 | - |
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, 2025, is as follows:
As of December 31, 2025
| Ineffectiveness recognized in profit or loss | Line item in the Consolidated Statement of Income that includes the recognized hedge ineffectiveness | |
|---|---|---|
| In millions of COP | ||
| Interest rate risk | ||
| Deposits | 729 | Other operating income |
As of December 31, 2024
| Ineffectiveness recognized in profit or loss | Line item in the Consolidated Statement of Income that includes the recognized hedge ineffectiveness | |
|---|---|---|
| In millions of COP | ||
| Interest rate risk | ||
| Deposits | (81) | Other operating income |
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- Hedges of a net asset in a foreign operation
Grupo Cibest S.A. uses hedge accounting for net assets in foreign operations with non-derivative instruments and has designated USD528,000 in debt securities issued as hedging instruments. The purpose of this transaction is to protect Grupo Cibest S.A from exchange rate risk (USD/COP) for an amount equivalent to the net assets of the subsidiaries Bancolombia Panama S.A., Bancolombia Puerto Rico Internacional Inc. and Succursal Panama, whose financial information is expressed in dollars.
The book value and covered portion of the investment are listed below:
| December 31, 2024 | |||||
|---|---|---|---|---|---|
| Net assets in foreign operations not hedged | Net assets in foreign operations | Net assets in foreign operations covered | Net assets in foreign operations not hedged | Net assets in foreign operations | |
| In thousands of | |||||
| Banistmo S.A. (1) | - | - | 884,544 | 1,723,889 | 2,608,433 |
| Bancolombia Panamá S.A. (2) | 97,470 | 384,470 | - | - | - |
| Bancolombia Puerto Rico Internacional Inc. (2) | 45,481 | 186,481 | - | - | - |
| Sucursal Panamá (2) | 12,124 | 112,124 | - | - | - |
| Total | 155,075 | 683,075 | 884,544 | 1,723,889 | 2,608,433 |
All values are in US Dollars.
(1) In May 2025, the partial spin-off of assets and liabilities from Bancolombia S.A. to Grupo Cibest S.A. was completed. In this transaction, Banistmo S.A. was spun off to Grupo Cibest S.A. As a result, the hedge accounting of the net assets of a foreign operation on Banistmo was completely discontinued.
(2)As of May 2025, subordinated bonds maturing in 2027 and 2034 were designated as hedging instruments for the net assets of a foreign operation in Bancolombia Panama, Bancolombia Puerto Rico, and the Panama Branch, with the aim of mitigating the impact of exchange rate differences on the financial statements of the Cibest Consolidated Group.
The following is a breakdown of the hedging instruments for net foreign investment:
As of December 31, 2025
| 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 | 428,000 |
| 24/06/2024 | 8.82 % | 800,000 | 100,000 |
| Total debt securities issued | 1,261,707 | 528,000 |
All values are in US Dollars.
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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.
During 2024, Group Cibest made advance payments on bonds maturing in 2025, 2027, and 2029 for a total of USD1,320,327; of this amount, USD1,036,695 was part of the coverage ratio for net assets abroad, deciding to discontinue in the same proportion. On the other hand, the Bank issued bonds in June, maturing in 2034, for a value of USD800,000; of this issue, a total of USD529,205 was designated as coverage in December. See Note 18. Debt securities issued.
Measurement of effectiveness and ineffectiveness
A hedge is considered effective if, at the beginning of the period and in subsequent periods, changes in fair value or cash flows attributable to the hedged risk during the period for which the hedge has been designated are offset.
The Cibest Consolidated Group has documented the effectiveness tests for the hedge. The hedge is considered fully effective, since the critical terms and risks of the obligations serving as the hedging instrument are identical to those of the primary position being hedged. The effectiveness of the hedge is measured before taxes.
Gains or losses on the translation of Banistmo's financial statements are recognized in the Consolidated Statement of Comprehensive Income. Consequently, the exchange difference related to the translation of debt securities issued and designated as hedges is recognized directly in the Consolidated Statement of Comprehensive Income. As a result of the revaluation of the Colombian peso against the US dollar, the foreign currency translation adjustment corresponding to hedging instruments as of December 31, 2025 was COP 364,414, and as of December 31, 2024 was COP (742,930)
For further information, see Consolidated Statement of Comprehensive Income and Note 18. Debt securities issued.
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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 December 31, 2025 and 2024:
| Composition | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Commercial | 139,627,922 | 153,252,811 |
| Consumer | 52,753,546 | 55,815,683 |
| Mortgage | 34,416,372 | 41,741,601 |
| Financial Leases(2) | 28,493,129 | 27,291,604 |
| Small Business Loans | 1,063,012 | 1,352,209 |
| Total gross loans and advances to customers(3) | 256,353,981 | 279,453,908 |
| Total allowance | (13,253,946) | (16,179,738) |
| Total Net loans and advances to customers | 243,100,035 | 263,274,170 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025, which had a loan portfolio of COP 28,853,418 and a provision for loan portfolio impairment of COP 1,420,269 that were reclassified to Assets related to investments in subsidiaries held for sale. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2)See note 11.1 Lessor.
(3)The decrease is mainly due to the effects of Banistmo S.A.'s classification as asset held for sale, offset by growth in Bancolombia S.A., due to higher disbursements made during 2025, as a result of quotas offered with rate benefits and improved dynamics following the reactivation of national government subsidies. Additionally, as of December 31, 2025, the Colombian peso devalued -14.79% against the US dollar, compared to December 31, 2024, which impacts the balances of the foreign subsidiaries.
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Allowance for loan losses
The following table sets forth the changes in the allowance for loans and advances and lease losses as of December 31, 2025, 2024 and 2023:
As of December 31, 2025
| Concept | Commercial | Consumer | Mortgage | Financial<br><br>Leases | Small<br><br>business<br><br>loans | Total(1) |
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Balance at beginning of period January 1, 2025 | 7,259,230 | 6,497,777 | 1,235,177 | 1,088,272 | 99,282 | 16,179,738 |
| Reclassification to assets held for sale(1) | (970,777) | (602,849) | (286,628) | (27,989) | (20,782) | (1,909,025) |
| Loan sales(2) | (336,124) | - | - | - | - | (336,124) |
| Recovery of charged - off loans | 151,997 | 480,508 | 28,136 | 94,838 | 933 | 756,412 |
| Credit impairment charges on loans, advances and financial leases, net(3) | 1,045,454 | 3,149,937 | 41,122 | 111,744 | 89,175 | 4,437,432 |
| Adjusted stage 3(4) | 264,306 | 426,468 | 47,037 | 65,415 | 5,744 | 808,970 |
| Charge-offs(5) | (1,334,284) | (4,613,577) | (77,397) | (262,636) | (52,853) | (6,340,747) |
| Translation adjustment(6) | (122,338) | (207,501) | (9,756) | (2,852) | (263) | (342,710) |
| Balance at December 31, 2025 | 5,957,464 | 5,130,763 | 977,691 | 1,066,792 | 121,236 | 13,253,946 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. The net effect of COP (1,909,025) corresponds to the opening balance as of January 1, 2025. The movements recorded in the period correspond to: impairment recognized in results in COP (183,462), charges-offs of COP (498,977), recovery of charged-off loans of COP (109,942), translation adjustment and others of COP (283,166), for a total loan portfolio provision of COP (1,420,269). For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2)Corresponds to the release of loan allowances related to portfolio sales.
(3)The loss allowance for 2025 decreases by 18% compared to the previous year; this reduction is due to the strong performance across all portfolios.
(4)Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9.
(5)This amount is still subject to enforcement activity.
(6)The variation is due to the decrease in the market representative rate from COP 4,409.15 in December 2024 to COP 3,757.08 in December 2025.
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As of December 31, 2024
| Concept | Commercial | Consumer | Mortgage | Financial<br><br>Leases | Small<br><br>business<br><br>loans | Total |
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Balance at beginning of period January 1, 2024 | 6,290,266 | 7,717,038 | 1,023,206 | 1,024,575 | 168,018 | 16,223,103 |
| Loan sales(1) | (178,128) | - | - | - | - | (178,128) |
| Recovery of charged - off loans | 85,858 | 637,131 | 48,029 | 150,466 | 4,784 | 926,268 |
| Credit impairment charges on loans, advances and financial leases, net(2)(3) | 1,462,622 | 3,660,321 | 215,240 | 62,708 | 12,761 | 5,413,652 |
| Adjusted stage 3(4) | 331,332 | 579,861 | 41,563 | 72,432 | 9,010 | 1,034,198 |
| Charge-offs(5) | (977,743) | (6,406,521) | (143,885) | (228,639) | (99,124) | (7,855,912) |
| Translation adjustment(6) | 245,023 | 309,947 | 51,024 | 6,730 | 3,833 | 616,557 |
| Balance at December 31, 2024 | 7,259,230 | 6,497,777 | 1,235,177 | 1,088,272 | 99,282 | 16,179,738 |
(1)Corresponds to the release of loan allowances related to portfolio sales.
(2)The credit impairment charges decreased by 27.45% compared to the previous year. This decrease is primarily due an improvement in the consumer portfolio resulting from lending and collection actions that Cibest Corporate Group initiated in 2023, which had positive effects in 2024. Additionally, there has been a positive effect of the macroeconomic variables in the expected credit losses models.
(3)The net provision for impairment of the loan portfolio and finance lease operations differs from the COP 4,964,893 reported in the consolidated income statement due to Banistmo S.A.'s net loan portfolio provision expense of COP 448,759, classified as a discontinued operation in 2025. For more information, see Note 31. Discontinued operation.
(4)Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9.
(5)This amount is still subject to enforcement activity.
(6)The variation is due to the increase in the market representative rate from COP 3,822.05 in December 2023 to COP 4,409.15 in December 2024.
As of December 31, 2023
| Concept | Commercial | Consumer | Mortgage | Financial<br><br>Leases | Small<br><br>business<br><br>loans | Total |
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Balance at beginning of period January 1, 2023 | 7,270,305 | 6,047,135 | 1,024,091 | 1,013,074 | 125,035 | 15,479,640 |
| Loan sales(1) | (829,547) | - | - | - | - | (829,547) |
| Recovery of charged - off loans | 93,251 | 548,655 | 64,573 | 61,749 | 2,706 | 770,934 |
| Credit impairment charges on loans, advances and financial leases, net(2) | 756,174 | 6,313,453 | 104,417 | 167,904 | 119,531 | 7,461,479 |
| Adjusted stage 3(3) | 427,283 | 509,668 | 33,465 | 67,288 | 11,201 | 1,048,905 |
| Charge-offs(4) | (970,685) | (5,261,966) | (128,532) | (277,904) | (81,276) | (6,720,363) |
| Translation adjustment(5) | (456,515) | (439,907) | (74,808) | (7,536) | (9,179) | (987,945) |
| Balance at December 31, 2023 | 6,290,266 | 7,717,038 | 1,023,206 | 1,024,575 | 168,018 | 16,223,103 |
(1)Corresponds to the release of loan allowances related to portfolio sales.
(2)The net provision for impairment of the loan portfolio and finance lease operations differs from the COP 7,210,390 reported in the consolidated income statement due to Banistmo S.A.'s net loan portfolio provision expense of COP 251,089, classified as a discontinued operation in 2025. For more information, see Note 31. Discontinued operation.
(3)Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9.
(4)This amount is still subject to enforcement activity.
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(5)The variation is due to the decrease in the market representative rate from COP 4,810.20 in December 2022 to COP 3,822.05 in December 2023.
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 | ||
| December 31, 2025 | December 31, 2024 | |
| Loan portfolio modified during the period | ||
| Amortized cost before modification | 6,383,018 | 7,563,621 |
| Net gain or loss on changes | (194,997) | (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. | 355,652 | 325,028 |
Loans and advances according to their type of evaluation
Expected credit losses are calculated using both individual and collective models and methodologies, impairment loan portfolio analyzed by individual evaluation at COP 4.3 trillion, which represented 1.7% of the total portfolio of Cibest Corporate Group.
The table below shows loans and advances according to their type of evaluation for the periods ending December 31, 2025 and 2024:
| December 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of COP | ||||||||
| Evaluation | Stage 1 | Stage 2 | Stage 3 | Total | ||||
| Gross | Allowance | Gross | Allowance | Gross | Allowance | Gross | Allowance | |
| Collectively evaluated | 230,529,201 | 2,009,090 | 13,291,069 | 2,277,512 | 8,194,278 | 6,027,390 | 252,014,548 | 10,313,992 |
| Individually evaluated | - | - | - | - | 4,339,433 | 2,939,954 | 4,339,433 | 2,939,954 |
| Total | 230,529,201 | 2,009,090 | 13,291,069 | 2,277,512 | 12,533,711 | 8,967,344 | 256,353,981 | 13,253,946 |
| December 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In millions of COP | ||||||||
| Evaluation | Stage 1 | Stage 2 | Stage 3 | Total | ||||
| Gross | Allowance | Gross | Allowance | Gross | Allowance | Gross | Allowance | |
| Collectively evaluated | 245,272,297 | 2,174,979 | 16,670,291 | 2,673,761 | 10,984,759 | 7,597,019 | 272,927,347 | 12,445,759 |
| Individually evaluated | - | - | - | - | 6,526,561 | 3,733,979 | 6,526,561 | 3,733,979 |
| Total | 245,272,297 | 2,174,979 | 16,670,291 | 2,673,761 | 17,511,320 | 11,330,998 | 279,453,908 | 16,179,738 |
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Impact of movements in the value of the portfolio and loss allowance by Stage
The following explains the significant changes in the loans and the allowance for loan losses by category during the periods ended on December 31, 2025 and 2024 as a result of applying the expected credit loss model according to IFRS 9:
Variation December 2025 vs December 2024
Stage 1 (12-month expected credit losses)
The exposure in Stage 1 decreased by COP (14,743,096) and the loss allowance decreased by COP (165,889). The decrease in exposure and provision is mainly Banistmo S.A.'s classification as asset held for sale since December 18, 2025, as during 2025 the portfolio showed strong disbursement dynamics.
Stage 2 (Lifetime expected credit losses)
The exposure in Stage 2 decreased by COP (3,379,222) and the loss allowance registered a negative variation of COP (396,249). The decrease in exposure and provisions in this stage is primarily due to the Banistmo S.A.'s classification as asset held for sale since December 18, 2025, partially offset by an increase in impairment of specific clients in the commercial portfolio in Colombia and the consumer portfolio in Guatemala.
Stage 3 (Lifetime expected credit losses)
The exposure in Stage 3 decreased by COP (4,977,609) and the loss allowance decreased by COP (2,363,654). The reduction in exposure and provisions in this stage is mainly Banistmo S.A.'s classification as asset held for sale since December 18, 2025 and the strong performance observed in the portfolio during 2025.
For more information about Banistmo S.A.'s classification as asset held for sale see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
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As of December 31, 2025
Commercial
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2025 | 137,761,467 | (502,037) | 5,545,788 | (459,510) | 9,945,556 | (6,297,683) | 153,252,811 | (7,259,230) |
| Reclassification to assets held for sale(1) | (12,125,138) | 45,922 | (1,608,363) | 33,845 | (2,265,986) | 891,010 | (15,999,487) | 970,777 |
| Transfers of financial instruments: | (1,599,937) | 79,247 | 412,309 | 30,925 | 1,187,628 | (110,172) | - | - |
| Transfers from stage 1 to stage 2 | (1,579,903) | 17,471 | 1,579,903 | (17,471) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (551,698) | 129,948 | - | - | 551,698 | (129,948) | - | - |
| Transfers from stage 2 to stage 1 | 521,590 | (36,027) | (521,590) | 36,027 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (798,490) | 109,139 | 798,490 | (109,139) | - | - |
| Transfers from stage 3 to stage 1 | 10,074 | (32,145) | - | - | (10,074) | 32,145 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 152,486 | (96,770) | (152,486) | 96,770 | - | - |
| Remeasurement arising from transfer of stage | (576,552) | (54,986) | (212,241) | (55,034) | 141,315 | (1,115,161) | (647,478) | (1,225,181) |
| Remeasurement from remaining in the stage | (7,895,159) | 30,960 | (144,129) | (32,521) | (337,299) | (159,442) | (8,376,587) | (161,003) |
| Remeasurement due to changes in economics factors | - | (108,077) | - | 817 | - | 2,038 | - | (105,222) |
| Remeasurement due to changes in model inputs | - | 63,096 | - | 59,654 | - | (45,466) | - | 77,284 |
| New financial assets originated(2) | 75,155,440 | (183,471) | 1,199,076 | (153,031) | 1,099,244 | (697,146) | 77,453,760 | (1,033,648) |
| Financial assets that have been derecognized | (56,859,784) | 154,753 | (1,209,177) | 91,006 | (1,426,985) | 1,076,378 | (59,495,946) | 1,322,137 |
| Charges-off | (7,394) | 480 | (43,895) | 21,388 | (1,282,995) | 1,312,416 | (1,334,284) | 1,334,284 |
| Foreign Exchange and other movements | (4,952,926) | 8,956 | (150,346) | 8,349 | (121,595) | 105,033 | (5,224,867) | 122,338 |
| Balance at December 31, 2025 | 128,900,017 | (465,157) | 3,789,022 | (454,112) | 6,938,883 | (5,038,195) | 139,627,922 | (5,957,464) |
(1) The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.(2) Includes financial assets originated and restructured.
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Consumer
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2025 | 46,697,013 | (1,370,712) | 5,118,607 | (1,644,274) | 4,000,063 | (3,482,791) | 55,815,683 | (6,497,777) |
| Reclassification to assets held for sale(1) | (4,807,840) | 129,943 | (776,756) | 244,003 | (276,624) | 228,903 | (5,861,220) | 602,849 |
| Transfers of financial instruments: | (1,615,302) | (93,716) | 532,447 | 38,985 | 1,082,855 | 54,731 | - | - |
| Transfers from stage 1 to stage 2 | (1,518,885) | 102,096 | 1,518,885 | (102,096) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (927,968) | 64,375 | - | - | 927,968 | (64,375) | - | - |
| Transfers from stage 2 to stage 1 | 748,932 | (184,573) | (748,932) | 184,573 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (468,223) | 154,938 | 468,223 | (154,938) | - | - |
| Transfers from stage 3 to stage 1 | 82,619 | (75,614) | - | - | (82,619) | 75,614 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 230,717 | (198,430) | (230,717) | 198,430 | - | - |
| Remeasurement arising from transfer of stage | (361,401) | 261,035 | (368,351) | (102,279) | 1,039,113 | (3,304,618) | 309,361 | (3,145,862) |
| Remeasurement from remaining in the stage | (3,747,909) | 153,169 | (182,635) | 151,134 | (4,227) | 1,762 | (3,934,771) | 306,065 |
| Remeasurement due to changes in economics factors | - | (207,564) | - | (1,466) | - | 3,526 | - | (205,504) |
| Remeasurement due to changes in model inputs | - | 13,396 | - | (137,978) | - | 10,475 | - | (114,107) |
| New financial assets originated(2) | 22,087,030 | (548,952) | 1,937,447 | (651,351) | 772,622 | (636,814) | 24,797,099 | (1,837,117) |
| Financial assets that have been derecognized | (10,676,274) | 291,106 | (770,167) | 275,579 | (435,700) | 372,927 | (11,882,141) | 939,612 |
| Charges-off | (546,673) | 49,407 | (760,127) | 357,949 | (3,306,777) | 4,206,221 | (4,613,577) | 4,613,577 |
| Foreign Exchange and other movements | (1,659,764) | 45,487 | (133,041) | 35,024 | (84,083) | 126,990 | (1,876,888) | 207,501 |
| Balance at December 31, 2025 | 45,368,880 | (1,277,401) | 4,597,424 | (1,434,674) | 2,787,242 | (2,418,688) | 52,753,546 | (5,130,763) |
(1) The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2) Includes financial assets originated and restructured.
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Financial Leases
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2025 | 22,561,434 | (118,828) | 3,212,710 | (234,230) | 1,517,460 | (735,214) | 27,291,604 | (1,088,272) |
| Reclassification to assets held for sale(1) | (514,783) | 4,049 | (20,980) | 2,247 | (31,870) | 21,693 | (567,633) | 27,989 |
| Transfers of financial instruments: | (583,172) | (19,345) | 324,853 | 29,925 | 258,319 | (10,580) | - | - |
| Transfers from stage 1 to stage 2 | (895,754) | 11,458 | 895,754 | (11,458) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (110,470) | 2,658 | - | - | 110,470 | (2,658) | - | - |
| Transfers from stage 2 to stage 1 | 422,790 | (33,269) | (422,790) | 33,269 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (316,924) | 53,288 | 316,924 | (53,288) | - | - |
| Transfers from stage 3 to stage 1 | 262 | (192) | - | - | (262) | 192 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 168,813 | (45,174) | (168,813) | 45,174 | - | - |
| Remeasurement arising from transfer of stage | (48,812) | 30,400 | (80,891) | (48,481) | 49,833 | (257,550) | (79,870) | (275,631) |
| Remeasurement from remaining in the stage | (1,991,928) | 17,943 | (70,056) | 14,965 | (70,210) | (4,279) | (2,132,194) | 28,629 |
| Remeasurement due to changes in economics factors | - | (39,665) | - | (1,077) | - | (525) | - | (41,267) |
| Remeasurement due to changes in model inputs | - | 9,117 | - | 5,909 | - | (62,139) | - | (47,113) |
| New financial assets originated(2) | 6,649,904 | (18,572) | 206,109 | (9,975) | 22,459 | (11,093) | 6,878,472 | (39,640) |
| Financial assets that have been derecognized | (2,072,585) | 9,456 | (260,935) | 16,462 | (216,667) | 77,107 | (2,550,187) | 103,025 |
| Charges-off | (105) | 4 | (72,142) | 71,196 | (190,389) | 191,436 | (262,636) | 262,636 |
| Foreign Exchange and other movements | (76,563) | 236 | (6,351) | 207 | (1,513) | 2,409 | (84,427) | 2,852 |
| Balance at December 31, 2025 | 23,923,390 | (125,205) | 3,232,317 | (152,852) | 1,337,422 | (788,735) | 28,493,129 | (1,066,792) |
(1) The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2) Includes financial assets originated and restructured.
Mortgage
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2025 | 37,076,580 | (158,420) | 2,701,930 | (315,726) | 1,963,091 | (761,031) | 41,741,601 | (1,235,177) |
| Reclassification to assets held for sale(1) | (9,452,639) | 34,415 | (1,357,043) | 90,049 | (684,397) | 162,164 | (11,494,079) | 286,628 |
| Transfers of financial instruments: | (477,672) | (33,513) | 248,173 | (1,080) | 229,499 | 34,593 | - | - |
| Transfers from stage 1 to stage 2 | (571,346) | 12,468 | 571,346 | (12,468) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (205,738) | 4,973 | - | - | 205,738 | (4,973) | - | - |
| Transfers from stage 2 to stage 1 | 298,159 | (50,598) | (298,159) | 50,598 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (289,490) | 53,061 | 289,490 | (53,061) | - | - |
| Transfers from stage 3 to stage 1 | 1,253 | (356) | - | - | (1,253) | 356 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 264,476 | (92,271) | (264,476) | 92,271 | - | - |
| Remeasurement arising from transfer of stage | (20,554) | 44,968 | (18,660) | (12,478) | 52,712 | (149,859) | 13,498 | (117,369) |
| Remeasurement from remaining in the stage | (1,338,191) | 6,160 | (20,607) | 30,495 | 35,581 | (91,633) | (1,323,217) | (54,978) |
| Remeasurement due to changes in economics factors | - | (13,278) | - | (1,704) | - | - | - | (14,982) |
| Remeasurement due to changes in model inputs | - | 25,376 | - | 15,953 | - | 479 | - | 41,808 |
| New financial assets originated(2) | 8,773,202 | (21,501) | 111,527 | (15,307) | 44,135 | (17,817) | 8,928,864 | (54,625) |
| Financial assets that have been derecognized | (2,362,816) | 8,668 | (94,631) | 14,923 | (127,539) | 60,260 | (2,584,986) | 83,851 |
| Charges-off | (1,526) | 1 | (423) | 3 | (75,448) | 77,393 | (77,397) | 77,397 |
| Foreign Exchange and other movements | (745,144) | 769 | (18,290) | 576 | (24,478) | 8,411 | (787,912) | 9,756 |
| Balance at December 31, 2025 | 31,451,240 | (106,355) | 1,551,976 | (194,296) | 1,413,156 | (677,040) | 34,416,372 | (977,691) |
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(1) The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2) Includes financial assets originated and restructured.
Small business loans
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2025 | 1,175,803 | (24,982) | 91,256 | (20,021) | 85,150 | (54,279) | 1,352,209 | (99,282) |
| Reclassification to assets held for sale(1) | (580,125) | 4,720 | (48,619) | 3,771 | (38,067) | 12,291 | (666,811) | 20,782 |
| Transfers of financial instruments: | (54,800) | 1,009 | 28,536 | 1,683 | 26,264 | (2,692) | - | - |
| Transfers from stage 1 to stage 2 | (40,405) | 1,811 | 40,405 | (1,811) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (21,187) | 1,084 | - | - | 21,187 | (1,084) | - | - |
| Transfers from stage 2 to stage 1 | 6,737 | (1,845) | (6,737) | 1,845 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (6,062) | 2,348 | 6,062 | (2,348) | - | - |
| Transfers from stage 3 to stage 1 | 55 | (41) | - | - | (55) | 41 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 930 | (699) | (930) | 699 | - | - |
| Remeasurement arising from transfer of stage | (3,107) | 1,580 | (8,565) | (7,429) | (8,615) | (30,397) | (20,287) | (36,246) |
| Remeasurement from remaining in the stage | (132,363) | 3,246 | (2,418) | 987 | (909) | 309 | (135,690) | 4,542 |
| Remeasurement due to changes in economics factors | - | (1,354) | - | 74 | - | 79 | - | (1,201) |
| Remeasurement due to changes in model inputs | - | 349 | - | (1,985) | - | 404 | - | (1,232) |
| New financial assets originated(2) | 637,291 | (25,040) | 80,827 | (27,711) | 28,036 | (19,907) | 746,154 | (72,658) |
| Financial assets that have been derecognized | (143,836) | 4,721 | (8,734) | 3,040 | (3,657) | 3,182 | (156,227) | 10,943 |
| Charges-off | (10,034) | 729 | (11,807) | 5,976 | (31,012) | 46,148 | (52,853) | 52,853 |
| Foreign Exchange and other movements | (3,155) | 50 | (146) | 37 | (182) | 176 | (3,483) | 263 |
| Balance at December 31, 2025 | 885,674 | (34,972) | 120,330 | (41,578) | 57,008 | (44,686) | 1,063,012 | (121,236) |
(1) The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2) Includes financial assets originated and restructured.
Variation December 2024 vs December 2023
Stage 1 (12-month expected credit losses)
The exposure in Stage 1 increased by COP 22,899,408 and the loss allowance increased 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
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corporate clients and SMEs. Significant defaults were particularly observed in the pharmaceutical, commerce, manufacturing, and construction sectors.
As of December 31, 2024
Commercial
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2024 | 120,773,927 | (638,095) | 5,453,537 | (425,470) | 8,459,932 | (5,226,701) | 134,687,396 | (6,290,266) |
| Transfers of financial instruments: | (1,548,717) | (13,835) | (200,399) | 101,921 | 1,749,116 | (88,086) | - | - |
| Transfers from stage 1 to stage 2 | (1,625,193) | 22,890 | 1,625,193 | (22,890) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (1,207,431) | 36,155 | - | - | 1,207,431 | (36,155) | - | - |
| Transfers from stage 2 to stage 1 | 1,278,864 | (70,018) | (1,278,864) | 70,018 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (633,645) | 86,370 | 633,645 | (86,370) | - | - |
| Transfers from stage 3 to stage 1 | 5,043 | (2,862) | - | - | (5,043) | 2,862 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 86,917 | (31,577) | (86,917) | 31,577 | - | - |
| Remeasurement arising from transfer of stage | (537,295) | 42,814 | (254,631) | (33,104) | (236,667) | (1,205,996) | (1,028,593) | (1,196,286) |
| Remeasurement from remaining in the stage | (7,993,068) | 112,459 | (269,421) | 38,168 | 29,358 | (329,489) | (8,233,131) | (178,862) |
| Remeasurement due to changes in economics factors | - | 3,800 | - | (1,359) | - | 109 | - | 2,550 |
| Remeasurement due to changes in model inputs | - | 12,929 | - | (60,157) | - | 28,775 | - | (18,453) |
| New financial assets originated(1) | 83,411,122 | (234,532) | 2,012,893 | (166,762) | 1,595,995 | (954,919) | 87,020,010 | (1,356,213) |
| Financial assets that have been derecognized | (61,617,701) | 229,467 | (1,631,559) | 81,976 | (1,177,975) | 734,137 | (64,427,235) | 1,045,580 |
| Charges-off | (18,847) | 872 | (71,910) | 24,045 | (886,986) | 952,826 | (977,743) | 977,743 |
| Foreign Exchange and other movements | 5,292,046 | (17,916) | 507,278 | (18,768) | 412,783 | (208,339) | 6,212,107 | (245,023) |
| Balance at December 31, 2024 | 137,761,467 | (502,037) | 5,545,788 | (459,510) | 9,945,556 | (6,297,683) | 153,252,811 | (7,259,230) |
(1)Includes financial assets originated and restructured.
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Consumer
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2024 | 46,060,615 | (2,672,234) | 4,407,067 | (1,584,505) | 4,124,087 | (3,460,299) | 54,591,769 | (7,717,038) |
| Transfers of financial instruments: | (3,287,690) | 167,853 | 1,334,175 | (32,948) | 1,953,515 | (134,905) | - | - |
| Transfers from stage 1 to stage 2 | (2,355,931) | 236,700 | 2,355,931 | (236,700) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (1,694,306) | 185,537 | - | - | 1,694,306 | (185,537) | - | - |
| Transfers from stage 2 to stage 1 | 705,570 | (207,512) | (705,570) | 207,512 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (572,936) | 195,424 | 572,936 | (195,424) | - | - |
| Transfers from stage 3 to stage 1 | 56,977 | (46,872) | - | - | (56,977) | 46,872 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 256,750 | (199,184) | (256,750) | 199,184 | - | - |
| Remeasurement arising from transfer of stage | (322,470) | 214,334 | (389,162) | (153,151) | 1,432,594 | (4,673,940) | 720,962 | (4,612,757) |
| Remeasurement from remaining in the stage | (3,891,488) | 246,406 | (137,592) | (27,302) | 27,126 | (96,141) | (4,001,954) | 122,963 |
| Remeasurement due to changes in economics factors | - | 13,782 | - | 8,102 | - | (4,463) | - | 17,421 |
| Remeasurement due to changes in model inputs | - | 370,905 | - | (37,890) | - | (28,501) | - | 304,514 |
| New financial assets originated(1) | 18,171,352 | (503,056) | 1,702,506 | (592,301) | 1,099,137 | (970,118) | 20,972,995 | (2,065,475) |
| Financial assets that have been derecognized | (11,013,532) | 597,248 | (895,311) | 336,485 | (525,071) | 422,288 | (12,433,914) | 1,356,021 |
| Charges-off | (1,093,049) | 266,898 | (1,092,436) | 502,944 | (4,221,036) | 5,636,679 | (6,406,521) | 6,406,521 |
| Foreign Exchange and other movements | 2,073,275 | (72,848) | 189,360 | (63,708) | 109,711 | (173,391) | 2,372,346 | (309,947) |
| Balance at December 31, 2024 | 46,697,013 | (1,370,712) | 5,118,607 | (1,644,274) | 4,000,063 | (3,482,791) | 55,815,683 | (6,497,777) |
(1)Includes financial assets originated and restructured.
Financial leases
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2024 | 22,553,128 | (145,429) | 3,293,100 | (206,641) | 1,430,829 | (672,505) | 27,277,057 | (1,024,575) |
| Transfers of financial instruments: | (626,993) | (32,495) | 164,252 | 42,979 | 462,741 | (10,484) | - | - |
| Transfers from stage 1 to stage 2 | (807,360) | 11,270 | 807,360 | (11,270) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (301,609) | 5,217 | - | - | 301,609 | (5,217) | - | - |
| Transfers from stage 2 to stage 1 | 476,482 | (48,011) | (476,482) | 48,011 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (261,903) | 28,911 | 261,903 | (28,911) | - | - |
| Transfers from stage 3 to stage 1 | 5,494 | (971) | - | - | (5,494) | 971 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 95,277 | (22,673) | (95,277) | 22,673 | - | - |
| Remeasurement arising from transfer of stage | (29,224) | 26,927 | (111,911) | (24,264) | 82,688 | (332,058) | (58,447) | (329,395) |
| Remeasurement from remaining in the stage | (2,030,801) | 1,024 | (36,408) | 6,618 | (48,471) | 19,994 | (2,115,680) | 27,636 |
| Remeasurement due to changes in economics factors | - | 388 | - | (1,315) | - | 3,278 | - | 2,351 |
| Remeasurement due to changes in model inputs | - | 33,405 | - | (39,054) | - | (19,599) | - | (25,248) |
| New financial assets originated(1) | 4,685,664 | (16,709) | 265,140 | (61,525) | 43,177 | (26,867) | 4,993,981 | (105,101) |
| Financial assets that have been derecognized | (2,161,635) | 14,818 | (369,040) | 13,130 | (232,037) | 116,203 | (2,762,712) | 144,151 |
| Charges-off | (2,309) | 116 | (626) | 38,690 | (225,704) | 189,833 | (228,639) | 228,639 |
| Foreign Exchange and other movements | 173,604 | (873) | 8,203 | (2,848) | 4,237 | (3,009) | 186,044 | (6,730) |
| Balance at December 31, 2024 | 22,561,434 | (118,828) | 3,212,710 | (234,230) | 1,517,460 | (735,214) | 27,291,604 | (1,088,272) |
(1)Includes financial assets originated and restructured.
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Mortgage
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2024 | 32,210,648 | (184,915) | 2,628,654 | (284,921) | 1,411,106 | (553,370) | 36,250,408 | (1,023,206) |
| Transfers of financial instruments: | (530,580) | (63,741) | (110,527) | 65,658 | 641,107 | (1,917) | - | - |
| Transfers from stage 1 to stage 2 | (1,054,660) | 17,932 | 1,054,660 | (17,932) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (388,239) | 7,709 | - | - | 388,239 | (7,709) | - | - |
| Transfers from stage 2 to stage 1 | 911,038 | (89,109) | (911,038) | 89,109 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (575,585) | 77,114 | 575,585 | (77,114) | - | - |
| Transfers from stage 3 to stage 1 | 1,281 | (273) | - | - | (1,281) | 273 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 321,436 | (82,633) | (321,436) | 82,633 | - | - |
| Remeasurement arising from transfer of stage | (46,383) | 71,166 | (34,361) | (69,232) | 58,849 | (197,427) | (21,895) | (195,493) |
| Remeasurement from remaining in the stage | (1,500,100) | 146 | (28,254) | (50,026) | (14,983) | (92,113) | (1,543,337) | (141,993) |
| Remeasurement due to changes in economics factors | - | (655) | - | 232 | - | - | - | (423) |
| Remeasurement due to changes in model inputs | - | 35,570 | - | 38,196 | - | (59,346) | - | 14,420 |
| New financial assets originated(1) | 7,250,404 | (24,146) | 89,441 | (15,434) | 38,103 | (15,032) | 7,377,948 | (54,612) |
| Financial assets that have been derecognized | (2,219,679) | 13,232 | (88,540) | 12,205 | (114,124) | 47,832 | (2,422,343) | 73,269 |
| Charges-off | (3,221) | 263 | (2,019) | 1,789 | (138,645) | 141,833 | (143,885) | 143,885 |
| Foreign Exchange and other movements | 1,915,491 | (5,340) | 247,536 | (14,193) | 81,678 | (31,491) | 2,244,705 | (51,024) |
| Balance at December 31, 2024 | 37,076,580 | (158,420) | 2,701,930 | (315,726) | 1,963,091 | (761,031) | 41,741,601 | (1,235,177) |
(1)Includes financial assets originated and restructured.
Small business loans
| Stage1 | Stage2 | Stage3 | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | Gross<br><br>carrying | Allowance | |
| In millions of COP | ||||||||
| Balance at January 1, 2024 | 774,571 | (55,230) | 260,303 | (34,865) | 110,143 | (77,923) | 1,145,017 | (168,018) |
| Transfers of financial instruments: | 48,693 | 4,363 | (90,096) | 465 | 41,403 | (4,828) | - | - |
| Transfers from stage 1 to stage 2 | (32,175) | 5,260 | 32,175 | (5,260) | - | - | - | - |
| Transfers from stage 1 to stage 3 | (26,237) | 3,577 | - | - | 26,237 | (3,577) | - | - |
| Transfers from stage 2 to stage 1 | 106,886 | (4,362) | (106,886) | 4,362 | - | - | - | - |
| Transfers from stage 2 to stage 3 | - | - | (22,854) | 3,333 | 22,854 | (3,333) | - | - |
| Transfers from stage 3 to stage 1 | 219 | (112) | - | - | (219) | 112 | - | - |
| Transfers from stage 3 to stage 2 | - | - | 7,469 | (1,970) | (7,469) | 1,970 | - | - |
| Remeasurement arising from transfer of stage | (8,293) | 2,046 | (11,218) | (35) | 2,245 | (59,190) | (17,266) | (57,179) |
| Remeasurement from remaining in the stage | (119,140) | 13,134 | (1,716) | 9,558 | (4,671) | (1,179) | (125,527) | 21,513 |
| Remeasurement due to changes in economics factors | - | 549 | - | 103 | - | (52) | - | 600 |
| Remeasurement due to changes in model inputs | - | 9,603 | - | (169) | - | (740) | - | 8,694 |
| New financial assets originated(1) | 774,418 | (15,290) | 42,211 | (6,973) | 18,044 | (12,363) | 834,673 | (34,626) |
| Financial assets that have been derecognized | (323,208) | 12,414 | (120,903) | 5,663 | (27,026) | 16,366 | (471,137) | 34,443 |
| Charges-off | (19,210) | 3,952 | (19,407) | 7,670 | (60,507) | 87,502 | (99,124) | 99,124 |
| Foreign Exchange and other movements | 47,972 | (523) | 32,082 | (1,438) | 5,519 | (1,872) | 85,573 | (3,833) |
| Balance at December 31, 2024 | 1,175,803 | (24,982) | 91,256 | (20,021) | 85,150 | (54,279) | 1,352,209 | (99,282) |
(1)Includes financial assets originated and restructured.
For more information, see RISK MANAGEMENT in the credit risk section.
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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 Cibest Corporate Group is as follows:
| Assets held for sale and inventories | December 31, 2025 (1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Inventories, net | 656,019 | 932,657 |
| Assets held for sale, net | 10,342 | 173,742 |
| Total assets held for sale and inventories, net | 666,361 | 1,106,399 |
(1) The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025, which recorded inventories of COP 129,046, impairment of COP 4,385, and assets held for sale of COP 124,660, which were reclassified to Assets related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity, Note 2.D12. Material accounting policies – Assets held for sale and discontinued operations, and Note 31. Discontinued Operation.
7.1. Inventories
Due to the nature of the financial services provided by some subsidiaries of the Cibest Corporate 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 Cibest Corporate 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 Cibest Corporate Group inventories at December 31, 2025, and 2024, are summarized as follows:
| Inventories | December 31, 2025 (1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Lands and buildings(2) | 457,482 | 576,556 |
| Vehicles(3) | 182,745 | 365,173 |
| Machinery and others(4) | 41,335 | 32,166 |
| Total inventory cost | 681,562 | 973,895 |
| Impairment | (25,543) | (41,238) |
| Total inventories, net | 656,019 | 932,657 |
(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For further information, see Note 1, Reporting Entity; Note 2.D12, Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31, Discontinued Operation.
(2)The decrease corresponds mainly to Fondo Inmobiliario Colombia, which is associated with autonomous trusts that develop projects to sell real estate units.
(3) The variation corresponds mainly to Bancolombia due to higher vehicle sales during 2025.
(4) The increase corresponds mainly to income from machinery and equipment received in processes with customers.
As of December 31, 2025, Banistmo S.A. (subsidiary classified as an asset held for sale) had a inventory cost of COP 129,046 and impairment of COP 4,385. For more information, see Note 31. Discontinued operations.
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 one hundred twenty-nine thousand forty-six inventories pledged as collateral for liabilities as of December 31, 2025, and 2024.
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7.2. Assets held for sale
The assets recognized by the Cibest Corporate Group as assets held for sale correspond to machinery, equipment, motor vehicles, and technology, among others that have been received as assets received in lieu of payment.
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:
As of December 31, 2025
| Assets held for sale | Banking<br><br>Colombia | Banking<br><br>El Salvador | Banking<br><br>Guatemala | Total (1) |
|---|---|---|---|---|
| In millions of COP | ||||
| Machinery and equipment | 5,622 | - | - | 5,622 |
| Cost | 5,658 | - | - | 5,658 |
| Impairment | (36) | - | - | (36) |
| Real estate for residential purposes | 1,909 | 1,168 | 1,507 | 4,584 |
| Cost | 1,909 | 1,168 | 1,507 | 4,584 |
| Impairment | - | - | - | - |
| Real estate different from residential properties | 136 | - | - | 136 |
| Cost | 136 | - | - | 136 |
| Impairment | - | - | - | - |
| Total assets held for sale - cost | 7,703 | 1,168 | 1,507 | 10,378 |
| Total assets held for sale - impairment | (36) | - | - | (36) |
| Total assets held for sale | 7,667 | 1,168 | 1,507 | 10,342 |
(1) The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For further information, see Note 1, Reporting Entity; Note 2.D12, Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31, Discontinued Operation.
For 2025 there are four thousand three hundred eighty-five assets related to investments held for sale.
As of December 31, 2024
| Assets held for sale | Banking<br><br>Colombia | Banking<br><br>Panama | Banking<br><br>El Salvador | Banking<br><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. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
The following table presents information regarding Cibest Corporate Group investments in associates and joint ventures:
| Composition | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Investments in associates(1) | 3,013,466 | 2,768,611 |
| Investments in joint ventures(2) | 298,040 | 160,373 |
| Total investments in associates and joint ventures | 3,311,506 | 2,928,984 |
(1)As of December 31, 2025, and 2024, the amount includes investments in associates at fair value for COP 2,041,402 and COP 1,830,884, respectively, see Note 30. Fair value of assets and liabilities. Additionally, the amount includes investments in associates at equity method value for COP 972,064 and COP 937,727, respectively.
(2)All investments in joint ventures are accounted for using the equity method.
The following are the investments in associates that Cibest Corporate Group holds as of December 31, 2025, and 2024:
| Company name | Main activity | Country | December 31, 2025 | December 31, 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| % of Ownership<br><br>interest | Carrying<br><br>amount | % of Ownership<br><br>interest | Carrying<br><br>amount | |||||||
| In millions of COP | ||||||||||
| P.A Viva Malls(1) | Development and operation of commercial spaces | Colombia | 49.00 % | 1,990,554 | 49.00 % | 1,817,503 | ||||
| Protección S.A.(1) | Administration of pension and severance funds | Colombia | 20.58 % | 661,833 | 20.58 % | 625,370 | ||||
| P.A El Bosque | Real estate ecosystems | Colombia | 14.11 % | 82,547 | * | 14.11 % | 85,863 | * | ||
| Titularizadora Colombiana S.A. Hitos. | Mortgage portfolio securities | Colombia | 26.98 % | 44,726 | * | 26.98 % | 42,050 | * | ||
| Redeban Multicolor S.A. | Network data transmission services | Colombia | 20.36 % | 43,701 | * | 20.36 % | 42,190 | * | ||
| P.A El Otoño | Real estate ecosystems | Colombia | 16.30 % | 38,867 | * | 16.30 % | 36,676 | * | ||
| P.A Lote Palermo(2) | Real estate ecosystems | Colombia | 37.50 % | 37,294 | - % | - | ||||
| ACH Colombia S.A. | Electronic transfer services | Colombia | 19.94 % | 28,613 | * | 19.94 % | 23,706 | * | ||
| Patria Asset Management S.A. | Investment management services | Colombia | 49.31 % | 24,742 | * | 49.31 % | 20,428 | |||
| P.A Distrito Vera | Real estate ecosystems | Colombia | 33.33 % | 13,408 | 33.33 % | 13,325 | ||||
| Servicios Financieros, S.A. de C.V. | Processing of financial transactions and electronic payment methods | El Salvador | 49.78 % | 12,567 | * | 49.78 % | 12,695 | * | ||
| Servicio Salvadoreño de Protección, S. A. de C.V. | Custodial services and transfer of monetary types | El Salvador | 25.00 % | 12,145 | * | 25.00 % | 13,382 | * | ||
| P.A La Felicidad | Real estate ecosystems | Colombia | 20.00 % | 7,689 | * | 20.00 % | 4,067 | * | ||
| P.A Boreal | Real estate ecosystems | Colombia | 20.00 % | 5,622 | * | 20.00 % | 8,658 | * | ||
| P.A Madrid II | Real estate ecosystems | Colombia | 20.00 % | 4,129 | * | 20.00 % | 3,103 | * | ||
| Reintegra S.A.S. | Collections and recovery of portfolio | Colombia | 46.00 % | 2,696 | * | 46.00 % | 3,520 | |||
| Agricapital S.A.S. | Financial services | Colombia | 10.79 % | 1,064 | * | 10.79 % | 991 | * | ||
| ACH de El Salvador, S. A. de C.V. | Electronic transfer services | El Salvador | 25.00 % | 842 | * | 25.00 % | 1,544 | * | ||
| P.A Mirador de la Ciénaga. | Real estate ecosystems | Colombia | 13.00 % | 281 | * | 13.00 % | 4,326 | * | ||
| Fideicomiso Locales Distrito Vera | Real estate ecosystems | Colombia | 33.33 % | 146 | 33.33 % | 56 | ||||
| Internacional Ejecutiva de Aviación S.A.S.(3) | Aircraft and aircraft travel service | Colombia | - % | - | 37.50 % | 9,158 | ||||
| Servicios de Identidad Digital S.A.S.(4) | Digital services | Colombia | - % | - | 33.33 % | - | ||||
| Total investments in associates | 3,013,466 | 2,768,611 |
(1)For further information, see table the changes in the carrying amount of associates of Cibest Corporate Group as of December 31, 2025 and 2024.
(2)Investment reclassified from equity instrument to associate by FCP Fondo Colombia Inmobiliario S.A. in November 2025.
(3)It is reclassified as a joint venture due to the increase in the percentage of ownership with the purchase of 562,500 shares from Grupo Argos S.A. for COP 453 in September 2025.
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(4)On July 2, 2025, the liquidation certificate was filed with the Chamber of Commerce and the company's registration was canceled. As of December 31, 2024, the carrying amount of this investment was COP 0, due to the recognition of the entity's losses during the year through the application of the equity method.
(For the purposes of applying the equity method of accounting, financial statements as of November 30, 2025, and 2024 have been used. However, Cibest Corporate Group does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2025, and 2024.
The following table sets forth the changes in the carrying amount of associates of Cibest Corporate Group as of December 31, 2025, and 2024:
| December 31, 2025 | December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| In millions of COP | ||||||||
| P.A Viva Malls | Protección S.A. | Others | Total | P.A Viva Malls | Protección S.A. | Others | Total | |
| Balance as of January 1, | 1,817,503 | 625,370 | 325,738 | 2,768,611 | 1,661,679 | 594,105 | 270,289 | 2,526,073 |
| Equity method(1) | 173,051 | 77,538 | 65,648 | 316,237 | 155,824 | 94,180 | 61,189 | 311,193 |
| OCI (Equity method) | - | 88 | (140) | (52) | - | (8,464) | 1,642 | (6,822) |
| OCI (Translation adjustment) | - | - | (4,244) | (4,244) | - | - | 3,395 | 3,395 |
| Purchase / capitalizations | - | - | 4,934 | 4,934 | - | - | 38,285 | 38,285 |
| Sales or refund of contributions | - | - | (23,044) | (23,044) | - | - | (21,041) | (21,041) |
| Impairment loss(2) | - | - | - | - | - | - | (26) | (26) |
| Dividends | - | (41,163) | (37,067) | (78,230) | - | (55,558) | (27,432) | (82,990) |
| Transfers(3) | - | - | 28,137 | 28,137 | - | - | - | - |
| Others | - | - | 1,117 | 1,117 | - | 1,107 | (563) | 544 |
| Balance as of December 31, | 1,990,554 | 661,833 | 361,079 | 3,013,466 | 1,817,503 | 625,370 | 325,738 | 2,768,611 |
(1)For further information see Note 25.5. Dividends and net income on equity investments.
(2)For 2024, Cibest Corporate Group management performed a valuation, to establish the recoverable amounts based in value in use of Reintegra S.A.S., which amounted to COP 3,737, with a discount rate of 20.39%. As a result of the valuation, the recoverable amounts of the investment were lower than the carrying amount of each year, for this, Cibest Corporate Group recorded an impairment in the Consolidated Statement of Income for COP 26. For further information see Note 25.5. Dividends and net income on equity investments.
(3)Net effect between the transfer of P.A. Lote Palermo from other equity instruments and the reclassification of Internacional Ejecutiva de Aviación S.A.S. to joint ventures.
The following is additional information regarding Cibest Corporate Group’s most significant associates as of December 31, 2025, and 2024:
As of December 31, 2025
| Company name | Assets<br><br>(unaudited) | Liabilities<br><br>(unaudited) | OCI<br><br>(unaudited) | Income from<br><br>ordinary activities<br><br>(unaudited) | Profits<br><br>(unaudited) |
|---|---|---|---|---|---|
| In millions of COP | |||||
| P.A Viva Malls | 4,112,818 | 50,463 | - | 885,803 | 469,813 |
| Protección S.A. | 3,422,617 | 804,200 | 39,060 | 1,959,129 | 376,826 |
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As of December 31, 2024
| Company name | Assets<br><br>(unaudited) | Liabilities<br><br>(unaudited) | OCI<br><br>(unaudited) | Income from<br><br>ordinary activities<br><br>(unaudited) | Profits<br><br>(unaudited) |
|---|---|---|---|---|---|
| In millions of COP | |||||
| P.A Viva Malls | 3,823,893 | 114,703 | - | 761,198 | 487,123 |
| Protección S.A. | 3,194,045 | 752,834 | 38,953 | 1,884,277 | 446,532 |
The dividends received from the associate at fair value P.A Viva Malls for the year ended December 31, 2025, and 2024 are COP 135,246 and COP 121,977, respectively. These are included in the line Dividends and net income on equity investments in the Consolidated Statement of Income. Dividends are received in Protección S.A. for the year ended December 31, 2025 and 2024 are COP 41,163, and COP 55,558, respectively, effect of the recognition of the equity method, recognized as a reduction in the value of the investment.
The following are the joint ventures that Cibest Corporate Group holds as of December 31, 2025, and 2024:
| Company name | Main activity | Country | December 31, 2025 | December 31, 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| % of Ownership<br><br>interest | Carrying<br><br>amount | % of Ownership<br><br>interest | Carrying<br><br>amount | |||||||
| In millions of COP | ||||||||||
| Compañía de Financiamiento TUYA S.A.(1) | Financing Services | Colombia | 50.00 % | 235,908 | 50.00 % | 95,106 | ||||
| Puntos Colombia S.A.S. | Administration of the customers loyalty | Colombia | 50.00 % | 28,862 | 50.00 % | 17,691 | ||||
| Internacional Ejecutiva de Aviación S.A.S.(2) | Aircraft and aircraft travel service | Colombia | 50.00 % | 12,962 | - % | - | ||||
| Fondo de Capital Privado Ruta del Sol compartimento A | Investment in infrastructure projects | Colombia | 26.30 % | 10,606 | 26.30 % | 10,597 | * | |||
| Ecosistemas Digitales de Negocio S.A.S. | Digital electronic billing services | Colombia | 50.00 % | 4,502 | 50.00 % | 3,182 | ||||
| P.A Blup | Inventory finance and comprehensive logistics operation | Colombia | 50.00 % | 4,327 | 50.00 % | 3,888 | ||||
| P.A Coba | Technological platform development | Colombia | 51.78 % | 602 | 51.78 % | 1,720 | ||||
| P.A Acelera TI | IT talent development | Colombia | 50.00 % | 195 | 50.00 % | 279 | ||||
| P.A Avicapital | Purchase and sale of loans and receivables | Colombia | 50.00 % | 76 | 50.00 % | 75 | * | |||
| P.A Laurel(3) | Renewable energies | Colombia | - % | - | 50.00 % | 27,835 | ||||
| P.A Reintegra(4) | Collections and recovery of portfolio | Colombia | 46.00 % | - | 46.00 % | - | * | |||
| P.A Muverang(5) | Sustainable mobility services | Colombia | 33.33 % | - | 33.33 % | - | * | |||
| Total investments in joint venture | 298,040 | 160,373 |
(1)For further information, see table the changes in the carrying amount of joint ventures of Cibest Corporate Group as of December 31, 2025, and 2024.
(2)It is reclassified from associate to joint venture due to the increase in the percentage of ownership with the purchase of 562,500 shares from Grupo Argos S.A. for COP 453 in September 2025.
(3)Investment sold by Inversiones CFNS S.A.S in September 2025. For further information see Note 25.5. Dividends and net income on equity investments.
(4)In 2025 and 2024, the carrying amount at the end of the year is COP 0, because the amount of downstream transactions between Bancolombia S.A. and P.A Reintegra made during these years.
(5)In 2025 and 2024, the value of the investment in the company is COP 0, due to the recognition of the equity method and impairment of the company.
(For the purposes of applying the equity method of accounting, financial statements as of November 30, 2025, and 2024 have been used. However, Cibest Corporate Group does not consider that any adjustments have to be made since no significant transactions took place between these dates and December 31, 2025, and 2024.
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The following table sets forth the changes in the carrying amount of joint ventures of Cibest Corporate Group as of December 31, 2025, and 2024:
| December 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Compañía de<br><br>financiamiento<br><br>Tuya S.A. | Others | Total | Compañía de<br><br>financiamiento<br><br>Tuya S.A. | Others | Total | |
| Balance as of January 1, | 95,106 | 65,267 | 160,373 | 410,324 | 61,206 | 471,530 |
| Equity method(1) | 22,935 | 9,790 | 32,725 | (79,681) | (8,940) | (88,621) |
| OCI (Equity method) | - | (18) | (18) | - | - | - |
| Purchase / capitalizations | - | 9,764 | 9,764 | 76,751 | 15,437 | 92,188 |
| Sales or refund of contributions | - | (27,114) | (27,114) | - | (403) | (403) |
| Recovery / (Impairment loss)(2) | 117,867 | - | 117,867 | (312,288) | (2,033) | (314,321) |
| Transfers(3) | 9,158 | 9,158 | ||||
| Dividends | - | (4,715) | (4,715) | - | - | - |
| Balance as of December 31, | 235,908 | 62,132 | 298,040 | 95,106 | 65,267 | 160,373 |
(1)For further information, see Note 25.5. Dividends and net income on equity investments.
(2)During 2025 and 2024, Cibest Corporate Group’s management requested a valuation of the joint venture Tuya S.A. to determine the recoverable amount, which amounted to COP 235,907 and COP 85,993 respectively, based on value in use; the valuation used discount rates of 13.70% - 14.20% and 12.90% - 16.10% respectively. As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount for 2025 and lower for 2024; therefore, Cibest Corporate Group recognized a recovery of COP 117,867 and an impairment of COP 312,288, respectively, in the Consolidated Statement of Income. Additionally, in 2024, Cibest Corporate Group's management determined that, due to its divestment decision in P.A. Muverang, the recoverable amount is COP 0. ince the recoverable amount was lower than the carrying amount, an impairment of COP 2,033. was recognized in the Consolidated Statement of Income for the period. For further information, see Note 25.5. Dividends and net income on equity investments.
(3)Reclassification of Internacional Ejecutiva de Aviación S.A.S. from associates to joint ventures.
The following is additional information regarding the Cibest Corporate Group’s most significant joint ventures as of December 31, 2025 and 2024:
As of December 31, 2025
| Company name | Assets<br><br>(unaudited)(1) | Liabilities<br><br>(unaudited) | Income from<br><br>ordinary activities<br><br>(unaudited) | Profit<br><br>(unaudited)(2) |
|---|---|---|---|---|
| In millions of COP | ||||
| Compañía de financiamiento Tuya S.A. | 2,346,559 | 1,792,658 | 1,186,933 | 45,872 |
(1)Includes cash and cash equivalents for COP 175,888.
(2)Includes interest and valuation income for COP 444,415, credit impairment charges, net for COP 129,630, interest expenses for COP 174,042, depreciation and amortization for COP 28,302 and income tax revenue for COP 46,491.
As of December 31, 2024
| Company name | Assets<br><br>(unaudited)(1) | Liabilities<br><br>(unaudited) | Income from<br><br>ordinary activities<br><br>(unaudited) | Loss<br><br>(unaudited)(2) |
|---|---|---|---|---|
| In millions of COP | ||||
| Compañía de financiamiento Tuya S.A. | 2,830,280 | 2,322,251 | 1,505,074 | 155,514 |
(1)Includes cash and cash equivalents for COP 317,389.
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(2)Includes interest and valuation income for COP 704,535, credit impairment charges, net for COP 510,496, interest expenses for COP 305,343, depreciation and amortization for COP 29,329 and income tax revenue for COP 53,566.
The accumulated other comprehensive income before tax of investments in associates and joint ventures as of December 31, 2025 and 2024, corresponds to COP (10,432) and COP (6,118), respectively.
As of December 31, 2025 and 2024, there are no restrictions on the ability of the associates and joint ventures to transfer funds to Cibest Corporate Group in the form of cash dividends. In the same way, there are no contingent liabilities incurred by Cibest Corporate Group regarding its interests in the aforementioned joint ventures and associates.
In the companies P.A El Bosque, P.A El Otoño, ACH Colombia S.A., P.A Mirador de la Ciénaga and Agricapital S.A.S. the participation of Cibest Corporate Group is less than 20%, however, it has participation in the Board of Directors and for this reason it is considered that it has significant influence over the decisions that may be taken in the company.
NOTE 9. INVESTMENT PROPERTIES
The table below sets forth the conciliation between the initial and ending balances of the market value of investment properties of Consolidated Statement of Financial Position at the end of the period:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Balance at the beginning of the year | 5,580,109 | 4,709,911 |
| Acquisitions | 871,551 | 682,334 |
| Subsequent expenditure recognized as an asset | 181,782 | 222,167 |
| Sales/Write-offs | (112,375) | (156,697) |
| Amount reclassified (to) from other assets(1) | (35,441) | (77,862) |
| Gains on valuation(2) | 109,781 | 200,256 |
| Balance at the end of the period(3) | 6,595,407 | 5,580,109 |
(1)The reclassification in 2025 and 2024 corresponds to properties of the Fondo Inmobiliario Colombia that were reclassified to the inventory category for COP 33,264 and COP 77,862, respectively. Additionally, in 2025, Bancolombia reclassified COP 2,177 to premises and equipment, considering the change in use of the asset.
(2)See Note 25.4. Other operating income.
(3)Between December 31, 2025, and 2024, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30. Fair value of assets and liabilities.
The valuation adjustments recorded by the Cibest Corporate Group related to its investment properties are detailed below:
As of December 31, 2025
| Type of asset | Balance at the<br><br>beginning of the<br><br>year | Appraisals | Net increase | Amount reclassified to other asset(1) | Adjusted fair<br><br>value at the end<br><br>of the year |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Buildings | 5,080,276 | 106,838 | 880,549 | (35,441) | 6,032,222 |
| Lands | 499,833 | 2,943 | 60,409 | - | 563,185 |
| Total | 5,580,109 | 109,781 | 940,958 | (35,441) | 6,595,407 |
(1) Corresponds due to the fact that in 2025 and 2024, certain properties belonging to the Colombia Real Estate Fund were reclassified as inventory.
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As of December 31, 2024
| Type of asset | Balance at the<br><br>beginning of the<br><br>year | Appraisals | Net increase(1) | Amount reclassified to other asset(2) | Amount reclassified from construction to finished(3) | Adjusted fair<br><br>value at the end<br><br>of the year |
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Buildings | 4,369,629 | 191,051 | 578,639 | (77,862) | 18,819 | 5,080,276 |
| Lands | 340,282 | 9,205 | 169,165 | - | (18,819) | 499,833 |
| Total | 4,709,911 | 200,256 | 747,804 | (77,862) | - | 5,580,109 |
(1) The net increase in buildings corresponds mainly the purchase of PA Cedis Sodimac for COP 461,815, and Constellation property for COP 161,427.
(2) In 2024 corresponds to property of Fondo Inmobiliario Colombia that were reclassified to the inventories category because they are assets intended to be sold in the ordinary course of business.
(3) In 2024 the movement corresponds to the reclassification of properties that were under construction and have already been completed.
Amounts recognized in the Consolidated Statement of Income for the period.
The table sets forth the main income recorded by the Cibest Corporate Group related to its investment properties:
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |
|---|---|---|---|
| In millions of COP | |||
| Income from rentals | 360,610 | 325,286 | 228,325 |
| Operating expenses due to: | 61,658 | 60,334 | 39,191 |
| Investment properties that generated income through rentals | 26,225 | 37,394 | 28,813 |
| Investment properties that did not generate income through rentals | 35,433 | 22,940 | 10,378 |
Currently, there are no restrictions on the use or income derived from the buildings or lands that Cibest Corporate Group has as investment property.
The fair value of the Cibest Corporate Group investment properties for the year ending at December 31, 2025 and 2024, has been recorded according to the assessment made by independent external consulting companies that have the appropriate capacity and experience in performing those assessments. The appraisers are either approved by the Property Market Auctions of Colombia or foreign appraisers, who are required to provide a second signature by a Colombia appraiser accredited by the Property Market Auctions.
Fair value appraisals are carried out in accordance with IFRS 13. The reports made by the external consulting company contain the description of the valuation methodologies used, and key assumptions, such as, discount rates, calculation of applied expenses and income approach, among others. The fair value of the investment properties is based on the comparative market approach, which reflects the prices of recent transactions with similar characteristics. Upon determining the fair value of these investment properties, the greater and best use of these investment properties is their present use. For further information about measurement techniques and inputs used by consulting companies, see Note 30 Fair value of assets and liabilities.
As of December 31, 2025 and 2024, the Cibest Corporate Group does not have investment properties held under financial leases.
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NOTE 10. PREMISES AND EQUIPMENT, NET
As of December 31, 2025 and 2024, the premises and equipment, net consisted of the following:
| Composition | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Premises and equipment for own use, net | 2,410,891 | 2,650,602 |
| Premises and equipment in operating leases, net | 2,995,983 | 3,255,462 |
| Total premises and equipment, net | 5,406,874 | 5,906,064 |
(1) The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025, which recorded property and equipment, net, amounting to COP 90,536, which were reclassified to Assets related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation.
As of December 31, 2025
Premises and equipment for own use
| Premises and equipment for own use | Balance as of<br>January 1,<br>2025 | Roll - forward | Balance as of<br><br>December 31,<br><br>2025(1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reclassification to assets held for sale(1) | Additions(2) | Expenses<br><br>depreciation and<br><br>impairment(3) | Disposals | Transfers(4) | Effect of<br><br>changes in<br><br>foreign<br><br>exchange<br><br>rate | |||||||||
| In millions of COP | ||||||||||||||
| Land | ||||||||||||||
| Cost | 538,633 | (8,646) | - | - | (4,007) | (3,406) | (28,942) | 493,632 | ||||||
| Construction in progress | ||||||||||||||
| Cost | 46,689 | - | 21,124 | - | - | (54,157) | (2,781) | 10,875 | ||||||
| Buildings | ||||||||||||||
| Cost | 1,876,034 | (212,870) | 1,624 | - | (10,874) | 44,340 | (77,951) | 1,620,303 | ||||||
| Accumulated depreciation | (574,669) | 166,192 | - | (28,289) | 6,543 | 6,261 | 32,171 | (391,791) | ||||||
| Furniture and fixtures | ||||||||||||||
| Cost | 780,165 | (87,437) | 59,475 | - | (16,527) | (1,405) | (26,733) | 707,538 | ||||||
| Accumulated depreciation | (464,712) | 72,041 | - | (45,846) | 13,918 | (157) | 15,065 | (409,691) | ||||||
| Accumulated impairment | - | - | - | (44) | 44 | - | - | - | ||||||
| Computer equipment | ||||||||||||||
| Cost | 1,072,944 | (127,379) | 109,669 | - | (58,991) | (1,189) | (34,209) | 960,845 | ||||||
| Accumulated depreciation | (646,428) | 80,050 | - | (108,511) | 47,440 | 158 | 24,113 | (603,178) | ||||||
| Accumulated impairment | - | - | - | (499) | 499 | - | - | - | ||||||
| Vehicles | ||||||||||||||
| Cost | 36,434 | (4,622) | 6,298 | - | (2,713) | 1,507 | (1,932) | 34,972 | ||||||
| Accumulated depreciation | (19,810) | 2,668 | - | (5,634) | 2,000 | - | 1,148 | (19,628) | ||||||
| Leasehold improvements | ||||||||||||||
| Cost | 5,907 | - | 33,103 | - | (177) | (31,048) | (251) | 7,534 | ||||||
| Accumulated depreciation | (585) | - | - | (28) | 1 | - | 92 | (520) | ||||||
| Total premises and equipment for own use - cost | 4,356,806 | (440,954) | 231,293 | - | (93,289) | (45,358) | (172,799) | 3,835,699 | ||||||
| Total premises and equipment - accumulated depreciation | (1,706,204) | 320,951 | - | (188,308) | 69,902 | 6,262 | 72,589 | (1,424,808) | ||||||
| Total premises and equipment - accumulated impairment | - | - | - | (543) | 543 | - | - | - | ||||||
| Total premises and equipment for own use, net | 2,650,602 | (120,003) | 231,293 | (188,851) | (22,844) | (39,096) | (100,210) | 2,410,891 |
(1) The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025, which reports Premises and equipment for own use, net, of COP 90,536. The associated reclassification amounted to COP 120,003; the difference of COP 29,467 corresponds to the movements recognized between the classification date and the end of the period—mainly expenses depreciation and impairment, additions, disposals, transfers, and the effect of changes in foreign exchange rate—which affect Land; Construction in
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progress; Buildings; Furniture and fixtures; Computer equipment; Vehicles; and Leasehold improvements. For more information, see Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation.
(2) Corresponds mainly to Bancolombia S.A., due to the acquisition of computer equipment — including laptops, ATMs, central processing units (CPU), and digital recorders — as well as furniture and fixtures such as handling units, power plants, modular systems, and executive chairs. It also includes investments made in leasehold improvements across several branches and offices nationwide. Finally, it incorporates construction in progress projects related to educational infrastructure, operational branches, and corporate developments in different locations.
(3) The impairment mainly relates to Bancolombia S.A., and corresponds to the procedure applied to assets affected by obsolescence, accidents, and other events, resulting in their write‑off. See Note 26.3. Depreciation, amortization and impairment.
(4) Corresponds mainly to Bancolombia S.A. and includes movements in leasehold improvements transferred to right‑of‑use assets and to buildings, arising from adaptations at various branches. It also includes construction in progress transferred to buildings, the settlement of advances, transfers to idle assets, and reclassifications from investment properties. Movements in land correspond to transfers to idle assets and reclassifications from investment properties.
Premises and equipment in operating leases
| Premises and equipment in operating leases | Balance as of<br>January 1,<br>2025 | Roll - forward | Balance as of<br>December 31,<br>2025 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Additions(2) | Expenses<br><br>depreciation and<br><br>impairment(1) | Disposals(3) | Transfers | |||||||
| In millions of COP | ||||||||||
| Furniture and fixtures | ||||||||||
| Cost | 2,091 | - | - | - | - | 2,091 | ||||
| Accumulated depreciation | (868) | - | (254) | - | - | (1,122) | ||||
| Computer equipment | ||||||||||
| Cost | 265,230 | 77,896 | - | (11,966) | (37,468) | 293,692 | ||||
| Accumulated depreciation | (124,865) | - | (68,811) | 9,786 | 33,038 | (150,852) | ||||
| Vehicles | ||||||||||
| Cost | 4,066,966 | 907,677 | - | (247,948) | (919,118) | 3,807,577 | ||||
| Accumulated depreciation | (953,092) | - | (355,480) | 66,120 | 287,049 | (955,403) | ||||
| Total premises and equipment in operating leases - cost | 4,334,287 | 985,573 | - | (259,914) | (956,586) | 4,103,360 | ||||
| Total premises and equipment - accumulated depreciation | (1,078,825) | - | (424,545) | 75,906 | 320,087 | (1,107,377) | ||||
| Total premises and equipment in operating leases, net | 3,255,462 | 985,573 | (424,545) | (184,008) | (636,499) | 2,995,983 |
(1)See Note 26.3. Depreciation, amortization and impairment.
(2)Additions correspond mainly to Bancolombia S.A., explained by the purchase of vehicles to be placed into operating lease contracts, through Renting Colombia S.A.S.
(3)Corresponds mainly to Bancolombia S.A. and includes movements in vehicles arising from the transfer of assets whose operating lease contracts ended and were reclassified as inventory, as well as transfers to loan portfolio associated with financial lease repositioning.
Premises and equipment total
| Premises and equipment total | Balance as of<br>January 1,<br>2025 | Roll - forward | Balance as of<br><br>December 31,<br><br>2025(1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reclassification to assets held for sale(1) | Additions | Expenses<br><br>depreciation and<br><br>impairment(2) | Disposals | Transfers(3) | Effect of<br><br>changes in<br><br>foreign<br><br>exchange<br><br>rate | |||||||||
| In millions of COP | ||||||||||||||
| Total premises and equipment - cost | 8,691,093 | (440,954) | 1,216,866 | - | (353,203) | (1,001,944) | (172,799) | 7,939,059 | ||||||
| Total premises and equipment - accumulated depreciation | (2,785,029) | 320,951 | - | (612,853) | 145,808 | 326,349 | 72,589 | (2,532,185) | ||||||
| Total premises and equipment - accumulated impairment | - | - | - | (543) | 543 | - | - | - | ||||||
| Total premises and equipment, net | 5,906,064 | (120,003) | 1,216,866 | (613,396) | (206,852) | (675,595) | (100,210) | 5,406,874 |
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(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation.
(2)See Note 26.3. Depreciation, amortization and impairment.
(3)Total transfers of premises and equipment, net, to assets held for sale, net amount to COP (633,021).
As of December 31, 2024
Premises and equipment for own use
| Premises and equipment for own use | Balance as of<br>January 1,<br>2024 | Roll - forward | Balance as of<br>December 31,<br>2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Additions(1) | Expenses<br><br>depreciation and<br><br>impairment(2) | Disposals(3) | Transfers(4) | Effect of<br><br>changes in<br><br>foreign<br><br>exchange<br><br>rate | ||||||||
| In millions of COP | ||||||||||||
| Land | ||||||||||||
| Cost | 517,405 | - | - | (8,729) | 1,437 | 28,520 | 538,633 | |||||
| Construction in progress | ||||||||||||
| Cost | 83,633 | 27,273 | - | (19,945) | (51,842) | 7,570 | 46,689 | |||||
| Buildings | ||||||||||||
| Cost | 1,740,005 | 14,187 | - | (17,843) | 42,645 | 97,040 | 1,876,034 | |||||
| Accumulated depreciation | (493,196) | - | (36,311) | 5,581 | 865 | (51,608) | (574,669) | |||||
| Furniture and fixtures | ||||||||||||
| Cost | 678,138 | 88,033 | - | (20,444) | 98 | 34,340 | 780,165 | |||||
| Accumulated depreciation | (415,517) | - | (42,332) | 15,163 | (6) | (22,020) | (464,712) | |||||
| Accumulated impairment | - | - | (441) | 441 | - | - | - | |||||
| Computer equipment | ||||||||||||
| Cost | 974,433 | 163,304 | - | (111,079) | (1,857) | 48,143 | 1,072,944 | |||||
| Accumulated depreciation | (592,436) | - | (116,102) | 93,511 | 6 | (31,407) | (646,428) | |||||
| Accumulated impairment | - | - | (401) | 401 | - | - | - | |||||
| Vehicles | ||||||||||||
| Cost | 33,980 | 4,809 | - | (5,174) | 445 | 2,374 | 36,434 | |||||
| Accumulated depreciation | (17,306) | - | (6,007) | 4,762 | 17 | (1,276) | (19,810) | |||||
| Leasehold improvements | ||||||||||||
| Cost | 16,637 | 33,848 | - | - | (44,781) | 203 | 5,907 | |||||
| Accumulated depreciation | (522) | - | (23) | - | - | (40) | (585) | |||||
| Total premises and equipment for own use - cost | 4,044,231 | 331,454 | - | (183,214) | (53,855) | 218,190 | 4,356,806 | |||||
| Total premises and equipment - accumulated depreciation | (1,518,977) | - | (200,775) | 119,017 | 882 | (106,351) | (1,706,204) | |||||
| Total premises and equipment - accumulated impairment | - | - | (842) | 842 | - | - | - | |||||
| Total premises and equipment for own use, net | 2,525,254 | 331,454 | (201,617) | (63,355) | (52,973) | 111,839 | 2,650,602 |
(1) Corresponds mainly to Bancolombia S.A due to:
Computer equipment, mainly: ATMs, laptops, central processing unit (CPU), and security cameras.
Furniture and fixtures, mainly: Condensing unit, modular system, handling unit and Chiller (complementary air conditioning equipment), power plant, and cashier stand.
Leasehold improvements, mainly: Cosmocentro building, Carrera Primera Branch and Calle 76 Branch.
(2) See Note 26.3. Depreciation, amortization and impairment.
The impairment, mainly in Bancolombia S.A, corresponds to the procedure defined in the assets for obsolescence, accidents and others, which results in the write-off of the asset.
(3) Corresponds mainly to Bancolombia S.A in computer equipment due to obsolescence of ATMs and laptops.
(4) Corresponds mainly to Bancolombia S.A. for transfer to right-of-use assets due to completion of improvements and activation of contracts, the most significant improvements being in branches and activation due to completion of improvements of other assets.
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Premises and equipment in operating leases
| Premises and equipment in operating leases | Balance as of<br>January 1,<br>2024 | Roll - forward | Balance as of<br>December 31,<br>2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Additions | Expenses<br><br>depreciation and<br><br>impairment(1) | Disposals | Transfers | |||||||
| In millions of COP | ||||||||||
| Furniture and fixtures | ||||||||||
| Cost | 2,091 | - | - | - | - | 2,091 | ||||
| Accumulated depreciation | (614) | - | (254) | - | - | (868) | ||||
| Computer equipment | ||||||||||
| Cost | 228,161 | 73,678 | - | (15,015) | (21,594) | 265,230 | ||||
| Accumulated depreciation | (95,638) | - | (63,251) | 12,730 | 21,294 | (124,865) | ||||
| Vehicles(2) | ||||||||||
| Cost | 4,787,645 | 673,997 | - | (148,572) | (1,246,104) | 4,066,966 | ||||
| Accumulated depreciation | (924,365) | - | (369,475) | 30,259 | 310,489 | (953,092) | ||||
| Total premises and equipment in operating leases - cost | 5,017,897 | 747,675 | - | (163,587) | (1,267,698) | 4,334,287 | ||||
| Total premises and equipment - accumulated depreciation | (1,020,617) | - | (432,980) | 42,989 | 331,783 | (1,078,825) | ||||
| Total premises and equipment in operating leases, net | 3,997,280 | 747,675 | (432,980) | (120,598) | (935,915) | 3,255,462 |
(1)See Note 26.3. Depreciation, amortization and impairment.
(2)The decrease is mainly in Bancolombia S.A., due to cancellations and transfers to inventories of vehicles leased..
Premises and equipment total
| Premises and equipment total | Balance as of<br>January 1,<br>2024 | Roll - forward | Balance as of<br>December 31,<br>2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Additions | Expenses<br><br>depreciation and<br><br>impairment(1) | Disposals | Transfers | Effect of<br><br>changes in<br><br>foreign<br><br>exchange<br><br>rate | ||||||||
| In millions of COP | ||||||||||||
| Total premises and equipment - cost | 9,062,128 | 1,079,129 | - | (346,801) | (1,321,553) | 218,190 | 8,691,093 | |||||
| Total premises and equipment - accumulated depreciation | (2,539,594) | - | (633,755) | 162,006 | 332,665 | (106,351) | (2,785,029) | |||||
| Total premises and equipment - accumulated impairment | - | - | (842) | 842 | - | - | - | |||||
| Total premises and equipment, net | 6,522,534 | 1,079,129 | (634,597) | (183,953) | (988,888) | 111,839 | 5,906,064 |
(1)See Note 26.3. Depreciation, amortization and impairment.
As of December 31, 2025 and 2024, there were contractual commitments for the purchase of premises and equipment of COP 2,702 and COP 2,664, respectively. As of December 31, 2025, these commitments relate mainly to the purchase of assets for the Niquía Datacenter (data processing center).
As of December 31, 2025 and 2024, Cibest Corporate Group had no premises and equipment pledged as collateral or subject to ownership restrictions. In addition, based on the assessment performed by Cibest Corporate Group, there is no evidence of impairment of its premises and equipment.
As of December 31, 2025 and 2024, the amount of fully depreciated premises and equipment that is still in use is COP 632,615 and COP 735,090, respectively, mainly comprised of computer equipment, furniture and fixtures, buildings, vehicles, and machinery. The temporarily idle premises and equipment amounted to COP 131,105 in 2025 and COP 97,055 in 2024.
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NOTE 11. LEASES
11.1. Lessor
Finance leases
Cibest Corporate Group has entered into lease agreements as the lessor. These lease arrangements involve buildings, machinery and equipment, vehicles, and other assets; and their terms range between one and twenty years, as follows:
As of December 31, 2025
| Period(1) | Gross investment in finance<br><br>lease receivable | Present value of minimum<br><br>payments |
|---|---|---|
| In millions of COP | ||
| Less than 1 year | 1,158,027 | 1,016,714 |
| Between 1 and 5 years | 10,841,602 | 8,536,355 |
| Greater than 5 years | 32,724,445 | 18,940,060 |
| Total gross investment in finance lease receivable/ present value of minimum payments | 44,724,074 | 28,493,129 |
| Less: Future financial income(2) | (16,230,945) | - |
| Present value of payments receivable(3) | 28,493,129 | 28,493,129 |
| Minimum non-collectable payments impairment(3) | (1,066,792) | (1,066,792) |
| Total | 27,426,337 | 27,426,337 |
(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025,which reported a total gross investment of COP 554,504, a total present value of minimum lease payments of COP 493,277, and an allowance for leasing portfolio of COP 23,545, which were reclassified to Assets related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
(2)Future financial income: Total Gross Investment - Total Present Value of minimum payments.
(3)See Note 6. Loans and advances to customers, net.
As of December 31, 2024
| Period | Gross investment in finance<br><br>lease receivable | Present value of minimum<br><br>payments |
|---|---|---|
| In millions of COP | ||
| Less than 1 year | 1,443,191 | 1,253,099 |
| Between 1 and 5 years | 10,610,800 | 8,446,425 |
| Greater than 5 years | 31,988,317 | 17,592,080 |
| Total gross investment in finance lease receivable/ present value of minimum payments | 44,042,308 | 27,291,604 |
| Less: Future financial income(1) | (16,750,704) | - |
| Present value of payments receivable(2) | 27,291,604 | 27,291,604 |
| Minimum non-collectable payments impairment(2) | (1,088,272) | (1,088,272) |
| Total | 26,203,332 | 26,203,332 |
(1)Future financial income: Total Gross Investment - Total Present Value of minimum payments.
(2)See Note 6. Loans and advances to customers, net.
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Unsecured residual value(*)
At the end of the reporting period, the unsecured residual values of the assets under financial leasing are:
| Type of asset | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Technological equipment | 60,426 | 58,357 |
| Buildings(1) | 48,352 | - |
| Machinery and equipment | 12,269 | 20,650 |
| Vehicles | 8,825 | 15,966 |
| Furniture and fixtures | 11 | 14 |
| Other assets | - | 1,862 |
| Total | 129,883 | 96,849 |
(1) The variation in buildings compared to the previous year corresponds to the activation of three new contracts in Bancolombia.
(The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor.
Amounts recognized as income for extensions
At the end of the reporting period, the following entries are recognized as income corresponding to contract extensions or automatic time extension of financial leasing contracts:
| Type of asset | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Technological equipment | 14,927 | 15,572 |
| Buildings | 6,244 | 9,254 |
| Machinery and equipment | 314 | 236 |
| Vehicles | 161 | 200 |
| Total | 21,646 | 25,262 |
(1) The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025, which recorded interest income from finance leases amounting to COP 34,630. For more information, see Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation.
As of December 31, 2025, 2024 and 2023, Cibest Corporate Group has recognized in its financial statements COP 3,199,293, COP 3,524,414, and COP 3,841,841, corresponding to financial leases income, respectively.
Gross Investment Growth: Increase in Finance Leases During the Period
The following information corresponds to the growth in gross investment in finance leases during the current period:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Gross investment in finance leases | 9,709,356 | 7,267,877 |
| Unearned income | (3,998,816) | (2,866,058) |
| Leases cancelled | (1,468,518) | (1,840,877) |
| Total | 4,242,022 | 2,560,942 |
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Operating leases
Some of Cibest Corporate Group’s subsidiaries lease assets to third parties under the lease modality. Assets provided through operating leases are recorded as premises and equipment. The terms established for these agreements range from one year to ten years.
The following table presents the information of minimum payments by lease to be received:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Less than 1 year | 232,527 | 246,875 |
| Between 1 and 5 years | 139,869 | 186,465 |
| Greater than 5 years | 71,054 | 56,999 |
| Total | 443,450 | 490,339 |
As of December 31, 2025, 2024 and 2023, Cibest Corporate Group have recognized in its financial statements COP 724,656, COP 795,179 and COP 833,244 corresponding to operating leases income, respectively. Additionally, Cibest Corporate Group recognized other services related to the lease for COP 629,473, COP 671,251 and COP 660,442 respectively.
Risk management associated with leases
Cibest Corporate Group, in those companies offering leasing services, acting as lessor, has a comprehensive asset management model for those assets classified as premises and equipment. For the risk of non-payment of rent by the lessee, the model includes policies and guidelines in the origination of leasing contracts, where the lessee's payment capacity is assessed through financial analysis, historical payment behavior evaluation, and risk level.
The model includes an impairment test performed annually for this type of asset, in which both external (economic and legal) and internal (insurance, maintenance, sales) indicators that affect the assets and their environment are assessed. Likewise, the residual value calculations were updated to reflect the effect of new macroeconomic conditions. The lessor performs a detailed review process at the time the asset is returned by the lessees to ensure its operating condition and determine any necessary adjustments.
The process also involves independent experts, separate from the commercial area, who continuously monitor used‑asset market conditions, conduct backtesting to validate the consistency of the variables used in estimating residual value (commercial value less commercialization costs), and periodically review the model results with key executives. These efforts are complemented by agreements with suppliers that facilitate information exchange, technical insights, and, in some cases, the development of mechanisms to mitigate residual risk.
To manage the risks associated with these assets, support is provided by a specialized insurance area, an international broker, and various insurance companies. These parties assist in designing and defining the strategies and coverages that safeguard the lessor, the assets, and the customers.
Additionally, in Renting Colombia S.A.S. vehicle rental business, assets are managed with the goal of preserving their commercial value through the execution of the necessary maintenance to prevent deterioration beyond that caused by normal use. To achieve this, service indicators are periodically reviewed with suppliers to ensure quality and compliance with expected standards.
As an integral part of the safe mobility strategy and the Strategic Road Safety Plan, telemetry technologies and automated data collection systems are incorporated to enable real-time monitoring of the assets. This information is systematically analyzed to identify risk patterns, prevent physical damage, and reduce the likelihood of losses due to external fraud affecting the assets.
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The analysis derived from these data facilitates timely decision-making, the implementation of customized action plans, and the strengthening of preventive controls, in compliance with current regulations and with the objective of preserving the asset’s useful life, user safety, and business sustainability.
11.2. Lessee
Cibest Corporate Group have entered into lease agreements as a lessee. These arrangements involve offices, branches and administrative offices, vehicles, as well as certain computer equipment and furniture and fixtures. As of December 31, 2025, and 2024, the Roll-forward of right-of-use assets was as follows:
As of December 31, 2025
| Right-of-use assets | Balance as of<br><br>January 1, 2025 | Roll-forward | Balance as of<br><br>December 31, 2025(1) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reclassification to assets held for sale(1) | Acquisitions(2) | Additions(3) | Expenses<br><br>depreciation(4) | Disposals(5) | Revaluation(6) | Effect of changes<br><br>in foreign<br><br>exchange rate | ||||||||||
| In millions of COP | ||||||||||||||||
| Buildings | ||||||||||||||||
| Cost | 2,644,519 | (797,348) | 129,082 | 33,938 | - | (99,936) | 102,512 | (48,283) | 1,964,484 | |||||||
| Accumulated depreciation | (925,898) | 339,138 | - | - | (157,704) | 35,994 | 166 | 24,995 | (683,309) | |||||||
| Computer equipment | ||||||||||||||||
| Cost | 67,701 | (12,586) | 37,568 | - | - | (10,236) | (5,071) | (8,261) | 69,115 | |||||||
| Accumulated depreciation | (48,916) | 7,893 | - | - | (10,779) | 9,373 | - | 5,082 | (37,347) | |||||||
| Furniture and fixtures | ||||||||||||||||
| Cost | 7,986 | - | 8,075 | - | - | - | (7,692) | (971) | 7,398 | |||||||
| Accumulated depreciation | (3,071) | - | - | - | (1,098) | - | - | 396 | (3,773) | |||||||
| Vehicles | ||||||||||||||||
| Cost | 19,289 | - | 147,008 | - | - | (146,024) | 218 | (144) | 20,347 | |||||||
| Accumulated depreciation | (4,404) | - | - | - | (2,880) | 8 | - | 79 | (7,197) | |||||||
| Total right-of-use assets – cost | 2,739,495 | (809,934) | 321,733 | 33,938 | - | (256,196) | 89,967 | (57,659) | 2,061,344 | |||||||
| Total right-of-use assets - accumulated depreciation | (982,289) | 347,031 | - | - | (172,461) | 45,375 | 166 | 30,552 | (731,626) | |||||||
| Total right-of-use assets, net | 1,757,206 | (462,903) | 321,733 | 33,938 | (172,461) | (210,821) | 90,133 | (27,107) | 1,329,718 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. The net effect of the reclassification to assets held for sale for COP (462,903), corresponds to the decrease in the right-of-use assets for COP (192,114), additions made for COP 5,919, revaluations and disposals of contracts for COP (189,350), and expenses depreciation recognized in Consolidated Statement of Income for COP (34,830), and effect of changes in foreign exchange rate for COP (52,528). For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2)The main acquisitions were vehicles for fleet renewal, and, for buildings, by new branch leases were signed.
(3)The additions for buildings mainly correspond to adjustments in the branches.
(4)See Note 26.3 Depreciation, amortization and impairment.
(5)The main disposals due to contract termination were mainly in vehicles at Renting S.A. and for buildings represented in the branches.
(6)The variation corresponds mainly to changes in the estimated term of buildings lease liabilities, mainly in branches.
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As of December 31, 2024
| Right-of-use assets | Balance as of<br><br>January 1, 2024 | Roll-forward | Balance as of<br><br>December 31, 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquisitions | Additions | Expenses<br><br>depreciation(1) | Disposals | Revaluation(2) | Effect of changes<br><br>in foreign<br><br>exchange rate | |||||||||
| In millions of COP | ||||||||||||||
| Buildings | ||||||||||||||
| Cost | 2,302,922 | 105,666 | 61,879 | - | (62,106) | 91,414 | 144,744 | 2,644,519 | ||||||
| Accumulated depreciation | (706,786) | - | - | (191,472) | 34,561 | - | (62,201) | (925,898) | ||||||
| Computer equipment | ||||||||||||||
| Cost | 58,069 | 4,552 | 195 | - | (3,538) | 803 | 7,620 | 67,701 | ||||||
| Accumulated depreciation | (34,936) | - | - | (12,352) | 3,398 | - | (5,026) | (48,916) | ||||||
| Furniture and fixtures | ||||||||||||||
| Cost | 2,762 | 5,083 | - | - | (509) | 33 | 617 | 7,986 | ||||||
| Accumulated depreciation | (2,607) | - | - | (656) | 509 | - | (317) | (3,071) | ||||||
| Vehicles | ||||||||||||||
| Cost | 19,755 | 89,733 | - | - | (90,464) | 21 | 244 | 19,289 | ||||||
| Accumulated depreciation | (5,134) | - | - | (3,080) | 4,005 | - | (195) | (4,404) | ||||||
| Total right-of-use assets – cost | 2,383,508 | 205,034 | 62,074 | - | (156,617) | 92,271 | 153,225 | 2,739,495 | ||||||
| Total right-of-use assets - accumulated depreciation | (749,463) | - | - | (207,560) | 42,473 | - | (67,739) | (982,289) | ||||||
| Total right-of-use assets, net | 1,634,045 | 205,034 | 62,074 | (207,560) | (114,144) | 92,271 | 85,486 | 1,757,206 |
(1)Expenses depreciation differs from the COP (160,768) presented in the Consolidated Statement of Income due to the depreciation expense of Banistmo S.A. for COP (46,792), classified as a discontinued operation in 2025. For more information, see Note 31. Discontinued operation and Note 26.3 Depreciation, amortization and impairment.
(2)The variation corresponds mainly to changes in the estimated term of buildings lease liabilities.
The following table sets forth the changes in lease liabilities as of December 31, 2025, and 2024:
As of December 31, 2025
| Concept | Total |
|---|---|
| In millions of COP | |
| Balance as of January 1, 2025 | 1,889,364 |
| (-) Reclassification to assets held for sale(1) | (580,371) |
| (+) New contracts | 173,687 |
| (+/-) Reassessment of the lease liability and disposals(2) | 24,697 |
| (-) Payments | (271,929) |
| (+) Accrued Interest(3) | 116,556 |
| (+/-) Effect of changes in foreign exchange rate(4) | (26,965) |
| Balance as of December 31, 2025 | 1,325,039 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. The net effect of the asset held for sale for COP (580,371), corresponds to the decrease in lease liabilities for COP (275,492), new contracts for COP 2,088, reassessment and disposals of contracts for COP (194,773), payments for COP (48,181), accrued interest recognized in Consolidated Statement of Income for COP 4,572, and effect of changes in foreign exchange rate for COP (68,585). For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
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(2)The variation corresponds mainly to changes in the estimated term of buildings lease liabilities for COP 83,394 and disposals for COP (58,697).
(3)The COP 5,442 difference from the interest expense on lease liabilities recognized in the Consolidated Statement of Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts.
(4)Corresponds to the decrease in the market representative rate from COP 4,409.15 Colombian pesos in December 2024 to COP 3,757.08 Colombian pesos in December 2025.
As of December 31, 2024
| Concept | Total |
|---|---|
| In millions of COP | |
| Balance as of January 1, 2024 | 1,773,610 |
| (+) New contracts | 114,425 |
| (+/-) Reassessment of the lease liability and disposals(1) | 74,457 |
| (-) Payments | (311,082) |
| (+) Accrued Interest(2) | 136,924 |
| (+/-) Effect of changes in foreign exchange rate(3) | 101,030 |
| Balance as of December 31, 2024 | 1,889,364 |
(1)The variation corresponds mainly to changes in the estimated term of buildings lease liabilities for COP 95,712 and disposals for COP (21,255).
(2)The COP 29,516 difference from the interest expense on lease liabilities recognized in the Consolidated Statement of Income corresponds to the discontinuation of operations at Banistmo S.A. for COP 28,138 and the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts for COP 1,378.
(3)Corresponds to the increase in the market representative rate from COP 3,822.05 Colombian pesos in December 2023 to COP 4,409.15 Colombian pesos in December 2024.
The following table presents the maturity analysis of lease liabilities as of December 31, 2025, and 2024:
As of December 31, 2025
| Type of assets | Maturity less than 1 year | Maturity between 1 and 3 years | Maturity between 3 and 5 years | Maturity more than 5 years | Total lease liabilities |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Buildings | 22,737 | 155,819 | 97,788 | 1,014,563 | 1,290,907 |
| Computer equipment | 3,523 | 1,881 | 24,775 | - | 30,179 |
| Furniture and fixtures | - | 366 | 3,332 | - | 3,698 |
| Vehicles | - | 255 | - | - | 255 |
| Total lease liabilities(1) | 26,260 | 158,321 | 125,895 | 1,014,563 | 1,325,039 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025, which had lease liabilities amounting to COP 275,492. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
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As of December 31, 2024
| Type of assets | Maturity less than 1 year | Maturity between 1 and 3 years | Maturity between 3 and 5 years | Maturity more than 5 years | Total lease liabilities |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Buildings | 20,467 | 71,155 | 220,050 | 1,551,740 | 1,863,412 |
| Computer equipment | 1,332 | 9,683 | 8,693 | 1,224 | 20,932 |
| Furniture and fixtures | - | 890 | 3,954 | - | 4,844 |
| Vehicles | - | 176 | - | - | 176 |
| Total lease liabilities | 21,799 | 81,904 | 232,697 | 1,552,964 | 1,889,364 |
The following table shows the weighted average rates and average useful life of right-of-use assets as of December 31, 2025, and 2024:
As of December 31, 2025
| Right-of-use assets | Weighted average life | Weighted average<br><br>remaining lease terms | Weighted average discount rates |
|---|---|---|---|
| Buildings | 267 months | 149 months | 9.07 % |
| Computer equipment | 55 months | 45 months | 8.76 % |
| Furniture and fixtures | 54 months | 51 months | 7.35 % |
| Vehicles | 41 months | 32 months | 6.26 % |
As of December 31, 2024
| Right-of-use assets | Weighted average life | Weighted average<br><br>remaining lease terms | Weighted average discount rates |
|---|---|---|---|
| Buildings | 222 months | 109 months | 7.11 % |
| Computer equipment | 82 months | 32 months | 7.52 % |
| Furniture and fixtures | 53 months | 53 months | 8.71 % |
| Vehicles | 49 months | 17 months | 10.44 % |
The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2025, and 2024:
As of December 31, 2025
| Right-of-use assets | Financial interest(1) | Expenses depreciation(2) | Short-term leases | Leases for which the underlying asset is of low value | Variable payments |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Buildings | 109,074 | 157,704 | 1,390 | 971 | 4,854 |
| Computer equipment | 1,800 | 10,779 | 1,113 | 10,270 | 8,975 |
| Furniture and fixtures | 230 | 1,098 | 235 | 3 | - |
| Vehicles | 10 | 2,880 | - | - | - |
| Total | 111,114 | 172,461 | 2,738 | 11,244 | 13,829 |
| Discontinued operations Banistmo S.A.(3) | 4,572 | 34,830 | - | 891 | - |
(1)Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 5,442, see Note 25.2 Interest expenses.
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(2)See Note 26.3 Depreciation, amortization and impairment.
(3)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
As of December 31, 2024
| Right-of-use assets | Financial interest(1) | Expenses<br><br>depreciation(2) | Short-term leases | Leases for which the underlying asset is of low value | Variable payments |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Buildings | 105,317 | 145,827 | 1,350 | 18 | 5,300 |
| Computer equipment | 1,891 | 11,230 | 169 | 9,098 | - |
| Furniture and fixtures | 93 | 656 | 410 | 9 | - |
| Vehicles | 107 | 3,055 | 5 | - | - |
| Total | 107,408 | 160,768 | 1,934 | 9,125 | 5,300 |
| Discontinued operations Banistmo S.A.(3) | 28,138 | 46,792 | - | 974 | - |
(1)Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 1,378, see Note 25.2 Interest expenses.
(2)See Note 26.3 Depreciation, amortization and impairment.
(3)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
The following table presents the minimum payments lease liabilities as of December 31, 2025, and 2024:
As of December 31, 2025
| Type of assets | Maturity less than 1 year | Maturity between 1 and 3 years | Maturity between 3 and 5 years | Maturity more than 5 years | Total minimum payments lease liabilities |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Buildings | 27,499 | 177,815 | 142,075 | 2,012,795 | 2,360,184 |
| Computer equipment | 4,193 | 1,955 | 28,569 | - | 34,717 |
| Furniture and fixtures | - | 323 | 3,788 | - | 4,111 |
| Vehicles | 71 | 200 | - | - | 271 |
| Total minimum payments lease liabilities(1) | 31,763 | 180,293 | 174,432 | 2,012,795 | 2,399,283 |
(1)The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025, which had minimum payments lease liabilities of COP 361,257. For more information
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see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
As of December 31, 2024
| Type of assets | Maturity less than 1 year | Maturity between 1 and 3 years | Maturity between 3 and 5 years | Maturity more than 5 years | Total minimum payments lease liabilities |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Buildings | 24,464 | 87,714 | 318,197 | 2,530,561 | 2,960,936 |
| Computer equipment | 1,523 | 10,641 | 9,755 | 1,267 | 23,186 |
| Furniture and fixtures | - | 986 | 4,625 | - | 5,611 |
| Vehicles | 72 | 120 | - | - | 192 |
| Total minimum payments lease liabilities | 26,059 | 99,461 | 332,577 | 2,531,828 | 2,989,925 |
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NOTE 12. GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill and intangible assets, net, are as follows:
| December 31, 2025(1) | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Goodwill(1) | 1,947,325 | 9,017,419 |
| Intangible assets, net | 589,855 | 750,484 |
| Total intangible assets and goodwill, net | 2,537,180 | 9,767,903 |
(1) The accumulated amount as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
12.1 Goodwill
The following table presents the goodwill:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Balance at beginning of the year, net | 9,017,419 | 7,818,125 |
| Impairment of goodwill(1) | (5,022,822) | - |
| Reclassification to assets held for sale(2) | (852,746) | - |
| Effect of change in foreign exchange rate(3) | (1,194,526) | 1,199,294 |
| Balance at end of the year, net | 1,947,325 | 9,017,419 |
(1)As of December 31, 2025, Cibest Corporate Group recognized an impairment loss of COP 5,022,822 corresponding to the cash-generating unit (CGU) “Banistmo,” recorded in the Consolidated Statement of Profit or Loss, within the framework of the promise to sell 100% of Banistmo S.A., signed on December 18, 2025, for USD 1,418,000. The transaction price constituted observable evidence of a “fair value less costs of disposal” (FVLCOD) that was lower than the CGU’s carrying amount, which resulted in the impairment loss. The measurement of the recoverable amount was based on the FVLCOD determined from the sale contract price (market approach), classified within level 3 of the fair value hierarchy in accordance with IFRS 13. The “Banistmo” CGU is part of the Panama Banking operating segment. For more information, see Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations, Note 2.D13. Material Accounting Policies – Impairment of Assets, Cash-Generating Units, Note 31. Discontinued Operation, and Note 30. Fair Value of Assets and Liabilities.
(2)As of December 31, 2025, it includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025, corresponding to the value of the goodwill that was not impaired, included in the sale price. For more information, see Note 1. Reporting Entity, Note 2.D12. Material Accounting Policies – Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
(3)The market representative rate at the end of December 31, 2025, 2024 and 2023 is COP 3,757.08, COP 4,409.15 and COP 3,822.05, respectively. See Note 2.D.1. Functional currency, transactions and balances in foreign currency.
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Cibest Corporate Group tests goodwill recognized in business combinations for impairment at least annually, through a process that begins with estimating the recoverable amount of a group of cash‑generating units (CGUs) that correspond
to the operating segment. The recoverable amount may be determined by management with reference to market value, when available, through pricing models, or with the assistance of a valuation specialist.
Determining the recoverable amount requires management to make assumptions and use estimates to project cash flows for periods beyond normal management reporting requirements, in order to determine value in use as a component of the recoverable amount. This includes extending projections into perpetuity based on long‑term future cash flows consistent with the CGU’s ongoing operations, evaluating the appropriate discount rate, estimating the recoverable amount of each CGU, and valuing the separable assets of each business whose goodwill is being tested.
The key assumptions used by management in determining the recoverable amount as of December 31, 2025 and 2024 are:
As of December 31, 2025
| Operating segment | Valuation methodology | Key assumptions | Discount rate (real)(1) | Growth rate (real)(2) | Goodwill 2025 |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Banking El Salvador | Discounted Cash flow | 5 years plan | 16.20 % | 3.80 % | 1,059,779 |
| Banking Guatemala | Discounted Cash flow | 5 years plan | 11.20 % | 5.00 % | 876,886 |
| Other segments | Comparable multiples | Multiples EV/ Revenue and EV/EBITDA | Does not apply | Does not apply | 10,660 |
| Total | 1,947,325 |
(1)The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM (Capital Asset Pricing Model) methodology was used as a basis to determine this rate.
(2)This rate is equivalent to the nominal or real growth of the economy in Guatemala and El Salvador, which is considered an important concept for the growth of the banking industry.
As of December 31, 2024
| Operating segment | Valuation methodology | Key assumptions | Discount rate (real)(1) | Growth rate (real)(2) | Goodwill 2024 |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Banking Panama | Discounted Cash flow | 5 years plan | 10.50 % | 4.40 % | 6,733,971 |
| Banking El Salvador(3) | Discounted Cash flow | 5 years plan | 14.90% and 14.30% | 3.90 % | 1,243,711 |
| Banking Guatemala | Discounted Cash flow | 5 years plan | 11.70 % | 5.10 % | 1,029,077 |
| Other segments | Comparable multiples | Multiples EV/ Revenue and EV/EBITDA | Does not apply | Does not apply | 10,660 |
| Total | 9,017,419 |
(1)The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM (Capital Asset Pricing Model) methodology was used as a basis to determine this rate.
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(2)This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important concept for the growth of the banking industry.
(3)Corresponds to the discount rate used for the short and long term, respectively.
In 2025 and 2024, Cibest Corporate Group tested the aforementioned goodwill for impairment purposes at the following operating segment levels: Panama Banking (Discontinued Operation), El Salvador Banking, and Guatemala Banking. Each segment represents a cash‑generating unit (CGU). The evaluation at the operating‑segment level is aligned with the approach used by the CODM (Chief Operating Decision Maker) to monitor performance and allocate resources within Cibest Corporate Group. Following the assessment, it was determined that no impairment was identified for the El Salvador Banking and Guatemala Banking CGUs during 2025 and 2024.
Sensitivity analysis:
In order to assess the impact of changes in certain significant inputs such as the discount rate and the growth rate in the operating segments’ recoverable amount, Cibest Corporate Group undertook a sensitivity analysis of these inputs through alternative scenarios.
The following tables present the recoverable amount of each operating segment obtained as a result of sensitivity analysis for the discount rate and growth rate in basis points (bips):
As of December 31, 2025
Banking El Salvador
| -50 bips | Discount rate | +50 bips | |
|---|---|---|---|
| Growth rate | 16.70 % | 16.20 % | 15.70 % |
| 3.80% | 4,360,933 | 4,544,177 | 4,742,953 |
| -50 bips | Growth rate | +50 bips | |
| Discount rate | 3.30 % | 3.80 % | 4.30 % |
| 16.20% | 4,482,929 | 4,544,177 | 4,610,576 |
Banking Guatemala
| +50 bips | Discount rate | -50 bips | |
|---|---|---|---|
| Growth rate | 11.70 % | 11.20 % | 10.70 % |
| 5.00% | 3,160,193 | 3,447,726 | 3,786,746 |
| -50 bips | Growth rate | +50 bips | |
| Discount rate | 4.50 % | 5.00 % | 5.50 % |
| 11.20% | 3,343,204 | 3,447,726 | 3,570,586 |
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As of December 31, 2024
Banking Panama
| +50 bips | Discount rate | -50 bips | |
|---|---|---|---|
| Growth rate | 11.00 % | 10.50 % | 10.00 % |
| 4.40% | 12,069,096 | 13,061,970 | 14,232,692 |
| -50 bips | Growth rate | +50bips | |
| Discount rate | 3.90 % | 4.40 % | 4.90 % |
| 10.50% | 12,512,669 | 13,061,970 | 13,709,357 |
Banking El Salvador
| +100 bips | Discount rate | -100 bips | |
|---|---|---|---|
| 15.90 % | 14.90 % | 13.90 % | |
| Growth rate | 15.30 % | 14.30 % | 13.30 % |
| 3.90% | 4,821,361 | 5,290,874 | 5,861,625 |
| -50 bips | Growth rate | +50 bips | |
| Discount rate | 3.40 % | 3.90 % | 4.40 % |
| 14.90% and 14.30% | 5,201,761 | 5,290,874 | 5,388,987 |
Banking Guatemala
| +50 bips | Discount rate | -50 bips | |
|---|---|---|---|
| Growth rate | 12.20 % | 11.70 % | 11.20 % |
| 5.10% | 4,433,281 | 4,819,854 | 5,271,139 |
| -50 bips | Growth rate | +50 bips | |
| Discount rate | 4.60 % | 5.10 % | 5.60 % |
| 11.70% | 4,665,498 | 4,819,854 | 4,999,513 |
Cibest Corporate Group considers goodwill as an asset with indefinite useful life.
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12.2. Intangible assets
The following table sets forth the Cibest Corporate Group’s intangible assets as of December 31, 2025 and 2024, including the reconciliation of initial and final balances of the cost and accrued amortization:
As of December 31, 2025
| Cost | Trademarks | Licenses, software<br><br>and computer<br><br>applications | Client<br><br>relationships | Total |
|---|---|---|---|---|
| In millions of COP | ||||
| Balance at January 1, 2025 | 26,067 | 1,655,449 | 508,322 | 2,189,838 |
| Reclassification to assets held for sale(1) | - | (493,570) | - | (493,570) |
| Acquisitions | - | 238,633 | 667 | 239,300 |
| Write off | - | (151,802) | - | (151,802) |
| Foreign currency translation adjustment | (3,855) | (58,979) | (75,225) | (138,059) |
| Balance at December 31, 2025 | 22,212 | 1,189,731 | 433,764 | 1,645,707 |
| Amortization | Trademarks | Licenses, software<br><br>and computer<br><br>applications | Client<br><br>relationships | Total |
| --- | --- | --- | --- | --- |
| In millions of COP | ||||
| Balance at January 1, 2025 | 26,067 | 907,389 | 505,898 | 1,439,354 |
| Reclassification to assets held for sale(1) | - | (309,151) | - | (309,151) |
| Write off | - | (151,802) | - | (151,802) |
| Amortization expense(2) | - | 191,193 | 1,114 | 192,307 |
| Foreign currency translation adjustment | (3,855) | (36,102) | (74,899) | (114,856) |
| Balance at December 31, 2025 | 22,212 | 601,527 | 432,113 | 1,055,852 |
| Intangible assets at December 31, 2025, net | - | 588,204 | 1,651 | 589,855 |
(1)The accumulated amount as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. The net effect of the reclassification to assets held for sale amounted to COP (184,419), comprising a decrease in intangible assets of COP (175,251), additions of COP 36,303, amortization expense of COP (16,543), and foreign exchange differences and other movements of COP (28,928). For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
(2)See Note 26.3. Depreciation, amortization and impairment.
As of December 31, 2024
| Cost | Trademarks | Licenses, software<br><br>and computer<br><br>applications | Client<br><br>relationships | Total |
|---|---|---|---|---|
| In millions of COP | ||||
| Balance at January 1, 2024 | 22,596 | 1,409,836 | 440,636 | 1,873,068 |
| Acquisitions | - | 211,456 | - | 211,456 |
| Write off | - | (85,717) | - | (85,717) |
| Foreign currency translation adjustment | 3,471 | 119,874 | 67,686 | 191,031 |
| Balance at December 31, 2024 | 26,067 | 1,655,449 | 508,322 | 2,189,838 |
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| Amortization | Trademarks | Licenses, software<br><br>and computer<br><br>applications | Client<br><br>relationships | Total |
|---|---|---|---|---|
| In millions of COP | ||||
| Balance at January 1, 2024 | 22,596 | 741,765 | 437,135 | 1,201,496 |
| Write off | - | (76,876) | - | (76,876) |
| Amortization expense(1) | - | 168,647 | 1,493 | 170,140 |
| Foreign currency translation adjustment | 3,471 | 73,853 | 67,270 | 144,594 |
| Balance at December 31, 2024 | 26,067 | 907,389 | 505,898 | 1,439,354 |
| Intangible assets at December 31, 2024, net | - | 748,060 | 2,424 | 750,484 |
(1)The amortization expense for intangible assets differs from the COP 144,517 disclosed in Note 26.3. Depreciation, amortization and impairment, due to the amortization expense related to Banistmo S.A. amounting to COP 25,623, an investment classified as discontinued in 2025. For further information, refer to Note 31 – Discontinued Operation.
As of December 31, 2025 and 2024, the assessment made by Cibest Corporate Group indicates there is no evidence of impairment of intangible assets.
As of December 31, 2025 and 2024, Cibest Corporate Group does not have intangible assets with restricted ownership, intangible assets pledged as collateral or contractual agreements for the acquisition of this class of assets.
Research and development costs
During the period ended at December 31, 2025, 2024 and 2023, Cibest Corporate Group incurred in research and development expenditures on non-capitalized intangible assets for COP 18,265, COP 65,010 and COP 64,363, respectively, recognized in the Consolidated Statement of Income. These costs were the result of the analysis design and implementation of the transformation projects, the most representative of which were: Core Nequi Renewal (Colombia). The expenses were recorded mainly as fees in the line ‘Other administrative and general expenses’ of the Consolidated Statement of Income.
Fully Amortized Intangible Assets
Cibest Corporate Group has intangible assets that have already reached the end of their useful life and, despite being fully amortized, continue to be in use. These assets correspond mainly to perpetual licenses and fees required to carry out the bank’s core activities. For the period ended December 31, 2025, the cost of these assets amounts to COP 113,015, the most significant being Oracle with COP 42,805 and trademarks COP 22,212. As of December 31, 2024,the cost of these assets amounted to COP 60,889, with the most significant being First Data SW Merchant Portal with COP 14,104 and Credit Risk with COP 11,102 and trademarks COP 26,067.
Intangibles which did not meet the criteria to be recognized as assets
During the period ended December 31, 2025, 2024 and 2023, Cibest Corporate Group recognized in the Consolidated Statement of Income the amount of COP 1,058, COP 3,552 and COP 1,026, respectively, related to expenditures which were not recognized as intangible assets. These expenses were not recorded as assets due to the lack of characteristics to be reliably identifiable, and those assets do not support critical processes to be recognized as intangible assets.
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NOTE 13. INCOME TAX
The income tax is recognized in each of the countries where the Cibest Corporate Group has operations, in accordance with the tax regulations in force in each of the jurisdictions.
13.1 Components recognized in the Consolidated Statement of Income
| December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2023 | |
|---|---|---|---|
| In millions of COP | |||
| Current tax(1) | |||
| Fiscal term | (2,672,274) | (1,772,530) | (1,721,483) |
| Prior fiscal terms(2) | 68,516 | 159,737 | 46,462 |
| Total current tax | (2,603,758) | (1,612,793) | (1,675,021) |
| Deferred tax | |||
| Fiscal term | (97,261) | (688,248) | (203,510) |
| Prior fiscal terms | (55,554) | (67,083) | (23,966) |
| Adjustments for consolidation purposes | (54,393) | (11,728) | 82,204 |
| Total deferred tax | (207,208) | (767,059) | (145,272) |
| Income tax continued operations(3) (4) | (2,810,966) | (2,379,852) | (1,820,293) |
(1) The nominal income tax rate used in Colombia for the years 2025 and 2024 is 35%, and for the year 2023 it was 31%. The Colombian financial institutions of Cibest Corporate Group liquidated some additional points in the income tax of 5% for the years 2025 and 2024, and 3% for the year 2023.
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) It includes impacts from Decree 1474 of December 29, 2025. See notes 13.2, 13.3 and 13.5..
(4) See the effects of discontinued operations in Note 31.
13.2 Legal regulatory changes
The Political Constitution of Colombia establishes that, when events arise that seriously disrupt the country’s economic, social, and ecological order, the President of the Republic, with the signature of all ministers, is empowered to declare a State of Emergency, which allows the issuance of decrees with the force of law aimed exclusively at mitigating the crisis. These powers also allow, on a temporary basis, the creation of new taxes or the modification of existing ones; such regulations cease to be in effect at the end of the following fiscal year.
On December 22, 2025, Decree 1390 was issued, declaring an Economic and Social State of Emergency throughout the national territory due to the fiscal deficit of the Colombian State. Subsequently, on December 29, 2025, Decree 1474 was issued, establishing temporary tax measures for the 2026 fiscal year. It should be noted that the decrees issued under the state of exception are subject to review by the Constitutional Court, whose ruling is pending and may result in changes to these tax measures in 2026.
Although the general income tax rate remains at 35%, the tax impact generated by the Economic and Social State of Emergency for financial institutions and securities brokerage firms for the 2026 taxable year consists of an increase in the additional points to the income tax rate from 5% to 15%, resulting in a total income tax rate of 50%. This gave rise to the recalculation of deferred tax as of the end of 2025 at the new rate for items to be realized in 2026 (see Note 13.5).
The fifteen (15) additional points are subject to a one hundred percent (100%) advance payment, which must be calculated based on the 2025 taxable year income tax return and paid in two equal installments in April and June 2026.
In El Salvador, on March 14, 2024, Decree 969 was published in the Official Gazette with an amendment to article 4 of the
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Income Tax Law, which includes income obtained abroad among the income excluded from said tax.
13.3 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 income statement for the periods ended December 31, 2025, 2024 and 2023 is detailed below:
| Reconciliation of the tax rate(3) | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2023 |
|---|---|---|---|
| In millions of COP | |||
| Profit continued operations before tax | 9,759,305 | 8,490,248 | 7,522,671 |
| Applicable tax with nominal rate(1) | (3,903,722) | (3,396,099) | (3,009,068) |
| Non-deductible expenses to determine taxable profit (loss) | (223,840) | (238,669) | (246,852) |
| Accounting and non-tax income to determine taxable profit | 705,654 | 637,567 | 722,280 |
| Differences in accounting bases(2) | (53,396) | 559,860 | (106,074) |
| Fiscal and non-accounting income to determine taxable profit | (573,089) | (982,937) | (652,607) |
| Ordinary activities income exempt from taxation | 1,137,614 | 1,394,248 | 1,239,876 |
| Ordinary activities income not constituting income or occasional tax gain | 110,681 | 79,525 | 67,132 |
| Tax deductions | 277,715 | 209,076 | 156,543 |
| Goodwill Depreciation | 461 | 461 | 2,478 |
| Tax depreciation surplus | 220,013 | 212,694 | 223,901 |
| Untaxed recoveries | (138,906) | (103,017) | (64,516) |
| Tax rate effect in other countries | (168,488) | (327,808) | (211,206) |
| Prior fiscal terms | 12,962 | 92,654 | 22,496 |
| Tax discounts | 8,500 | 8,250 | - |
| Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) | (69,918) | (525,657) | 35,324 |
| Impact of the Economic and Social State of Emergency(3) | (153,207) | - | - |
| Income tax continued operations (4) | (2,810,966) | (2,379,852) | (1,820,293) |
(1) The nominal income tax rate used in Colombia for the years 2025 and 2024 is 35%, and for the year 2023 it was 31%. The Colombian financial institutions of Cibest Corporate Group liquidated some additional points in the income tax of 5% for the years 2025 and 2024, and 3% for the year 2023.(2) Difference between the technical accounting frameworks in force and the full International Financial Reporting Standards (IFRS).
(3) Corresponds to the impacts of Decree 1390 of December 22, 2025, issued under the Economic and Social State of Emergency. See Note 13.2. Legal regulatory changes.
(4) See the effects of discontinued operations in Note 31.
13.4 Components recognized in Other Comprehensive Income (OCI)
See Consolidated Statement of Comprehensive Income
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| December 31, 2025 | |||
|---|---|---|---|
| In millions of COP | |||
| Amounts before taxes | Deferred tax | Net taxes | |
| Remeasurement income related to defined benefit liability | 4,073 | (5,531) | (1,458) |
| Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | 22,378 | (2,358) | 20,020 |
| Loss on asset revaluation | - | (356) | (356) |
| Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | 15,871 | 19,029 | 34,900 |
| Unrealized gain on net investment hedge in foreign operations | 364,414 | (140,820) | 223,594 |
| Exchange differences arising on translating foreign operations. | (3,118,395) | - | (3,118,395) |
| Unrealized loss Cash flow hedge | (5,803) | 87 | (5,716) |
| Unrealized loss on investments in associates and joint ventures using equity method | (70) | (617) | (687) |
| Net | (2,717,532) | (130,566) | (2,848,098) |
| December 31, 2024 | |||
| --- | --- | --- | --- |
| In millions of COP | |||
| Amounts before taxes | Deferred tax | Net taxes | |
| Remeasurement income related to defined benefit liability | 6,041 | (4,747) | 1,294 |
| Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | 22,109 | 6,463 | 28,572 |
| Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | 14,814 | 8,422 | 23,236 |
| Loss on net investment hedge in foreign operations | (742,930) | 307,656 | (435,274) |
| Exchange differences arising on translating foreign operations. | 2,978,351 | - | 2,978,351 |
| Unrealized gain Cash flow hedge | 216 | (87) | 129 |
| Unrealized loss on investments in associates and joint ventures using equity method | (7,690) | 1,348 | (6,342) |
| Net | 2,270,911 | 319,055 | 2,589,966 |
| December 31, 2023 | |||
| --- | --- | --- | --- |
| In millions of COP | |||
| Amounts before taxes | Deferred tax | Net taxes | |
| Remeasurement income related to defined benefit liability | (44,594) | 13,234 | (31,360) |
| Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | 11,144 | (246) | 10,898 |
| Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | 114,287 | (21,023) | 93,264 |
| Loss on net investment hedge in foreign operations | 1,948,833 | (772,755) | 1,176,078 |
| Exchange differences arising on translating foreign operations. | (4,963,913) | - | (4,963,913) |
| Unrealized loss on investments in associates and joint ventures using equity method | (2,225) | 2,223 | (2) |
| Net | (2,936,468) | (778,567) | (3,715,035) |
13.5 Deferred tax
In accordance with the financial projections prepared by Cibest Corporate Group, it is expected that sufficient taxable income will be generated in future periods to allow for the recovery of the deferred tax assets recognized. Consequently,
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Management concludes that there is a reasonable probability that these assets will be realized, in compliance with the criteria established in IAS 12.
The estimates used to support this recognition are based on financial projections prepared considering information from economic studies and research conducted by Cibest Corporate Group, as well as an analysis of the expected macroeconomic environment for the next five years. The main assumptions used in the financial models include, among others, growth in Gross Domestic Product (GDP), loan portfolio growth, and interest rate behavior. In addition, these projections incorporate the long‑term strategy defined by Cibest Corporate Group.
The deferred tax asset and liability for each of the items that generated taxable or deductible temporary differences for the period ending December 31, 2025 are detailed below:
| December 31,<br>2024 | Effect on<br><br>Income<br><br>Statement (3) (4) | Effect on<br><br>OCI (4) | Effect on<br><br>Equity | Foreign<br><br>Exchange | Adjustments for<br><br>consolidation<br><br>purposes | December 31,<br>2025 | |
|---|---|---|---|---|---|---|---|
| In millions of COP | |||||||
| Asset Deferred Tax: | |||||||
| Property and equipment | 2,668 | (2,796) | - | - | (349) | 1,580 | 1,103 |
| Employee Benefits | 282,601 | 23,106 | (5,531) | - | (6,997) | - | 293,179 |
| Deterioration assessment | 612,213 | (41,476) | - | - | (399,931) | 20,203 | 191,009 |
| Investments evaluation | 5,278 | (266) | - | - | (50) | - | 4,962 |
| Derivatives Valuation | 6,063 | 40,683 | 87 | - | 2 | (6,065) | 40,770 |
| Tax credits settlement | 4,978 | (4,978) | - | - | - | - | - |
| Financial Obligations | 197,660 | (197,660) | 38,370 | - | - | (38,370) | - |
| Insurance operations | 34,906 | (22,908) | - | - | (5,162) | - | 6,836 |
| Bonds (2) | 362,786 | (163,735) | (140,820) | - | 2 | - | 58,233 |
| Other deductions | 290,284 | 289,224 | - | - | (26,870) | - | 552,638 |
| implementation adjustment | 401,830 | 108,885 | - | - | (158,561) | - | 352,154 |
| Total Asset Deferred Tax (1) | 2,201,267 | 28,079 | (107,894) | — | (597,916) | (22,652) | 1,500,884 |
| Liability Deferred Tax: | |||||||
| Property and equipment | (114,638) | 54,679 | (356) | - | 3,076 | (141,280) | (198,519) |
| Deterioration assessment | (973,820) | 87,353 | - | - | — | 110,234 | (776,233) |
| Investments evaluation | (377,994) | (134,585) | 16,671 | - | 10,559 | (2,490) | (487,839) |
| Derivatives evaluation | (82,375) | 80,493 | - | - | 87 | 1,795 | - |
| Lease restatement | (321,813) | (161,375) | - | - | - | - | (483,188) |
| Investments in associates. Adjustment for equity method | (24,805) | 21,355 | (617) | 40 | (2,381) | - | (6,408) |
| Financial Obligations | (556) | (101,839) | (38,370) | - | 83 | - | (140,682) |
| Goodwill (3) | (1,574,360) | 1,568,800 | - | - | 1,055 | - | (4,505) |
| Insurance operations | (37,379) | 22,534 | - | - | 5,529 | - | (9,316) |
| Properties received in payment | (104,990) | (20,957) | - | - | 1,922 | - | (124,025) |
| Other deductions | (403,259) | 19,764 | - | - | 9,963 | - | (373,532) |
| implementation adjustment | (25) | (49,890) | - | - | - | - | (49,915) |
| Total Liability Deferred Tax (1) | (4,016,014) | 1,386,332 | (22,672) | 40 | 29,893 | (31,741) | (2,654,162) |
| Net Deferred Tax | (1,814,747) | 1,414,411 | (130,566) | 40 | (568,023) | (54,393) | (1,153,278) |
(1) The values revealed in the Unaudited Consolidated Statement of Financial Position correspond to the sum of the net deferred tax per company.
(2) The movement in OCI is due to the hedging of investments. See Note 5.3, Net Investment Hedge of a Foreign Operation..
(3) Includes effects of discontinued operations for COP 1,567,226. See Note 31. Discontinued operation.
(4) Includes the effects of the Economic Emergency Decree (see Note 13.2 – Legal Regulatory Changes). In accordance with the requirements of IAS 12 – Income Taxes, Cibest Corporate Group classified as financial institutions in Colombia recognized a deferred tax liability of COP 153,207 recorded in profit or loss for the period, and COP 1,802 recorded in Other Comprehensive Income (OCI).
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13.6 Amount of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized
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.
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Temporary differences | ||
| Local Subsidiaries | (5,993,349) | (373,971) |
| Foreign Subsidiaries(1) | (9,308,322) | (20,176,494) |
(1) See the effects of discontinued operations in Note 31.
13.7 Dividends
13.7.1 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.
13.7.2 Dividends received from Subsidiary Companies
Considering the historical tax status of the dividends received by Cibest Corporate Group 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 Cibest Corporate Group, its affiliates, and national subsidiaries belong to the same business group.
13.8 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 Corporate 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 Bank. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect the Cibest Corporate Group 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 Corporate Group did not recognize uncertain tax positions in its financial statements.
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NOTE 14. OTHER ASSETS, NET
As of December 31, 2025 and 2024 Cibest Corporate Group’s other assets, net consist of:
| Other Assets, net | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Other receivables(2) | 1,538,474 | 1,110,974 |
| Prepaid expenses | 845,182 | 907,620 |
| Tax advances(3) | 600,059 | 2,014,638 |
| Marketable and non-marketable for sale assets | 591,827 | 1,049,169 |
| Assets pledged as collateral (cash) | 520,105 | 530,924 |
| Receivables related to abandoned accounts(4) | 459,978 | 453,956 |
| Receivable Sales of goods and service | 245,329 | 251,904 |
| Accounts receivable from contracts with customers(5) | 261,425 | 257,262 |
| Balance in credit card clearing house | 181,448 | 298,677 |
| Operating leases | 165,068 | 176,585 |
| Debtors | 136,594 | 84,453 |
| Commission for letters of credit | - | 95,008 |
| Others | 564,337 | 556,044 |
| Total other assets | 6,109,826 | 7,787,214 |
| Other allowance | (15,403) | (8,935) |
| Total other assets, net | 6,094,423 | 7,778,279 |
(1) The accumulated value as of December 31, 2025, includes the effects of Banistmo S.A.'s classification as asset held for sale since December 18, 2025, which had other assets, net, of COP 2,007,290 that were reclassified to Assets related to investments in subsidiaries held for sale. For more information see Note 1. Reporting Entity, Note 2.D.12 Material Accounting Policies - Assets held for sale and discontinued operations and Note 31. Discontinued Operation.
(2) Other accounts receivable are mainly associated with outstanding items with payment system networks, derivatives, and cash transactions, among others.
(3) The decrease is mainly attributable to Bancolombia S.A. due to the recognition of the credit balance on the 2024 income tax return and the carryover of the outstanding balance to be refunded by the DIAN from the 2023 return, which were refunded by the DIAN in 2025.
(4) In Bancolombia, corresponds to the application of Law 1777 of February 1, 2016, where established that entities holding balances in savings or checking accounts that are considered abandoned, must transfer these resources to the special fund created and administered by ICETEX for the granting of study credits and credits to promote the quality of Higher Education Institutions.
(5) See Note 25.3. Commissions.
NOTE 15. DEPOSITS BY CUSTOMERS
The following is the detail of deposits of the Cibest Consolidated Group as of December 31, 2025 and 2024:
| Deposits | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Savings accounts(2) | 133,128,722 | 124,636,994 |
| Time deposits | 91,673,167 | 109,760,722 |
| Checking accounts | 32,125,941 | 38,033,696 |
| Other deposits(2) | 7,486,126 | 6,627,989 |
| Total deposits by customers | 264,413,956 | 279,059,401 |
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(1) The accumulated amount as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. As of that date, it recorded deposits totaling COP 27,293,518, which were reclassified to Liabilities related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
(2) As of December 31, 2025 and 2024 includes Nequi deposits by COP 7,017,948 and COP 4,449,420, respectively, the variation is mainly due to an increase in the number of customers and transactions.
The following table details the time deposits issued by Cibest Consolidated Group:
As of December 31, 2025
| Time deposits | Effective interest rate | December 31, 2025 | ||
|---|---|---|---|---|
| Modality | Minimum | Maximum | Carrying Value | Fair value(1) |
| In millions of COP | ||||
| Less than 6 months | 0.10% | 9.15% | 26,467,776 | 26,390,554 |
| Between 6 months and 12 months | 0.50% | 10.00% | 26,702,769 | 26,894,925 |
| Between 12 months and 18 months | 1.35% | 10.23% | 10,457,649 | 10,627,318 |
| Greater than 18 months | 0.01% | 17.00% | 28,044,973 | 28,300,324 |
| Total time deposits | 91,673,167 | 92,213,121 |
(1)See Note 30. Fair value of assets and liabilities.
As of December 31, 2024
| Time deposits | Effective interest rate | December 31, 2024 | ||
|---|---|---|---|---|
| Modality | Minimum | Maximum | Carrying Value | Fair value(1) |
| In millions of COP | ||||
| Less than 6 months | 0.01% | 10.60% | 27,429,721 | 27,305,410 |
| Between 6 months and 12 months | 0.01% | 12.00% | 21,295,319 | 21,140,127 |
| Between 12 months and 18 months | 1.35% | 14.55% | 17,826,919 | 17,878,843 |
| Greater than 18 months | 0.01% | 17.65% | 43,208,763 | 43,839,953 |
| Total time deposits | 109,760,722 | 110,164,333 |
(1)See Note 30. Fair value of assets and liabilities.
The detail of time deposits issued by Cibest Corporate Group by maturity is as follows:
As of December 31, 2025
| December 31, 2025 | ||
|---|---|---|
| Period | Carrying value | Fair value(1) |
| In millions of COP | ||
| Less than 1 year | 76,940,859 | 77,295,352 |
| Between 1 and 3 years | 4,024,284 | 4,260,741 |
| Between 3 and 5 years | 3,246,351 | 3,214,785 |
| Greater than 5 years | 7,461,673 | 7,442,243 |
| Total | 91,673,167 | 92,213,121 |
(1)See Note 30. Fair value of assets and liabilities.
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As of December 31, 2024
| December 31, 2024 | ||
|---|---|---|
| Period | Carrying value | Fair value(1) |
| In millions of COP | ||
| Less than 1 year | 86,592,320 | 86,553,690 |
| Between 1 and 3 years | 10,868,175 | 10,919,972 |
| Between 3 and 5 years | 2,490,326 | 2,462,312 |
| Greater than 5 years | 9,809,901 | 10,228,359 |
| Total | 109,760,722 | 110,164,333 |
(1)See Note 30. Fair value of assets and liabilities.
NOTE 16. 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 Consolidated Statement of Financial Position:
| Interbank and repurchase agreements and other similar secured borrowing | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Interbank Deposits | ||
| Interbank liabilities | 30,102 | 716,493 |
| Total interbank | 30,102 | 716,493 |
| Repurchase agreements and other similar secured borrowing | ||
| Repurchase agreements | 392,255 | 372,004 |
| Short selling operations | 191,842 | 155,973 |
| Temporary transfer of securities(2) | 91,950 | 532,495 |
| Total Repurchase agreements and other similar secured borrowing(3) | 676,047 | 1,060,472 |
| Total money market transactions | 706,149 | 1,776,965 |
(1) The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025, which recorded interbank and repo liabilities of COP 910,189 that were reclassified to Liabilities related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
(2)As of December 2025, decrease in the number of active simultaneous transactions, closing the period with a total of 6 passive simultaneous transactions. Of these, 5 were carried out with the Cámara de Riesgo Central de Contraparte and 1 with Fiduciaria Davivienda S.A. As of December 2024, 14 simultaneous transactions remained active, all carried out with the Cámara de Riesgo Central de Contraparte.
(3) Total repo liabilities have maturities of less than 30 days.
Offsetting of Repurchase and Resale Agreements
For Cibest Corporate Group, substantially all repurchase and resale activities are transacted under legally enforceable repurchase agreements that give Cibest Corporate Group, in the event of default by the counterparty, the right to liquidate securities held with the same counterparty.
Cibest Corporate Group does not offset repurchase and resale transactions with the same counterparty in the Consolidated Statement of Financial Position.
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The table below presents repurchases and resale transactions included in the Consolidated Statement of Financial Position at December 31, 2025 and 2024:
As of December 31, 2025
| Assets /<br><br>liabilities gross | Amounts offset in<br><br>the statement of<br><br>financial position | Net balance<br><br>presented in the<br><br>statement of financial<br><br>position | Financial<br><br>instruments as<br><br>collaterals | Assets /<br><br>liabilities<br><br>net | |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Securities purchased under resale agreements(1) | 4,674,479 | - | 4,674,479 | (4,674,479) | - |
| Securities sold under repurchase agreements | (676,047) | - | (676,047) | 676,047 | - |
| Total repurchase and resale agreements | 3,998,432 | - | 3,998,432 | (3,998,432) | - |
(1)The amount includes those presented as cash and cash equivalents for COP 4,673,590 and those presented as other assets for COP 889.
As of December 31, 2024
| Assets /<br><br>liabilities gross | Amounts offset in<br><br>the statement of<br><br>financial position | Net balance<br><br>presented in the<br><br>statement of financial<br><br>position | Financial<br><br>instruments as<br><br>collaterals | Assets /<br><br>liabilities<br><br>net | |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Securities purchased under resale agreements(1) | 5,725,166 | - | 5,725,166 | (5,725,166) | - |
| Securities sold under repurchase agreements | (1,060,472) | - | (1,060,472) | 1,060,472 | - |
| Total repurchase and resale agreements | 4,664,694 | - | 4,664,694 | (4,664,694) | - |
(1)The amount includes those presented as cash and cash equivalents for COP 5,722,948 and those presented as other assets for COP 2,218.
For further information about offsetting of other financial assets and liabilities see Note 5. Financial assets investments and derivatives.
NOTE 17. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
As of December 31, 2025 and 2024, the composition of the borrowings from other financial institutions measured at amortized cost is the following:
| Borrowings from other financial institutions | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Obligations granted by foreign banks | 4,163,897 | 10,619,033 |
| Obligations granted by domestic banks | 5,192,531 | 5,070,499 |
| Total borrowings from other financial institutions | 9,356,428 | 15,689,532 |
(1)The accumulated amount as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. As of that date, it recorded foreign financial obligations totaling COP1,755,502 which were reclassified to Liabilities related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
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Obligations granted by foreign banks
As of December 31, 2025
| Financial entity | Rate Minimum | Rate Maximum | December 31, 2025 |
|---|---|---|---|
| In millions of COP | |||
| Financing with Correspondent Banks and Multilateral Entities(1) | 4.48 % | 7.50 % | 2,901,835 |
| Banco Interamericano de Desarrollo (BID) | 6.47 % | 8.98 % | 1,083,902 |
| Banco Latinoamericano de Comercio Exterior (Bladex) | 5.20 % | 5.42 % | 178,160 |
| Total | 4,163,897 |
(1)The decrease is mainly due to the reclassification of Banistmo S.A. as an asset held for sale and to the early cancellations of obligations by Bancolombia Panamá S.A.
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 December 31, 2025 and 2024 are the following:
| Foreign | December 31, 2025(1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Amount expected to be settled: | ||
| No more than twelve months after the reporting period | 2,028,754 | 7,428,943 |
| More than twelve months after the reporting period | 2,135,143 | 3,190,090 |
| Total | 4,163,897 | 10,619,033 |
(1)The decrease is mainly due to the reclassification of Banistmo S.A. as an asset held for sale, as well as a decrease in Bancolombia Panamá resulting from early cancellations made on various obligations with third parties.
Obligations granted by domestic banks
As of December 31, 2025
| Financial entity | Rate<br><br>Minimum | Rate<br><br>Maximum | December 31, 2025 |
|---|---|---|---|
| In millions of COP | |||
| Financiera de desarrollo territorial (Findeter) | 3.78% | 17.22% | 2,387,805 |
| Fondo para el financiamiento del sector agropecuario (Finagro) | 5.14% | 12.70% | 1,362,009 |
| Banco de comercio exterior de Colombia (Bancoldex) | 2.17% | 16.66% | 370,631 |
| Other private financial entities | 5.22% | 10.13% | 1,072,086 |
| Total | 5,192,531 |
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As of December 31, 2024
| Financial entity | Rate<br><br>Minimum | Rate<br><br>Maximum | December 31, 2024 |
|---|---|---|---|
| In millions of COP | |||
| Financiera de desarrollo territorial (Findeter) | 4.15% | 17.21% | 2,239,644 |
| Fondo para el financiamiento del sector agropecuario (Finagro) | 5.09% | 13.59% | 1,363,891 |
| 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 December 31, 2025 and 2024, are as follows:
| Domestic | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Amount expected to be settled: | ||
| No more than twelve months after the reporting period | 371,929 | 679,069 |
| More than twelve months after the reporting period | 4,820,602 | 4,391,430 |
| Total | 5,192,531 | 5,070,499 |
As of December 31, 2025 and 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.
NOTE 18. DEBT INSTRUMENTS IN ISSUE
Duly authorized by the authority in each country bonds have been issued as follows:
As of December 31, 2025
| Issuer | Currency | Face value(1)(2) | Balance COP(1) | Rate Range | |
|---|---|---|---|---|---|
| Bancolombia S.A.(3)(4) | Local | COP | 2,161,877 | 2,172,288 | 7.90%-12.25% |
| Bancolombia S.A.(5)(6)(7) | Foreign | USD | 1,279,507 | 4,790,394 | 4.40%-8.82% |
| Bancolombia Puerto Rico Internacional Inc. | Foreign | USD | 44,100 | 170,272 | 5.00%-5.20% |
| Banco Agrícola S.A.(8) | Foreign | USD | 42,000 | 158,051 | 6.26%-7.56% |
| Bancolombia Panamá S.A. | Foreign | USD | 30,084 | 116,925 | 4.20%-5.40% |
| Grupo Agromercantil Holding S.A. | Foreign | USD | 469 | 1,763 | 0.25%-5.50% |
| Total debt instruments in issue | 7,409,693 |
(1)The accumulated amount as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. As of that date, it recorded debt securities totaling COP 3,429,730, which were reclassified to Liabilities related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
(2) Face value is in thousands of U.S. dollars for foreign currency bonds.
(3) The decrease is due to the maturity of bonds in local currency.
(4) The increase in bond interest rates is due to the relationship with the IPC (Consumer Price Index) indicator.
(5) See Note 18.1. Issue of Bancolombia S.A. subordinary bonds.
(6) See Note 18.2. Repurchase Bonds maturing in 2025 and 2027 Bancolombia S.A.
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(7) As of December 31, 2025, USD528,000 were designated as net investment coverage abroad. See Note 5.3. Hedge Accounting.
(8) See Note 18.4. Issue of Banco Agrícola S.A. ordinary bonds
As of December 31, 2024
| Issuer | Currency | Face value(1) | Balance COP | Rate Range | |
|---|---|---|---|---|---|
| Bancolombia S.A. | Local | COP | 2,253,761 | 2,244,212 | 7.80%-12.49% |
| Bancolombia S.A.(2)(3)(4) | Foreign | USD | 1,247,766 | 5,553,607 | 5.20%-8.82% |
| Banistmo S.A.(5) | Foreign | USD | 585,051 | 2,617,132 | 4.25%-6.35% |
| Banco Agrícola S.A.(6) | Foreign | USD | 117,182 | 517,068 | 5.60%-7.70% |
| Bancolombia Puerto Rico Internacional Inc. | Foreign | USD | 51,734 | 246,083 | 5.15%-5.50% |
| Bancolombia Panamá S.A. | Foreign | USD | 20,338 | 95,070 | 5.00%-6.00% |
| Grupo Agromercantil Holding S.A. | Foreign | USD | 464 | 2,044 | 0.25%-7.25% |
| Total debt instruments in issue | 11,275,216 |
(1)Face value is in thousands of U.S. dollars for foreign currency bonds.
(2)See Note 18.1. Issue of Bancolombia S.A. subordinary bonds.
(3)See Note 18.2. Repurchase Bonds maturing in 2025 and 2027 Bancolombia S.A.
(4)As of December 31, 2024, USD884,544 was designated as hedge of net asset in a foreign operation. See Note 5.3. Hedge Accounting.
(5)See Note 18.3. Issue of Banistmo S.A. discontinued operation ordinary bonds
(6)See Note 18.4. Issue of Banco Agrícola S.A. ordinary bonds
The following table shows the detail of the bonds classified by currency, term and type of issue:
As of December 31, 2025
| Issuer | Less than<br><br>1 year | Between<br><br>1 and 3 years | Between<br><br>3 and 5 years | Greater than 5 years | Total amortized cost |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Local currency | |||||
| Subordinated bonds(1) | - | - | - | 615,726 | 615,726 |
| Ordinary bonds | - | - | - | 1,556,564 | 1,556,564 |
| Foreign currency | |||||
| Subordinated bonds(1) | - | - | - | 4,721,908 | 4,721,908 |
| Ordinary bonds(2) | 283,170 | 93,768 | 6,859 | 131,698 | 515,495 |
| Total | 283,170 | 93,768 | 6,859 | 7,025,896 | 7,409,693 |
(1)In the event of default of the Bank, the subordinated bonds will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities.
As of December 31, 2024
| Issuer | Less than<br><br>1 year | Between<br><br>1 to 3 years | Between<br><br>3 to 5 years | Greater than 5 years | Total amortized cost |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Local currency | |||||
| Subordinated bonds(1) | - | - | - | 615,699 | 615,699 |
| Ordinary bonds | - | - | - | 1,628,513 | 1,628,513 |
| Foreign currency | |||||
| Subordinated bonds(1) | - | - | - | 5,516,940 | 5,516,940 |
| Ordinary bonds | 243,861 | 1,097,493 | 7,684 | 2,165,026 | 3,514,064 |
| Total | 243,861 | 1,097,493 | 7,684 | 9,926,178 | 11,275,216 |
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(1)In the event of default of the Bank, the subordinated bonds will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities.
18.1. Issue of Bancolombia S.A. subordinated bonds.
On June 24, 2024, the Bank issued subordinated bonds for USD800,000, maturing in 2034, which have an early redemption option that may be exercised after five years from the date of issue and a nominal coupon of 8.625% payable semi-annually on December 24 and June 24 of each year, beginning on December 24 of that year.
18.2. Repurchase Bonds maturing in 2025 and 2027 Bancolombia S.A.
On June 24, 2024, the Bank carried out a debt management operation by offering to the market a repurchase of the senior bonds due in 2025 and subordinated bonds due in 2027 for USD267,421 and USD283,632 respectively.
On July 2, 2024, the second repurchase cut of the debt management operation that began in June was met, for USD2,013 of the senior bonds due in 2025 and USD4,661 USD of the subordinated bonds due in 2027.
On November 12, 2024, the full redemption of the senior bonds due in 2025 was carried out for USD212,600.
On December 18, 2024, the Bank exercised the call option on the subordinated bonds due in 2029, which were fully redeemed for USD550,000.
The total nominal amount repurchased from the above transactions is USD1,320,327, of which USD1,036,695 was part of the net foreign investment hedging relationship, which is being discontinued in the same proportion. See Note 5.3 Hedge Accounting.
18.3. Issuance of Ordinary Bonds – Banistmo S.A. (Discontinued Operation)
Banistmo S.A., an operation classified as a discontinued operation, issued in 2025 bonds under its Revolving Bond Program totaling USD104,395, with interest rates ranging from 1.65% to 5.50% and maturities from 1 year to 5 years.
Banistmo S.A., issued bonds under the Revolving Bond Program in 2024, for USD106,868 with rates ranging from 5.70% to 6.35% and terms from 1 year to 2 years. In 2023 it issued bonds under the Revolving Bond Program, for USD58,062 each with a term of 1 year and rates ranging from 6.00% to 6.25%.
18.4. Issue of Banco Agrícola S.A. ordinary bonds.
Banco Agrícola, a subsidiary of Cibest Corporate Group, issued ordinary bonds in 2025 for USD7,000, at an interest rate of 6.30% and a maturity of 1 year.
Banco Agrícola a subsidiary of the Bank issued ordinary bonds in 2024 for USD21,382 with rates ranging from 7.00% to 7.05% and terms from 1 year to 1.5 years of which some were redeemed early.
For information related to the disclosures of fair value of the debt securities in issue, see Note 30. Fair value of assets and liabilities.
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The following is a schedule of the debt instruments in issue by maturity:
| Issuer | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Amount expected to be settled: | ||
| No more than twelve months after the reporting period | 1,048,169 | 1,297,811 |
| More than twelve months after the reporting period | 6,361,524 | 9,977,405 |
| Total | 7,409,693 | 11,275,216 |
As of December 31, 2025 and 2024, there were no financial covenants linked to the aforementioned securities in issue, except for some financial covenants related to the Banistmo S.A. social gender private placement bond. None of these covenants had been breached nor were the related obligations past due.
NOTE 19. EMPLOYEE BENEFIT PLANS
The following table shows liabilities relating to post-employment benefit and long-term benefit plans:
| Employee benefit plans | December 31,<br>2025 | December 31,<br>2024 |
|---|---|---|
| In millions of COP | ||
| 19.1 Defined benefit pension plan | 130,577 | 140,996 |
| 19.2 Severance obligation | 7,202 | 9,351 |
| 19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium | 208,892 | 222,786 |
| 19.4 Other long-term benefits | 600,939 | 581,168 |
| Total Post-employment and long-term benefit plans | 947,610 | 954,301 |
| Fair value Plan assets | - | 2,746 |
| Total Unfunded Post-employment and long-term benefit plans(1) | 947,610 | 951,555 |
(1) The accumulated amount as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. As of that date, it recorded employee benefits totaling COP 2,891, which were reclassified to Liabilities related to investments in subsidiaries held for sale. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
These benefits include all types of payments that Cibest Corporate Group provides to its employees. The recognition of liabilities related to post-employment and long-term employee benefit plans is based on actuarial computations which involve judgments and assumptions made by management (with the assistance of external actuaries) related to the future macroeconomic and employee demographic factors, among others, which will not necessarily coincide with the future outcome of such factors.
Post-employment benefits
19.1 Defined benefit pension plan
Colombia
Under Colombian law, employee pension obligations have been managed as a defined contribution plan since 1990. Bancolombia S.A.'s a Colombian bank legal retirement benefit obligation as of December 31, 2025 and 2024 relates to retired employees who rendered services to Bancolombia S.A. before the current regulations took effect. Under this unfunded plan, benefits are based on length of service and level of compensation. As of December 2025, 450 participants were covered by this plan, and as of December 2024, 478 participants.
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For purposes of the projected assessment of the pension plan obligation, in the absence of an extensive market for high-quality corporate debt, the sovereign bond curve of the Colombian government is used, with maturity similar to the residual life of the obligation of the projected benefit. The net cost of pensions is accounted for in the Consolidated Statement of Income as “salaries and employee benefits” and includes the interest costs and cost of current service.
| Defined benefit pension plan and other benefits | 2025 | 2024 |
|---|---|---|
| In millions of COP | ||
| Present value of the obligation as of January 1 | 103,247 | 101,778 |
| Interest cost | 10,756 | 10,459 |
| Benefits paid | (12,943) | (13,003) |
| Net actuarial (gain) / loss due to changes in assumptions | (5,241) | 2,229 |
| Net actuarial (gain) due to plan experience | (936) | (366) |
| Others | - | 2,150 |
| Defined obligation, unfunded as of December 31 | 94,883 | 103,247 |
Panamá
The Chase Manhattan Bank Corporation, N.A. (formerly “HSBC Bank Panamá”, later merged with Banistmo S.A. in 2000) offered a defined benefit pension plan based on the average salaries paid during the 120 most recent months prior to the employee's retirement date and the years of employment service. The right to this plan was obtained after 10 years of service with the organization. This individual plan covered a certain group of employees who were hired by Chase Manhattan Bank Corporation, N.A. and it was not extended to employees of HSBC Bank Panama, now Banistmo S.A.
As of December 31 of 2025, there were 33 participants (6 participants with deferred benefits and 27 participants receiving benefits).
| Defined benefit pension plan | 2025(1) | 2024 |
|---|---|---|
| In millions of COP | ||
| Present value of the obligation as of January 1 | 3,265 | 3,051 |
| Interest cost | 198 | 234 |
| Benefits paid from plan assets | (399) | (524) |
| Net actuarial loss due to changes in assumptions | 323 | 117 |
| Net actuarial gain due to plan experience | (5) | (63) |
| Foreign currency translation effect | (491) | 450 |
| Reclassification to liabilities related to assets held for sale(1) | (2,891) | - |
| Defined obligation, funded as of December 31 | - | 3,265 |
(1) The accumulated amount as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
Banistmo S.A. (Discontinued operation), has established a plan with assets to secure benefits promised by Banistmo to the employees entitled to participate in the Pension Plan for former Chase employees under the terms described above and to comply with Panama labor code, which specifies the terms of securing the payments to be made in the event of an employee’s termination (voluntary or involuntary) or upon retirement (termination indemnity plan).
Banistmo’s pension and post-retirement plan assets consider investments in fixed-term deposits and cash and due from banks, in order to reduce the investment risk. The plan assets are managed by a trustee (third party). Likewise, the assets allocation is periodically reviewed by Banistmo and, when necessary, adjusted according to the investment strategy. The plan's investment assets are measured at fair value using significant, unobservable market data and, therefore, are classified as Level 3.
The expected return on assets assumption represents the long term rate of return based on analysis of historical returns, historical asset class volatilities and the fund’s past experience.
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The following table details the change in plan assets:
| Banistmo’s Plan assets | 2025(1) | 2024 |
|---|---|---|
| In millions of COP | ||
| Fair value of assets as of January 1 | 2,746 | 2,765 |
| Interest income on plan assets | 112 | 129 |
| Benefits paid | (412) | (540) |
| Foreign currency translation effect | (385) | 392 |
| Reclassification to liabilities related to assets held for sale(1) | (2,061) | - |
| Fair value assets as of December 31 | - | 2,746 |
(1) The accumulated amount as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
Guatemala
Banco Agromercantil Guatemala S.A. has established a retirement pension plan for its employees. Under this plan, the employees are entitled to receive a lifetime payment of 50% of their monthly nominal wage, if they are 70 years old and have 30 years of service, or if they are 65 years old and have 40 years of service. On the other hand, employees are entitled to receive a lifetime payment of 70% of their monthly nominal wage, if they are 70 years old and have 40 years of service, or they are 65 years old and have 45 years of service.
| Defined benefit pension plan | 2025 | 2024 |
|---|---|---|
| In millions of COP | ||
| Present value of the obligation as of January 1 | 34,484 | 28,025 |
| Current cost of service | 1,233 | 1,136 |
| Interest cost | 2,819 | 2,657 |
| Benefits paid | (1,680) | (1,668) |
| Net actuarial loss / (gain) due to changes in assumptions(1) | 5,139 | (556) |
| Net actuarial (gain) due to plan experience | (886) | (61) |
| Foreign currency translation effect | (5,415) | 4,951 |
| Defined obligation, unfunded as of December 31 | 35,694 | 34,484 |
(1)The loss for the year 2025 was mainly due to the decrease in the discount rate from 9.10% in 2024 to 8.30% in 2025.
19.2 Severance obligation
Colombia
Under Colombian labor regulations, employees hired before 1990 are entitled to receive severance in an amount equal to one month’s salary for each year of service. This benefit accumulates and is paid to the employees upon their termination or retirement from Bancolombia S.A., subsidiary of Grupo Cibest S.A. calculated based on the employees’ last salary base; however, employees may request advances against this benefit at any time. In 1990, the Colombian government revised its labor regulations for new employees to permit companies, subject to the approval of the employees, to transfer this severance obligation annually to private pension funds (this scheme of employee benefits is known as the current severance obligation).
As of December 2025 and 2024, 63 and 82 participants, respectively, were covered by this plan.
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The balances recognized in the Consolidated Statement of Financial Position are listed below:
| Severance obligation | 2025 | 2024 |
|---|---|---|
| In millions of COP | ||
| Present value of the obligation as of January 1 | 9,351 | 14,360 |
| Current cost of service | 179 | 267 |
| Interest cost | 724 | 1,116 |
| Benefits paid | (4,219) | (5,369) |
| Net actuarial (gain) / loss due to changes in assumptions | (187) | 13 |
| Net actuarial loss / (gain) due to plan experience | 1,354 | (1,036) |
| Defined obligation, unfunded as of December 31 | 7,202 | 9,351 |
19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium
Colombia
Under Colombian labor regulations, employers and employees are entitled to negotiate private agreements. Grupo Cibest S.A.'s subsidiaries Bancolombia S.A., Valores Bancolombia S.A. Comisionista de Bolsa, Banca de Inversión Bancolombia S.A. Corporación Financiera and Fiduciaria Bancolombia S.A. Sociedad Fiduciaria employees participate in a defined benefit plan according to which they are entitled to receive, on the date of their retirement, a single payment.
El Salvador
By means of Decree 592 of 2013, under Salvadorian labor regulations, employees are entitled to receive 15 days of salary for each year of service. This benefit is payable upon retirement, resignation, unjustified dismissal, death and disability. As of December 31, 2025, and 2024, there were 3,089 and 3,023 participants respectively, covered by the plan.
Guatemala
Banco Agromercantil Guatemala S.A. has established a defined benefit plan for its employees. Under this plan, the employees are entitled to receive a one-off payment based on the number of years of service to the organization in the event of waiver before retirement. As of December 31, 2025, and 2024, there were 3,336 and 3,627 participants respectively, covered by the plan.
The annual change of the present value of the obligations of defined benefit plans is as follows:
| Retirement Pension Premium Plan | 2025 | 2024 |
|---|---|---|
| In millions of COP | ||
| Present value of the obligation as of January 1 | 222,786 | 195,295 |
| Current service cost | 22,552 | 20,632 |
| Interest cost | 17,591 | 18,157 |
| Benefits paid | (30,253) | (22,004) |
| Net actuarial (gain) / loss due to changes in assumptions | (8,714) | 1,046 |
| Net actuarial loss / (gain) due to plan experience | 1,630 | (6,103) |
| Foreign currency translation effect(1) | (16,700) | 15,763 |
| Defined obligation, unfunded as of December 31 | 208,892 | 222,786 |
(1)The actuarial gain in 2025 is mainly explained for Bancolombia S.A. by the departure of employees covered by the plan.
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19.4 Other long-term benefits
In addition to legal benefits and the aforementioned post-employment benefits, Cibest Corporate Group grants its employees other benefits based on the employees’ seniority. For the periods ended December 31, 2025 and December 31, 2024, the reconciliation of the other long-term benefits is set below:
| Other long term benefits | 2025 | 2024 |
|---|---|---|
| In millions of COP | ||
| Present value of the obligation as of January 1 | 581,168 | 543,210 |
| Current service cost | 62,262 | 57,653 |
| Interest cost | 60,434 | 56,157 |
| Loss from changes in demographic assumptions | 622 | - |
| Benefits paid | (64,933) | (62,762) |
| Net actuarial (gain) due to changes in assumptions(1) | (28,094) | (8,083) |
| Net actuarial (gain) due to plan experience | (3,136) | (11,655) |
| Foreign currency translation effect | (7,384) | 6,648 |
| Defined obligation, unfunded as of December 31 | 600,939 | 581,168 |
(1)In the case of Bancolombia S.A., in 2025 the discount rate increased from 11.00% to 12.25% and the nominal inflation rate from 5.40% to 5.50%, generating an actuarial gain of COP 24,426.
Defined contribution plans
The expense recognized in the line “Salaries and employee benefits” of the Consolidated Statement of Income for defined contribution plans, for current severance regimen and pension benefits, is as follows:
| Defined contribution plans | 2025 | 2024 |
|---|---|---|
| In millions of COP | ||
| Pension | 344,033 | 318,988 |
| Current severance regimen | 105,738 | 92,729 |
| Total | 449,771 | 411,717 |
The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows:
Colombia
| Main projected assumptions | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Discount rate | 12.25 % | 11.00 % |
| Rate of wage increase | 8.00 % | 7.90 % |
| Projected inflation | 5.50 % | 5.40 % |
| Rate of pension increase | 5.50 % | 5.40 % |
Bancolombia Panamá
| Main projected assumptions | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Discount rate | 6.50 % | 7.00 % |
| Rate of wage increase | 2.00 % | 2.00 % |
| Projected inflation | 2.00 % | 2.00 % |
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El Salvador
| Main projected assumptions | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Discount rate | 5.00 % | 5.20 % |
| Rate of wage increase | 2.50 % | 2.50 % |
| Projected inflation | 1.50 % | 1.50 % |
Guatemala
| Main projected assumptions | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Discount rate | 8.30 % | 9.10 % |
| Rate of wage increase | 5.00 % | 5.00 % |
| Projected inflation | 4.00 % | 4.00 % |
In 2025, assumptions regarding future longevity have been based on mortality tables, which reflect average ages of mortality from 30-60 years. The rate used to discount the obligation of the defined benefit plan to reflect the duration of the labor liabilities as of December 2025 corresponds to the yield of sovereign bonds of each country where the plan is established, either Colombia, Panama, Guatemala and El Salvador, as applicable, since the market transactions of these countries involving corporate bonds of high quality have no high levels of activity. The assumption of the rate of inflation is based on the long-term projection of the Central Bank of Colombia, Panama, Guatemala and El Salvador.
The nature of the risks related to the aforementioned obligations are summarized below:
| Investment risk | The present value of the obligation for the defined benefits plan is calculated using a discount rate determined with reference to high quality sovereign yields of each country. Currently, the plan includes investment in financial instruments that are not vulnerable to market risks |
|---|---|
| Interest rate risks | A reduction in the bond’s interest rate will increase the plan obligation; however, this will be partially offset by an increase in the return on the plan’s deposit investments. |
| Longevity risk | The present value of the obligation of the defined benefit plan is calculated with reference to the highest estimate of the mortality of participants during their time of employment. An increase in the life expectancy of the participants will increase the plan obligation |
| Salary risk | The present value of the obligation of the benefit plan is calculated with reference to the future salaries of the participants. As such, an increase in the participants’ wages will increase the obligation of the plan |
Estimated payment of future benefits
The payments of benefits, which reflect future service rendered, are considered to be paid as follows:
| Years | Pension Benefits | Other benefits |
|---|---|---|
| In millions of COP | ||
| 2026 | 15,425 | 107,959 |
| 2027 | 15,356 | 93,809 |
| 2028 | 15,302 | 107,480 |
| 2029 | 14,996 | 101,081 |
| 2030 | 14,588 | 101,310 |
| 2031 to 2035 | 64,604 | 541,849 |
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Sensitivity analysis
In presenting the sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method used to calculate the defined benefit obligation (DBO) recognized in the Statement of Financial Position. Obligations and expenses will change in the future as a result of future changes in the methods of projection and assumption, participant information, plan provisions, and regulations, or as resulting from future gains and losses.
There were no changes in the methods and assumptions used in preparing the sensitivity analyses from prior years.
Colombia
Defined benefit pension plan
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 12.50 % | 0.50% increase | (2,416) |
| Discount rate | 11.50 % | 0.50% decrease | 2,550 |
| Pension increases | 6.00 % | 0.50% increase | 2,905 |
| Pension decreases | 5.00 % | 0.50% decrease | (2,769) |
| Mortality Table | One year increase in life expectancy | 3,842 |
Retirement Pension Premium Plan
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 12.75 % | 0.50% increase | (5,112) |
| Discount rate | 11.75 % | 0.50% decrease | 5,534 |
| Salary increases | 8.50 % | 0.50% increase | 5,765 |
| Salary decreases | 7.50 % | 0.50% decrease | (5,359) |
Severance obligation
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 11.25 % | 0.50% increase | (71) |
| Discount rate | 10.25 % | 0.50% decrease | 73 |
| Salary increases | 8.50 % | 0.50% increase | 197 |
| Salary decreases | 7.50 % | 0.50% decrease | (194) |
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Guatemala
Defined Benefit Pension Plan
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 8.80 % | 0.50% increase | (3,097) |
| Discount rate | 7.80 % | 0.50% decrease | 3,558 |
| Salary increases | 5.50 % | 0.50% increase | 2,369 |
| Salary decreases | 4.50 % | 0.50% decrease | (2,126) |
Retirement Pension Premium Plan
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 7.50 % | 0.50% increase | (1,674) |
| Discount rate | 6.50 % | 0.50% decrease | 1,766 |
| Salary increases | 5.50 % | 0.50% increase | 1,792 |
| Salary decreases | 4.50 % | 0.50% decrease | (1,713) |
El Salvador
Retirement Pension Premium Plan
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 5.50 % | 0.50% increase | 975 |
| Discount rate | 4.50 % | 0.50% decrease | (1,054) |
| Salary increases | 3.00 % | 0.50% increase | (208) |
| Salary decreases | 2.00 % | 0.50% decrease | 249 |
Colombia
Other long-term benefits
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 12.50 % | 0.50% increase | (15,170) |
| Discount rate | 11.50 % | 0.50% decrease | 16,067 |
| Salary increases | 8.50 % | 0.50% increase | 16,576 |
| Salary decreases | 7.50 % | 0.50% decrease | (15,771) |
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Guatemala
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 7.50 % | 0.50% increase | (1,208) |
| Discount rate | 6.50 % | 0.50% decrease | 1,294 |
| Salary increases | 5.50 % | 0.50% increase | 1,316 |
| Salary decreases | 4.50 % | 0.50% decrease | (1,238) |
El Salvador
| Assumption | Value | (Increase/Decrease) | Effect on DBO |
|---|---|---|---|
| In millions of COP | |||
| Discount rate | 5.50 % | 0.50% increase | 151 |
| Discount rate | 4.50 % | 0.50% decrease | (161) |
Bonuses and short-term benefits
Short-term employment benefit plans recognized in the Consolidated Statement of Financial Position in the line “other liabilities” consist of the following:
| Other employment benefit plans | December 31,<br>2025 | December 31,<br>2024 |
|---|---|---|
| In millions of COP | ||
| Current severance obligation | 122,690 | 107,938 |
| Bonuses and short-term benefits(1) | 817,366 | 676,967 |
| Other employment benefit plans | 940,056 | 784,905 |
(1)The increase between December 31, 2025, and 2024, corresponds to the bonuses related to employees’ variable compensation. See Note 20 Other Liabilities.
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NOTE 20. OTHER LIABILITIES
Other liabilities consist of the following:
| Other liabilities | December 31, 2025 (1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Payables | 4,000,570 | 3,547,341 |
| Suppliers | 1,943,318 | 1,840,622 |
| Advances to obligations | 1,686,868 | 1,373,401 |
| Bonuses and short-term benefits | 817,366 | 676,967 |
| Deposits delivered as security(2) | 764,034 | 378,767 |
| Security contributions | 611,103 | 559,038 |
| Collection services | 475,233 | 480,202 |
| Salaries and other labor obligations | 445,258 | 428,077 |
| Provisions(3) | 382,655 | 439,095 |
| Advances in leasing operations and loans | 194,886 | 173,168 |
| Liabilities from contracts with customers(4) | 48,658 | 68,040 |
| Dividends(5) | 24,775 | 873,598 |
| Deferred interests | 23,616 | 106,058 |
| Other financial liabilities | 59,913 | 46,187 |
| Total | 11,478,253 | 10,990,561 |
(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025, which recorded other liabilities amounting to COP 729,354 that were reclassified to Liabilities related to investments in subsidiaries held for sale. For further information, see Note 1, Reporting Entity; Note 2.D12, Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31, Discontinued Operation.
(2)The increase is mainly due to international counterparties for derivative transactions.
(3) See Note 21. Provisions and contingent liabilities.
(4)See Note 25.3 Commissions, in the detail of accounts receivable balances and contract liabilities.
(5)Dividends payable corresponds to the distribution of profits. As of December 2024, these corresponded to the last aliquot of the dividends declared on the 2023 profits, which were paid in January 2025. The dividends declared in March 2025 were paid on April 1, for COP3,751,125. Likewise, an extraordinary dividend payment was made on April 29, 2025, for COP600,180. See Consolidated Statement of Changes in Equity, distribution of dividends.
NOTE 21. PROVISIONS AND CONTINGENT LIABILITIES
21.1. Provisions
The following tables show the detail of the provisions at December 31, 2025, and 2024:
As of December 31, 2025
| Judicial proceedings | Administrative proceedings(2) | Financial guarantees | Loan<br><br>commitments | Onerous contracts(3) | Total(4) | |
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Balance as of January 1, 2025 | 45,485 | 83,468 | 4,493 | 296,929 | 8,720 | 439,095 |
| Reclassification to liabilities related to investments in subsidiaries held for sale(1) | (4,232) | - | (383) | (34,836) | - | (39,451) |
| Additions recognized in the period | 24,484 | 15,139 | 7,854 | 125,193 | 5,357 | 178,027 |
| Provisions used during the period | (6,968) | (8,890) | - | - | (3,896) | (19,754) |
| Provisions reversed during the period | (8,813) | (834) | (2,222) | (145,967) | (2,781) | (160,617) |
| Translation adjustment | (1,086) | - | (71) | (13,488) | - | (14,645) |
| Final balance as of December 31, 2025 | 48,870 | 88,883 | 9,671 | 227,831 | 7,400 | 382,655 |
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(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For further information, see Note 1, Reporting Entity; Note 2.D12, Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31, Discontinued Operation..
(2)The balance mainly includes new provisions of COP 15,355 and an increase in existing provisions of COP 4,915.
(3)Onerous contracts corresponds to Renting Colombia S.A.S., whose maturity exceeds three years.
(4)The decrease mainly relates to Banistmo S.A. (a subsidiary classified as an asset held for sale), see Note 31 Discontinued operations.
As of December 31, 2024
| Judicial<br><br>proceedings(1) | Administrative<br><br>proceedings(2) | Financial<br><br>guarantees(3) | Loan<br><br>commitments | Onerous<br><br>contracts(4) | Total | |
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Balance as of January 1, 2024 | 50,812 | 92,380 | 2,238 | 252,381 | 3,300 | 401,111 |
| Additions recognized in the period | 36,347 | 1,038 | 2,599 | 169,878 | 5,420 | 215,282 |
| Provisions used during the period | (33,333) | (9,976) | - | - | - | (43,309) |
| Provisions reversed during the period | (11,362) | - | (407) | (138,052) | - | (149,821) |
| Translation adjustment | 1,581 | 26 | 63 | 12,722 | - | 14,392 |
| Effect of discounted cash flows | 1,440 | - | - | - | - | 1,440 |
| Final balance as of December 31, 2024 | 45,485 | 83,468 | 4,493 | 296,929 | 8,720 | 439,095 |
(1)The balance includes provisions mainly with Tuvacol S.A. and payments mostly with the processes of the municipality of Purificación Tolima and fiscal responsibility of the departmental comptroller's office of Cundinamarca.
(2)The balance mainly includes environmental remediation of the Santa Elena property (see Note 21.2. Contingent Liabilities) current Judicial Proceedings, and a contentious administrative proceedings arising from a difference in interpretation of the applicable income tax law for COP 15,655.
(3)The balance corresponds mainly to financial guarantees in Bancolombia S.A. and its increase is due to the new operations.
(4)Onerous contracts correspond to Renting Colombia S.A.S.
Litigation
As of December 31, 2025
| Duration of the litigation provision | Judicial proceedings | Administrative proceedings | Onerous contracts |
|---|---|---|---|
| In millions of COP | |||
| Litigation under 1 month | 31,092 | - | - |
| Litigation greater than 1 year and up to 3 years | 9,422 | 57,863 | - |
| Litigation greater than 3 years | 8,356 | 31,020 | 7,400 |
| Total | 48,870 | 88,883 | 7,400 |
As of December 31, 2024
| Duration of the litigation provision | Judicial proceedings | Administrative proceedings | Onerous contracts |
|---|---|---|---|
| In millions of COP | |||
| Litigation under 1 month | 25,746 | 373 | - |
| Litigation greater than 1 year and up to 3 years | 6,572 | 66,630 | - |
| Litigation greater than 3 years | 13,167 | 16,465 | 8,720 |
| Total | 45,485 | 83,468 | 8,720 |
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The following table shows the changes in the provision for financial guarantees and loan commitments during period at December 31, 2025, and 2024 with the expected credit loss model:
| Stage 1 | Stage 2 | Stage 3 | Total | |
|---|---|---|---|---|
| Balance as of January 1, 2025 | 156,056 | 78,380 | 66,986 | 301,422 |
| Transfers | 20,656 | (9,867) | (10,789) | - |
| Transfer to stage 1 | 29,755 | (20,164) | (9,591) | - |
| Transfer to stage 2 | (5,634) | 14,210 | (8,576) | - |
| Transfer to stage 3 | (3,465) | (3,913) | 7,378 | - |
| Reclassification to liabilities related to investments in subsidiaries held for sale(1) | (13,784) | (21,048) | (387) | (35,219) |
| Provisions recognized during the period | 63,517 | 26,002 | 43,528 | 133,047 |
| Provisions reversed during the period | (100,991) | (23,973) | (23,225) | (148,189) |
| Translation adjustment | (8,297) | (5,194) | (68) | (13,559) |
| Balance as of December 31, 2025 | 117,157 | 44,300 | 76,045 | 237,502 |
(1) The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For further information, see Note 1, Reporting Entity; Note 2.D12, Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31, Discontinued Operation.
| Stage 1 | Stage 2 | Stage 3 | Total | |
|---|---|---|---|---|
| Balance as of January 1, 2024 | 158,337 | 45,058 | 51,224 | 254,619 |
| Transfers | 5,186 | 4,587 | (9,773) | - |
| Transfer to stage 1 | 12,161 | (6,950) | (5,211) | - |
| Transfer to stage 2 | (4,383) | 14,688 | (10,305) | - |
| Transfer to stage 3 | (2,592) | (3,151) | 5,743 | - |
| Provisions recognized during the period | 74,787 | 51,131 | 44,387 | 170,305 |
| Provisions reversed during the period | (91,105) | (26,271) | (18,911) | (136,287) |
| Translation adjustment | 8,851 | 3,875 | 59 | 12,785 |
| Balance as of December 31, 2024 | 156,056 | 78,380 | 66,986 | 301,422 |
Judicial proceedings
Judicial provisions refer to pending legal proceedings on employment matters, ordinary lawsuits, class actions suits, civil actions within criminal prosecutions and executive proceedings against Cibest Corporate Group. In the opinion of management, after receiving pertinent legal advice, the payments estimated to be made in connection with these proceedings will not generate significant losses in addition to the provisions recognized as of December 31, 2025 and 2024. In addition, Cibest Corporate Group does not expect to obtain any reimbursement from judicial proceedings raised against it and, therefore, has not recognized any assets for that purpose, see Note 21.2 Contingent liabilities.
Onerous contracts
For Cibest Corporate Group, an onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.
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Financial guarantees
The table below shows the maximum exposure to credit risk and provision based on the bank´s internal credit rating system, 12 months Basel PD range and year-end stage classification:
As of December 31, 2025
| Standard | PD range | Stage 1 | Stage 2 | Stage 3 | Total(1) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Exposure | Provision | Exposure | Provision | Exposure | Provision | Exposure | Provision | ||||||||||
| Normal risk | 0% - 3.11% | 5,775,002 | 9 | 4,750 | - | - | - | 5,779,752 | 9 | ||||||||
| Acceptable risk | > 3.11% - 11.15% | 103,636 | 1 | 772 | - | - | - | 104,408 | 1 | ||||||||
| Appreciable risk | > 11.15% - 72.75% | 507,049 | 1 | 11,067 | 1 | - | - | 518,116 | 2 | ||||||||
| Significant risk | > 72.75% - 89.89% | - | - | - | - | - | - | - | - | ||||||||
| Bad risk | > 89.89% - 100% | - | - | - | - | 152,549 | 9,659 | 152,549 | 9,659 | ||||||||
| Total | 6,385,687 | 11 | 16,589 | 1 | 152,549 | 9,659 | 6,554,825 | 9,671 |
As of December 31, 2024
| Standard | PD range | Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Exposure | Provision | Exposure | Provision | Exposure | Provision | Exposure | Provision | ||||||||||
| Normal risk | 0% - 3.11% | 9,738,866 | 12 | 267 | - | - | - | 9,739,133 | 12 | ||||||||
| Acceptable risk | > 3.11% - 11.15% | 173,730 | 14 | 10,563 | 1 | 8,000 | 2 | 192,293 | 17 | ||||||||
| Appreciable risk | > 11.15% - 72.75% | 14,123 | 1 | 6,970 | 3 | 48,221 | - | 69,314 | 4 | ||||||||
| Significant risk | > 72.75% - 89.89% | - | - | - | - | - | - | - | - | ||||||||
| Bad risk | > 89.89% - 100% | - | - | - | - | 143,561 | 4,460 | 143,561 | 4,460 | ||||||||
| Total | 9,926,719 | 27 | 17,800 | 4 | 199,782 | 4,462 | 10,144,301 | 4,493 |
The following table shows the maturity schedule for financial guarantees as of December 31, 2025, and 2024:
As of December 31, 2025
| Maturity | Financial guarantees(1) |
|---|---|
| In millions of COP | |
| Guarantees under 1 month | 759,832 |
| Guarantees greater than 1 month and up to 3 months(1) | 1,018,158 |
| Guarantees greater than 3 months and up to 1 year (1) | 2,842,203 |
| Guarantees greater than 1 year and up to 3 years(2) | 1,249,931 |
| Guarantees greater than 3 years and up to 5 years | 632,287 |
| Guarantees greater than 5 years | 52,414 |
| Total | 6,554,825 |
(1) The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For further information, see Note 1, Reporting Entity; Note 2.D12, Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31, Discontinued Operation.
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As of December 31, 2024
| Maturity | Financial guarantees |
|---|---|
| In millions of COP | |
| Guarantees under 1 month | 744,077 |
| Guarantees greater than 1 month and up to 3 months(1) | 1,498,132 |
| Guarantees greater than 3 months and up to 1 year(1) | 5,036,939 |
| Guarantees greater than 1 year and up to 3 years(2) | 2,135,249 |
| Guarantees greater than 3 years and up to 5 years | 60,876 |
| Guarantees greater than 5 years | 669,028 |
| Total | 10,144,301 |
The total amount outstanding is the maximum potential payments which represent a “worse-case scenario” and does not reflect expected results.
Loan commitments
The following table shows the maturity schedule for loan commitments as of December 31, 2025, and 2024:
As of December 31, 2025
| Maturity | Loan commitments |
|---|---|
| In millions of COP | |
| Commitments under 1 month | 409,239 |
| Commitments greater than 1 month and up to 3 months | 175,825 |
| Commitments greater than 3 months and up to 1 year | 7,894,165 |
| Commitments greater than 1 year and up to 3 years | 1,158,023 |
| Commitments greater than 3 years and up to 5 years | 3,274,107 |
| Commitments greater than 5 years | 151,615 |
| Total(1) | 13,062,974 |
(1) The variation corresponds mainly to Bancolombia S.A. and Bancolombia Panama S.A.
As of December 31, 2024
| Maturity | Loan commitments |
|---|---|
| In millions of COP | |
| Commitments under 1 month | 606,027 |
| Commitments greater than 1 month and up to 3 months | 20,060 |
| Commitments greater than 3 months and up to 1 year | 5,962,608 |
| Commitments greater than 1 year and up to 3 years | 2,100,683 |
| Commitments greater than 3 years and up to 5 years | 2,959,532 |
| Commitments greater than 5 years | 395,847 |
| Total | 12,044,757 |
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21.2. Contingent liabilities
As of December 31, 2025, Cibest Corporate Group does not have any liability resulting from administrative or judicial proceedings.
Please find below a list of liabilities arising from judicial or administrative proceedings involving entities whose financial statements are consolidated as of December 31, 2025, representing liabilities in excess of USD28,149
Some judicial proceedings involving claims for lower amounts, which were disclosed in the consolidated financial statements of Bancolombia S.A. in prior periods, are included herein to provide updated information to the reader.
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 is 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 December 31, 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 judgment in favor of Bancolombia S.A. The plaintiffs filed an appeal against the first instance judgment. As of December 31, 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 Algodoneros 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 three stages: Stage I, Stage II, and Stage III.
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As of December 31, 2025, the ANLA's decision regarding the complementary studies of Stage I is still pending. Stage II concluded with the submission to ANLA of the report on the findings from the soil study. Likewise, pre-feasibility activities for Stage III are underway, and the implementation continues for the social management plan with the communities in the area of influence of the remediation plan, the emergency and contingency plan, the hazardous waste management plan, and the biotic environment protection plan.
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 III and the supervening requirements of the competent authorities. As of December 31, 2025, there is a provision of COP 55,910 to attend the execution of the pending activities of the plan.
Constructora Primar S.A.S. (COMPLETED)
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 is 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 December 31, 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.
The initial hearing has not been held. On August 15, 2025, a favorable ruling was issued for Bancolombia. Tuvacol filed an appeal against the decision. As of December 31, 2025, the case is pending a decision by the second-instance judge. 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 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 is COP 128,599.
On August 24, 2023, the First Instance Court issued a favorable judgment to Fiduciaria Bancolombia. As of December 31, 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.
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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 USD11,116 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 USD6,341 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 December 31, 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
Cordal filed a lawsuit against Arrendadora Financiera, seeking compensation for USD6,454. 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 December 31, 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 USD7,000 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 December 31, 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) of 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 USD13,583 (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 December 31, 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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BANISTMO (Discontinued operation)
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 is USD10,000, 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 December 31, 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 USD299, through Visa Gift Cards issued by a foreign bank. These payments were received as a partial payment of 2 apartments located in Panamá City.
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 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 USD5,252,000. 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 December 31, 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 USD1,900 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 USD28,100 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 December 31, 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 not provision for this proceeding.
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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 is USD 15,000.
As of December 31, 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.
NOTE 22. SHARE CAPITAL
The subscribed and paid-in capital is the following:
| Share capital | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Authorized shares | 1,400,000,000 | 1,400,000,000 |
| Subscribed and paid-in shares: | ||
| Common shares with a nominal value of COP 500 pesos | 509,704,584 | 509,704,584 |
| Preferred shares with dividend without voting rights with nominal value of COP 500 pesos | 452,122,416 | 452,122,416 |
| Total subscribed and paid-in shares | 961,827,000 | 961,827,000 |
| Subscribed and paid capital (nominal value, in millions of COP) | 480,914 | 480,914 |
Dividends declared
The declaration, amount, and payment of dividends are based on the unconsolidated net income of Cibest S.A. Dividends must be approved by the Ordinary General Shareholders’ Meeting, following the recommendation of the Board of Directors and Management. Under the Colombian Commercial Code, after payment of income taxes and appropriation of legal and other reserves, and after setting off losses from prior fiscal years, Grupo Cibest S.A. must distribute to its stockholders at least 50% of its annual net income or 70% of its annual net income if the total amount of reserves exceeds its outstanding capital, unless such minimum percentages are waived by an affirmative vote of the holders of at least 78% of the shares present at the stockholders’ meeting. Such dividend distribution must be made to all stockholders, in cash or in issued stock of Grupo Cibest S.A., as may be determined by the stockholders, and within a year from the date of the annual general ordinary stockholders' meeting in which the dividend was declared.
Dividend payments must be made in cash on the dates defined by the Shareholders’ Meeting at its annual meeting and for all shareholders. If the payment is made in the Grupo Cibest S.A.’s own equity securities instead of cash, that must be approved by 80% of the outstanding common shareholders and 80% of the outstanding Preferred Shares and subscribed without voting rights.
The annual net profits of Grupo Cibest S.A. must be applied as follows: (i) first, an amount equal to 10% of net profits to a legal reserve until such reserve is equal to at least 50% of the paid-in capital; (ii) second, to the payment of the minimum
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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 required majority in accordance with the law and the bylaws.
| Dividends declared with respect to<br><br>net income earned in: | Cash dividends per share<br><br>(Stated in COP) |
|---|---|
| 2025 | – |
| 2024(1) | 4,524 |
| 2023 | 3,536 |
| 2022 | 3,536 |
| 2021 | 3,120 |
(1) During 2025, it includes an ordinary dividend of COP 3,900 and an extraordinary dividend of COP 624; see the Consolidated Statement of Changes in Equity.
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 and without voting rights
Holders of Preferred Shares are entitled to receive dividends based on the net profits of the preceding fiscal year, after deducting losses affecting the capital and once the amount that shall be legally set apart for the legal reserve has been deducted, but before creating or accruing for any other reserve, of a non-cumulative minimum preferred dividend equal to one percent (1%) yearly of the subscription price of the Preferred Share, provided this dividend is higher than the dividend assigned to Common Shares. If this is not the case, the dividend shall be increased to an amount that is equal to the per share dividend on the Common Shares.
Payment of the preferred dividend shall be made at the time and in the manner established in the general shareholders’ meeting and with the priority indicated by Colombian law.
Any dividend in shares requires the approval of 80% or more of the shares present at a shareholders’ meeting, including at least 80% of the outstanding Preferred Shares. In the absence of such Preferred Shares holders, a stock dividend may be payable only to the holders of Common Shares that approve this payment.
Reserved Shares
Stocks that are available between maximum authorized shares and paid-in shares. Grupo Cibest S.A. has 438,173,000 shares held in reserve.
Repurchased Own Shares
On June 9, 2025, the General Shareholders’ Meeting approved a repurchase program for shares and ADRs. For more information, see Note 1 – Reporting Entity. During the period, the entity repurchased its own shares (common and preferred), which are presented as a deduction from equity in the Consolidated Statement of Financial Position, in
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accordance with IAS 32. These shares do not confer political or economic rights while held by the entity. For more information, see Note 23 – Appropriated Reserves and Consolidated Statement of Changes in Equity.
| Concept | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Subscribed and paid common shares | 509,704,584 | 509,704,584 |
| Repurchased common shares(1) | (601,452) | – |
| Total common shares outstanding | 509,103,132 | 509,704,584 |
| Subscribed and paid preferred shares | 452,122,416 | 452,122,416 |
| Repurchased preferred shares(2) | (8,010,884) | – |
| Total preferred shares outstanding | 444,111,532 | 452,122,416 |
| Total shares outstanding | 953,214,664 | 961,827,000 |
(1) The total cost of the repurchased Common Shares is COP 34,706.
(2) The total cost of the repurchased Preferred Shares is COP 396,712.
NOTE 23. APPROPRIATED RESERVES
As of December 31, 2025, and 2024, the appropriated retained earnings consist of the following:
| Item | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Appropriation of net income(1)(2) | 11,491,577 | 12,700,961 |
| Other(3) | 11,025,979 | 9,874,876 |
| For share repurchase(4) | 918,582 | — |
| Total appropriated reserves | 23,436,138 | 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 December 31, 2025, and 2024, includes reclassification of unclaimed dividends under Article 85 Bylaws for COP 2,096 and COP 506, respectively.
(3)Corresponds to occasional reserve for equity strengthening and future growth continues which was approved at the General Shareholders Meeting.
(4)The movement of the reserve for share repurchase is as follows:
| Concept | December 31, 2025 |
|---|---|
| In millions of COP | |
| Establishment of reserve for share repurchase(1) | 1,350,000 |
| Repurchase of common shares(2) | 34,706 |
| Repurchase of preferred shares(3) | 396,712 |
| Balance of reserves for share repurchase | 918,582 |
(1) On June 9, 2025, the General Shareholders’ Meeting approved a repurchase program for shares and ADRs and approved a change in the legal reserve for the creation of a reserve designated for the repurchase of shares. For more information, see Note 1. Reporting Entity and Consolidated Statement of Changes in Equity.
(2) As of December 31, 2025, 601,452 Common Shares have been repurchased.
(3) As of December 31, 2025, 8,010,884 Preferred Shares have been repurchased.
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NOTE 24. UNCONSOLIDATED STRUCTURED ENTITIES
Nature and risks associated with Cibest Corporate Group’s interests in unconsolidated structured entities
The term "unconsolidated structured entities" refers to all structured entities that are not controlled by Cibest Corporate Group. Cibest Corporate Group manage transactions with unconsolidated structured entities to facilitate customer transactions and for specific investment opportunities.
The table below shows the total assets of unconsolidated structured entities in which Cibest Corporate Group had an interest at the reporting date and its maximum exposure to loss in relation to those interests.
As of December 31, 2025
| Securitizations | Managed funds(1)(2) | Total | |
|---|---|---|---|
| In millions of COP | |||
| Total assets of the entities | 599,521 | 187,365,295 | 187,964,816 |
| Interest in assets | |||
| Investments at fair value through profit or loss | 62,813 | - | 62,813 |
| Investments at fair value through other comprehensive income | 8,359 | - | 8,359 |
| Loans and advances to customers | - | 10,301,573 | 10,301,573 |
| Total assets in relation to interests in the unconsolidated structured entities | 71,172 | 10,301,573 | 10,372,745 |
| Maximum exposure | 71,172 | 10,301,573 | 10,372,745 |
| Fee income(1) | 2,493 | 616,547 | 619,040 |
(1) The accumulated amount as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale as of December 18, 2025, which reported a total managed assets of COP 9,220,308 and fee income of COP 7,682. For more information see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations and Note 31. Discontinued Operation.
(2) During 2025, Grupo Cibest S.A. was established as the parent company. For more information, see Note 1. Reporting Entity.
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As of December 31, 2024
| Securitizations | Managed funds | Total | |
|---|---|---|---|
| In millions of COP | |||
| Total assets of the entities | 792,368 | 176,591,828 | 177,384,196 |
| Interest in assets | |||
| Investments at fair value through profit or loss | 68,710 | - | 68,710 |
| Investments at fair value through other comprehensive income | 8,649 | - | 8,649 |
| Loans and advances to customers | - | 8,435,301 | 8,435,301 |
| Total assets in relation to interests in the unconsolidated structured entities | 77,359 | 8,435,301 | 8,512,660 |
| Maximum exposure | 77,359 | 8,435,301 | 8,512,660 |
| Fee income | 3,065 | 558,877 | 561,942 |
Securitizations
Cibest Corporate Group invest in asset-backed securities issued by securitization entities whose underlying assets are mortgages originated by financial institutions. Cibest Corporate Group does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in TIPS in the local market and accounted for as investment at fair value through profit or loss and residual rights accounted for as investment at fair value through other comprehensive income. These asset-backed securities have different maturities and are generally classified by credit ratings. Cibest Corporate Group does not expect significant changes in those ratings. Cibest Corporate Group also retain beneficial interests in the form of servicing fees on securitized mortgages.
Cibest Corporate Group’s managed funds
Cibest Corporate Group managed trust funds comprise the following business lines: real estate, mutual funds sold to individuals, escrow accounts, private equity funds, and the social security system. Generally, the related income correspond to the fees received from the management of resources that are invested in financial instruments and management of assets and resources related to real estate projects in progress or assets for which legal title may or may not be transferred, to be managed in accordance with the terms agreed with the trustor. Likewise, Cibest Corporate Group receive fees for management assets pledged as collateral for customers’ commitments and obligations, and fees from management of resources of government agencies and entities.
On the other hand, there is no additional exposure to loss, such as funding commitments with regards to Cibest Corporate Group’s involvement with those entities.
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NOTE 25. OPERATING INCOME
25.1. Interest and valuation on financial instruments
The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2025, 2024 and 2023:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| In millions of COP | |||
| Interest on debt instruments using the effective interest method | 714,677 | 728,238 | 741,684 |
| Interest and valuation on financial instruments | |||
| Debt investments | 1,380,073 | 1,289,472 | 614,609 |
| Derivatives(1) | 41,679 | 150,808 | (158,635) |
| Spot transactions | 30,390 | (10,817) | (43,528) |
| Repos(2) | (16,036) | 236,050 | 136,773 |
| Total valuation on financial instruments | 1,436,106 | 1,665,513 | 549,219 |
| Total Interest and valuation on financial instruments | 2,150,783 | 2,393,751 | 1,290,903 |
| Discontinued operations Banistmo S.A.(3) | 353,881 | 328,428 | 317,162 |
| --- | --- | --- | --- |
(1) The decrease is mainly attributable to valuation of swaps and forwards in Bancolombia.
(2) The decrease is mainly attributable to lower returns from repurchase agreement transactions in Bancolombia.
(3) The accumulated amount as of December 31, 2025, and 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
25.2. Interest expenses
The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2025, 2024 and 2023:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| In millions of COP | |||
| Deposits(1) | 10,329,525 | 11,287,066 | 12,514,706 |
| Borrowing costs(1)(2) | 826,461 | 1,117,354 | 1,398,923 |
| Debt instruments in issue(3) | 682,323 | 1,074,281 | 1,307,383 |
| Lease liabilities | 111,114 | 107,408 | 83,916 |
| Preferred shares | 56,974 | 57,701 | 57,701 |
| Overnight funds | 16,748 | 3,190 | 10,443 |
| Other interest (expense) | 38,081 | 40,660 | 57,111 |
| Total interest expenses | 12,061,226 | 13,687,660 | 15,430,183 |
| Discontinued operations Banistmo S.A.(4) | 1,241,640 | 1,336,251 | 1,238,112 |
| --- | --- | --- | --- |
(1)The intervention rate issued by the Banco de la República de Colombia for the period of 2025 started at 9.50% and closed at 9.25%, for 2024 it started at 13.00% and closed at 9.50% and for 2023 it started at 12.00% and closed at 13.00%. This has an impact on the rates of deposits and financial obligations.
(2) The decrease is mainly in Bancolombia S.A due to the effect of the decline in the balance of foreign obligations loans.
(3) In 2025, the decrease is mainly explained by the lower amortization of deferred charges associated with bond repurchases carried out in 2024, as well as by the reduction in interest expense resulting from the maturities of debt securities denominated in local currency.
(4) The accumulated amount as of December 31, 2025, and 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12.
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Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
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 17,889,453 COP 17,371,017 and COP 18,137,054 for the years ended on December 31, 2025, 2024 and 2023, respectively.
25.3. Fees and commissions
Cibest Corporate Group 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 Contracts with Customers.
In the following table, the description of the main activities through which Cibest Corporate Group 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. Grupo Cibest S.A. and its subsidiaries 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 generated by the credit card product (issuer) includes cash advance commissions. This commission income is charged each time a customer makes a cash advance, whether domestically or internationally, at ATMs owned or not owned by the issuer, or through a physical branch. The interchange fee is revenue for the credit card issuer for services provided to the merchant for transactions processed at the point of sale. This fee is accrued and collected immediately from the merchant 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. |
| Deposits | Deposits are related to the services generated from the offices network once a customer makes a transaction. Cibest Corporate Group generally commits to maintain active channels for the products that the customer has, 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. Cibest Corporate Group 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, which are enabled by Cibest Corporate Group. These include online and real-time payments by the customers of Cibest Corporate Group 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 Cibest Corporate Group, through electronic equipment, generates consideration chargeable to the customer established contractually as a fee. Cibest Corporate Group 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 behalf 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. Cibest Corporate Group acts generally as principle and in some special cases as agent. |
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| Remittance | Revenue for remittance is received as consideration for the commitment established 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 Cibest Corporate Group. 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 Cibest Corporate Group 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 Cibest Corporate Group 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. |
| Placement of Securities | Cibest Corporate Group makes available its commercial strength for the deposit, reinvestment of resources through financial instruments to the issuing company. It receives 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 Cibest Corporate Group. The collection is made monthly. It is established that Cibest Corporate Group may undertake collection of these commissions at the end of the month through a collection account charged to the issuer, acting as principal. |
| Bancassurance | Cibest Corporate Group 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. Cibest Corporate Group 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 | Cibest Corporate Group acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by Cibest Corporate Group, 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, Cibest Corporate Group receives a fixed payment, which is received for each transaction once the contract is in effect. |
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| Services | These are the maintenance services performed on the fleet owned by the customers of Renting Colombia S.A.S., 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 25.4 Other operational Income. |
|---|---|
| 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. Cibest Corporate Group 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 25.4 Other operational Income. |
Cibest Corporate Group 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 Cibest Corporate Group segments see Note 3. Operating segments:
As of December 31, 2025
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International Banking | Leases(1) | All Other<br><br>Segments | Total | Discontinued operation Banking Panama(2) | |
|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | In millions of COP | |||||||
| Fees and Commissions income | ||||||||
| Credit and debit card fees and commercial establishments | 2,815,114 | 339,492 | 103,514 | 1,690 | - | - | 3,259,810 | 260,524 |
| Banking services | 738,887 | 183,023 | 62,462 | 47,505 | - | 62,802 | 1,094,679 | 118,747 |
| Payment and collections | 1,136,610 | - | - | - | - | - | 1,136,610 | 7,611 |
| Bancassurance | 1,090,888 | 12 | - | - | - | 1 | 1,090,901 | 64,711 |
| Fiduciary Activities and Securities | - | 9,266 | 893 | 50 | - | 634,665 | 644,874 | 7,682 |
| Acceptances, Guarantees and Standby Letters of Credit | 69,154 | 4,802 | 1,761 | 600 | - | - | 76,317 | 27,701 |
| Placement of securities | - | 3,709 | - | - | - | 102,943 | 106,652 | - |
| Brokerage | - | - | - | - | - | 42,214 | 42,214 | - |
| Others | 301,218 | 89,681 | 62,950 | 5,820 | 4 | 16,824 | 476,497 | 32,270 |
| Total revenue of contracts with customers | 6,151,871 | 629,985 | 231,580 | 55,665 | 4 | 859,449 | 7,928,554 | 519,246 |
(1)In 2025, the leasing segment is presented separately. For comparative purposes, the 2024 information has been restated, as in that period these operations were included within ‘All other segments’.
(2) The accumulated amount as of December 31, 2025, corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
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As of December 31, 2024
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International<br><br>Banking | Leases(1) | All Other<br><br>Segments | Total | Discontinued operation Banking Panama(2) | |
|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | In millions of COP | |||||||
| Fees and Commissions income | ||||||||
| Credit and debit card fees and commercial establishments | 2,657,690 | 257,697 | 85,842 | 1,934 | - | - | 3,003,163 | 282,610 |
| Banking services | 694,554 | 166,713 | 65,432 | 43,540 | - | 34,580 | 1,004,819 | 131,958 |
| Payment and collections | 1,024,053 | - | - | - | - | - | 1,024,053 | 15,735 |
| Bancassurance | 958,311 | 47 | - | - | - | 13 | 958,371 | 67,193 |
| Fiduciary Activities and Securities | - | 6,515 | 902 | 50 | - | 544,820 | 552,287 | 18,964 |
| Acceptances, Guarantees and Standby Letters of Credit | 73,302 | 5,789 | 1,881 | 679 | - | - | 81,651 | 27,364 |
| Placement of securities | - | 2,097 | - | - | - | 78,120 | 80,217 | 1,670 |
| Brokerage | - | - | - | - | - | 20,648 | 20,648 | 16,473 |
| Others | 252,445 | 76,876 | 57,721 | 5,698 | 292 | 8,271 | 401,303 | 359 |
| Total revenue of contracts with customers | 5,660,355 | 515,734 | 211,778 | 51,901 | 292 | 686,452 | 7,126,512 | 562,326 |
(1)In 2025, the leasing segment is presented separately. For comparative purposes, the 2024 information has been restated, as in that period these operations were included within ‘All other segments’.
(2) The accumulated amount as of December 31, 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
As of December 31, 2023
| Banking<br><br>Colombia | Banking El<br><br>Salvador | Banking<br><br>Guatemala | International<br><br>Banking | Leases | All Other<br><br>Segments | Total | Discontinued operation Banking Panama | |
|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | In millions of COP | |||||||
| Fees and Commissions income | ||||||||
| Credit and debit card fees and commercial establishments | 2,467,174 | 233,049 | 95,833 | 1,992 | - | - | 2,798,048 | 272,380 |
| Banking services | 593,729 | 157,386 | 68,857 | 37,746 | - | 23,574 | 881,292 | 110,271 |
| Payment and collections | 950,167 | - | - | - | - | - | 950,167 | 15,236 |
| Bancassurance | 924,280 | 77 | - | - | - | 259 | 924,616 | 72,705 |
| Fiduciary Activities and Securities | - | 6,399 | 851 | 54 | - | 436,009 | 443,313 | 20,233 |
| Acceptances, Guarantees and Standby Letters of Credit | 72,335 | 5,211 | 3,173 | 1,803 | - | - | 82,522 | 25,159 |
| Placement of securities | - | 1,225 | - | - | - | 66,616 | 67,841 | 980 |
| Brokerage | - | - | - | - | - | 11,140 | 11,140 | 15,568 |
| Others | 244,414 | 76,221 | 54,486 | 5,633 | - | 8,255 | 389,009 | 398 |
| Total revenue of contracts with customers | 5,252,099 | 479,568 | 223,200 | 47,228 | - | 545,853 | 6,547,948 | 532,930 |
For the determination of the transaction price, Cibest Corporate Group 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 Cibest Corporate Group 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.
No changes in the transaction price were identified in the transactions evaluated within the contracts.
Contract assets with customers
Cibest Corporate Group receives payments from customers based on the provision of the service, in accordance to that established in the contracts. When Cibest Corporate Group 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, Cibest Corporate Group does not have assets related to contracts with customers.
As a practical expedient, Cibest Corporate Group recognizes the incremental costs of obtaining a contract as an expense when the amortization period of the asset is one year or less.
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Contract liabilities with customers
The contract liabilities constitute the obligation of Cibest Corporate Group to transfer the services to a customer, for which Cibest Corporate 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.
The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2025, 2024 and 2023:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| In millions of COP | |||
| Accounts receivable from contracts with customers(1) | 261,425 | 257,262 | 259,516 |
| Liabilities from contracts with customers(2)(3)(4) | 48,658 | 68,040 | 60,128 |
(1) Allowances for receivables from customers are COP 21,633, COP 23,639 and COP 21,591 for the year 2025, 2024 and 2023, respectively. (2) Contract liabilities are mainly related to commissions received from customers when financial guarantees are issued. They are recognized as income during the term of the contract, according to the form and frequency of payment of the commissions. The weighted-average expected period for income recognition as of December 31, 2025, and as of December 31, 2024,was 1.6 and as of December 31, 2023 was 1.4. (3) During the years 2025, 2024 and 2023, income was recognized for COP 38,614, COP 45,848 and 47,898 respectively from the liability of contracts with clients at the beginning of the period. (4) See Note 20. Other liabilities.
The contract liabilities increased COP 19,382 in 2025 and COP 7,912 in 2024. The changes in contract liabilities are mainly due to the impact of the reclassification of Banistmo S.A. as an asset held for sale.
Fees and Commissions Expenses
The following table sets forth the detail of commissions expenses for the year ended December 31, 2025, 2024, and 2023:
| Fees and Commissions Expenses | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions of COP | |||
| Banking services | 1,737,216 | 1,458,363 | 1,264,377 |
| Sales, collections, and other services | 889,356 | 894,836 | 855,480 |
| Correspondent banking | 618,969 | 620,818 | 507,586 |
| Payments and collections | 77,008 | 46,792 | 41,820 |
| Others | 251,061 | 204,573 | 169,120 |
| Total expenses for commissions | 3,573,610 | 3,225,382 | 2,838,383 |
| Discontinued operation Banistmo S.A.(1) | 261,793 | 286,392 | 258,897 |
(1) The accumulated amount as of December 31, 2025 and 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
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25.4. Other operating income
The following table sets forth the detail of other operating income, net for the years ended December 31, 2025, 2024 and 2023:
| Other operating income | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions of COP | |||
| Leases and related services(1) | 1,748,321 | 1,827,163 | 1,771,016 |
| Net foreign exchange and Derivatives Foreign exchange contracts(2) | 989,902 | 421,904 | 1,208,515 |
| Gains on sale of assets(3) | 236,962 | 101,898 | 172,389 |
| Investment property valuation(4) | 109,781 | 200,256 | 197,526 |
| Insurance(5) | 85,687 | 85,993 | 86,330 |
| Logistics services | 62,041 | 47,880 | 136,118 |
| Other reversals | 31,942 | 72,574 | 66,958 |
| Penalties for failure to contracts | 4,194 | 7,952 | 13,855 |
| Others | 303,244 | 210,490 | 290,005 |
| Total Other operating income | 3,572,074 | 2,976,110 | 3,942,712 |
| Discontinued operations Banistmo S.A.(6) | 24,905 | 65,875 | 36,938 |
| --- | --- | --- | --- |
(1) Corresponds to operating leases for COP 724,656, COP 795,179 and COP 833,244, other related leasing services for COP 629,473, COP 671,251 and COP 660,442 (see Note 11.1 lessor), property leases for COP 360,610, COP 325,286 and COP 228,325 (see Note 9. Investment properties) and other assets leases for COP 33,582, COP 35,447, COP 49,005 for the years ended December 31, 2025, 2024, and 2023 respectively.
(2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar.
(3) Corresponds mainly to higher gains on assets held for sale, mostly vehicles.
(4) The variation occurs due to the indexation of properties to the UVR and due to updating the appraisals of investment properties.
(5)Corresponds to income from insurance operations of Seguros Agromercantil S.A., subsidiary domiciled in Guatemala.
(6)The accumulated amount as of December 31, 2025, and 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
25.5. Dividends and net income on equity investments
The following table sets forth the dividends and net income on equity investments for the years ended December 31, 2025, 2024 and 2023:
| Dividends and net income on equity investments | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions of COP | |||
| Equity method(1) | 348,962 | 222,572 | 113,115 |
| Dividends(2) | 145,807 | 130,312 | 115,528 |
| Equity investments and other financial instruments(3) | 68,867 | 41,042 | 21,344 |
| Gains on sale of investments in joint ventures(4) | 11,508 | - | - |
| Recovery (impairment) of investments in joint ventures(5) | 117,867 | (314,347) | (108,175) |
| Others(6) | - | 13,520 | 54,874 |
| Total dividends received, and share of profits of equity method investees | 693,011 | 93,099 | 196,686 |
| Discontinued operations Banistmo S.A.(7) | 8,561 | 11,474 | 13,499 |
| --- | --- | --- | --- |
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(1)As of December 31, 2025, 2024 and 2023, it corresponds to income from equity method of investments in associates for COP 316,237, COP 311,193 and COP 230,704 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP 32,725, COP (88,621) and (117,589), respectively. For further information, see Note 8. Investments in associates and joint ventures.
(2)As of December 31, 2025, 2024 and 2023, includes dividends received from equity investments at fair value through profit or loss for COP 1,593, COP 1,461 and COP 768 and investments written off for COP 34, COP 2 and COP 341, respectively; dividends from equity investments at fair value through OCI for COP 8,397, COP 6,872 and COP 6,565, respectively and investments written off for COP 537 in 2025 and COP 3,231 in 2023. Dividends received of the associate at fair value P.A. Viva Malls are COP 135,246, COP 121,977 and COP 104,623, respectively. For further information, see Note 8. Investments in associates and joint ventures.
(3)For 2025, the variation is explained mainly in Inversiones CFNS S.A.S for COP 21,831 due to the devaluation of investments in Home Capital Colombia S.A.S. and Enka the previous year. For 2024, the variation is in Bancolombia S.A. for COP 34,438 mainly in FCP Pactia Inmobiliario, Inversiones CFNS S.A.S. for COP (9,237) and Banagrícola S.A. for COP (8,227).
(4)In 2025, corresponds to gain on sale of the P.A. Laurel joint venture by Inversiones CFNS S.A.S. For further information, see Note 8. Investments in associates and joint ventures.
(5)As of December 31, 2025, an impairment recovery was recognized in joint venture investments in Bancolombia for COP 90,849 recognized in the Banking Colombia segment and in Banca de Inversión and Negocios Digitales for COP 26,997 and COP 21, respectively, recognized in other segments. In 2024, impairment of investments in associates and joint ventures recognized in the Banca de Inversión and other companies for COP 156,205 and COP 2,091, respectively, recognized in other segments and in Bancolombia for COP 156,051, recognized in Banking Colombia segment and in and 2023, in Banca de Inversión and Inversiones CFNS for COP 106,574 and COP 1,601, respectively, recognized in other segments. For further information, see Note 8. Investments in associates and joint ventures.
(6)Corresponds to gains recognized from a bargain purchase, In 2024, P.A. Sodimac for COP 13,520 and 2023 of P.A. Calle 84 (2) and P.A. Calle 84 (3) for COP 31,117 and P.A. Nomad Central for COP 23,757.
(7)As of December 31, 2025, 2024 and 2023, the accumulated amount corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale as of December 18, 2025. For further information, see Note 1. Reporting Entity; Note 2.D.12. Significant accounting policies: assets held for sale and discontinued operations; and Note 31. Discontinued Operations.
NOTE 26. OPERATING EXPENSES
26.1. Salaries and employee benefit
The details for salaries and employee benefits for the years ended December 31, 2025, 2024 and 2023, are as follows:
| Salaries and employee benefit | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions of COP | |||
| Salaries(1) | 2,400,872 | 2,169,634 | 2,002,456 |
| Bonuses(2) | 1,064,656 | 868,694 | 880,203 |
| Private premium | 655,485 | 616,613 | 639,311 |
| Social security contributions | 629,873 | 599,171 | 546,434 |
| Defined Benefit severance obligation and interest | 193,750 | 177,421 | 159,066 |
| Indemnity payment | 173,201 | 217,765 | 172,893 |
| Vacation expenses | 148,156 | 139,511 | 125,360 |
| Other benefits(3) | 494,129 | 435,914 | 373,560 |
| Total salaries and employee benefit | 5,760,122 | 5,224,723 | 4,899,283 |
| Discontinuous operation Banistmo S.A.(4) | 436,718 | 403,339 | 450,951 |
(1)This is mainly explained by salary increases.
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(2)Corresponds mainly to bonuses for employees in accordance with the variable compensation model of Cibest Corporate Group.
(3)Includes pension and employee benefits (policy benefits, training, and recreation).
(4) The accumulated value as of December 31, 2025, and 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
26.2. Other administrative and general expenses
The detail for administrative and general expenses for the years ended December 31, 2025, 2024 and 2023 is as follows:
| Other administrative and general expenses | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions of COP | |||
| Maintenance and repairs(1) | 1,101,564 | 956,315 | 842,105 |
| Fees | 839,015 | 791,710 | 782,834 |
| Insurance | 766,192 | 725,238 | 729,325 |
| Data processing(2) | 643,036 | 482,218 | 400,201 |
| Frauds and claims | 446,857 | 412,002 | 340,454 |
| Transport | 264,097 | 246,280 | 220,735 |
| Advertising | 180,449 | 162,057 | 157,681 |
| Contributions and affiliations | 132,249 | 115,939 | 109,038 |
| Public services | 120,612 | 119,989 | 109,050 |
| Cleaning and security services | 119,301 | 112,880 | 105,012 |
| Useful and stationery | 85,247 | 88,714 | 48,216 |
| Communications | 83,319 | 76,268 | 74,685 |
| Properties improvements and installation | 75,891 | 66,543 | 64,619 |
| Real estate management(3) | 55,554 | 38,396 | 33,637 |
| Travel expenses | 36,567 | 29,794 | 30,237 |
| Disputes, fines, and sanctions | 35,504 | 41,687 | 42,707 |
| Short-term and low-value leases | 27,811 | 16,359 | 10,926 |
| Publications and subscriptions | 26,740 | 23,105 | 22,279 |
| Storage services | 18,430 | 17,845 | 16,321 |
| Legal expenses(4) | 12,270 | 8,736 | 9,209 |
| Others | 528,655 | 502,948 | 465,716 |
| Total other administrative and general expenses | 5,599,360 | 5,035,023 | 4,614,987 |
| Discontinued operation Banistmo S.A.(5) | 345,439 | 410,189 | 418,957 |
| Taxes other than income tax | 1,481,323 | 1,402,064 | 1,393,216 |
| Discontinued operation Banistmo S.A.(5) | 30,045 | 40,447 | 39,932 |
(1)The increase is due to maintenance work on buildings owned by the FCP Fondo Inmobiliario Colombia.
(2)The increase is mainly in Bancolombia, due to higher spending on technology services.
(3)The variation occurs mainly in Bancolombia.
(4)The increase at Cibest Corporate Group is due to payments to the Camara de Comercio de Medellín for spin-off procedures, registration tax, and stamp duty..
(5)The accumulated value as of December 31, 2025, and 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
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26.3. Depreciation, amortization and impairment
The detail for Depreciation, amortization and impairment for the years ended December 31, 2025, 2024 and 2023 is as follows:
| Depreciation, amortization and impairment | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions of COP | |||
| Depreciation of premises and equipment(2) | 612,853 | 606,100 | 609,897 |
| Amortization of intangible assets(3) | 192,307 | 144,517 | 186,562 |
| Depreciation of right-of-use assets(4) | 172,461 | 160,768 | 179,474 |
| Impairment of other assets, net(5)(6) | 38,680 | 77,951 | 41,211 |
| Total depreciation, amortization and impairment | 1,016,301 | 989,336 | 1,017,144 |
| Discontinued operation Banistmo S.A.(1) | 97,737 | 128,545 | 107,715 |
(1)As of December 31, 2025, and 2024, Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025, recorded the following expenses:
•Depreciation of premises and equipment for COP 26,997, 2024 COP 27,655 and 2023 for COP 26,479
•Amortization of intangible assets for COP 16,543, 2024 COP 25,623 and 2023 for COP 25,755
•Depreciation of right-of-use assets for COP 34,830, 2024 COP 46,792 and 2023 for COP 50,191
•Impairment of other assets, net for COP 19,367, 2024 COP 28,475 and 2023 for COP 5,290. For further information See Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
(2)See Note 10 Premises and equipment, net.
(3)See Note 12 Goodwill and intangibles assets, net
(4)See Note 11.2 Lessee.
(5)Includes value for impairment of property and equipment for COP 543 in 2025, COP 842 in 2024 and COP 4,480 in 2023.
(6)The detail of the impairment of other assets net by operating segments for the years ended December 31, 2025, 2024 and 2023 is presented in the table below:
| Impairment (recovery) of other assets, net | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions of COP | |||
| Banking Colombia(1) | 28,540 | 51,626 | 45,122 |
| Banking Guatemala(1) | 6,326 | 13,703 | 8,929 |
| Leases | 4,069 | 5,822 | 4,709 |
| International Banking(2) | 274 | 5,999 | 1,730 |
| Banking El Salvador(3) | (527) | 732 | (19,283) |
| All other segments | (2) | 69 | 4 |
| Total | 38,680 | 77,951 | 41,211 |
| Banking Panama (discontinued operation)(4) | 19,367 | 28,475 | 5,290 |
(1)The variations in 2025 with respect to 2024, and 2023 is mainly for the impairment of assets received in lieu of payment by restatement to Net realizable value (NRV).
(2) The variation corresponds mainly to the net realizable value (NRV) and higher sales generated in 2024.
(3) The recovery is due to the retroactive adjustment of non-traded assets worth USD 1,533,000 and a lower impairment of the (BRP).
(4)The accumulated value as of December 31, 2025, and 2024 corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
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During 2025, 2024 and 2023, no significant cybersecurity breaches materialized, according to the data security policies established by Management that would warrant disclosure in the Consolidated Financial Statements.
NOTE 27. EARNING PER SHARE (‘EPS’)
Basic earnings per share are calculated by reducing income from continuing operations by the amount of dividends declared in the current period for each class of shares, as well as by the contractual amount of dividends required to be paid. The remaining income is allocated based on each type of share’s participation, as if all the period’s income had been distributed. Basic earnings per share are determined by dividing the profit for the period attributable to shareholders by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares outstanding during the period corresponds to the number of ordinary shares outstanding at the beginning of the period, adjusted for the number of ordinary shares repurchased or issued during the period, weighted by a factor that reflects the time such shares were outstanding or retired.
Diluted earnings per share assume the issuance of ordinary shares for all potentially dilutive ordinary shares outstanding during the reporting period. Cibest Corporate Group has no potentially dilutive ordinary shares as of December 31, 2025, 2024, and 2023.
The following presents the calculation of basic earnings per share for the years ended December 31, 2025, 2024, and 2023 (amounts in millions of Colombian pesos, except for the weighted average number of ordinary shares outstanding and earnings per share):
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Income from continuing operations before attribution of non-controlling interests | 6,948,339 | 6,110,396 | 5,702,378 |
| Less: Non-controlling interests from continuing operations | 121,065 | 97,837 | 98,035 |
| Net income from continuing operations | 6,827,274 | 6,012,559 | 5,604,343 |
| Income from discontinuing operations before attribution of non-controlling interests | (3,006,640) | 255,185 | 512,593 |
| Less: Non-controlling interests from continuing operations | - | - | - |
| Net income from discontinued operations | (3,006,640) | 255,185 | 512,593 |
| Net income from controlling interest | 3,820,634 | 6,267,744 | 6,116,936 |
| Less: Preferred dividends declared | 1,974,822 | 1,541,003 | 1,541,003 |
| Less: Allocation of undistributed earnings to preferred stockholders | (215,059) | 1,374,673 | 1,303,784 |
| Net income allocated to common shareholders for basic and diluted EPS | 2,060,871 | 3,352,068 | 3,272,149 |
| Weighted average number of common shares outstanding used in basic EPS calculation(1) | 509,467,274 | 509,704,584 | 509,704,584 |
| Basic and diluted earnings per share from continuing operations | 7,182 | 6,311 | 5,887 |
| Basic and diluted earnings per share from discontinuing operations(2) | (3,137) | 265 | 533 |
| Basic and diluted earnings per share to common shareholders | 4,045 | 6,576 | 6,420 |
(1)In 2025, Grupo Cibest repurchased 8,612,336 shares for a total amount of COP 431,418. For additional information regarding the share repurchase, see Note 22. Share Capital and Note 23. Appropriated Reserves.
(2)This corresponds to Banistmo S.A., a subsidiary classified as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
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NOTE 28. RELATED PARTY TRANSACTIONS
IAS 24 Related Party Disclosures requires that an entity discloses:
(a)Transactions with its related parties; and
(b)Relationships between a parent and its subsidiaries irrespective of whether there have been transactions between them.
Under IAS 24, an entity must disclose information about related party relationships, transactions, and outstanding balances, including commitments, recognized in the consolidated and separate financial statements of a parent or investors with joint control or significant influence over, an investee presented in accordance with IFRS 10 Consolidated Financial Statements.
Under this standard parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or one other party controls both. This definition applies to Cibest Corporate Group the cases below:
•Stockholders with ownership interest equal or higher than 20% of the Cibest Corporate Group’s capital:
–Grupo de Inversiones Suramericana S.A.
–Fondo Bancolombia ADR Program.
•Members of Board of Directors and Senior Management, understood as the President and corporate Vice-presidents, as well as their close relatives (spouse and children) and the companies in which they have a participation of 50% or more of the Cibest Corporate Group's capital.
•Associates and joint ventures for which Cibest Corporate Group or any of the subsidiaries of Cibest Corporate Group provide commercial banking services and deposits. For these purposes, all companies in which Cibest Corporate Group has joint control or significant influence have been included. For more information see note 8. Investments in associates and joint control.
Cibest Corporate Group or some of the subsidiaries provide banking and financial services to its related parties in order to satisfy their liquidity needs, and except for the intercompany merger agreement described below, these transactions are conducted on similar terms to third-party transactions and are not individually material. In the case of treasury operations, Cibest Corporate Group 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.
Between the Parent Company and its related parties, during the periods ending at December 31, 2025, 2024 and 2023, there were no:
–Loans that for its contractual terms do not represent a lending transaction.
–Loans with interest rates different from those that are ordinarily paid or charged to third parties under similar conditions of term, risk, etc.
–Operations whose characteristics differ from those carried out with third parties.
–Guarantees, pledges or commitments given or received in respect of the aforementioned transactions.
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As of December 31, 2025
| Stockholders with an<br><br>interest equal or<br><br>higher than 20% of<br><br>Grupo Cibest's capital(1) | Directors and<br><br>senior<br><br>management | Associates and<br><br>joint ventures | |
|---|---|---|---|
| In millions of COP | |||
| Assets | |||
| Financial assets investments | 3,087 | - | 49,903 |
| Derivative financial instruments | - | - | 7,033 |
| Loans and advances to customers | 2,289,836 | 11,379 | 211,304 |
| Allowance for loans, advances, and lease losses | (3,494) | (16) | (6,797) |
| Investment in associates and joint ventures | - | - | 3,311,506 |
| Other assets | 14,786 | 20 | 433,749 |
| Total assets | 2,304,215 | 11,383 | 4,006,698 |
| Liabilities | |||
| Deposits by customers | 1,197,768 | 7,684 | 148,273 |
| Derivative financial instruments | 260 | - | 54 |
| Other liabilities | 2,246 | 74 | 77,160 |
| Total liabilities | 1,200,274 | 7,758 | 225,487 |
| Income | |||
| Interest on loans and financial leases | 281,048 | 701 | 36,819 |
| Valuation on financial instruments | 20,761 | - | 8,571 |
| Fees and commissions income | 819,685 | 55 | 35,020 |
| Dividends and net income on equity investments | 4,057 | - | 613,583 |
| Derivatives Foreign exchange contracts | 89,165 | - | 18,857 |
| Other operating income | 51,596 | 10 | 31,098 |
| Net income | 1,266,312 | 766 | 743,948 |
| Expenses | |||
| Interest expenses | 86,479 | 365 | 5,478 |
| Credit impairment (recovery) charges, net | 1,030 | 5 | 4,212 |
| Fees and commissions expenses | 22,223 | - | 220,237 |
| Employee benefits(2) | 118,554 | 80 | 1 |
| Other administrative and general expenses | 69,864 | 2,161 | 94,386 |
| Total expenses | 298,150 | 2,611 | 324,314 |
(1)Includes Grupo Sura conglomerate.
(2)In case of stockholders with an interest equal or higher than 20% of the Cibest Corporate Group capital, this includes the benefits provided to employees for insurance policies; for directors and senior management it corresponds to the benefit of special credit rates for employees.
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As of December 31, 2024
| Stockholders with an<br><br>interest equal or<br><br>higher than 20% of<br><br>Grupo Cibest's capital(1) | Directors and<br><br>senior<br><br>management | Associates and<br><br>joint ventures | |
|---|---|---|---|
| In millions of COP | |||
| Assets | |||
| Financial assets investments | 1,232 | - | 49,643 |
| Derivative financial instruments | 1,283 | 729 | 53 |
| Loans and advances to customers | 2,562,324 | 23,973 | 294,674 |
| Allowance for loans, advances, and lease losses | (2,759) | (19) | (2,453) |
| Investment in associates and joint ventures | - | - | 2,928,984 |
| Other assets | 17,685 | 16 | 332,811 |
| Total assets | 2,579,765 | 24,699 | 3,603,712 |
| Liabilities | |||
| Deposits by customers | 1,522,278 | 16,807 | 242,996 |
| Derivative financial instruments | 53,051 | 183 | 10,116 |
| Other liabilities | 20,044 | 91 | 73,838 |
| Total liabilities | 1,595,373 | 17,081 | 326,950 |
| Income | |||
| Interest on loans and financial leases | 268,820 | 1,834 | 27,177 |
| Valuation on financial instruments | 145 | - | 9,504 |
| Fees and commissions income | 750,416 | 159 | 18,004 |
| Dividends and net income on equity investments | 75 | - | 30,202 |
| Derivatives Foreign exchange contracts | (68,910) | 1,442 | (6,797) |
| Other operating income | 43,476 | 70 | 47,629 |
| Net income | 994,022 | 3,505 | 125,719 |
| Expenses | |||
| Interest expenses | 136,562 | 876 | 9,066 |
| Credit impairment (recovery) charges, net | 1,566 | (29) | 2,742 |
| Fees and commissions expenses | 477 | - | 186,384 |
| Employee benefits(2) | 105,604 | 131 | - |
| Other administrative and general expenses | 130,571 | 2,711 | 77,086 |
| Total expenses | 374,780 | 3,689 | 275,278 |
(1)Includes Grupo Sura conglomerate.
(2)In case of stockholders with an interest equal or higher than 20% of the Cibest Corporate Group capital, this includes the benefits provided to employees for insurance policies; for directors and senior management it corresponds to the benefit of special credit rates granted to employees.
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As of December 31, 2023
| Stockholders with an<br><br>interest equal or<br><br>higher than 20% of<br><br>Grupo Cibest’s capital(1) | Directors and<br><br>senior<br><br>management | Associates and<br><br>joint ventures | |
|---|---|---|---|
| In millions of COP | |||
| Assets | |||
| Financial assets investments | 6,050 | - | 54,001 |
| Derivative financial instruments | 48,747 | — | 7,297 |
| Loans and advances to customers | 1,850,407 | 22,437 | 271,676 |
| Allowance for loans, advances and lease losses | (1,455) | (50) | (760) |
| Investment in associates and joint ventures | - | - | 2,997,603 |
| Other assets(2) | 17,951 | 18 | 271,263 |
| Total assets | 1,921,700 | 22,405 | 3,601,080 |
| Liabilities | |||
| Deposits by customers | 1,434,117 | 16,312 | 141,853 |
| Derivative financial instruments | 14 | 209 | 1,068 |
| Other liabilities | 23,070 | 59 | 70,387 |
| Total liabilities | 1,457,201 | 16,580 | 213,308 |
| Income | |||
| Interest on loans and financial leases | 157,451 | 1,783 | 27,925 |
| Valuation on financial instruments | 97 | - | 11,998 |
| Fees and commissions income | 744,000 | 98 | 14,647 |
| Dividends and net income on equity investments(2) | 213 | - | 109,563 |
| Derivatives Foreign exchange contracts | 63,060 | (218) | 27,174 |
| Other operating income | 48,531 | 9 | 9,806 |
| Net income | 1,013,352 | 1,672 | 201,113 |
| Expenses | |||
| Interest expenses | 181,085 | 1,038 | 8,261 |
| Credit impairment (recovery) charges, net | (8,307) | 4 | (1,193) |
| Fees and commissions expenses | 590 | - | 152,563 |
| Employee benefits(3) | 89,199 | 93 | - |
| Other administrative and general expenses | 159,184 | 2,492 | 23,644 |
| Total expenses | 421,751 | 3,627 | 183,275 |
(1)Includes Grupo Sura conglomerate.
(2)Includes impairment of associates and joint ventures mainly in Tuya S.A.
(3)In case of stockholders with an interest equal or higher than 20% of Cibest Corporate Group’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates granted to employees.
During the years ending December 31, 2025, 2024 and 2023, Cibest Corporate Group paid fees to the directors of COP 1,945, COP 2,474 and COP 2,306, respectively, as compensation for attending meetings of the Board and its Committees.
The payments to senior management in the same periods were COP 25,822, COP 20,327 and COP 18,387 for short-term retributions and COP 283, COP 643 and COP 312 for long-term retributions. In addition, there were payments for post-employment benefits of COP 1,176 in 2025, COP 980 in 2024 and 827 in 2023.
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The Parent Company, which is also the ultimate parent company, is Grupo Cibest S.A. Transactions between companies included in consolidation, described in the significant accounting policies, see Note 2.C.1 Subsidiaries, meet the definition of related party transactions and were eliminated from the consolidated financial statements.
NOTE 29. LIABILITIES FROM FINANCING ACTIVITIES
The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2025 and 2024:
| Balance as of<br>January 1, 2025 | Cash flows | Non-cash changes | Balance as of<br><br>December 31, 2025(1) | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Foreign<br><br>currency<br><br>translation<br><br>adjustment | Interests<br><br>accrued | Other<br><br>movements | |||||||
| In millions of COP | |||||||||
| Liabilities from financing activities | |||||||||
| Repurchase agreements and other similar secured borrowing | 1,060,472 | 34,012 | (87,678) | - | - | 1,006,806 | |||
| Borrowings from other financial institutions(2) | 15,689,532 | (4,204,081) | (1,337,193) | 963,405 | 267 | 11,111,930 | |||
| Debt instruments in issue(2) | 11,275,216 | 140,620 | (1,402,998) | 826,585 | - | 10,839,423 | |||
| Preferred shares(3) | 584,204 | (57,701) | - | 56,974 | - | 583,477 | |||
| Total liabilities from financing activities | 28,609,424 | (4,087,150) | (2,827,869) | 1,846,964 | 267 | 23,541,636 |
(1)As of December 31, 2025, include the operations of Banistmo S.A. For more information, see Note 1. Reporting Entity; Note 2.D12. Significant Accounting Policies – Assets Held for Sale and Discontinued Operations; and Note 31. Discontinued Operation.
(2)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 849,921 and COP 782,242, respectively, which are classified as cash flows from operating activities in the Consolidated Statement of Cash Flow.
(3)The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the Preferred Shares' holders and is included in the line "dividends paid" of the Consolidated Statement of Cash Flow, which includes the dividends paid during the year to both Preferred and Common shareholders.
| Balance as of<br>January 1, 2024 | Cash flows | Non-cash changes | Balance as of<br>December 31, 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Foreign<br><br>currency<br><br>translation<br><br>adjustment | Interests<br><br>accrued | Other<br><br>movements | |||||||
| In millions of COP | |||||||||
| Liabilities from financing activities | |||||||||
| Repurchase agreements and other similar secured borrowing | 470,295 | 550,584 | 39,593 | - | - | 1,060,472 | |||
| Borrowings from other financial institutions(1) | 15,648,606 | (2,506,604) | 1,196,756 | 1,349,913 | 861 | 15,689,532 | |||
| Debt instruments in issue(1) | 14,663,576 | (6,226,196) | 1,635,724 | 1,202,112 | - | 11,275,216 | |||
| Preferred shares(2) | 584,204 | (57,701) | - | 57,701 | - | 584,204 | |||
| Total liabilities from financing activities | 31,366,681 | (8,239,917) | 2,872,073 | 2,609,726 | 861 | 28,609,424 |
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(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 1,426,452 and COP 1,104,487, respectively, which are classified as cash flows from operating activities in the Consolidated Statement of Cash Flow.
(2)The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the Preferred shareholders and is included in the line "dividends paid" of the Consolidated Statement of Cash Flow, which includes the dividends paid during the year to both Preferred and Common shareholders.
NOTE 30. FAIR VALUE OF ASSETS AND LIABILITIES
The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2025, and 2024:
| Note | December 31, 2025(1) | December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Carrying<br><br>amount | Fair<br><br>Value | Carrying<br><br>amount | Fair<br><br>Value | ||||||
| In millions of COP | |||||||||
| Assets | |||||||||
| Debt instruments at fair value through profit or loss | 5.1 | 23,459,380 | 23,459,380 | 23,035,281 | 23,035,281 | ||||
| Debt instruments at fair value through OCI | 5.1 | 3,551,348 | 3,551,348 | 5,084,416 | 5,084,416 | ||||
| Debt instruments at amortized cost | 5.1 | 5,812,624 | 5,836,484 | 8,404,878 | 8,403,740 | ||||
| Derivative financial instruments | 5.2 | 4,417,863 | 4,417,863 | 2,938,142 | 2,938,142 | ||||
| Equity securities at fair value | 5.1 | 1,463,622 | 1,463,622 | 1,011,310 | 1,011,310 | ||||
| Other financial instruments | 5.1 | 30,285 | 30,285 | 34,385 | 34,385 | ||||
| Loans and advances to customers at amortized cost, net | 6 | 243,100,035 | 275,626,425 | 263,274,170 | 269,345,583 | ||||
| Investment properties | 9 | 6,595,407 | 6,595,407 | 5,580,109 | 5,580,109 | ||||
| Investments in associates(2) | 8 | 2,041,402 | 2,041,402 | 1,830,884 | 1,830,884 | ||||
| Total | 290,471,966 | 323,022,216 | 311,193,575 | 317,263,850 | |||||
| Liabilities | |||||||||
| Deposits by customers | 15 | 264,413,956 | 264,953,910 | 279,059,401 | 279,463,012 | ||||
| Interbank deposits | 16 | 30,102 | 30,102 | 716,493 | 716,493 | ||||
| Repurchase agreements and other similar secured borrowing | 16 | 676,047 | 676,047 | 1,060,472 | 1,060,472 | ||||
| Derivative financial instruments | 5.2 | 4,514,630 | 4,514,630 | 2,679,643 | 2,679,643 | ||||
| Borrowings from other financial institutions | 17 | 9,356,428 | 9,356,428 | 15,689,532 | 15,689,532 | ||||
| Preferred shares | 583,477 | 324,260 | 584,204 | 407,174 | |||||
| Debt instruments in issue | 18 | 7,409,693 | 7,627,543 | 11,275,216 | 11,389,498 | ||||
| Total | 286,984,333 | 287,482,920 | 311,064,961 | 311,405,824 |
(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
(2)It corresponds to investments in associates P.A. Viva Malls, P.A. Distrito Vera, P.A. Lote Palermo, and Fideicomiso Locales Distrito Vera. For further information see Note 8. Investments in associates and joint ventures.
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.
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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.
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 Cibest Corporate Group.
All methodologies and procedures developed by the pricing services provider are supervised by the SFC, 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
Cibest Corporate 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, Cibest Corporate Group generally determines fair value using 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
Cibest Corporate Group perform 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”.
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c. Derivative financial instruments
Cibest Corporate 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, Cibest Corporate 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 to the SFC.
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
Cibest Corporate 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 Cibest Corporate Group’s position is a derivative asset and the Cibest Corporate Group’s credit risk is incorporated when the position is a derivative liability. Cibest Corporate Group attempts to mitigate credit risk to third parties which are international banks by entering into master netting agreements. The agreements allow the offsetting or netting of amounts that are liabilities derived from transactions carried out under 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 negotiated agreements between the same parties; some may operate on a monthly basis, while others apply only upon termination of the agreements.
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.
Cibest Corporate 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 nonpublic counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in each geography. Cibest Corporate Group also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if Cibest Corporate Group believes market participants would take that into account when transacting the respective instrument. The approach to measuring the impact of the Cibest Corporate 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 Cibest Corporate Group in foreign currency. For derivatives transacted with local financial institutions, Cibest Corporate Group calculates the credit risk adjustment by incorporating credit risk data provided by rating agencies and available in the financial markets.
e. Impaired loans measured at fair value
Cibest Corporate 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, Cibest Corporate 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
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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.
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
Cibest Corporate 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 fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process.
Additionally, Cibest Corporate Group measured the discontinued operation Banistmo SA classified as held for sale based on fair value less costs to sell. See Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
g. Mortgage-backed securities (“TIPS”) and Asset-Backed securities
Cibest Corporate Group invests in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. Cibest Corporate 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 Cibest Corporate Group portfolio and its fair value is measured using published price from the official pricing services provider. These securities are leveled by margin and are assigned to level 2 or 3 based on information provided by Precia.
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 to level 3.
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h. Investments in associates measured at fair value
Cibest Corporate 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
Cibest Corporate 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
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The following table presents for each level of the fair value hierarchy levels the Cibest Corporate Group’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, and 2024:
| Financial Assets | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Type of instrument | December 31, 2025(1) | December 31, 2024 | |||||||||||||||
| Fair value hierarchy | Total fair<br><br>value | Fair value hierarchy | Total fair<br><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 | 10,176,528 | 2,436,729 | 2,423 | 12,615,680 | 10,625,153 | 1,019,028 | - | 11,644,181 | |||||||||
| Securities issued or secured by government entities | - | 152,574 | - | 152,574 | - | 118,760 | - | 118,760 | |||||||||
| Securities issued by other financial institutions | 206,151 | 550,010 | 69,173 | 825,334 | 140,703 | 513,040 | 77,821 | 731,564 | |||||||||
| Securities issued by foreign governments | 6,350,052 | 3,426,269 | - | 9,776,321 | 6,191,395 | 4,092,055 | - | 10,283,450 | |||||||||
| Corporate bonds | 4,247 | 55,511 | 29,713 | 89,471 | 124,812 | 98,255 | 34,259 | 257,326 | |||||||||
| Total debt instruments at fair value through profit or loss | 16,736,978 | 6,621,093 | 101,309 | 23,459,380 | 17,082,063 | 5,841,138 | 112,080 | 23,035,281 | |||||||||
| Debt instruments at fair value through OCI | |||||||||||||||||
| Securities issued by the Colombian Government | - | - | 2,625,566 | 2,625,566 | 35,570 | - | 2,648,355 | 2,683,925 | |||||||||
| Securities issued by other financial institutions | - | 63,624 | - | 63,624 | 119,479 | 107,614 | 49,744 | 276,837 | |||||||||
| Securities issued by foreign governments | - | - | - | - | 368,736 | 1,115,810 | - | 1,484,546 | |||||||||
| Corporate bonds | - | 349,647 | 512,511 | 862,158 | 60,922 | 747 | 577,439 | 639,108 | |||||||||
| Total debt instruments at fair value through OCI | - | 413,271 | 3,138,077 | 3,551,348 | 584,707 | 1,224,171 | 3,275,538 | 5,084,416 | |||||||||
| Total debt instruments | 16,736,978 | 7,034,364 | 3,239,386 | 27,010,728 | 17,666,770 | 7,065,309 | 3,387,618 | 28,119,697 | |||||||||
| Equity securities | |||||||||||||||||
| Equity securities | 50,909 | 624,781 | 787,932 | 1,463,622 | 31,086 | 262,351 | 717,873 | 1,011,310 | |||||||||
| Total equity securities | 50,909 | 624,781 | 787,932 | 1,463,622 | 31,086 | 262,351 | 717,873 | 1,011,310 | |||||||||
| Other financial assets | |||||||||||||||||
| Other financial assets | - | - | 30,285 | 30,285 | - | - | 34,385 | 34,385 | |||||||||
| Total other financial assets | - | - | 30,285 | 30,285 | - | - | 34,385 | 34,385 | |||||||||
| Derivative financial instruments | |||||||||||||||||
| Forwards | |||||||||||||||||
| Foreign exchange contracts | - | 2,131,966 | 763,486 | 2,895,452 | - | 617,961 | 466,869 | 1,084,830 | |||||||||
| Equity contracts | - | 34,367 | 24,773 | 59,140 | - | 298 | 51,347 | 51,645 | |||||||||
| Total forwards | - | 2,166,333 | 788,259 | 2,954,592 | - | 618,259 | 518,216 | 1,136,475 | |||||||||
| Swaps | |||||||||||||||||
| Foreign exchange contracts | - | 905,862 | 162,878 | 1,068,740 | - | 1,200,777 | 262,479 | 1,463,256 | |||||||||
| Interest rate contracts | 136,560 | 129,082 | 12,812 | 278,454 | 105,560 | 114,980 | 15,493 | 236,033 | |||||||||
| Total swaps | 136,560 | 1,034,944 | 175,690 | 1,347,194 | 105,560 | 1,315,757 | 277,972 | 1,699,289 | |||||||||
| Options | |||||||||||||||||
| Foreign exchange contracts | - | 51,739 | 64,338 | 116,077 | 161 | 36,207 | 66,010 | 102,378 | |||||||||
| Total options | - | 51,739 | 64,338 | 116,077 | 161 | 36,207 | 66,010 | 102,378 | |||||||||
| Total derivative financial instruments | 136,560 | 3,253,016 | 1,028,287 | 4,417,863 | 105,721 | 1,970,223 | 862,198 | 2,938,142 | |||||||||
| Investment properties | |||||||||||||||||
| Lands | - | - | 563,185 | 563,185 | - | - | 499,833 | 499,833 | |||||||||
| Buildings | - | - | 6,032,222 | 6,032,222 | - | - | 5,080,276 | 5,080,276 | |||||||||
| Total investment properties | - | - | 6,595,407 | 6,595,407 | - | - | 5,580,109 | 5,580,109 | |||||||||
| Investment in associates at fair value | |||||||||||||||||
| Investment in associates at fair value | - | - | 2,041,402 | 2,041,402 | - | - | 1,830,884 | 1,830,884 | |||||||||
| Total investment in associates at fair value | - | - | 2,041,402 | 2,041,402 | - | - | 1,830,884 | 1,830,884 | |||||||||
| Total | 16,924,447 | 10,912,161 | 13,722,699 | 41,559,307 | 17,803,577 | 9,297,883 | 12,413,067 | 39,514,527 |
(1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
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| Financial liabilities | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Type of instrument | December 31, 2025(1) | December 31, 2024 | |||||||||||||||
| Fair value hierarchy | Total fair<br><br>value | Fair value hierarchy | Total fair<br><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 | - | 1,514,575 | 1,205,024 | 2,719,599 | - | 885,520 | 86,775 | 972,295 | |||||||||
| Equity contracts | - | 547 | 7,616 | 8,163 | - | 89 | 1,278 | 1,367 | |||||||||
| Total forwards | - | 1,515,122 | 1,212,640 | 2,727,762 | - | 885,609 | 88,053 | 973,662 | |||||||||
| Swaps | |||||||||||||||||
| Foreign exchange contracts | - | 1,133,648 | 135,106 | 1,268,754 | - | 1,264,593 | 67,838 | 1,332,431 | |||||||||
| Interest rate contracts | 135,242 | 161,742 | 74,195 | 371,179 | 102,701 | 160,721 | 27,646 | 291,068 | |||||||||
| Total swaps | 135,242 | 1,295,390 | 209,301 | 1,639,933 | 102,701 | 1,425,314 | 95,484 | 1,623,499 | |||||||||
| Options | |||||||||||||||||
| Foreign exchange contracts | 224 | 36,466 | 110,245 | 146,935 | 421 | 82,061 | - | 82,482 | |||||||||
| Total options | 224 | 36,466 | 110,245 | 146,935 | 421 | 82,061 | - | 82,482 | |||||||||
| Total derivative financial instruments | 135,466 | 2,846,978 | 1,532,186 | 4,514,630 | 103,122 | 2,392,984 | 183,537 | 2,679,643 | |||||||||
| Total | 135,466 | 2,846,978 | 1,532,186 | 4,514,630 | 103,122 | 2,392,984 | 183,537 | 2,679,643 |
(1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
Fair value of assets and liabilities that are not measured at fair value in the Consolidated Statement of Financial Position
The following table presents for each of the fair-value hierarchy levels the Cibest Corporate Group’s assets and liabilities that are not measured at fair value in the Consolidated Statement of Financial Position, but for which the fair value is disclosed at December 31, 2025, and December 31, 2024:
| Assets | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Type of instrument | December 31, 2025(1) | December 31, 2024 | |||||||||||||||
| Fair value hierarchy | Total fair<br><br>value | Fair value hierarchy | Total fair<br><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 | 141,524 | - | - | 141,524 | 156,209 | - | - | 156,209 | |||||||||
| Securities issued or secured by government entities | - | 43,771 | 4,094,247 | 4,138,018 | - | 46,272 | 3,326,959 | 3,373,231 | |||||||||
| Securities issued by other financial institutions | 129,128 | 93,521 | 52,231 | 274,880 | 284,281 | 57,091 | 250,508 | 591,880 | |||||||||
| Securities issued by foreign governments | 189,057 | 150,587 | - | 339,644 | 412,579 | 227,076 | - | 639,655 | |||||||||
| Corporate bonds | 642,074 | 9,623 | 290,721 | 942,418 | 1,050,588 | 14,017 | 2,578,160 | 3,642,765 | |||||||||
| Total – Debt instruments | 1,101,783 | 297,502 | 4,437,199 | 5,836,484 | 1,903,657 | 344,456 | 6,155,627 | 8,403,740 | |||||||||
| Loans and advances to customers, net | - | - | 275,626,425 | 275,626,425 | - | - | 269,345,583 | 269,345,583 | |||||||||
| Total | 1,101,783 | 297,502 | 280,063,624 | 281,462,909 | 1,903,657 | 344,456 | 275,501,210 | 277,749,323 |
(1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
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| Liabilities | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Type of instruments | December 31, 2025(1) | December 31, 2024 | |||||||||||||||
| Fair value hierarchy | Total fair<br><br>value | Fair value hierarchy | Total fair<br><br>value | ||||||||||||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||
| In millions of COP | |||||||||||||||||
| Deposits by customers | - | 64,471,127 | 200,482,783 | 264,953,910 | - | 60,894,992 | 218,568,020 | 279,463,012 | |||||||||
| Interbank deposits | - | - | 30,102 | 30,102 | - | - | 716,493 | 716,493 | |||||||||
| Repurchase agreements and other similar secured borrowing | - | - | 676,047 | 676,047 | - | - | 1,060,472 | 1,060,472 | |||||||||
| Borrowings from other financial institutions | - | - | 9,356,428 | 9,356,428 | - | - | 15,689,532 | 15,689,532 | |||||||||
| Debt instruments in issue | 5,030,129 | 1,372,155 | 1,225,259 | 7,627,543 | 5,811,412 | 2,669,991 | 2,908,095 | 11,389,498 | |||||||||
| Preferred shares | - | - | 324,260 | 324,260 | - | - | 407,174 | 407,174 | |||||||||
| Total | 5,030,129 | 65,843,282 | 212,094,879 | 282,968,290 | 5,811,412 | 63,564,983 | 239,349,786 | 308,726,181 |
(1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the Consolidated 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 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 Cibest Corporate Group 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. The fair value of deposits with no contractual maturities represents the amount payable on demand as of the date of the Statement of Financial Position.
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 by 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 Corporate Group’s deposit rates.
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Debt instruments in issue
The fair value of debt instruments in issue, comprised of bonds issued by Cibest Corporate Group, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and Cibest Corporate 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, Cibest Corporate 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 Cibest Corporate Group and growth at a constant rate considering Cibest Corporate 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
Cibest Corporate Group measured certain foreclosed assets held for sale, including the discontinued operation of Banistmo S.A., based on fair value less costs to sell. Fair values were determined using internal and external valuation techniques and third-party judgments, depending on the type of underlying asset. The following breakdown sets out the fair value hierarchy of assets classified by type:
| December 31, 2025 | December 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Type of instruments | Fair-value hierarchy | Total fair<br><br>value | Fair-value hierarchy | Total fair<br><br>value | |||||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||
| In millions of COP | |||||||||||
| Machinery and equipment | - | - | 5,622 | 5,622 | - | - | 10,085 | 10,085 | |||
| Real estate for residential purposes | - | - | 4,584 | 4,584 | - | - | 133,863 | 133,863 | |||
| Real estate different from residential properties | - | - | 136 | 136 | - | - | 29,794 | 29,794 | |||
| Discontinued operation | - | - | 5,947,838 | 5,947,838 | - | - | - | - | |||
| Total | - | - | 5,958,180 | 5,958,180 | - | - | 173,742 | 173,742 |
(1)The accumulated value as of December 31, 2025 includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
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 December 31, 2025, and 2024:
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As of December 31, 2025
| Type of instruments | Balance,<br><br>January 1,<br><br>2025 | Included<br><br>in<br><br>earnings | OCI | Purchases | Settlement | Reclassifications(2) | Prepaids | Transfers<br><br>in to<br><br>level 3 | Transfers<br><br>out of<br><br>level 3 | Reclassification to assets held for sale(1) | Balance,<br><br>December 31,<br><br>2025(1) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of COP | |||||||||||
| Assets | |||||||||||
| Debt instruments at fair value though profit or loss | - | ||||||||||
| Securities issued by the Colombian Government | - | 149 | - | 2,274 | - | - | - | - | - | - | 2,423 |
| Securities issued or secured by other financial entities | 77,821 | 4,103 | - | 100 | (8,499) | - | (4,800) | 11,570 | (11,122) | - | 69,173 |
| Corporate bonds | 34,259 | (25) | - | 4,327 | (18,591) | - | - | 9,743 | - | - | 29,713 |
| Total | 112,080 | 4,227 | - | 6,701 | (27,090) | - | (4,800) | 21,313 | (11,122) | - | 101,309 |
| Debt instruments at fair value through OCI | |||||||||||
| Securities issued by the Colombian Government | 2,648,355 | - | 134,918 | 2,490,647 | (2,648,354) | - | - | - | - | - | 2,625,566 |
| Securities issued or secured by other financial entities | 49,744 | - | - | - | - | - | - | - | (49,744) | - | - |
| Corporate bonds | 577,439 | - | (32,888) | - | - | - | - | - | (32,040) | - | 512,511 |
| Total | 3,275,538 | - | 102,030 | 2,490,647 | (2,648,354) | - | - | - | (81,784) | - | 3,138,077 |
| Derivative financial instruments | |||||||||||
| Foreign exchange contracts | 795,358 | 113,321 | - | 855,487 | (586,326) | (197,124) | - | 13,035 | - | (3,049) | 990,702 |
| Interest rate contracts | 15,493 | (3,322) | - | 5,683 | (2,432) | (626) | - | - | (1,984) | - | 12,812 |
| Equity contracts | 51,347 | - | - | 24,773 | (51,347) | - | - | - | - | - | 24,773 |
| Total | 862,198 | 109,999 | - | 885,943 | (640,105) | (197,750) | - | 13,035 | (1,984) | (3,049) | 1,028,287 |
| Equity securities | |||||||||||
| Equity securities | 717,873 | 39,067 | 12,299 | 173,261 | (65,923) | - | - | 73,903 | - | (162,548) | 787,932 |
| Total | 717,873 | 39,067 | 12,299 | 173,261 | (65,923) | - | - | 73,903 | - | (162,548) | 787,932 |
| Other financial instruments | |||||||||||
| Other financial instruments | 34,385 | (6,265) | 15,145 | (12,980) | 30,285 | ||||||
| Total | 34,385 | (6,265) | - | 15,145 | (12,980) | - | - | - | - | - | 30,285 |
| Investment in associates | |||||||||||
| P.A. Viva malls | 1,817,503 | 173,053 | - | - | - | - | - | - | - | - | 1,990,556 |
| P.A. Lote Palermo | - | 310 | - | 36,992 | (7) | - | - | - | - | - | 37,295 |
| P.A. Distrito Vera | 13,325 | 2,341 | - | - | (2,261) | - | - | - | - | - | 13,405 |
| Fideicomiso Locales Distrito Vera | 56 | (3) | - | 93 | - | - | - | - | - | - | 146 |
| Total | 1,830,884 | 175,701 | - | 37,085 | (2,268) | - | - | - | - | - | 2,041,402 |
| Total Assets | 6,832,958 | 322,729 | 114,329 | 3,608,782 | (3,396,720) | (197,750) | (4,800) | 108,251 | (94,890) | (165,597) | 7,127,292 |
| Liabilities | |||||||||||
| Derivative financial instruments | |||||||||||
| Foreign exchange contracts | 154,613 | 214,520 | - | 1,322,057 | (86,562) | (197,124) | - | 42,898 | - | (27) | 1,450,375 |
| Interest rate contracts | 27,646 | 4,330 | - | 26,345 | (3,863) | (626) | - | 20,363 | - | - | 74,195 |
| Equity contracts | 1,278 | - | - | 7,616 | (1,278) | - | - | - | - | - | 7,616 |
| Total | 183,537 | 218,850 | - | 1,356,018 | (91,703) | (197,750) | - | 63,261 | - | (27) | 1,532,186 |
| Total liabilities | 183,537 | 218,850 | - | 1,356,018 | (91,703) | (197,750) | - | 63,261 | - | (27) | 1,532,186 |
(1)The accumulated value as of December 31, 2025, includes the effects of the classification of Banistmo S.A. as an asset held for sale since December 18, 2025. For more information, see Note 1. Reporting Entity, Note 2.D12. Significant Accounting Policies - Assets Held for Sale and Discontinued Operations, and Note 31. Discontinued Operation.
(2)From derivative assets to derivative liabilities classified in level 3 and vice versa..
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As of December 31, 2024
| Type of instruments | Balance,<br><br>January 1,<br><br>2024 | Included<br><br>in<br><br>earnings | OCI | Purchases | Settlement | Reclassifications(1) | Prepaids | Transfers<br><br>in to<br><br>level 3 | Transfers<br><br>out of<br><br>level 3 | Balance,<br>December 31,<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 | 2,042 | - | 14,696 | (12,157) | - | (3,117) | 3,195 | (5,567) | 77,821 |
| Corporate bonds | 14,284 | 538 | - | 2,994 | - | - | - | 16,443 | - | 34,259 |
| Total | 93,013 | 2,580 | - | 17,690 | (12,157) | - | (3,117) | 19,638 | (5,567) | 112,080 |
| Debt instruments at fair value through OCI | ||||||||||
| Securities issued by the Colombian Government | 2,664,295 | - | 157,708 | 2,490,647 | (2,664,295) | - | - | - | - | 2,648,355 |
| Securities issued or secured by other financial entities | - | - | (272) | 50,016 | - | - | - | - | - | 49,744 |
| Corporate bonds | - | - | 1,892 | 71,517 | - | - | - | 504,030 | - | 577,439 |
| Total | 2,664,295 | - | 159,328 | 2,612,180 | (2,664,295) | - | - | 504,030 | - | 3,275,538 |
| Derivative financial instruments | ||||||||||
| Foreign exchange contracts | 1,384,673 | (45,870) | - | 592,047 | (1,193,801) | (11,487) | - | 155,582 | (85,786) | 795,358 |
| Interest rate contracts | 15,621 | (2,591) | - | 6,910 | (3,606) | (138) | - | 3,909 | (4,612) | 15,493 |
| Equity contracts | 2,863 | - | - | 51,347 | (2,863) | - | - | - | - | 51,347 |
| Total | 1,403,157 | (48,461) | - | 650,304 | (1,200,270) | (11,625) | - | 159,491 | (90,398) | 862,198 |
| Equity securities | ||||||||||
| Equity securities | 384,682 | 48,562 | 50,303 | 261,301 | (26,973) | - | - | - | (2) | 717,873 |
| Total | 384,682 | 48,562 | 50,303 | 261,301 | (26,973) | - | - | - | (2) | 717,873 |
| Other financial instruments | ||||||||||
| Other financial instruments | 38,319 | (5,646) | - | 1,712 | - | - | - | - | - | 34,385 |
| Total | 38,319 | (5,646) | - | 1,712 | - | - | - | - | - | 34,385 |
| Investment in associates | ||||||||||
| P.A. Viva Malls | 1,661,679 | 155,824 | - | - | - | - | - | - | - | 1,817,503 |
| P.A. Distrito Vera | 9,103 | (401) | - | 5,186 | (563) | - | - | - | - | 13,325 |
| Fideicomiso Locales Distrito Vera | - | (5) | - | 61 | - | - | - | - | - | 56 |
| Total | 1,670,782 | 155,418 | - | 5,247 | (563) | - | - | - | - | 1,830,884 |
| Total Assets | 6,254,248 | 152,453 | 209,631 | 3,548,434 | (3,904,258) | (11,625) | (3,117) | 683,159 | (95,967) | 6,832,958 |
| Liabilities | ||||||||||
| Derivative financial instruments | ||||||||||
| Foreign exchange contracts | 170,798 | 48,127 | - | 114,156 | (95,051) | (11,487) | - | 3,194 | (75,124) | 154,613 |
| Interest rate contracts | 11,078 | (50) | - | 206 | (4,595) | (138) | - | 27,432 | (6,287) | 27,646 |
| Equity contracts | 1,852 | - | - | 1,278 | (1,852) | - | - | - | - | 1,278 |
| Total | 183,728 | 48,077 | - | 115,640 | (101,498) | (11,625) | - | 30,626 | (81,411) | 183,537 |
| Total liabilities | 183,728 | 48,077 | - | 115,640 | (101,498) | (11,625) | - | 30,626 | (81,411) | 183,537 |
(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 December 31, 2025, and 2024:
As of December 31, 2025, and 2024, net transfers in Cibest Corporate Group for COP 1,984 and COP 8,987, 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 December 31, 2025, and 2024, net transfers for COP (50,226) and COP 128,865, 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 Cibest Corporate Group to the credit risk of the counterparty.
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As of December 31, 2025, and 2024, there are corporate bonds of debt instruments at fair value through OCI for COP 512,511 and 577,439, respectively.
As of December 31, 2025, and 2024, unrealized gains and losses on debt instruments were COP 4,227 and COP 2,580; equity securities COP 39,067 and COP 48,562, 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 December 31, 2025, and 2024:
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Type of instruments | Transfers level 1<br><br>to level 2 | Transfers level<br><br>2 to level 1 | Transfers level<br><br>1 to level 2 | Transfers level<br><br>2 to level 1 |
| In millions of COP | ||||
| Debt instruments at fair value though profit or loss | ||||
| Securities issued by the Colombian Government | 36,039 | - | 202,779 | - |
| Securities issued or secured by foreign government | - | - | 26,866 | 929 |
| Total | 36,039 | - | 229,645 | 929 |
| Debt instruments at fair value through OCI | ||||
| Securities issued or secured by foreign government | - | - | 467,133 | 137,884 |
| Total | - | - | 467,133 | 137,884 |
| Equity securities | ||||
| Equity securities | 2 | 10,018 | 63,827 | - |
| Total | 2 | 10,018 | 63,827 | - |
As of December 31, 2025, Cibest Corporate 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 Cibest Corporate 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 December 31, 2025
| Type of instruments | Fair Value | Valuation<br><br>technique | Significant<br><br>unobservable input | Range of<br><br>inputs | Weighted<br><br>average | Sensitivity<br><br>100<br><br>basis point<br><br>increase | Sensitivity<br><br>100<br><br>basis point<br><br>decrease | ||
|---|---|---|---|---|---|---|---|---|---|
| In millions of COP | |||||||||
| Debt instruments | |||||||||
| Securities issued by other financial institutions | |||||||||
| TIPS | 64,125 | Discounted cash flow | Yield | 0.14% to 10.31% | 3.06% | 62,752 | 65,538 | ||
| Prepayment Speed | n/a | n/a | 67,024 | n/a | |||||
| Prepayment Speed | n/a | n/a | 63,704 | n/a | |||||
| Other bonds | 5,048 | Discounted cash flow | Interest rate | 0.32% to 1.10% | 0.71% | 5,002 | 5,094 | ||
| Total securities issued by other financial institutions | 69,173 | ||||||||
| Securities issued by the Colombian Government | |||||||||
| Bonds by government entities | 2,627,989 | Discounted cash flow | Interest rate | 0.50% to 0.50% | 0.50% | 2,619,101 | 2,640,019 | ||
| Corporate bonds | |||||||||
| Corporate bonds | 542,224 | Discounted cash flow | Yield | -0.16% to 5.02% | 2.43% | 497,386 | 559,495 | ||
| Total debt instruments | 3,239,386 | ||||||||
| Equity securities | |||||||||
| Equity securities | 787,932 | Price-based | Price | n/a | n/a | n/a | n/a | ||
| Other financial instruments | |||||||||
| Other financial instruments | 30,285 | Internal valuation methodology | Internal valuation methodology | n/a | n/a | n/a | n/a | ||
| Derivative financial instruments | |||||||||
| Forward | (424,381) | Discounted cash flow | Credit spread / Yield | 0.00% to 17.10% | (0.24%) | (417,068) | (424,265) | ||
| Swaps | (33,611) | Discounted cash flow | Credit spread | 0.00% to 7.47% | 0.61% | (50,216) | (28,748) | ||
| Options | (45,907) | Discounted cash flow | Credit spread | 0.01% to 2.13% | 0.34% | (45,481) | (46,050) | ||
| Total derivative financial instruments | (503,899) | ||||||||
| Investment in associates | |||||||||
| P.A. Viva Malls | 1,990,556 | Price-based | Price | n/a | n/a | n/a | n/a | ||
| P.A. Lote Palermo | 37,295 | Price-based | Price | n/a | n/a | n/a | n/a | ||
| P.A. Distrito Vera | 13,405 | Price-based | Price | n/a | n/a | n/a | n/a | ||
| Fideicomiso Locales Distrito Vera | 146 | Price-based | Price | n/a | n/a | n/a | n/a | ||
| Total investment in associates | 2,041,402 |
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As of December 31, 2024
| Type of instruments | Fair Value | Valuation<br><br>technique | Significant<br><br>unobservable input | Range of<br><br>inputs | Weighted<br><br>average | Sensitivity<br><br>100<br><br>basis point<br><br>increase | Sensitivity<br><br>100<br><br>basis point<br><br>decrease |
|---|---|---|---|---|---|---|---|
| In millions of COP | |||||||
| Debt instruments | |||||||
| Securities issued by other financial institutions | |||||||
| Yield | 0.14% to 10.66% | 3.61% | 61,474 | 65,164 | |||
| TIPS | 63,280 | Discounted cash flow | 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 / Interest rate | 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 Cibest Corporate 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 Cibest Corporate Group to earn rentals or for capital appreciation. | Comparable prices | The weighted average rates used in the capitalization methodology for revenues in the last quarter for 2025 are:<br><br>•Direct capitalization: initial rate 8.03%.<br><br>•Discounted cash flow: discount rate: 12.12%, terminal rate: 8.17%.<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 last quarter of 2025 are 0.80%, 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 by considering the cost to replace or construct a property under the same or similar conditions as the asset being measured, deducting accumulated depreciation and adding the land amount. | Replacement cost |
There has been no change to the valuation technique during the year 2025 for each asset.
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NOTE 31. DISCONTINUED OPERATION
Banistmo S.A. is a private financial entity that began operations in 1973 and is one of Cibest Corporate Group financial entities located in the Republic of Panama, after being acquired in October 2013. Banistmo has positioned itself as one of the leading banks in Panama, offering a wide variety of financial services under the supervision of the Superintendency of Banks of Panama.
On December 18, 2025, Cibest disclosed to the market the execution of a promise-to-purchase agreement for shares with Inversiones Cuscatlán Centroamérica S.A. to sell 100% of the shares of Banistmo S.A. The agreed sale price was USD 1,418,000 (subject to customary adjustments at the closing date).
Banistmo S.A. has been part of the ' Banking Panama' operating segment, contributing significantly to the Panamanian market as a provider of financial solutions for both individuals and companies, including digital banking services, savings and checking accounts, personal and corporate loans, mortgages, credit cards, insurance and payment services.
This divestment is part of a long-term corporate strategy aimed at optimizing Cibest Corporate Group’s portfolio, focusing its growth on strategic markets, and maximizing value creation for its shareholders.
Assets classified as held for sale in accordance with IFRS 5, see Note 2.D12. Significant accounting policies – Assets held for sale and discontinued operations.
As of December 31, 2025, Banistmo S.A. consisted of the assets and liabilities presented below:
STATEMENT OF FINANCIAL POSITION
As of December 31, 2025
(Stated in millions of Colombian pesos)
| December 31, 2025 | |
|---|---|
| ASSETS | |
| Cash and cash equivalents | 3,517,759 |
| Financial assets investments and derivative financial instruments | 6,364,505 |
| Loans and advances to customers | 28,853,418 |
| Allowance for loans, advances and lease losses | (1,420,269) |
| Loans and advances to customers, net | 27,433,149 |
| Assets held for sale and inventories, net | 124,660 |
| Premises and equipment, net | 90,536 |
| Right-of-use assets, lease | 192,114 |
| Goodwill and intangible assets, net | 230,516 |
| Deferred tax, net | 403,993 |
| Other assets, net | 1,952,025 |
| TOTAL ASSETS | 40,309,257 |
| LIABILITIES | |
| Deposits by customers | 27,293,518 |
| Interbank deposits and repurchase agreements and other similar secured borrowing | 910,189 |
| Derivative financial instruments | 19,379 |
| Borrowings from other financial institutions | 1,755,502 |
| Debt instruments in issue | 3,429,730 |
| Other liabilities | 1,008,366 |
| TOTAL LIABILITIES | 34,416,684 |
| TOTAL NET ASSETS | 5,892,573 |
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Analysis of profit for the year from discontinued operation
The results of the discontinued operation included in profit for the year are presented below. Comparative profits and cash flows of the discontinued operation have been restated to include those operations classified as discontinued in the current year.
A) Profit for the year from discontinued operation
STATEMENT OF INCOME
For the years ended December 31, 2025, 2024 and 2023
(Stated in millions of Colombian pesos)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Total interest and valuation on financial instruments | |||
| Interest on loans | 2,103,723 | 2,283,112 | 2,415,234 |
| Interest income on overnight and market funds | 89,068 | 78,365 | 94,162 |
| Interest and valuation on financial instruments | 353,881 | 328,428 | 317,162 |
| Total interest and valuation on financial instruments | 2,546,672 | 2,689,905 | 2,826,558 |
| Interest expenses | (1,241,640) | (1,336,251) | (1,238,112) |
| Net interest margin and valuation on financial instruments before impairment on loans , off balance sheet credit instruments and other financial instruments | 1,305,032 | 1,353,654 | 1,588,446 |
| Credit impairment charges on loans and advances , net | (161,369) | (456,748) | (270,501) |
| Net interest margin and valuation on financial instruments after impairment on loans and off balance sheet credit instruments and other financial instruments | 1,143,663 | 896,906 | 1,317,945 |
| Total fees and commissions, net | 257,453 | 275,934 | 274,028 |
| Other operating income | 24,905 | 65,875 | 36,938 |
| Dividends and net income on equity investments | 8,561 | 11,474 | 13,499 |
| Goodwill impairment(1) | (5,022,822) | - | - |
| Operating expenses | (909,939) | (982,520) | (1,017,555) |
| (Loss) / Profit before tax | (4,498,179) | 267,669 | 624,855 |
| Income tax(2) | 1,491,539 | (12,484) | (112,262) |
| Net (Loss) / income | (3,006,640) | 255,185 | 512,593 |
(1) The impairment recognized in goodwill corresponds to the loss in value determined in the period in connection with the sale of Banistmo S.A., the cash-generating unit (CGU) to which such goodwill had been allocated. In accordance with the applicable standard, goodwill was classified as an intangible asset with an indefinite useful life and was therefore not amortized and was subject to impairment testing semiannually or when there were additional indications of impairment. In prior annual analyses, the calculated value in use exceeded the carrying amount, and therefore there was no impairment to recognize. However, the agreed sale price in the transaction constitutes new observable evidence establishing a fair value lower than the CGU’s carrying amount, generating an impairment loss for the period in accordance with IFRS requirements. See Note 2.D12. Significant accounting policies – Assets held for sale and discontinued operations; Note 2.D13. Significant accounting policies – Impairment of assets, cash-generating units and Note 12. Intangibles and goodwill, net.
(2) Includes Deferred tax of discontinued operations for COP 1,567,226. See Note 13. Income Tax.
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B) Cash flows of the discontinued operation
STATEMENT OF CASH FLOW
For the years ended December 31, 2025, 2024 and 2023
(Stated in millions of Colombian pesos)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Net cash (used in)/provided by operating activities | (1,575) | 149,484 | (161,011) |
| Net cash (used in)/provided by investing activities | (181,508) | 1,057,511 | 459,293 |
| Net cash provided by/(used in) financing activities | 401,060 | (1,596,844) | (720,155) |
| Net change in cash and cash equivalents | 217,977 | (389,849) | (421,873) |
C) The loan portfolio of Banistmo S.A. designated as assets held for sale is composed as follows, as of December 31, 2025:
Loan portfolio designated as assets held for sale (by maturity)
As of December 31, 2025
| Maturity | Less than 1 year | Between 1 and 5 years | Between 5 and 15 years | More than 15 years | Total |
|---|---|---|---|---|---|
| In millions of COP | |||||
| COMMERCIAL | |||||
| Corporate | 5,071,736 | 5,478,286 | 1,257,424 | - | 11,807,446 |
| SMEs | 734,065 | 545,543 | 164,460 | 5,255 | 1,449,323 |
| Total Commercial | 5,805,801 | 6,023,829 | 1,421,884 | 5,255 | 13,256,769 |
| CONSUMER | |||||
| Credit cards | 259,842 | 644,128 | 535 | - | 904,505 |
| Vehicle | 4,450 | 282,297 | 570,912 | 426 | 858,085 |
| Payroll-deducted loans | 11,881 | 336,325 | 2,069,195 | 529,454 | 2,946,855 |
| Other | 31,347 | 96,379 | 79,833 | 440 | 207,999 |
| Total Consumer | 307,520 | 1,359,129 | 2,720,475 | 530,320 | 4,917,444 |
| MORTGAGE | |||||
| Low-income Mortgage (VIS) | - | 517 | 37,291 | 4,270,596 | 4,308,404 |
| Non-VIS | 4,397 | 85,976 | 743,170 | 4,233,488 | 5,067,031 |
| Total Mortgage | 4,397 | 86,493 | 780,461 | 8,504,084 | 9,375,435 |
| FINANCIAL LEASING | |||||
| Commercial leasing | 47,085 | 389,000 | 5,822 | - | 441,907 |
| Consumer leasing | 2,345 | 37,860 | 11,165 | - | 51,370 |
| Total financial leasing | 49,430 | 426,860 | 16,987 | - | 493,277 |
| SMALL BUSINESS LOANS | |||||
| Microcredit | 220,725 | 370,914 | 202,932 | 15,921 | 810,492 |
| Total Small Business Loans | 220,725 | 370,914 | 202,932 | 15,921 | 810,492 |
| Total | 6,387,873 | 8,267,225 | 5,142,739 | 9,055,580 | 28,853,417 |
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Loan concentration by days past due
As of December 31, 2025
| Past-due | ||||||
|---|---|---|---|---|---|---|
| Period | 0-30 days | 31-90 days | 91-120 days | 121-360 days | More than 360 days | Total |
| In millions of COP | ||||||
| Commercial | 11,844,958 | 99,581 | 5,374 | 359,769 | 947,087 | 13,256,769 |
| Consumer | 4,681,654 | 121,926 | 37,424 | 72,840 | 3,600 | 4,917,444 |
| Mortgage | 8,461,617 | 387,479 | 90,538 | 192,496 | 243,305 | 9,375,435 |
| Financial leasing | 472,732 | 2,791 | 195 | 13,674 | 3,885 | 493,277 |
| Small Business Loans | 725,035 | 27,535 | 1,213 | 23,940 | 32,769 | 810,492 |
| Total | 26,185,996 | 639,312 | 134,744 | 662,719 | 1,230,646 | 28,853,417 |
Maximum exposure to credit risk
As of December 31, 2025
| Stage 1 | Stage 2 | Stage 3 | Total | |
|---|---|---|---|---|
| In millions of COP | ||||
| Commercial | 10,125,423 | 1,012,057 | 2,119,289 | 13,256,769 |
| Consumer | 4,259,825 | 480,784 | 176,835 | 4,917,444 |
| Mortgage | 7,744,580 | 1,185,493 | 445,362 | 9,375,435 |
| Financial leasing | 449,408 | 17,860 | 26,009 | 493,277 |
| Small Business Loans | 630,534 | 120,440 | 59,518 | 810,492 |
| Total customer loan portfolio | 23,209,770 | 2,816,634 | 2,827,013 | 28,853,417 |
| Allowance for loans, advances and lease losses | (137,198) | (232,330) | (1,050,742) | (1,420,270) |
| Total Net loans and advances to customers | 23,072,572 | 2,584,304 | 1,776,271 | 27,433,147 |
D) Customer deposits of Banistmo S.A. classified as liabilities held for sale are as follows as of December 31, 2025:
Deposits from customers designated as liabilities held for sale
As of December 31, 2025
| Deposits from customers | December 31, 2025 |
|---|---|
| In millions of COP | |
| Time deposits | 16,875,344 |
| Savings accounts | 6,225,850 |
| Checking accounts | 4,106,875 |
| Other deposits | 85,449 |
| Total deposits by customers | 27,293,518 |
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NOTE 32. SUBSEQUENT EVENTS
Approval of Consolidated Financial Statements
The financial statements were authorized for issue by the Board of Directors on February 23, 2026.
On March 31, 2026, the board of directors of the Central Bank decided to increase the policy rate by 100 basis points, from 10.25% to 11.25%, in response to the persistence of inflationary pressures and the deterioration of macroeconomic balances.
On February 11, 2026, the Colombian government issued Legislative Decree No. 150, pursuant to which it declared a State of Economic, Social, and Ecological Emergency in certain departments of Colombia. Subsequently, on February 24, 2026, the government enacted Decree No. 173, which established, as a temporary tax measure for the 2026 fiscal year, a net worth tax applicable to Colombian legal entities that are taxpayers of the corporate income tax as of March 1, 2026. The general tax rate is 0.5% applied to net equity, while a special rate of 1.6% applies to financial institutions, brokerage firms, and other entities operating in certain specific sectors.
On January 30, 2026, the board of directors of the Central Bank decided to increase the policy rate by 100 basis points, from 9.25% to 10.25%, in response to the persistence of inflationary pressures and the deterioration of macroeconomic balances.
On January 29, 2026, the Constitutional Court of Colombia ordered the provisional suspension of Legislative Decree 1474 of 2025 while it carries out its constitutionality review. This decree established temporary tax measures applicable to fiscal year 2026 within the framework of the State of Economic Emergency.
As of December 31, 2025, Decree 1474 of 2025 was fully in force and, consequently, Cibest Corporate Group recognized its effects in the determination of income tax and the measurement of deferred tax (see Note 13. Income Tax).
The subsequent suspension does not provide evidence of conditions that existed at the reporting date, and the Decree has not been fully repealed, as it remains subject to the Court’s substantive review. Therefore, this event does not result in modifications to the amounts recognized as of December 31, 2025. However, it is disclosed due to its relevance for users of the financial statements.
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RISK MANAGEMENT
During 2025, the global economy showed a relatively favorable performance, despite the materialization of various risks stemming from the tariff and immigration policies promoted by the President of the United States. This environment was accompanied by a gradual and prudent easing of the Federal Reserve’s restrictive monetary policy stance, in a context marked by inflationary pressures resulting from rising tariffs, the persistence of geopolitical conflicts particularly between Russia and Ukraine and in the Middle East and the deterioration of fiscal conditions in most economies worldwide. Taken together, these factors increased uncertainty regarding the evolution of macroeconomic indicators and generated greater volatility in the prices of financial assets in international markets. At the same time, the level of political stability played a decisive role in investor confidence, in governments’ ability to implement stimulus policies, and ultimately in the dynamics of economic growth.
Considering the environment and the markets in which it operates, the development of the risk function and the supporting structure is aligned with the nature, size, complexity, and diversity of the activities carried out by the entities of Cibest Corporate Group.
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Credit risk
Credit risk is the possibility that Cibest Corporate Group incurs losses and that the value of its assets decreases as a result of a debtor or counterparty failing to meet their obligations.
The information below contains the maximum exposure to credit risk for the periods ending December 31, 2025 and 2024:
The maximum exposure to credit risk of the loans and advances decreases in 2025 due to the classification of Banistmo as a discontinued operation.
December 31, 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 | 230,529,201 | 13,291,069 | 12,533,711 | 256,353,981 |
| Commercial | 128,900,017 | 3,789,022 | 6,938,883 | 139,627,922 |
| Consumer | 45,368,880 | 4,597,424 | 2,787,242 | 52,753,546 |
| Mortgage | 31,451,240 | 1,551,976 | 1,413,156 | 34,416,372 |
| Small Business Loans | 885,674 | 120,330 | 57,008 | 1,063,012 |
| Financial Leases | 23,923,390 | 3,232,317 | 1,337,422 | 28,493,129 |
| Off-Balance Sheet Exposures | 45,080,299 | 398,436 | 439,419 | 45,918,154 |
| Financial Guarantees | 6,385,687 | 16,589 | 152,549 | 6,554,825 |
| Loan Commitments | 38,694,612 | 381,847 | 286,870 | 39,363,329 |
| Loss Allowance | (2,126,247) | (2,321,812) | (9,043,389) | (13,491,448) |
| Total | 273,483,253 | 11,367,693 | 3,929,741 | 288,780,687 |
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 | 43,604,372 | 223,317 | 256,249 | 44,083,938 |
| Financial Guarantees | 9,926,719 | 17,800 | 199,782 | 10,144,301 |
| Loan Commitments | 33,677,653 | 205,517 | 56,467 | 33,939,637 |
| Loss Allowance | (2,331,035) | (2,752,141) | (11,397,984) | (16,481,160) |
| Total | 286,545,634 | 14,141,467 | 6,369,585 | 307,056,686 |
(1) The informational disclosed value of loan commitments has been updated.
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Other Financial Instruments
| Maximum Exposure to Credit Risk - Other Financial Instruments | ||||||
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Maximum Exposure | Collateral | Net Exposure | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Maximum Exposure to Credit Risk | ||||||
| Debt instruments | 32,840,048 | 36,583,512 | (2,529,186) | (1,669,011) | 30,310,862 | 34,914,501 |
| Derivatives | 1,308,744 | 929,498 | (726,801) | (589,098) | 581,943 | 340,400 |
| Equity | 1,463,622 | 1,011,310 | - | - | 1,463,622 | 1,011,310 |
| Other financial instruments | 30,285 | 34,385 | - | - | 30,285 | 34,385 |
| Total | 35,642,699 | 38,558,705 | (3,255,987) | (2,258,109) | 32,386,712 | 36,300,596 |
| Note: Collateral Held (-) and Collateral Pledged (+) |
Maximum exposure to credit risk of the loans and advances refers to the carrying amount at the end of the period. It does not take into account any collateral received or any other credit risk mitigants.
Maximum exposure to credit risk of financial guarantees an loan commitments corresponds to the total amount guaranteed at the end of the period. It does not take into account any collateral received or any other credit risk mitigants.
Maximum exposure to derivatives refers to the fair value at the end of the period, without considering any guarantee received or any other credit risk mitigants.
Maximum exposure to credit risk of debt instruments and equity securities refers to the carrying amount at the end of the period without considering any guarantee received.
Credit Risk Management - Loans and Advances
During 2025, the Colombian economy showed a gradual and moderate recovery, supported by limited improvements in economic activity, labor market conditions, and a partial rebound in investment. This performance occurred in a context of still‑restrictive monetary policy, although with gradual reductions in the intervention rate compared to 2024, which allowed for partial relief in financial conditions and a slight reactivation of credit, mainly in the commercial and consumer segments. Nonetheless, the high fiscal deficit and the increase in public debt continued to pressure sovereign risk perception and limit fiscal policy space, within an international environment characterized by higher volatility and geopolitical tensions.
At the regional level, Guatemala maintained a flexible monetary policy during 2025, with low interest rates that were gradually reduced, facilitating access to credit and stimulating domestic consumption in a context supported by strong remittance inflows and contained inflation. Panama showed an improvement in financial conditions compared to 2024, with relatively stable interest rates and a gradual recovery in credit, in line with the rebound in economic activity following the normalization of Canal operations and the dynamism of the services and logistics sectors. In contrast, El Salvador recorded more restrictive credit conditions, with high interest rates in the context of fiscal consolidation, which limited credit expansion; however, greater strength in the economic and financial sectors was observed, as well as a reduction in sovereign risk, supported by improved security conditions and the positive performance of remittances.
In a highly competitive financial market and an environment of uncertainty, Cibest Corporate Group prioritized decisions within the credit cycle that contribute to maintaining a stable risk profile for the portfolio, through continuous improvement of the processes, models, and methodologies used in all stages of the credit cycle. Our management is based on agile and predictive responsiveness to changes in the economic environment, enabling us to proactively adjust risk appetite and protect Cibest Corporate Group’s financial health. As a result, portfolio risk indicators improved, and we delivered more effective support to our clients.
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Risk management associated with the different types of credit exposures undertaken by the entities of Cibest Corporate Group is managed in accordance with Cibest Corporate Group’s Credit Risk Management Framework, which sets out the corporate definitions and the overarching criteria for the assessment, measurement, monitoring, control, and mitigation of credit risk. Furthermore, Management has implemented policies, guidelines, and methodologies across the entire credit life cycle that operationalize the credit‑risk strategy approved by the Board of Directors for the oversight and control of credit risk.
To maintain credit quality and manage the risk arising from its lending activities, Cibest Corporate Group has established general loan policies, including the following:
•Credit exposure limits: Contains guidelines with regards to the establishment of credit exposure limits. This is set as a result of legal requirements and according to Cibest Corporate Group’s internal guidelines.
•Origination policies: These policies aim to acquire ample and sufficient knowledge of the characteristics of current and potential borrowers and to select them properly. The risk level of the individual and legal entities is determined using rating and scoring models which define cut-off points that are applied in the process of issuing credit. These models use information such as customer behavior, sociodemographic conditions, credit history, transactional activity with Cibest Corporate Group, the type of business the borrower engages in, the borrower’s ability to repay the loan, and information received from the credit risk bureaus. In addition, sectorial and macroeconomic behavior is taken into account.
•Collaterals policies: For the purpose of mitigating risk associated with non-fulfillment of obligations agreed upon by the borrower, Cibest Corporate Group has established policies for the valuation of collateral received as well as for the determination of the maximum loan amount that can be granted against the value of the collateral.
•Allowance policies: The objective of this policy is to fulfill legal requirements and Cibest Corporate Group’s business policies. In addition, this policy is meant to provide the guidelines to analyze the client’s status and take the necessary actions in order to mitigate credit risk to which Cibest Corporate Group is exposed. For further information, please see Note 2. Material Accounting Policies.
•Monitoring policies: Contains various monitoring procedures, portfolio reports and policies for the purpose of overseeing, in an adequate and timely manner, the evolution of credit risk. These procedures include a continuous process of classification and reassessment of credit operations and they maintain consistency with the policies implemented for granting loans.
•Portfolio recovery policies: Through these policies, Cibest Corporate Group aims to establish those mechanisms that allow it to anticipate the action to be taken in the event of possible delays and minimize the impact resulting from non-fulfillment of payment or delays by the borrower. Additionally, the aspects established in this policy delimit what Cibest Corporate Group has defined as collection management and that make it possible to obtain information to improve the origination policies and the allowances for loans and advances and lease losses models. The established actions are combined with strategies to adjust to the economy, market and costumer conditions, allowing Cibest Corporate Group to offer alternatives tailored to each case, such as payment deals, foreclosed assets, cession agreements, modifications, restructuring, and so on.
Management of credit risk is carried out through all the credit life cycle. These stages are defined in the following way:
•Origination: Knowing the borrower, payment capacity analysis, payment behavior and credit approval and structure.
•Monitoring: Knowing the borrower’s situation during the life of the credit.
•Recovery: Collection management during the different stages of the same credit.
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To support the credit origination processes, models, methodologies, and analytical techniques based on statistical information and expert criteria are used. Their purpose is to evaluate and differentiate the risk level of potential and current clients, thus facilitating informed decision-making. These models are mainly applied during the granting stage and also play a fundamental role in monitoring, by allowing the tracking of the client's evolution, and in recovery, by facilitating the implementation of risk mitigation and portfolio recovery strategies. Continuous monitoring of the client's evolution is carried out, which allows for the timely detection of credit deterioration and proactive risk management throughout the credit lifecycle. Additionally, strategies and mechanisms based on quantitative variables and objective criteria analysis are implemented to optimize collection management, reduce expected losses, and minimize the impact of defaults on the portfolio.
The Corporate Risk Vice Presidency is responsible for defining and documenting the specific characteristics of the models, methodologies, and analytical techniques employed. It has the authority to develop mathematical and expert formulas, as well as to establish key parameters according to market conditions, the product, and the risk appetite framework approved by the Board of Directors. The models may include variables of different natures, such as sociodemographic, sectoral as well as internal and external behavior, financial information related to investment, savings, and transactions, in addition to market studies and product-specific parameters. The adequate performance of the models is ensured, measured through their discriminative capacity, understood as the model's ability to differentiate between clients with different levels of risk.
In accordance with international risk‑management standards, backtesting tests are conducted on the models used in credit cycle management. The results of these tests are presented periodically to the Risk Committee and the Board of Directors for their information. Additionally, the Corporate Risk Vice Presidency establishes, issues internal circulars that establish the guidelines for the assignment and ongoing maintenance of internal credit ratings.
Monthly, the credit portfolio is rated using internal models that allow for the assessment of the credit risk of each debtor and the determination of the required provisions. These models are regularly updated to reflect changes in market conditions and ensure their accuracy and relevance. The monthly provisions allow for the assessment of risk collectively or individually, using parameters such as Probability of Default (PD), Loss Given Default (LGD), and Exposure at Default (EAD). For more details, see Note 2. Material Accounting Policies, section 4.1.2.
Individual analysis is applied to clients in stage 3 with significant balances and to corporate clients who recover from default and move to stage 2. This analysis is based on the projection of each client's cash flow, considering parameters associated with recovery rates estimated by models that incorporate financial information, behavior, collateral, and qualitative variables. Periodically, backtesting tests are conducted on these provisioning models to ensure an adequate level of coverage aligned with Cibest Corporate Group 's risk appetite.
To manage concentration risk, Cibest Corporate Group, conducts continuous monitoring of risk groups and supervises their corresponding exposures, ensuring adherence to both regulatory lending limits and those established by Management. Analytical tools are used to identify clients or sectors with elevated concentration risk and to implement diversification strategies aimed at mitigating potential adverse impacts. Methodologically, Cibest Corporate Group relies on international benchmarks defined by external credit rating agencies, enabling the assessment of concentration across different geographies. From a regulatory standpoint, Cibest Corporate Group adheres to the concepts and methodologies established in applicable external regulations.
The following classifications are established for the analysis of concentration:
•By country: Based on the country where the loans were originated.
•By sector: According to the sectorial sub-segmentation defined by Cibest Corporate Group based mainly on the code CIIU1.
•By categories: According to the portfolio category of each agreement (commercial, financial leases, consumer loans, small business loans and mortgages).
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•By economic group: According to the characteristics of economic groups as established by regulations.
•By maturity: According to the remaining term to loan maturity.
•By past due days: This concentration evaluates loans that are more than one month overdue.
1 CIIU: International Standard Industrial Classification of All Economic Activities.
Country Risk2
Cibest Corporate Group credit risk management framework includes country risk management, which refers to the possibility that an entity may incur losses on financial transactions abroad due to a deterioration in the economic and/or socio-political conditions of the country receiving such transactions, either due to limitations on currency transfers or factors not attributable to the commercial and financial condition of the country receiving the transaction. This definition includes, among others, sovereign risk (SR) and transfer risk (TR) associated with such factors.
This framework has guidelines, processes, and methodologies that allow for the periodic assessment of the country risk to which it is exposed in its capital investments, understanding capital investments to be those made in jurisdictions other than Colombia that are economically relevant individually or in aggregate by country, and whose purpose is permanent. This management includes the stages of identification, measurement, control, and monitoring of the country risk to which the Group is exposed.
The definition of capital investment appetite integrates the assessment of country risk, aligning with the Corporate Group's Risk Appetite Framework to ensure consistency with Cibest Corporate Group's financial strength.
For the year ended December 2025, compared to December 2024, no alerts associated with country risk were identified in the investments subject to this analysis. Likewise, no downgrades were observed in the country risk ratings of the countries where Cibest Corporate Group maintains investments.
During 2025, within the portfolio subject to country risk assessment, a reallocation of investing entities was recorded. The value of the investments decreased compared to 2024, mainly due to the appreciation of the colombian peso against the U.S. dollar and the distribution of dividends. These effects were partially offset by the profits generated during the year.
Additionally, as of December year‑end, Banistmo is considered a discontinued operation. For this reason, both Banistmo and its related investments were excluded from Cibest Corporate Group subject to country risk evaluation. For further detail, see Note 31 — Discontinued Operation.
Overall, the results for the period do not indicate adverse changes in the country risk profile of the portfolio, and the observed variations are primarily attributable to market effects and strategic decisions.
2 Nequi, Renting, Wenia, Wompi, Bancolombia Puerto Rico, Banca de Inversión Bancolombia and its subsidiaries have no investments subject to country risk review at the time of analysis.
a.Credit Quality Analysis - Loans and Financial Leases
Rating System for Credit Risk Management
The principal aim of this rating system is to determine the risk profile of the borrower, which is obtained through a rating.
The rating of the corporate portfolio is primarily conducted through a Rating model, based on the analysis of the interrelation of quantitative variables and objective criteria, which allow for determining the probability of default that
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may affect the fulfillment of the financial commitments acquired by a client. The rating model is applied from the origination and is periodically updated, incorporating determinants of credit risk, which can be summarized as the client's financial performance measured through financial figures and payment capacity, payment behavior both with Cibest Corporate Group and with other entities in the financial sector as well as transactional information of the client within Cibest Corporate Group as alternative variables.Taken together, this approach ensures a comprehensive and up‑to‑date view of risk, enhancing decision making and the proactive management of the portfolio.
In the case of a retail customer, granting and behavior scoring models are used in order to identify the level of risk associated with the borrower. These models include information such as personal details, financial information and transactional, historical behavior, the total number of credit products and external information from credit bureaus.
Description of Loans and Financial Leases
In order to evaluate and manage credit risk, the credits and financial leasing operations have been classified as:
•Commercial and Financial Leases:
Loans granted to individuals or companies in order to carry out organized economic activities and are not classified as small business loans.
The borrowers in this portfolio are mainly made up of companies, segmented in homogenous groups that are constituted according to size, annual sales or main activity. The following variables are part of this classification:
| Segment | Incomes/Sales |
|---|---|
| Corporate | Companies with consolidated annual sales by economic group >= COP 250,000M. Banistmo places borrowers with annual sales >= USD10M. BAM place borrowers with annual sales >= USD25M. Banco Agricola place borrowers with annual sales >= USD30M. |
| Business | Companies with consolidated annual sales by economic group > = COP 14,500M and < COP 250,000M. For Banco Agricola borrowers with annual sales >= USD7M y < USD30M and BAM, with annual sales >= USD5M and < USD25M |
| Commercial | For BAM, companies with annual sales >= USD2M y < USD5M. |
| Business Construction | Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group >= COP 58,000M and <= COP 200,000M or commercial size > = COP 15,000M and < COP 70,000M, or project size >= COP 500,000M and < COP 2.2 trillion. |
| Corporate Construction | Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group > COP 200,000M or commercial size > = COP 70,000M or project size >=COP 2.2 trillion |
| SME Construction | Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with consolidated annual sales by economic group >= COP 380M and <= COP 58,000M or commercial size < COP 15,000M or project size < COP 500,000M. |
| Institutional Financing | Financial sector institutions. |
| Government | Central government entities within the Corporate segment, as well as territorial entities that qualify under the public‑conglomerate model based on the variables analyzed (income level, investment, and population). |
| SME | Annual sales < COP 14,500M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD10M in annual sales. For Banco Agrícola, borrowers with annual sales < USD7M and BAM, borrowers with annual sales < USD2M. |
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•Consumer:
Loans and advances, regardless of amount, granted to individuals for the purchase of consumer goods or to pay for non-commercial or business services. These loans are classified as follows:
| Classification | |
|---|---|
| Vehicles | Credits granted for the acquisition of vehicles and motorcycles. The vehicle financed is used as collateral for the loan. |
| Credit cards | Revolving credit limits for the acquisition of consumer goods, utilized by means of a plastic card, a virtual card or a token in digital wallets. |
| Payroll loans | It is a credit line attached to an authorized individual payroll and pension amount. |
| Other loans | Loans granted for the acquisition of consumer goods other than vehicles and Payroll loans Credit cards are not included in this segment. |
The counterparties in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income.
•Mortgage:
These are loans, regardless of amount, granted to individuals for the purchase of a new or used house, commercial real estate or construction of a home. These loans include loans denominated in local units or local currency that are guaranteed by a senior mortgage on the property and that are financed with a total repayment term of 5 to 30 years.
The counterparties in the mortgage portfolio are mainly made up of individuals segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income.
•Small Business Loans:
Productive credits are those constituted by credit operations carried out with individuals for the development of economic activities in rural and urban areas issued for the purpose of encouraging the activities of small business and are subject to the following requirements in Colombia: (i) their indebtedness with all entities cannot exceed 120 minimum wages (excluding mortgage obligations for housing financing); (ii) the client's total assets, excluding mortgage assets, are less than 500 minimum wages.
The borrowers in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their commercial size, which is calculated by their monthly income.
Analysis of the behavior and impairment of the loan portfolio and financial lease operations
The analysis presented below for Cibest Corporate Group is based on a comparison with the information reported by Grupo Bancolombia as of December 31, 2024.
As of December 31, 2025, Cibest Corporate Group total loan portfolio, valued in Colombian pesos, registered an decrease of 8.3% compared to December 2024. This reduction was largely driven by the classification of the asset group of subsidiary Banistmo S.A. as held for sale (see Note 31 – Discontinued Operation), in addition to the impact of the depreciation of the U.S. dollar against the peso, which reduced the peso denominated value of the portfolios of the Central American subsidiaries. However, despite these factors, growth was observed in the corporate and consumer loan portfolios at Bancolombia and Banco Agrícola, as well as in the mortgage portfolio in Colombia, driven by a gradual and moderate recovery in commercial activity across all countries where Cibest Corporate Group operates. The 30-day past due loan ratio (consolidated) showed a reduction, standing at 3.95% in December 2025 compared to 5.20% in December 2024, mainly explained by the improvement in the quality of the consumer portfolio. This improvement reflects a strengthening in portfolio quality, mainly driven by the recovery of the consumer loan portfolio across all regions, as well as the favorable performance of the mortgage portfolio in Colombia. During the period, different strategies were
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developed throughout the credit cycle, allowing for the implementation of proactive and coherent actions in line with the reality of the clients and their environment, in order to contain deterioration and place them in better risk profiles:
•Commercial loans and financial leases amounted to COP 168.12 trillion, which represented a decrease of 6.9% compared to 2024. The 30-day past due loan ratio was 3.06% compared to 3.77% as of December 2024.
•Consumer loans amounted to COP 52.75 trillion, which represented a decrease of 5.5% compared to 2024. The 30-day past due loan ratio was 5.59% compared to 7.92% as of December 2024.
•Mortgage loans totaled to COP 34.42 trillion, which represented a decrease of 17.5% compared to 2024. The 30-day past due loan ratio was 5.67% compared to 7.62% as of December 2024.
•Small Business loans ended at COP 1.06 trillion, which represented a decrease of 21.4% with respect to 2024. The 30-day past due loan ratio was 8.23% compared to 8.11% as of December 2024.
In order to monitor credit risk associated with clients, Cibest Corporate Group Consolidated has established regular monitoring performed by the AEC Committee to identify events that can lead to a reduction in borrowers’ ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors such as the economic activity and sector, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients’ business. The amount and allowance of clients included in the described watch list, as of December 31, 2025 and 2024 is shown below:
December 2025:
| Watch List December 31, 2025 | |||
|---|---|---|---|
| In millions of COP | |||
| Risk Level | Amount | % | Allowance |
| Level 1 – Low Risk | 11,243,787 | 0.61% | 68,609 |
| Level 2 – Medium Risk | 3,242,865 | 7.19% | 233,252 |
| Level 3 – High Risk | 2,084,682 | 59.12% | 1,232,457 |
| Level 4 – High Risk DOC (1) | 4,602,690 | 72.27% | 3,326,436 |
| Total | 21,174,024 | 22.96% | 4,860,754 |
(1) DOC: Origination and Collections Department.
December 2024:
| Watch List December 31, 2024 | |||
|---|---|---|---|
| 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 DOC (1) | 5,948,366 | 61.67% | 3,668,615 |
| Total | 29,550,107 | 20.96% | 6,193,636 |
(1) DOC: Origination and Collections Department.
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Loans and Financial Leases Collateral
Collateral refers to the support provided by clients that enables Cibest Corporate Group to mitigate credit risk, as it serves as an alternative source for the repayment of granted loans in the event of client default. Such collateral is considered eligible and adequate when it meets the following conditions:
•Its fair value was established according to technical and objective criteria.
•Its provide Cibest Corporate Group with a legally effective privilege for the payment of the guaranteed obligation.
•Its performance is reasonably possible.
Cibest Corporate Group has defined the criteria for collateral enforceability, which are established according to the classification of the loan portfolio. In addition, Cibest Corporate Group has set guidelines to value collateral and the frequency of such valuations, as well as those guidelines related to the legalization, registry and maintenance of the collateral. Likewise, Cibest Corporate Group has defined the criteria for insurability, custody and the necessary procedures for their cancellation.
The update of the fair value of mortgages and vehicles collaterals for the loan portfolio is made at least once a year. The methodology used to estimate the fair value of the properties is applied by external and independent entities. Updating the fair value of the vehicles is done through guides and valid values commonly used as reference to set the value of a vehicle. The fair value of real state and vehicles are classified in levels 2 and 3 depending on the observability and significance of the inputs used in the valuation techniques according to the hierarchy established by IFRS 13.
To determine the suitability of appraiser’s selection, there are internal guidelines to be fulfilled related to independence, professional certification, reputation and experience. In a similar way, to validate the appraisal´s suitability, Cibest Corporate Group has defined guidelines based on current regulations which are related to methodologies, report quality and commercial value.
During the reporting period, Cibest Corporate Group’s collateral policies have not changed significantly in relation to the way collateral is held and its overall quality.
The information included in the table discloses the nature of the collateral and the balances covered by it for the loan portfolio and financial leasing operations classified under the commercial, consumer, microcredit, and housing modalities for the periods ended December 31, 2025 and 2024:
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| December 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| In Millions of COP | ||||||
| Amount Covered by Collateral | ||||||
| Nature of the Collateral | Commercial | Consumer | Mortgage | Financial<br><br>Leasing | Small<br><br>Business | Total |
| Real Estate and Residential | 17,856,646 | 1,565,026 | 31,026,884 | 93 | 13,887 | 50,462,536 |
| Goods Given in Real Estate Leasing | - | - | 174 | 17,725,642 | - | 17,725,816 |
| Goods Given in Leasing Other Than Real Estate | - | 120 | - | 7,927,066 | - | 7,927,186 |
| Stand by Letters of Credit | 1,459,362 | - | - | - | - | 1,459,362 |
| Security Deposits | 63,833 | 7,775 | - | - | — | 71,608 |
| Guarantee Fund | 3,607,654 | 3,175 | - | 33,154 | 553,423 | 4,197,406 |
| Sovereign of the Nation | - | - | - | - | - | - |
| Collection Rights | 10,054,510 | 105,181 | - | - | — | 10,159,691 |
| Other Collateral (Pledges) | 2,189,669 | 6,781,902 | 20,639 | 169 | 106 | 8,992,485 |
| Without Guarantee (Uncovered Balance) | 104,396,248 | 44,290,367 | 3,368,675 | 2,807,005 | 495,596 | 155,357,891 |
| Total loans and financial leases | 139,627,922 | 52,753,546 | 34,416,372 | 28,493,129 | 1,063,012 | 256,353,981 |
| December 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| In Millions of COP | ||||||
| Amount Covered by Collateral | ||||||
| Nature of the Collateral | Commercial | Consumer | Mortgage | Financial<br><br>Leasing | Small<br><br>Business | Total |
| Real Estate and Residential | 25,163,297 | 1,816,374 | 39,092,440 | 39 | 363,465 | 66,435,615 |
| Goods Given in Real Estate Leasing | - | - | 183 | 17,382,691 | - | 17,382,874 |
| Goods Given in Leasing Other Than Real Estate | - | 32 | - | 8,181,007 | - | 8,181,039 |
| Stand by Letters of Credit | 1,540,179 | - | - | - | - | 1,540,179 |
| Security Deposits | 1,398,254 | 326,722 | - | - | 139,481 | 1,864,457 |
| Guarantee Fund | 3,653,583 | 37 | - | 45,720 | 251,827 | 3,951,167 |
| Sovereign of the Nation | - | - | - | - | - | - |
| Collection Rights | 7,757,578 | 109,946 | - | - | — | 7,867,524 |
| Other Collateral (Pledges) | 3,688,378 | 8,039,811 | 30,223 | 280 | 6,209 | 11,764,901 |
| Without Guarantee (Uncovered Balance) | 110,051,542 | 45,522,761 | 2,618,755 | 1,681,867 | 591,227 | 160,466,152 |
| Total loans and financial leases | 153,252,811 | 55,815,683 | 41,741,601 | 27,291,604 | 1,352,209 | 279,453,908 |
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Cibest Corporate Group monitors the collateral associated with financial assets classified in Stage 3, as it is more likely to take possession of such collateral to mitigate potential credit losses. The following table presents financial assets classified in Stage 3 and the related collateral held to mitigate potential losses for the periods ended December 31, 2025 and 2024:
| December 31, 2025 | ||||
|---|---|---|---|---|
| In Millions of COP | ||||
| Classification | Amount | Allowance | Total | Fair Value of Collateral |
| Commercial | 682,168 | 369,786 | 312,382 | 1,523,549 |
| Consumer | ||||
| Mortgage | — | — | — | — |
| Small Business Loans | ||||
| Financial Leases | 549,569 | 295,354 | 254,215 | 885,925 |
| Total credit assets | 1,231,737 | 665,140 | 566,597 | 2,409,475 |
| December 31, 2024 | ||||
| --- | --- | --- | --- | --- |
| In Millions of COP | ||||
| Classification | Amount | Allowance | Total | Fair Value of Collateral |
| Commercial | 783,435 | 372,156 | 411,279 | 1,660,829 |
| Consumer | ||||
| Mortgage | 616,432 | 143,894 | 472,538 | 762,652 |
| Small Business Loans | ||||
| Financial Leases | 761,892 | 327,257 | 434,635 | 1,305,365 |
| Total credit assets | 2,161,759 | 843,307 | 1,318,452 | 3,728,846 |
A portion of Cibest Corporate Group’s financial assets originated by the mortgage and commercial business has sufficiently low ‘loan to value’ (LTV) ratios, which results in no loss allowance being recognized in accordance with Cibest Corporate Group’s expected credit loss model. The carrying amount of such financial assets is and COP 60,688 as at 31 December 2024 and COP 273,574 as at December 31, 2025.
Foreclosed assets and other credit mitigants
Assets received in lieu of payment (foreclosed assets) are recognized on the statement of financial position when current possession of the asset takes place.
Foreclosed assets such as immovable and movable property, equity securities and other financial assets, are received based on a commercial valuation, and their net realizable value is given by a specialized team.
During the years ended December 31, 2025 and 2024, Cibest Corporate Group entered into non-cash operating and investing activities related to restructured loans and returned properties that were transferred to assets held for sale and inventories amounting to COP 1,251,021 and COP 1,408,331 , respectively.
Cibest Corporate Group classifies foreclosed assets after acknowledgment of the exchange operation according to the intention of use, as follows:
•Non-current assets held for sale.
•Other marketable assets.
•Other non-marketable assets.
•Inventories.
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Foreclosed assets classified as non-current assets held for sale are those expected to be sold within the next 12 months. Non-current assets held for sale that no longer meet the immediate sale guidelines must be reclassified as “Other marketable assets”. If the updated fair value less costs to sell is lower than the carrying amount, the latter must be adjusted and an impairment loss recognized in the income statement for the same period.
b.Risk Concentration – Loans and Advances
Cibest Corporate Group performs its credit risk concentration analysis by monitoring the loan portfolio through groupings such as modality, maturity, days past due, economic sector, country, and economic group, as shown below:
•Loans concentration by category
The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories for the periods ending on December 31, 2025 and 2024, it is as follows:
| Composition | 2025 | 2024 |
|---|---|---|
| In millions of COP | ||
| Commercial | 139,627,922 | 153,252,811 |
| Corporate | 76,006,958 | 85,278,293 |
| SME | 13,856,981 | 15,203,496 |
| Others | 49,763,983 | 52,771,022 |
| Consumer | 52,753,546 | 55,815,683 |
| Credit card | 12,483,919 | 11,992,511 |
| Vehicle | 4,795,970 | 5,635,858 |
| Payroll loans | 6,834,747 | 10,381,247 |
| Others | 28,638,910 | 27,806,067 |
| Mortgage | 34,416,372 | 41,741,601 |
| VIS | 13,173,508 | 16,183,280 |
| Non- VIS | 21,242,864 | 25,558,321 |
| Financial Leases | 28,493,129 | 27,291,604 |
| Small Business Loans | 1,063,012 | 1,352,209 |
| Loans and advances to customers and financial institutions | 256,353,981 | 279,453,908 |
| Allowance for loans and advances and lease losses | (13,253,946) | (16,179,738) |
| Total net loan and financial leases | 243,100,035 | 263,274,170 |
VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages.
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•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 December 2025 and 2024:
| December 31, 2025 | |||||
|---|---|---|---|---|---|
| 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 |
| Commercial | 37,701,890 | 59,704,817 | 39,337,022 | 2,884,193 | 139,627,922 |
| Corporate | 20,753,064 | 33,460,016 | 19,965,253 | 1,828,625 | 76,006,958 |
| SME | 4,070,363 | 8,539,793 | 1,060,389 | 186,436 | 13,856,981 |
| Others | 12,878,463 | 17,705,008 | 18,311,380 | 869,132 | 49,763,983 |
| Consumer | 5,393,052 | 34,827,883 | 12,296,414 | 236,197 | 52,753,546 |
| Credit card | 39,952 | 10,351,902 | 2,088,614 | 3,451 | 12,483,919 |
| Vehicle | 136,130 | 2,704,055 | 1,955,420 | 365 | 4,795,970 |
| Order of payment | 2,209,043 | 1,812,470 | 2,800,720 | 12,514 | 6,834,747 |
| Others | 3,007,927 | 19,959,456 | 5,451,660 | 219,867 | 28,638,910 |
| Mortgage | 820,792 | 983,691 | 10,696,429 | 21,915,460 | 34,416,372 |
| VIS | 19,358 | 300,678 | 3,002,419 | 9,851,053 | 13,173,508 |
| Non-VIS | 801,434 | 683,013 | 7,694,010 | 12,064,407 | 21,242,864 |
| Financial Leases | 2,283,462 | 8,690,954 | 13,328,370 | 4,190,343 | 28,493,129 |
| Small business loans | 53,098 | 987,314 | 20,720 | 1,880 | 1,063,012 |
| Total gross loans and financial leases | 46,252,294 | 105,194,659 | 75,678,955 | 29,228,073 | 256,353,981 |
| 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 |
| 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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•Concentration by past due days
The following table shows the loans and financial leases according to past due days for the periods ending on December 31, 2025 and 2024. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days):
| December 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| 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 | 135,330,887 | 426,990 | 156,363 | 869,610 | 2,844,072 | 139,627,922 |
| Consumer | 49,805,549 | 1,224,406 | 407,456 | 1,100,716 | 215,419 | 52,753,546 |
| Mortgage | 32,463,354 | 646,147 | 166,300 | 477,855 | 662,716 | 34,416,372 |
| Financial Leases | 27,648,328 | 211,469 | 39,547 | 179,284 | 414,501 | 28,493,129 |
| Small Business Loans | 975,530 | 37,438 | 12,584 | 31,764 | 5,696 | 1,063,012 |
| Total | 246,223,648 | 2,546,450 | 782,250 | 2,659,229 | 4,142,404 | 256,353,981 |
| 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 |
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•Concentration of loans by economic sector
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 December 31, 2025 and 2024:
| December 31, 2025 | |||
|---|---|---|---|
| In millions of COP | |||
| Economic sector | Loans and advances | ||
| Local | Foreign | Total | |
| Agriculture | 5,065,174 | 1,454,157 | 6,519,331 |
| Petroleum and Mining Products | 2,130,531 | 357,951 | 2,488,482 |
| Food, Beverages and Tobacco | 8,825,753 | 1,892,783 | 10,718,536 |
| Chemical Production | 5,016,379 | 327,950 | 5,344,329 |
| Government | 12,277,316 | 8,399 | 12,285,715 |
| Construction | 12,668,236 | 6,276,866 | 18,945,102 |
| Commerce and Tourism | 27,512,932 | 4,127,906 | 31,640,838 |
| Transport and Communications | 12,508,329 | 306,414 | 12,814,743 |
| Public Services | 14,642,893 | 1,273,641 | 15,916,534 |
| Consumer Services | 69,086,088 | 16,617,819 | 85,703,907 |
| Commercial Services | 35,957,673 | 4,211,895 | 40,169,568 |
| Other Industries and Manufactured Products | 9,469,462 | 4,337,434 | 13,806,896 |
| Total | 215,160,766 | 41,193,215 | 256,353,981 |
| 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 |
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•Credit concentration by country
The following information shows the concentration of the loans and financial leases by country in which Cibest Corporate Group are located as of December 31, 2025 and 2024:
| December 31, 2025 | ||||
|---|---|---|---|---|
| In millions of COP | ||||
| Country | Loans and advances | % Participation | Allowance for loans and<br><br>advances and lease losses | % Participation |
| Colombia | 207,855,500 | 81.08% | (11,624,277) | 87.70% |
| Panamá | 11,012,553 | 4.30% | (233,360) | 1.76% |
| El Salvador | 17,740,830 | 6.92% | (557,515) | 4.21% |
| Guatemala | 18,335,468 | 7.15% | (836,623) | 6.31% |
| Puerto Rico | 1,409,630 | 0.55% | (2,171) | 0.02% |
| Total | 256,353,981 | 100.00% | (13,253,946) | 100.00% |
| December 31, 2024 | ||||
| --- | --- | --- | --- | --- |
| In millions of COP | ||||
| Country | Loans and advances | % Participation | Allowance for loans and<br><br>advances and lease losses | % Participation |
| Colombia | 190,956,423 | 68.33% | (12,490,991) | 77.20% |
| Panamá | 47,300,183 | 16.93% | (2,089,269) | 12.91% |
| El Salvador | 18,712,218 | 6.70% | (598,710) | 3.70% |
| Guatemala | 21,125,637 | 7.56% | (995,339) | 6.15% |
| Puerto Rico | 1,359,447 | 0.49% | (5,429) | 0.03% |
| Total | 279,453,908 | 100.00% | (16,179,738) | 100.00% |
•Credit concentration by economic group
As of December 31, 2025 and 2024, concentration of the 20 largest economic groups amounted to COP 46,024,580 and COP 39,877,880 respectively. This exposure corresponds to all credit active operations of Cibest Corporate Group.
c.Credit quality – Loans and Advances
The following information about credit quality of the borrower for the periods ending December 31, 2025 and 2024:
| December 31, 2025 | ||||
|---|---|---|---|---|
| In millions of COP | ||||
| Classification | Stage 1 | Stage 2 | Stage 3 | Total |
| Commercial | 128,900,017 | 3,789,022 | 6,938,883 | 139,627,922 |
| Consumer | 45,368,880 | 4,597,424 | 2,787,242 | 52,753,546 |
| Mortgage | 31,451,240 | 1,551,976 | 1,413,156 | 34,416,372 |
| Small Business Loans | 885,674 | 120,330 | 57,008 | 1,063,012 |
| Financial Leases | 23,923,390 | 3,232,317 | 1,337,422 | 28,493,129 |
| Loans and Advances | 230,529,201 | 13,291,069 | 12,533,711 | 256,353,981 |
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| December 31, 2024 | ||||
|---|---|---|---|---|
| In millions of COP | ||||
| Classification | 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 |
| 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 |
| Loans and Advances | 245,272,297 | 16,670,291 | 17,511,320 | 279,453,908 |
In order to determine the expected credit loss, Cibest Corporate Group considers the economic conditions and performance of the borrower’s industry, the analysis of payments behavior, events that could negatively affect the borrower’s ability to pay, among others factors.
The expected credit loss is determined either by a collective or individual evaluation according to the amount and characteristics of the loan. For further details please see Note 2 Significant Accounting Policies, section 4.1.2 Impairment of financial assets at amortized cost or at fair value through other comprehensive income “FVOCI”.
Sensitivity analysis
The variables with the greatest influence for each country on the expected credit loss (ECL) assessment for the loan portfolio and financial leasing are:
Colombia:
•Gross domestic product: due to its effects on employment and wages, and consequently on consumption.
•Interest rate: due to its direct impact on the repayment capacity of borrowers.
Panama:
•Gross domestic product: due to its effects on employment and wages, and consequently on consumption.
•10-year U.S. treasury yield: due to its impact on the demand for goods and services.
El Salvador:
•Gross domestic product: due to its effects on employment and wages, and consequently on consumption.
•Current account balance: due to its effect on import costs.
Guatemala:
•Gross domestic product: due to its effects on employment and wages, and consequently on consumption.
•Current account balance: due to its effect on import costs.
The change in the expected credit losses (ECL) at 31 of December 2025, as a result of a possible positive or negative 1% (100 basis points) change in those variables were assessed based on the assumptions used to calculate the ECL for each of the scenarios: base, optimistic and pessimistic, as following:
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| Interest Rate – Current Account Balance - 10-year U.S. Treasury Yield | ||||
|---|---|---|---|---|
| In Millions of COP | ||||
| [+1%] | Unchanged | [-1%] | ||
| [+1%] | (2,871) | -63,930 | -114,007 | |
| GDP | Unchanged | 61,059 | - | -50,077 |
| [-1%] | 125,375 | 64,316 | 14,239 |
Cibest Corporate Group has estimated the impact on the expected credit loss (ECL) assuming the forward-looking scenarios (e.g. optimistic and pessimistic) were weighted 100% instead of applying scenario probability weights across the two scenarios. The table below shows the impact on the expected credit loss (ECL) for each methodology:
| Expected credit loss by scenarios | ||||
|---|---|---|---|---|
| In millions of COP | ||||
| 2025 | 2024 | |||
| Methodologies | Optimistic | Pessimistic | Optimistic | Pessimistic |
| Collective methodology | (322,851) | 276,985 | (435,740) | 368,782 |
| Collateral methodology | (166,770) | 223,091 | (155,591) | 173,438 |
| Individual methodology(1) | (444,920) | 609,748 | (408,368) | 763,362 |
| Total | (934,541) | 1,109,824 | (999,699) | 1,305,582 |
(1) For individual methodology, the applied scenarios are the base in the optimistic scenario and the alternative in the pessimistic scenario with a weighting of 100% each.
d.Credit Risk Management – Other Financial Instruments:
Each one of the positions that make up the portfolio complies with the policies and limits that seek to diminish credit risk exposure. Those policies are, among others:
•Term Limits: The Credit Committee evaluates and reviews the result of the authorized model for the different counterparties according to quantitative and qualitative variables, allowing it to establish the maximum term to which Cibest Corporate Group wishes to have exposure.
•Credit Limits: Approved limits under the model and with authorization from the Credit Committee, as well as the exposure, are monitored in line or batch, in such a way as to mitigate the occurrence of excesses and, in the event that there is a need for them, applies to the current attribution system.
•Counterparty Limits: These limits, derived from the credit limits or from allocation models and are verified by the Front Office prior to the close of operations.
•Master Agreement: These bilateral agreements describe the handling of operations between the counterparties in accordance with good international practices and that limit the legal and financial risk under the occurrence of events of default (failure to pay or delivery). Mitigation mechanisms, procedures to be carried out in the case of these events of default, special conditions by type of operation and that are applied to OTC derivatives, Repos and other securities financing transactions, are all agreed upon.
•Margin Agreements: For OTC derivatives operations and other securities financing transactions, agreements that regulate the administration of guarantees, haircuts, adjustment periods, minimum transfer amounts, etc., and that limit risk for a period of time (one day, one week, etc.), are established for counterparties involved in the operation.
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•Counterparty Alerts: There are financial, qualitative and market indicators that allow Cibest Corporate Group to establish damages to the credit quality of an issuer or counterparty.
e.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), Cibest Corporate Group 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 Cibest Corporate Group.
External credit rating system is divided by the type of rating applied to each instrument or issuer; 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 risk to high risk (this can be reported in numerical or alphanumerical scales), where the rating model is sustained by the implementation and analysis of qualitative variables and objectives criteria, 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.
Following the downgrade of the Republic of Colombia’s credit rating by Moody’s (Baa3), S&P, and Fitch (BB), we recorded a change in the risk classification. Consequently, positions in Colombian sovereign debt and exposures to Colombian issuers were reclassified to the mid‑risk category.
Unless otherwise noted, the analysis below for Cibest Corporate Group is based on a comparison with the financial information reported by Grupo Bancolombia for the year ended December 31, 2024. Additionally, as of year‑end December 2025, Banistmo is considered a discontinued operation; its portfolio is therefore reported under the ‘Assets Held for Sale’ category in the balance sheet. For further details, see Note 31 — Discontinued Operation.”
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Credit Quality Analysis of Cibest Corporate Group:
| Maximum Exposure to Credit Risk | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of COP | ||||||||
| Debt instruments | Equity | Other financial instruments(1) | Derivatives(2) | |||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Low Risk | 6,753,154 | 29,130,380 | 415 | 363,198 | — | 1,712 | 630,738 | 834,821 |
| Medium Risk | 24,402,902 | 4,873,025 | 1,143,337 | 57,119 | 19,014 | 16,479 | 659,717 | 1,154 |
| High Risk | 1,683,992 | 2,580,107 | 15,026 | 677 | — | 2,966 | 1,794 | 7,086 |
| Without Rating | - | 304,844 | 590,316 | 11,271 | 13,228 | 16,495 | 86,437 | |
| Total | 32,840,048 | 36,583,512 | 1,463,622 | 1,011,310 | 30,285 | 34,385 | 1,308,744 | 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.
•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.
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 | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Debt instruments | 32,840,048 | 36,583,512 | (2,529,186) | (1,669,011) | 30,310,862 | 34,914,501 |
| Derivatives | 1,308,744 | 929,498 | (726,801) | (589,098) | 581,943 | 340,400 |
| Equity | 1,463,622 | 1,011,310 | - | - | 1,463,622 | 1,011,310 |
| Other financial instruments | 30,285 | 34,385 | - | - | 30,285 | 34,385 |
| Total | 35,642,699 | 38,558,705 | (3,255,987) | (2,258,109) | 32,386,712 | 36,300,596 |
Note: 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 December 2025 was COP 726,801. In debt instruments, guarantees correspond to Repo, reverse repo, and securities lending trades
•Analysis of the maturity of other financial instruments past due but not impaired
–Debt instruments: Portfolio does not present past due nor impaired assets.
–Equity: Portfolio does not present impaired assets.
–Derivatives: The past due assets are not material.
•The information corresponding to the individual evaluation of impairment at the end of the period for other financial instruments, is detailed as follows:
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Debt instruments
| Maximum Exposure to Credit Risk | ||||||
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Exposure | Impairment | Final Exposure | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Fair Value | 27,010,728 | 28,119,697 | 4,174 | 6,513 | 27,006,554 | 28,113,184 |
| Amortized Cost | 5,829,320 | 8,463,815 | 16,696 | 58,937 | 5,812,624 | 8,404,878 |
| Total | 32,840,048 | 36,583,512 | 20,870 | 65,450 | 32,819,177 | 36,518,062 |
Equity
| Maximum Exposure to Credit Risk | ||||||
|---|---|---|---|---|---|---|
| In millions of COP | ||||||
| Exposure | Impairment | Final Exposure | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Fair Value through profit or loss | 1,136,645 | 537,213 | - | - | 1,136,645 | 537,213 |
| Fair Value through OCI | 326,977 | 474,097 | - | - | 326,977 | 474,097 |
| Total | 1,463,622 | 1,011,310 | - | - | 1,463,622 | 1,011,310 |
Collateral - investment 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 Cibest Corporate 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 company acts on behalf of Bancolombia for making international margin calls and providing a better management of the collateral.
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. Among the main characteristics by product or market, we have:
–With respect to the derivative operations, these are carried out daily, with threshold levels of zero for the majority of counterparties, which reduces the exposure to a term that does not exceed 10 days, according to Basel.
–For buy-sell backs, repos and other securities financing transactions, daily monitoring is done in order to establish the need to adjust the collateral in such a way that these are applied in as little time as possible, according to the contracts or market conditions.
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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–For all international counterparties, margin agreements that limit exposure to the maximum and with a daily adjustment period are celebrated. These margin agreements are celebrated under ISDA(International Swaps and Derivatives Association)2 and GMRA (Global Master Repurchase Agreement)3 both for OTC derivatives and securities financing transactions.
–For every local counterparty, the local framework agreement is signed (agreement developed by the industry) and the mitigating actions to apply in each operation are agreed upon, whether for margin agreements, re-couponing, early termination, among others.
–For repos, buy-sell backs and other securities financing transactions, these are agreed upon by organized markets that in general implicate complying with haircut or additional collateral rules.
–The central counterparty carries out daily control and monitoring processes in order to comply with the rules imposed by these organizations in such a way that we are always making daily adjustments at the demanded collateral level.
•Level of collateral held:
| Maximum Exposure to Credit Risk | ||||
|---|---|---|---|---|
| In millions of COP | ||||
| Collateral(1) | Main type of collateral | |||
| 2025 | 2024 | 2025 | 2024 | |
| Debt Instruments | (2,529,186) | (1,669,011) | Government bonds (TES) | Government bonds (TES) |
| Derivatives | (726,801) | (589,098) | Cash | Cash |
| Equity | ||||
| Other financial instruments | ||||
| Total | (3,255,987) | (2,258,109) |
f.Credit risk concentration - other financial instruments:
According to the regulations, Cibest Corporate Group must control on a daily basis the risk of positions of Cibest Corporate Group’s companies where the same issuer or counterparty stands, below the legal limits.
By the same way, the positions of Cibest Corporate Group are verified in respect of the authorized risk levels in each country in order to guarantee the alerts and positions limits, that are considered outside of Cibest Corporate Group´s risk appetite.
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).2
ISDA: Organization of participants in the OTC derivatives markets. Its main objective is to establish a reference framework through standard contracts for OTC derivatives trading.
3 GMRA: It is a model legal agreement designed for parties transacting repos and is published by the International Capital Market Association (ICMA).
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| Debt instruments | Equity | Other financial instruments(1) | Derivatives(2) | |||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Sector Concentration | ||||||||
| Corporate | 2,057,336 | 4,764,748 | 317,999 | 337,332 | 14,042 | 16,479 | 596,340 | 362,568 |
| Financial | 6,618,843 | 5,612,993 | 238,252 | 252,731 | 16,243 | 17,906 | 687,706 | 317,722 |
| Government | 24,163,869 | 26,201,390 | - | - | - | - | 831 | 829 |
| Funds ETF | — | 4,381 | 907,371 | 421,247 | 23,867 | 248,379 | ||
| Total | 32,840,048 | 36,583,512 | 1,463,622 | 1,011,310 | 30,285 | 34,385 | 1,308,744 | 929,498 |
| Concentration by Region | ||||||||
| North America | 6,029,251 | 6,109,348 | 308 | 273 | - | - | 361,077 | 132,870 |
| Latam | 26,750,363 | 30,441,888 | 543,118 | 706,437 | 30,285 | 34,385 | 663,594 | 426,424 |
| Europe | 60,434 | 32,276 | 3,908 | 3,908 | - | — | 269,673 | 147,533 |
| Others (Includes Funds and ETF) | - | — | 916,288 | 300,692 | - | - | 14,400 | 222,671 |
| Total | 32,840,048 | 36,583,512 | 1,463,622 | 1,011,310 | 30,285 | 34,385 | 1,308,744 | 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 | ||
| Rating scale (1) | Investment Financial instruments | |
| 2025 | 2024 | |
| Sovereign Risk | 15,380,169 | 14,487,622 |
| AAA | 2,247,310 | 10,113,581 |
| AA+ | 3,618,196 | 4,714,501 |
| AA | 27,534 | 770,266 |
| AA- | 187,873 | 68,124 |
| A+ | 165,838 | 906,847 |
| A | 371,477 | 465,978 |
| A- | 254,259 | 352,619 |
| BBB+ | 10,914 | 587,802 |
| BBB | 115,728 | 221,092 |
| BBB- | 385,178 | 219,676 |
| BB+ | 10,531,642 | 2,824,168 |
| BB | 219,486 | 1,674,226 |
| BB- | 93,672 | 347,253 |
| Other | 1,700,813 | 114,969 |
| Not rated | 332,610 | 689,981 |
| Total | 35,642,699 | 38,558,705 |
(1) Internal homologation
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As of December 31, 2025, Cibest Corporate Group’s positions are not in excess of the concentration limit, according to the applicable laws.
Market risk
Market risk refers to the possibility of incurring losses in the treasury book as a result of changes in stock prices, interest rates, 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 equity value as a result of a change in market interest rates.
Activities through which market risks are assumed are divided into:
■Trading: Includes purchase - sale and positioning mainly in fixed income securities, equities, currencies and derivatives, as well as the financial services provided to customers, such as brokerage. Trading instruments are recorded in the treasury book and are managed by the Treasury Division which is also responsible for the aggregated management of exchange rate exposures arising from the banking book and treasury book.
Market risk can also arise from the crypto market fluctuations that affect our crypto assets portafolio held in reserve to facilitate our clients activities of Wenia, our digital asset company in Bermudas, which is the only company in Cibest Corporate Group authorized to take this kind of assets, according to our internal policies.
■Balance sheet management: Includes Cibest Corporate Group's assets and liabilities that are not part of the treasury and those operations intended to cover the banking book. The Assets Liability Management Division is responsible for the balance sheet management, preserving the stability of the financial margin and the economic value of equity, maintaining adequate levels of liquidity and solvency. Cibest Corporate Group holds instruments not intended for trading, such as loans, time deposits, checking accounts, and savings accounts, which are recorded in the banking ledger.
At Cibest Corporate Group, market risks are identified, measured, monitored, controlled, and communicated in order to make timely decisions for their adequate mitigation and to generate greater added value for shareholders.
The guidelines, policies, and methodologies for market risk management are approved by the Board of Directors, thus ensuring consistency and unity in risk appetite among the entities of Cibest Corporate Group. There are local market risk and liquidity areas that incorporate corporate guidelines and methodologies into internal policies. The Board of Directors and Senior Management of Cibest Corporate Group have formalized the policies, procedures, strategies, and rules for market risk management in the Market Risk Manuals. These manuals define the responsibilities within the areas of each of Cibest Corporate Corporate Group's entities, as well as their interaction, with the aim of ensuring adequate market risk management.
The separate functions between the business areas and the risk areas responsible for the identification, measurement, analysis, control, and reporting of market risks provide sufficient independence and autonomy for their adequate control. The independent control function is complemented by periodic reviews carried out by Internal Audit.
The Corporate Market and Liquidity Risk Department of Cibest Corporate Group is responsible for: (a) identifying, measuring, monitoring, analyzing, and controlling the market risk inherent in Cibest Corporate Group's business activities, (b) analyzing Cibest Corporate Group's exposure under stress scenarios and ensuring compliance with the policies established for such measurement, (c) designing methodologies for the valuation at market prices of certain financial instruments, (d) reporting to Senior Management and the Board of Directors any breach of the policies defined in relation to Cibest Corporate Group's risk management, (e) reporting to Senior Management, on a daily basis, the levels of market risk exposure of the portfolio of instruments recorded in the Treasury Book, and (f) propose policies to the Board of Directors and Senior Management that allow for the proper management of market risk. Likewise, Cibest Corporate Group has implemented an approval process for new products, which was designed to ensure that each area of Cibest Corporate Group is prepared to incorporate the new product into its procedures, that all risks are considered, and that the respective approvals from the Board of Directors and Senior Management are obtained prior to trading the product.
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The Value at Risk methodologies are used to measure, manage, and control market risks in the trading activities of Cibest Corporate Group: the standard methodology established by the SFC and the internal methodology based on weighted historical simulation. The standard methodology established by Chapter XXXI of the SFC's CBCF is based on the model recommended by the 2005 Basel Committee's Amendment to the Capital Accord to Incorporate Market Risk, which is included in the estimate of the Cibest Consolidated Group's solvency ratio. The internal historical simulation methodology uses a confidence level of 99%, a holding period of 10 days, and a time window of one year or 250 daily data points, obtained historically from the VaR calculation reference date. For digital assets, the internal methodology uses a multivariate model from the GARCH family, with a holding period of one day and a data window of four years. The standard methodology is used to report market risk exposure to the SFC and also to measure the capital requirements of Cibest Corporate Group. Therefore, the analysis included below is based on the information obtained from this model.
The hierarchical structure of VaR limits for trading activities is sufficient to effectively control the various types of market risk factors to which exposure is maintained. It ensures that market risk is not concentrated in certain asset classes and maximizes the diversification effect of the portfolio. These limits are defined by companies, products, or risk-taking responsibilities. Most of the limits are maximum VaR values to which a particular portfolio may be exposed; however, loss alerts, stop losses, and sensitivity limits are also managed, especially in derivative portfolios. The limits are approved by the Board of Directors, taking into account the size of the assets, the complexity and volatility of the markets, and the risk appetite. They are monitored daily, and any excesses or breaches are reported to the Board of Directors and the Risk Committee.
In order to capture tail risk, the Expected Shortfall is estimated at a 97.5% confidence level, which corresponds to the expected value of losses that are equal to or exceed the Value at Risk (VaR). In addition, extreme scenario analyses or stress tests are performed to estimate potential losses that occur with low frequency but remain plausible, either by replicating historical crisis events or by simulating hypothetical scenarios. Model validation exercises, including backtesting, are also conducted to assess the accuracy of loss forecasts relative to actual outcomes, leading to model adjustments when necessary.
As part of the market risk control and monitoring processes, daily and monthly reports are prepared, which include an analysis of risk measures and enable monitoring of market risk exposure levels and the legal and internal limits established for each level of the Organization. These reports are used as input for decision-making in the various committees and bodies of Cibest Corporate Group.
For the management and control of market risk in strategies other than trading, Cibest Corporate Group uses a comprehensive approach, with a short-term view, measuring the sensitivity of net interest margin over a one-year horizon, and a long-term view, estimating the impact on economic equity value through different scenarios. In addition, alerts are defined for monitoring and controlling the interest rate risk exposure of the banking book positions, which are reported periodically to senior management.
Market risk management for banking book positions is carried out in a decentralized and independent manner at each of Cibest Corporate Group's banking entities by the Asset and Liability Management departments within the Finance area.
Market Risk and banking book's interest rate risk management
The following section describes the market risks to which Cibest Corporate Group is exposed and the tools and methodologies used to measure these risks as of December 31, 2025. Cibest Corporate Group is exposed to market risk and banking book interest rate risk as a result of its lending activities, trading of financial instruments, and general investment operations.
Cibest Corporate Group uses VaR calculation to limit its exposure to the market risk of its Treasury Book. The Board of Directors is responsible for establishing the maximum VaR based on its assessment of the appropriate level of risk assumed across each of Cibest Corporate Group’s entities. The Risks Committee is responsible for establishing the
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maximum VaR for each company and the Propietary Trading Risks Committee is responsible for establishing the maximum VaR by type of investment. These limits are supervised on a daily basis by the Market Risk Management Office.
For the management of the interest rate risk of the banking book, Cibest Corporate Group estimates the impact of changes in market rates on the net interest income and the economic value of equity. In addition, the foreign currency exchange rate exposures arising from the banking book are provided to the Treasury Division where these positions are aggregated and managed.
A.Measurement of market risk of trading instruments
Cibest Corporate Group currently measures 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 SFC.
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, such as non-trading positions excluding the currency risk position stemming from investment in affiliated but not consolidated entities denominated in foreign currencies. 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.
The total market risk for CibestCorporate Group is calculated by the arithmetical aggregation of the VaR calculated for each subsidiary.
For purposes of VaR calculations, a risk exposure category is any market variable that is able to influence potential changes in the portfolio value. Taking into account a given risk exposure, the VaR model assesses the maximum loss not exceeded, over a given period of time. The fluctuations in the portfolio’s VaR depend on volatility, modified duration and positions changes relating to the different instruments that are subject to market risk.
The relevant risk exposure categories for which VaR is computed by Cibest Corporate Group according to “Chapter XXXI, Appendix VI of the Basic Accounting Circular” are: (i) interest rate risks relating to local currency, foreign currency and UVR; (ii) currency risk; (iii) stock price risk; (iv) fund risk. and (v) credit default swaps risk.
•Interest Rate Risk (Treasury Book)
The interest rate risk is the probability of decrease in the market value of the position due to fluctuations in market interest rates. Cibest Corporate Group calculates the interest rate risk for positions in local currency, foreign currency and UVR separately; in accordance with Chapter XXXI of the Basic Accounting Circular issued by the SFC.
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In the first instance, the interest rate risk exposure is determined by the sensitivity calculation for the net position of each instrument. This sensitivity is calculated as the net present value (NPV) of each instrument, its corresponding modified duration and the estimated variation of interest rates. The possible variations in the interest rates are established by the SFC according to the historical behavior of these variables in the markets, and they are a function of the duration and currency, as seen in the following table:
| Modified Duration | Changes in Interest Rates (bps) | |||||
|---|---|---|---|---|---|---|
| Zone | Band | Lower Limit | Upper Limit | Legal Currency | UVR | Currency<br><br>Currency |
| 1 | 0 | 0.08 | 274 | 274 | 100 | |
| Zone 1 | 2 | 0.08 | 0.25 | 268 | 274 | 100 |
| 3 | 0.25 | 0.5 | 259 | 274 | 100 | |
| 4 | 0.5 | 1 | 233 | 274 | 100 | |
| 5 | 1 | 1.9 | 222 | 250 | 90 | |
| Zone 2 | 6 | 1.9 | 2.8 | 222 | 250 | 80 |
| 7 | 2.8 | 3.6 | 211 | 220 | 75 | |
| 8 | 3.6 | 4.3 | 211 | 220 | 75 | |
| 9 | 4.3 | 5.7 | 172 | 200 | 70 | |
| 10 | 5.7 | 7.3 | 162 | 170 | 65 | |
| Zone 3 | 11 | 7.3 | 9.3 | 162 | 170 | 60 |
| 12 | 9.3 | 10.6 | 162 | 170 | 60 | |
| 13 | 10.6 | 12 | 162 | 170 | 60 | |
| 14 | 12 | 20 | 162 | 170 | 60 | |
| 15 | 20 | 162 | 170 | 60 |
Once the sensitivity factor is calculated for each position, the modified duration is then used to classify each position within its corresponding band. A net sensitivity is then calculated for each band, by determining the difference between the sum of all long-positions and the sum of all short-positions. Then a net position is calculated for each zone (which consists of a series of bands) determined by the SFC. The final step is to make adjustments within each band, across bands and within each zone, which results in a final number that is the interest rate risk VaR by currency. Each adjustment is performed following the guidelines established by the SFC.
Cibest Corporate Group’s exposure to interest risk primarily arises from investments in Colombian government’s treasury bonds (TES) and other Colombian government securities.
•Currency (Treasury and Banking Book), Equity (Treasury Book) and Fund (Treasury Book) Risk
The VaR model uses a sensitivity factor to calculate the probability of loss due to fluctuations in the price of stocks, funds and currencies in which Cibest Corporate Group maintains a position. As previously indicated, the methodology used in these financial statements to measure such risk consists of computing VaR, which is derived by multiplying the position by the maximum probable variation in the price of such positions (“∆p”). The (“∆p”) is determined by the SFC, as shown in the following table:
| Currency | Sensitivity Factor |
|---|---|
| United States Dollar | 12.49 % |
| Euro | 11.00 % |
| Other currencies | 13.02 % |
| Equity and Fund Risk | 14.70 % |
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Interest rate fluctuations and the sensitivity of exchange rate risk, share prices, and collective portfolios used in the model are established by the SFC in accordance with historical market behavior.
•Total Market Risk VaR
The total market risk exposure of Cibet Corporate Group is calculated as the algebraic sum of exposures to interest rate risk, the currency risk, the equity risk, fund risk and the credit default swaps risk, which, in turn, are calculated as the algebraic sum of exposures to these types of risk for each of the entities that make up the Group. Currently, Cibest Corporate Group has no exposure to credit default swap risk.
Our exposure to market risk decreased by 28.5%, from COP 1,697,566 in December 2024 to COP 1,213,155 in December 2025. There was a notable decrease in the exchange rate factor due to lower exposure to the U.S. dollar, driven by lower exposure to foreign currency securities. Meanwhile, the share price factor increased due to greater exposure to equity instruments, as did the collective portfolio factor, which also increased due to the valuation of the Fondo Inmobiliario Colombia.
The total variation in market risk, as well as the variation of its components, is shown below:
| December 2025 | ||||
|---|---|---|---|---|
| In millions of COP | ||||
| Factor | December 31 | Average | Maximum | Minimum |
| Interest Rate Risk VaR | 534,919 | 552,803 | 499,712 | 524,034 |
| Foreign Exchange Rate Risk VaR | 182,077 | 282,154 | 751,796 | 79,062 |
| Equity Risk VaR | 407,177 | 380,326 | 367,615 | 375,015 |
| Fund Risk VaR | 88,982 | 51,683 | 35,781 | 36,608 |
| Total Value at Risk | 1,213,155 | 1,266,967 | ||
| December 2024 | ||||
| --- | --- | --- | --- | --- |
| In millions of COP | ||||
| Factor | December 31 | Average | Maximum | Minimum |
| Interest Rate Risk VaR | 540,397 | 507,425 | 586,194 | 433,465 |
| Foreign Exchange Rate Risk VaR | 764,920 | 554,900 | 764,920 | 364,421 |
| Equity Risk VaR | 360,287 | 351,134 | 360,287 | 340,363 |
| Fund Risk VaR | 31,962 | 25,653 | 31,962 | 18,005 |
| Total Value at Risk | 1,697,566 | 1,439,112 |
*As of December 31, 2024, the proprietary currency portfolio of Wenia amounted to - USD 74.3 thousand, with a Value at Risk (VaR) of USD 3.8 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.
•Assumptions and Limitations of VaR Models
Although Value at Risk (VaR) models are widely recognized tools for risk management, they have inherent limitations, including reliance on historical data that may not be indicative of future market behavior. Consequently, VaR models should not be considered predictive of future outcomes. In this regard, an institution may incur losses that exceed the values indicated by the models over a given day or time horizon, as VaR models do not estimate the maximum possible loss. Accordingly, the results produced by these models and their interpretation are subject to the expertise and sound judgment of the individuals involved in Cibest Corporate Group’s risk management process.
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•Cibest Corporate Group’s results could adversely affected with high inflation rate
High level of inflation increases interest rates and reduces the market value of Cibest Corporate Group´s debt instruments and increases the market risk in general. Inflation also impacts the real interest rate. When the inflation rate is higher than the nominal interest rate, negative real interest rates discourage saving and the greater variability increases uncertainty and risk, not only in the loan market but also in the stock market.
B. 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 Cibest Corporate Group’s earnings because of timing differences on the repricing of the assets and liabilities. Cibest Corporate 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)
Cibest Corporate 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 Cibest Corporate 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 Cibest Corporate Group’s interest rate risk sensitivity in local currency (COP) at December 31, 2025 and December 31, 2024:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Assets sensitivity 100 bps | 1,314,604 | 1,262,776 |
| Liabilities sensitivity 100 bps | 870,619 | 915,528 |
| Net interest income sensitivity 100 bps | 443,985 | 347,248 |
The chart below provides information about Cibest Corporate Group’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2025 and 2024:
| 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 Cibest Corporate 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 Cibest Corporate 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.
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Total Exposure:
As of December 31, 2025, the net sensitivity of the banking book in legal currency to positive and parallel variations in interest rates of 100 basis points was COP 443,985. The variation in interest rate risk sensitivity between 2025 and 2024 is due to the increase in the portfolio balance and accounting hedges.
On the other hand, the sensitivity of the net interest margin in foreign currency, assuming a parallel shift of 100 basis points, amounted to USD 15,337. This represents an increase compared to December 31, 2024, primarily driven by higher balances in rate‑sensitive deposit accounts and certificates of deposit.
•Assumptions and Limitations
Net interest income sensitivity analysis is based on the repricing model and considers the following key assumptions: (a) the effect of new transactions, defaults, etc. is not considered (b) the sensitivity of the fixed-rate balance sheet considers amounts maturing in less than one year, assuming that these will be placed again at market rates; and (c) changes in interest rates are presented immediately and in parallel in the yield curves for assets and liabilities.
•Structural equity risk exposure (Banking Book)
Cibest Corporate Group, Investment Banking, in its capacity as a Financial Corporation, holds structural capital investments directly and through its affiliated companies. These investments are mainly concentrated in the industrial and financial sectors. The market value of these positions showed a positive variation of 25.5%, going from COP 36,226 million at the end of 2024 to COP 45,460 at the end of 2025, mainly as a result of the appreciation of ENKA's shares.
When considering a negative impact of 14.70% on the value of structural equities as of December 2025, there would be a depreciation of COP 6,683.
Table 2. Sensitivity to equity price risk.
The structural equity positions are exposed to market risk. Sensitivity calculations are made for those positions:
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| In millions of COP | ||
| Market Value | 45,460 | 36,226 |
| Delta | 14.70 % | 14.70 % |
| Sensitivity | 6,683 | 5,325 |
Considering a negative impact of 14.70% on the value of structural shares as of December 2025, there would be a devaluation of COP 6,683 million.
Liquidity risk
Liquidity risk is defined as the inability to fully and timely meet payment obligations as they fall due, as a result of insufficient liquid resources and/or the need to incur excessively high funding costs.
At Cibest Corporate Group, liquidity prevails over any objective of growth or revenue. Managing liquidity has always been a fundamental pillar of its business strategy, together with capital, in supporting its statement of financial position.
Cibest Corporate Group’s liquidity management model promotes the autonomy of subsidiaries, which must be self-sufficient in their structural funding. Each subsidiary is responsible for meeting the liquidity needs of its current and future activity, within a framework of management coordination at Cibest Corporate Group level. The metrics used to control
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liquidity risk are developed based on common and homogeneous concepts, but analysis and adaptation are made by each subsidiary.
In line with best governance practices, Cibest Corporate Group has established a clear division of function between executing liquidity management, responsibility of the Asset and Liability Division, and their monitoring and control, responsibility of the Market and Liquidity Risks Management Office.
The different authorities of senior management define the policies and guidelines for managing liquidity risk. These authorities are the Board of Directors, the Risk Committee, and senior management of the Parent Company, which set the risk appetite and define the financial strategy. The ALCO committees (Asset and liability committee) define the objective positioning of liquidity and the strategies that ensure the funding needs derived from businesses. The ALM division (Asset and liability management) and the Market and Liquidity Risks Management Office support the mentioned committees, which elaborate analysis and management proposals, and control compliance with the limits established.
The Corporate Risk Vice Presidency, through the Market and Liquidity Risk areas, is responsible for proposing the minimum amount of the liquidity reserve, the policies of the liquidity portfolio, defining premises and metrics in order to model the behaviour of the cash flows, proposing and monitoring liquidity limits in line with Cibest Corporate Group's risk appetite, simulating stress scenarios, evaluating and reporting the risks inherent to new products and operations; and submitting the reports required by the internal authorities for decision-making, as well as by regulators. All of the above activities are verified and evaluated by the Internal Audit.
The measures to control liquidity risk include maintaining a portfolio of highly liquid assets, and the definition of triggers and liquidity limits, which allow for proactive assessment of Cibest Corporate Group's level of exposure.
The methodologies used to control liquidity risk include the liquidity gaps and stress scenarios. The liquidity gaps measure the mismatches of assets, liabilities and off-balance sheet position´s cash flows, separately for local currency and foreign currency. Regulatory metrics are also applied, in which the contractual maturities are used; and internal models in which the cash flows are adjusted by different ratios, to reflect a more accurate behaviour.
Periodically, a validation of the policies, limits, processes, methodologies and tools to evaluate liquidity risk exposure is performed, in order to establish its pertinence and functionality, and to carry out the necessary adjustments. The Market and Liquidity Risks Management Office elaborate reports daily, weekly and monthly basis in order to monitor the exposure levels and the limits and triggers set up, and to support the decision-making process.
Each subsidiary has its own liquidity contingency plan, which is tested annually. These contingency plans are aimed at optimizing the use of different funding sources.
Liquidity risk management
Cibest Corporate Group’s Board of Directors sets the strategy for managing liquidity risk and delegates responsibility for oversight of the implementation of this policy to the ALCO committee, which approve the liquidity policies and procedures of each entity. Treasury, in turn, manages the day to day liquidity position and reviews daily liquidity reports.
Periodically, a summarized report is submitted to the Risk Committee and the GAP Committees, including all exceptions identified and the corrective measures adopted.
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a.Liquidity risk exposure:
In order to estimate liquidity risk, Cibest Corporate Group measures a liquidity coverage ratio to ensure holding liquid assets sufficient to cover potential net cash outflows over 30 days. This indicator allows Cibest Corporate Group to meet liquidity coverage for the next month. The liquidity coverage ratio is presented as follows:
| Liquidity Coverage Ratio | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Net cash outflows into 30 days | 25,449,163 | 23,887,074 |
| Liquid Assets | 62,298,492 | 59,617,839 |
| Liquidity coverage ratio(1) | 244.80 % | 249.58 % |
(1) The minimum level required of the liquidity coverage ratio by the legal norm is 100%.
The coverage ratio showed a decrease, moving from 249.58% in December 2024 to 244.8% in December 2025. This variation is mainly explained by an increase in the 30‑day liquidity requirement, primarily due to the maturity of CDTs, obligations from derivative transactions, and bank loans in Colombia.
b.Liquid Assets
One of the main guidelines of Cibest Corporate Group is to maintain a solid liquidity position, therefore, the ALCO Committee, has established a minimum level of liquid assets, calculated based on liquidity requirements, in order to ensure the proper conduct of banking and financial services activities such as loan origination and deposit withdrawals while protecting capital and taking advantage of market opportunities.
The following table shows the liquid assets held by Cibest Corporate Group:
| Liquid Assets(1) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| High quality liquid assets(2) | ||
| Cash | 26,625,173 | 27,931,834 |
| High quality liquid securities | 25,531,243 | 24,862,860 |
| Other Liquid Assets | ||
| Other securities(3) | 10,142,076 | 6,823,145 |
| Total Liquid Assets | 62,298,492 | 59,617,839 |
(1)Cash and those liquid assets received by the Central Bank for its operations expansion and monetary contraction are the assets with highest liquidity. Liquid assets are adjusted by a haircut. The following are considered as liquid assets: cash, repos held for trading and investments held for trading in listed shares in Colombia’s stock exchange, in investment funds units or in other trading debt instruments.
(2) High-quality liquid assets: cash and shares that are eligible to be reportable or repo operations, in addition to those liquid assets that the Central Bank receives for its monetary expansion and contraction operations described in paragraph 3.1.1 of the Foreign Regulatory Circular DODM-142 of the Bank of the Republic.
(3) Other Securities: Securities issued by financial and corporate entities.
c.Contractual maturities of financial assets
The tables below set out the remaining contractual maturities of principal and interest balances of Cibest Corporate Group’s financial assets:
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Contractual maturities of financial assets December 31, 2025
| Financial Assets | 0 – 30 days | 31 days – 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 years |
|---|---|---|---|---|---|
| Cash and balances with central bank | 24,625,309 | ||||
| Interbank borrowings - Repurchase agreements | 9,596,081 | 465,662 | |||
| Financial assets investments | 3,192,341 | 25,014,014 | 10,270,300 | 5,093,609 | 2,781,776 |
| Loans and advances to customers | 16,362,824 | 98,293,420 | 108,624,480 | 64,191,216 | 120,638,340 |
| Derivative financial instruments | 72,577,065 | 9,762,318 | 2,851,659 | 1,666,495 | 1,207,055 |
| Total financial assets | 126,353,620 | 133,535,414 | 121,746,439 | 70,951,319 | 124,627,171 |
Contractual maturities of financial assets December 31, 2024
| Financial Assets | 0 – 30 days | 31 days – 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 years |
|---|---|---|---|---|---|
| Cash and balances with central bank | 24,881,536 | - | - | - | - |
| Interbank borrowings - Repurchase agreements | 7,815,791 | 146,772 | - | - | - |
| Financial assets investments | 2,303,523 | 13,929,810 | 13,318,529 | 5,257,338 | 7,910,771 |
| Loans and advances to customers | 13,067,571 | 102,476,191 | 106,645,598 | 61,320,760 | 113,075,471 |
| Derivative financial instruments | 8,858,966 | 5,306,353 | 2,288,557 | 757,393 | 847,796 |
| Total financial assets | 56,927,387 | 121,859,126 | 122,252,684 | 67,335,491 | 121,834,038 |
d.Contractual maturities of financial liabilities
Below are the contractual maturities of principal and interest of the liabilities:
Contractual maturities of financial liabilities December 31, 2025:
| Financial Liabilities | 0 – 30 days | 31 days – 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 years |
|---|---|---|---|---|---|
| Demand deposit from customers | 174,901,209 | ||||
| Time deposits from customers | 23,783,630 | 69,380,898 | 10,062,892 | 6,665,040 | 11,764,550 |
| Interbank deposits-Repurchase agreements | 940,817 | 390,690 | — | ||
| Borrowings from other financial institutions | 928,935 | 8,296,960 | 6,639,834 | 1,330,886 | 3,347,493 |
| Debt securities in issue | 683,998 | 2,584,102 | 5,011,604 | 3,965,631 | 699,430 |
| Preferred Shares | — | — | — | 583,477 | |
| Derivative financial instruments | 71,016,919 | 10,059,979 | 2,938,120 | 1,843,291 | 2,310,372 |
| Total financial liabilities | 272,255,508 | 90,712,629 | 24,652,450 | 13,804,847 | 18,705,321 |
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Contractual maturities of financial liabilities December 31, 2024:
| Financial Liabilities | 0 – 30 days | 31 days – 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 years |
|---|---|---|---|---|---|
| Demand deposit from customers | 162,015,643 | - | - | - | - |
| Time deposits from customers | 16,673,292 | 64,079,401 | 16,502,005 | 5,879,599 | 17,667,549 |
| Interbank deposits-Repurchase agreements | 1,801,163 | 46,538 | - | - | - |
| Borrowings from other financial institutions | 381,534 | 8,811,727 | 3,537,113 | 1,815,062 | 2,013,978 |
| Debt securities in issue | 56,666 | 1,698,794 | 6,917,904 | 1,131,868 | 5,846,266 |
| Preferred Shares | — | 57,701 | 115,403 | 115,403 | 295,697 |
| Derivative financial instruments | 8,644,300 | 5,100,947 | 2,152,992 | 777,663 | 766,037 |
| Total financial liabilities | 189,572,598 | 79,795,108 | 29,225,417 | 9,719,595 | 26,589,527 |
The expected cash flows for some financial assets and liabilities may vary significantly from their contractual maturity. The main differences are the following:
•Demand deposit accounts have historically exhibited a tendency to maintain stable balances and to grow over time.
•Although the mortgage loan portfolio has contractual maturities of 15, 20, and 30 years, its average life is shorter than these contractual terms.
e.Financial guarantees
The following are the financial guarantees:
| December 31, 2025 | 0 – 30 days | 31 days – 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 years |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Financial guarantees | 759,832 | 3,860,361 | 1,249,931 | 632,287 | 52,414 |
| December 31, 2024 | 0 – 30 days | 31 days – 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 years |
| --- | --- | --- | --- | --- | --- |
| In millions of COP | |||||
| Financial guarantees | 744,077 | 6,535,071 | 2,135,249 | 60,876 | 669,028 |
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Document
SEPARATE FINANCIAL STATEMENTS
2025 AND 2024
SEPARATE STATEMENT OF FINANCIAL POSITION
GRUPO CIBEST S.A.
For the year ending December 31, 2025 and for the period from September 25 to December 31, 2024
(Stated in millions of Colombian pesos)
| Note | December 31, 2025* | December 31, 2024 | |
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | 3 | 116,820 | - |
| Amortized cost investments | 4 | 1,331,390 | - |
| Equity financial instruments | 4.1 | 4,384 | 38 |
| Financial assets investments | 1,335,774 | 38 | |
| Investment in subsidiaries | 5 | 35,406,058 | - |
| Investment in associates and joint ventures | 6 | 63,911 | - |
| Asset held for sale | 7 | 5,263,986 | - |
| Other assets | 8 | 539 | - |
| TOTAL ASSETS | 42,187,088 | 38 | |
| LIABILITIES AND EQUITY | |||
| LIABILITIES | - | - | |
| Borrowings from other financial institutions | 9 | 1,412,752 | - |
| Preferred shares | 10 | 583,477 | - |
| Current tax | 16,720 | - | |
| Deferred tax, net | 11.4 | 12,572 | - |
| Other liabilities | 12 | 4,303 | - |
| TOTAL LIABILITIES | 2,029,824 | - | |
| EQUITY | |||
| Share capital | 13 | 480,914 | - |
| Additional paid-in capital | 37 | 37 | |
| Appropriated reserves | 14 | 10,663,954 | - |
| Retained earnings | 22,132,533 | - | |
| Net profit | 3,704,009 | 1 | |
| Accumulated other comprehensive income, net of tax | 3,175,817 | - | |
| TOTAL EQUITY | 40,157,264 | 38 | |
| TOTAL LIABILITIES AND EQUITY | 42,187,088 | 38 |
* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.
The accompanying notes form an integral part of these separate financial statements.
SEPARATE INCOME STATEMENT
GRUPO CIBEST S.A.
For the year ending December 31, 2025 and for the period from September 25 to December 31, 2024 (Stated in millions of Colombian pesos)
| Note | December 31, 2025* | December 31, 2024 | |
|---|---|---|---|
| Equity method subsidiaries | 15.1 | 6,797,841 | - |
| Equity method of associates and joint ventures | 15.1 | 21,844 | - |
| Equity instruments | 15.1 | 104 | - |
| Dividends | 15.1 | 5 | 1 |
| Equity method net income | 6,819,794 | 1 | |
| Other income | 15.2 | 128,001 | - |
| Total income, net | 6,947,795 | 1 | |
| Operating expenses | - | - | |
| Salaries and employee benefits | 16.1 | (7,495) | - |
| Interest expenses | 16.2 | (113,528) | - |
| Administrative and general expenses | 16.3 | (21,330) | - |
| Impairment of an amortized cost investment | (181) | - | |
| Operating expenses, net | (142,534) | - | |
| Profit before taxes from continuing operations | 6,805,261 | 1 | |
| Income tax from continuing operations | 11 | (51,215) | - |
| Net profit from continuing operations | 6,754,046 | 1 | |
| Net loss from discontinued operations | 20 | (3,050,037) | - |
| Net profit | 3,704,009 | 1 |
* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.
The accompanying notes form an integral part of these separate financial statements.
SEPARATE STATEMENT OF COMPREHENSIVE INCOME
GRUPO CIBEST S.A.
For the year ending December 31, 2025 and for the period from September 25 to December 31, 2024 (Stated in millions of Colombian pesos)
| Note | December 31, 2025* | December 31, 2024 | |
|---|---|---|---|
| Net income | 3,704,009 | - | |
| Other comprehensive income to be reclassified to the income statement | - | ||
| Gain on valuation of financial instruments | 4.1 | 1,804 | - |
| Related tax | 11.3 | (467) | - |
| Net of tax amount | 1,337 | - | |
| Surplus from equity method | - | ||
| Effects by mergers and spin-off operations | 9,372,589 | - | |
| Unrealized gain/(loss) on investments in subsidiaries using equity method (1) | 5 | (187,245) | - |
| Gain/(loss) on valuation of investments in associates and joint ventures | 6 | 294 | - |
| Foreign exchange difference (2) | (2,050,895) | ||
| Net of tax amount | 7,134,743 | - | |
| 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 | 106,777 | - | |
| Income tax | 11.3 | (38,370) | - |
| Net of tax amount | (3,960,263) | - | |
| Total other comprehensive income to be reclassified to profit or loss | 3,175,817 | - | |
| Other comprehensive income, net of taxes | 3,175,817 | - | |
| Total comprehensive income | 6,879,826 | - |
* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.
(1) This value corresponds to ORI of investments (COP 104,357) and homologation of the standard (COP 82,888). See Note 5 Investments in Subsidiaries.
(2) This value corresponds to the exchange difference on investments. See Note 5, Investments in Subsidiaries, and Note 7, Assets Held for Sale.
The accompanying notes form an integral part of these separate financial statements.
SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
GRUPO CIBEST S.A.
For the year ending December 31, 2025 and 2024
(Stated in millions of Colombian pesos,except per share amounts stated in pesos)
| Appropriated reserves (Note 14) | Accumulated other comprehensive income | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Note | Share capital (Note 13) | Additional<br><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 (1) | - | 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 | 2,338,007 | 39,448,380 |
| Reserve for equity strengthening and future growth. | 14 | - | - | (1,350,000) | - | 1,350,000 | - | - | - | - | - | - | - |
| Share repurchase | 14 | - | - | - | - | (431,418) | (431,418) | - | - | - | - | - | (431,418) |
| Equity method from participation in subsidiaries, associates and joint ventures. | 5 | - | - | - | - | - | - | - | - | - | (7,720) | - | (7,720) |
| Others (2) | - | - | - | - | - | - | - | - | - | 1,951,418 | - | 1,951,418 | |
| Income for the year | - | - | - | - | - | - | - | - | - | - | 1,366,001 | 1,366,001 | |
| Other comprehensive income | - | - | - | - | - | - | 4 | (2,169,439) | (2,169,435) | - | - | (2,169,435) | |
| Equity as of December 31, 2025 | 480,914 | 37 | 8,578,816 | 1,166,556 | 918,582 | 10,663,954 | 1,337 | 3,174,480 | 3,175,817 | 22,132,533 | 3,704,009 | 40,157,264 |
* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.
(1) The date of incorporation of Grupo Cibest is September 25, 2025, for this reason no movement is shown for the 2024 period.
(2) Effect on retained earnings due to the alignment of accounting policies with full IFRS for the application of the equity method.
The accompanying notes form an integral part of these separate financial statements.
1
SEPARATE STATEMENT OF CASH FLOWS
GRUPO CIBEST S.A.
For the year ending December 31, 2025 and for the period from September 25 to December 31, 2024
(Stated in millions of Colombian pesos)
| Nota | December 31, 2025* | December 31, 2024 | |
|---|---|---|---|
| Net income | 3,704,009 | - | |
| Adjustments to reconcile net income to net cash: | |||
| Equity method – subsidiaries | 15.1 | (6,797,841) | - |
| Equity method – associates and joint ventures | 15.1 | (21,844) | - |
| Net loss from discontinued operations | 3,050,037 | - | |
| Decrease in costs to sell of the discontinued asset | (7,748) | - | |
| Accrued interest – virtual investment | 15.2 | (58,177) | - |
| Valuation of equity instruments | 15.1 | (104) | - |
| Foreign exchange differences | (69,381) | - | |
| Preferred share interest | 16.2 | 56,974 | - |
| Financial obligations interest | 16.2 | 56,554 | - |
| Income tax | 11 | 51,215 | - |
| Impairment of investments | 181 | - | |
| Changes in operating assets and liabilities: | - | ||
| Increase in other assets | 4,376 | - | |
| Change in other liabilities | 4,303 | - | |
| Income tax advance | (3,015) | - | |
| Net cash provided by (used in) operating activities | (30,461) | - | |
| Cash flows from investment activities | |||
| Dividends received | 454,426 | - | |
| Opening of investments at amortized cost | (5,716,225) | - | |
| Opening of a liquidity income fund | (20) | - | |
| Cash capitalizations in investments in subsidiaries | (129,293) | - | |
| Cash capitalizations in Investments in Associates and Joint Ventures | (452) | - | |
| Cancellation of investments at amortized cost | 4,393,978 | - | |
| Interest received from investments at amortized cost | 48,853 | - | |
| Net cash used in investing activities | (948,734) | - | |
| Cash flow from financing activities: | |||
| Share buyback | 14 | (431,418) | - |
| Net cash used in financing activities | (431,418) | - | |
| Decrease in cash and cash equivalents, before the effect of exchange rate changes | (1,410,612) | - | |
| Cash received from spin-off | 1,527,432 | - | |
| Decrease in cash | 116,820 | - | |
| Cash at the beginning of the period | - | - | |
| Cash at the end of the period | 116,820 | - |
* Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. See Note 1 – Reporting Entity.
The accompanying notes form an integral part of these separate financial statements.
1
Certification by the Legal Representative and the Accountant of Grupo Cibest S.A.
Medellín, February 23, 2026.
The undersigned legal representative and accountant of Grupo Cibest S.A. certify that the financial statements of Cibest for the year ended December 31, 2025 and the period between September 25 and December 31, 2024, have been faithfully taken from the books and that, before making them available to you and third parties, we have verified the following statements contained therein:
The assets and liabilities included in the financial statements for the year ended December 31, 2025 and the period from September 25 to December 31, 2024, exist, and the transactions included in those statements were carried out during the years then ended.
Transactions and events that occurred during the year ended December 31, 2025, and during the period from September 25 to December 31, 2024, have been recognized in the appropriate amounts in the financial statements.
The assets represent probable future economic benefits (rights) and the liabilities represent probable outflows of economic benefits (obligations), obtained by Cibest as of December 31, 2025 and the period between September 25 and December 31, 2024.
The financial statements have been prepared in accordance with the Accounting and Financial Reporting Standards issued by the International Accounting Standards Board (IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (IFRS-IC).
All economic events affecting Cibest have been correctly classified, described, and disclosed in the separate financial statements.
In compliance with Law 964 of 2005 in its article 46 we certify that the financial statements and other reports relevant to the public do not contain defects, inaccuracies or errors that would prevent users from understanding the entity’s financial position or its operations.
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, issued by Notary Office No. 15 of Medellín.
The duration contemplated in the bylaws is until December 8, 2144; however, it may be dissolved or extended before that date.
Cibest’s business purpose is to invest in movable and immovable assets, 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’s bylaws are set out in Public Deed No. 386 dated May 12, 2025, executed before Notary Public No. 30 of Medellín, through which the partial spin‑off agreement was formalized. Under this agreement, Bancolombia S.A. (“Bancolombia”), as the transferring (splitting) entity, transferred a portion of its assets to Cibest, as the beneficiary entity, without being dissolved.
The transaction was initially disclosed to the market on October 29, 2024, approved at the Extraordinary General Shareholders’ Meeting of 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 SFC through Resolutions No. 0356 dated February 28, 2025, and No. 0901 dated May 7, 2025.
On May 16, 2025, the market was informed of the completion of the corporate transactions aimed at evolving the group’s corporate structure. As a result, Grupo Cibest became the parent holding company of all financial entities and other subsidiaries, including Bancolombia.
1
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.
Cibest’s common shares and preferred shares without voting rights are listed on the Colombian Stock Exchange under the symbols “CIBEST” and “PFCIBEST”, respectively. The ADRs representing preferred shares without voting rights are listed on the New York Stock Exchange under the symbol “CIB”, the same symbol previously used for Bancolombia’s ADRs prior to the corporate restructuring.
Cibest’s common shares, preferred dividend shares without voting rights, and ADR's became eligible for trading as of Monday, May 19, 2025.
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:
| Value | |
|---|---|
| ASSETS | |
| Cash | 1,527,432 |
| Total equity financial instruments | 4,197 |
| Fiduciary Right – PA Cadenalco 75 Years | 4,197 |
| 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 | 688 |
| TOTAL ASSETS | 43,091,334 |
| LIABILITIES | |
| Borrowings from other financial institutions | 1,527,432 |
| Preferred shares | 545,873 |
| Deferred tax liabilities | 1,569,650 |
| TOTAL LIABILITIES | 3,642,955 |
| TOTAL EQUITY | 39,448,380 |
| TOTAL LIABILITIES AND EQUITY | 43,091,335 |
Statement of income:
| Value | |
|---|---|
| Operating income | |
| Equity method | 2,353,256 |
| 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) |
| Associates and joint ventures | 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 |
Cibest through its subsidiaries (collectively referred to as the “Cibest Group”) has international presence in the United States, Puerto Rico, Panamá, Guatemala, Bermuda, and El Salvador.
At the Extraordinary Shareholders’ Meeting held on June 9, 2025, the shareholders approved a share repurchase program for common shares, preferred non‑voting shares, and American Depositary Receipts (ADRs) of Cibest, for an amount of up to one trillion three hundred fifty billion Colombian pesos (COP 1,350,000 million), for a period of up to one (1) year starting from the approval of the Repurchase Program regulations by the Board of Directors. As part of this decision, the Shareholders’ Meeting also approved a change in the allocation of the legal reserve and the creation of a specific reserve for the share repurchase program.
On June 24, 2025, the Board of Directors of Cibest regulated this share repurchase program, which began on Thursday, July 17, 2025. In Colombia, it is being carried out on the trading 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. For more information on the progress of the repurchase program, see Note 14. Reserves.
Other corporate matters:
Regarding its subsidiaries, on August 27, 2025, the Extraordinary Shareholders’ Meeting of Bancolombia approved the voluntary delisting of its common shares and preferred shares without voting rights from the National Registry of Securities and Issuers (RNVE) and the Colombian Stock Exchange (BVC). Consequently, the BVC formally notified Bancolombia of the delisting, effective as of September 19, 2025.
On October 21, 2025, the market was informed of the completion of the corporate reorganization of the Panamanian subsidiary Banistmo S.A., as well as other Cibest subsidiaries in Panama, which had been previously announced on September 29, 2025. It was indicated that, once the authorizations of the Superintendency of Banks of Panama and the respective Shareholders’ Meetings were obtained, the merger of the Beneficiary Company VB Panamá S.A. with Banistmo S.A. was completed (noting that the Beneficiary Company VB had previously received certain asset portfolios that were partially spun off from Valores Banistmo S.A. and Banistmo Capital Markets Group Inc.), as well as the partial spin-off by Banistmo of 100% of the shares it held in Valores Banistmo S.A., in favor of Cibest Panamá Assets S.A., a Panamanian company wholly owned by Cibest.
On November 6, 2025, it was announced that the Financial Superintendence of Colombia (SFC), through Resolution No. 2002 dated October 31, 2025, as amended by Resolution No. 2021 dated November 4, 2025 (becoming final on November 6 of the same year), authorized Nequi S.A. to operate and carry out throughout the national territory the activities corresponding to the corporate purpose of a “financing company”. Nequi S.A. will commence operations once the corresponding formalities have been completed and will continue to be part of the Cibest Group. For customers, this evolution will not entail any changes in the way they access or use the products and services.
On December 18, 2025, Cibest informed to the market the execution of a share purchase agreement with Inversiones Cuscatlán Centroamérica S.A. for the sale of 100% of the shares of Banistmo S.A. The agreed purchase price was US$1,418 million (subject to customary adjustments at the closing of the transaction) and will be paid in full on the closing date, once the required regulatory authorizations in Panama have been obtained and the conditions set forth in the share purchase agreement have been fulfilled.
The subsidiaries of Cibest are as follows:
| Company | Country | Corporate purpose | % of interest and voting rights held as of December 2025 |
|---|---|---|---|
| Bancolombia S.A. | Colombia | Financial services | 94.50% |
| Renting Colombia S.A.S. | Colombia | Operating lease | 94.58% |
| Nequi S.A. Finance Company | Colombia | Financial services | 94.99% |
| Negocios Digitales Colombia S.A.S. | Colombia | Payment solutions | 100.00% |
| Wompi S.A.S. | Colombia | Technology services | 100.00% |
| 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% |
| Banagrícola S.A. and subsidiaries | Panamá | Financial services holding | 99.17% |
| Grupo Agromercantil Holding S.A. | Panamá | Financial services holding | 100.00% |
| Cibest Panama Assets S.A. | Panamá | Financial services holding | 100.00% |
| Wenia Ltd. | Bermuda | Technology services | 100.00% |
As of December 31, 2025, Cibest has 21 employees.
NOTE 2. MATERIAL ACCOUNTING POLICIES
A. Basis for preparation of the separate financial statements
The separate financial statements are prepared in accordance with standards accounting and Financial Reporting Standards accepted in Colombia, based on the International Financial Reporting Standards (hereinafter, “IFRS”) issued by the International Accounting Standards Board (hereinafter, “IASB”), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC), in accordance with the Regulatory Technical Framework issued through the single regulatory decree 2420 of 2015 and its amendments, by the Ministry of Finance and Public Credit and the Ministry of Commerce, Industry and Tourism.
The preparation of separate financial statements in conformity with the mentioned accounting framework requires the use of estimates and assumptions that affect the reported and disclosed amounts without compromising the reliability of financial information. 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 separate financial statements under the going concern basis
Management has assessed Cibest 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, 12 months from the end of the reporting period. Based on Cibest liquidity position at the date of authorization of the separate 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 separate financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets and liabilities 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 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 separate financial statements are stated in Colombian pesos (COP) and figures are stated in millions and billions (when indicated), except earnings per share, diluted earnings per share, nominal value of the 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 separate financial statements are those that serve as the basis for the regulatory compliance, distribution of dividends and other appropriations by the shareholders.
Business Reorganization and Transactions Between Entities Under Common Control
A business reorganization under common control refers to transactions in which entities that are controlled by the Group are restructured, both before and after the transaction, and such control is not temporary.
For transactions under common control, Cibest has chosen as its accounting policy to apply the predecessor value method for recognizing intercompany transactions. This means that the assets and liabilities carved out from the entity or business being spun off are recognized in the separate financial statements of the receiving company at their carrying amounts, as recorded prior to the transaction date.
Cibest presents the net assets received as if they had always been part of its financial statements from the date of transfer.
During the second quarter of 2025, Cibest became the parent company of the economic group. Therefore, from that date onward, the separate financial statements presented include all subsidiaries previously consolidated by Bancolombia S.A. For further information, see Note 1 – Reporting Entity.
B. Presentation of the separate financial statements
Cibest presents the separate statement of financial position ordered by liquidity and the separate 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 policies.
The separate 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 separate 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 receivable and payable related to operating activities, 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 separate financial statements are detailed below:
1.Functional currency, transactions, and balances in foreign currency
The functional and presentation currency of Cibest separate 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. They are deferred in equity (other comprehensive income) if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation.
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 separate 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 exchange rates at period-end used for the conversion of monetary assets and liabilities were as follows:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Closing exchange rates | 3.757,08 | 4.409,15 |
- 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.
- 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 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 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: 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 statutes. For more information, see Note 10 – Share capital.
3.4. Hedge accounting
Cibest designates and documents hedge accounting at inception in accordance with the requirements of IFRS 9 Financial Instruments. When the hedging relationship is considered to be highly effective, the changes in value of the hedging derivative are accounted for according to their classification, as fair value hedges, cash flow hedges and hedges of net investment in foreign operations, as set out in the paragraph below.
Cibest assesses at the inception of the hedge and on an ongoing basis during the life of the instrument, whether the hedge used in the transaction is expected to be aligned with the hedge effectiveness requirement (prospective effectiveness):
-Economic relationship between the hedging instrument and the hedged item.
-The effect of credit risk does not predominate over the value of the economic relationship.
-Designated hedge ratio is consistent with risk management strategy.
Cibest discontinues the hedge accounting when the hedging relationship no longer meets the criteria provided for hedge effectiveness or when the hedging instrument expires or is sold, terminated or exercised. Consequently, the item no longer complies with the hedge accounting conditions, or the hedging relationship no longer complies with the risk management objective.
Before the establishment of hedge accounting, Cibest documents the relationship between hedged items and hedging instruments, as well as its risk management objectives and hedging strategies, which are approved by the Asset and Liability Management Committee, as the body designated by the Board of Directors.
For hedge accounting purposes, hedges are classified and accounted for as follows, once the criteria for their recognition have been met:
Hedges of a net investment in a foreign operation
In accordance with the application of IFRS 9 and IFRIC 16 – Hedges of a Net Investment in a Foreign Operation, the Group has elected to hedge the foreign
exchange risk arising from the translation of activities conducted in a country or currency other than that of the reporting entity.
The accounting for these hedges requires that the effective portion of foreign exchange gains or losses arising from instruments designated as hedging instruments be recognized in the same line item of the statement of profit or loss or other comprehensive income (OCI). This accounting treatment is consistent with the requirements of IAS 21 – The Effects of Changes in Foreign Exchange Rates and aligns with the disclosure provided in Section 1. Functional currency, translation of balances and foreign currency transactions.
Upon the disposal of a foreign operation, or upon the settlement of an instrument that forms part of the net investment, the foreign exchange differences previously accumulated in OCI are reclassified to profit or loss for the period as part of the gain or loss on such disposal. For additional information related to the accounting for hedges of net investments in foreign operations, refer to Note 4. Financial Assets Investments.
- Investments in subsidiaries, associates, and joint ventures
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 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 investments in associates and joint ventures are initially recorded at cost and their results, assets and liabilities are subsequently included in the separate 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 separate 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 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 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 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 share of losses of an associate or joint venture exceeds Cibest interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of Cibest 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 separate 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.
- 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
Considering that IFRS 9 requires the recognition of an allowance for receivables where cash or a financial asset is received, Cibest has defined that for intra group accounts related to dividends, fees, services, among others, provided between companies, no allowance shall be recognized, as these do not carry any credit risk; therefore, the expected loss is zero.
- Assets held for sale and discontinued operations.
Cibest classifies non-current assets or disposal groups held for sale if their carrying value will be recovered through a sale transaction, rather than through continuing use. These assets are measured at the lower of their carrying value and their fair value less costs to sell and they are not depreciated nor amortized from the date of their classification. Additionally, if any indications of impairment exist, impairment losses are recognized for the difference between the carrying and the fair value less costs to sell as “Depreciation, amortization and impairment” in the separate statement of income.
If the assets show indications of impairment, impairment losses are recognized for the difference between the carrying amount and the fair value less costs to sell, within “Amortization, depreciation and impairment” in the statement of income. Gains or losses on the disposal of assets held for sale are recognized in the statement of income under “Other operating income” or “Other general and administrative expenses.”
The held for sale condition is met if the assets or groups of assets are available, in their current condition, for immediate sale or the sale transaction is highly probable and is expected to be completed within the year following the date of classification. In Cibest. The assets held under this classification correspond to investment in subsidiaries. If the sale of the assets does not take place within the planned period, the assets are reclassified to "Investment in subsidiaries" in the separate statement of financial position.
A discontinued operation is a component of an entity that has been disposed of, or is classified as held for sale, and represents a separate major line of business or a geographical area of operations, is part of a single coordinated and individual plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of a
discontinued operation are presented separately from those of continuing operations in the statement of income on a comparative basis.
The comparative information in the statement of profit or loss is restated to reflect the classification of discontinued operations for all periods presented, whereas the statement of financial position is not restated for prior periods; instead, the related assets and liabilities are presented separately from the date they are classified as held for sale.
- Impairment of assets and cash generating units
Cibest evaluates at the end of each period whether there is any indication that individual non-financial assets and cash-generating units are impaired. If some indication of impairment does exist, Cibest estimates the recoverable amount and assesses if the carrying 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 separate 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.
- 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 for the corresponding period.
- 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 separate 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, 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 separate 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 that 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 separate statement of financial position; instead, these are disclosed as contingent assets when the inflow of economic benefits is probable. When the contingent event becomes certain, the asset and the related income are recognized in the statement of income for the corresponding period.
- Revenue recognition
Income under the equity method is recognized for 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 separate statement of income as “Other income from equity investments.
- Employee benefits
11.1. Short term benefits
Cibest grants its employees short-term benefits including, among others, salaries, social security contributions, insurance, bonuses, subsidies, variable compensation, and school allowances, which are expected to be fully settled within 12 months after the end of the annual reporting period. Short-term benefits are recognized as employees render the related services, for the amount expected to be paid. For more information, see Note 13. Operating expenses.
11.2. Other long-term employee benefits
Cibest grants to its employees a loyalty bonus as its only long term employee benefit which is payable more than twelve 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.
Defined contribution plans
These are monthly contributions made by Cibest to a pension and severance funds for both concepts. 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 separate statement of income “Salaries and employee benefits”, recognized when they are accrued. Any unpaid contribution as of the reporting date of the separate statement of financial position is included as a liability.
Defined benefit plans
These are post-employment benefit plans in which Cibest has the legal or constructive obligation to assume the payment of benefits under its responsibility.
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[1] 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.
[1] This refers to the interest rate on Treasury Securities (TES), which represent the Colombian government’s public debt.
- Income tax
Income tax includes current tax and deferred tax. 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 separate financial statements.
Cibest recognizes, when appropriate, deferred tax assets and liabilities by estimating the future tax effects attributable to differences between the carrying amounts of assets and 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 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 Taxes 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 taxable temporary differences associated with investments in subsidiaries, associates or interests in joint ventures are recognized, except when Cibest is able to control the period in which the
temporary difference is reversed, and it is likely that the temporary difference will not be reversed 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 them to be recovered based on the stand‑alone entity expected cash flow forecast for the next three years.
Tax credits from fiscal losses and surplus amounts from presumptive income over net income are recognized as a deferred asset, provided that it is likely that Cibest will generate future net income to allow their offset.
Deferred tax is recorded as debit or credit according to the result of each transaction and, for disclosure purposes in the statement of financial position, it is presented on a net basis.
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 “Other 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 contingencies provided it has a present obligation and it is more likely than not that Cibest will have to dispose of economic resources to settle 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 to cover the value of uncertain positions in the future.
For more information on the impacts on income tax derived from the tax measures in Colombia under Decree 1474 of 2025 “By which tax measures are adopted to address the expenses of the General Budget of the Nation necessary to face the State of Emergency declared by Decree 1390 of 2025”, see Note 7. Income Tax.
Transfers pricing policy
Cibest has a general policy whereby each of its companies is responsible for its revenues, costs and expenses independently. This is in compliance with the
regulation for the Parent Company set forth in the Organic Statute of the Financial System (Article 119, paragraph 4), which states that: The activity of subsidiaries of entities subject to the control and supervision of the SFC must be carried out under conditions of independence and administrative autonomy, so that they have sufficient decision-making capacity to conduct the operations that constitute their corporate purpose.
Cibest recognizes transactions with foreign related parties applying the Arm’s Length Principle. These transactions are documented and reported to the tax authority according to the last evaluation date corresponding to the previous year.
D. Use of estimates and judgments
The preparation of separate 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 under the going concern assumption. 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 separate 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 separate financial statements are detailed below.
- Deferred tax
Deferred tax assets and liabilities are recognized on deductible or taxable temporary differences arising between tax bases and accounting bases, considering the tax regulations in force and applicable in Colombia.
Due to the volatility of the political, social and economic environment, frequent amendments to tax legislation and changes in tax doctrine, determining the tax bases for calculating deferred tax involves complex judgments, particularly regarding the estimation of future taxable profits, the offset of tax losses and the application of deductions. Given its significance and the high degree of estimation involved, the determination of deferred tax is considered a critical accounting policy for Cibest.
For more information relating to the nature of deferred tax assets and liabilities recognized by Cibest, please see Note 7. Income Tax.
- Fair value of assets and liabilities
The fair value of Cibest 's assets and liabilities is determined at the date of the separate 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, IFRS 13 establishes a fair value hierarchy that classifies the inputs used in valuation techniques into three levels, 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 at the measurement date. 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: I In the absence of a market price for a specific financial instrument, its fair value is estimated using valuation techniques based on observable inputs other than quoted prices included in Level 1, which may come from 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 measurement, are used. 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 input used in the financial models measuring the fair values of the assets and liabilities become 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. For further detail and sensitivity analysis, see Note 16. Fair Value of Assets and Liabilities.
- Uncertainty over income tax treatments
In the process of determining the current and deferred tax for periods subject to review by the tax authority, Cibest applies the applicable tax regulations and exercises judgment in interpreting tax provisions, recognizing positions that could be subject to different interpretations by third parties. 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, the tax authority may adopt criteria different from those of 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 – Income tax.
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 7. Income tax.
E. Recently issued accounting pronouncements
a) Recently issued accounting pronouncements applicable in 2025
Amendments to Illustrative Examples – Disclosures about Uncertainties in the Financial Statements:
On November 28, 2025, the Board issued amendments to the guidance accompanying IFRS 7, IAS 8, IAS 36, IAS 37, including IFRS 18 Presentation and Disclosure in Financial Statements and IAS 1 Presentation of Financial Statements. These amendments add examples illustrating how to disclose the impacts of uncertainties within scenarios related to climate change; however, the principles and requirements also apply to the disclosure of other uncertainties.
Materials accompanying IFRS Accounting Standards, including illustrative examples, are not an integral part of those standards and, therefore, do not have an effective date or transition requirements.
This amendment has been evaluated by the Cibest without identifying any impact on the financial statements or disclosures, as the new requirements align with those already applied and reported by the Cibest.
b) Recently accounting pronouncements issued by IASB pending to incorporate in NCIF framework accepted in Colombia.
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 separate financial statements: IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary separate financial statements or in the notes. In addition, the new standard requires companies to provide more transparency regarding operating expenses, helping investors to find and understand the information they need.
The IASB proposes that this new standard become effective for annual periods beginning on or after January 1, 2027, with early application permitted. As of today, this standard has not yet been incorporated into the accounting technical framework accepted in Colombia.
Management is assessing the impact that these amendments will have on Cibest financial statements and disclosures.
Standards Assessed in Prior Periods:
The following pronouncements were assessed by Management without identifying any impact on Cibest separate financial statements or related disclosures
-IAS 12 – International Tax Reform – Pillar Two Model Rules
-IFRS 16 – Lease Liability in a Sale and Leaseback Transaction
-Amendments to Classification and Measurement Requirements – IFRS 9 and IFRS 7
-Annual Improvements to IFRS Standards – Cycle/Volume 11
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:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Cash | - | - |
| Deposits from banks and other private financial institutions | 116,820 | - |
| Total cash and cash equivalents | 116,820 | - |
NOTE 4. FINANCIAL ASSETS INVESTMENTS
Cibest’s investment portfolio in financial instruments and derivatives as of December 31, 2025 and December 31, 2024 is described below:
| Financial assets investments and derivative financial instruments | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Investments at amortized cost (1) | 1,331,390 | - |
| Equity instruments (2) | 4,384 | 38 |
| Total financial investment instruments | 1,335,774 | 38 |
(1)Corresponds to investments in term deposits with fixed returns held at Bancolombia.
(1)See Note 4.1 Investments in equity securities.
4.1. Investments in equity securities
The detail of investments in equity securities is as follows:
| Equity financial instruments | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Equity investments at fair value through profit or loss | 124 | 38 |
| Bancolombia S.A (1) | - | 38 |
| Investment Fund Renta Liquidez | 124 | - |
| Equity instruments measured at fair value through OCI | 4,260 | - |
| Fiduciary Right – Inmobiliaria Cadenalco (2) | 4,260 | - |
| Total equity financial instruments | 4,384 | 38 |
(1)The change is due to a modification in the group's corporate structure. In May 2025, the investment in Bancolombia S.A. was reclassified as an investment in subsidiaries.
(2)This corresponds to the recognition of assets spun off by Bancolombia S.A. See Note 1 Reporting Entity
As of December 31, 2025, no impairment losses were recognized on equity instruments.
These investments are considered strategic for Cibest; therefore, there are no plans to dispose of them in the near term.
The fair value effect recognized in other comprehensive income, related to equity instruments, amounts to COP 1,804 for 2025. See the Separate Statement of Other Comprehensive Income – Gain (Loss) on Measurement of Financial Instruments.
1
NOTE 5. INVESTMENT IN SUBSIDIARIES
The detail of investments in subsidiaries as of December 31, 2025 and December 31, 2024 is as below:
| December 31, 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 % | 26,029,103 | - | - |
| Banagrícola S.A. | Holding | Panamá | 99.17 % | 4,092,596 | - | - |
| Grupo Agromercantil Holding S.A. | Holding | Panamá | 100.00 % | 3,157,573 | - | - |
| Inversiones Cibest S.A.S. (2) | Investment | Colombia | 100.00 % | 1,226,484 | - | - |
| Renting Colombia S.A.S. | Operating lease | Colombia | 94.58 % | 347,338 | - | - |
| Negocios Digitales Colombia S.A.S. | Payment solutions | Colombia | 100.00 % | 105,679 | - | - |
| Wompi S.A.S. | Technology services | Colombia | 100.00 % | 80,537 | - | - |
| Cibest Panama Assets S.A | Investment | Panamá | 100.00 % | 94,723 | - | - |
| Nequi S.A. finance Company | Financial services | Colombia | 94.99 % | 59,612 | - | - |
| Cibest Investment Management S.A.S. (2) | Investment | Colombia | 100.00 % | 54,945 | - | - |
| Valores Cibest S.A.S. (2) | Investment | Colombia | 100.00 % | 54,945 | - | - |
| Cibest Inversiones Estratégicas S.A.S. (2) | Investment | Colombia | 100.00 % | 54,945 | - | - |
| Wenia Ltd. | Technology services | Bermudas | 100.00 % | 47,578 | - | - |
| Total investment in subsidiaries | 35,406,058 | - | - |
(1) The increase in investments in subsidiaries as of December 31, 2025, is attributable to the corporate developments described in Note 1 – Reporting Entity. (2) These investments were initially recognized in 2024, each with a carrying amount below one million. The balance reported in 2025 reflects the subsequent capital contributions made during the period and their respective measurements.
The following tables sets forth the changes of the Bank's subsidiary investments as of December 31, 2025 and December 31, 2024:
1
| December 31, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Bancolombia S.A. | Banistmo S.A. (1) | 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 from the partial 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 |
| Standardization from Super to Full standard | 1,857,038 | - | - | - | - | - | - | 11,490 | 1,868,528 |
| Equity method through income statement (2) | 3,869,264 | - | 398,428 | 74,300 | 172,163 | 22,775 | 2,587 | 12,990 | 4,552,507 |
| OCI (Equity method) | (125,322) | 36,586 | 3,214 | 505 | (8,819) | - | (9,206) | (1,315) | (104,357) |
| Foreign exchange difference | - | (1,007,615) | (536,240) | (375,836) | - | - | - | (3,556) | (1,923,247) |
| Purchases / capitalizations (3) | - | - | - | - | 1,063,507 | - | - | 255,174 | 1,318,681 |
| Transfer of shares for in-kind capitalization | (1,189,386) | - | - | - | - | - | - | - | (1,189,386) |
| Dividends | - | - | (449,014) | - | - | - | - | - | (449,014) |
| Profit for previous years | (7,720) | (2,650) | (69) | (6,991) | (367) | - | 9,977 | 100 | (7,720) |
| Spin-off value (4) | - | (42,754) | - | - | - | - | - | 42,754 | - |
| Participation method reclassified to discontinued operation | - | 294,037 | - | - | - | - | - | - | 294,037 |
| Reclassification of assets held for sale | - | (10,403,108) | - | - | - | - | - | - | (10,403,108) |
| Ending balance | 26,029,103 | - | 4,092,596 | 3,157,573 | 1,226,484 | 347,338 | 105,679 | 447,285 | 35,406,058 |
(1) Due to the purchase agreement signed on December 18, 2025, the investment in Banistmo S.A. was classified as an asset held for sale. See Note 1 – Reporting Entity and Note 7 – Asset Held for Sale. (2) See Note 15.1. Net income from equity participation.
(3) During the year 2025, capitalizations were made for the following entities: Inversiones Cibest S.A.S. for COP 1,063,507, Cibest Inversiones Estratégicas S.A.S. COP 43,501, Cibest Investment Management S.A.S. COP 43,501, Valores Cibest S.A.S. COP 43,501, Cibest Panamá Assets S.A. COP 49,044, Wenia Ltd. COP 31,629, Wompi S.A.S. COP 25,000, Nequi S.A. Compañía De Financiamiento COP 18,998.
(4) This corresponds to the partial spin-off by Banistmo of 100% of the shares it held in Valores Banistmo S.A. for the benefit of Cibest Panamá Assets S.A. See Note 1. Reporting Entity.
The following is the supplementary information of the Cibest's most significant subsidiaries as of December 31, 2025 and 2024 without eliminations:
As of December 31, 2025
| Company | Assets | Liabilities | Income from ordinary activities | Gain / (Loss) |
|---|---|---|---|---|
| In millions of COP | ||||
| Bancolombia S.A. | 268,641,523 | 241,222,614 | 161,855,076 | 6,123,641 |
| Banagrícola S.A. | 25,916,846 | 23,452,205 | 3,134,775 | 591,651 |
| Grupo Agromercantil Holding S.A. | 24,415,732 | 22,333,798 | 2,694,210 | 113,240 |
| Renting Colombia S.A.S. | 1,226,484 | 1 | 174,869 | 172,162 |
The financial statements as of December 31, 2025 have been used for the purpose of applying the equity method for the subsidiaries.
As of December 31, 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 applies hedge accounting in accordance with IFRS 9, under the hedge type of a net investment in a foreign operation.
Hedging of the Investment in Banistmo S.A.
Between May 16 and December 18, 2025, Cibest maintained a hedge of a portion of its investment in Banistmo S.A. by designating its U.S. dollar‑denominated financial liabilities as hedging instruments, for an amount of USD 359,000. Hedge accounting was discontinued following the reclassification of this investment as a non‑current asset held for sale, in connection with the purchase agreement signed in December 2025.
Subsequently, a new hedging relationship was designated, with the investment in Banagrícola S.A. as the hedged item and the outstanding loans as the hedging instruments, for the purpose of mitigating foreign exchange risk in the financial statements.
Hedging of the Investment in Banagrícola S.A.
As of December 30, 2025, the company designated USD 359,000 in liability borrowings as the hedging instrument. This transaction aims to protect Cibest against foreign exchange risk (USD/COP) related to a portion of its net investment
in Banagrícola, a company domiciled in Panamá whose financial statements are presented in U.S. dollars.
The book value and the hedged portion of the investment are listed below:
| Banagrícola S.A. |
|---|
| In thousands of |
| Net investment hedged in the hedging relationship (1) |
| Total net investment Banagrícola 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 December 31, 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.
(1) As of December 31, 2025, the amount of these obligations amounted to COP 1,348,792. For further information on obligations to correspondent banks, see Note 9, 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 Banagrícola 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 December 31, 2025 and 2024:
| Composition | December 31, 2025 (1) | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Joint ventures | 41,824 | - |
| Investments in associates | 22,087 | - |
| Total | 63,911 | - |
(1) As of December 31, 2024, Cibest did not hold this type of investment. The increase in investments in associates and joint ventures as of December 31, 2025, is explained by the partial spin‑off of Bancolombia S.A. in favor of Grupo Cibest S.A. See Note 1 – Reporting Entity.
The following tables present the Cibest's investments in associates as of December 31, 2025 and December 31, 2024:
| Company name | Principal activity | Country | December 31, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|---|---|---|
| % of participation | Investment | % of participation | Investment | |||||
| Puntos Colombia S.A.S. | Customer loyalty management | Colombia | 50.00% | 28,862 | -% | - | ||
| International Ejecutiva de Aviación S.A.S. (1) | Air transportation service | Colombia | 50.00% | 12,962 | -% | - | ||
| Total investments in joint ventures | 0 | 41,824 | 0 | 0 |
(1) Reclassification of Internacional Ejecutiva de Aviación S.A.S. As of September 2025, Cibest held a 37.50% stake as an associate, with the purchase of 562,500 shares from Grupo Argos S.A. for COP 452 on October 31, 2025. It was reclassified as a joint venture, with a 50% stake.
The following tables present the movement of Cibest's joint venture investments as of December 31, 2025:
| December 31, 2025 | |||
|---|---|---|---|
| In millions of COP | |||
| Puntos Colombia S.A.S. | International Ejecutiva de Aviación S.A.S. | Total | |
| 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 | 9,828 | 30,344 |
| Income in equity method (1) | 13,062 | 2,391 | 15,453 |
| OCI (Equity method) (2) | - | 291 | 291 |
| Purchases/Capitalizations | - | 452 | 452 |
| Dividends | (4,716) | - | (4,716) |
| Balance at end of period | 28,862 | 12,962 | 41,824 |
(1)See Note 15.1. Net income from equity participation.
(2)See separate statement of comprehensive income.
The following information pertains to Cibest's investments in associates:
| Company name | Main activity | Country | December 31, 2025 | December 31, 2024 | ||||
|---|---|---|---|---|---|---|---|---|
| % participation | Investment value | % participation | Investment value | |||||
| Protección S.A. | Pension and severance fund management | Colombia | 0.69% | 22,087 | - % | - | ||
| Total Investments in Joint Ventures | 22,087 | - |
The following table presents the movement of investments in Cibest associates as of December 31, 2025:
| December 31, 2025 | ||
|---|---|---|
| Protección S.A. | Total | |
| 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. | 20,163 | 20,163 |
| Equity method recognized in income (1) | 1,921 | 1,921 |
| Equity method recognized in OCI (2) | 3 | 3 |
| Balance at end of period | 22,087 | 22,087 |
(1) See Note 15.1 Net income from equity participation.
(2) See separate statement of comprehensive income.
Below is the supplementary information on Cibest's most significant associates and joint ventures as of December 31, 2025:
As of December 31, 2025
| Company name | Classification | Assets | Liabilities | Revenue from ordinary activities | Gain / (Loss) |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Protección S.A. | Associates | 3,422,617 | 804,200 | 1,959,129 | 376,826 |
| International Ejecutiva de Aviación S.A.S. | Joint ventures | 124,574 | 115,822 | (87,639) | 7,723 |
| Puntos Colombia S.A.S. | Joint ventures | 300,468 | 242,743 | 479,509 | 31,774 |
For the purposes of applying the equity method to associates and joint ventures, the financial statements as of December 31, 2025 have been used.
NOTE 7. ASSETS HELD FOR SALE, NET
On December 18, 2025, Grupo Cibest S.A., acting as the seller, and Inversiones Cuscatlán Centroamérica S.A., acting as the buyer, entered into a purchase and sale agreement under which the seller agreed to transfer 100% of the shares of Banistmo S.A. (see Note 1 – Reporting Entity).
As a result of this agreement, the investment in Banistmo S.A. was reclassified as an "Asset held for sale", in accordance with IFRS 5. On the reclassification date, an impairment loss of COP 5,019,221 was recognized, as the carrying amount as of November 30, 2025, exceeded the agreed sale price (see Note 20 – Discontinued Operation).
As of December 31, 2025, the net realizable value (sale price less estimated transaction costs) amounts to COP 5,263,986.
NOTE 8. OTHER ASSETS, NET
The following details other assets, net to December 31, 2025 and 2024.
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Prepaid expenses (1) | 413 | - |
| Other accounts receivable | 57 | - |
| Other assets (2) | 69 | - |
| Total other assets, net | 539 | - |
(1) It corresponds to insurance
(2) Withholding tax on non-taxable dividends.
NOTE 9. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
The composition of financial obligations measured at amortized cost as of December 31, 2025 is as follows:
Obligations granted by foreign banks
| Financial entity | Minimum rate | Maximum rate | December 31, 2025 |
|---|---|---|---|
| In millions of COP | |||
| Financing with Correspondent Banks (1) (2) (3) | 5.79% | 5.85% | 1,412,752 |
| Total | 1,412,752 |
(2)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 value includes principal of COP 1,348,792, accrued interest of COP 68,198, and interest restatement of COP (4,238).
The contractual maturities of financial obligations with foreign entities are as follows:
| December 31, 2025 | |
|---|---|
| In millions of COP | |
| Short term (less than 1 year) | 1,412,752 |
| Total | 1,412,752 |
1
NOTE 10. 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 December 31, 2025 are as follows:
| December 31, 2025 | |
|---|---|
| In millions of COP | |
| Value received in the partial spin-off by absorption from Bancolombia to Cibest | 526,503 |
| Interest received in spin off | 19,370 |
| Value of the liability received in the partial spin-off by absorption between Bancolombia S.A. and Grupo Cibest S.A. (1) | 545,873 |
| Interest expense on preferred stock(2) | 37,604 |
| Total | 583,477 |
(1) See Note 1. Reporting Entity.
(2) See details in Note 16.2 Interest Expenses.
NOTE 11. INCOME TAX
The income tax is recognized in accordance with current tax regulations.
11.1. Components recognized in the separate income statement
The following chart provides a detailed breakdown of the total income tax for the periods ended December 31, 2025 and 2024.
| Accumulated | ||
|---|---|---|
| 2025 | 2024 | |
| In millions of COP | ||
| Current tax | ||
| Fiscal year | (19,734) | - |
| Total, current income tax | (19,734) | - |
| Deferred tax | - | - |
| Fiscal year | (31,481) | - |
| Total, deferred tax | (31,481) | - |
| Total income tax continuous operations(1) | (51,215) | - |
(1) See effects of discontinued operation in Note 20.
11.2. 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 December 31, 2025 and 2024:
| Accumulated | ||
|---|---|---|
| Effective tax rate reconciliation | 2025 | 2024 |
| In millions of COP | ||
| Income before taxes on continuous operations(1) | 6,805,261 | 1 |
| Applicable tax at nominal rate | (2,381,841) | - |
| Non-deductible expenses for the determination of taxable profit | (40,238) | - |
| Net book and non-taxable income for the determination of taxable profit | 2,411,228 | - |
| Net tax and non-accountable income for the determination of taxable profit | (161,267) | - |
| Net income from ordinary activities exempted from taxation | 150,491 | - |
| Income from ordinary activities not constituting income or occasional gain from taxable activities | 1,893 | - |
| Other tax rate effects due to reconciliation between book income and tax expense | (31,481) | - |
| Total tax continuous operations(1) | (51,215) | - |
(1) See effects of discontinued operation in note 20.
11.3. Components recognized in the Statement of Comprehensive Income Separate (OCI)
| From January 1 to December 31, 2025 | |||
|---|---|---|---|
| In millions of COP | |||
| Amounts before taxes | Deferred tax | Net taxes | |
| Utility in valuation of financial instruments | 1,804 | (467) | 1,337 |
| Net income from investments in subsidiaries accounted for using the equity method(1) (2) | 7,133,841 | - | 7,133,841 |
| Utility on valuation of investments in associates and joint ventures(1) | 902 | - | 902 |
| Loss on hedging of net investments in foreign operations(3) | (3,921,893) | (38,370) | (3,960,263) |
| Net | 3,214,654 | (38,837) | 3,175,817 |
(1) Includes the effects of corporate evolution transactions on the item referred to in OCI as "Surplus from equity method".
(2) Incluides the effects of exchange difference on assets held for sale of the concept referred to in the ORI as "Surplus from equity method".
(3) Includes the effects of corporate evolution transactions on the item referred to in OCI as "Effects of hedge accounting application".
11.4. 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(3) | December 31, 2025 | |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Asset Deferred Tax: | - | - | - | - | - |
| Financial obligations | - | (59,373) | - | 59,373 | - |
| Other Deductions | - | 360 | - | - | 360 |
| Total Asset Deferred Tax | - | (59,013) | - | 59,373 | 360 |
| Liability Deferred Tax: | - | - | - | - | - |
| Investment Valuation | - | (1,979) | (467) | (1,627) | (4,073) |
| Financial obligations(1) | - | 29,511 | (38,370) | - | (8,859) |
| Goodwill(2) | - | 1,567,226 | - | (1,567,226) | - |
| Total, deferred tax liabilities | - | 1,594,758 | (38,837) | (1,568,853) | (12,932) |
| Total, net deferred tax | - | 1,535,745 | (38,837) | (1,509,480) | (12,572) |
(1) The movement in OCI is due to the hedging of investments - See note 5.1. Hedge of a net investment in a foreign operation
(2) See effects of discontinued operation in note 20.
(3) Contains the effects of social evolution operations. See Note 1. Reporting Entity.
11.5. 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.
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Temporary differences | - | - |
| Local subsidiaries | (5,665,440) | - |
| Foreign subsidiaries | (7,209,144) | - |
11.6. Dividends
11.6.1 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.
11.6.2 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.
11.7. 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.
11.8. 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.
1
NOTE 12. OTHER LIABILITIES
The following section details other liabilities to December 31, 2025 and 2024:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Short-term benefits and bonuses (1) | 2,328 | - |
| Accounts payable (2) | 1,702 | - |
| Salaries and labor obligations | 272 | - |
| Others | 1 | - |
| Total | 4,303 | - |
(1)This corresponds to bonuses for employees in accordance with the Cibest Group's variable compensation model.
(2)It includes a provision for the Industry and Commerce Tax of COP 686 and suppliers of COP 616.
NOTE 13. SHARE CAPITAL
The subscribed and paid-in capital is the following:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Authorized shares | 1,400,000,000 | 1,000 |
| Subscribed and paid-in shares | 509,704,584 | 1,000 |
| Common shares | (601,452) | - |
| Total shares | 509,103,132 | - |
| Preferred shares issued and fully paid | 452,122,416 | - |
| Preferred shares | (8,010,884) | - |
| Total preferred shares | 444,111,532 | - |
| Total shares | 953,214,664 | - |
| Subscribed and paid capital (nominal value in millions of COP) | 480,914 | - |
| Authorized shares (nominal value, in millions of COP) | 700,000 | - |
(1) The par value per share is five hundred pesos.
Distribution and payment of dividends
Dividends must be approved at the Ordinary General 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 share 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 share 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 shareholders' 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 shareholders' 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 share capital. Cibest has 438,173,000 shares in reserve.
NOTE 14. APPROPRIATED RESERVES
As of December 31, 2025 and 2024, the reserves were made up as follows:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Appropriation of net income (1) | 8,578,816 | - |
| Occasional reserve (2) | 1,166,556 | - |
| Reserve for treasury share acquisition (3) | 918,582 | - |
| Total reserves (4) | 10,663,954 | - |
(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 share 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.
(3)In accordance with the resolution adopted at the General Shareholders' Meeting held on June 9, 2025, a reserve of COP 1,350,000 was established for the repurchase of own equity instruments. The execution of this transaction began on July 17, 2025. As of December 31, 2025, the balance of this reserve amounted to COP 918,582, which includes transaction costs of COP 876.
(4)See Separate Statement Of Changes In Shareholders' Equity from Grupo Cibest.
As of December 31, 2025, the movement in the reserve for the reacquisition of shares is as follows:
| December 31, 2025 | |
|---|---|
| In millions of COP | |
| Establishment of a reserve for the repurchase of treasury shares | 1,350,000 |
| Repurchase of ordinary shares (1) | (34,706) |
| Repurchase of preferred shares (2) | (395,836) |
| Transactional costs | (876) |
| Balance of the reserve for the repurchase of own shares (3) | 918,582 |
(1) As of December 31, 2025, 601,452 ordinary shares had been repurchased. See Note 13. Share Capital
(2)As of December 31, 2025 8,010,884 preferred shares had been repurchased. See Note 13. Share Capital
NOTE 15. OPERATING INCOME
The following information corresponds to operating income as of December 31, 2025:
15.1 Net Income from Equity Method Investments
The following table shows the breakdown of dividend and equity income for the years ending December 31, 2025 and 2024:
| Income from equity participation | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Equity method (2) | 6,797,841 | - |
| Bancolombia S.A. | 5,912,057 | - |
| Banagrícola S.A. and Subsidiaries | 586,306 | - |
| Grupo Agromercantil Holding | 113,240 | - |
| Inversiones Cibest S.A.S. | 172,162 | - |
| Other Subsidiaries | 14,076 | - |
| Equity method investments in associates and joint ventures (3) | 21,844 | - |
| Puntos Colombia S.A.S. | 15,887 | - |
| International Ejecutiva de Aviación S.A.S. | 3,369 | - |
| Protección S.A. | 2,588 | - |
| Equity Instruments | 104 | - |
| Dividends | 5 | 1 |
| Total net income from equity interest (4) | 6,819,794 | 1 |
(1) Includes the effects of the partial spin-off of Bancolombia S.A. in favor of Grupo Cibest S.A. See Note 1, Reporting Entity.
(2) The difference of 2,245,334 compared with the amount of 4,552,507 disclosed under “Equity method recognized in profit or loss” in Note 5, Investments in subsidiaries, corresponds to the income recognized for this concept as part of the spin-off executed on May 16, 2025 for each subsidiary. See details in Note 1, Reporting Entity.
(3) The difference of 4,470 compared with the amount of 17,374 disclosed in Note 6, Investments in associates and joint ventures, under “Equity method recognized in profit or loss”, corresponds to the income recognized for this concept as part of the spin-off executed on May 16, 2025 for each associate and joint venture. See details in Note 1, Reporting Entity.
15.2 Other operating income
Other operating income, net, is comprised of the following items for the years ended December 31, 2025 and 2024:
| Other operating income. net | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Interest income | 63,021 | - |
| Virtual investment interest | 58,177 | - |
| Savings account interest | 4,844 | - |
| Other income | 64,980 | - |
| Exchange rate difference | 64,980 | - |
| Total other operating income, net | 128,001 | - |
NOTE 16. OPERATING EXPENSES
The following information relates to operating expenses for the years ended December 31, 2025 and 2024:
1
16.1 Salaries and employee benefits
The breakdown of salaries and benefits for employees for the years ending December 31, 2025 and 2024 is as follows:
| Salaries and employee benefit | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Salaries | 3,928 | - |
| Bonuses | 2,328 | - |
| Social security contributions | 795 | - |
| Vacation expenses | 169 | - |
| Defined Benefit severance obligation and interest | 65 | - |
| Private premium | 38 | - |
| Others | 172 | - |
| Total salaries and employee benefit | 7,495 | - |
16.2 Interest expense
The breakdown of interest expenses for the years ending December 31, 2025 and 2024 is as follows:
| Interest expense | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Interest on preferred shares(1) | 56,974 | - |
| Interest on financial obligations | 56,554 | - |
| Total interest expense | 113,528 | - |
(1) This amount includes COP 19,370 received in the partial spin-off of Bancolombia S.A. in favor of Grupo Cibest S.A. See Note 1 Reporting Entity, as well as interest accrued from May to December in the amount of COP 37,604.
16.3. Other administrative and general expenses
The details of other administrative and general expenses as of December 31, 2025 and 2024 are as follows:
| Other administrative and general expenses | December 31, 2025 | December 31, 2024 |
|---|---|---|
| In millions of COP | ||
| Taxes (1) | 12,070 | - |
| Legal procedures for spin-off (2) | 3,126 | - |
| Audit and board fees | 2,138 | - |
| Fee | 1,885 | - |
| Commissions | 1,542 | - |
| Others (2) | 569 | - |
| Total other administrative and general expenses | 21,330 | - |
(1) Mainly corresponds to stamp tax paid in connection with 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 17. RELATED PARTY TRANSACTIONS
IAS 24 Related Party Disclosures requires a reporting entity to disclose:
(a) transactions with related parties; and
(b) relationships between parent companies and subsidiaries, regardless of whether transactions have occurred between those related parties.
This Standard requires disclosure of information about related party relationships, transactions, and outstanding balances, including commitments, in the separate financial statements of a parent company or investors with joint control of, or significant influence over, an investee.
Under IAS 24, related parties are defined as those in which one party has the ability to control the other or to exert significant influence over its operating and financial decisions, or when another entity controls both parties. In the case of Cibest, the following are considered related parties:
•Shareholders who individually hold more than 20% of Cibest’s share capital, namely Grupo de Inversiones Suramericana S.A.
•Subsidiaries: entities over which the Company has direct control.
•Associates and joint ventures: entities over which the Company exercises significant influence.
•Other related parties: entities other than those listed above that meet the definition of a related party.
•Key Management Personnel: includes the Legal Representatives, members of the Board of Directors, and Senior Management, as well as their close
family members (defined as spouses or domestic partners and children) and any investments representing 50% or mores of the capital.
Cibest's purpose is to invest in movable and immovable property, and in particular, to invest in shares, quotas, or equity interests, or any other form of participation in Colombian and/or foreign companies or entities, and to manage said investments.
It should be noted that no transactions occurred between Cibest and its related parties during the years ended December 31, 2025 and 2024.
•Operations whose characteristics differ from those carried out with third parties.
| Shareholders with an interest equal to or greater than 20% of the Company (1) | Subsidiaries | Associates and Joint Ventures | Key Management Personnel and Family Members | Other related parties(1) | |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Assets | |||||
| Cash and cash equivalents | - | 115,689 | - | - | 1,131 |
| Investment in associates and joint ventures | - | - | 63,911 | - | - |
| Investment in subsidiaries | - | 35,406,058 | - | - | - |
| Asset held for sale | - | 5,263,986 | - | - | - |
| Investments at amortized cost | - | 1,331,390 | - | - | - |
| Total Assets | - | 42,117,123 | 63,911 | - | 1,131 |
| Liabilities | |||||
| Borrowings from other financial institutions | - | - | - | - | 1,412,752 |
| Other liabilities | - | - | - | 71 | 4 |
| Total Liabilities | - | - | - | 71 | 1,412,756 |
| Income | |||||
| Interest income and other operating income | - | 4,807 | - | - | 37 |
| Interest income from the virtual investment | - | 58,177 | - | - | - |
| Equity method | - | 6,797,841 | 21,844 | - | - |
| Total income | - | 6,860,825 | 21,844 | - | 37 |
| Expenses | |||||
| Interest expense | - | - | - | - | 56,554 |
| Net impairment of investment net of taxes | - | 3,451,995 | - | - | - |
| Impairment of investment at amortized cost | - | 181 | - | - | - |
| Other expenses | - | 123 | - | 1,945 | 541 |
| Total Expenses | - | 3,452,299 | - | 1,945 | 57,095 |
(1) Includes indirect subsidiaries of Grupo Cibest and subsidiaries of Grupo Sura.
As of December 31, 2025, directors received fees of COP 1,945 for attending Board meetings.
Payments to senior management totaled COP 1,031 and correspond to short‑term employee benefits.
NOTE 18. LIABILITIES FROM FINANCING ACTIVITIES
The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2025:
| Beginning balance as of January 1, 2025 | Cash flows | Changes other than cash | Ending balance as of December 31, 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) | - | - | 1,527,432 | (171,234) | 56,554 | 1,412,752 | ||
| Preferred stock (2) | - | - | 545,873 | - | 37,604 | 583,477 | ||
| Total liabilities from financing activities | - | - | 2,073,305 | (171,234) | 94,158 | 1,996,229 |
(1)The amounts correspond to the restatement of capital of COP 166,996 and the restatement of interest of COP 4,238
(2)Includes the effects of the partial spin‑off from Bancolombia S.A. to Cibest S.A.; see Note 1 Reporting Entity.
NOTE 19. FAIR VALUE OF ASSETS AND LIABILITIES
To determine fair value, the characteristics of the asset or liability are considered in the same manner as market participants would consider them when pricing the asset or 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 December 31, 2025 and 2024.
| December 31, 2025 | December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Carrying value | Fair value | Carrying value | Fair value | |||||
| In millions of COP | ||||||||
| Assets | ||||||||
| Equity instruments (1) | 1,331,390 | 1,331,390 | - | - | ||||
| Investments at amortized cost (1) | 4,384 | 4,384 | 38 | 38 | ||||
| Asset held for sale (2) | 5,263,986 | 5,263,986 | - | - | ||||
| Total assets | 6,599,760 | 6,599,760 | 38 | 38 | ||||
| Liabilities | ||||||||
| Financial obligations (3) | 1,412,752 | 1,412,752 | - | - | ||||
| Preferred stock (4) | 583,477 | 324,260 | - | - | ||||
| Total liabilities | 1,996,229 | 1,737,012 | - | - |
(1)See Note 4. Financial assets investments
(2)See Note 7. Assets held for sale
(3)See Note 9. Borrowings from other financial institutions
(4)See Note 10. 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.
b. Assets held for sale measured at fair value less costs to sell
Cibest measured its investment in Banistmo S.A., classified as held for sale, at fair value less costs to sell.
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 December 31, 2025 and 2024:
| ASSETS | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Instrument type | December 31, 2025 | December 31, 2024 | |||||||||||||||
| Rating hierarchy | Total fair value | Rating 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 | - | 124 | 4,260 | 4,384 | 38 | - | - | 38 | |||||||||
| Total equity instruments | - | 124 | 4,260 | 4,384 | 38 | - | - | 38 | |||||||||
| Total assets | - | 124 | 4,260 | 4,384 | 38 | - | - | 38 |
Fair value of assets and liabilities measured at fair value on a non‑recurring basis
Cibest measured the discontinued operation Banistmo S.A., classified as held for sale, at fair value less costs to sell. The following breakdown presents the fair value hierarchy of the assets, classified by level:
| ASSETS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Instrument type | December 31, 2025 | |||||||
| Valuation hierarchy | Total fair value | |||||||
| Level 1 | Level 2 | Level 3 | ||||||
| In millions of COP | ||||||||
| Asset held for sale | - | - | 5,263,986 | 5,263,986 | ||||
| Total | - | - | 5,263,986 | 5,263,986 |
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 December 31, 2025 and 2024:
| ASSETS | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Instrument type | December 31, 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 | - | - | 1,331,390 | 1,331,390 | - | - | - | - | |||||||||
| Total | - | - | 1,331,390 | 1,331,390 | - | - | - | - | |||||||||
| LIABILITIES | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Instrument type | December 31, 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 | - | - | 1,412,752 | 1,412,752 | - | - | - | - | |||||||||
| Preferred stock | - | - | 324,260 | 324,260 | - | - | - | - | |||||||||
| Total | - | - | 1,737,012 | 1,737,012 | - | - | - | - |
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 following table presents the reconciliation of assets and liabilities measured at fair value on a recurring basis using unobservable inputs as of December 31, 2025:
As of December 31, 2025
| Instrument type | Balance January 01, 2025 | Included in income | Incluided in ORI | Purchases | Sales | Prepayments | Reclassifications | Transfers to Level 3 | Transfers out of Level 3 | Balance December 31, 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| In millions of COP | ||||||||||
| Assets | ||||||||||
| Equity investments at fair value | - | - | 13 | 4,247 | - | - | - | - | - | 4,260 |
| Total assets | - | - | 13 | 4,247 | - | - | - | - | - | 4,260 |
Level 3 fair value – transfers
The following were the significant level 3 transfers at December 31, 2025:
Transfers between Level 1 and Level 2 to Level 3:
As of December 31, 2025, no level transfers were reported for Cibest.
Transfers between Level 3 and Level 1 and 2:
As of December 31, 2025, no level transfers were reported for Cibest.
Transfers between Level 1 and Level 2 of the Fair Value hierarchy
As of December 31, 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 December 31, 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 | 4,260 | Based on price | Price | NA | NA | NA | NA |
NOTE 20. DISCONTINUOUS OPERATION
Banistmo S.A. is a private financial institution that began operations in 1973 and is one of the financial institutions of the Cibest Group located in the Republic of Panama, having been acquired in October 2013. Banistmo has positioned itself as one of the leading banks in Panama, offering a wide variety of financial services under the supervision of the Superintendency of Banks of Panama.
As of December 18, 2025, Grupo Cibest S.A., as the seller, and Inversiones Cuscatlán Centroamérica S.A., as the buyer, entered into a sale and purchase agreement under which the seller agreed to transfer 100% of the shares of Banistmo S.A.
The agreed purchase consideration amounts to USD 1,418,000.
The completion of the transaction is subject to certain conditions precedent, including, but not limited to, obtaining the regulatory approvals required by the Superintendency of Banks of Panama.
This disposal forms part of the Group’s long‑term corporate strategy aimed at optimizing the business portfolio, focusing growth on strategic markets, and maximizing value creation for its shareholders.
The results of the discontinued operation recognized within profit or loss for the period are as follows:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| In millions of COP | ||
| Equity method income (1) | 401,959 | - |
| Net tax impairment (1) | (3,453,515) | - |
| Foreign exchange difference | 1,519 | - |
| Loss from discontinued operations | (3,050,037) | - |
(1) This amount includes the effects of the partial spin‑off of Bancolombia in favor of Grupo Cibest, for COP 107,923 (see Note 1. Reporting Entity), and the fair value adjustment of the investment for COP 294,035 (see Note 5. Investments in Subsidiaries).
The impairment loss corresponds to the difference between the net realizable value of the investment in Banistmo (sale value less costs to sell), classified as an asset held for sale, and its carrying amount measured under the equity method as of November 30, 2025. This impairment arises primarily from the goodwill embedded in the carrying amount of the investment in the separate financial statements of Grupo Cibest.
In compliance with IFRS requirements, the entity performed the mandatory annual impairment tests, which concluded that the recoverable amount of the Cash‑Generating Unit (CGU) associated with Banistmo exceeded its carrying amount; therefore, no impairment loss was identified. The recoverable amount was determined with the support of an independent valuation expert and required management to apply judgments and estimates regarding projected cash flows beyond normal planning horizons, the selection of an appropriate discount rate, and the valuation of the CGU’s identifiable assets.
However, the sale price agreed upon in the transaction provides new observable evidence indicating a fair value lower than the carrying amount. Consequently, and in accordance with the applicable IFRS requirements, the impairment loss is recognized in the period.
NOTE 21. EVENTS AFTER THE REPORTING PERIOD
The separate financial statements of Grupo Cibest S.A. for the fiscal year ended December 31, 2025, were approved by the Board of Directors for issuance on February 23, 2026.
After the cut-off date and until their publication, no material events occurred that would require adjustments or additional disclosures to the separate financial statements.
RISK MANAGEMENT
During 2025, the global economy showed a relatively favorable performance, despite the materialization of various risks stemming from the tariff and immigration policies promoted by the President of the United States. This environment was accompanied by a gradual and prudent easing of the Federal Reserve’s restrictive monetary policy stance, in a context marked by inflationary pressures resulting from rising tariffs, the persistence of geopolitical conflicts—particularly between Russia and Ukraine and in the Middle East—and the deterioration of fiscal conditions in most economies worldwide. Taken together, these factors increased uncertainty regarding the evolution of macroeconomic indicators and generated greater volatility in the prices of financial assets in international markets. At the same time, the level of political stability played a decisive role in investor confidence, in governments’ ability to implement stimulus policies, and ultimately in the dynamics of economic growth.
CREDIT RISK
Credit risk is the risk of an economic loss to Grupo Cibest resulting from the counterparty, issuer, or debtor failing to meet their financial obligations, a decline in credit quality stemming from a downgrade in their rating, reduced earnings and returns, concessions granted in restructurings, and recovery costs.
Credit Risk Management – investment financial instruments
The Group maintains the control and continuous monitoring of the assigned credit risk limits, as well as the consumption thereof. Additionally, 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.
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 Group 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 Bank and its subordinates.
External credit rating system: is divided by the type of rating applied to each instrument or issuer; 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 risk to high risk (this can be reported in numerical or alphanumerical scales), where the rating model is sustained by the implementation and analysis of qualitative variables and other objective criteria at the sector 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, 2025 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.
•Credit Quality Analysis
| December 31, 2025 | ||
|---|---|---|
| Debt Instruments | Equity | |
| In Millions of COP | ||
| Maximum Exposure to Credit Risk | ||
| Low Risk | - | - |
| Medium Risk | 1,331,390 | 124 |
| Hihg Risk | - | - |
| Without Rating | - | 4,260 |
| Total | 1,331,390 | 4,384 |
•Financial credit quality of investment financial instruments:
Debt instruments: 100% of the debt instruments are not in default.
Equity: The positions that do not represent significant risks are not in default.
•Maximum exposure level to the credit risk given:
| December 31, 2025 | |||
|---|---|---|---|
| Maximum Exposure | Collateral | Net Exposure | |
| In Millions of COP | |||
| Maximum Exposure to Credit Risk | |||
| Debt Instruments (1) | 1,331,390 | - | 1,331,390 |
| Equity (1) | 4,384 | - | 4,384 |
| Total | 1,335,774 | - | 1,335,774 |
(1) See Note 4.Financial assets investments
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 December 2025. Cibest total exposure to market risk has registered a Value at Risk (VaR) of COP 240,088. This result is mainly due to exposure to the exchange rate factor, originating from the position denominated in US dollars corresponding to COP 1.6 billion. Additionally, although to a lesser extent, the COP 124 participation in the Renta Liquidez Investment Fund contributed to the level of risk presented. Details are presented in the table below:
| Risk factor | December 31, 2025 |
|---|---|
| In millions of COP | |
| End of period | |
| Exchange rate | 240,083 |
| Collective investment funds | 5 |
| Total VaR | 240,088 |
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 | December 31, 2025 |
|---|---|
| In millions of COP | |
| Net cash outflows into 30 days | (28,801) |
| Liquid Assets (1) | 116,675 |
| Liquidity coverage ratio | 87,874 |
The following table provides further details on Cibest's liquid assets:
| Liquid Assets(2) | December 31st, 2025 |
|---|---|
| In millions of COP | |
| Cash COP | 115,689 |
| Cash USD (2) | 887 |
| Collective investment funds (3) | 99 |
| Total Liquid Assets | 116,675 |
(1) Liquid assets: Liquid assets will be considered those that are easily realized that form part of the entity's portfolio or those that have been received as collateral in active operations in the money market, and that have not been subsequently used in passive operations in the monetary market and do not have any mobility restrictions. The following are considered liquid assets: available assets, shares in open collective investment funds without a permanence agreement, shares registered on the Colombian stock exchange that are eligible to be subject to repo or repo operations, and negotiable investments available for sale. sale of fixed income securities.
(2) The amount available in US dollars is subject to a haircut or reduction equivalent to 21.6%.
(3) Renta Liquidez Collective Investment Fund is subject to a haircut or reduction of 20%.
Contractual maturities of financial assets and liabilities
Contractual maturities of principal on financial assets are presented below:
Contractual maturities of assets at December 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 | 116,820 | - | - | - | - |
| Securities | 779,306 | 542,941 | - | - | - |
| Total Assets | 896,126 | 542,941 | - | - | - |
Contractual maturities of principal and interest on liabilities are presented below:
Contractual maturities of liabilities as at December 2025
| Liabilities | 0-30 days | 31 days -1 year | 1-3 years | 3-5 years | Over 5 years |
|---|---|---|---|---|---|
| In millions of COP | |||||
| Financial obligations | - | 1,412,752 | - | - | - |
| Preferred stock | - | - | - | 583,477 | |
| Total Liabilities | - | 1,412,752 | - | - | 583,477 |