Grupo Aval Acciones y Valores (GRUPOAVAL) investor relations material

Executive summary

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

• Loans and deposits both grew 2.1% sequentially and 7.6% and 11.5% year-over-year, respectively, reflecting strengthened profitability and stable asset quality.

• Cost to income ratio improved to 49.3%, the best in four years, driven by higher trading income and efficiency gains.

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

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

Financial highlights

• Net interest margin (NIM) improved to 5.53% for the quarter, with strong trading and investment income; banking segment NIM was 6.07%.

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

• Cost of risk was well controlled at 1.9%, up slightly quarter-over-quarter, and cost to assets was 2.7%.

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

• Gross fee income and net fee income grew year-over-year, supported by trust and pension management.

Outlook and guidance

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

• Consolidated NIM projected at 4.2%, NIM on loans at 4.4%, and banking segment NIM at 4.9%.

• Cost of risk net of recoveries expected at 1.9%, cost to assets at 2.9%, and 2026 ROAE guidance at 9.25%.

• Management remains cautious for the second half due to potential headwinds, including interest rate hikes, earthquake impacts, and macroeconomic uncertainties.

• Positive trends in banking segment margins and cost of risk are expected to continue.