Company: CIB
Filing Date: 2025-11-14
Form Type: 6-K
Source: 0002058897-25-000052
Chunk: 26

Company: Grupo Cibest S.A.
Filing Date: 2025-11-14
Form: 6-K
Chunk 26
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 the IMF and the World Bank—both of which have revised their forecasts upward—Panama is expected to lead regional economic growth with an expansion of around 4%, well above the regional average of 2.4%.

In the third quarter, in particular, we expect a moderation in economic growth, explained by the normalization of growth in the Panama Canal, due to a reduced boost from the previously mentioned low base effect, and the potential negative effects on trade through the Canal stemming from tariff policies led by the United States.

#### Guatemala
The country has shown one of the best performances in the Central American region in recent years, driven by the strong dynamism of private consumption. At the sectoral level, there has been significant growth in financial activities and textile exports, as well as in tourism and commerce. At the same time, inflation has consistently remained below the Bank of Guatemala’s target, reaching 1.47% year-on-year in September. This has been the result of low international oil prices and the dissipation of supply shocks. Looking ahead, we expect the economy to maintain a favorable trajectory, as increased investment in infrastructure and tourism projects would offset a potential decline in remittances due to tighter United States. immigration policy. In line with this outlook, President Arévalo’s government has shown a greater willingness to increase spending on infrastructure and social programs, so we estimate that public administration will provide an additional boost to growth. However, it is important to note that Guatemala has historically been characterized by its fiscal soundness, and although there are plans to expand spending, we do not anticipate a significant deterioration in public finances in the coming years. Finally, the Bank of Guatemala has indicated that its monetary policy decisions will remain aligned with those of the United States Federal Reserve, so we foresee only two interest rate cuts in 2025, which would bring the rate down to 4.00%.

#### El Salvador
The country's recent outlook has been marked by a slight economic acceleration, despite disruptions in international trade and the weakening of the textile sector. In fact, international demand for this sector has been affected in an environment of growing competition from Asian countries in maquila activities. Meanwhile, inflation has shown a downward bias due to the evolution of fuel prices. Looking ahead, economic performance will be conditioned by several factors: a loss of momentum in external demand as a result of the stabilization of

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global growth and the tariff situation; a reduction in remittance flows to the country, due to the tightening of U.S. immigration policy and