Thank you. Good morning, and thank you for joining Grupo Aval's fourth-quarter and full-year 2025 earnings call.

I'm so sorry, but I have a little flu, a terrible flu, but I'm trying to that you can understand me. I am joined today by Diego Solano, our Chief Financial Officer; Camilo Pérez, Chief Economist at Banco de Bogotá; and Paula Durán, Corporate Vice President of Sustainability and Strategic Projects.

I would like to start by highlighting the positive evolution of our results during 2025, despite the challenging and volatile local and global environments. We reached 1.7 trillion Colombian pesos in net income during 2025, a 70% increase compared to the previous year and more than twice that of 2023.

This improvement was primarily driven by stronger contributions from our banking business and a record performance year by Porvenir. Since our last call, we completed important milestones in line with our strategic focus to strengthen our strategic priorities.

First, we completed the merger of our trust companies. Second, we reached an agreement to acquire Banco Itaú's Colombian retail business.

Third, we reached an agreement to divest MFG. Fourth, Corfi has successfully completed transactions that will grow in business in the short term.

On January 2, 2026, we successfully merged our fiduciary businesses from Fiduciaria Bogotá, Fiduciaria de Occidente, and Fiduciaria Popular into Aval Fiduciaria. This transaction consolidates our trust services into a single strong entity, enhancing our value proposition for existing and new customers, and generating operational efficiencies.

We expect this to result in an increase of our market share in gross fee income and AUMs, and improve the profitability of this business. On December 23, 2025, Banco de Bogotá announced the acquisition of Banco Itaú's retail banking business in Colombia and Panama.

This move reinforces Banco de Bogotá's focus on the affluent segment, enhances the quality of our client mix, and strengthens our competitive positioning in Colombia. The acquisition is expected to add around 267,000 clients with $6.5 trillion US dollars in loans and $4.1 trillion US dollars in deposits.

The deal excludes Itaú's corporate banking and is pending regulatory approvals. On November 27, Banco de Bogotá announced that it has reached an agreement to sell MFG, a Panamanian bank, to BAC, that is the Central American bank.

This unit has delivered modest results since its acquisition in 2020 and required large scale to achieve the desired performance. The divestment of MFG strengthens Banco de Bogotá's position to pursue a stronger growth in its core market and reallocates capital towards businesses with stronger strategic alignment and long-term potential.

The sale process for this operation is expected to close over the following months, following regulatory approvals in Panama. This quarter, Multi Financial Group's balance sheet and P&L have been classified and discontinued operations.

Corfi announced two major acquisitions. The first one, Corfi announced the agreement to participate with a 51% stake in Cencia, the concessionary of the 29-year—29, sorry, year—public-private partnership for the renovation, construction, operation, and maintenance of Bogotá Nemesio Camacho Stadium Complex.

Cencia will develop a $2.4 trillion US dollar project, includes a new 50,000-seat stadium, cultural and commercial components, public space development, and mobility solutions. In the energy and gas sector, Promigas signed an agreement to acquire 100% of Celepsa's renewable energy generation platform, reinforcing its transformation into a multi-energy platform with operations in Colombia, Chile, and Peru.

This transaction adds a portfolio of more than 19 solar and storage projects, totaling 1.4 gigawatts gigawatts of contracted capacity and over 2.1 gigawatts under development, supporting diversification of non-regulated businesses and stable long-term contracted revenues, subject to regulatory approvals in Colombia and Peru. Regarding results from continued operations for the quarter, positive trends continued to consolidate during the quarter.

Our risk-adjusted NIM on loans for the quarter stood at 3.34%, the highest level in three years, while our cost of risk continued its positive trend. Return on average equity came in slightly below our initial expectations, mainly due to a weaker-than-expected NIM on investments triggered by volatile local and international capital markets, and the one-time effects related to the MFG sale agreement, which Diego will explain in detail.

I will now pass on to Paula, who will go over our sustainability achievements for the year. Paula?

Thank you, María Lorena. Good morning, everyone.

In the fourth quarter, we closed an extraordinary year for sustainability, further consolidating our ESG strategy. One where profitability is built by integrating strong financial performance, measurable social impact, and responsible environmental management.

Our framework is structured around three pillars: Returns with Purpose, Opportunities for All, and Environmental Balance. Under our first pillar, Returns with Purpose, we continue to scale sustainable finance.

Our sustainable loan portfolio reached 44.9 trillion pesos, including 36.2 trillion pesos in social lending and 8.7 trillion pesos in green lending. Social lending included targeted credit lines for senior citizens, housing, women entrepreneurs, coffee growers, and microbusinesses.

Green lending supported renewable energy, infrastructure, sustainable mobility, and water management projects, among others. In our investment portfolio, María Lorena already mentioned our agreement with Celepsa that reinforces our commitment to clean energy.

We also received important external recognitions. In the S&P Corporate Sustainability Assessment, we achieved a historic score of 81 out of 100, and were included in the S&P Sustainability Yearbook.

Additionally, Banco de Bogotá, Corficolombiana, Banco de Occidente, and Promigas were also included in the Yearbook, demonstrating the consistency and consolidation of our sustainability strategy across the group. In the MSCI assessment, we improved our rating to BBB, driven by stronger social impact metrics and enhanced responsible investment practices.

On our second pillar, Opportunities for All, this pillar focuses on generating inclusive growth and shared value. We calculated the total economic value generated and distributed, which reached 41 trillion pesos in 2025.

This value distributed to more than 31,000 suppliers that received 11 trillion pesos. Our 67,500 67,000, sorry, 500 employees also earned 3.8 trillion pesos.

We also paid 3.4 trillion pesos in taxes, and generated 13 trillion in returns for our clients. Additionally, we invested 70 billion pesos in voluntary social programs, benefiting more than 2 million people, focusing on community infrastructure, education and research, socio-economic development, and the promotion of culture, art, and sports.

Through Misión La Guajira, the most significant private-sector social initiative in Colombia, we fulfilled our commitments, benefiting more than 21,500 people across 80 communities with potable water, electricity, and connectivity. The program also included financial education initiatives and supported over 1,500 Wayuu artisans, fostering sustainable livelihoods.

We also supported the Vamos Pa'lante scholarship program, exceeding our fundraising goal and reaching 11.1 trillion billion pesos, sorry, benefiting more than 1,200 students. On our third pillar, Environmental Balance, we joined the Partnership for Carbon Accounting Financials, PCAF, committing to measure and disclose emissions associated with our financial activities.

We also launched our nature strategy aligned with TNFD, and began its pilot implementation with one of our entities. At the group level, we also achieved tangible eco-efficiency improvements.

Energy consumption reduced by 9.6%, renewable energy use increased to 38%, water consumption reduced by 2%, and waste generation decreased by 9%. In summary, we closed 2025 with meaningful progress across all three pillars, reinforcing our position as the Aval that drives, supports, and transforms citizens.

We continue to generate opportunities, promote sustainable development, and create long-term value for our shareholders and all stakeholders. Thanks.

Thank you, Paula. Now moving to the macro environment, a lot has happened since our last call that had changed our expectations for 2026.

A massive and technically increase in minimum wages had triggered a substantial increase in inflation expectations and has prompted a strong stance from the central bank to control inflation expectations. These recent events add to the increase in real interest rate expectations that result from growing concerns on the current administration's fiscal discipline.

As a result, since our last call, we have raised 200 basis points our expectations on 2026 inflation and 350 basis points year-end 2026 central bank intervention rate, changing the improvement trends we previously anticipated. 2025 was characterized by elevated global uncertainty.

The year was marked by abrupt changes in US economic policy, increased trade tension, and greater economic fragmentation. Despite these challenges, global growth proved resilient, reaching an estimated of 3.3%, supported by a second-half recovery, higher investment, and accelerated adoption of artificial intelligence technologies.

In Colombia, economic activity remained resilient. GDP growth closed at 2.6% for 2025, driven primarily by household consumption and public spending.

However, the GDP outlook remained challenging. Investment levels stand at historical low levels, and the country's fiscal deficit is among the largest globally, despite interest savings achieved through the government's liability management strategy.

Household consumption and government spending alone cannot sustain structural economic growth if investment remains absent and the government continues to crowd out the private sector. Inflation closed the year at 5.1%, remaining above the central bank's target range.

Furthermore, inflationary pressures derived from the 23.7% increase in the minimum wage led to the beginning of a new restrictive cycle in monetary policy, as evidenced by a 100 basis points increase in the central bank rate in January. Moving on to the exchange rate, the weaker US dollar and the heavy dollar inflows from remittances and the national government liability management strategies led to 14.8% appreciation of the Colombian peso relative to the US dollar.

Camilo will now elaborate on our economic outlook. Camilo?

Thank you, María Lorena. Good morning.

The Colombian economy grew by 2.6% in 2025, below the consensus estimate and that of the technical staff of the central bank. The surprise came from investment results, with gross fixed capital formation growing only 1.3%.

The weak growth in investment was offset by the dynamism of machinery and equipment, which registered an annual increase of 9% due to the needs faced by businesses to meet higher domestic demand. Meanwhile, investment in housing, infrastructure, and intellectual property contracted annually.

As a result, Colombia ended 2025 with an investment rate of 16.6% of GDP, the lowest level so far this century. Ultimately, high levels of uncertainty, elevated interest rates due to persistent inflation, and large fiscal deficits have led the country to face a complex investment landscape, with the financial, mining and energy, construction, and communications sectors being the most impacted.

Conversely, the economy found support in household and public sector spending. On the household side, higher income from wages, remittances, government transfers, coffee exports, and tourism led to an acceleration in private consumption growth, from 1.6% in 2024 to 3.6% in 2025.

Growth in goods expenditures surpassed that of services. As a result, sectors such as commerce, lodging, food, transportation, recreation, and services in general continued their upward trend.

In manufacturing, while growth was observed, in line with the increased household demand for goods, the appreciation of the peso reduced the competitiveness of local production. Meanwhile, amid the suspension of the fiscal rule and the higher budget execution, public spending increased from 0.6% growth in 2024 to 7.1% in 2025, the highest rate since 2021.

Although public spending boosted local activity, it was financed with increased debt, leading to a widening of the primary fiscal deficit. Thus, the fiscal stimulus appears unsustainable and ultimately displaced the private sector, in an example of crowding out.

In the external sector, lower national competitiveness, explained by the appreciation of the Colombian peso against the dollar, and higher labor hiring costs, led to export moderation into growth rate from 3.2% in 2024 to 1.8% in 2025. By 2026, amid more adverse financial conditions, weakening private consumption, a more challenging fiscal situation, and high uncertainty surrounding the elections, the Colombian economy is projected to moderate its growth rate to 2.4%.

Turning to prices, inflation ended 2025 at 5.1%, virtually unchanged from 2024. Here, inflationary improvements in rents and regulated prices were offset by increased pressure of food, goods, and services different from rents.

At this point, higher labor costs resulting from the significant minimum wage increase, the reduction in working hours, and the approval of labor reform weighted on inflation of goods and services. Meanwhile, high household and government spending limited the scope of improvement in inflation.

By 2026, the minimum wage increase of over 23%, which in real terms was the highest in history, will lead to a resurgence of inflation. Specifically, inflation is expected to end 2026 at around 6.2%.

The impact on inflation is not greater thanks to the appreciation of the Colombian peso and its effect on the prices of imports, as well as the policy of reducing gasoline prices and the lower indexation base of rents. On fiscal front, the government closed 2025 with the highest primary fiscal deficit, which excludes interest payments, since the crisis of the 1990s and the pandemic.

The government addressed the high spending pressures with active debt issuances, using alternative mechanisms such as the direct sale of TES to an important investment fund, and swaps of short- and long-term TES debt during the year. Calculations by our economic research team indicate that the Ministry of Finance issued more than 110 billion of treasury bonds in 2025, when the stipulated limit was 95 billion.

For 2026, no major changes are anticipated on the fiscal front. In fact, the deficit could exceed 7% of GDP, given the absence of the fiscal rule and, again, considering higher spending and weak revenues.

With this scenario, where inflation is rebounding and the fiscal situation remains vulnerable, the central bank will consolidate an upward trend in interest rates. Our economic research team expects the benchmark interest rate to rise from 9.25% at the end of 2025 to 11.75% by mid-2026, a level at which it would remain for the remainder of the year.

The risks are tilted upwards. With an scenario of higher domestic interest rates, a weak dollar globally due to the United States trade policies, and expectations of lower rates from the Federal Reserve, the exchange rate closed 2025 at 3,780 pesos per dollar, 15% lower than at the end of 2024.

However, in the second half of the year, the downward trend in the exchange rate intensified due to the government sale of dollars. In the second half of the year, the government sold more than $7 billion, an amount not seen since the pandemic.

In 2026, the Colombian peso is expected to continue finding support from the wider interest rate differential, the international outlook, and the nation's ample dollar availability. However, the election results will be crucial.

Currently, the exchange rate is expected to remain below 4,000 pesos per dollar throughout the year. Regarding the dynamics of dollar flows in the Colombian economy, it's important to note that, for the first time in history, remittances surpassed oil exports as the primary source of dollars of the economy.

This further consolidates diversification of the export basket. Finally, the legislative and presidential elections to be held in the first half of 2026 will define the country's economic future.

It is too early to draw conclusions about the election results, but the central scenario is based on the expectation that Colombia will have a more fiscally disciplined government, which will reduce uncertainty and promote investment, and, in general, will make public policy decisions based on technical criteria that boost economic growth. Thank you.

Back to you, María Lorena.

Thank you, Camilo. Turning to our financial results, 2025 was a transition year.

In the banking segment, gross loans ended the year at 190.1 trillion Colombian pesos, increasing by 4.8% compared to 2024. Profitability improved meaningfully, supported by a sharp decline in funding costs that expanded the spread between loan yields and funding costs by 41 basis points.

Cost of risk improved from 2.3% to 1.9%, reflecting a stronger consumer portfolio performance and discipline underwriting. Expense growth remained below the increase in the minimum wage, improving efficiency metrics.

As a result, return on equity in the banking sector reached double digits. Banco Popular and Banco AV Villas returned to the profitability, and Banco de Bogotá and Banco de Occidente continue improving their results.

Despite of weak markets results at year-end, Porvenir delivered its strongest annual performance to date. Assets under management reached 271.2 trillion US dollars, an increase pesos, sorry, an increase 14.9%, and ROAE reached 21.2%.

Corfi worked throughout the year to lay the foundation for a new growth cycle driven by portfolio rotation and entry into high-potential sectors. Deleveraging efforts and decline in rates led to a 16% reduction in funding costs, reflecting lower debt levels and more favorable interest rates.

Finally, operational efficiencies continue to materialize following the exit from financial services. Now I would like to pass the call to Diego, who will give details of our results.

Diego?

Thank you, María Lorena. I will start on pages 11 and 12 with a few charts showing growth rates and quality of our loan portfolio relative to the rest of the Colombian banking system.

For comparability reasons, these are unconsolidated figures under Colombian IFRS as published by the Superintendency of Finance. Starting on page 11, during 2025, loans for the banking system grew 2.1% in real terms, with mortgages growing 6.3%, consumer loans 1.48%, commercial loans 0.7%, all in real terms.

During 2025, we continue to focus on profitable growth. We focused on local currency commercial loans in segments other than large corporates, and on personal loans and credit cards in consumer lending.

Peso-denominated commercial loan market share remained unchanged at 26.3%. We are selective in large corporate commercial lending, given the aggressive pricing competition present throughout the year, where we lost 204 basis points.

However, we gained 131 basis points of market share in local currency denominated commercial loans other than large corporates. We gained market share in products and segments where we were underweighted, such as factoring, where we gained 503 basis points to 24.2%, and government loans, where we gained 219 basis points to 23%.

Regarding our dollar-denominated commercial loans, where we have historically been overweighted, we reduced our market share by 356 basis points to 35.3%. In addition, in peso terms, the balances of dollar-denominated commercial loans were negatively impacted by the 14.8% appreciation of the Colombian peso over the year.

As a result of the above, our market share for commercial loans fell 37 basis points. Consumer loans, we focused on diversifying our portfolio toward higher-yielding and short-term loans, reducing our concentration in payroll lending.

We gained 138 basis points of market share on personal loans to 21.5%. Itaú consumer business acquisition will take us to market weight.

To strengthen our credit card business, where we lost 132 basis points to 17.4%, we launched the Puntos Colombia Alliance and other initiatives. All of this while maintaining our leadership position in payroll lending, where we have 42.2% market share.

Overall, our market share for consumer loans closed at 28.9%, with a 53 basis points decrease. Moving on to mortgages, we continued gaining market share with 117 basis points increase throughout the year.

As a result of the above-mentioned, we closed our market share in total loans at 25%, 28 basis points lower than in 2024. On page 12, loan quality for both the system and Aval banks showed an improvement in the year across all categories.

Our banks continue to exhibit better loan quality portfolio than the system in all categories. I will now move to the consolidated results of Grupo Aval under IFRS.

As mentioned by María Lorena, Banco de Bogotá entered into a share purchase agreement to sell MFG, a Panamanian bank. As a result, in December 2025, we classified this operation as non-current assets and liabilities held for sale and discontinued operations.

For reason of comparison with previously reported periods, we're showing retrospectively on this pro forma balances and ratios classifying MFG as non-current assets and liabilities held for sale and discontinued operations. On page 13, we present assets and loans.

Assets grew 6.4% year on year and 1.5% over the quarter to 349 trillion pesos. Fixed income investments, which account for 15.8% of our assets, reached 52.2 55.2 trillion pesos, growing 21.2% year on year and decreasing 0.2% over the quarter.

Gross loans, which account for 54.7% of our assets, reached 190.9 trillion pesos, growing 46% year on year and 1.5% over the quarter. Growth metrics were affected by a 4.2% appreciation of the Colombian peso during the quarter and 14.8% over the year.

Peso-denominated loans, that now account for 91.3% of gross loans, grew 6.8% year on year and 1.7% during the quarter. Commercial loans expanded by 1.9% year on year and 1.1% over the quarter.

Peso-denominated commercial loans, that account for 84.7% of gross loans, grew 5.5% year on year and 1.4% during the quarter. Dollar-denominated commercial loans, which account for 15.3% of commercial loans, grew 0.4% in dollar terms year on year and 3.9% during the quarter.

In peso terms, our dollar-denominated loans contracted 14.5% year on year and 0.5% quarter on quarter. Consumer loans grew 4.7% year on year and 1.2% during the quarter.

Personal loans grew 12% year on year and 5% during the quarter. Credit cards contracted 1.5% year on year and increased 2.9% during the quarter.

Auto loans grew 0.6% year on year and 1.1% during the quarter. Payroll loans increased 3.2% year on year and decreased 0.9% during the quarter.

Mortgages grew 19.6% year on year and 3.9% during the quarter. On page 14, we present the evolution of funding and deposits.

Total funding increased 8.7% year on year and 1.4% in the quarter. Direct borrowings grew 28% year on year, in line with expansion of our trading investment portfolio, as mentioned before, and account for 8.2% of total funding.

Deposits, that account for around 3/4 of our funding, grew 11.2% year on year and 3.6% quarter on quarter. Our deposit to net loan ratio closed at 113%.

On page 15, we present the evolution of our total capitalization, attributable shareholders' equity, and the capital adequacy ratio of our banks. Our total equity increased 0.3% over the quarter and 4.8% year on year, while our attributable equity increased 0.2% over the quarter and 5.7% year on year.

Total solvency and Tier 1 ratios evidence a relative stability in most of our banks. On page 16, we present our net interest margin.

Net interest income reached five 9.3 trillion for the year, increasing 17.4% compared to 20 2024. Total NIM for the year increased 28 basis points to 3.78% in 2025.

Consolidated NIM on loans expanded by 28 basis points year on year to 4.71%, while NIM on investments decreased by 8 basis points to 0.82%. NIM on loans incorporates an 84 year-on-year expansion of NIM on retail loans to 6.33%, and an 18 basis points year-on-year contraction in NIM on commercial loans to 3.5%.

Focusing on our banking segment, the total NIM of our banking segment expanded 8 basis points over the year to 4.47% due to the same dynamics that affected our consolidated net interest margin. NIM on loans was 5.24%, increasing 9 basis points year on year.

This incorporates a 69 basis points year-on-year increase in NIM on retail loans to 6.9%, and a 39 basis points year-on-year decrease in NIM on commercial loans to 4.02%. Quarterly NIM was negatively impacted by adverse capital market performance, driven by a 3.48% negative NIM on investments.

In contrast, NIM on loans for the quarter reached 5.05%, 48 basis points higher than the previous quarter and the best result in 12 quarters. As discussed by María Lorena, the recent shift in the monetary cycle in response to recent government decisions will act as a headwind for NIM over the next quarters.

The development of our financial diversification strategic pillar continues to pay off. We have diversified our funding sources toward less sensitive non-maturing deposits, including deposits from individuals and cash management linked deposits.

Our banks lowered maturities and repricing gaps, and actively implemented interest rate hedging strategies. On page 17, we present our yield on loans, cost of funds, spreads.

On a consolidated basis, the average yield on loans for the year decreased 126 basis points to 12.06%, while the annual average three-month IBR decreased 158 basis points to 9.4%. Consolidated cost of deposits decreased 148 basis points during the year to 6.63%, while our cost of funds decreased 141 basis points to 6.80%.

On pages 18 through 20, we present several portfolio quality ratios. Starting on page 11, loan portfolio quality ratios continued to improve during the quarter.

PDL metrics continued to improve in all categories. 30-day PDL formation for the year reached 4.2 trillion pesos, 32.8% lower than for 2024.

30-day PDLs were 4.37%, a 98 basis points improvement over 12 months and 27 basis points over the quarter. 90-day PDLs were 3.29%, a 77 basis points improvement over 12 months and 11 basis points improvement over the quarter.

Commercial loans 30-day PDLs were 3.84%, a 101 improvement year on year and 38 basis points improvement quarter on quarter. 90-day PDLs were 3.48%, a 91 basis points improvement over the year and 19 basis points over the quarter.

Consumer 30-day PDLs improved 107 basis points year on year and 16 basis points over the quarter to 4.67%. 90-day PDLs improved 63 basis points year on year and 5 basis points during the quarter to 2.79%.

Mortgages 30-day PDLs and 90-day PDLs improved 8 basis points and 10 basis points, respectively, over the quarter to 6.18 and 3.75%, respectively. Finally, the ratio of charge-offs to average 90-day PDLs for 2025 was 0.82 times.

On page 19, the share of our portfolio classified as Stage 1 grew to 89.8%, while Stage 3 decreased for a six-month consecutive quarter a six consecutive quarter to 5.7%, driven by improvements in our consumer portfolio. Coverage, measured as allowances for Stages 2 and 3 as a percentage of Stages 2 and 3, was 33.6%, decreasing 545 basis points relative to a year earlier due to improvement in the mix.

On page 20, in 2025, cost of risk net of recoveries softened 80 basis points to 1.9%, in line with our expectation for the year. For consumer loans, cost of risk net of recoveries improved 157 basis points to 4.2%.

This includes a 449 basis points improvement in personal loans to 8.4%. For commercial loans, cost of risk net of recoveries was 0.7%.

During the fourth quarter of 2025, cost of risk net of recoveries fell 27 basis points to 1.7%, the lowest in 12 quarters, fueled by a decrease both in commercial and consumer portfolios of 26 basis points to 0.6% and 23 basis points to 3.8%, respectively. On page 21, we present net fees and other income.

Annual gross fee income grew 6.8%, while net fee increased 5.3%. Quarterly gross and net fee income increased 8.5% and 9.6% year on year.

In terms of annual gross fees, pension and trust fees grew 9.1% and 14.9%, boosted by performance-based management fees that followed the positive returns of the financial markets throughout the year. Our annual income from the non-financial sector was 84% of that recorded in 2024, mainly due to a lower contribution from the infrastructure sector.

Quarterly income was affected by a lower income from the energy and gas sector and the infrastructure sector as well. This was partially offset by income from hotels.

Finally, at the bottom of the page, the annual increase in the operating income is mainly driven by a 605 billion pesos improvement in derivatives and FX gains. Hedging strategies relative to the non-financial sector are registered under foreign exchange gains and account for 863 billion pesos yearly improvement.

During the quarter, one of Promigas' transportation pipelines, measured at fair value, reverted to the company as PP&E and implied a one-time fair value recognition of 303 billion pesos. This effect was registered under net income from other financial instruments mandatory at fair value to P&L.

This positive effect was offset by a one-time remeasurement of the deferred tax liabilities of 359 billion pesos. Net-net, the transaction had a 56 billion negative effect on net income and 12 billion negative effect on Aval's attributable net income.

On page 22, we present some efficiency ratios. Cost to assets remained flat at 2.6%.

Annual cost to income improved 101 basis points to 52.2% over the quarter. On a quarterly basis, it reached 54.9%, 550 basis points lower than a year earlier.

Annual expenses grew 9.6% during the year. General and admin expenses grew 9.4% year on year.

Personnel expenses grew 6.9% year on year, well below the 9.5% increase in Colombia's minimum wage. Finally, on page 23, we present our net income and profitability ratios.

Attributable net income from continued operations for the quarter was 474 billion pesos, 67.5% higher than the same quarter of the previous year. Total attributable net income for the year reached Colombian pesos 1.72 trillion, or 72.5 pesos per share, increasing close to 70% compared to the previous year.

Annual return on average assets was 1%, and our average annual return on average equity was 9.6%, 28 basis points and 366 basis points above 2024, respectively. In terms of discontinued operations, the results contributed by MFG's operations affected our attributable net income, adding up 18 billion pesos.

To wrap up, we're updating our guidance to reflect changes in the macro environment impacting our business. We expect loan growth in the 10% area, with commercial loans growing at 7% and retail loans growing at 14%; total NIM in the 4.3% area, with NIM on loans in the 4.7% area; our NIM of the banking segment in the 5.1% area, with NIM on loans in the 5.4% area; cost of risk net of recoveries in the 2% area; cost to assets in the 2.8% area; income from the non-financial sector 1.3 times that of 2025; a fee income ratio in the 21% area; and finally, we expect a 2026 return on average equity to be in the 10.5% area.

This guidance does not incorporate the recently announced wealth tax, which we estimate would have impact on our ROE of 1 percentage point area. Back to you, María Lorena.

Oh, Diego. Thanks.

Thank you, Diego. Before moving into questions and answers, I would like to share some final thoughts of Colombia and Grupo Aval in 2026.

We expect 2026 to continue to be challenging in Colombia, given the effects of political volatility and electoral uncertainty. Economic conditions are expected to remain challenging, both locally and globally.

We expect GDP growth to remain moderate in 2026, amid a restrictive monetary environment. The massive minimum wage increase will put pressure on our cost base that of our customers.

Inflation will remain above the central bank's target range, which implies a return to a higher-for-longer interest rate environment. Despite this backdrop, we strongly believe that we should remain focused in our strategy and improving our business, and abstain from echoing uncertainty.

The financial sector will continue to be a pillar of trust and investment. We expect to continue growing our financial business and invest through Corfi in the non-financial sector in the region during 2026.

As a result, we expect to continue strengthening our core business, supported on an expansion of risk-adjusted NIM on loans, commercial and operational effectiveness, and a stronger fee generation. In 2026, we will continue delivering new and innovative products.

In addition, during this year, we expect to see increases in the efficiencies from shared services and IT integration initiatives, and strengthening a client-centered, unified corporate culture. We are now open for questions.

Hi. Good morning.

Thank you for the presentation. I have a couple of questions.

The first one is regarding the new wealth tax for companies. I would like to know what do you understand for liquid equity, as it says that it is gross equity minus debt for the wealth tax.

Also, I would like to understand how it will be applied for banks of Aval. You already mentioned a 1 percentage point for the consolidated ROE, but I would like to understand what will be the impact across the banks of Aval.

That will be the first question. Thank you.

The second one is also on regulatory issues and regarding taxes, considering the previous economic emergency decree was put on hold. What is the effective tax rate that you are using in your numbers?

Are you considering the 15% tax surcharge of paying, for example, deferred taxes? Thank you so much.

Okay. I'll try to answer your calls.

I can't be a tax advisor here for you, but our understanding of how the net worth tax works is similar to what we've experienced in the past, and it says subtracting from the tax base the equity tax base of the bank or the company, it's tax acquisition price of the shares it holds in its taxable balance sheet. That's the way it is expected to work, and it is similar to what has been in the past.

The kind of language that we've seen in what has come up to date is basically the same that we saw in 2014. Regarding what happens to the group, yes, attributable should be something in the order of magnitude of 1 percentage point.

If you think that the attributable equity of Grupo Aval is roughly 55, 60% of the consolidated group, if you add what our group will be contributing to the tax, in that sense, would be almost twice of what we do attributable to our shareholders. Regarding how we calculate our tax in our guidance, the number comes out something similar to 35%.

That is a combination of the taxes that we have to pay for our financial companies that have a surcharge in our numbers of 5%, and then the taxes that other companies pay, less those that have some exception.

So It means that is without the economic emergency.

No,

the situation that we have before that.

Exactly. In

tax.

Exactly. That is what we expect under base.

As I mentioned, the equity tax would add up to that around 5 percentage points if you were to make our calculation and all based on marginal taxes.

Perfect. Thank you so much.

Thank you.

Hi, team. Thank you for the opportunity.

Can you provide an update on the guidance you provided in the third quarter regarding loan growth, cost of risk, and ROE? I think it would be very useful.

Then, just to confirm, basically you're saying your base case is no change in the tax rate, right? You're basically saying, we have no surcharge and we have no wealth tax.

That is the base case implied in the guidance, right? Thank you.

The 10.5, you're right. The 10.5 basically takes taxes as were, not the taxes from the emergency, and that's why we are guiding into an additional effect that we could have from the wealth tax.

Regarding our guidance, we have slightly reduced our guidance on growth, and regarding ROE, there's an implied 150 basis points reduction in guidance on ROE compared to our last call.

Okay. Just to confirm, here you were, if I'm not mistaken, guiding for a range of 12 to 12.5?

We're basically going to 11 or close to 11. Is this

Just restating, we are in the 10.5% area guiding. Last time, we were in the 12% area with an upward bias at that point.

That is If I may just That's 150 basis points. You basically are explaining that you are assuming no changes in the tax rate, slightly lower loan growth.

Which is the driver here on the reduction? Is it, I know you're liability-sensitive or not as asset-sensitive as other banks, it could be the NIM, or do you think this is more related to cost of risk?

Because you mentioned efficiencies should be better in 2026 and onwards, from what I understood, no?

It's a combination of several things. One and the main driver is a better mix of our loan portfolio that is also helping us to cope up with the kind of behavior of the central bank rate that will imply a relatively better NIM year on year.

There could be a reduction if you take the numbers that we had for the fourth quarter, that was the best quarter in NIM, as I mentioned. However, year on year, there's an improvement.

There's other things that are going to happen, and we expect Porvenir to have a better performance than what we had guided before, basically for two reasons. One, a higher minimum wage implies higher fees from contributions from our customers, and then a higher interest rate environment is positive for Porvenir.

On top of that, we have the other inorganic discussions that María Lorena pointed out that we expect to help us. We expect to see our mix improved.

You've seen that throughout the past years, we've been moving to the retail segment. We've been working strongly on improving that organically and inorganically.

That also improves our performance. Actually, when we compare our cost of risk, there's no change in cost of risk.

The other area where we could see a substantial improvement is NIM coming from investments. In general terms, we've seen volatility in this year, and there's been points in time, as was fourth quarter, where NIM on investments was negative on our result.

Super clear. I am very sorry to insist here, just that I don't understand, because if you're assuming no change in cost of risk, and you're assuming a better mix, and what I understood is a stable NIM, but then you're mentioning basically the reduction on ROE is of 100 bps year over year in the guidance, is this only coming directly from a reduction in your expectations of loan growth, which I assume they were around 8%, no, in the last call?

I have to correct myself. I just pulled out our guidance last time.

We have actually a slight pick-up on retail, and we also have, as I mentioned before, when you look at our effective tax rate, we're also building in a higher tax rate for this year.

Understood. Thank you very much for the clarifications.

Okay. Sorry to take so long.

No, just want to say thank you for being here with us, and see you in three months. Bye.