Earnings release
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2Q25 1 GRUPO CIBEST (NYSE: CIB; BVC: CIBEST Y PFCIBEST) REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025 • Net income attributable to shareholders for the second quarter of 2025 was COP 1.8 trillion. This value represents an increase of 3.1% compared to the previous quarter and 24.4% compared to 2Q24. The quarterly annualized return on equity (ROE) for Grupo Cibest was 17.5% for the quarter and 16.1% for the last twelve months. • The net interest margin for the second quarter of 2025 was 6.57%, increasing by 14 basis points compared to 1Q25. Net interest income reached COP 5.2 trillion, up 3.2% quarter-over-quarter and down 0.5% year-over-year. • Grupo Cibest's gross loan portfolio amounted to COP 280 trillion, an increase of 0.4% from the previous quarter and 4.4% from 2Q24. The quarterly growth is explained by higher balances across all loan portfolios. Deposits closed 2Q25 at COP 283 trillion, u p 2.4% over 1Q25 and 9.6% over 2Q24. The quarterly increase was mainly due to growth in savings accounts. • The 30-day past-due loan ratio stood at 4.54%, and the 90-day ratio at 3.19%. Total provisions charges for 2Q25 decreased by 0.3% compared to 1Q25 and were COP 1,100 billion, representing a quarterly annualized cost of credit of 1.57%. All loan portfolios showed a reduction in provision expenses. • Shareholders’ equity closed at COP 41.3 trillion as of June 30, 2025, showing a 1.6% growth compared to the previous quarter and 5.3% year-over-year; the quarterly increase is explained by the increase in retained earnings during the period. • In terms of digital strategy, a favorable trend is observed in line with results from the past year. As of June 2025, Bancolo mbia had 9.4 million active digital clients in the APP Personas (measured over a 90-day period), as well as 25.5 million accounts on its financial inclusion platform Nequi. • On page 12 of this document, the statement of financial position , income statement, and key indicators of Bancolombia S.A. as of 2Q25 are presented, compared to pro forma figures from previous quarters that assume the completion of the corporate evolutio n toward Grupo Cibest, solely for the purpose of providing comparability in analyzing the entity’s performance in 2Q25. Additionally, Annex 1 on page 26 presents the details of the corporate structure evolution transactions. August 6, 2025. Medellín, Colombia – Today, GRUPO CIBEST announced its financial results for the second quarter of 20251. 1 This report corresponds to the unaudited consolidated financial information of GRUPO CIBEST S.A. and its subsidiaries (“Grupo Cibest” or “Cibest”), which it controls, among others, by directly or indirectly owning more than 50% of the voting equity interest. This fina ncial information has been prepared based on accounting records in accordance with International Financial Reporting Standard s (IFRS) and is presented in nominal terms. The financial information for the quarter ended on June 30, 2025, is not necessarily indicative of results expected for any other future period. For further information, please refer to the SEC website, where company-related releases can be found: www.sec.gov.FORWARD-LOOKING STATEMENTS DISCLAIMER: This release contains statements that may be considered forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward -looking statements made in this release or in future filings or press releases are sub ject to risks and uncertainties; factors such as changes in the general economic situation and business conditions, exchange rate and interest rate volatility, introduction of competing products by other companies, lack of acceptance of new products or services by our target customers, changes in business strategy, and other factors could cause actual results to differ materially from those set forth in such statements. CIBEST does not intend, and assumes no obligation, to update these statements. Some figures included in this release may be subject to rounding adjustments. Any reference to CIBEST or GRUPO EMPRESARIAL CIBEST should be understood as Grupo Cibest and its subsidiaries, unless otherwise specified. The comma (,) is used as a decimal separator and the period (.) as a thousand separator. Representative Exchange Rate: July 1, 2025, $4,069.67 = US$ 1
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2Q25 2 GRUPO CIBEST: Summary of consolidated financial quarterly results STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT, CONSOLIDATED Quarter Change (COP million) 2Q24 1Q25 2Q25 2Q25 / 1Q25 2Q25 / 2Q24 ASSETS Net Loans 251,427,847 262,990,202 265,000,599 0.76 % 5.40 % Investments 30,573,634 36,394,058 40,910,075 12.41 % 33.81 % Other assets 70,197,591 64,741,051 69,340,052 7.10 % -1.22 % Total assets 352,199,072 364,125,311 375,250,726 3.06 % 6.55 % LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits 257,869,276 276,030,117 282,647,329 2.40 % 9.61 % Other liabilities 54,124,846 46,406,159 50,219,111 8.22 % -7.22 % Total liabilities 311,994,122 322,436,276 332,866,440 3.23 % 6.69 % Non-controlling interest 985,035 1,054,609 1,090,211 3.38 % 10.68 % Shareholders' equity 39,219,915 40,634,426 41,294,075 1.62 % 5.29 % Total liabilities and shareholders' equity 352,199,072 364,125,311 375,250,726 3.06 % 6.55 % Interest income 8,943,475 8,413,459 8,619,933 2.45 % -3.62 % Interest expense (3,756,886) (3,349,459) (3,393,009) 1.30 % -9.69 % Net interest income 5,186,589 5,064,000 5,226,924 3.22 % 0.78 % Net provisions (1,618,783) (1,099,549) (1,096,335) -0.29 % -32.27 % Fees and income from service, net 1,041,798 1,017,768 1,091,880 7.28 % 4.81 % Other operating income 741,084 836,571 830,720 -0.70 % 12.10 % Total Dividends received and equity method (225,575) 137,325 121,351 -11.63 % -153.80 % Total operating expense (3,300,036) (3,492,428) (3,690,544) 5.67 % 11.83 % Profit before tax 1,825,077 2,463,687 2,483,996 0.82 % 36.10 % Income tax (363,323) (698,912) (655,050) -6.28 % 80.29 % Net income before non-controlling interest 1,461,754 1,764,775 1,828,946 3.64 % 25.12 % Non-controlling interest (21,980) (27,111) (37,643) 38.85 % 71.26 % Net income 1,439,774 1,737,664 1,791,303 3.09 % 24.42 %
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2Q25 3 Quarter As of PRINCIPAL RATIOS 2Q24 1Q25 2Q25 2Q24 2Q25 PROFITABILITY Net interest margin (1) from continuing operations 7.05 % 6.43 % 6.57 % 7.09 % 6.50 % Return on average total assets (2) from continuing operations 1.69 % 1.91 % 1.94 % 1.82 % 1.92 % Return on average shareholders´ equity (3) 15.32 % 16.26 % 17.49 % 16.26 % 16.80 % EFFICIENCY — Operating expenses to net operating income 48.93 % 49.57 % 50.69 % 47.62 % 50.14 % Operating expenses to average total assets 3.87 % 3.84 % 3.99 % 3.81 % 3.91 % Operating expenses to productive assets 4.49 % 4.44 % 4.62 % 4.45 % 4.53 % KEY FINANCIAL HIGHLIGHTS Net income per ADS from continuing operations 1.54 1.74 1.79 3.32 3.53 Net income per share $COP from continuing operations 1,511 1,822 1,877 3,256 3,699 P/BV ADS (4) 0.83 1.00 1.09 0.83 1.09 P/BV Local (5) (6) 0.87 1.11 1.19 0.87 1.19 P/E (7) from continuing operations 5.78 6.19 6.59 5.37 6.69 ADR price 32.65 40.20 46.19 32.65 46.19 Common share price (8) 35,300 47,000 51,000 35,300 51,000 Weighted average of Preferred Shares outstanding 961,827,000 961,827,000 961,827,000 961,827,000 961,827,000 USD exchange rate (quarter end) 4,148.04 4,191.79 4,069.67 4,148.04 4,069.67 (1)Defined as net interest income divided by monthly average interest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders’ equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.
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2Q25 4 1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION GRUPO CIBEST 1.1. Loan Portfolio The following table shows the composition of Grupo Cibest loans on a consolidated basis by type and currency: (COP Million) Amounts in COP Amounts in USD converted to COP Amounts in USD (thousands) Total (1 USD = 4069.67 COP) 2Q25 2Q25 / 1Q25 2Q25 2Q25 / 1Q25 2Q25 2Q25 / 1Q25 2Q25 2Q25 / 1Q25 Commercial loans 127,272,864 0.47 % 53,373,873 -0.97 % 13,115,037 2.00 % 180,646,737 0.04 % Consumer loans 36,894,375 2.27 % 18,212,843 -1.76 % 4,475,263 1.18 % 55,107,218 0.90 % Mortgage loans 27,209,082 4.30 % 15,293,080 -3.67 % 3,757,818 -0.78 % 42,502,162 1.28 % Small business loans 912,050 18.89 % 630,718 -0.05 % 154,980 2.95 % 1,542,768 10.34 % Interests paid in advance (23,733) -0.08 % (3,466) -3.90 % (852) -1.02 % (27,198) -0.58 % Gross loans 192,264,639 1.41 % 87,507,047 -1.61 % 21,502,246 1.34 % 279,771,686 0.45 % Gross loan portfolio slightly grew compared to the previous quarter, driven by increases in all loan segments, with the highest percentage growth in the mortgage portfolio. This segment continues the positive trend observed since last year, recording a quarterly increase of 1.3% and an annual increase of 9.8%. The quarterly and annual increases in the mortgage portfolio are attributed to the interest rate reduction strategy implemented in Colombia since July 2024. In Panama, Guatemala, and El Salvador, there was a slight decrease in the quarter. Unlike the previous quarter, the consumer loan portfolio grew, mainly driven by Nequi, extending the trend from the previous quarter, as well as by credit card and payroll products. It is noteworthy that Bancolombia S.A. posted increases in the balance for each of the three months that make up the quarter, a contrast to the behavior observed in 2023 and 2024. Likewise, Banco Agricola continued its growth trend from previous quarters in this portfolio, focusing on higher risk -adjusted return segments. In con trast, Banistmo maintained its downward trend for the last three quarters, due to lower activity in credit card and unsecured loan products. The commercial loan portfolio posted a slight growth of 0.04% for the quarter and 4.3% year -over-year. While quarterly increases were recorded at Banistmo, Bam, and Banco Agricola, the moderate growth in Colombia and the appreciation of the Colombian peso limited the consolidated portfolio grow. On a quarterly basis, Bancolombia S.A. grew 1.1% in gross loan portfolio, Banco Agricola 3.5% (measured in USD), Banco Agromercantil 1.4% (measured in USD), while Banistmo posted a decrease of 0.1% (measured in USD). In 2Q25, the gross loan portfolio increased 0.4% compared to 1Q25 (1.4% excluding the FX effect) and 4.4% compared to 2Q24 (5 .0% excluding the FX effect). Over the past twelve months, the peso-denominated portfolio grew 6.9%, while the dollar-denominated portfolio (measured in USD) decreased 0.9%. The Colombian peso appreciated 2.9% against the US dollar during 2Q25, and 1.9% over the la st twelve months. The average exchange rate was 0.1% higher in 2Q25 versus the previous quarter, and 7.0% higher year-over-year. Allowances for loan losses decreased 4.9% during the quarter, totaling COP 14,771 billion, which is equivalent to 5.3% of the gross loan portfolio. For a more detailed explanation regarding portfolio coverage and asset quality, see section 2.4. asset quality and provision charges. The following table summarizes Grupo Cibest’s total loan portfolio:
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2Q25 5 LOAN PORTFOLIO (COP million) 2Q24 1Q25 2Q25 2Q25 / 1Q25 2Q25 / 2Q24 % of total loans Commercial 173,269,881 180,571,209 180,646,737 0.04 % 4.26 % 64.57 % Consumer 55,049,622 54,616,427 55,107,218 0.90 % 0.10 % 19.70 % Mortgage 38,713,478 41,964,536 42,502,162 1.28 % 9.79 % 15.19 % Microcredit 1,096,958 1,398,191 1,542,768 10.34 % 40.64 % 0.55 % Interests received in advance (21,257) (27,358) (27,198) -0.58 % 27.95 % -0.01 % Total loan portfolio 268,108,682 278,523,006 279,771,686 0.45 % 4.35 % 100.00 % Allowance for loan losses (16,680,835) (15,532,803) (14,771,088) -4.90 % -11.45 % Total loans, net 251,427,847 262,990,203 265,000,598 0.76 % 5.40 % Loan portfolio breakdown by currency and region 1.2. Funding As of the second quarter of 2025, customer deposits totaled COP 282,647 billion, representing 84.9% of total liabilities. This b alance reflects a 2.4% increase compared to the previous quarter, mainly driven by higher savings accounts balances, largely explained by a higher remuneration rate at Bancolombia. To a lesser extent, checking accounts also grew, primarily associated with the corporate se gment's activity at Bam. Time deposits registered a slight increase of 0.1%, due to the positive performance of th e online time deposits product. On an annual basis, deposits grew by 9.6%, with savings accounts showing the highest level of dynamism. In the funding mix, sight deposits remain as the main source of funding, accounting for 53.5% of the total. Within this categ ory, savings accounts maintained their relevance and increased their share, reaching 41.8% of Grupo Cibest’s total funding during the quarter. Checking accounts also posted a slight increase in participation, while time deposits reduced their contribution given the modest quar terly growth versus total deposits. Finally, other sources of funding increased their quarterly share, mainly driven by the growth in repo operations as a result of liquidity management during the period.
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2Q25 6 FUNDING MIX COP Million 2Q24 % Liabilities with cost 2Q25/ 2Q24 1Q25 % Liabilities with cost 2Q25/ 1Q25 2Q25 % Liabilities with cost Checking accounts 35,245,828 12 % 2.22 % 35,588,232 12 % 1.23 % 36,027,027 12 % Saving accounts 111,241,322 39 % 16.26 % 124,114,011 41 % 4.20 % 129,326,941 42 % Time deposits 106,871,203 37 % 4.24 % 111,289,855 37 % 0.10 % 111,403,425 36 % Other deposits 5,105,906 2 % 92.53 % 6,303,747 2 % 55.94 % 9,830,290 3 % Long term debt 16,107,674 6 % (35.51) % 10,878,328 4 % (4.50) % 10,388,366 3 % Loans with banks 13,449,759 5 % (8.98) % 12,533,751 4 % (2.32) % 12,242,580 4 % Total Funds 288,021,692 100 % 7.36 % 300,707,924 100 % 2.83 % 309,218,629 100 % 1.3. Shareholders’ Equity Shareholders’ equity attributable at the end of 2Q25 stood at COP 41,294 billion, representing a 1.6% increase compared to 1Q 25 and a 5.3% increase versus 2Q24. This growth is explained by higher retained earnings during the quarter. 2. INCOME STATEMENT GRUPO CIBEST Net income attributable to equity holders totaled COP 1,791 billion in 2Q25, or COP 1,876.8 per share (USD $1.79 per ADR). Net income increased by 3.1% compared to 1Q25, primarily driven by higher net interest and fee income. The quarterly annualized return o n equity (ROE) for Grupo Cibest reached 17.5% in 2Q25 and 16.1% over the last 12 months. 2.1. Net Interest Income & Net Interest Margin Net interest income totaled COP 5,227 billion in 2Q25, reflecting a 3.2% increase compared to 1Q25. This performance was most ly due to loan portfolio interest income growth across all segments, supported by higher balances and improved yield rates against the previous quarter. Interest expense increased slightly, reflecting a higher cost of funds in Colombia, along with an increase in time d eposits at Bancolombia S.A., Banco Agricola, and Banistmo. Additionally, interest income from debt instruments and valuation of financial instruments reached COP 672 billion, representing a 12.2% increase quarter-over-quarter. This variation was mainly attributable to higher yields on debt securities, associated w ith active liquidity portfolio management. The annualized weighted average cost of deposits was 4.18% in 2Q25, up 9 basis points compared to 1Q25.
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2Q25 7 As a result, the loan portfolio NIM reached 7.06% for the quarter, increasing 6 basis points from 1Q25 and decreasing 63 basis points year- over-year. The NIM on investments was 3.38%, up 59 basis points from 1Q25. Finally, the consolidated NIM increased by 14 basis points in the quarter, rising from 6.43% to 6.57%. Portfolio yield by category 2Q24 1Q25 2Q25 Commercial Portfolio 12.71 % 11.02 % 11.08 % Consumer Portfolio 16.12 % 14.43 % 14.60 % Housing Portfolio 8.55 % 8.29 % 8.42 % Microcredit Portfolio 19.56 % 18.38 % 19.72 % Total Portfolio 12.85 % 11.32 % 11.41 % Average weighted funding cost 2Q24 1Q25 2Q25 Checking accounts 0.33 % 0.27 % 0.34 % Saving accounts 2.71 % 2.23 % 2.34 % Time deposits 8.81 % 7.55 % 7.61 % Total deposits 4.89 % 4.09 % 4.18 % Others 6.06 % 5.28 % 4.89 % Total cost of liabilities (1) 5.04 % 4.20 % 4.23 % (1) refers to interest-bearing liabilities. Annualized Interest Margin 2Q24 1Q25 2Q25 Loans' Interest margin 7.69 % 7.00 % 7.06 % Debt investments' margin 2.60 % 2.80 % 3.38 % Net interest margin (1) 7.05 % 6.43 % 6.57 % (1) Net interest margin and valuation income on financial instruments. 2.2. Fees and Income from Services Net fee and service income for 2Q25 amounted to COP 1,092 billion, representing a 7.3% increase compared to 1Q25. On a quarterly basis, bancassurance revenues posted the strongest growth, driven by the higher origination of the consumer loan portfolio; additionally, there was a moderate increase in debit and credit card fees, and commercial establishments, due to high er transaction volumes during the period compared to 1Q25. Fee expenses grew during the quarter, mainly explained by increased payments to franchises due to a greater transaction volume in banking services, as well as higher outflows to banking agents driven by an increased level of transactions through this channel.
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2Q25 8 2.3. Other Operating Income Total other operating income amounted to COP 831 billion in 2Q25, representing a 0.7% decrease compared to the first quarter of the year and a 12.1% increase compared to 2Q24. This decrease is mainly due to the net effect of foreign exchange derivatives and foreign exchange, resulting from the variation in the exchange rate during the period , an effect partially offset by a revaluation of investment properties in FCP Fondo Inmobiliario Colombia, driven by UVR indexation and new property appraisals. It is worth noting the increase in income from hedging derivatives offered to clients, associated with greater market uncertainty. On the other hand, operating lease income totaled COP 434 billion in the second quarter, representing a 3.3% decrease compare d to the previous quarter. This decline was mainly due to a reduction in vehicle leasing in Renting Colombia. 2.4. Dividends received, and share of profits Total dividend and other net income from equity investments for 2Q25 amounted to COP 121 billion, representing an 11.6% decre ase compared to 1Q25 and a 153.8% increase versus 2Q24. The quarterly decrease was mainly due to lower income from the equity met hod in P.A. Viva Malls, while the annual increase was explained by a base effect, as in 2Q24 there was an impairment of associate s and joint ventures related to Tuya S.A. based on market valuation. 2.5. Asset Quality and Provision Charges The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 12,401 billion at the end of 2Q25, representing 4.54% of total gross loans, while 90 -day past-due totaled COP 8,717 billion, accounting for 3.19%. The decre ase in the 30- day indicator was mainly attributable to improved performance in the retail segment at Bancolombia S.A. and Banistmo. On the other hand, the slight increase in the 90-day ratio was driven by a higher balance of the consumer portfolio entering past-due at Banco Agricola. Coverage, measured as the ratio of loan loss reserves (principal) to past due loans (over 30 days), stood at 107.7% at the cl ose of 2Q25, down from 111.2% in 1Q25. Loan deterioration (new past due loans including charge-offs) during 1Q25 was COP 1,376 billion. The higher value compared to 1Q25 was mainly explained by the consumer portfolio at Bam. Provision charges (after recoveries) totaled COP 1,096 billion in 2Q25, a decrease of 0.3% compared to 1Q25. During the quart er, the positive outlook for loan quality persisted, reflected by a widespread decrease in provision expenses across most segments and geographies. However, there were some exceptions in the retail segment at Banco Agricola and Bam, and specific clients in Banistmo. Additi onally, there was an increase in provisions related to models and macroeconomic forecasts, explained by methodological updates and adjustments in economic expectations across all regions.
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2Q25 9 Provisions as a percentage of average gross loans, quarterly annualized, were 1.57% for 2Q25 and 1.71% for the last 12 months . Grupo Cibest maintains a statement of financial position supported by an adequate level of past -due loan reserves. Loan loss provisions (for the principal) totaled COP 13,358 billion, or 4.9% of gross loans as of the end of 2Q25, decreasing compared to 1Q24. Stage 2+3 loan portfolio continued to decrease compared to the previous quarter, mainly driven by the positive performance of the portfolios, especially at Bancolombia S.A. and Banistmo, with the respective coverage level remaining stable. The following tables present key metrics related to asset quality: ASSET QUALITY As of (COP millions) 2Q24 1Q25 2Q25 Total 30-day past due loans 13,503,420 12,581,781 12,401,167 Allowance for loan losses (1) 15,131,222 13,986,022 13,358,386 Past due loans to total loans 5.17 % 4.64 % 4.54 % Allowances to past due loans 112.05 % 111.16 % 107.72 % Allowance for loan losses as a percentage of total loans 5.80 % 5.16 % 4.89 % (1) Allowances for the principal of loans. % Of loan Portfolio 30 days PDL Per Category 2Q24 1Q25 2Q25 Commercial loans 64.6 % 3.53 % 3.43 % 3.53 % Consumer loans 19.7 % 8.33 % 6.72 % 6.05 % Mortgage loans 15.2 % 7.83 % 6.98 % 6.76 % Microcredit 0.6 % 10.62 % 7.39 % 7.12 % PDL TOTAL 5.17 % 4.64 % 4.54 % % Of loan Portfolio 90 days PDL Per Category 2Q24 1Q25 2Q25 Commercial loans 64.6 % 2.94 % 2.94 % 3.08 % Consumer loans 19.7 % 4.93 % 3.84 % 3.55 % Mortgage loans* 15.2 % 3.38 % 3.25 % 3.18 % Microcredit 0.6 % 6.81 % 4.23 % 4.30 % PDL TOTAL 3.43 % 3.17 % 3.19 % ________________________ *Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days. Loans by Stages 1Q25 2Q25 2Q25 / 1Q25 Loans Allowances % Loans Allowances % Loans Allowances Stage 1 245,451,655 2,088,823 0.9 % 247,706,322 2,087,982 0.8 % 0.9 % (0.04) % Stage 2 16,560,544 2,740,331 16.5 % 16,578,878 2,683,361 16.2 % 0.1 % (2.1) % Stage 3 16,510,806 10,703,649 64.8 % 15,486,487 9,999,745 64.6 % (6.2) % (6.6) % Total 278,523,005 15,532,803 5.6 % 279,771,687 14,771,088 5.3 % 0.4 % (4.9) % Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses). Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses). Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).
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2Q25 10 2.6. Operating Expenses During 2Q25, operating expenses totaled COP 3,691 billion, reflecting a 5.7% increase compared to 1Q25 and an 11.8% growth ve rsus 2Q24. The efficiency ratio was 50.7% in 2Q25 and 50.2% over the last twelve months. Personnel expenses (salaries, employee benefits, and bonuses) amounted to COP 1,575 billion in 2Q25, representing a 2.9% increase over 1Q25, primarily due to higher bonus payments. Year over year, there is a 16.8% increase, mainly due to the annual salary adjustment and higher bonuses, in line with the increased earnings recorded as of June. General expenses totaled COP 2,115 billion for the quarter, representing a 7.8% increase over the previous quarter and an 8.4% rise compared to the second quarter of 2024. The quarterly increase was largely explained by the financial transaction tax associated with the one -time payment of ordinary and extraordinary dividends, as well as fees related to the corporate evolution towards Grupo Cibest. On an annual basis, the increase was also mainly due to fees related to the corporate evolution towards Grupo Cibest and higher technology licensing and maintenance costs. As of June 30, 2025, Grupo Cibest had 33,993 employees, 850 branches, 6,105 ATMs, 35,235 banking agents, and more than 33 mil lion clients. 2.7. Taxes Grupo Cibest recorded an income tax expense of COP 655 billion, resulting in an effective tax rate of 28%. This outcome was d riven by tax benefits in Colombia related to exempt income from the mortgage portfolio for social housing, investments in productive fixed assets, and investments in non-conventional renewable energy. Additionally, fiscal benefits in Guatemala, El Salvador, and Panama contributed, mainly due to exempt income from returns on securities issued by the respective governments.
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2Q25 11 3. BREAK DOWN OF PRINCIPAL OPERATIONS The following tables summarize the financial statements of our operations in each country. BANCOLOMBIA S.A. (STAND ALONE) – COLOMBIA Colombia’s economy is showing signs of stabilization, with GDP growth of 2.7% in the first quarter of 2025 and an annual proj ection of 2.6%. Inflation has gradually declined to 4.8% as of June, approaching the target range for 2026. The Central Bank reduced its benchmark interest rate to 9.25%. However, fiscal challenges persist, with a projected deficit of 7.1% of GDP and public debt above 63%. Furthermore, international uncertainty, marked by geopolitical conflicts and new trade tariffs, could influence inflation and local monetary policy. The loan portfolio of Bancolombia S.A. increased by 1.1% in the second quarter of 2025 against the previous quarter, and by 6 .8% year- over-year. The largest quarterly growth was registered in the mortgage portfolio, mainly driven by the interest rate reduction strategy. Contrary to the trend observed over the last three quarters, the consumer loan portfolio posted an increase for the period, e xplained by strong performance in Nequi, credit cards, and payroll loans. Meanwhile, the commercial loan portfolio r ecorded the lowest growth; however, the quarter-over-quarter increase was largely attributable to improved performance in leasing. Regarding funding structure, a higher balance was recorded during the quarter, driven by growth in savings accounts, time dep osits, and checking accounts, in that order. The increase in savings accounts was concentrated primarily in the retail segment. Growth in time deposits was mainly due to higher balances in online time deposits product, while the rise in checking accounts was mostly observed in the corporate segment. Net income for Bancolombia S.A. in 2Q25 amounted to COP 1.4 trillion, representing a 23.3% decrease compared to 1Q25. This reduction is mainly explained by lower dividends and other equity income as a result of the new corporate structure. Interest income increased, driven by the recovery of reliefs in the commercial portfolio, higher volumes in the consumer portfolio with stable yield, and a rise in the mortgage portfolio balance. Treasury income also increased, mainly due to better yields on debt securiti es. Interest expenses rose, reflecting higher balances in savings accounts and an increase in their funding rate. Provision expenses decreased, explained by better perform ance in the corporate and retail segments, as well as higher recoveries from charged-off loans. Operating expenses increased, mainly due to fees related to the formation of Grupo Cibest and the financial transaction tax arising from the payment of dividends. Finally, the net interest margin for 2Q25 stood at 7.38%, the quarterly annualized ROE was 16.55%, and the cost of risk was 1.65%. Below are the statement of financial position, income statement, and main indicators of Bancolombia S.A. as of 2Q25, compared to pro forma figures from previous quarters, which assume the completion of the corporate evolution towards Grupo Cibest at the relevant dates for comparability purposes.
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2Q25 12 STATEMENT OF FINANCIAL POSITION Proforma 2Q24 Proforma 3Q24 Proforma 4Q24 Proforma 1Q25 Real 2Q25 ASSETS Cash and cash equivalents 15,033,451 11,441,762 17,354,652 13,344,089 17,598,994 Loan portfolio and leasing operations, net 173,075,084 173,398,753 179,696,275 184,621,327 187,416,836 Equity investments 7,878,190 8,212,288 8,521,597 8,014,928 8,170,951 Other assets 12,803,489 13,310,860 12,308,566 11,382,861 10,395,477 TOTAL ASSETS 230,382,429 231,152,456 243,185,736 241,161,688 255,655,406 LIABILITIES AND LIABILITIES Customer deposits 170,986,606 172,270,646 185,801,073 185,175,224 194,416,941 Financial obligations 8,850,477 8,530,013 8,887,289 7,451,133 7,888,588 Other liabilities 24,523,873 21,798,851 19,374,972 21,409,303 22,108,867 TOTAL LIABILITIES 208,410,996 207,438,268 217,360,102 217,568,859 231,106,888 TOTAL SHAREHOLDERS' EQUITY 21,971,433 23,714,188 25,825,634 23,592,830 24,548,518 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 230,382,429 231,152,455 243,185,736 241,161,689 255,655,406 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Proforma 2Q24 Proforma 3Q24 Proforma 4Q24 Proforma 1Q25 Real 2Q25 Interest income and valuation 7,032,319 6,866,374 6,608,529 6,472,948 6,636,440 Interest expense (3,015,082) (2,918,214) (2,774,081) (2,538,966) (2,536,529) Provisions and impairment, net (1,320,138) (1,197,544) (624,999) (877,789) (814,368) Fee and commission income, net 666,325 676,578 729,600 675,891 710,931 Other operating income, net 330,619 488,528 468,745 515,413 386,782 Equity method 275,843 275,023 432,987 298,108 94.960 Operating expenses (2,318,800) (2,280,195) (2,557,212) (2,413,975) (2,494,808) Earnings before income tax 1,651,086 1,910,548 2,283,569 2,131,631 1,856,099 Income tax (325,280) (447,642) (680,196) (587,371) (499,844) Net income 1,325,806 1,462,906 1,603,374 1,544,260 1,356,255
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2Q25 13 PRINCIPAL RATIOS BANCOLOMBIA S.A. Proforma 2Q24 Proforma 1Q25 Proforma 2Q25 Proforma as of Jun 24 Proforma as of Jun 25 Net Interest Margin 7.91% 7.28% 7.31% 7.98% 7.28% Net Portfolio Margin and Leasing 8.70% 7.95% 7.88% 8.64% 7.94% NIM Investments, Debt Securities and Derivatives 1.41% 2.34% 3.19% 2.54% 2.60% ROA 2.33% 2.55% 2.54% 2.47% 2.53% ROE 24.58% 25.00% 26.25% 25.93% 25.34% EFFICIENCY Efficiency 43.94% 44.65% 47.27% 42.22% 45.97% Operational Efficiency 3.95% 4.13% 4.23% 3.92% 4.07% PORTFOLIO INDICATORS Portfolio Quality 30 Days 5.29% 4.62% 4.41% 5.29% 4.41% Portfolio Coverage 30 Days 125.61% 123.39% 121.79% 125.61% 121.79% Portfolio Quality 90 Days 3.60% 3.26% 3.14% 3.60% 3.14% Portfolio Coverage 90 Days 184.67% 174.75% 171.11% 184.67% 171.11% Cost of Credit 2.85% 1.81% 1.65% 2.58% 1.78% CONSOLIDATED SOLVENCY RATIO (COP millions) Proforma 2Q24 Proforma 1Q25 Real 2Q25 Technical Equity 24,057,005 25,805,125 26,953,192 Basic Solvency Ratio 10.24% 10.56% 10.99% Total Solvency Ratio 12.55% 13.25% 13.47% Risk-weighted assets 155,444,116 156,471,474 161,584,531 Total Market Risk 14,217,042 16,016,179 12,452,630 Total Operational Risk 22,019,038 22,245,364 26,046,098
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2Q25 14 BANISTMO- PANAMA Panama’s economy slowed in 2024 following the closure of the Cobre Panam a mine. However, a recovery in Canal activity and tourism helped mitigate the impact. Inflation was negative due to price controls and lower oil costs but could rebound in the face of ongoing geopolitical tensions. Labor market challenges persist due to lay offs in the mining sector and the potential closure of Chiquita Panama. Additionally, the new government is facing fiscal difficulties caused by low tax collection and rigid expenditures such as th e pension system. President Mulino has indicated a willingness to address public finances, though significant obstacles remain. Banistmo’s loan portfolio closed the quarter with a 0.1% decline (measured in USD). The mortgage and consumer portfolios cont racted; in the case of mortgages, this reduction was due to the tightening of origination policies. The consumer portfolio was affe cted by weaker demand in credit cards and unsecured personal loan products. In contrast, the commercial portfolio posted slight growth. On t he funding structure side, there was a 2.1% increase, mainly driven by higher time deposits from the corporate segment, while sight deposits decreased. Banistmo’s net result for the second quarter of 2025 was a profit of COP 99.5 billion, representing a 15.0% increase compared to the previous quarter. Net interest income from the loan portfolio grew, supported by higher returns from both lending and treasury, along with a reduction in interest expenses, mainly due to lower liquidity operation costs. Provision expenses increased this quarter, as there were no significant reversals like those recorded in the previous quarter for mortgage models. Additionally, higher provisions expenses for specific clients. It is worth noting the improved performance of the consumer loan portfolio and the effectiveness of collection strategies. Operating expenses rose compared to the previous quarter, mainly due to higher impairment charges on assets, attributable to the revaluation of certain properties. To a lesser extent, fees and tax expenses also increased. The net interest margin for 2Q25 stood at 3.49%, quarterly annualized ROE was 8.48%, and the cost of credit was 0.45%.
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2Q25 15 STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT, CONSOLIDATED (1) Quarter Change (COP million) 2Q24 1Q25 2Q25 1Q25 2Q24 ASSETS Gross loans 34,234,897 32,661,341 31,686,840 -2.98 % -7.44 % Allowances for loans (1,755,837) (1,748,298) (1,610,976) -7.85 % -8.25 % Investments 6,309,037 6,127,140 6,520,926 6.43 % 3.36 % Other assets 4,936,154 4,718,949 5,298,689 12.29 % 7.34 % Total assets 43,724,250 41,759,133 41,895,480 0.33 % -4.18 % LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits 29,872,766 29,960,745 29,695,876 -0.88 % -0.59 % Other liabilities 8,868,098 7,115,616 7,557,703 6.21 % -14.78 % Total liabilities 38,740,864 37,076,361 37,253,579 0.48 % -3.84 % Shareholders’ equity 4,983,386 4,682,771 4,641,900 -0.87 % -6.85 % Total liabilities and shareholders’ equity 43,724,250 41,759,133 41,895,480 0.33 % -4.18 % Interest income 662,757 642,020 662,898 3.25 % 0.02 % Interest expense (332,655) (332,070) (318,300) -4.15 % -4.32 % Net interest income 330,102 309,950 344,599 11.18 % 4.39 % Net provisions (132,549) (18,051) (36,490) 102.15 % -72.47 % Fees and income from service, net 85,816 55,453 61,604 11.09 % -28.21 % Other operating income 13,569 13,992 15,101 7.92 % 11.29 % Total operating expense (231,947) (243,657) (250,240) 2.70 % 7.89 % Profit before tax 64,992 117,687 134,573 14.35 % 107.06 % Income tax 47 (31,160) (35,080) 12.58 % -74987.79 % Net income 65,039 86,527 99,493 14.99 % 52.98 % (1) Corresponds to the results of Banistmo and its subsidiaries before eliminating intercompany transactions with other Grupo Cibest companies PRINCIPAL RATIOS 2Q24 1Q25 2Q25 NIM 3.42 % 3.11 % 3.49 % ROE 5.53 % 7.39 % 8.48 % ROA 0.63 % 0.81 % 0.94 % CoR 1.64 % 0.22 % 0.45 % Efficiency 54.01 % 64.22 % 59.4 %
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2Q25 16 BANAGRICOLA- EL SALV ADOR El Salvador is experiencing a mild economic slowdown, mainly due to the decline in the textile sector in the face of Asian competition. Inflation has decreased as a result of lower fuel prices, although there could be a temporary rebound due to global disruptio ns. Lower external demand and a reduction in remittances are expected, impacting consumption. Fiscal space remains lim ited due to commitments with the IMF and rigidities in spending. Nevertheless, a short -term improvement in public finances is projected, with medium -term inflation expected to be around 1.3%. Banco Agricola's loan portfolio closed the quarter with 3.5% growth (measured in USD). Growth was mainly driven by the commer cial portfolio, particularly in the corporate segment. Additionally, there was a moderate increase in the consumer portfolio, fueled by unsecured loans and credit cards. On the deposit side, the quarter saw growth, mainly in time deposits from retail. There was also a less pronounced increase in current and savings accounts, driven by both the business and retail segments. Net income for Banco Agricola in 2Q25 totaled COP 139.2 billion, representing a 9.1% decrease compared to 1Q25. Net interest income increased versus the previous quarter, mainly due to higher interest income from the loan portfolio, especially in consumer segments with higher risk-adjusted returns. To a lesser extent, interest expenses also increased, mainly as a result of higher time deposits. Net fee income grew, largely driven by the increase in remittance activity, which was influenced by events in the United States. Faced with a greater probability of deportation, a greater number of people have sent larger amounts of money to their home countries as a precautionary measure in the event of a possible forced departure from the US. Net provisions for the period increased due to the growth in the consumer portfolio in higher -risk segments. Operating expenses were up, prim arily reflecting higher spending on advertising and repairs and maintenance of assets. Banco Agricola’s net interest margin for 2Q25 stood at 7.47%, quarterly annualized ROE was 20.0%, and the cost of risk was 1.82%.
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2Q25 17 STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT, CONSOLIDATED (1) Quarter Change (COP million) 2Q24 1Q25 2Q25 1Q25 2Q24 ASSETS Gross loans 17,632,311 18,052,091 18,147,217 0.53 % 2.92 % Allowances for loans (590,211) (560,656) (563,127) 0.44 % -4.59 % Investments 2,766,074 4,148,720 3,317,820 -20.03 % 19.95 % Other assets 4,722,296 5,062,786 4,759,210 -6.00 % 0.78 % Total assets 24,530,470 26,702,940 25,661,120 -3.90 % 4.61 % LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits 18,690,453 21,303,465 21,037,764 -1.25 % 12.56 % Other liabilities 3,497,018 2,608,616 1,776,397 -31.90 % -49.20 % Total liabilities 22,187,470 23,912,081 22,814,160 -4.59 % 2.82 % Non-controlling interest 32,109 47,631 48,825 2.51 % 52.06 % Stockholders’ equity attributable to the owners of the parent company 2,310,891 2,743,229 2,798,134 2.00 % 21.08 % Total liabilities and shareholders’ equity 24,530,470 26,702,940 25,661,120 -3.90 % 4.61 % Interest income 442,709 494,800 526,014 6.31 % 18.82 % Interest expense (109,648) (112,513) (115,968) 3.07 % 5.76 % Net interest income 333,062 382,287 410,046 7.26 % 23.11 % Net provisions (63,769) (60,500) (83,272) 37.64 % 30.58 % Fees and income from service, net 66,747 75,599 80,923 7.04 % 21.24 % Other operating income 13,609 19,483 19,342 -0.72 % 42.13 % Total operating expense (197,262) (218,643) (233,781) 6.92 % 18.51 % Profit before tax 152,386 198,226 193,259 -2.51 % 26.82 % Income tax (34,178) (42,107) (51,391) 22.05 % 50.36 % Net income before non-controlling interest 118,208 156,119 141,868 -9.13 % 20.02 % Non-controlling interest (2,283) (2,945) (2,665) -9.51 % 16.74 % Net income 115,925 153,174 139,203 -9.12 % 20.08 % (1) Corresponds to the results of Banagricola and its subsidiaries before eliminating intercompany transactions with other Grupo Cibest companies PRINCIPAL RATIOS 2Q24 1Q25 2Q25 NIM 6.89 % 6.96 % 7.47 % ROE 21.72 % 22.73 % 19.98 % ROA 1.99 % 2.34 % 2.1 % CoR 1.54 % 1.34 % 1.82 % Efficiency 47.71 % 45.8 % 45.81 %
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2Q25 18 GRUPO AGROMERCANTIL HOLDING – GUATEMALA Guatemala's economy has remained one of the strongest in Central America, driven by the financial sector, textile exports, an d tourism. Inflation has stayed low due to lower oil prices and normalized supply chains. Public investment in infrastructure and increased government spending are expected to support growth, even as remittance inflows may decline due to stricter U.S. migration policies. The Arévalo administration plans to expand public spending without compromising fiscal stability. Furthermore, two policy rate cuts by the Bank of Guatemala are anticipated in 2025, reaching 4.00%. Bam's loan portfolio closed 2Q25 with 1.4% quarterly growth (measured in USD), mainly driven by the commercial portfolio in t he corporate segment. Consumer lending also saw an increase, primarily in credit cards. On the funding side, a favorable dynamic was seen in savings and checking accounts, especially within the corporate segment, while time deposit balances decreased. Bam posted a net profit of COP 32.6 billion for 2Q25. Net interest income showed a slight increase versus the previous quarte r, mainly from higher interest generation in the commercial loan portfolio. This was partially offset by higher interest expenses, largely due to growth in savings accounts. Provision expenses rose, primarily explained by the expansion of the consumer portfolio, particularly unsecured loans. Operating expenses declined, mostly attributed to lower personnel expenses, partially offset by higher general expenses. Bam’s net interest margin for 1Q25 was 4.59%, quarterly annualized ROE stood at 6.0%, and credit cost was 2.45%.
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2Q25 19 STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT, CONSOLIDATED (1) Quarter Change (COP million) 2Q24 1Q25 2Q25 1Q25 2Q25 / 2Q24 ASSETS Gross loans 18,917,726 20,224,335 19,903,624 -1.59 % 5.21 % Allowances for loans (960,229) (959,125) (949,930) -0.96 % -1.07 % Investments 1,776,066 2,553,753 2,646,227 3.62 % 48.99 % Other assets 4,089,367 4,185,643 4,396,525 5.04 % 7.51 % Total assets 23,822,930 26,004,607 25,996,446 -0.03 % 9.12 % LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits 17,481,634 18,785,092 18,743,098 -0.22 % 7.22 % Other liabilities 4,246,356 5,001,123 5,052,117 1.02 % 18.98 % Total liabilities 21,727,989 23,786,215 23,795,215 0.04 % 9.51 % Non-controlling interest 47,897 49,423 50,563 2.31 % 5.57 % Stockholders’ equity attributable to the owners of the parent company 2,047,044 2,168,969 2,150,667 -0.84 % 5.06 % Total liabilities and shareholders’ equity 23,822,930 26,004,607 25,996,446 -0.03 % 9.12 % Interest income 475,361 512,737 519,880 1.39 % 9.37 % Interest expense (208,178) (252,847) (259,290) 2.55 % 24.55 % Net interest income 267,183 259,890 260,590 0.27 % -2.47 % Net provisions (89,964) (113,873) (124,233) 9.10 % 38.09 % Fees and income from service, net 30,065 27,506 38,291 39.21 % 27.36 % Other operating income 18,778 26,007 54,559 109.78 % 190.55 % Total operating expense (157,307) (179,169) (178,294) -0.49 % 13.34 % Profit before tax 68,755 20,362 50,913 150.04 % -25.95 % Income tax (10,465) 1,349 (15,669) -1261.63 % 49.73 % Net income before non-controlling interest 58,290 21,710 35,244 62.34 % -39.54 % Non-controlling interest 601 (864) (2,648) 20668 % % -540.87 % Net income 58,891 20,847 32,596 56.36 % -44.65 % (1) Corresponds to the results of Grupo Agromercantil Holding and its subsidiaries before eliminating intercompany transactions with other Grupo Cibest companies PRINCIPAL RATIOS 2Q24 1Q25 2Q25 NIM 5.44 % 4.58 % 4.59 % ROE 12.42 % 3.82 % 5.99 % ROA 1.04 % 0.32 % 0.5 % CoR 1.99 % 2.24 % 2.45 % Efficiency 49.78 % 57.17 % 50.45 %
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2Q25 20 4. Grupo Cibest Company Description (NYSE: CIB, BVC: CIBEST Y PFCIBEST) Grupo Cibest is a conglomerate of financial institutions and complementary businesses that offers a broad portfolio of products and services to a diversified base of over 33 million entities and individual clients. Grupo Cibest distributes its products and services through a regional platform comprising the largest private banking network in Colombia, with further presence in the Central American market through El Salvador's leading financial group, as well as international banking subsidiaries and local licenses in Panama, Guatemala, and Puerto Rico. BANCOLOMBIA and its business lines provide brokerage services, investment banking, financial leasing, factoring, consumer credit, fiduciary services, asset management, among others. Contact Information Grupo Cibest Investor Relations Phone: (601) 4885371 E-mail: IR@Grupocibest.com.co Contacts: Catalina Tobón Rivera (IR Director) Website: https://www.grupocibest.com/Investor-relations