Grupo Aval Acciones y Valores (GRUPOAVAL) investor relations material

Executive summary

• Q3 attributable net income was Ps 368.3bn, down 29.3% YoY and 36.2% QoQ; ROAE was 7.9%, as weaker investment returns, higher impairment expense and operating costs weighed on earnings.

• Gross loans reached Ps 207.1tn, up 4.7% QoQ; loan growth and higher loan yields supported interest income, while asset quality remained broadly stable.

Financial highlights

• Banking-segment net interest income was Ps 2.4tn, down 15.0% YoY and 32.9% QoQ; NIM was 3.6%, down 101 bps YoY and 191 bps QoQ.

• Interest income rose 6.2% QoQ and 21.4% YoY to Ps 7,858.3bn; net interest income in the financial statements rose 9.5% QoQ and 11.0% YoY to Ps 2,032.9bn.

• Net fee income was Ps 931.6bn, down 1.7% YoY and up 2.7% QoQ; total other operating income was Ps 890bn, versus a Ps 319bn loss in Q2.

• Total other expenses were Ps 2.545tn, up 17.6% YoY; cost-to-income was 52.6%, improving 231 bps YoY but worsening 64 bps QoQ.

• Net income after impairment losses fell 18.3% QoQ and 14.7% YoY to Ps 775.3bn; impairment expense rose 38.5% QoQ to Ps 1,257.6bn.

Outlook and guidance

• 2026 guidance: loan growth 10.5%, consolidated NIM 4.1%, loan NIM 4.5%, net cost of risk 2%, cost-to-assets 2.95%, and ROAE 9%.

• 2027 guidance: loan growth 9.5% (commercial 9%, retail 10%), consolidated NIM 4.4%, loan NIM 5%, net cost of risk 2%, and ROAE 12%.

• 2027 outlook assumes full Itaú benefits and loan repricing; non-financial income is projected at 1.15x 2026, with a 20% fee-income ratio.

• The near-term outlook remains challenging; management expects policy measures, fiscal adjustment and improved investment conditions to support recovery.